Australian Broker Call
August 24, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 04:14 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
| AIZ - | AIR NEW ZEALAND | Upgrade to Outperform from Neutral | Macquarie |
| BAP - | BAPCOR LIMITED | Upgrade to Outperform from Neutral | Macquarie |
| CCL - | COCA-COLA AMATIL | Upgrade to Outperform from Neutral | Macquarie |
| Upgrade to Neutral from Sell | UBS | ||
| CWY - | CLEANAWAY WASTE MANAGEMENT | Downgrade to Hold from Accumulate | Ord Minnett |
| IAG - | INSURANCE AUSTRALIA | Upgrade to Neutral from Sell | Citi |
| IDT - | INSTITUTE OF DRUG TECH | Upgrade to Hold from Reduce | Morgans |
| ISD - | ISENTIA | Downgrade to Neutral from Outperform | Macquarie |
| MMS - | MCMILLAN SHAKESPEARE | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| Downgrade to Neutral from Outperform | Credit Suisse | ||
| QUB - | QUBE HOLDINGS | Downgrade to Neutral from Outperform | Macquarie |
| Downgrade to Neutral from Buy | UBS | ||
| SBM - | ST BARBARA | Downgrade to Neutral from Buy | Citi |
| SIQ - | SMARTGROUP | Upgrade to Add from Hold | Morgans |
| Downgrade to Neutral from Outperform | Credit Suisse | ||
| SUN - | SUNCORP | Upgrade to Accumulate from Hold | Ord Minnett |
| VOC - | VOCUS COMMUNICATIONS | Downgrade to Reduce from Hold | Morgans |
| WOR - | WORLEYPARSONS | Downgrade to Underperform from Neutral | Credit Suisse |
| WTC - | WISETECH GLOBAL | Downgrade to Underperform from Neutral | Credit Suisse |
Citi rates A2M as Buy (1) -
Citi upgrades FY18-20 estimates by 4-10% to reflect better-than-expected margins across the business.
Planned production increases should facilitate strong growth in FY18 but the main challenges, in the broker's opinion, will be knowing the quantum of sales missed from FY17 because of a lack of stock and ensuring supply does not overtake demand.
The broker retains a Buy/High Risk rating. Target is raised to $6.00 from $5.15.
Target price is $6.00 Current Price is $4.81 Difference: $1.19
If A2M meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $6.00, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 6.13 cents and EPS of 18.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 6.60 cents and EPS of 23.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of 29.3%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates A2M as Outperform (1) -
FY17 beat Credit Suisse estimates on revenue and margin with a strong second half. This leads the broker to further revise up FY18-20 EBITDA forecasts by 8-14%.
Catalysts in the next 12 months include formulation registration process in China, AGM trading update and expansion of the company's footprint into the US fresh milk market.
Credit Suisse retains an Outperform rating and raises the target to NZ$6.01 from NZ$4.88.
Current Price is $4.81. Target price not assessed.
Current consensus price target is $6.00, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 26.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of 29.3%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates A2M as Buy (1) -
FY17 results were better than the broker had expected. FY18 outlook comments noted continued growth in infant formula and milk powder products in Australia and China.
Deutsche Bank has upgraded FY18 earnings forecasts by 20% and FY19 forecasts by 7%. Infant formula sales continue to grow in China, with key downside risks to this being China's single child policy and market regulation and access issues.
Buy rating retained and target raised to NZ$5.50 from NZ$5.00.
Current Price is $4.81. Target price not assessed.
Current consensus price target is $6.00, suggesting upside of 19.5% (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 17.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 23.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of 29.3%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates A2M as Neutral (3) -
A2 has again beaten expectations, outperforming across all divisions with infant formula remaining the key driver. A sharp expansion in margins and market share outperformance leads the broker to increase its longer term margin assumptions for both A&NZ and China.
The result is a 32-65% increase in earnings across the forecast period. But recent share price appreciation keeps the broker on Neutral. Target rises to NZ$5.27 from NZ$3.55.
Current Price is $4.81. Target price not assessed.
Current consensus price target is $6.00, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.55 cents and EPS of 19.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 27.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 15.50 cents and EPS of 25.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.8, implying annual growth of 29.3%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 21.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ACX as Neutral (3) -
FY17 operating earnings were softer than Macquarie expected and at the lower end of guidance. The result highlights a significant increase in costs that are required to drive user penetration and top-line growth in the international markets, the broker observes.
Macquarie expects the market will gain more confidence as that investment delivers results. Neutral and $3.70 target retained.
Target price is $3.70 Current Price is $4.00 Difference: minus $0.3 (current price is over target).
If ACX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.25, suggesting upside of 5.0% (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 3.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.8, 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 144.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of 75.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 82.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AIZ as Underperform (5) -
FY17 results were slightly below Credit Suisse forecasts. The company benefited from lower fuel costs and productivity savings, helping to offset a challenging yield environment.
No specific guidance was provided but the company aims to improve upon FY17 earnings and is optimistic about overall market dynamics.
Credit Suisse increases its target to NZ$2.55 from NZ$2.50. Underperform retained.
Current Price is $3.12. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.75 cents and EPS of 32.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of N/A. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.75 cents and EPS of 34.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 1.2%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AIZ as Sell (5) -
FY17 results were in line with the broker's forecasts. Deutsche Bank expects current tailwinds to support FY18 earnings.
Rising competition and input cost inflation underpin the broker's expectation of earnings decline in FY19.
The stock continues to trade at the top end of its range, leaving little room for error beyond FY18. Trading well ahead of the NZ$2.75 price target the Sell rating is maintained.
Current Price is $3.12. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 19.81 cents and EPS of 31.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of N/A. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.92 cents and EPS of 25.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 1.2%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AIZ as Upgrade to Outperform from Neutral (1) -
FY17 results were in line with Macquarie's estimates. The broker upgrades FY18 estimates for earnings per share by 6.2% and FY19 by 0.5%.
The industry is demonstrating more rational behaviour around capacity and the company has come through the period of increased competition stronger than expected.
Hence, Macquarie upgrades to Outperform from Neutral. Target is raised to NZ$3.90 from NZ$3.38.
Current Price is $3.12. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.75 cents and EPS of 34.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of N/A. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.69 cents and EPS of 36.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 1.2%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AIZ as Neutral (3) -
The broker has lifted forecasts for Air NZ to reflect lower fuel, aircraft rental and interest costs and higher revenue per average seat kilometre growth. Competitive headwinds appear to have now peaked, improving earnings visibility.
A recent share price re-rating leaves the stock fairly valued, the broker suggests. Neutral retained. Target rises to NZ$3.25 from NZ$2.85.
Current Price is $3.12. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.75 cents and EPS of 36.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.6, implying annual growth of N/A. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.69 cents and EPS of 39.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 1.2%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates APA as Sell (5) -
FY17 results were in line with Citi's estimates. The broker observes the credit metrics support distribution growth and upside to the 55% pay-out of operating cash flow from FY19 onwards.
The broker suspects regulatory risk may reduce the company's pricing power although details are yet to be ironed out and thus it is difficult to fully understand this risk.
Sell rating retained. Target is raised to $8.01 from $7.99.
Target price is $8.01 Current Price is $8.47 Difference: minus $0.46 (current price is over target).
If APA 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 $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 45.00 cents and EPS of 23.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 49.40 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates APA as Underperform (5) -
FY17 results were in line. Credit Suisse notes the uncertainty that is prevailing regarding new arbitration rules.
The broker's prior analysis has shown the long-term valuation impact could be material and, given the lack of clarity, evidence of investment value is required before turning positive.
Underperform retained. Target rises to $8.45 from $8.10.
Target price is $8.45 Current Price is $8.47 Difference: minus $0.02 (current price is over target).
If APA meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 45.00 cents and EPS of 21.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 46.65 cents and EPS of 26.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates APA as Buy (1) -
FY17 results were in line with the broker's forecasts. FY18 earnings guidance of 0.3% to 2.7% year on year growth looks subdued to the broker, it reflects a pause in growth momentum as the company's capex program accelerates.
APA expects its $1.2bn of announced growth projects will add $200m to revenue in FY20.
Buy rating retained and target price raised to $10.80 from $10.75.
Target price is $10.80 Current Price is $8.47 Difference: $2.33
If APA meets the Deutsche Bank target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 45.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 46.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates APA as Neutral (3) -
FY17 results beat Macquarie's estimates but the variance was low quality, being customer contributions.
Strength of guidance is a positive, given the second half regulatory re-sets, although until there is clarity about reforms the broker believes the driver of the share price is still 6-9 months away.
Neutral rating retained. Target is reduced to $8.51 from $9.00.
Target price is $8.51 Current Price is $8.47 Difference: $0.04
If APA meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 44.80 cents and EPS of 20.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 46.60 cents and EPS of 21.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates APA as Underweight (5) -
FY17 performance proved slightly better than market expectations, while 43.5c in dividends was smack bang in line, report the analysts. They anticipate a mild upgrade to market consensus, but also note regulatory uncertainty is not disappearing anytime soon.
All in all, Morgan Stanley continues to view APA as a growth company, with a longstanding policy of balance sheet strength and self-funding of organic capex. It seems the uncertainties are keeping the rating at Underweight.
Industry view is Cautious. Price target remains $8.28.
Target price is $8.28 Current Price is $8.47 Difference: minus $0.19 (current price is over target).
If APA meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 47.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 50.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APA as Hold (3) -
APA's FY17 results were better than Morgans had expected. FY18 guidance indicates stronger than expected growth, prompting the broker to raise FY18 forecast by 2% and 3%-4% in further years.
APA highlighted the $1.2bn of growth projects it has announced, which is expected to generate around $200m of revenue by FY20. Morgans notes the distribution payout ratio continues to fall, being 49.8% in FY17.
Hold retained and target reduced to $8.35 from $8.52.
Target price is $8.35 Current Price is $8.47 Difference: minus $0.12 (current price is over target).
If APA 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 $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 47.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates APA as Buy (1) -
FY17 underlying operating earnings were below Ord Minnett forecasts. The broker observes credible progress towards the company's three-year growth capital expenditure target.
The main negatives are changes to the national gas rules and the commercial arbitration regime for unregulated pipelines,, which are potentially negative for the outlook.
Buy rating retained. Target is reduced to $10.50 from $10.90.
Target price is $10.50 Current Price is $8.47 Difference: $2.03
If APA meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $8.99, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 45.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 50.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 11.7%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 31.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates APE as Neutral (3) -
There were few surprises in the first half result which was pre-announced. Nevertheless, car retailing was below Credit Suisse expectations.
The broker continues to expect cost efficiencies and, in time, execution on Carzoos. This supports improved earnings forecasts for the second half and into FY18.
Credit Suisse believes the valuation is fair. Neutral rating. Target is raised to $8.40 from $8.00.
