Australian Broker Call
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February 19, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 01:12 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
| ABP - | ABACUS PROPERTY GROUP | Upgrade to Neutral from Sell | Citi |
| ENN - | ELANOR INVESTORS | Downgrade to Accumulate from Buy | Ord Minnett |
| HT1 - | HT&E LTD | Downgrade to Neutral from Buy | UBS |
| NCM - | NEWCREST MINING | Upgrade to Accumulate from Hold | Ord Minnett |
| SGM - | SIMS METAL MANAGEMENT | Downgrade to Underperform from Neutral | Credit Suisse |
| SGR - | STAR ENTERTAINMENT | Downgrade to Neutral from Outperform | Credit Suisse |
| VRL - | VILLAGE ROADSHOW | Upgrade to Hold from Lighten | Ord Minnett |
| WBC - | WESTPAC BANKING | Downgrade to Equal-weight from Overweight | Morgan Stanley |
Overnight Price: $1.61
Macquarie rates 3PL as Outperform (1) -
First half operating earnings were ahead of estimates. Macquarie observes the valuation gap has now narrowed and there is latent value in the stock amid options from the product roll out.
The broker suggests investor attention will increasingly turn to licence/product growth in FY19. Outperform rating maintained. Target raised to $1.79 from $1.25.
Target price is $1.79 Current Price is $1.61 Difference: $0.18
If 3PL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.96, suggesting upside of 21.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.5, 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 29.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.7, implying annual growth of 3.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 28.2. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.53
Citi rates ABP as Upgrade to Neutral from Sell (3) -
Abacus sharply outpaced the broker after a non-recurring fee and transactional income landed earlier than expected.
Citi believes second-half guidance could be conservative, noting a potential shift to more recurring income, and the flagged move to reinvest cash from residential projects into income producing assets, which could lift the payout ratio. The broker notes risks on the residential apartment planning front, with potential delays on Parramatta projects.
Citi upgrades to Neutral from Sell and lifts the target to $3.31 from $3.30, noting its forecasts are already 6.5% above implied guidance.
Target price is $3.31 Current Price is $3.53 Difference: minus $0.22 (current price is over target).
If ABP meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.46, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.00 cents and EPS of 28.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of -46.7%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.50 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of 5.3%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ABP as Hold (3) -
First half profit was ahead of forecasts. Ord Minnett notes, unlike many listed peers, the company is willing to sell assets to crystallise gains and further strong profit realisations are expected in the second half.
FY18 dividend guidance is up 3% on FY17 and the broker observes it is comfortably covered by growing recurring earnings. Hold maintained. Target is lowered to $3.60 from $3.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.60 Current Price is $3.53 Difference: $0.07
If ABP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting downside of -2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of -46.7%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 19.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.0, implying annual growth of 5.3%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $28.08
UBS rates ANZ as Neutral (3) -
Banking analysts at UBS have revised their general assumptions for the sector, concluding the general context is one that is not supportive of the sector outperfoming overall, plus risks are still considered to be towards more downside.
Those risks are related to the housing market slowing faster than anticipated or the Royal Commission leading to mis-selling class actions. UBS has reduced price targets for the Big Four by an average -5%.
For ANZ Bank, this means the price target sinks to $29 from $30.50 prior. Neutral.
Target price is $29.00 Current Price is $28.08 Difference: $0.92
If ANZ meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.15, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 160.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.0, implying annual growth of 6.8%. Current consensus DPS estimate is 160.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 160.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.9, implying annual growth of 1.7%. Current consensus DPS estimate is 162.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear
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Overnight Price: $1.61
Citi rates BBN as Neutral (3) -
Baby Bunting's first half impressed the broker, but Citi maintains a Neutral rating despite viewing the stock as the standout in its category.
While Citi says improvement could come from direct sourcing, it seeks greater confidence in top line growth amid uncertainty about its key competitor, Babies R Us/Toys R Us.
EPS estimates rise 3-11% across FY18-20. Target price jumps 7% to $1.50.
Target price is $1.50 Current Price is $1.61 Difference: minus $0.11 (current price is over target).
If BBN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.72, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.60 cents and EPS of 9.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 1.0%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 7.30 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 15.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BBN as Neutral (3) -
First half operating earnings were down -19% and weaker than expected. Guidance has been reaffirmed for FY18, although Macquarie notes a strong recovery in the second half is required.
The broker notes the industry structure is improving but further consolidation is a near-term risk. Competition has intensified and price deflation has typically occurred. Neutral maintained. Target is raised to $1.60 from $1.50.
Target price is $1.60 Current Price is $1.61 Difference: minus $0.01 (current price is over target).
If BBN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.72, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.70 cents and EPS of 9.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 1.0%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.40 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 15.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BBN as Overweight (1) -
Baby Bunting's result was in line with November's downgraded guidance. The second half has started well and the broker has confidence in FY guidance given margins have stabilised. New prams are set for release, car seat restocking will help drive sales and a major competitor has closed.
Overweight and $2.00 target retained. Industry view: In Line.
Target price is $2.00 Current Price is $1.61 Difference: $0.39
If BBN meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 1.0%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 8.80 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 15.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BBN as Add (1) -
Baby Bunting Group reports a first-half result broadly in line with the broker and consensus.
Risks remain but Morgans retains an Add rating, noting stores are trading above expectations with improved trading terms amid early signs of stabilisation.
Earnings per share forecasts rise 0.7% in FY18 and fall -3.5% and -3.3% in FY19 and FY20. Target price rises to $1.78 from $1.71.
Target price is $1.78 Current Price is $1.61 Difference: $0.17
If BBN meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $1.72, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 6.90 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 1.0%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.20 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 15.3%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $74.31
UBS rates CBA as Neutral (3) -
Banking analysts at UBS have revised their general assumptions for the sector, concluding the general context is one that is not supportive of the sector outperfoming overall, plus risks are still considered to be towards more downside.
