Australian Broker Call
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August 15, 2019
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AOG - | AVEO | Upgrade to Neutral from Underperform | Macquarie |
| APE - | AP EAGERS | Upgrade to Outperform from Neutral | Credit Suisse |
| CSL - | CSL | Upgrade to Outperform from Neutral | Credit Suisse |
| Downgrade to Neutral from Buy | UBS | ||
| FMG - | FORTESCUE | Upgrade to Neutral from Sell | UBS |
| GMA - | GENWORTH MORTGAGE INSUR | Upgrade to Outperform from Neutral | Macquarie |
| RRL - | REGIS RESOURCES | Upgrade to Hold from Lighten | Ord Minnett |
AHG AUTOMOTIVE HOLDINGS GROUP LIMITED
Automobiles & Components
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Overnight Price: $3.07
Credit Suisse rates AHG as Neutral (3) -
Credit Suisse expects the merger with AP Eagers ((APE)) will be completed. Barring any application review, ACCC authorisation will commence on August 16 and the offer closes on September 16.
The broker maintains forecasts consistent with the company's trading update in May for operating net profit of around $50m. Target is raised to $3.05 from $2.02 and the rating is Neutral.
Target price is $3.05 Current Price is $3.07 Difference: minus $0.02 (current price is over target).
If AHG meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.55, suggesting downside of -17.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 15.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.9, implying annual growth of -77.1%. Current consensus DPS estimate is 0.4, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is 78.7. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 9.87 cents and EPS of 16.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 338.5%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.13
Macquarie rates AOG as Upgrade to Neutral from Underperform (3) -
The company has entered into a scheme agreement with entities controlled by Brookfield Property for the acquisition of securities for $2.195, inclusive of the annual distribution of 4.5c.
Macquarie calculates the cash consideration represents an acquisition multiple of around 29x enterprise value/EBITDA. The broker upgrades to Neutral from Underperform and raises the target to $2.15 from $1.61.
Target price is $2.15 Current Price is $2.13 Difference: $0.02
If AOG meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 4.10 cents and EPS of 8.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -86.7%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 2.20 cents and EPS of 4.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -27.4%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 34.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AOG as Hold (3) -
In a rather complex corporate structure deal, Aveo Group will be taken over by Brookfield Property subject to shareholder approval. The offer is well below last measured net tangible asset value, the broker notes, but Aveo's earnings deterioration and stretched balance sheet puts Brookfield in the box seat.
Without this offer being flagged the stock would be trading much lower. The broker lifts its target to $2.15 from $1.81 to match the offer, Hold retained.
Target price is $2.15 Current Price is $2.13 Difference: $0.02
If AOG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.05 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -86.7%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.02 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -27.4%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 34.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AOG as Accumulate (2) -
A scheme deal with Brookfield Property has been done for the acquisition of all shares for the cash amount of $2.15 each.
The deal is subject to an independent expert concluding the scheme is in the best interests of security holders, which is not guaranteed in Ord Minnett's view, given the offer is set at a -44% discount to the net tangible asset value.
Accumulate rating and $2.15 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.15 Current Price is $2.13 Difference: $0.02
If AOG meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.15, suggesting upside of 0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -86.7%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -27.4%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 34.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.98
Credit Suisse rates APE as Upgrade to Outperform from Neutral (1) -
The merger with Automotive Holdings ((AHG)) is likely to drive material accretion and a consequent re-rating, Credit Suisse believes.
Since the merger announcement the stock has appreciated 51%, which mostly reflects merger dynamics. Credit Suisse upgrades to Outperform from Neutral.
2019 estimates allow for a -7% decline in first half earnings from both automotive and truck divisions, and a recovery is expected in automotive earnings in 2020. Target is raised to $12 from $7.
Target price is $12.00 Current Price is $10.98 Difference: $1.02
If APE meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $10.59, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 36.50 cents and EPS of 39.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.5, implying annual growth of -16.3%. Current consensus DPS estimate is 34.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 38.00 cents and EPS of 46.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.8, implying annual growth of 12.2%. Current consensus DPS estimate is 36.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CGF CHALLENGER LIMITED
Wealth Management & Investments
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Overnight Price: $6.73
Citi rates CGF as Neutral (3) -
Citi has kept the rating on Neutral and the $7.20 price target intact, even though the FY19 report provides plenty of evidence the short term outlook is tough for Challenger. Citi remains a believer in the longer term outlook.