Target price is $8.40 Current Price is $8.05 Difference: $0.35
If APE meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.09, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 33.35 cents and EPS of 48.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of -10.1%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 34.56 cents and EPS of 51.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 5.2%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates APE as Underweight (5) -
Morgan Stanley finds the interim update was held up by acquisitions and the sale of a property asset, but underlying hides a decline in the order of -10%. Enough reason for the broker to stay cautious on auto dealers.
Other reasons to remain cautious include headwinds for consumer sales plus the regulatory scrutiny on finance and insurance sold at dealers. The analysts also observe a margin squeeze for the auto division on the back of a slowing in new car sales.
Morgan Stanley sticks with the view that risks are skewed to the downside. Underweight rating retained. In-Line industry view. Target $6.85 (unchanged).
Target price is $6.85 Current Price is $8.05 Difference: minus $1.2 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.09, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 32.60 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of -10.1%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.10 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 5.2%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APE as Hold (3) -
The company's first half results were in line with the broker's expectations. Morgans believes the recent acquisition led growth will moderate in the second half.
However, improvements are expected in Auto margins with the expectation that manufacturer bonus hurdles have been lowered and the impact of finance should moderate. 2017 forecasts have been raised by 1.1% and 2018 forecasts by 1.8%.
Target reduced to $9.10 from $9.21 and Hold rating retained.
Target price is $9.10 Current Price is $8.05 Difference: $1.05
If APE meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $8.09, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 36.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of -10.1%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 38.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 5.2%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates APE as Hold (3) -
First half results were in line with guidance. Ord Minnett observes new vehicle sales data has improved somewhat, although headwinds for the industry remain.
The broker believes earnings growth is possible although it is likely to be at modest levels. Hold rating retained. Target is reduced to $8.00 from $8.10.
Target price is $8.00 Current Price is $8.05 Difference: minus $0.05 (current price is over target).
If APE meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.09, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 33.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of -10.1%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 34.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 5.2%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ATL as Add (1) -
The company's maiden FY17 result was better than the broker had expected. While no formal FY18 guidance was provided, management noted forward rental bookings are tracking ahead yoy in all areas.
Morgans forecasts strong earnings growth of around 40% in FY18, with NPAT of $19.6m. FY18 to FY20 EPS forecasts increase by 2.7%, 5.5% and 8% respectively.
Add rating retained and target rises to $1.56 from $1.52.
Target price is $1.56 Current Price is $1.48 Difference: $0.08
If ATL meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.40 cents and EPS of 11.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.20 cents and EPS of 12.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ATL as Hold (3) -
FY17 results were slightly above Ord Minnett estimates. Outlook is in line with expectations. The company has announced the acquisition of George Day Caravans for $9.1m. This is expected to be accretive to earnings in FY18.
Hold rating. Ord Minnett raises the target to $1.39 from $1.29.
Target price is $1.39 Current Price is $1.48 Difference: minus $0.09 (current price is over target).
If ATL meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.10 cents and EPS of 9.80 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.80 cents and EPS of 10.60 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BAP as Upgrade to Outperform from Neutral (1) -
FY17 results were in line with Macquarie's estimates. The broker believes the result demonstrates the resilience of the company's earnings profile and the strong competitive advantage in trade.
The broker believes the fears of Amazon are overstated. Gearing remains a key short-term overhang but the commentary implies increasing traction in the divestment process.
Rating is upgraded to Outperform from Neutral. Target is raised to $6.20 from $5.90.
Target price is $6.20 Current Price is $5.54 Difference: $0.66
If BAP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.00 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of N/A. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 21.30 cents and EPS of 35.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of 14.5%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BAP as Overweight (1) -
On Morgan Stanley's estimates, organic growth achieved in FY17 was 11.2%. Growth contributions from acquisitions proved ahead of expectations, on the analysts' assessment.
The analysts remain confident this company can continue growing at a rate above market average over the medium term. Asset sales (from acquired Hellaby Holdings) are likely to act as a positive catalyst, say the analysts.
Overweight rating retained. Target is $7.00. Industry view: In-line. Forecasts have remained unchanged too.
Target price is $7.00 Current Price is $5.54 Difference: $1.46
If BAP meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.90 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of N/A. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of 14.5%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BAP as Add (1) -
Bapcor's FY17 results were above the broker's expectations. Management is comfortable with FY18 guidance of circa 30% growth over FY17 NPAT.
The company is continuing divestment of non-core Hellaby Holdings businesses, with the broker expecting a least some in the near term. Assuming the assets are sold for around $100m, net debt would fall to sub 2x EBITDA in FY18.
Add retained, target falls to $6.19 from $6.22.
Target price is $6.19 Current Price is $5.54 Difference: $0.65
If BAP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 13.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of N/A. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of 14.5%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BGA as Hold (3) -
FY17 results were slightly ahead of the broker's expectations. No formal FY18 guidance was forthcoming.
Morgans expects the acquisition of Mondelez assets will help drive growth in FY18, while the base Bega business should benefit from higher global dairy prices and increased milk supply. FY18 earnings forecasts have been upgraded by 4.5% and FY19 forecasts by 3.5%.
Target rises to $6.20 from $6.15 and Hold retained.
Target price is $6.20 Current Price is $6.48 Difference: minus $0.28 (current price is over target).
If BGA meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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 31.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BHP as Buy (1) -
The broker has followed up a brief initial response with a more detailed examination of the BHP result. Earnings fell -7% short of the broker, largely due to higher interest charges. Operational earnings were in line and cash flow ahead of forecast, leading to lower debt.
That's good news for capital management, but the result is overwhelmed by the news BHP will sell its US shale business and halt its Jansen potash development. The sale provides for more capital management potential. Target rises to $29.50 from $28.00. Buy retained.
Target price is $29.50 Current Price is $26.04 Difference: $3.46
If BHP meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $28.11, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 105.56 cents and EPS of 178.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 151.7, implying annual growth of N/A. Current consensus DPS estimate is 92.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 104.24 cents and EPS of 175.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.4, implying annual growth of -21.3%. Current consensus DPS estimate is 91.5, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 22.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BVS as Outperform (1) -
FY17 operating earnings were slightly above prospectus. Macquarie believes the new Sonata clients in the UK and South Africa bode well for the FY18 earnings profile.
The company has passed its peak product investment cycle and multiples are not demanding, in the broker's opinion. Macquarie retains an Outperform rating. Target is raised to $1.86 from $1.83.
Target price is $1.86 Current Price is $1.47 Difference: $0.39
If BVS meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 8.40 cents and EPS of 12.00 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.40 cents and EPS of 13.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CCL as Neutral (3) -
First half underlying net profit fell -4%. Australian profit margins fell while Indonesian margins expanded. Citi observes the outlook for the second half is slightly better because there are likely to be more cost savings and lower interest and tax.
Citi retains a Neutral rating and $9.10 target. Unless there is an improvement in Australian volumes, or a material acceleration in volume growth in Indonesia, the broker expects the price/earnings ratio to remain near 16x.
Target price is $9.10 Current Price is $8.25 Difference: $0.85
If CCL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 46.00 cents and EPS of 55.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 47.00 cents and EPS of 54.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CCL as Outperform (1) -
Credit Suisse found the first half result weak, with the problem of competition from private-label water. When and how the value trend stops taking its toll on the company is difficult for the broker to assess.
The NSW container deposit scheme, effective December 1, will change low-value beverage pricing by a greater percentage than premium pricing and the elasticity could favour the company, but the broker is not yet convinced.
The broker believes the company can preserve cash earnings in the medium term from initiatives beyond Australian beverage and this underpins its view. Outperform retained. Target is reduced to $9.90 from $10.30.
Target price is $9.90 Current Price is $8.25 Difference: $1.65
If CCL meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 46.00 cents and EPS of 55.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 47.00 cents and EPS of 56.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CCL as Hold (3) -
The company's first half results were worse than expected by the broker. Although there is usually a modest second half tailwind and trading may have improved, Deutsche Bank sees risks to full year guidance from industry challenges.
The broker has reduced earnings forecasts by -1% to -2% over the forecast period, driven by downgrades to the Australian business.
Hold rating retained and target reduced to $8.50 from $9.50.
Target price is $8.50 Current Price is $8.25 Difference: $0.25
If CCL meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 48.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CCL as Upgrade to Outperform from Neutral (1) -
First half net profit was lower than Macquarie anticipated. The company has guided to 2017 net profit to be broadly in line with 2016.
The broker believes the combination of the recent sell-off and the strong recovery in earnings growth from Indonesia means the headwinds the company faces are now factored in.
Rating is upgraded to Outperform from Neutral. Price target is reduced to $8.82 from $9.29.
Target price is $8.82 Current Price is $8.25 Difference: $0.57
If CCL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 44.20 cents and EPS of 53.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 44.40 cents and EPS of 54.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CCL as Underweight (5) -
The shares look cheap but that is fully warranted, comment the analysts. They see soft volume growth and earnings risk dominating the picture. Morgan Stanley highlights revenues fell for the company's crown jewels business, Indonesia, despite the strongest consumer confidence in a decade.
The analysts did pick up that management indicated Australian beverage performance had improved post Easter, but uncertainty remains because of the NSW container deposit scheme, starting December 1st.
Morgan Stanley's forecast for FY18 is below company guidance. Target remains $8. Underweight. Cautious industry view.
Target price is $8.00 Current Price is $8.25 Difference: minus $0.25 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 46.20 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CCL as Hold (3) -
First half results were slightly better than the broker's estimates, although below consensus. Management is targeting 'broadly flat' CY17 NPAT, but Morgans believes this would require growth in the second half.
However, the broker recognises that the company should benefit from the usual second half earnings skew from new products and possibly lower interest and tax. CY17 forecasts have been reduced by -1.1% and CY18 forecasts by -2.9%.
Hold rating maintained and target is reduced to $8.75 from $9.65.
Target price is $8.75 Current Price is $8.25 Difference: $0.5
If CCL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 46.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 46.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCL as Lighten (4) -
The first half net profit was in line with Ord Minnett's forecasts. All divisions were weaker than expected with the exception of the Indonesian and PNG business.
The broker finds increasing evidence that the structural challenges of product and channel are weighing on volumes and revenue per case in the core Australian beverages division.
Given this backdrop, which also results in low earnings growth, the broker retains a Lighten rating. Target is $8.
Target price is $8.00 Current Price is $8.25 Difference: minus $0.25 (current price is over target).
If CCL meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 46.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 47.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CCL as Upgrade to Neutral from Sell (3) -
A weak result missed UBS by -3%. Full year guidance was nevertheless reiterated given management has noted improving trends. Australian earnings were weak but Indonesia/PNG outperformed.
UBS' FY forecast sits below guidance and the broker acknowledges the structural trend of a shift away from fizzy drink, but with the share price having fallen substantially and valuation implying a -45% discount to market for beverages, the broker believes the worst is priced in.
Upgrade to Neutral. Target falls to $8.60 from $9.00.
