Australian Broker Call
October 18, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 12:07 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
| AGL - | AGL ENERGY | Upgrade to Outperform from Neutral | Macquarie |
| GBT - | GBST HOLDINGS | Upgrade to Buy from Hold | Deutsche Bank |
| IFL - | IOOF HOLDINGS | Upgrade to Outperform from Neutral | Credit Suisse |
| Upgrade to Neutral from Sell | UBS | ||
| LLC - | LEND LEASE CORP | Downgrade to Neutral from Buy | UBS |
| OSH - | OIL SEARCH | Downgrade to Neutral from Outperform | Credit Suisse |
| Downgrade to Neutral from Outperform | Macquarie | ||
| RIO - | RIO TINTO | Downgrade to Neutral from Buy | Citi |
| SBM - | ST BARBARA | Upgrade to Outperform from Neutral | Credit Suisse |
Macquarie rates AGL as Upgrade to Outperform from Neutral (1) -
The stock, for some time, has offered value with risk around the ACCC review and Victorian regulations, Macquarie observes. The risks have not been eliminated but the ACCC report provides some comfort.
The government's energy proposal, even though there are numerous details to be determined, appears positive for incumbents, the broker adds.
As the risks are diminishing Macquarie lifts its rating to Outperform from Neutral. Target is $25.40.
Target price is $25.40 Current Price is $23.70 Difference: $1.7
If AGL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $27.10, suggesting upside of 11.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 116.00 cents and EPS of 154.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.7, implying annual growth of 90.9%. Current consensus DPS estimate is 115.7, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 137.00 cents and EPS of 182.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 177.8, implying annual growth of 15.7%. Current consensus DPS estimate is 134.1, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following the divestment of the pensions and investments business, Credit Suisse downgrades FY19 earnings estimates, continuing to assume the bank undertakes ongoing buybacks.
The broker, nonetheless, was disappointed with the outcome of the sale given the lengthy separation time frame involved that could easily delay any future life insurance divestments. Also the prospect of a substantial buyback in the near-term has been diminished.
Neutral rating and $31 target retained.
Target price is $31.00 Current Price is $30.34 Difference: $0.66
If ANZ meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 163.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 165.00 cents and EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
ANZ has sold its funds management business to IOOF ((IFL)) for $975m. The life insurance business remains under review.
The divestment only includes a portion of the larger wealth management division and Deutsche Bank suspects, given $300m in separation costs, the bank would have liked to divest it entirely.
Hold rating retained. Target is reduced to $30.50 from $30.90.
Target price is $30.50 Current Price is $30.34 Difference: $0.16
If ANZ meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 160.00 cents and EPS of 220.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 160.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
The bank has disposed of its Australian funds management business for $975m. The impact on earnings is not material, Macquarie observes, but the quantum of separation costs was a surprise.
The broker understands the complexities associated with separating the businesses but still believes the price of around -$430m appears abnormally large.
Outperform rating retained. Target is $31.50.
Target price is $31.50 Current Price is $30.34 Difference: $1.16
If ANZ meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 161.00 cents and EPS of 227.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 165.00 cents and EPS of 224.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Equal-weight (3) -
The bank is selling its pensions & investments and aligned dealer business to IOOF ((IFL)) for $975m. Morgan Stanley calculates this will release around 15 basis points of CET1 capital in exchange for around -0.5% dilution to earnings per share.
ANZ remains committed to selling the life business at a later date. The broker has reduced confidence in the revenue recovery and believes the banks loan loss gap to normalised loss rates is greater than its peers. Positives are well understood and reflected in current trading multiples, in the broker's opinion.
Rating is Equal-weight. Target is $29. Sector view is In-Line.
Target price is $29.00 Current Price is $30.34 Difference: minus $1.34 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 160.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 160.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
The bank will sell its pension and investments business to IOOF for $975m. Completion of the sale is expected in 12 months.
Consequently, Morgans makes no changes to forecasts for FY17 and FY18 but reduces cash forecasts for earnings per share in FY19 by -0.2%. Hold retained. Target is $30.
Target price is $30.00 Current Price is $30.34 Difference: minus $0.34 (current price is over target).
If ANZ 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 $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
The bank has announced a partial sale of its wealth division, selling pensions & investments as well as aligned dealer groups to IOOF ((IFL)) for $975m.
The sale could be drawn out and Ord Minnett believes there is a risk that ANZ may not be able to commence its share buyback in the first half.