Those risks are related to the housing market slowing faster than anticipated or the Royal Commission leading to mis-selling class actions. UBS has reduced price targets for the Big Four by an average -5%.
For Commbank, this means the price target falls to $78 from $83 prior. Neutral.
Target price is $78.00 Current Price is $74.31 Difference: $3.69
If CBA meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $77.13, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 440.00 cents and EPS of 553.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.8, implying annual growth of -3.6%. Current consensus DPS estimate is 433.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 449.00 cents and EPS of 563.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.0, implying annual growth of 3.3%. Current consensus DPS estimate is 448.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCL COCA-COLA AMATIL LIMITED
Food, Beverages & Tobacco
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Overnight Price: $8.60
Macquarie rates CCL as Outperform (1) -
The Queensland government has delayed the introduction of the container deposit scheme, to November 2018 from July 2018, following "problematic introduction" in NSW.
Macquarie suggests risks remain around the underlying volume growth for sugary drinks in Australia and the longer term impact of container deposit schemes.
Nevertheless, near-term upside risk to earnings is expected because of implementation issues while the stock screens inexpensive.
Outperform. Price target is $9.06.
Target price is $9.06 Current Price is $8.60 Difference: $0.46
If CCL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.46, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 45.80 cents and EPS of 55.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.4, implying annual growth of 72.0%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 42.20 cents and EPS of 52.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.4, implying annual growth of -3.6%. Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $2.87
Citi rates DHG as Sell (5) -
Sell rating and $3.20 price target retained, in an initial response to Domain's maiden result as ASX-listed entity. The analysts find the mix "slightly negative" and in particular management's trading update for H2 looks "soft" on their assessment.
Digital revenue missed forecasts, while print proved stronger than expected. Citi questions the 93% dividend payout, suggesting this is simply not sustainable if Domain genuinely wants to compete with REA Group ((REA)).
Target price is $3.20 Current Price is $2.87 Difference: $0.33
If DHG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.37, suggesting upside of 11.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.20 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of N/A. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 4.30 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of 32.6%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 26.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ENN ELANOR INVESTORS GROUP
Wealth Management & Investments
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Overnight Price: $1.96
Ord Minnett rates ENN as Downgrade to Accumulate from Buy (2) -
Removing the impact of the one-off gain from the sale of Ibis Eaglehawk meant underlying earnings were below forecasts. Ord Minnett observes the main culprit was a poor performance from John Cootes Furniture.
Completion of several transactions on the go in the near term is far from certain and the broker suggests performance fees in the second half may be at risk. Rating is downgraded to Accumulate from Buy. Target reduced to $2.06 from $2.62.
Target price is $2.06 Current Price is $1.96 Difference: $0.1
If ENN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.40 cents and EPS of 12.40 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 13.30 cents and EPS of 13.70 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.83
Morgans rates EVN as Hold (3) -
Evolution Mining reports a strong first half in line with consensus and the broker. Morgans says organic exploration and resource development are bringing in the bacon.
Production was at the top end of guidance and costs at the lower end of guidance. Gearing fell to 9% as net debt fell -32% thanks to strong generation of free cash flow.
Target price rises to $2.65 from $2.45. Evolution remains Morgan's preferred pick so Hold rating retained, however the broker notes upside risk relating to the gold price.
Target price is $2.65 Current Price is $2.83 Difference: minus $0.18 (current price is over target).
If EVN meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.81, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 8.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 25.8%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 9.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 13.2%. Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.90
Ord Minnett rates HSO as Hold (3) -
First half net profit was below forecasts because of a larger-than-expected contraction in hospital operating earnings. Ord Minnett believes the company will require textbook execution and/or improved demand to reach its guidance for hospital earnings to be broadly similar in FY18 to FY17.
The broker considers the medium term outlook attractive, given the investment in new capacity. Hold maintained. Target reduced to $1.80 from $2.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $1.80 Current Price is $1.90 Difference: minus $0.1 (current price is over target).
If HSO 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 $1.99, suggesting upside of 4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 7.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of 3.2%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.7, implying annual growth of 10.3%. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.73
UBS rates HT1 as Downgrade to Neutral from Buy (3) -
2017 results were largely in line with estimates. UBS notes Adshel outperformed the broader market in both Australia and New Zealand while Hong Kong outdoor also improved.
Despite meeting expectations, UBS downgrades to Neutral from Buy, now incorporating a potential liability from the ATO tax dispute. Target is reduced $1.80 from $2.25.
Target price is $1.80 Current Price is $1.73 Difference: $0.07
If HT1 meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.28, suggesting upside of 31.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 8.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 7.7%. Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL IOOF HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $10.40
Citi rates IFL as Buy (1) -
IOOF fell short of the broker on several key metrics, key take-outs being a margin squeeze on platform revenue, although the broker cites cost offset from contemporary platforms.
The broker downgrades earnings per share forecasts in marking to market: FY18 down -1%, FY19 and FY20 down -3%.
Buy rating retained, the broker expecting strength in "other revenue" and that the ANZ acquisition is going to plan. Target price eases to $11.80 from $12.
Target price is $11.80 Current Price is $10.40 Difference: $1.4
If IFL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $11.87, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 54.00 cents and EPS of 57.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 63.50 cents and EPS of 68.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.6, implying annual growth of 19.5%. Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Outperform (1) -
First half results missed estimates. Credit Suisse notes cost savings continue but were offset by gross margin declines. The broker lowers forecasts by -3% for FY18 and -5% for FY19-20 because of lower gross margin assumptions.
Despite the disappointing result the investment thesis is intact, as the broker believes it carries the benefit of structural growth in financial advice and platforms. Outperform maintained. Target reduced to $12.30 from $13.00.
Target price is $12.30 Current Price is $10.40 Difference: $1.9
If IFL meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $11.87, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 53.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 65.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.6, implying annual growth of 19.5%. Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Neutral (3) -
First half results were broadly in line with expectations. Cost controls offset gross margin pressure. In the short term, the broker notes execution risks associated with a significant acquisition warrant a discount to historical multiples.