Target price is $8.60 Current Price is $8.25 Difference: $0.35
If CCL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.71, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 46.80 cents and EPS of 54.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.9, implying annual growth of 70.5%. Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.60 cents and EPS of 55.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 1.1%. Current consensus DPS estimate is 46.3, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CHC as Buy (1) -
FY18 guidance for earnings per security of no less than FY17 (35.9cps) is marginally below Citi's estimates.
The broker envisages upside risks to guidance as a flat growth outlook is factoring in conservative transaction and performance fee income.
Buy rating retained. Target is raised to $6.23 from $6.02.
Target price is $6.23 Current Price is $5.69 Difference: $0.54
If CHC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.70, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 32.10 cents and EPS of 36.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 31.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 33.90 cents and EPS of 38.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.3, implying annual growth of 6.4%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CHC as Outperform (1) -
FY17 operating earnings were up 18.1% and in line with Macquarie's estimates. The broker considers the company is leading the sector with its performance.
Guidance for FY18 is for post-tax earnings per security of no less than FY17 and slightly ahead of expectations. There is upside risk to earnings from further performance fees, suggest the analysts.
Outperform rating and target is raised to $6.42 from $6.03.
Target price is $6.42 Current Price is $5.69 Difference: $0.73
If CHC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $5.70, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 32.30 cents and EPS of 35.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 31.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 33.50 cents and EPS of 37.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.3, implying annual growth of 6.4%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CHC as Hold (3) -
FY17 earnings per security of 35.9c were up 18% unchanged from earnings guidance issued in April. Ord Minnett believes the company is in good shape with all the liquidity it needs for the next 12 months to support continued growth in assets under management.
No specific guidance range for FY18 was provided, and the broker believes this is likely because earnings are more skewed to performance and transaction fees which are harder to forecast. Hold rating retained. Target is raised to $5.60 from $5.40.
Target price is $5.60 Current Price is $5.69 Difference: minus $0.09 (current price is over target).
If CHC 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 $5.70, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 31.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 35.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.3, implying annual growth of 6.4%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers
Overnight Price: $1.39
Credit Suisse rates CWY as Neutral (3) -
FY17 EBITDA was in line with Credit Suisse and considered a strong result in the light of the Erskine Park closure.
The company has been successful in a number of recent tenders and the broker expects the incremental contribution will support growth in both FY18 and FY19.
Neutral retained. Target is raised to $1.32 from $1.23.
Target price is $1.32 Current Price is $1.39 Difference: minus $0.065 (current price is over target).
If CWY meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.49 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, implying annual growth of N/A. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 2.86 cents and EPS of 6.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 17.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWY as Buy (1) -
FY17 results were in line with Deutsche Bank's expectations. Management reaffirmed FY18 EBITDA guidance at $316m, which looks conservative to the broker.
The broker has revised FY18 forecasts 2% higher and FY19 3% higher.
Buy rating retained, reflecting the company's strong EPS momentum and improved revenue outlook. Target price raised to $1.60 from $1.50.
Target price is $1.60 Current Price is $1.39 Difference: $0.215
If CWY meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $1.39, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, implying annual growth of N/A. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 2.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 17.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWY as Neutral (3) -
FY17 results were above Macquarie's expectations. This was assisted by lower-than-expected depreciation charges and tax rate. FY18 and FY19 earnings estimates are raised by 30% and 25% respectively.
At this point, Macquarie considers the valuation relatively full and the re-rating has been well supported by earnings momentum. Neutral retained. Target is raised to $1.34 from $1.14.
Target price is $1.34 Current Price is $1.39 Difference: minus $0.045 (current price is over target).
If CWY meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.80 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, implying annual growth of N/A. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.30 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 17.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWY as Downgrade to Hold from Accumulate (3) -
FY17 operating earnings were broadly in line with Ord Minnett forecasts. The broker expects earnings to accelerate further into FY19 on the back of contract wins and growth in free cash flow.
In order to become more positive on the stock at the current share price the broker needs to factor in additional value-accretive wins or acquisitions. This leads to a reduction in the recommendation to Hold from Accumulate. Target is $1.36.
Target price is $1.36 Current Price is $1.39 Difference: minus $0.025 (current price is over target).
If CWY 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 $1.39, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, implying annual growth of N/A. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 17.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CWY as Neutral (3) -
Cleanaway's result was in line with the broker operationally, although lower D&A led to a 10% earnings beat. The business is looking in good shape, the broker suggests, and reinvestment from cost savings into the sales force and a customer retention team should benefit ongoing sales.
The broker believes new management is able to focus on day to day improvement now that prior teams have dealt with all the problems. The stock is nevertheless fairly valued, hence Neutral retained. Target rises to $1.38 from $1.16.
Target price is $1.38 Current Price is $1.39 Difference: minus $0.005 (current price is over target).
If CWY meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, implying annual growth of N/A. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 17.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DTL as Hold (3) -
FY17 results were in line with the broker's expectations, with revenue topping the $1bn mark for the first time. FY18 guidance was vague, but positive, commentary to continue to deliver earnings growth and shareholder returns.
Morgans has made minor adjustments to FY18 estimates, raising EPS forecast by 2.4%.
The broker rates the company as an attractive growth stock, supported by a quality management team and strong financials. Hold and $1.87 target retained.
Target price is $1.87 Current Price is $1.79 Difference: $0.08
If DTL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 11.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 11.00 cents and EPS of 12.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates HLO as Hold (3) -
FY17 clearly missed the mark, but Deutsche Bank still thinks it was a strong performance "in absolute terms". The analysts' forecasts are positioned near the top of management's FY18 guidance range.
Deutsche Bank analysts note growing earnings momentum in the business is being driven by cost-out and bolt on acquisitions, but it's the valuation that keeps the rating on Hold. Target unchanged at $4.60.
Also, in FY19 the dividend is projected to jump to 14c from 2c in FY18.
Target price is $4.60 Current Price is $4.25 Difference: $0.35
If HLO meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 2.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 14.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 16.9%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HLO as Buy (1) -
FY17 results were in line with Ord Minnett. The company has actioned $18.6m synergies and cost savings and the broker expects realisation in FY18 and beyond.
The company has signalled it would like to reduce its reliance on Australia and the broker considers an offshore acquisition is, therefore, a possibility. At the same time, a domestic acquisition is not ruled out.
Buy retained. Target is $5.08.
Target price is $5.08 Current Price is $4.25 Difference: $0.83
If HLO meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.10 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of N/A. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of 16.9%. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates HSO as Neutral (3) -
Citi is disappointed with FY18 guidance, which translates to a net profit decline of -3.6%. Pre-FY17 results consensus was for net profit growth of 7%.
The broker observes the company continues to underperform the industry at the top line. The broker re-bases estimates to incorporate slower project delivery and lower margins. Downside risk is envisaged to near-term forecasts.
Neutral rating retained. Target is reduced to $1.85 from $2.50.
Target price is $1.85 Current Price is $1.86 Difference: minus $0.005 (current price is over target).
If HSO 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 $2.13, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.40 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 8.30 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSO as Underperform (5) -
FY17 earnings were in line with estimates. The FY18 outlook is weaker than Credit Suisse expected. Private hospital outlays growth of around 5% is below the longer-term average.
Credit Suisse does not envisage a sudden decline in near-term growth but the recent trends in private health insurance participation are of concern for the whole system.
Underperform retained. Target is reduced to $1.87 from $2.10.
Target price is $1.87 Current Price is $1.86 Difference: $0.015
If HSO meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 6.75 cents and EPS of 9.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 7.20 cents and EPS of 10.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HSO as Underweight (5) -
Morgan Stanley analysts had been warning about challenges and too high expectations, and they see their past analysis vindicated by Healthscope's FY17 release. The result revealed weak volume trends, point out the analysts, also indicating market expectations were too rosy and they will now have to come down.
Margin expansion is a challenge at this stage, and it remains an open question whether FY19 might bring back growth, suggest the analysts. They require more certainty before moving away from the Underweight rating.
The stock is not seen as compelling value, despite the lower share price. Price target $1.80. In-Line industry view. Estimates have been reduced.
Target price is $1.80 Current Price is $1.86 Difference: minus $0.055 (current price is over target).
If HSO meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.13, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 6.60 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 7.80 cents and EPS of 11.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates HSO as Add (1) -
Healthscope's FY17 results were below the broker's expectations. FY18 guidance calling for flat hospital profit growth is confusing to the broker as it indicates either the hospital portfolio is severely underperforming or the bar is set too low.
Morgans has lowered revenue assumptions across all divisions from FY18 to FY20, which sees forecast EBITDA fall up to -3.8%.
The broker believes the stock is still attractive, especially on a multi-year view and retains the Add rating. Target drops to $2.53 from $2.64.
Target price is $2.53 Current Price is $1.86 Difference: $0.675
If HSO meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 7.60 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 8.70 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HSO as Hold (3) -
FY17 operating earnings fell short of Ord Minnett's forecasts, attributed to weak results from the newly opened Holmsglen hospital. Despite hospitals benefiting from improved conditions the broker observes the company's hospital earnings stagnated.
Guidance for flat EBITDA appears conservative at first blush but the broker remains wary. Ord Minnett fears the promised earnings boost from the Northern Beaches PPP is likely to be pushed out over the investment horizon.
Hold rating retained. Target is reduced to $2.00 from $2.45.
Target price is $2.00 Current Price is $1.86 Difference: $0.145
If HSO meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 18.9% (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 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 7.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates HSO as Buy (1) -
Healthscope's result missed the broker. Brownfield contributions are delayed and hospital growth is disappointing while costs rise unabated. Guidance to a flat FY18 suggests a re-base year ahead, the broker notes.
Construction will cause disruption, among other issues, but brownfield completion and the Northern beaches hospital up and running implies growth should be above-market from FY19, management believes. The broker has cut FY18 forecasts but retains Buy. Target falls to $2.72 from $3.00.
Target price is $2.72 Current Price is $1.86 Difference: $0.865
If HSO meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS 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 10.5, implying annual growth of N/A. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
UBS 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 11.1, implying annual growth of 5.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IAG as Upgrade to Neutral from Sell (3) -
FY17 margin was affected by a high incidence of large commercial losses, Citi observes. FY18 is expected to benefit from recent commercial price rises.
Underlying margins are expected to improve from here and, with solid premium momentum, the outlook appears reasonable to Citi.
The significant fall in the share price results in the broker lifting its call while acknowledging the stock still looks somewhat expensive. Rating upgraded to Neutral from Sell. Target $6.30.
Target price is $6.30 Current Price is $6.22 Difference: $0.08
If IAG meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.00 cents and EPS of 36.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 32.00 cents and EPS of 38.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IAG as Outperform (1) -
FY17 results were in line with Credit Suisse. However, the make-up was weaker than expected and the degree of disappointment in the market, with the share price unwinding gains from the last three months, was not anticipated.
FY18 guidance suggests some degree of turnaround in margin is needed to hit the bottom end of the range. The broker finds this difficult to believe. In the meantime, reserve releases and perils can assist the company through this early stage of margin recovery.
Outperform retained. Target is reduced to $7.00 from $7.25.