The broker also suspects that potential suitors, interested solely in the insurance business, may have been put off by the level of integration among the OnePath pensions & investments and life insurance and separating these platforms may trigger increased buyer interest once completed in 12 months.
Accumulate recommendation and target of $32 retained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $32.00 Current Price is $30.34 Difference: $1.66
If ANZ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 160.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 163.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
ANZ has split its super and insurance business and sold its pensions and dealers business to IOOF ((IFL)). The bank continues to review its options for life insurance.
The sale is strategically important, the broker suggests, but financially immaterial. Tier one capital will increase by around 15 basis points and the broker assumes the capital will be returned to shareholders via a buyback, but the deal will take 12 months to complete.
Neutral and $30.50 target retained.
Target price is $30.50 Current Price is $30.34 Difference: $0.16
If ANZ meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.75, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 160.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.6, implying annual growth of 13.8%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 160.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 2.0%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BAP as Overweight (1) -
Morgan Stanley has identified a significant opportunity at the company's operations in New Zealand to drive revenue and margin in the acquired automotive business.
The broker envisages value in the share price, with catalysts from completing non-core sales in the short term.
Overweight rating retained. Target is $7.00. Industry view: In-line.
Target price is $7.00 Current Price is $5.58 Difference: $1.42
If BAP meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $6.47, suggesting upside of 15.6% (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 31.1, implying annual growth of 30.9%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.3, implying annual growth of 13.5%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CGF as Neutral (3) -
Citi lifts estimates for FY18-20 by 1% following a strong September quarter for annuity sales and a particularly robust performance from funds management.
The company demonstrates strong growth potential but the broker continues to question the price at which it should trade, retaining a Neutral rating. Target is raised to $12.95 from $12.65.
Target price is $12.95 Current Price is $13.19 Difference: minus $0.24 (current price is over target).
If CGF 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 $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.50 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 38.50 cents and EPS of 78.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CGF as Neutral (3) -
Annuity sales in the September quarter were up 6%, benefiting from growth in the Japanese distribution. Credit Suisse increases FY18 normalised net profit estimates by 0.6%.
The broker is hesitant to annualise the strong sales from Japan, which can be quite volatile. Neutral retained. Target is raised to $13.20 from $12.70.
Target price is $13.20 Current Price is $13.19 Difference: $0.01
If CGF meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 34.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 38.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CGF as Hold (3) -
Annuity sales in the September quarter were $1.1bn, up 6%. Deutsche Bank observes, given a benign outlook for the credit environment in Australia, guidance is likely to be reached, although recent equity raising may weigh on returns in the near term.
Hold retained. Target is raised to $12.90 from $12.30.
Target price is $12.90 Current Price is $13.19 Difference: minus $0.29 (current price is over target).
If CGF meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 34.90 cents and EPS of 66.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 38.50 cents and EPS of 72.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CGF as Outperform (1) -
Net inflows for funds management were the highlight of September quarter, in Macquarie's view. FY18 management targets are unchanged.
Macquarie upgrades FY18 estimates by 0.6% and FY19 by 1.5%.
The broker retains an Outperform rating and raises the target to $13.44 from $13.02.
Target price is $13.44 Current Price is $13.19 Difference: $0.25
If CGF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.50 cents and EPS of 70.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 38.00 cents and EPS of 76.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CGF as Hold (3) -
September quarter sales and assets under management were strong, with total annuity sales growth of 45%.
In Morgans' opinion, the only slight negative was that annuity growth primarily came from institutional sales, which are typically more volatile and lower margin.
Hold rating retained. Target rises to $12.49 from $12.23.
Target price is $12.49 Current Price is $13.19 Difference: minus $0.7 (current price is over target).
If CGF meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 35.50 cents and EPS of 66.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 39.80 cents and EPS of 73.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CGF as Lighten (4) -
Total life sales increased 45% in the September quarter, which included a 6% increase in annuity sales.
Ord Minnett notes some margin attrition in FY17 because of product mix change which is expected to continue into FY18, resulting in a mismatch, with earnings growth being lower than book growth.
The broker retains a Lighten rating and $9.10 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.10 Current Price is $13.19 Difference: minus $4.09 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.30, suggesting downside of -8.4% (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 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 37.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CGF as Neutral (3) -
Challenger's Sep Q annuity sales beat the broker's forecast. Capital is no longer a concern, the broker notes, following the equity placement and strong flows in funds management will ease long term capital consumption and help sustain dividends.