Short term, the analysts see margin compression slowing, but beyond FY20 margins are likely to be heavily dependent on the credit spread environment, they add. It's the disruption in the advisor network post Royal Commission that might get worse first, before improving.
Earnings estimates are lowered on higher diluted share count.
Target price is $7.20 Current Price is $6.73 Difference: $0.47
If CGF meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.22, suggesting upside of 7.2% (ex-dividends)
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 35.50 cents and EPS of 53.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.3, implying annual growth of 2.8%. Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 35.50 cents and EPS of 57.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.0, implying annual growth of 5.2%. Current consensus DPS estimate is 34.5, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.45
Citi rates CPU as Neutral (3) -
Citi analysts had already signalled the FY19 financial performance was minimally better-than-expected and FY20 guidance in-line on underlying basis; see Broker Call Report yesterday.
Today estimates have been lowered, including for FX headwinds. Factoring in the buyback reduces FY20 contraction as guided by company management to -2.5%.
The analysts believe near term the outlook offers plenty of headwinds and challenges for the company. Target price lowered to $16.30 from $17. Neutral rating retained.
Target price is $16.30 Current Price is $14.45 Difference: $1.85
If CPU meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 44.12 cents and EPS of 93.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 45.95 cents and EPS of 101.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CPU as Neutral (3) -
FY19 results were in line with Credit Suisse estimates. The company expects management earnings in FY20 to be down by around -5% in constant currency terms.
Credit Suisse calculates that flat margin income is achievable based on the hedging in place, but there is pressure in FY21 if the forward curve is correct at this time.
The broker lowers FY20 management net profit estimates by -4.3%. Neutral rating maintained. Target is reduced to $16.50 from $17.10.
Target price is $16.50 Current Price is $14.45 Difference: $2.05
If CPU meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 62.02 cents and EPS of 93.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 69.06 cents and EPS of 101.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CPU as Underperform (5) -
FY19 results were in line with expectations. Macquarie notes attention is on the guidance for margin income in FY20 to be similar to FY19.
It appears to the broker that longer duration on hedged balances has helped in earning higher yields but, given the current environment, there is downside risk to this component. Underperform rating and $15 target maintained.
Target price is $15.00 Current Price is $14.45 Difference: $0.55
If CPU meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 43.13 cents and EPS of 88.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 47.78 cents and EPS of 100.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CPU as Underweight (5) -
FY19 management earnings were below Morgan Stanley's estimates. The broker believes now is the wrong time in the cycle to own the stock, given the significant exposure to falling interest rates and corporate activity.
As cyclical momentum stalls, the broker believes attention will return to the structural headwinds which have been overlooked in recent years. These include the declining US company share register and the losses being endured by US mortgage servicing competitors.
Underweight maintained. Target is reduced to $13.00 from $13.50. Industry view is In-Line.
Target price is $13.00 Current Price is $14.45 Difference: minus $1.45 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 66.24 cents and EPS of 95.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 69.06 cents and EPS of 98.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CPU as Hold (3) -
Computershare's profit fell some -2% short of expectation. It was a solid performance but not as strong at the underlying level, Morgans notes. FY20 guidance was not as weak as feared but still lower than the broker had assumed, leading to earnings forecast cuts.
The broker suggests that at 15.7x FY20 forecasts the stock is becoming more "interesting" but not yet interesting enough. Hold retained, target falls to $16.42 from $17.56.
Target price is $16.42 Current Price is $14.45 Difference: $1.97
If CPU meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 65.54 cents and EPS of 94.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 70.90 cents and EPS of 104.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CPU as Hold (3) -
FY19 net profit was slightly below Ord Minnett's forecasts. The company has guided to an earnings per share decline into FY20 of about -5%, excluding the impact of a $200m buyback.
The broker envisages some downside risk to assumptions that margin income would remain flat. Ord Minnett is cautious about FY20, although believes the buyback and valuation appeal will act as a floor for the stock.