Target price is $7.00 Current Price is $6.22 Difference: $0.78
If IAG meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 33.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IAG as Hold (3) -
The company's FY17 results were pre-announced in June so held no surprises for the broker.
Deutsche Bank has made minor changes to earnings estimates, lowering FY18 forecasts by -0.8% and FY19 forecasts by -3.2%.
The broker notes IAG operates in a stable and rational market and has significant scope to control pricing and maintains a Hold rating. Target is lowered to $6.00 from $6.20.
Target price is $6.00 Current Price is $6.22 Difference: minus $0.22 (current price is over target).
If IAG meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 28.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IAG as Underperform (5) -
FY17 group underlying insurance margin dropped to 11.9% versus 14.0% previously. Margin guidance is unchanged for FY18 but with reserve releases of at least 2% now included in guidance, Macquarie believes the quality has deteriorated.
A solid result was needed, in order to justify a premium multiple, say the analysts. Based on the underlying trends, the broker envisages continuing downside risk to this premium.
Underperform. Target is reduced to $5.80 from $5.95.
Target price is $5.80 Current Price is $6.22 Difference: minus $0.42 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.31, suggesting downside of -0.3% (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 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 32.00 cents and EPS of 39.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IAG as Overweight (1) -
Morgan Stanley was disappointed by the overall quality of the FY17 result, in particular the -210bps deterioration in underlying margins to 11.9% is singled out as a major negative surprise.
In addition, the analysts read FY18 guidance as a "soft underlying downgrade", also pointing at the flat consumer topline outlook due to -20% NSW CTP price falls. Overall, the broker maintains the big picture remains intact, but some downward adjustments need to be made.
Overweight rating retained. Industry view In-Line. Price target $6.80.
Target price is $6.80 Current Price is $6.22 Difference: $0.58
If IAG meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 30.00 cents and EPS of 37.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 34.00 cents and EPS of 42.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IAG as Hold (3) -
FY17 results were better than the broker's estimates, although a drop in underlying margins highlighted industry pressures. FY18 guidance was weaker than the broker was expecting, although first half results will be aided by strong reinsurance protections.
Morgans has raised FY18 earnings forecast by 3% on the benefits of the first half protection, but downgrades future year earnings by -3% to -4%.
Hold maintained and target falls to $6.01 from $6.27.
Target price is $6.01 Current Price is $6.22 Difference: minus $0.21 (current price is over target).
If IAG meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 30.80 cents and EPS of 37.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 31.40 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IAG as Hold (3) -
FY17 net profit was below Ord Minnett forecasts. The broker notes there are signs of an improving cycle into FY18 and the company is implementing some aggressive cost-cutting.
Hence, the broker forecasts some improvement in margins despite downgrading earnings estimates. Hold rating maintained. Target is reduced to $6.43 from $6.80.
Target price is $6.43 Current Price is $6.22 Difference: $0.21
If IAG meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IAG as Neutral (3) -
IAG had upgraded profit guidance in June but that was due to reserve releases. Weak results for Suncorp ((SUN)) and QBE ((QBE)) had sounded a warning for general insurance, yet IAG's result still managed to disappoint the broker.
The broker continues to believe industry developments should support margin expansion over time, but that turning point now seems further away and has been rebased lower than previously assumed. Target falls to $6.15 from $6.60, Neutral retained.
Target price is $6.15 Current Price is $6.22 Difference: minus $0.07 (current price is over target).
If IAG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.31, suggesting downside of -0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 25.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.1, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 5.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IDR as Neutral (3) -
Industria's result was in line with the broker and FY18 guidance slightly ahead. The quality was relatively weak but the REIT appears to be on a solid footing for FY18, the broker suggests.
Management remains conservative on occupancy assumptions, but the broker believes the key driver for the stock is what Growthpoint Properties ((GOZ)) plans to do with its stake. Neutral retained, target rises to $2.64 from $2.42.
Target price is $2.64 Current Price is $2.48 Difference: $0.16
If IDR meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.39, 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 16.60 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.4, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.10 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 9.2%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IDT INSTITUTE OF DRUG TECHNOLOGY AUSTRALIA LIMITED
Pharmaceuticals & Biotech/Lifesciences
Overnight Price: $0.08
Morgans rates IDT as Upgrade to Hold from Reduce (3) -
FY17 results were below the broker's expectations. No guidance or outlook was provided.
The broker believes the recent resignation of the managing director and subsequent write-downs of generic assets does not bode well for FY18 and beyond. Morgans has reduced FY18 forecasts by -23%, FY19 by -143% and FY20 by -122% respectively.
Upgrade to Hold from Reduce and target reduced to 8c from 8.5c.
Target price is $0.08 Current Price is $0.08 Difference: minus $0.004 (current price is over target).
If IDT meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.60 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.19 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IPD as Add (1) -
Impedimed's FY17 loss was in line with the broker's expectations. The company has $54.9m cash reserves, which is sufficient to fund the development of the bioimpedence spectroscopy technology.
Morgans has made changes to forecasts after revising breast cancer assumptions and delaying pelvic cancer contributions to FY19. Net loss has been increased to -$24.4m from -$14.7m and net profit reduced to $4.2m from $10.6m in FY18 and FY19 respectively.
Add rating retained and target is reduced to $1.52 from $1.75.
Target price is $1.52 Current Price is $0.63 Difference: $0.89
If IPD meets the Morgans target it will return approximately 141% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 7.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 EPS of 1.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ISD as Buy (1) -
FY17 results were in line with the broker's forecasts. No guidance was forthcoming, but management indicated FY18 guidance would be provided at the November AGM.
The company is expected to raise prices in the first quarter of FY18 and the broker sees this a genuine test of the competitive environment and iSentia's upgraded product suite. Deutsche Bank has lowered FY18 earnings estimates due to increased amortisation, reflecting higher capex.
Buy rating retained and target reduced to $2.20 from $2.40.
Target price is $2.20 Current Price is $1.65 Difference: $0.555
If ISD meets the Deutsche Bank target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 7.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of N/A. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 7.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 11.9%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ISD as Downgrade to Neutral from Outperform (3) -
FY17 net profit was slightly ahead of Macquarie's estimates while EBITDA was pre-announced. Macquarie believes long-term value exists but it will take time to materialise.
After three successive downgrades and reduced disclosure, the broker believes it will take time to re-build investor confidence. The broker continues to believe the company should close or sell King Content if the performance does not improve soon.
Rating is downgraded to Neutral from Outperform. Target is reduced to $1.66 from $2.00.
Target price is $1.66 Current Price is $1.65 Difference: $0.015
If ISD meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.89, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.60 cents and EPS of 13.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.4, implying annual growth of N/A. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 7.40 cents and EPS of 14.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 11.9%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MMS as Buy (1) -
FY17 results were in line with Citi. No guidance was provided for FY18 but the company has noted momentum is building on the back of a strong second half.
Citi increases FY18-19 core net profit forecasts by up to 2%. Buy retained. Target is raised to $15.92 from $14.33.
Target price is $15.92 Current Price is $15.17 Difference: $0.75
If MMS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $14.88, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 669.00 cents and EPS of 110.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.9, implying annual growth of N/A. Current consensus DPS estimate is 218.0, implying a prospective dividend yield of 13.8%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 74.00 cents and EPS of 120.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.7, implying annual growth of 7.0%. Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MMS as Downgrade to Neutral from Outperform (3) -
FY17 results were in line with estimates. Credit Suisse believes the results confirm that positive earnings momentum has returned. The broker considers, in the light of recent share price appreciation, that the valuation is fair at this point.
Rating downgraded to Neutral from Outperform. Target rises to $15.75 from $12.50.
Target price is $15.75 Current Price is $15.17 Difference: $0.58
If MMS meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.88, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 69.00 cents and EPS of 115.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.9, implying annual growth of N/A. Current consensus DPS estimate is 218.0, implying a prospective dividend yield of 13.8%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 74.12 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.7, implying annual growth of 7.0%. Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MMS as Upgrade to Equal-weight from Underweight (3) -
FY17 came out below expectation, report the analysts. Divisional results are labeled as "mixed". Retail Financial Services (RFS) profit declined in double digits, driven by lower commissions in light of the ASIC reviews.
Morgan Stanley does find the outlook has now improved, with contract wins and increased take-up in Group Remuneration Services (GRS) underwriting FY18 growth.
Target jumps to $14.65 from $9.60. Rating moves to Equal-weight from Underweight. Sector view is In-Line.
Target price is $14.65 Current Price is $15.17 Difference: minus $0.52 (current price is over target).
If MMS meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.88, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 68.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.9, implying annual growth of N/A. Current consensus DPS estimate is 218.0, implying a prospective dividend yield of 13.8%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 70.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.7, implying annual growth of 7.0%. Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NSR as Underperform (5) -
FY17 underlying earnings were well below Macquarie's forecasts. Variance was mainly attributable to lower-than-expected storage rental revenue. FY18 outlook is in line with expectations.
The share price is above the broker's valuation and a medium-term acquisition strategy means equity will likely be required.
Hence, Underperform rating retained and target rises to $1.30 from $1.19.
Target price is $1.30 Current Price is $1.55 Difference: minus $0.245 (current price is over target).
If NSR meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.50, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.90 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of N/A. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.20 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of 2.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NSR as Hold (3) -
FY17 earnings were in line with Ord Minnett forecasts. The broker is encouraged by the company's progress in lifting occupancy and average rent. Overheads have also been stabilised.
Guidance for underlying earnings in FY18 is $49.5-52.0m. Ord Minnett retains a Hold rating and reduces the target to $1.46 from $1.50.
Target price is $1.46 Current Price is $1.55 Difference: minus $0.085 (current price is over target).
If NSR meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.50, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 9.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of N/A. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 10.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of 2.0%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates QUB as Buy (1) -
FY17 results were softer than Citi estimated. The company has reached agreement with Target Australia for a warehousing and logistics contract at Moorebank.
This provides confirmation of the savings available from the project and increases the broker's confidence in the expected take-up.
The broker envisages significant opportunity over the medium term from the ongoing development of high-quality strategic infrastructure assets. Buy rating retained. Target rises to $3.16 from $2.99.
Target price is $3.16 Current Price is $2.78 Difference: $0.38
If QUB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 5.50 cents and EPS of 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.50 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates QUB as Underperform (5) -
FY17 results were weaker than expected. Credit Suisse observes a challenging outlook for the near term because of competition in key markets. Logistics earnings are likely to be limited because of higher interim costs.
The broker reduces FY18 forecasts for earnings per share by -30% based on management's cautious guidance. Underperform retained. Target rises to $2.30 from $2.28.
Target price is $2.30 Current Price is $2.78 Difference: minus $0.48 (current price is over target).
If QUB meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.50 cents and EPS of 5.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 5.50 cents and EPS of 6.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QUB as Downgrade to Neutral from Outperform (3) -
FY17 results were broadly in line with expectations. Macquarie notes, while no specific guidance was provided, the FY18 outlook is consistent with a challenging operating backdrop.