While assets under management are heading in the right direction, falling credit spreads will weigh on Life margins and constrain valuation upside. Neutral thus retained, target rises to $12.85 from $12.35.
Target price is $12.85 Current Price is $13.19 Difference: minus $0.34 (current price is over target).
If CGF meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.30, suggesting downside of -8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.5, implying annual growth of -4.5%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 19.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 40.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 9.9%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CTD as Overweight (1) -
Morgan Stanley remains convinced that while the New Zealand economy is dealing with election uncertainty, it is only a small part of the company's story and unlikely to be a source of any disappointment.
The broker has added conviction on the upside for margins, as the company is growing its top line at record rates and historically margin expansion has been a function of volume growth.
Morgan Stanley retains an Overweight rating, In-Line industry view and $24.00 target.
Target price is $24.00 Current Price is $23.18 Difference: $0.82
If CTD meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $22.53, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 34.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of 42.1%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 30.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 47.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.9, implying annual growth of 14.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 26.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GBT as Upgrade to Buy from Hold (1) -
The company has an elevated R&D program with an associated lack of earnings certainty. Deutsche Bank undertakes an analysis of various scenarios in order to generate a value framework.
Given the high level of valuation support, attractive financials and corporate appeal the broker considers the stock cheap and unloved. Rating is upgraded to Buy from Hold. Target is raised to $2.60 from $1.80.
Target price is $2.60 Current Price is $1.90 Difference: $0.7
If GBT meets the Deutsche Bank target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.69, suggesting upside of 35.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of -1.1%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 4.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 9.8%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GXY as Outperform (1) -
September quarter production was strong from Mount Cattlin. Macquarie expects the mine to provide a platform from which the company can begin to develop its other assets.
Nevertheless, with Mount Cattlin only accounting for 44% of valuation, the broker believes this is already factored into the share price. Neutral retained. Target is lifted 9% to $3.60.
Target price is $3.60 Current Price is $3.49 Difference: $0.11
If GXY meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.38, suggesting downside of -1.9% (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 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of -82.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 46.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 22.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of 247.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
The company will acquire ANZ Bank's ((ANZ)) pensions and investments business. Citi observes material accretion will not occur until FY21.
Meanwhile, in the near term, there is dilution, with the company raising funds around 13 months prior to the likely completion date.
Citi retains a Neutral rating and raises the target to $11.30 from $10.70.
Target price is $11.30 Current Price is $11.26 Difference: $0.04
If IFL meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $11.64, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 53.00 cents and EPS of 59.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 50.6%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 64.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.1, implying annual growth of 18.5%. Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Upgrade to Outperform from Neutral (1) -
Credit Suisse observes the acquisition of the ANZ Bank ((ANZ)) wealth management assets provides accretive deal metrics and an opportunity for significant organic growth.
The broker expects the targeted synergies and growth will be achieved in coming years and upgrades to Outperform from Neutral.
Incorporating the acquisition into forecasts leads to an -8% downgrade to FY18 estimates, largely from the dilution from the equity raising ahead of the completion of the transaction. Target is raised to $13.40 from $11.40.
Target price is $13.40 Current Price is $11.26 Difference: $2.14
If IFL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $11.64, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 56.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 50.6%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 71.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.1, implying annual growth of 18.5%. Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Neutral (3) -
The company has acquired ANZ Bank's ((ANZ)) funds management business for $975m.
While expecting the upgrade to earnings will be positive for the company, ultimately IOOF will need to reverse the negative revenue trends that have been experienced in the acquired businesses in recent years, Macquarie suggests.
Neutral retained. Target rises to $12.20 from $11.10.
Target price is $12.20 Current Price is $11.26 Difference: $0.94
If IFL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.64, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 46.90 cents and EPS of 52.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 50.6%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 58.10 cents and EPS of 64.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.1, implying annual growth of 18.5%. Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Upgrade to Neutral from Sell (3) -
IOOF's acquisition of ANZ Bank's ((ANZ)) wealth operations significantly enhances its scale, UBS notes, and cost synergies provide support. The value implications are less exciting however, given low organic growth prospects for the wealth business, compounding similar issues in IOOF's business.
This does not take away from earnings accretion, which the broker sees as 25%-plus by FY21. Earnings forecasts fall in the near term as IOOF pays for the acquisition but rise in latter years as the benefits accrue.