Further out, Macquarie recognises that value is beginning to emerge and the multiple is likely to look more attractive approaching the completion date of the acquisition.
Neutral maintained. Target is reduced to $11.50 from $12.20 following the increase in the 10-year bond rate.
Target price is $11.50 Current Price is $10.40 Difference: $1.1
If IFL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $11.87, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 54.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 60.30 cents and EPS of 66.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.6, implying annual growth of 19.5%. Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IFL as Overweight (1) -
IOOF posted a solid result, the broker suggests, underpinned by trademark cost discipline. The ANZ wealth deal is on track for completion and the launch of managed discretionary accounts in July should boost funds flow.
IOOF's commitment to being an industry leading Advice business, and open architecture, puts the fund manager in a good position to win over disgruntled bank/institutional planners who are evaluating their options, the broker believes. Overweight and $13 target retained. Industry view: In Line
Target price is $13.00 Current Price is $10.40 Difference: $2.6
If IFL meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $11.87, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley 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 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 64.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.6, implying annual growth of 19.5%. Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Neutral (3) -
First half results were ahead of estimates, largely because of lower corporate costs. Given reduced scope for cost control in order to supplement profit growth, UBS envisages the Australasian wealth deal will be the key to driving medium-term earnings.
Neutral rating maintained. Target is reduced to $10.75 from $11.50.
Target price is $10.75 Current Price is $10.40 Difference: $0.35
If IFL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.87, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 54.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.4, implying annual growth of 48.3%. Current consensus DPS estimate is 53.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 58.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.6, implying annual growth of 19.5%. Current consensus DPS estimate is 62.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.32
Credit Suisse rates ISU as Outperform (1) -
First half results were largely in line. Credit Suisse is increasingly convinced the company can achieve FY18 guidance. Health insurance is performing better-than-expected.
Outperform maintained. Target reduced to $1.95 from $2.00.
Target price is $1.95 Current Price is $1.32 Difference: $0.63
If ISU meets the Credit Suisse target it will return approximately 48% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.70 cents and EPS of 8.38 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 6.89 cents and EPS of 9.96 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.11
Citi rates MPL as Neutral (3) -
Medibank Private outpaced the broker on most metrics, triggering a mark-to-market upgrade to earnings per share of 2% for FY18 and minor compositional changes for FY19 and FY20.
Citi maintains a Neutral rating and $3.25 target, basically on a timing basis. The broker notes market share losses should soon end, and that the stock should gain modest gross-margin tailwinds in the second half.
However, sensible expenses directed to retention and growth initiatives will drag until the pay-off. The company also plans a couple of small acquisitions.
Target price is $3.25 Current Price is $3.11 Difference: $0.14
If MPL meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.00 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MPL as Neutral (3) -
First half results were ahead of estimates. The beat to forecasts was largely based on a prior year reserve release of $33.8m. Unless there is another step down in claims inflation next year, Credit Suisse expects reserve releases to revert back to FY17 levels.
The broker considers the external environment favourable, as the business is sitting on a large amount of excess capital that could be deployed or returned. Neutral maintained. Target reduced to $3.25 from $3.35.
Target price is $3.25 Current Price is $3.11 Difference: $0.14
If MPL meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 13.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MPL as Neutral (3) -
First half net profit was ahead of estimates. Macquarie suggests operating conditions are likely to remain unchanged in the second half.
The company has flagged an urgent need for structural change to drive affordability. The broker suggests headwinds persist and the medium-term regulatory response is unclear.
Neutral rating maintained. Target reduced to $3.41 from $3.46.
Target price is $3.41 Current Price is $3.11 Difference: $0.3
If MPL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 12.50 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.50 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MPL as Underweight (5) -
Medibank's result was in line, amid a backdrop of falling industry participation, rising selection risks, rising political risk, intensifying competition and a survey showing private hospitals are no longer viewed as superior to public, the broker notes. Peak margins, lower rate hikes and normalising claims present headwinds in the second half.
Medibank is executing well on its strategy but the market remains difficult and while relatively defensive, valuation looks full, the broker suggests. Underweight and $2.60 target retained. Industry view: In Line.
Target price is $2.60 Current Price is $3.11 Difference: minus $0.51 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.50 cents and EPS of 16.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 12.50 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MPL as Lighten (4) -
First half net profit was ahead of forecasts. The result showed gross and net margin expansion and signs of improving trends in premiums, albeit, Ord Minnett notes, from a very low base.
The broker considers the industry is now at the centre of political wrangling ahead of the next federal election and policy promises have been made that could pressure profit margins going forward. Target is reduced to $3.04 from $3.16. Lighten maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.04 Current Price is $3.11 Difference: minus $0.07 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MPL as Sell (5) -
First half net profit beat estimates. UBS found few surprises in the result, with policyholder attrition in line with expectations while net margin and ex releases were a touch below.
Nevertheless, the broker continues to view age-based claims inflation and likely normalisation of hospital utilisation growth a longer-term drag on the business.
Sell and $2.60 target retained.
Target price is $2.60 Current Price is $3.11 Difference: minus $0.51 (current price is over target).
If MPL 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 $3.02, suggesting downside of -2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.2%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTR MANTRA GROUP LIMITED
Travel, Leisure & Tourism
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Overnight Price: $3.85
Credit Suisse rates MTR as Neutral (3) -
First half results were softer than expected. Credit Suisse finds reasons to believe the second half will be better than usual. The broker's target of $3.95 is set in line with the Accor proposal. Neutral maintained.
Target price is $3.95 Current Price is $3.85 Difference: $0.1
If MTR meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.90, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.99 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of 12.4%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.49 cents and EPS of 17.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 20.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $29.42
UBS rates NAB as Sell (5) -
Banking analysts at UBS have revised their general assumptions for the sector, concluding the general context is one that is not supportive of the sector outperfoming overall, plus risks are still considered to be towards more downside.