The company has reached agreement with Target Australia for warehousing on initial lease term of 10 years. As well, a new five-year logistics services contract has been agreed covering freight from Port Botany to Moorebank. This supports a long-term investment view in the broker's opinion but will not materially benefit earnings until FY19.
Macquarie downgrades to Neutral from Outperform as the stock has risen 23% over the past year and there is limited upside in the short term. Target is raised to $2.89 from $2.81.
Target price is $2.89 Current Price is $2.78 Difference: $0.11
If QUB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.60 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.80 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates QUB as Hold (3) -
The company's FY17 results were pleasing to the broker. Management guidance for FY18 was vague, find the analysts, commenting mainly that growth was expected across all of its operating divisions, except Corporate.
The company announced that Target Australia will be its initial warehouse tenant at the Moorebank development. Morgans has upgraded post FY18 earnings forecasts by 3%-4%, reflecting stronger earnings from Ports & Bulk.
Hold rating retained and target drops to $2.62 from $2.70.
Target price is $2.62 Current Price is $2.78 Difference: minus $0.16 (current price is over target).
If QUB 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 $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 5.50 cents and EPS of 6.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 5.50 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QUB as Buy (1) -
FY17 underlying net profit was slightly below Ord Minnett forecasts. The broker considers the result overshadowed by the positive news that Moorebank has signed its first tenant, Target Australia.
The broker continues to believe the development of Sydney's largest integrated intermodal terminal is a game changer and maintains a Buy rating. Target is reduced to $3.00 from $3.05.
Target price is $3.00 Current Price is $2.78 Difference: $0.22
If QUB meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QUB as Downgrade to Neutral from Buy (3) -
Qube's result fell -5% short of the broker, leading to a -12% downgrade to forecast earnings in FY18. Consolidated divisions and the Patrick JV met expectations but the broker sees lower Patrick earnings ahead, along with higher corporate costs and interest charges.
It was a consolidation year for the company, the broker notes, hampered by the cost of establishing the Patrick JV and closing on Moorebank. FY18 should see the trough in earnings before these investments underpin earnings growth thereafter. The stock has nonetheless outperformed the market, hence the broker sees valuation as fair.
Downgrade to Neutral. Target falls to $2.80 from $2.90.
Target price is $2.80 Current Price is $2.78 Difference: $0.02
If QUB meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 5.50 cents and EPS of 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.1, implying annual growth of N/A. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.0. |
Forecast for FY19:
Current consensus EPS estimate is 8.5, implying annual growth of 4.9%. Current consensus DPS estimate is 5.5, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RIO as Buy (1) -
Citi upgrades 2017 and 2018 estimates, marking to market commodity prices. The main changes are increases in second half iron ore forecasts to US$67.50/t from US$49.50/t and first half 2018 to US$55/t from US$48/t.
Aluminium prices have also been upgraded by 8% and copper prices by a more modest 3%.
Buy rating and $66 price target retained.
Target price is $66.00 Current Price is $64.97 Difference: $1.03
If RIO meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $71.50, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 406.39 cents and EPS of 647.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 544.4, implying annual growth of N/A. Current consensus DPS estimate is 320.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 255.97 cents and EPS of 430.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 473.5, implying annual growth of -13.0%. Current consensus DPS estimate is 273.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SAR as Outperform (1) -
FY17 earnings were weaker than Macquarie forecast. The broker observes meaningful earnings remain elusive.
Still, a marked improvement is expected over the coming years as Karari is now online and Thunderbox is past its phase of large material movements.
Outperform retained. Target is $1.50.
Target price is $1.50 Current Price is $1.37 Difference: $0.13
If SAR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 12.10 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 17.30 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SBM as Downgrade to Neutral from Buy (3) -
FY17 revenue was in line with Citi but underlying earnings missed estimates. The FY17 reserve/resource update increases Gwalia ounces by 18% although the grade drops to 7.8g/t from 8.3g/t.
The company has completed a turnaround both in operations and financially but Citi believes this is incorporated by the market and the stock is close to fair value.
Rating is downgraded to Neutral from Buy as a result. Target is raised to $3.00 from $2.93.
Target price is $3.00 Current Price is $2.88 Difference: $0.12
If SBM meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 19.2%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SBM as Neutral (3) -
FY17 results were in line with Credit Suisse.The broker makes minor tweaks to the operating profile but absolute value changes are modest.
The broker increases the target to $2.95 from $2.60 on the back of a two-year extension of the life assumptions at Gwalia. Neutral rating retained.
Target price is $2.95 Current Price is $2.88 Difference: $0.07
If SBM meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.59 cents and EPS of 31.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.35 cents and EPS of 41.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 19.2%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SBM as Buy (1) -
FY17 fell well short of the analysts' expectations (-7%) and higher costs were, primarily, to blame. Deutsche Bank has extended projected mine life at Gwalia, and this has lifted Net Present Value (NPV) by 5%.
St Barbara remains the stockbroker's top ASX gold exposure. Buy rating retained on valuation. Price target gains 20c to $3.40. Deutsche Bank is now assuming shareholders should be receiving 10c in dividends per annum, for many years to come.
Target price is $3.40 Current Price is $2.88 Difference: $0.52
If SBM meets the Deutsche Bank target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 19.2%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Outperform (1) -
FY17 earnings were in line with Macquarie's expectations. The company has increased its reserves at both Gwalia and Simberi.
Macquarie is impressed with Gwalia's cash generating capacity which is complemented by a strong performance from Simberi. The broker expects FY18 to be another strong year and maintains an Outperform rating. Target is raised to $3.40.
Target price is $3.40 Current Price is $2.88 Difference: $0.52
If SBM meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.19, suggesting upside of 10.3% (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 31.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.3, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 36.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.3, implying annual growth of 19.2%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SDF as Outperform (1) -
FY17 results were slightly below Credit Suisse estimates. FY18 guidance implies 8.5-13% growth in net profit.
While this level of earnings growth justifies a market premium, the leverage for an insurance broker should be higher, in Credit Suisse's view.
The broker considers the stock an attractive medium-term investment. Outperform. Target is $3.10.
Target price is $3.10 Current Price is $2.61 Difference: $0.49
If SDF meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.98, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of N/A. Current consensus DPS estimate is 7.1, 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 7.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 12.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SDF as Outperform (1) -
FY17 results beat Macquarie's estimates. Growth was supported by a hardening premium rate cycle as management invests in a number of opportunities.
Investment will continue into FY18 and moderate in FY19, predicts the broker. This is expected to support productivity across the network.
Outperform rating retained and target raised to $3.00 from $2.50.
Target price is $3.00 Current Price is $2.61 Difference: $0.39
If SDF meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.98, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.30 cents and EPS of 12.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.20 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 12.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SDF as Accumulate (2) -
FY17 net profit was slightly below Ord Minnett forecasts. Ord Minnett believes the stock offers exposure to strong earnings growth along with favourable acquisition prospects.
The company has indicated the cost of rolling out growth initiatives to boost earnings from FY19 is included in guidance. The company expects growth in underlying net profit of around 9%.
Accumulate recommendation. Ord Minnett reduces the target to $2.85 from $2.90.
Target price is $2.85 Current Price is $2.61 Difference: $0.24
If SDF meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.98, suggesting upside of 13.0% (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 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.3, implying annual growth of 12.7%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGR as Buy (1) -
FY17 operating earnings were in line with Citi's estimates. A beat from Queensland on both revenue and margin offset a miss from Sydney.
The broker found the trading update deliberately vague, although it suggests the status quo will be maintained.
Valuation is considered compelling. Buy. Target $6.65.
Target price is $6.65 Current Price is $5.36 Difference: $1.29
If SGR meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.00 cents and EPS of 34.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SGR as Outperform (1) -
FY17 results revealed to Credit Suisse the potential of the Gold Coast. Gold Coast VIP turnover was up over 200% in the second half and signals that, as the company presents the property to players, there is solid interest.
Sydney VIP was slightly below forecasts and the broker downgrades FY18 main floor revenue owing to a conservative outlook and mixed economic factors. Outperform retained. Target is reduced to $6.25 from $6.45.
Target price is $6.25 Current Price is $5.36 Difference: $0.89
If SGR meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (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 29.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 17.00 cents and EPS of 34.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGR as Buy (1) -
It is the broker's observation that FY17 performance slightly beat market expectations. Equally important, there were enough indications that H2 contained some "encouraging trends", comment the analysts.
Small adjustments have been made to forecasts. Target price remains $5.95. Buy.
Target price is $5.95 Current Price is $5.36 Difference: $0.59
If SGR meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 16.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
FY17 results were marginally below expectations. A -20% decline in VIP volumes offset the 2% growth in domestic markets, which Macquarie believes bodes well for domestic growth in FY18.
Macquarie remains attracted to the growth opportunities across the core Sydney and Gold Coast properties, which are benefiting from capital expenditure programs and the re-vamped loyalty program. The broker forecasts 8% per annum average EBITDA growth to FY20.
Outperform rating retained. Target is reduced to $5.87 from $6.00.
Target price is $5.87 Current Price is $5.36 Difference: $0.51
If SGR meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (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 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
Post the release of FY17 numbers, Morgan Stanley analysts declare "the worst is over". FY18, in the stockbroker's view, is set for good growth, which is presently forecast at +14%.
Underpinning the optimistic view is the realisation the company will be cycling weak comparable numbers, but also refurbishment disruption recedes, plus new projects are completed, point out the analysts.
It is the stockbroker's view this is the cheapest casino in the region. and it offers attractive growth. Overweight rating retained alongside a Cautious industry view. Target price gains 20c to $5.90.
Target price is $5.90 Current Price is $5.36 Difference: $0.54
If SGR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 15.50 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SGR as Add (1) -
FY17 results were broadly in line with the broker's estimates. Turnover, excluding North Asia, was up 101% indicating the company's strategy of targeting SE Asian players is gaining traction.
The recently re-launched loyalty program continues to gain momentum, with spend up on the previous corresponding period. The company provided a vague trading update, finds the broker, noting domestic gaming volume growth on the pcp, but revenues have been impacted by lower table holds.
Morgans has made minor changes to revenue forecasts resulting in a -1% drop in FY18 and -2% fall in FY19. Add rating maintained and target raised to $6.08 from $6.03.
Target price is $6.08 Current Price is $5.36 Difference: $0.72
If SGR meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans 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 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
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 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Buy (1) -
FY17 results were better than the broker had expected. VIP turnover was down -9.9%, affected by market conditions, but Ord Minnett expects a modest recovery as premium and SE Asia direct marketing continues.
The broker forecasts first half FY18 VIP turnover will increase 4% on the previous corresponding period. Gold Coast is expected to benefit from the opening of 58 new suites prior to the Commonwealth Games.
Buy rating and $6 price target maintained.
Target price is $6.00 Current Price is $5.36 Difference: $0.64
If SGR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Buy (1) -
Star's result beat the broker by 2%. It was a challenging year, beset by refurbishment disruptions, a big drop in Asian VIP business and a weak domestic consumer. The year will not be repeated, hence the broker forecasts 14% earnings growth in FY18.