Hold maintained. Target is reduced to $16.00 from $16.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $16.00 Current Price is $14.45 Difference: $1.55
If CPU meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 46.51 cents and EPS of 95.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 46.51 cents and EPS of 98.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CPU as Neutral (3) -
Hedging has pushed out the headwinds from interest rates beyond FY20 but UBS believes Computershare still faces near-term growth pressures from UK mortgage services, accounting changes, higher tax and soft transaction activity.
These factors appear to be more than offsetting the growth from US mortgage services and cost reductions. FY19 net profit was below estimates, despite assistance from a lower tax rate. UBS maintains a Neutral rating and reduces the target to $16.30 from $17.65.
Target price is $16.30 Current Price is $14.45 Difference: $1.85
If CPU meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $15.65, suggesting upside of 8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 66.24 cents and EPS of 93.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of N/A. Current consensus DPS estimate is 68.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 71.88 cents and EPS of 102.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.3, implying annual growth of 8.0%. Current consensus DPS estimate is 73.8, implying a prospective dividend yield of 5.1%. 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: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $226.81
Citi rates CSL as Neutral (3) -
Post the strong FY19 report with better-than-expected FY20 guidance, Citi's price target has jumped to $250.60 from $239.60, while the Neutral rating remains in place.
Accounting for the negative impact from network restructuring in China, Citi analysts calculate the underlying growth for FY20 is 15% (as per management's guidance).
Citi analysts seem convinced CSL will continue to take market share because of its superior plasma collection position.
Target price is $250.60 Current Price is $226.81 Difference: $23.79
If CSL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 284.71 cents and EPS of 642.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 342.50 cents and EPS of 777.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CSL as Upgrade to Outperform from Neutral (1) -
Net profit in FY19 was in line with Credit Suisse estimates. There was robust sales growth in key products although specialty sales declined in the second half.
Credit Suisse upgrades to Outperform from Neutral as earnings estimates are upgraded and the model is rolled forward. The broker remains cautious on the outlook for specialty products.
Target is raised to $249 from $199. As the stock is trading at a discount to key Australian healthcare peer Cochlear ((COH)) and in line with ResMed ((RMD)) upside is envisaged at current levels.
Target price is $249.00 Current Price is $226.81 Difference: $22.19
If CSL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 288.94 cents and EPS of 638.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 349.54 cents and EPS of 763.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CSL as Outperform (1) -
FY19 net profit was ahead of Macquarie's forecasts. The broker continues to believe the plasma collection centre network is a competitive advantage relative to peers. The outlook for immunoglobulin remains robust.
While Haegarda and Kcentra have moderated there is momentum in Idelvion and Seqirus, the broker notes. Outperform rating maintained. Target is raised to $250 from $225.
Target price is $250.00 Current Price is $226.81 Difference: $23.19
If CSL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 291.90 cents and EPS of 648.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 336.01 cents and EPS of 736.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSL as Equal-weight (3) -
FY19 results were weaker than Morgan Stanley expected. FY20 is expected to be robust as immunoglobulin growth could accelerate as the company builds up its finished goods inventory and maintains price momentum.
The company expects net profit in FY20 of US$2.05-2.11bn. Equal-weight rating. Target is raised to $216 from $198. Industry view: In-Line.
Target price is $216.00 Current Price is $226.81 Difference: minus $10.81 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 276.39 cents and EPS of 631.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 306.27 cents and EPS of 708.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CSL as Hold (3) -
The broker sees CSL's result as mixed, featuring a profit beat based on tax, lower than expected revenues, an absence of operating leverage and lower cash flow growth. Immunoglobulin growth stood out but Haemophilia remains weak and Specialty was surprisingly weak.
Earnings continue to benefit from a tight plasma market but the broker sees this as temporary and expects an eventual reversion. CSL is seen as a core holding but the broker would like a more attractive entry point. Hold retained. Target rises to $220.30 from $199.20 on risk-adjusted net present value.
Target price is $220.30 Current Price is $226.81 Difference: minus $6.51 (current price is over target).
If CSL meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 260.75 cents and EPS of 597.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 267.79 cents and EPS of 641.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CSL as Accumulate (2) -
FY19 results were slightly below Ord Minnett's forecasts. While there were challenges, notably weaker specialty sales, the broker is comfortable solid double-digit earnings can be delivered in FY20.