Those risks are related to the housing market slowing faster than anticipated or the Royal Commission leading to mis-selling class actions. UBS has reduced price targets for the Big Four by an average -5%.
For National Australia Bank, this means the price target drops to $27.50 from $29 prior. Sell.
Target price is $27.50 Current Price is $29.42 Difference: minus $1.92 (current price is over target).
If NAB meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $31.62, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 198.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.6, implying annual growth of -0.3%. Current consensus DPS estimate is 198.0, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 198.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 243.0, implying annual growth of 6.8%. Current consensus DPS estimate is 194.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $22.54
Macquarie rates NCM as Neutral (3) -
First half earnings were weaker than expected. Cash flow was also weaker than Macquarie forecast. Guidance for FY18 remains broadly unchanged.
The broker observes feasibility studies will dominate the news flow. The broker considers the Golpu feasibility study a major near-term catalyst. Neutral maintained. Target reduced by -4% to $23.
Target price is $23.00 Current Price is $22.54 Difference: $0.46
If NCM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $21.25, suggesting downside of -5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.26 cents and EPS of 69.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of N/A. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.27 cents and EPS of 120.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.4, implying annual growth of 46.8%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.4. |
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
Morgans rates NCM as Hold (3) -
Newcrest Mining reports a mixed first-half result: earnings met consensus but cash flow disappointed thanks to higher capital expenditure.
The miner revealed a "Five Pillar" framework for managing its exposure to five tier-one orebodies by the end of CY20. At present, it has three.
Morgans says the stock represents fair value given the higher gold and copper prices and retains its Hold rating. Target rises to $22.34 from $20.71.
Target price is $22.34 Current Price is $22.54 Difference: minus $0.2 (current price is over target).
If NCM meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.25, suggesting downside of -5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.43 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of N/A. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 14.25 cents and EPS of 73.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.4, implying annual growth of 46.8%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.4. |
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 NCM as Upgrade to Accumulate from Hold (2) -
Ord Minnett observes the stock has underperformed the US dollar and Australian dollar gold price as well as mid-cap peers. Yet, despite major production disruptions and a shrinking portfolio, the company is considered in better shape than it has been for many years.
The balance sheet has been repaired, gearing is 16% and free cash flow is improving while there are accretive growth options. Ord Minnett upgrades to Accumulate from Hold. Target is raised to $25.00 from $22.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $25.00 Current Price is $22.54 Difference: $2.46
If NCM meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $21.25, suggesting downside of -5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 64.77 cents and EPS of 163.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of N/A. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 66.06 cents and EPS of 164.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.4, implying annual growth of 46.8%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.4. |
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 NCM as Sell (5) -
UBS observes the company has set bold new aspirations for 2020. The broker believes the targets signal a turning point, given the fact that, over the last 3-4 years, the CEO has overseen a successful turnaround in the business.
The company is turning its focus outward and, key to the broker's Sell rating, lack of diversification has been the concern.
UBS suspects diversity will take a long time to obtain, as a tier 1 growth project acquisition is more likely rather than an operating asset. Target is reduced to $13.30 from $13.40.
Target price is $13.30 Current Price is $22.54 Difference: minus $9.24 (current price is over target).
If NCM meets the UBS target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.25, suggesting downside of -5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.43 cents and EPS of 69.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of N/A. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 24.61 cents and EPS of 104.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.4, implying annual growth of 46.8%. Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 19.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.44
Morgan Stanley rates NEW as Equal-weight (3) -
New Energy has acquired a 49% stake in Boulder Solar, which is fully contracted to NV Energy, a subsidiary of Berkshire Hathaway. The broker calculates the deal could increase distribution cash cover to 32% from 21%.
Equal-weight and $1.59 target retained. Industry view: Cautious.
Target price is $1.59 Current Price is $1.44 Difference: $0.15
If NEW meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.20 cents and EPS of 3.00 cents. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.75 cents and EPS of 4.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.23
Morgans rates NHC as Hold (3) -
Morgans upgrades the target price for New Hope Corporation to $2.21 from $2.11, after reducing the Acland Stage 2 risk weighting in its valuation to reflect higher coal price assumptions.
The broker says the recent share price retreat implies little value is being ascribed to Stage 3 and sees further weakness as an opportunity to gain exposure to the stock's solid cash flow, asset base and growth profile.
Hold rating retained.
Target price is $2.21 Current Price is $2.23 Difference: minus $0.02 (current price is over target).
If NHC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.35, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.8, implying annual growth of 64.5%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 7.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of -11.2%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.85
Ord Minnett rates PGH as Hold (3) -
At the first half result, due February 21, Ord Minnett expects to witness progress with stabilising top-line sales and an update on integrating acquisitions.
Hold rating maintained. Target reduced $5.25 from $5.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.25 Current Price is $4.85 Difference: $0.4
If PGH meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $5.62, suggesting upside of 16.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 24.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of 14.7%. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.7, implying annual growth of 12.5%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.27
Morgan Stanley rates PRT as Underweight (5) -
Prime brought forward its result release, previously scheduled for Feb 22. At first glance the broker notes the first half was weak, but not as bad as feared and ahead of guidance. The cautious tone nevertheless continued, with FY profit guidance unchanged at a -25-30% drop on last year.
Underweight and 28c target retained. Industry view: Attractive.
Target price is $0.28 Current Price is $0.27 Difference: $0.01
If PRT meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.50 cents and EPS of 7.00 cents. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 3.30 cents and EPS of 7.00 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PRY PRIMARY HEALTH CARE LIMITED
Healthcare services
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Overnight Price: $3.82
Citi rates PRY as Sell (5) -
Primary Health Care's reported net profit fell well short of Citi's estimates, but outpaced by 11% after adjustment.