Star trades at a PE discount to the sector and the broker believes the gap will close. Buy retained. Target falls to $6.20 from $6.23.
Target price is $6.20 Current Price is $5.36 Difference: $0.84
If SGR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.11, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of N/A. Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 10.4%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SIQ as Downgrade to Neutral from Outperform (3) -
First half results were well ahead of Credit Suisse expectations. The broker does not rule out the upgrade cycle continuing for a while longer.
Nevertheless, on the back of share price appreciation valuation is considered fair and the rating is downgraded to Neutral from Outperform. Target is raised to $8.00 from $7.45.
Target price is $8.00 Current Price is $8.58 Difference: minus $0.58 (current price is over target).
If SIQ meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.19, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 32.58 cents and EPS of 48.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.2, implying annual growth of 51.7%. Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 35.53 cents and EPS of 54.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.6, implying annual growth of 14.2%. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SIQ as Upgrade to Add from Hold (1) -
Smartgroup's first half results were pleasing to the broker, with NPATA up 67% on the previous corresponding period. No formal guidance was given.
The company's second half and FY18 growth outlook is supported by an improved run-rate of the Selectus synergy target, solid package growth in the first half and FY18 targeted contribution from AccessPay of $2.5m.
The broker upgrades to Add from Hold and target raised to $8.35 from $7.40.
Target price is $8.35 Current Price is $8.58 Difference: minus $0.23 (current price is over target).
If SIQ meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.19, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 33.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.2, implying annual growth of 51.7%. Current consensus DPS estimate is 32.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 36.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.6, implying annual growth of 14.2%. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SKB as Buy (1) -
FY17 EBITDA was in line, while revenue was slightly weaker than expected because of adverse weather. Ord Minnett notes the NZ skydiving business remains a key driver of earnings.
While Chinese holiday arrivals to NZ have slowed materially the business is expected to hold up as the operations are in Queenstown, which still appears to be attracting strong international visitor numbers. Buy rating and 78c target retained.
Target price is $0.78 Current Price is $0.59 Difference: $0.19
If SKB meets the Ord Minnett target it will return approximately 32% (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 1.00 cents and EPS of 3.30 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 1.00 cents and EPS of 3.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SRV as Buy (1) -
Servcorp posted a slight beat on earnings but cash flow was soft. Margins nevertheless improved and FY18 guidance is in line with the broker. Several regions outperformed but New York continued to drag.
New floor roll-outs are set to be significantly lower than prior years and the focus will be on occupancy. The broker believes the company is well placed to increase occupancy, but the industry is becoming more competitive. Buy and $6.75 target retained.
Target price is $6.75 Current Price is $6.15 Difference: $0.6
If SRV meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 45.00 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.00 cents and EPS of 50.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SRX as Overweight (1) -
Overweight rating, In-Line sector view and $17.30 target retained post the release of FY17 financial performance, with the analysts adhering the revenue miss of circa -$5m to a worse-than-expected impact from the stronger AUD.
The operational result also missed, but the analysts point towards management continuing reinvestment in sales and marketing efforts to reset the business. All in all, Morgan Stanley anticipates market conditions in FY17 are likely to persist through FY18.
Target price is $17.30 Current Price is $14.56 Difference: $2.74
If SRX meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $19.91, suggesting upside of 36.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.0, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 109.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.5, implying annual growth of 8.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SRX as Buy (1) -
Dose sales had been pre-announced, so Sirtex' revenue result was in line, but earnings missed the pre-announcement by -3%. The broker sees costs being reduced in FY18 and a return to double-digit earnings growth from FY19.
FY18 forecasts have been lowered. Target falls to $24.80 from $27.45. Buy retained.
Target price is $24.80 Current Price is $14.56 Difference: $10.24
If SRX meets the UBS target it will return approximately 70% (excluding dividends, fees and charges).
Current consensus price target is $19.91, suggesting upside of 36.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.00 cents and EPS of 88.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.0, implying annual growth of N/A. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 30.00 cents and EPS of 100.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.5, implying annual growth of 8.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
The company will exercise its option to redeem its EUR1bn subordinated note. Macquarie observes the company is redeeming its most expensive debt instrument which would have risen to around 7.4% in the second half of this year.
The company is targeting debt reduction of US$1.5bn by the end of 2019 and a reduction in medium-term gearing to 20%.
Outperform retained. Target is $4.30.
Target price is $4.30 Current Price is $3.46 Difference: $0.84
If STO meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 18.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 21.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.30 cents and EPS of 8.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 18.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
In an initial assessment of the interim report, Macquarie analysts label the report "a strong improvement on the previous corresponding period" with cost containment featuring prominently.
Though in line with Macquarie, the result is described as a substantial beat to market consensus to the tune of 15%.
Target price is $4.30 Current Price is $3.46 Difference: $0.84
If STO meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 18.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of N/A. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 21.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.30 cents and EPS of 8.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 15.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 18.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUN as Upgrade to Accumulate from Hold (2) -
Ord Minnett has upgraded the stock to Accumulate from Hold, with value now on offer following recent share price weakness.
The move to a more positive view is premised on a return to profitability in commercial business lines post increases in market premium rates, and the expense base normalising by FY19.
Target price remains $13.75.
Target price is $13.75 Current Price is $12.72 Difference: $1.03
If SUN meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $14.17, suggesting upside of 9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 71.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.4, implying annual growth of 5.4%. Current consensus DPS estimate is 74.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 72.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.4, implying annual growth of 9.0%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TGR as Outperform (1) -
FY17 results proved in-line with Credit Suisse. The broker continues to envisage volume-led growth in FY18 and scale benefits should offset some higher costs.
Outperform retained. Target is raised to $4.40 from $4.15.
Target price is $4.40 Current Price is $3.91 Difference: $0.49
If TGR meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 22.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.13 cents and EPS of 31.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of N/A. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 19.98 cents and EPS of 34.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of 7.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TGR as Buy (1) -
FY17 net profit was below Ord Minnett forecasts, mainly because of higher costs. The broker notes concerns regarding the shift of production to the east coast of Tasmania from the west coast, with fears it may lead to reductions in margins in FY18.
Ord Minnett takes comfort from the strong conditions that prevail. The broker maintains a Buy rating and lowers the target to $5.00 from $5.23.
Target price is $5.00 Current Price is $3.91 Difference: $1.09
If TGR meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 22.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of N/A. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of 7.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TGR as Buy (1) -
Tassal posted a solid result despite record water temperatures last summer, the broker notes. Salmon volumes returned to growth and revenues increased despite a shift away from the higher revenue retail channel. Fish at sea have grown in weight by a substantial 40%.
The Macquarie Harbour issue is now fading, albeit waste capture costs will linger for a while. The broker believes the market will go back to focusing on salmon prices, and that both Tassal and rival Huon Aquaculture ((HUO)) will need to manage their export levels to ensure solid prices.
Buy retained. Target rises to $5.05 from $5.00.
Target price is $5.05 Current Price is $3.91 Difference: $1.14
If TGR meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $4.81, suggesting upside of 22.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 15.50 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of N/A. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.50 cents and EPS of 33.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of 7.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TRS as Neutral (3) -
FY17 net profit was down -27.8% and underlying EBITDA down -20.7%, albeit in line with expectations. Macquarie observes comparable store sales were poor, down -1.6% on the prior year.
The broker observes the company remains highly leveraged to any change in the sales trajectory and traction on new merchandising initiatives is required before the outlook becomes clear.
Neutral retained. Target is reduced to $4.06 from $6.00.
Target price is $4.06 Current Price is $4.14 Difference: minus $0.08 (current price is over target).
If TRS 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 $5.05, suggesting upside of 26.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.40 cents and EPS of 34.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.0, implying annual growth of N/A. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.10 cents and EPS of 39.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of -18.1%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 10.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates VOC as Neutral (3) -
FY17 results were in line with the pre-announcement. Citi remains concerned about the risk of further margin compression, along with rising capital expenditure for business remediation.
The broker believes the company will need to sell assets to fund the ASC construction if it cannot sign up foundation customers. Neutral retained. Target drops to $2.85 from $3.40.
Target price is $2.85 Current Price is $2.64 Difference: $0.21
If VOC meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VOC as Neutral (3) -
FY17 results were in line with the lower end of guidance provided in May. Credit Suisse maintains forecasts for EBITDA of $377m in FY18, in line with the $370-390m range.
The company has announced plans to improve its cost base over time, with a major transformation review, and will provide details at the AGM in October.
While the potential for cost reductions is positive, Credit Suisse notes the risk in consumer broadband remains high. Neutral rating and $2.80 target.
Target price is $2.80 Current Price is $2.64 Difference: $0.16
If VOC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 5.50 cents and EPS of 21.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates VOC as Hold (3) -
The FY17 report may have been "in-line" with pre-released update, but Deutsche Bank analysts are worried about the company's debt levels. They also suggest FY18 guidance looks like a stretch, while the board is evaluating selling non-core assets.
Target price has lifted to $2.40 from $2.26 on the back of small adjustments to forecasts. Hold rating retained. Deutsche Bank has penciled in 1c in dividends, to make a return in H2 FY19.
Target price is $2.26 Current Price is $2.64 Difference: minus $0.38 (current price is over target).
If VOC meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.72, suggesting upside of 6.5% (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 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 1.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VOC as Re-instate Coverage with Neutral (3) -
Macquarie observes the FY17 results sign off on a troubled year as the company dealt with integration challenges, provision issues and a number of guidance downgrades.
While business momentum improved through the year, the broker was disappointed with the overall delivery. FY18 appears better although organic growth is currently benign.
One main positive was the steps taken to strengthen the balance sheet, the broker observes. Macquarie resumes coverage with a Neutral rating and $2.95 target.
Target price is $2.95 Current Price is $2.64 Difference: $0.31
If VOC meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 6.5% (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 22.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.90 cents and EPS of 21.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VOC as Equal-weight (3) -
Morgan Stanley saw plenty of reasons to remain cautious in the FY17 release, including the fact there is not much wiggle room in terms of potential breaching of debt covenants and the absence of cornerstone customers for the company's Singapore cable, with a rival consortium putting on the pressure.
The result itself was below consensus, but in line with last week's revised guidance, note the analysts. And there won't be any more dividends for the immediate future.
Price target retained at $2.55. Equal-weight rating and In-Line industry view remain equally untouched. Idem for estimates.
Target price is $2.55 Current Price is $2.64 Difference: minus $0.09 (current price is over target).
If VOC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.72, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VOC as Downgrade to Reduce from Hold (5) -
FY17 results were no surprise to the broker, having been pre-released. The main interest for Morgans was the expectation that net debt would stay at current levels, or a touch higher, over the next twelve months, suggesting no free cash flow and most likely no dividend.
FY18 guidance suggested earnings would be flat at best and -5% lower at worse. The broker expected lower capex and increased cash flow to de-lever the balance sheet. However, with debt levels unchanged, the broker sees little reason for investors to get excited.