UBS upgrades to Neutral, lifting its target to $11.40 from $9.50.
Target price is $11.40 Current Price is $11.26 Difference: $0.14
If IFL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.64, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 53.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 50.6%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 56.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.1, implying annual growth of 18.5%. Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LLC as Outperform (1) -
The company has sold a 25% stake in its retirement business, while noting it expects a weaker construction performance in the first half.
Macquarie estimates the sale of the retirement stake will be up to -4% dilutive to earnings on a full year basis prior to redeployment.
The broker had anticipated a larger stake would be sold and, whilst this is potentially a sign of limited demand, the company is considered likely to sell a further stake in time.
Meanwhile, construction is still suffering from problematic projects. The broker is disappointed with the update but remains attracted to the earnings profile.
Macquarie retains an Outperform rating. Target is $18.09.
Target price is $18.09 Current Price is $18.60 Difference: minus $0.51 (current price is over target).
If LLC 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 $18.19, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 65.10 cents and EPS of 130.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 144.3, implying annual growth of 10.9%. Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 76.40 cents and EPS of 153.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.7, implying annual growth of 5.8%. Current consensus DPS estimate is 77.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LLC as Downgrade to Neutral from Buy (3) -
Lend Lease has announced the sale of 25% of its retirement business platform, not 50% as desired, and booked a loss. It has announced a JV with US-based Softbank to build telco towers. But disappointingly for UBS, Aust construction earnings guidance has been lowered due to mispricing, geotech issues and delays.
The guidance downgrade and the loss of retirement earnings lead to lower forecast earnings but the broker's target rises to $18.10 from $17.70. Lend Lease has run 32% while the market has gained 4%, hence UBS downgrades to Neutral.
Target price is $18.10 Current Price is $18.60 Difference: minus $0.5 (current price is over target).
If LLC meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.19, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 65.90 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 144.3, implying annual growth of 10.9%. Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 76.10 cents and EPS of 152.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 152.7, implying annual growth of 5.8%. Current consensus DPS estimate is 77.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Re-instate Coverage with Outperform (1) -
Macquarie resumes coverage on the stock post the acquisition of 9.72% of MAF2 for EUR440m. Macquarie Atlas now holds a 50.01% interest in MAF2 and a 25% interest in APRR.
The broker considers the stock attractive, with a strong yield and outlook. Outperform. Target is $6.26.
Target price is $6.26 Current Price is $5.60 Difference: $0.66
If MQA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.76, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 19.90 cents and EPS of 61.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.3, implying annual growth of 223.3%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.50 cents and EPS of 64.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -47.4%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORA as Buy (1) -
Citi observes a solid start to FY18 with the first quarter's performance at both the Australasian and North American operations ahead of the prior year.
The broker also believes, with an under-geared balance sheet, the company is well-positioned for further growth or a capital return. Buy rating and $3.60 target retained.
Target price is $3.60 Current Price is $3.26 Difference: $0.34
If ORA meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.50 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 16.1%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 8.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ORA as Neutral (3) -
September quarter operations were ahead for North America and Australasia. Waste cardboard prices have fallen and the broker expects this to reduce some of the cost headwinds communicated at the time of the FY17 result.
Credit Suisse retains a Neutral rating and raises the target to $3.45 from $3.30.
Target price is $3.45 Current Price is $3.26 Difference: $0.19
If ORA meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.50 cents and EPS of 16.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 16.1%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.50 cents and EPS of 18.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 8.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ORA as Hold (3) -
The company has reiterated full year guidance for underlying earnings, with first quarter earnings in Australasia and North America trading in line with internal expectations.
The focus of the company is on the integration of recent acquisitions but acquisition targets remain in its sights, the broker notes.
Deutsche Bank maintains a Hold rating and $3.00 target.
Target price is $3.00 Current Price is $3.26 Difference: minus $0.26 (current price is over target).
If ORA meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.31, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 16.1%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 12.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 8.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORA as Outperform (1) -
The AGM update suggests to Macquarie the business is tracking along with expectations. Profit growth is expected in the year ahead.
Waste paper prices have fallen sharply in the last two months and, while there is a lagged effect for the benefits to flow through and prices need to stay at these levels, Macquarie considers this development supportive.
Outperform retained. Target rises to $3.35 from $3.25.