Citi retains a Sell rating and $3.25 target, noting heavy, continued investment in long-term projects that could be restrained by the balance sheet. The broker believes the reported results could be a better indicator of profitability.
Citi's FY18 estimates are in line with guidance and pre-result consensus.
Target price is $3.25 Current Price is $3.82 Difference: minus $0.57 (current price is over target).
If PRY meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.90 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 12.00 cents and EPS of 19.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PRY as Underperform (5) -
First half net profit was ahead of forecasts. Credit Suisse upgrades FY18 estimates by 2.4%, but downgrades FY19 by -1.8% as a result of the full year impact from the lost contract for national bowel cancer screening, as well as lower pathology margin improvement versus prior forecasts.
The broker maintains an Underperform rating and raises the target to $3.60 from $3.40.
Target price is $3.60 Current Price is $3.82 Difference: minus $0.22 (current price is over target).
If PRY meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.11 cents and EPS of 18.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.07 cents and EPS of 19.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRY as Underperform (5) -
First half results were largely in line with expectations. Medical centre earnings were weaker than expected but underlying net profit was ahead of estimates.
Macquarie maintains an Underperform rating based on reduced share of gross billings in line with the move to flexible contracts, fewer patient attendances per GP and the potential for lower pathology collection centre rental costs. Target is $3.75.
Target price is $3.75 Current Price is $3.82 Difference: minus $0.07 (current price is over target).
If PRY meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.90 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.70 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PRY as Underweight (5) -
The broker believes Primary's share price rallied on the result due to robust data for GP attendances, diagnostic imaging and pathology. However the broker believes GP churn and retention needs to improve before the long term value of the whole business can be realised.
The broker believes this will take longer than previously assumed. Primary was offering relative value in the space before the share price jump, but no longer. Underweight retained. Target rises to $3.20 from $3.10. Industry view: In Line.
Target price is $3.20 Current Price is $3.82 Difference: minus $0.62 (current price is over target).
If PRY meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.30 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 12.60 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PRY as Hold (3) -
Primary Health Care's first-half result broadly met the market but the broker notes weakness in operational income arising from non-recurring items.
Morgans says the large number of projects on the boil makes it difficult to get a clear view of the stock.
Target price rises to $3.64 from $3.56 to reflect higher sales and lower tax. Hold rating retained.
Target price is $3.64 Current Price is $3.82 Difference: minus $0.18 (current price is over target).
If PRY meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 11.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PRY as Hold (3) -
First half net profit was ahead of forecasts. Ord Minnett observes some progress with legacy issues but remains troubled by the focus on underlying profit, as this provides an incomplete picture of the true earnings and cash flow.
Expenditure on strategic initiatives is likely to continue, the broker suspects, and medical centre earnings to contract further. Hold maintained. Target is raised to $3.50 from $3.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.50 Current Price is $3.82 Difference: minus $0.32 (current price is over target).
If PRY meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 11.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PRY as Buy (1) -
First half revenue beat estimates, driven by robust growth in pathology. UBS notes GP recruitment continues to turn around but cannot offset the re-contracting headwinds.
The broker was less encouraged by the sluggish margin, given increasingly bullish commentary around collection centre rental rationalisation. Buy rating maintained. Target rises to $4.00 from $3.90.
Target price is $4.00 Current Price is $3.82 Difference: $0.18
If PRY meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting downside of -6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of N/A. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 12.00 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 8.7%. Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.02
Deutsche Bank rates QMS as Buy (1) -
First half results were slightly ahead of estimates. FY18 operating earnings guidance is upgraded to $44-46m, consistent with Deutsche Bank's forecasts.
The company has also upgraded its guidance for the rolling out of digital billboards, targeting 112 or more by the end of FY18, having delivered 99 sites in the first half.
Buy rating and $1.25 target maintained.
Target price is $1.25 Current Price is $1.02 Difference: $0.23
If QMS meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.00 cents. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 3.00 cents and EPS of 8.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $20.48
Citi rates SEK as Sell (5) -
In an early assessment of today's financial report, Citi notes the company is enjoying a period of low operational expenses, but also accelerated need for capex. The analysts blame the latter for a sizable miss in cash, and suggest this should be centre of how investors should view and value the shares from here onwards.
Sell rating maintained. Target is $14.55. The result itself was in-line on most metrics.
Target price is $14.55 Current Price is $20.48 Difference: minus $5.93 (current price is over target).
If SEK meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $17.86, suggesting downside of -12.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 40.40 cents and EPS of 57.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of -39.0%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 34.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 44.20 cents and EPS of 63.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.6, implying annual growth of 16.6%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.07
Citi rates SGM as Neutral (3) -
Sims Metal Management's first-half appears to have impressed the broker. A strong scrap price drove the result, and Citi expects momentum to continue in the second half, noting a stabilisation in gross margins and a rise in employees.
The broker raises earnings per share estimates by 21%, 19% and 17% for FY18, FY19 and FY20 respectively.
Citi lifts the target price to $17 from $14.40 and retains Neutral, given the recent sharp rise in the share price.
Target price is $17.00 Current Price is $17.07 Difference: minus $0.07 (current price is over target).
If SGM 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 $16.96, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 98.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of -5.3%. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 56.00 cents and EPS of 119.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.4, implying annual growth of 17.3%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SGM as Downgrade to Underperform from Neutral (5) -
First half results were in line with expectations. Credit Suisse upgrades second half estimates on confirmed volumes.
The broker recognises that consensus earnings may be upgraded on the result and this could support the share price for a while.
However, Credit Suisse downgrades to Underperform from Neutral on the basis of share price strength. Target is raised to $14.50 from $14.00.
Target price is $14.50 Current Price is $17.07 Difference: minus $2.57 (current price is over target).
If SGM meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.96, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 48.74 cents and EPS of 97.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of -5.3%. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 59.05 cents and EPS of 118.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.4, implying annual growth of 17.3%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGM as Outperform (1) -
First half net profit was slightly below expectations. Macquarie likes the strong recovery in US volumes but finds the e-recycling business a perennial challenge. Nevertheless, the macro environment is supportive and the operating performance in core regions is considered good.