CSL continues to gain market share, in large part because of its multi-year investment in plasma collections. Ord Minnett maintains an Accumulate rating and increases the target to $260 from $219.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $260.00 Current Price is $226.81 Difference: $33.19
If CSL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 692.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 775.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CSL as Downgrade to Neutral from Buy (3) -
FY19 results were in line with UBS estimates. In updating key operating assumptions the broker increases estimates for earnings per share in FY20 by 4%.
Seqirus EBIT in FY19 was US$154m, on track to hit guidance. Behring revenue growth of 10% was underpinned by immunoglobulin.
Based on the recent performance in the share price UBS downgrades to Neutral from Buy. Target is raised to $245 from $223.
Target price is $245.00 Current Price is $226.81 Difference: $18.19
If CSL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $241.56, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 274.84 cents and EPS of 634.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 673.3, implying annual growth of N/A. Current consensus DPS estimate is 293.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 314.31 cents and EPS of 725.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 769.8, implying annual growth of 14.3%. Current consensus DPS estimate is 335.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWY CLEANAWAY WASTE MANAGEMENT LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $2.05
Ord Minnett rates CWY as Hold (3) -
On initial assessment, it turns out today's FY19 report missed Ord Minnett's expectations on pretty much every metric, albeit not by a significant margin. Nevertheless, a mild "miss" seems to be the core of the broker's commentary.
In addition, and surprisingly according to Ord Minnett, management has also provided FY20 guidance below market expectations. There seems to be some impact from accountancy changes.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.10 Current Price is $2.05 Difference: $0.05
If CWY meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.9, implying annual growth of 23.2%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 5.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of 21.7%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.02
Citi rates DXS as Buy (1) -
Citi analysts note Dexus management had updated guidance in May and yesterday's FY19 release was in-line with it. Dexus raised fresh equity at the time.
The analysts continue to see a supportive environment, while visibility is improving as well. They also note the balance sheet remains in a robust state, providing ongoing opportunity for acquisitions.
Buy rating and price target of $14.10 both remain intact.
Target price is $14.10 Current Price is $13.02 Difference: $1.08
If DXS meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.06, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 53.00 cents and EPS of 70.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of -47.0%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 55.90 cents and EPS of 74.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.0, implying annual growth of 3.0%. Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DXS as Underperform (5) -
Macquarie found no surprises in the FY19 result. The broker considers office income growth guidance of 4.5-5.5% for FY20 is modest in the context of solid office conditions but acknowledges operating conditions are likely to be less positive going forward.
The broker reduces estimates for FY20 by -3.4% and FY21 by -4.4%. Target is raised 7.2% to $12.48. Underperform maintained.
Target price is $12.48 Current Price is $13.02 Difference: minus $0.54 (current price is over target).
If DXS meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.06, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 53.00 cents and EPS of 58.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of -47.0%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 55.60 cents and EPS of 61.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.0, implying annual growth of 3.0%. Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DXS as Hold (3) -
FY19 results were slightly ahead of Ord Minnett's forecasts. The company expects limited net effective rental growth in Sydney and Melbourne over the next three years but envisages the potential for capitalisation rates to compress further for certain types of assets.
Ord Minnett maintains a Hold rating and trims the target to $12.75 from $13.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $12.75 Current Price is $13.02 Difference: minus $0.27 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.06, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 53.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of -47.0%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 54.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.0, implying annual growth of 3.0%. Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DXS as Neutral (3) -
FY19 results were marginally ahead of expectations. FY20 guidance for 5% distribution growth has been re-confirmed.
UBS continues to believe the stock should be well supported, despite rental growth passing its peak in Sydney and Melbourne.
Neutral rating maintained. Target is raised to $12.90 from $12.05.
Target price is $12.90 Current Price is $13.02 Difference: minus $0.12 (current price is over target).
If DXS meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.06, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 53.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of -47.0%. Current consensus DPS estimate is 53.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 55.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.0, implying annual growth of 3.0%. Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.50
UBS rates FMG as Upgrade to Neutral from Sell (3) -
UBS upgrades to Neutral from Sell after the trade tensions and local growth weighed on the sector and the Fortescue Metal share price fell -16%. The target is reduced to $6.60 from $7.20.
Target price is $6.60 Current Price is $7.50 Difference: minus $0.9 (current price is over target).