Target price is $3.35 Current Price is $3.26 Difference: $0.09
If ORA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.60 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of 16.1%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.30 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 8.4%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OSH as Downgrade to Neutral from Outperform (3) -
September quarter production was strong and 2017 guidance has been retained to 29-30.5mmboe, although expected to be at the upper end. Credit Suisse considers the stock fairly valued and downgrades to Neutral from Outperform.
The broker finds the stock very attractive but there are issues to consider such as the structure of financing, which remains uncertain. Corporate activity remains a factor and Total is the most likely, in the broker's opinion.
Credit Suisse suspects the first move in the share price might be down if this plays out. Target is raised to $7.25 from $6.80.
Target price is $7.25 Current Price is $7.24 Difference: $0.01
If OSH meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 11.00 cents and EPS of 25.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.63 cents and EPS of 29.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OSH as Buy (1) -
September quarter production exceeded Deutsche Bank's estimates, driven by the performance of PNG LNG. Development options for the Elk/Antelope and P'nyang gas resources are still being considered.
The company expects to maintain or exceed current production levels and is on track to deliver at the upper end of its guidance range for 2017. Buy rating is retained. Target is raised to $8.05 from $8.00.
Target price is $8.05 Current Price is $7.24 Difference: $0.81
If OSH meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 9.18 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.18 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OSH as Downgrade to Neutral from Outperform (3) -
The company has announced another quarterly LNG production record, 4% ahead of Macquarie's expectations.
The broker remains positive on the expansion as well as the base PNG LNG business, but notes the company has significantly increased its expected capital expenditure for 2018.
As a result the broker downgrades to Neutral from Outperform. Until further clarity is provided on the fiscal terms or development concept, the broker considers the stock fully valued. Target is raised to $7.70 from $7.50.
Target price is $7.70 Current Price is $7.24 Difference: $0.46
If OSH meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.67 cents and EPS of 25.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.74 cents and EPS of 17.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Add (1) -
Morgans remains encouraged by the short-term growth the company has secured through the outperformance of PNG LNG.
The broker believes consensus is too conservative regarding valuation, dragged down by low-case scenarios that ignore the near-certain growth profile in PNG of 2-3 trains through brownfield expansion.
Add retained. Target is raised to $10.46 from $10.16.
Target price is $10.46 Current Price is $7.24 Difference: $3.22
If OSH meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 10.49 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.42 cents and EPS of 35.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OSH as Accumulate (2) -
Ord Minnett observes September quarter PNG LNG production exceeded nameplate for the twelfth consecutive quarter. There was no update as to the timing of the expected sanction for the expansion project.
The broker maintains an Accumulate rating because of the value in the stock and the asset quality, as well as the corporate appeal. Target is raised to $7.65 from $7.45.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.65 Current Price is $7.24 Difference: $0.41
If OSH meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.18 cents and EPS of 22.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.56 cents and EPS of 23.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
Oil Search's production bounced back in the Sep Q following prior outages, beating the broker's forecast. With PNG LNG now operating at 25% over nameplate capacity, it was a record quarter. This pace is expected to be sustained given further planned de-bottlenecking.
Target rises to $7.25 from $7.05 but Neutral retained as the broker awaits news on PNG expansion.
Target price is $7.25 Current Price is $7.24 Difference: $0.01
If OSH meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.71, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.80 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.8, implying annual growth of N/A. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.49 cents and EPS of 20.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 3.9%. Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates PGH as Buy (1) -
Following changes to FX assumptions, Deutsche Bank reviews earnings estimates, reducing FY18-19 forecasts by -2%.
The broker notes any depreciation in the NZ dollar against the Australian has an adverse effect on the company. The company does not hedge against adverse movements in AUD/NZD or other exchange rates, except the US dollar.
Deutsche Bank maintains a Buy rating and reduces the target to $6.65 from $6.80.
Target price is $6.65 Current Price is $5.40 Difference: $1.25
If PGH meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.81, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.10 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.8, implying annual growth of 22.7%. Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 29.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of 7.9%. Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PMV as Buy (1) -
After calculating a value for Premier's Smiggle and Peter Alexander businesses, and adjusting for the company's stakes in Myer ((MYR)) and Breville ((BRG)), the broker is left with a valuation for the company's core brands (Jay Jay's, Just Jeans etc) of less than zero.
A discount is appropriate, the broker suggests, but not that much. The broker still sees a full Myer takeover as accretive but is wary of Myer's long lease commitments and Amazon. Buy and $16.65 target retained.