Growth and valuation remain attractive, in the broker's opinion, and an Outperform rating is maintained. Target is raised to $20.75 from $19.10.
Target price is $20.75 Current Price is $17.07 Difference: $3.68
If SGM meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $16.96, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 52.00 cents and EPS of 92.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of -5.3%. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 54.00 cents and EPS of 109.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.4, implying annual growth of 17.3%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGM as Hold (3) -
First half net profit was ahead of estimates while earnings (EBIT) were slightly softer. Ord Minnett liked the performance of the US segment as the company continued to gain share from competitors.
The broker observes, in the near term, higher demand for secondary metal is driving prices, volumes and margins higher. Yet, in the longer term, the Chinese focus on reducing air pollution is likely to mean a structural change for the sector. Hold rating maintained. Target reduced to $17.00 from $17.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $17.00 Current Price is $17.07 Difference: minus $0.07 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.96, suggesting downside of -0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 50.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of -5.3%. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 62.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.4, implying annual growth of 17.3%. Current consensus DPS estimate is 57.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.49
Citi rates SGR as Buy (1) -
Star Entertainment Group reported a first-half result broadly in line with the broker and consensus. Despite outpacing the broker on revenue, surprise costs offset the performance.
Citi lowers earnings per share estimates by -5% to -6% across FY18-20, but retains a Buy rating, believing the outlook is unchanged.
Target price eases to $6.75 from $6.85.
Target price is $6.75 Current Price is $5.49 Difference: $1.26
If SGR meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 16.50 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.00 cents and EPS of 32.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SGR as Downgrade to Neutral from Outperform (3) -
First half earnings were mixed. Net debt was higher than Credit Suisse modelled while Gold Coast earnings surpassed the broker's forecasts.
While the first half was costly, the broker believes good growth remains intact. Costs are the main reason the broker downgrades forecasts for earnings per share by -6%.
Hence, rating is downgraded to Neutral from Outperform although the growth prospects are considered attractive. Target is reduced to $5.90 from $6.25.
Target price is $5.90 Current Price is $5.49 Difference: $0.41
If SGR meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 16.00 cents and EPS of 27.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 16.00 cents and EPS of 31.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGR as Buy (1) -
First half results were in line with expectations. VIP turnover was significantly stronger, while the Gold Coast is performing well and Brisbane is recovering, Deutsche Bank observes.
However, Sydney has softened, although the broker does not read too much into this, given the timing of lunar New Year. Buy rating maintained. Target is raised to $6.40 from $6.10.
Target price is $6.40 Current Price is $5.49 Difference: $0.91
If SGR meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 16.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
First half operating earnings were slightly below Macquarie's estimates, as domestic revenues were broadly in line but table growth in Sydney was soft.
The broker remains attracted to the stock, given the growth opportunities in Sydney and Gold Coast. Outperform rating maintained. Target is lowered -3% to $5.75.
Target price is $5.75 Current Price is $5.49 Difference: $0.26
If SGR meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (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 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.50 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
Star posted solid revenue growth yet missed on earnings due to higher costs. The cost outlook is still bleak, but the broker believes the market has overestimated the earnings impact. VIP growth well exceeded expectations.
VIP is lower margin but the broker forecasts 70% growth in the second half and 58% for the FY. Given a more attractive growth outlook, the broker believes Star's discount to Crown Resorts ((CWN)) is unwarranted and the share price fall offers a good entry point.
Overweight and $6.00 target retained. Industry view: Cautious.
Target price is $6.00 Current Price is $5.49 Difference: $0.51
If SGR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 16.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 16.10 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SGR as Add (1) -
Star Entertainment's first-half report met expectations but costs were higher than expected.
Morgans expects the VIP business to bounce strongly and retains an Add rating, believing the stock is well-positioned for top-line growth.
The broker updates earnings-per-share forecasts: -3.7% in FY18, +0.5% in FY19 and -4.3% in FY20. The dividend eases to reflect guidance.
The target price rises to $6.26 from $6.08, to reflect changes to the discounted cash flow valuation.
Target price is $6.26 Current Price is $5.49 Difference: $0.77
If SGR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Buy (1) -
First half revenue growth was ahead of expectations, driven by the surprising strength in VIP and Gold Coast business. Ord Minnett believes the company is delivering on initiatives to improve its domestic offering.
A Buy rating is maintained. Target is lowered to $6.20 from $6.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.20 Current Price is $5.49 Difference: $0.71
If SGR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Buy (1) -
First half net profit was in line with estimates. The main highlights for UBS were the stellar growth in VIP and the Gold Coast main floor.
The broker was surprised that operating leverage did not occur in VIP to a larger degree. The operating earnings margin of 20.6% was the lowest first half margin since the group's de-merger.
Buy rating maintained. Target reduced to $6.20 from $6.30.
Target price is $6.20 Current Price is $5.49 Difference: $0.71
If SGR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.18, suggesting upside of 12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -14.4%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 41.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of 16.8%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.03
UBS rates SHL as Neutral (3) -
First half revenue was in line with expectations. However, the operating earnings margin lifted 20 basis points to 16.6%, well short of UBS estimates. FY18 guidance is reiterated.
UBS downgrades estimates for earnings per share by -2% and -4% for FY19 and FY20 respectively. Neutral rating maintained. Target rises to $23.50 from $23.00.
Target price is $23.50 Current Price is $24.03 Difference: minus $0.53 (current price is over target).
If SHL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.62, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 80.00 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.3, implying annual growth of 9.3%. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 86.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.3, implying annual growth of 6.2%. Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VRL VILLAGE ROADSHOW LIMITED
Travel, Leisure & Tourism
More Research Tools In Stock Analysis - click HERE
Overnight Price: $3.43
Deutsche Bank rates VRL as Hold (3) -
Deutsche Bank found little to like about the first half result, which was weaker than expected. Leverage remains high, with the sale and lease back of the Gold Coast land swapping one form of debt for another.