Morgans downgrades the stock to Reduce from Hold and cuts the target price to $2.22 from $3.50.
Target price is $2.22 Current Price is $2.64 Difference: minus $0.42 (current price is over target).
If VOC meets the Morgans target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.72, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VOC as Hold (3) -
FY17 results were slightly better than Ord Minnett expected. The broker estimates underlying EBITDA of $388.5m, towards the top end of the $370-390m guidance range.
The broker acknowledges the company has some way to go to regain investor confidence but believes there is value in the business, although wants to see guidance being achieved before recommending the shares. Hold rating maintained. Target is $3.30.
Target price is $3.30 Current Price is $2.64 Difference: $0.66
If VOC meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 6.5% (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 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 8.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VOC as Neutral (3) -
After a year of earnings downgrades, an in-line result from Vocus is welcomed, albeit pre-announced. Accounting changes mean the result was hard to dissect, the broker admits, but FY18 guidance factors in further consumer weakness, but at a slower rate, and only mild growth in corporate.
The broker believes performance still has to improve for guidance to be met, and is forecasting more conservative growth assumptions. Target falls to $2.80 from $3.65. Neutral retained.
Target price is $2.80 Current Price is $2.64 Difference: $0.16
If VOC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.9, 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 11.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 4.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of 0.5%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WOR as Buy (1) -
FY17 earnings beat Citi's estimates. Cash conversion of 99% of the second half was encouraging and improved cash collections resulted in days outstanding reduced by four days.
Second half revenue was up 2% half on half and the first such increase in three years, Citi observes. Target is raised to $14.95 from $13.75. Buy rating retained.
Target price is $14.95 Current Price is $12.72 Difference: $2.23
If WOR meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $13.45, suggesting upside of 2.6% (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 67.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 30.00 cents and EPS of 84.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 16.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WOR as Downgrade to Underperform from Neutral (5) -
FY17 results were a little soft, in Credit Suisse's view. The broker observes the cycle is turning slowly but not without risks.
While the worst may be behind the company from a macro perspective, the high level of gearing and lower quality underlying earnings mean the broker struggles to justify the price/earnings ratio at over 21x on FY18 forecasts.
Rating is downgraded to Underperform from Neutral as the broker believes the potential for a renewed bid from Dar Group is inflating the price, undeservedly. Target is raised to $9.50 from $8.50.
Target price is $9.50 Current Price is $12.72 Difference: minus $3.22 (current price is over target).
If WOR meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 59.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 65.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 16.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WOR as Buy (1) -
WorleyParsons' FY17 report is considered "broadly in-line" by Deutsche Bank analysts. Of more importance, the report is seen as further evidence a recovery is in the making and the company is now well-positioned for it.
The analysts point towards a strong order backlog, significantly reduced cost base and early signs of improved win rates. As an indication of the built-in leverage, Deutsche Bank analysts state 2% revenue growth in FY18 would deliver 31% EBIT growth and +170bps margin expansion if management achieves their aim of keeping costs stable.
Buy rating retained. Price target lifts to $16.47 from $13.74. Dividends are making a return with forecasts of 43c in FY18 and 47c in FY19.
Target price is $16.47 Current Price is $12.72 Difference: $3.75
If WOR meets the Deutsche Bank target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $13.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 43.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 47.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 16.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WOR as Outperform (1) -
FY17 results were broadly in line with Macquarie's expectations. The result confirms the company is at, or close to, the bottom of the cycle with supporting indicators being a 20% increase in the backlog and an increase in front-end study work.
The broker believes Dar Group has effectively put a floor under the share price, with options to the upside assuming the company can deliver improved earnings, cash flow and debt reduction.
If the company does not deliver, then it remains vulnerable to Dar potentially returning with a higher bid later this year. Outperform rating. Target is raised to $13.81 from $13.00.
Target price is $13.81 Current Price is $12.72 Difference: $1.09
If WOR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.10 cents and EPS of 68.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.80 cents and EPS of 79.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 16.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WOR as Overweight (1) -
No idea where Morgan Stanley stands re FY17 release, but the analysts zoom in on how management is positioning the company for much better times ahead. The first signs of the industry having reached an inflection point are becoming visible, in the analysts' view.
Morgan Stanley does acknowledge the road ahead will be a bumpy one, noting on its own forecasts commodity prices are in for a flattish outlook. But increased confidence from the investment community should see a higher share price, is the underlying suggestion.
Overweight rating retained. Industry view is Cautious. Price target remains unchanged at $12.52.
Target price is $12.52 Current Price is $12.72 Difference: minus $0.2 (current price is over target).
If WOR meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.45, suggesting upside of 2.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.4, implying annual growth of 16.7%. Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WOW as Neutral (3) -
FY17 earnings were ahead of Citi forecasts, characterised by a strong performance from both Australian and New Zealand food businesses. Citi expects the market to respond favourably to the food results as well as the margin performance in the second half.
FY18 food earnings are expected to be partly offset by downgrades to Big W earnings. Big W lost -$151m in FY17 and the company expects no improvement in FY18. Neutral. Target cut to $27 from $27.50.
Target price is $27.00 Current Price is $26.94 Difference: $0.06
If WOW meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 89.70 cents and EPS of 128.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 102.60 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WOW as Underperform (5) -
FY17 results were largely in line with Credit Suisse expectations. The broker observes, with strategic re-positioning now largely done and dusted, the performance is likely to be increasingly driven by the quality of execution.
The most likely scenario is that the sales growth of Woolworths and Coles ((WES)) converges through FY18, suggests the broker. Underperform retained. Target rises to $25.17 from $24.29.
Target price is $25.17 Current Price is $26.94 Difference: minus $1.77 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 80.52 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 89.39 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WOW as Buy (1) -
Big W ruined what should have been an Australian Food party, comment the analysts post the release of FY17 financials, slightly ahead of market expectations. Food delivered accelerated sales momentum and margin expansion, note the analysts.
Deutsche Bank has no confidence in a successful turnaround for Big W, though the analysts believe it can be run in a manner to limit the overall damage to group profits.
The broker is backing Woolworths for the Food turnaround. Hence, Buy rating remains firmly in place. Target remains $29. Dividend forecasts have increased on the back of strong cash flow generation in FY17.
Target price is $29.00 Current Price is $26.94 Difference: $2.06
If WOW meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 105.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WOW as Underperform (5) -
FY17 underlying net profit was largely in line with Macquarie's estimates. Comparable food sales exceeded the broker's estimates in the fourth quarter, up 6.4%. No improvement is expected in Big W in FY18, which lost -$150.5m.
Macquarie believes management has done a good job in delivering a credible result and a modest recovery is expected. Nevertheless, the broker does not think the growth outlook can sustain an FY18 price/earnings ratio of 22.2x.
Underperform rating. Target is lowered to $25.80 from $26.43.
Target price is $25.80 Current Price is $26.94 Difference: minus $1.14 (current price is over target).
If WOW meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 77.70 cents and EPS of 120.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 84.00 cents and EPS of 131.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WOW as Underweight (5) -
Morgan Stanley observes strong sales growth has been offset by even faster growth in costs during FY17. The latter remains high because of a jump in electricity costs.
It is the broker's view that market consensus forecasts for Food like-for-like sales growth remains too optimistic. Big W remains a troubled asset. The analysts stick with Underweight, Cautious industry view and $22 price target.
Target price is $22.00 Current Price is $26.94 Difference: minus $4.94 (current price is over target).
If WOW meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 88.00 cents and EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 96.00 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WOW as Reduce (5) -
FY17 results were below the broker's expectations. While the core food business continues to improve, Morgans has reduced FY18 earnings forecast by -4% to $2.47bn.
Big W was a disappointment for the broker, and management does not expect losses at the retailer to improve in FY18 as investment continues to restore growth.
Reduce rating maintained and target falls to $23.52 from $23.57.
Target price is $23.52 Current Price is $26.94 Difference: minus $3.42 (current price is over target).
If WOW meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 93.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 99.00 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WOW as Accumulate (2) -
FY17 underlying net profit was in line with Ord Minnett's forecasts. The broker suggests a turnaround in food is well underway and the improvement should be sustained.
Big W remains a disappointment and earnings losses are expected to remain elevated in FY18. Accumulate retained. Target is reduced to $29 from $30.
Target price is $29.00 Current Price is $26.94 Difference: $2.06
If WOW meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 89.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 103.00 cents and EPS of 144.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WOW as Buy (1) -
Woolworths' result was in line with the broker but ahead of consensus. The stand-out was a big beat on food & liquor sales, albeit this was offset by higher costs as the company invests in its attempted turnaround. A re-basing for FY18 should see margins improve, the broker suggests.
Cash conversion was solid, hence the increased dividend. The broker believes there are still significant opportunities available for Woolies to further its transformation, and valuation is undemanding given a large PE discount to the industrials index.
Buy retained, target rises to $28.90 from $28.50.
Target price is $28.90 Current Price is $26.94 Difference: $1.96
If WOW meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $26.30, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 100.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.5, implying annual growth of N/A. Current consensus DPS estimate is 88.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 116.00 cents and EPS of 156.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.2, implying annual growth of 10.3%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WTC as Neutral (3) -
FY17 results were above guidance and Citi observes the company is building an envious track record of delivering financially.
The broker likes the stock, given strong organic growth, operating leverage that is likely to emerge over FY18, and a strong acquisition pipeline.
Neutral retained. Target is raised to $7.49 from $7.30.
Target price is $7.49 Current Price is $7.66 Difference: minus $0.17 (current price is over target).
If WTC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.12, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.00 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 4.00 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 31.8%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 38.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WTC as Downgrade to Underperform from Neutral (5) -
FY17 results beat estimates. Credit Suisse retains a positive view on the company's scalable business model, the large addressable market and impressive execution to date.
The broker downgrades to Underperform from Neutral on valuation grounds. Target is raised to $6.00 from $4.80.
Target price is $6.00 Current Price is $7.66 Difference: minus $1.66 (current price is over target).
If WTC meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.12, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 3.00 cents and EPS of 14.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 3.50 cents and EPS of 18.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 31.8%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 38.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WTC as Neutral (3) -
FY17 EBITDA was ahead of guidance and slightly below Macquarie's estimates. Product innovation and development remain the key drivers of growth.
The company's CargoWise One is a market-leading product and Macquarie continues to believe the longer-term market penetration and earnings opportunity is substantial.
The main issue for the broker is one of valuation rather than execution or outlook. Neutral retained and target is raised to $7.00 from $6.25.
Target price is $7.00 Current Price is $7.66 Difference: minus $0.66 (current price is over target).
If WTC meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.12, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.90 cents and EPS of 14.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.60 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 31.8%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 38.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WTC as Overweight (1) -
The company's FY17 came out near the top end of recently upgraded guidance, and well above forecasts published in the IPO prospectus at the time of ASX listing. Morgan Stanley continues to view this as an early stage, structural growth story unfolding favourably.