If FMG meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.28, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 160.68 cents and EPS of 143.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 145.5, implying annual growth of N/A. Current consensus DPS estimate is 124.3, implying a prospective dividend yield of 16.6%. Current consensus EPS estimate suggests the PER is 5.2. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 176.18 cents and EPS of 219.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.3, implying annual growth of 34.2%. Current consensus DPS estimate is 143.4, implying a prospective dividend yield of 19.1%. Current consensus EPS estimate suggests the PER is 3.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GBT GBST HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $3.84
UBS rates GBT as No Rating (-1) -
The second half was vastly improved, UBS suggests, with the first annual profit growth since FY15. The improvement was driven by the sharp uplift in UK wealth management performance.
The FY18-20 technology upgrade program is now 47% complete. UBS increases estimates for earnings per share by 9-16% over the medium term. The broker is restricted on providing a rating and target at present.
Current Price is $3.84. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 4.50 cents and EPS of 19.90 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 5.50 cents and EPS of 22.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
GMA GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED
Banks
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Overnight Price: $2.89
Macquarie rates GMA as Upgrade to Outperform from Neutral (1) -
Brookfield Business Partners has entered into a share purchase agreement for all the shares in Genworth Canada.
Macquarie observes the transaction would be removing one of the barriers in completing the acquisition of Genworth Financial by China Oceanwide, which still needs to receive clearance for currency conversion and funds transfer from Chinese authorities.
Macquarie upgrades Genworth Australia to Outperform from Neutral, given the recent decline in the share price and the increase in Genworth Financial's capital flexibility. Target is $3.25.
Target price is $3.25 Current Price is $2.89 Difference: $0.36
If GMA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 15.50 cents and EPS of 20.40 cents. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 19.00 cents and EPS of 25.10 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.75
Credit Suisse rates HT1 as Outperform (1) -
First half earnings were in line with Credit Suisse estimates. Management expects the Australian radio market to be weaker in the third quarter and improving in the fourth quarter.
Management has also indicated it is currently reviewing all non-audio investments. Credit Suisse wonders whether an IPO of Soprano may be on the cards, given the increased disclosure provided with the results. Outperform rating and $2 target maintained.
Target price is $2.00 Current Price is $1.75 Difference: $0.25
If HT1 meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.44 cents and EPS of 14.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 18.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 12.28 cents and EPS of 15.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 4.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HT1 as Neutral (3) -
First half earnings were up marginally. Macquarie notes the first half was tough as revenue fell by -3.8% for the Australian Radio Network.
The broker retains a Neutral rating, noting the business is still generating cash and remains a potential takeover target in a consolidating media environment.
Additional capital management is considered likely and the dispute with the Australian Taxation Office appears priced in. Target is $1.75.
Target price is $1.75 Current Price is $1.75 Difference: $0
If HT1 meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.40 cents and EPS of 14.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 18.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.00 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 4.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HT1 as Underweight (5) -
First half results were in line with Morgan Stanley's expectations. No specific earnings guidance has been provided, although the company has indicated that at the beginning of the second half the radio advertising market was weak and third quarter advertising revenue could be down in the mid single digits.
A lift in the 2019 dividend pay-out to 60-80% from 40-60% is considered a positive. Underweight rating and $1.55 target maintained. Attractive industry view maintained.
Target price is $1.55 Current Price is $1.75 Difference: minus $0.2 (current price is over target).
If HT1 meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.78, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 14.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 18.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 4.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates HT1 as Neutral (3) -
First half results were broadly in line with UBS estimates but the second half outlook is weaker than expected. Current radio conditions are soft although comparables are likely to get easier, the broker observes.
UBS now includes a $50m valuation for the 25% stake in Soprano. Neutral rating and $1.80 target maintained.
Target price is $1.80 Current Price is $1.75 Difference: $0.05
If HT1 meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.78, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 9.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of 18.9%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 4.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 4.8%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $26.80
Citi rates NAB as Buy (1) -
Citi found the Q3 trading update in-line with its own expectations. The CET1 ratio was slightly better than expected. The so-called positive jaws are still working in the bank's favour.
All in all, Citi analysts believe NAB's core business performance remains sound and the bank remains on target to meet market expectations for the 3rd half-year period in a row, while the valuation gap to peers continues to narrow.