The one bright spot was the strong ticket price increases pushed through on the Gold Coast, but the broker considers the test will be whether annual pass renewals are ramped up over the second half. Hold maintained. Target is $3.50.
Target price is $3.50 Current Price is $3.43 Difference: $0.07
If VRL meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -32.0%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VRL as Upgrade to Hold from Lighten (3) -
First half results were softer than expected, with the main driver being theme parks which delivered a -31% decline in operating earnings. The company stated that theme parks have shown a significant recovery in January, with ticket yield up 30% and admission revenue up 24%.
Ord Minnett welcomes the positive developments but would prefer to wait for an extended recovery, given recent disappointments. The broker upgrades to Hold from Lighten. Target is $3.25.
Target price is $3.25 Current Price is $3.43 Difference: minus $0.18 (current price is over target).
If VRL 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 $3.38, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 75.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.50 cents and EPS of 13.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -32.0%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 19.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.25
Morgan Stanley rates WBC as Downgrade to Equal-weight from Overweight (3) -
Morgan Stanley as downgraded Westpac to Equal-weight and lowered its target to $30.00 from $32.10. The broker has a negative stance on the major banks but provides six reasons for its Westpac downgrade.
The margin sweet spot has ended, the capital intensity of retail banking is increasing, there is growing scrutiny of conduct and competition, little scope for a cost surprise, no institutional tailwind this year and the stock is fully valued.
The broker prefers ANZ Bank ((ANZ)), also Equal-weight, and has Underweight ratings on the other two. Industry view: In Line.
Target price is $30.00 Current Price is $30.25 Difference: minus $0.25 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $33.01, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 188.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.5, implying annual growth of 1.9%. Current consensus DPS estimate is 192.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 188.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 1.6%. Current consensus DPS estimate is 195.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WBC as Neutral (3) -
Banking analysts at UBS have revised their general assumptions for the sector, concluding the general context is one that is not supportive of the sector outperfoming overall, plus risks are still considered to be towards more downside.
Those risks are related to the housing market slowing faster than anticipated or the Royal Commission leading to mis-selling class actions. UBS has reduced price targets for the Big Four by an average -5%.
For Westpac, this means the price target shrinks to $31 from $32.50 prior. Neutral.
Target price is $31.00 Current Price is $30.25 Difference: $0.75
If WBC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $33.01, suggesting upside of 9.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 201.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.5, implying annual growth of 1.9%. Current consensus DPS estimate is 192.8, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 205.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 1.6%. Current consensus DPS estimate is 195.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.44
Citi rates WHC as Sell (5) -
Whitehaven Coal's first-half result fell seriously shy of Citi's estimates, the only beat coming from revenue (3%). Higher-than-expected costs dragged on the stock, triggering a downgrade to FY18 and FY19 estimates.
Sell rating retained, Citi noting Whitehaven has several challenges to overcome in the near to medium term. Target price steady at $4.20.
Target price is $4.20 Current Price is $4.44 Difference: minus $0.24 (current price is over target).
If WHC meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 21.00 cents and EPS of 46.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Outperform (1) -
First half net profit was in line with estimates. Credit Suisse believes, failing any material calls on capital in the next six months, the company will be in a good position to give shareholders a return in August.
The broker suspects the -5% sell-off in the stock post the results reflects a concern about future funding commitments, given the company only paid out $0.13 per share in the midst of a zero net debt balance. Outperform maintained. Target is $4.60.
Target price is $4.60 Current Price is $4.44 Difference: $0.16
If WHC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 24.82 cents and EPS of 49.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.78 cents and EPS of 49.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WHC as Neutral (3) -
First half earnings were lower than expected because of the higher cost of purchasing coal versus Macquarie's estimates, and slightly higher mining costs.
Still, buoyant coal prices have enabled the company to reduced gearing further. Macquarie maintains a Neutral rating and reduces the target to $4.20 from $4.40.
Target price is $4.20 Current Price is $4.44 Difference: minus $0.24 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 33.00 cents and EPS of 56.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 24.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WHC as Equal-weight (3) -
A first glance response to Whitehaven's result indicates costs at the top end of guidance, but free cash flow 8% ahead of the broker.
Management has warned FY costs could be higher than expected but has not changed earnings guidance, and the broker has not changed its longer term forecast. Equal-weight and $5.05 target retained. Industry view: Attractive.
Target price is $5.05 Current Price is $4.44 Difference: $0.61
If WHC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 22.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 15.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WHC as Hold (3) -
Whitehaven Coal's first-half report fell shy of consensus and the broker.
Morgans nonetheless described the result as outstanding, attributing the miss to overt optimism on behalf of the market, rather than a misstep on Whitehaven's part.
The broker points to the sharp reduction in gearing to just 4%, flagging potential long-term capital management. On the downside, net debt outpaced consensus.
Target price inches up to $4 from $3.95. Hold rating retained, the stock trading at a 10% premium to Morgan's valuation.
Target price is $4.00 Current Price is $4.44 Difference: minus $0.44 (current price is over target).
If WHC 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 $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 28.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WHC as Accumulate (2) -
First half results were below expectations. Buoyant coal prices provided some offset to the costs pressure. Ord Minnett observes the company is well capitalised to pursue its growth options.
Accumulate rating is reiterated. Target is reduced to $4.55 from $4.65.
Target price is $4.55 Current Price is $4.44 Difference: $0.11
If WHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 46.00 cents and EPS of 57.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 58.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WHC as Buy (1) -
First half earnings were slightly lower than UBS estimated. Strong coal prices help bolster earnings.
While M&A is an option, the current focus is on Vickery, which UBS notes is years away from being up and running. Therefore, the broker suggests further returns to shareholders could be expected.
Buy rating maintained. Target is $5.35.