Target price is $16.65 Current Price is $13.14 Difference: $3.51
If PMV meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $15.14, suggesting upside of 16.3% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 64.00 cents and EPS of 74.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of 14.4%. Current consensus DPS estimate is 58.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 70.10 cents and EPS of 86.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.0, implying annual growth of 13.9%. Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PNL as Outperform (1) -
Macquarie updates forecasts to incorporate the FY17 results and the conversion to US dollar reporting. The company has commenced the first stage of development at Poplar Grove.
On the broker's forecasts, the company's higher-quality coal will remain structurally competitive on price relative to natural gas in its target markets, for the foreseeable future. The potential to improve liquidity through a US listing represents an upcoming catalyst.
Macquarie retains an Outperform rating and $0.70 target.
Target price is $0.70 Current Price is $0.38 Difference: $0.325
If PNL meets the Macquarie target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.57 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.10 cents. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRU as Neutral (3) -
September quarter production was softer than Macquarie forecasts but within guidance ranges. Improving grade and higher mill utilisation rates suggests guidance should be achievable.
Incorporating the production results lowers FY18 net profit forecasts by -23%, while minor changes to cost forecasts and a lift in grade assumptions lifts FY19 earnings estimates by 31%.
Macquarie retains a Neutral rating and $0.40 target.
Target price is $0.40 Current Price is $0.35 Difference: $0.055
If PRU meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.50, suggesting upside of 51.6% (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 minus 3.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.1, 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 332.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of 4300.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RIO as Downgrade to Neutral from Buy (3) -
Iron ore shipments from the Pilbara in the September quarter were in line with Citi's expectations. Mined copper disappointed, because of lower head grades.
The main change to 2017 guidance is a lowering of mined copper production because of a delay in the ramp up of the expansion at Escondida.
Citi downgrades to Neutral from Buy. Target is raised to $71 from $66.
Target price is $71.00 Current Price is $71.46 Difference: minus $0.46 (current price is over target).
If RIO meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 389.36 cents and EPS of 623.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 251.70 cents and EPS of 422.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RIO as Outperform (1) -
The copper division delivered a soft September quarter, with mined guidance downgraded to 460-480,000 tonnes as lower grades at Kennecott and slower ramp up at Escondida's expansion hit expected output.
Despite unsustainable commodity prices, particularly in copper and alumina, Credit Suisse believes that the dynamics in high-grade iron ore, and the likelihood of further returns to shareholders, should support the stock.
Outperform rating and $75 target retained.
Target price is $75.00 Current Price is $71.46 Difference: $3.54
If RIO meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 380.18 cents and EPS of 654.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 326.43 cents and EPS of 558.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RIO as Buy (1) -
The company has reported a 7% increase in copper equivalent production for the September quarter, with an 8% quarter on quarter rebound in iron ore that offset a -3% drop in copper.
Guidance for iron ore shipped from the Pilbara is still 330mt. Autohaul continues to progress, with over 50% of all train journeys now operating in autonomous mode.
Buy rating retained. Target is $80.
Target price is $80.00 Current Price is $71.46 Difference: $8.54
If RIO meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 339.54 cents and EPS of 621.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 352.65 cents and EPS of 651.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
September quarter production was in line with Macquarie. Most key commodities reported output close to the broker's forecasts.
Lower grades at Kennecott and Escondida were the main weak spots and the company has cut copper guidance for 2017 as a result.
Macquarie observes a strong finish to the year is needed to reach guidance on iron ore shipments. The broker finds the stock attractive and maintains an Outperform rating. Target is $84.
Target price is $84.00 Current Price is $71.46 Difference: $12.54
If RIO meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 397.22 cents and EPS of 653.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 293.66 cents and EPS of 494.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RIO as Accumulate (2) -
September quarter production was generally strong, with the exception of copper, Ord Minnett observes. The broker noted an improvement in iron ore volumes, The aluminium division performed broadly in line with expectations.
Ord Minnett maintains an Accumulate rating and raises the target to $75 from $74.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $75.00 Current Price is $71.46 Difference: $3.54
If RIO meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 363.14 cents and EPS of 600.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 336.92 cents and EPS of 559.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RIO as Buy (1) -
Rio's Sep Q iron ore production was strong, reflecting improved rail capacity, the broker notes. Net coal production was down post the Coal & Allied sale but otherwise stronger, which bodes well ahead of further coal divestments.