Target price is $29.50 Current Price is $26.80 Difference: $2.7
If NAB meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 166.00 cents and EPS of 198.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 168.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Outperform (1) -
The third quarter trading update was in line with Macquarie's expectations. While the recent multiple re-rating reduced the upside in terms of relative valuation, the broker still prefers National Australia Bank and Westpac Bank ((WBC)) in the sector.
While the bank's pro forma capital position has strengthened to around 10.6%, the broker believes it still remains -80-90 basis points below target, following the NZ capital rule implementation. Target is $28. Outperform retained.
Target price is $28.00 Current Price is $26.80 Difference: $1.2
If NAB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 166.00 cents and EPS of 199.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 166.00 cents and EPS of 204.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NAB as Equal-weight (3) -
Underlying revenue trends in the third quarter are subdued, although Morgan Stanley considers the company is on track for growth of 1.5% in FY19.
Morgan Stanley expects FY20 will become tougher for the bank. Cash profit is forecast to fall -5% in FY20 as the revenue outlook is more challenging.
The broker also believes, if margin decline is more than -10 basis points and loan losses reach 25 basis points, there could be the risk of another cut to the dividend.
Equal-weight rating maintained. Target is reduced to $26.00 from $26.40. Industry view: In-line.
Target price is $26.00 Current Price is $26.80 Difference: minus $0.8 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 166.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 166.00 cents and EPS of 203.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NAB as Hold (3) -
NAB's quarterly update was a little scant on detail, but earnings fell slightly short of the broker on a second half run-rate basis. Revenues were weaker than expected, which the broker suspects is due to contraction in the Corporate & Institutional loan book and fee pressures.
Between these numbers and those earlier delivered by CommBank ((CBA)), the broker sees a downward trend in risk-weighted assets due to lower domestic and offshore rates. If this continues the downtrend will continue, but that is supportive of capital ratios.
The broker trims earnings forecasts. Hold and $24.50 target retained.
Target price is $24.50 Current Price is $26.80 Difference: minus $2.3 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 166.00 cents and EPS of 224.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 168.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NAB as Accumulate (2) -
The June quarter trading update was broadly in line with expectations. Ord Minnett assesses the bank has now put together several years of "boring" trading updates, which is why it should trade on a higher multiple than in the past.
Ord Minnett maintains a $29.60 target and an Accumulate rating. The broker trims cash net profit forecast by -1% across FY19-21.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $29.60 Current Price is $26.80 Difference: $2.8
If NAB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 166.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 166.00 cents and EPS of 219.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NAB as Sell (5) -
UBS observes the third quarter trading was broadly in line, with subdued revenue growth and flat costs. There was a benefit from the mortgage re-pricing as well as the fall in the BBSW rates.
However, the official rate cuts and reductions to variable mortgage rates occurred at the very end of June and July which implies the fourth quarter net interest margin is likely to be weaker.
The broker retains a Sell rating and $23 target.
Target price is $23.00 Current Price is $26.80 Difference: minus $3.8 (current price is over target).
If NAB meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.93, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY19:
UBS forecasts a full year FY19 EPS of 198.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.8, implying annual growth of -5.0%. Current consensus DPS estimate is 166.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
UBS forecasts a full year FY20 EPS of 197.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 215.6, implying annual growth of 5.3%. Current consensus DPS estimate is 166.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.21
Credit Suisse rates PGH as Outperform (1) -
Contract manufacturing missed Credit Suisse forecasts in FY19 and contributed to a weaker-than-expected outlook. The broker notes an inability to pass on rising raw material costs.
Estimates for operating earnings are lowered by -4-6%. Outperform maintained. Target is reduced to $3.60 from $3.85.
Target price is $3.60 Current Price is $2.21 Difference: $1.39
If PGH meets the Credit Suisse target it will return approximately 63% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 25.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 8.00 cents and EPS of 23.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 17.00 cents and EPS of 24.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 7.4%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PGH as Neutral (3) -
FY19 earnings were at the lower end of the guidance range. The company expects modest growth in FY20 and Macquarie forecasts 4%. The broker believes concerns regarding the balance sheet are likely to persist, with the company unlikely to significantly de-gear in FY20.