Target price is $5.35 Current Price is $4.44 Difference: $0.91
If WHC meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.51, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 24.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.6, implying annual growth of 22.8%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 25.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.5, implying annual growth of -12.1%. Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| 3PL | 3P LEARNING | Outperform - Macquarie | Overnight Price $1.61 |
| ABP | ABACUS PROPERTY GROUP | Upgrade to Neutral from Sell - Citi | Overnight Price $3.53 |
| Hold - Ord Minnett | Overnight Price $3.53 | ||
| ANZ | ANZ BANKING GROUP | Neutral - UBS | Overnight Price $28.08 |
| BBN | BABY BUNTING | Neutral - Citi | Overnight Price $1.61 |
| Neutral - Macquarie | Overnight Price $1.61 | ||
| Overweight - Morgan Stanley | Overnight Price $1.61 | ||
| Add - Morgans | Overnight Price $1.61 | ||
| CBA | COMMBANK | Neutral - UBS | Overnight Price $74.31 |
| CCL | COCA-COLA AMATIL | Outperform - Macquarie | Overnight Price $8.60 |
| DHG | DOMAIN HOLDINGS | Sell - Citi | Overnight Price $2.87 |
| ENN | ELANOR INVESTORS | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $1.96 |
| EVN | EVOLUTION MINING | Hold - Morgans | Overnight Price $2.83 |
| HSO | HEALTHSCOPE | Hold - Ord Minnett | Overnight Price $1.90 |
| HT1 | HT&E LTD | Downgrade to Neutral from Buy - UBS | Overnight Price $1.73 |
| IFL | IOOF HOLDINGS | Buy - Citi | Overnight Price $10.40 |
| Outperform - Credit Suisse | Overnight Price $10.40 | ||
| Neutral - Macquarie | Overnight Price $10.40 | ||
| Overweight - Morgan Stanley | Overnight Price $10.40 | ||
| Neutral - UBS | Overnight Price $10.40 | ||
| ISU | ISELECT | Outperform - Credit Suisse | Overnight Price $1.32 |
| MPL | MEDIBANK PRIVATE | Neutral - Citi | Overnight Price $3.11 |
| Neutral - Credit Suisse | Overnight Price $3.11 | ||
| Neutral - Macquarie | Overnight Price $3.11 | ||
| Underweight - Morgan Stanley | Overnight Price $3.11 | ||
| Lighten - Ord Minnett | Overnight Price $3.11 | ||
| Sell - UBS | Overnight Price $3.11 | ||
| MTR | MANTRA GROUP | Neutral - Credit Suisse | Overnight Price $3.85 |
| NAB | NATIONAL AUSTRALIA BANK | Sell - UBS | Overnight Price $29.42 |
| NCM | NEWCREST MINING | Neutral - Macquarie | Overnight Price $22.54 |
| Hold - Morgans | Overnight Price $22.54 | ||
| Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $22.54 | ||
| Sell - UBS | Overnight Price $22.54 | ||
| NEW | NEW ENERGY SOLAR | Equal-weight - Morgan Stanley | Overnight Price $1.44 |
| NHC | NEW HOPE CORP | Hold - Morgans | Overnight Price $2.23 |
| PGH | PACT GROUP | Hold - Ord Minnett | Overnight Price $4.85 |
| PRT | PRIME MEDIA | Underweight - Morgan Stanley | Overnight Price $0.27 |
| PRY | PRIMARY HEALTH CARE | Sell - Citi | Overnight Price $3.82 |
| Underperform - Credit Suisse | Overnight Price $3.82 | ||
| Underperform - Macquarie | Overnight Price $3.82 | ||
| Underweight - Morgan Stanley | Overnight Price $3.82 | ||
| Hold - Morgans | Overnight Price $3.82 | ||
| Hold - Ord Minnett | Overnight Price $3.82 | ||
| Buy - UBS | Overnight Price $3.82 | ||
| QMS | QMS MEDIA | Buy - Deutsche Bank | Overnight Price $1.02 |
| SEK | SEEK | Sell - Citi | Overnight Price $20.48 |
| SGM | SIMS METAL MANAGEMENT | Neutral - Citi | Overnight Price $17.07 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $17.07 | ||
| Outperform - Macquarie | Overnight Price $17.07 | ||
| Hold - Ord Minnett | Overnight Price $17.07 | ||
| SGR | STAR ENTERTAINMENT | Buy - Citi | Overnight Price $5.49 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $5.49 | ||
| Buy - Deutsche Bank | Overnight Price $5.49 | ||
| Outperform - Macquarie | Overnight Price $5.49 | ||
| Overweight - Morgan Stanley | Overnight Price $5.49 | ||
| Add - Morgans | Overnight Price $5.49 | ||
| Buy - Ord Minnett | Overnight Price $5.49 | ||
| Buy - UBS | Overnight Price $5.49 | ||
| SHL | SONIC HEALTHCARE | Neutral - UBS | Overnight Price $24.03 |
| VRL | VILLAGE ROADSHOW | Hold - Deutsche Bank | Overnight Price $3.43 |
| Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $3.43 | ||
| WBC | WESTPAC BANKING | Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $30.25 |
| Neutral - UBS | Overnight Price $30.25 | ||
| WHC | WHITEHAVEN COAL | Sell - Citi | Overnight Price $4.44 |
| Outperform - Credit Suisse | Overnight Price $4.44 | ||
| Neutral - Macquarie | Overnight Price $4.44 | ||
| Equal-weight - Morgan Stanley | Overnight Price $4.44 | ||
| Hold - Morgans | Overnight Price $4.44 | ||
| Accumulate - Ord Minnett | Overnight Price $4.44 | ||
| Buy - UBS | Overnight Price $4.44 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 20 |
| 2. Accumulate | 3 |
| 3. Hold | 33 |
| 4. Reduce | 1 |
| 5. Sell | 13 |
Monday 19 February 2018
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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