FY18 guidance for top line growth of +30% to +37% beats market consensus, note the analysts. Overweight rating retained, alongside an Attractive industry view and $8 price target.
Target price is $8.00 Current Price is $7.66 Difference: $0.34
If WTC meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $7.12, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 50.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.9, implying annual growth of 31.8%. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 38.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WTP as Add (1) -
The company's FY17 results were in line with recently downgraded guidance. The broker expects the finalisation of recent contract issues to impact reported earnings in FY18, with some risk carrying over into FY19.
Management has announced a share buy-back of up to 10% of issued capital and it will continue to look for growth opportunities in existing operations. Morgans believes execution in the core contracting business should be a primary focus and the buy-back makes sense.
Add rating maintained and target raised to 80c from 75c.
Target price is $0.80 Current Price is $0.64 Difference: $0.165
If WTP meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.60 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 81.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M - | THE A2 MILK CO | Buy - Citi | Overnight Price $4.81 |
| Outperform - Credit Suisse | Overnight Price $4.81 | ||
| Buy - Deutsche Bank | Overnight Price $4.81 | ||
| Neutral - UBS | Overnight Price $4.81 | ||
| ACX - | ACONEX | Neutral - Macquarie | Overnight Price $4.00 |
| AIZ - | AIR NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $3.12 |
| Sell - Deutsche Bank | Overnight Price $3.12 | ||
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $3.12 | ||
| Neutral - UBS | Overnight Price $3.12 | ||
| APA - | APA | Sell - Citi | Overnight Price $8.47 |
| Underperform - Credit Suisse | Overnight Price $8.47 | ||
| Buy - Deutsche Bank | Overnight Price $8.47 | ||
| Neutral - Macquarie | Overnight Price $8.47 | ||
| Underweight - Morgan Stanley | Overnight Price $8.47 | ||
| Hold - Morgans | Overnight Price $8.47 | ||
| Buy - Ord Minnett | Overnight Price $8.47 | ||
| APE - | AP EAGERS | Neutral - Credit Suisse | Overnight Price $8.05 |
| Underweight - Morgan Stanley | Overnight Price $8.05 | ||
| Hold - Morgans | Overnight Price $8.05 | ||
| Hold - Ord Minnett | Overnight Price $8.05 | ||
| ATL - | APOLLO TOURISM & LEISURE | Add - Morgans | Overnight Price $1.48 |
| Hold - Ord Minnett | Overnight Price $1.48 | ||
| BAP - | BAPCOR LIMITED | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $5.54 |
| Overweight - Morgan Stanley | Overnight Price $5.54 | ||
| Add - Morgans | Overnight Price $5.54 | ||
| BGA - | BEGA CHEESE | Hold - Morgans | Overnight Price $6.48 |
| BHP - | BHP BILLITON | Buy - UBS | Overnight Price $26.04 |
| BVS - | BRAVURA SOLUTIONS | Outperform - Macquarie | Overnight Price $1.47 |
| CCL - | COCA-COLA AMATIL | Neutral - Citi | Overnight Price $8.25 |
| Outperform - Credit Suisse | Overnight Price $8.25 | ||
| Hold - Deutsche Bank | Overnight Price $8.25 | ||
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $8.25 | ||
| Underweight - Morgan Stanley | Overnight Price $8.25 | ||
| Hold - Morgans | Overnight Price $8.25 | ||
| Lighten - Ord Minnett | Overnight Price $8.25 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $8.25 | ||
| CHC - | CHARTER HALL | Buy - Citi | Overnight Price $5.69 |
| Outperform - Macquarie | Overnight Price $5.69 | ||
| Hold - Ord Minnett | Overnight Price $5.69 | ||
| CWY - | CLEANAWAY WASTE MANAGEMENT | Neutral - Credit Suisse | Overnight Price $1.39 |
| Buy - Deutsche Bank | Overnight Price $1.39 | ||
| Neutral - Macquarie | Overnight Price $1.39 | ||
| Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $1.39 | ||
| Neutral - UBS | Overnight Price $1.39 | ||
| DTL - | DATA#3 | Hold - Morgans | Overnight Price $1.79 |
| HLO - | HELLOWORLD | Hold - Deutsche Bank | Overnight Price $4.25 |
| Buy - Ord Minnett | Overnight Price $4.25 | ||
| HSO - | HEALTHSCOPE | Neutral - Citi | Overnight Price $1.86 |
| Underperform - Credit Suisse | Overnight Price $1.86 | ||
| Underweight - Morgan Stanley | Overnight Price $1.86 | ||
| Add - Morgans | Overnight Price $1.86 | ||
| Hold - Ord Minnett | Overnight Price $1.86 | ||
| Buy - UBS | Overnight Price $1.86 | ||
| IAG - | INSURANCE AUSTRALIA | Upgrade to Neutral from Sell - Citi | Overnight Price $6.22 |
| Outperform - Credit Suisse | Overnight Price $6.22 | ||
| Hold - Deutsche Bank | Overnight Price $6.22 | ||
| Underperform - Macquarie | Overnight Price $6.22 | ||
| Overweight - Morgan Stanley | Overnight Price $6.22 | ||
| Hold - Morgans | Overnight Price $6.22 | ||
| Hold - Ord Minnett | Overnight Price $6.22 | ||
| Neutral - UBS | Overnight Price $6.22 | ||
| IDR - | INDUSTRIA REIT | Neutral - UBS | Overnight Price $2.48 |
| IDT - | INSTITUTE OF DRUG TECH | Upgrade to Hold from Reduce - Morgans | Overnight Price $0.08 |
| IPD - | IMPEDIMED | Add - Morgans | Overnight Price $0.63 |
| ISD - | ISENTIA | Buy - Deutsche Bank | Overnight Price $1.65 |
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $1.65 | ||
| MMS - | MCMILLAN SHAKESPEARE | Buy - Citi | Overnight Price $15.17 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $15.17 | ||
| Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $15.17 | ||
| NSR - | NATIONAL STORAGE | Underperform - Macquarie | Overnight Price $1.55 |
| Hold - Ord Minnett | Overnight Price $1.55 | ||
| QUB - | QUBE HOLDINGS | Buy - Citi | Overnight Price $2.78 |
| Underperform - Credit Suisse | Overnight Price $2.78 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $2.78 | ||
| Hold - Morgans | Overnight Price $2.78 | ||
| Buy - Ord Minnett | Overnight Price $2.78 | ||
| Downgrade to Neutral from Buy - UBS | Overnight Price $2.78 | ||
| RIO - | RIO TINTO | Buy - Citi | Overnight Price $64.97 |
| SAR - | SARACEN MINERAL | Outperform - Macquarie | Overnight Price $1.37 |
| SBM - | ST BARBARA | Downgrade to Neutral from Buy - Citi | Overnight Price $2.88 |
| Neutral - Credit Suisse | Overnight Price $2.88 | ||
| Buy - Deutsche Bank | Overnight Price $2.88 | ||
| Outperform - Macquarie | Overnight Price $2.88 | ||
| SDF - | STEADFAST GROUP | Outperform - Credit Suisse | Overnight Price $2.61 |
| Outperform - Macquarie | Overnight Price $2.61 | ||
| Accumulate - Ord Minnett | Overnight Price $2.61 | ||
| SGR - | STAR ENTERTAINMENT | Buy - Citi | Overnight Price $5.36 |
| Outperform - Credit Suisse | Overnight Price $5.36 | ||
| Buy - Deutsche Bank | Overnight Price $5.36 | ||
| Outperform - Macquarie | Overnight Price $5.36 | ||
| Overweight - Morgan Stanley | Overnight Price $5.36 | ||
| Add - Morgans | Overnight Price $5.36 | ||
| Buy - Ord Minnett | Overnight Price $5.36 | ||
| Buy - UBS | Overnight Price $5.36 | ||
| SIQ - | SMARTGROUP | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $8.58 |
| Upgrade to Add from Hold - Morgans | Overnight Price $8.58 | ||
| SKB - | SKYDIVE THE BEACH | Buy - Ord Minnett | Overnight Price $0.59 |
| SRV - | SERVCORP | Buy - UBS | Overnight Price $6.15 |
| SRX - | SIRTEX MEDICAL | Overweight - Morgan Stanley | Overnight Price $14.56 |
| Buy - UBS | Overnight Price $14.56 | ||
| STO - | SANTOS | Outperform - Macquarie | Overnight Price $3.46 |
| Outperform - Macquarie | Overnight Price $3.46 | ||
| SUN - | SUNCORP | Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $12.72 |
| TGR - | TASSAL GROUP | Outperform - Credit Suisse | Overnight Price $3.91 |
| Buy - Ord Minnett | Overnight Price $3.91 | ||
| Buy - UBS | Overnight Price $3.91 | ||
| TRS - | THE REJECT SHOP | Neutral - Macquarie | Overnight Price $4.14 |
| VOC - | VOCUS COMMUNICATIONS | Neutral - Citi | Overnight Price $2.64 |
| Neutral - Credit Suisse | Overnight Price $2.64 | ||
| Hold - Deutsche Bank | Overnight Price $2.64 | ||
| Re-instate Coverage with Neutral - Macquarie | Overnight Price $2.64 | ||
| Equal-weight - Morgan Stanley | Overnight Price $2.64 | ||
| Downgrade to Reduce from Hold - Morgans | Overnight Price $2.64 | ||
| Hold - Ord Minnett | Overnight Price $2.64 | ||
| Neutral - UBS | Overnight Price $2.64 | ||
| WOR - | WORLEYPARSONS | Buy - Citi | Overnight Price $12.72 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $12.72 | ||
| Buy - Deutsche Bank | Overnight Price $12.72 | ||
| Outperform - Macquarie | Overnight Price $12.72 | ||
| Overweight - Morgan Stanley | Overnight Price $12.72 | ||
| WOW - | WOOLWORTHS | Neutral - Citi | Overnight Price $26.94 |
| Underperform - Credit Suisse | Overnight Price $26.94 | ||
| Buy - Deutsche Bank | Overnight Price $26.94 | ||
| Underperform - Macquarie | Overnight Price $26.94 | ||
| Underweight - Morgan Stanley | Overnight Price $26.94 | ||
| Reduce - Morgans | Overnight Price $26.94 | ||
| Accumulate - Ord Minnett | Overnight Price $26.94 | ||
| Buy - UBS | Overnight Price $26.94 | ||
| WTC - | WISETECH GLOBAL | Neutral - Citi | Overnight Price $7.66 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $7.66 | ||
| Neutral - Macquarie | Overnight Price $7.66 | ||
| Overweight - Morgan Stanley | Overnight Price $7.66 | ||
| WTP - | WATPAC | Add - Morgans | Overnight Price $0.64 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 59 |
| 2. Accumulate | 3 |
| 3. Hold | 51 |
| 4. Reduce | 1 |
| 5. Sell | 19 |
Thursday 24 August 2017
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The content of this information does in no way reflect the opinions of
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the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
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base their work on information believed to be reliable and accurate, though
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should contact their personal adviser before making any investment decision.
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