Copper was the laggard, with KUC hitting lower grades. Due to geotech issues, higher grades won't be reached until 2018, the broker notes. The net result is a slight uptick to earnings forecasts and target rises to $79.50 from $79.00. Buy retained.
Target price is $79.50 Current Price is $71.46 Difference: $8.04
If RIO meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $75.69, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 376.25 cents and EPS of 644.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 595.2, implying annual growth of N/A. Current consensus DPS estimate is 352.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 346.09 cents and EPS of 571.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 523.6, implying annual growth of -12.0%. Current consensus DPS estimate is 302.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SBM as Neutral (3) -
September quarter output and costs were strong at both Gwalia and Simberi. Citi expects an upgrade to guidance at the half-year result.
The company has guided that September quarter production will comprise 21% of FY18 guidance. Uncertainty in Gwalia grades makes conservative guidance understandable, Citi asserts.
Neutral. Target is $3.00.
Target price is $3.00 Current Price is $2.68 Difference: $0.32
If SBM meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.21, 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 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.2, implying annual growth of 1.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 3.1%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SBM as Upgrade to Outperform from Neutral (1) -
September quarter production was strong and achieved 27% of unchanged guidance. Credit Suisse expects an upgrade to FY18 guidance will be forthcoming.
The broker upgrades to Outperform from Neutral. Target is $2.95.
Target price is $2.95 Current Price is $2.68 Difference: $0.27
If SBM meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.21, 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 10.55 cents and EPS of 35.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.2, implying annual growth of 1.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.91 cents and EPS of 39.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 3.1%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SBM as Buy (1) -
Simberi stood out in the September quarter, with record quarterly production of 34,000 ounces, driven by record throughput and ongoing recovery improvements.
Deutsche Bank's estimates are now at the top end of guidance, 375,000 ounces, and FY18 earnings estimates are upgraded by 14%.
The broker retains a Buy rating and raises the target to $3.20 from $3.10.
Target price is $3.20 Current Price is $2.68 Difference: $0.52
If SBM meets the Deutsche Bank target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.21, 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 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.2, implying annual growth of 1.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 3.1%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Outperform (1) -
September quarter gold production beat Macquarie's expectations. The broker continues to be impressed by the grades at Gwalia while mill throughput and mined tonnage were the highlights from Simberi.
Macquarie maintains an Outperform rating and $3.60 target.
Target price is $3.60 Current Price is $2.68 Difference: $0.92
If SBM meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $3.21, 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 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.2, implying annual growth of 1.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 37.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 3.1%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SBM as Buy (1) -
September quarter production impressed Ord Minnett, with a record quarter from Simberi and strong performance from Gwalia.
The company will review full year guidance at the half-year results and plans to release a five-year outlook for Gwalia.
Ord Minnett retains a Buy rating and raises the target to $3.30 from $3.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.30 Current Price is $2.68 Difference: $0.62
If SBM meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.21, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett 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 32.2, implying annual growth of 1.6%. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 9.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 3.1%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SIG as Sell (5) -
Chemist Warehouse and Sigma have agreed to a deal in which Sigma has accepted a cheaper distribution contract but retains the contract to the end of 2018. CW cannot use any other supplier but the broker expects the company is well advanced in tendering a post-2018 contract.
For Sigma its a band-aid, the broker suggests, but core industry issues remain. Sell and 70c target retained.
Target price is $0.70 Current Price is $0.87 Difference: minus $0.165 (current price is over target).
If SIG meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.76, suggesting downside of -10.4% (ex-dividends)
The company's fiscal year ends in January.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 5.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of 7.4%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 6.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of -3.4%. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TLS as Add (1) -
While FY18 is expected to remain challenging the board has reiterated guidance. Morgans interprets the AGM commentary to mean there will be no large or non-core acquisitions.
Since the bear case is topical for the stock, Morgans believes the risk now swings to the upside. Add rating retained. Target is $4.15.
Target price is $4.15 Current Price is $3.55 Difference: $0.6
If TLS meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.83, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 22.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.9, implying annual growth of -4.9%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.6%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VHT as Add (1) -
Six additional SaaS customers were signed during the September quarter, bringing the total to 25 and accounting for 95% of the company's revenue.
Morgans observes the next catalysts is an update on the UK project. The broker retains an Add rating and 81c target.
Target price is $0.81 Current Price is $0.69 Difference: $0.125
If VHT meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in March.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 5.38 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.34 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AGL - | AGL ENERGY | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $23.70 |
| ANZ - | ANZ BANKING GROUP | Neutral - Credit Suisse | Overnight Price $30.34 |
| Hold - Deutsche Bank | Overnight Price $30.34 | ||
| Outperform - Macquarie | Overnight Price $30.34 | ||
| Equal-weight - Morgan Stanley | Overnight Price $30.34 | ||
| Hold - Morgans | Overnight Price $30.34 | ||
| Accumulate - Ord Minnett | Overnight Price $30.34 | ||
| Neutral - UBS | Overnight Price $30.34 | ||
| BAP - | BAPCOR LIMITED | Overweight - Morgan Stanley | Overnight Price $5.58 |
| CGF - | CHALLENGER | Neutral - Citi | Overnight Price $13.19 |
| Neutral - Credit Suisse | Overnight Price $13.19 | ||
| Hold - Deutsche Bank | Overnight Price $13.19 | ||
| Outperform - Macquarie | Overnight Price $13.19 | ||
| Hold - Morgans | Overnight Price $13.19 | ||
| Lighten - Ord Minnett | Overnight Price $13.19 | ||
| Neutral - UBS | Overnight Price $13.19 | ||
| CTD - | CORPORATE TRAVEL | Overweight - Morgan Stanley | Overnight Price $23.18 |
| GBT - | GBST HOLDINGS | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $1.90 |
| GXY - | GALAXY RESOURCES | Outperform - Macquarie | Overnight Price $3.49 |
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $11.26 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $11.26 | ||
| Neutral - Macquarie | Overnight Price $11.26 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $11.26 | ||
| LLC - | LEND LEASE CORP | Outperform - Macquarie | Overnight Price $18.60 |
| Downgrade to Neutral from Buy - UBS | Overnight Price $18.60 | ||
| MQA - | MACQUARIE ATLAS ROADS | Re-instate Coverage with Outperform - Macquarie | Overnight Price $5.60 |
| ORA - | ORORA | Buy - Citi | Overnight Price $3.26 |
| Neutral - Credit Suisse | Overnight Price $3.26 | ||
| Hold - Deutsche Bank | Overnight Price $3.26 | ||
| Outperform - Macquarie | Overnight Price $3.26 | ||
| OSH - | OIL SEARCH | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $7.24 |
| Buy - Deutsche Bank | Overnight Price $7.24 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $7.24 | ||
| Add - Morgans | Overnight Price $7.24 | ||
| Accumulate - Ord Minnett | Overnight Price $7.24 | ||
| Neutral - UBS | Overnight Price $7.24 | ||
| PGH - | PACT GROUP | Buy - Deutsche Bank | Overnight Price $5.40 |
| PMV - | PREMIER INVESTMENTS | Buy - UBS | Overnight Price $13.14 |
| PNL - | PARINGA RESOURCES | Outperform - Macquarie | Overnight Price $0.38 |
| PRU - | PERSEUS MINING | Neutral - Macquarie | Overnight Price $0.35 |
| RIO - | RIO TINTO | Downgrade to Neutral from Buy - Citi | Overnight Price $71.46 |
| Outperform - Credit Suisse | Overnight Price $71.46 | ||
| Buy - Deutsche Bank | Overnight Price $71.46 | ||
| Outperform - Macquarie | Overnight Price $71.46 | ||
| Accumulate - Ord Minnett | Overnight Price $71.46 | ||
| Buy - UBS | Overnight Price $71.46 | ||
| SBM - | ST BARBARA | Neutral - Citi | Overnight Price $2.68 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $2.68 | ||
| Buy - Deutsche Bank | Overnight Price $2.68 | ||
| Outperform - Macquarie | Overnight Price $2.68 | ||
| Buy - Ord Minnett | Overnight Price $2.68 | ||
| SIG - | SIGMA HEALTHCARE | Sell - UBS | Overnight Price $0.87 |
| TLS - | TELSTRA CORP | Add - Morgans | Overnight Price $3.55 |
| VHT - | VOLPARA HEALTH TECHNOLOGIES | Add - Morgans | Overnight Price $0.69 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 27 |
| 2. Accumulate | 3 |
| 3. Hold | 22 |
| 4. Reduce | 1 |
| 5. Sell | 1 |
Wednesday 18 October 2017
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The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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