The broker reduces FY20 and FY21 estimates by -7% and -9% respectively. Target is reduced to $2.60 from $2.81 and a Neutral rating is maintained.
Target price is $2.60 Current Price is $2.21 Difference: $0.39
If PGH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 25.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 22.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 12.50 cents and EPS of 25.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 7.4%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PGH as Hold (3) -
Pact's FY19 result was actually largely in line. It was FY20 guidance that spooked the market. Management will now undertake a strategic review of the business.
Key positives from the result were the Aldi contract win and efficiency benefits. On the negative side, margins declined across all segments and a stretched balance sheet meant no final dividend. The broker retains Hold ahead of strategy clarification. Target falls to $2.39 from $2.85.
Target price is $2.39 Current Price is $2.21 Difference: $0.18
If PGH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 25.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 8.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 7.4%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PGH as Hold (3) -
FY19 was broadly in line with forecasts. The broker has mostly been concerned about the persistent erosion of the base business and more of the same occurred in FY19.
Guidance for modest earnings growth in FY20 appears to capture this dynamic, given there are other one-off benefits. Ord Minnett maintains a Hold rating and lowers the target is $2.50 from $2.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.50 Current Price is $2.21 Difference: $0.29
If PGH meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 25.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 7.4%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.95
Ord Minnett rates QBE as Accumulate (2) -
In an initial response to today's interim report release, Ord Minnett analysts observe the performance missed expectations, including a much lower than anticipated interim dividend.
No outlook was provided for gross written and net earned premiums. Buyback intentions remain intact. Accumulate. Target is $14.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.00 Current Price is $11.95 Difference: $2.05
If QBE meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $12.96, suggesting upside of 8.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 63.43 cents and EPS of 105.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.2, implying annual growth of N/A. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 59.20 cents and EPS of 98.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.4, implying annual growth of 5.6%. Current consensus DPS estimate is 83.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 12.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.59
Ord Minnett rates RRL as Upgrade to Hold from Lighten (3) -
Ord Minnett updates gold price forecasts, which are now 3-7% higher across the forecast period. The broker upgrades Regis Resources to Hold from Lighten following the change. Target is raised to $5.30 from $4.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $5.30 Current Price is $5.59 Difference: minus $0.29 (current price is over target).
If RRL meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.88, suggesting downside of -12.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 17.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of -7.5%. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 22.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.8, implying annual growth of 21.2%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RWC RELIANCE WORLDWIDE CORPORATION LIMITED
Building Products & Services
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Overnight Price: $3.37
Macquarie rates RWC as Outperform (1) -
Ahead of the results on August 27 Macquarie reviews its investment thesis. The broker believes the stock has fallen victim to negative trends and uncertainties and it may be a turbulent path ahead in the near term, particularly given the Brexit process.
The broker reduces the target to $5.00 from $5.90 and maintains an Outperform rating.
Target price is $5.00 Current Price is $3.37 Difference: $1.63
If RWC meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).
Current consensus price target is $4.28, suggesting upside of 26.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 19.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 56.1%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.00 cents and EPS of 21.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 9.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.89
Macquarie rates SEK as Neutral (3) -
Macquarie reviews its outlook ahead of the results on August 20. The broker considers the macro environment is getting tougher as Australian job advertisement volumes are continuing to deteriorate.
Asia is also likely to experience some negative impact from unhelpful macro events. The broker believes the market will look closely at the scope for moderating costs growth. Neutral maintained. Target is raised to $20.70 from $20.30.
Target price is $20.70 Current Price is $18.89 Difference: $1.81
If SEK meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $19.60, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 40.40 cents and EPS of 57.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of 265.1%. Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 34.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 42.40 cents and EPS of 60.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.0, implying annual growth of 11.7%. Current consensus DPS estimate is 48.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components
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Overnight Price: $9.00
Ord Minnett rates SUL as Hold (3) -
Upon initial analysis, it appears Super Retail's FY19 report missed Ord Minnett's forecasts, while the final dividend was slightly better. Trading for the first six weeks of FY20 proved rather mixed, with Macpac standing out with a weak (negative) performance.
The Auto division is yet again proving its resilience, in the analysts' view, while the outlook for Sports is now dominated by stores closing. The analysts equally note Rays losses continued in the period.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.50 Current Price is $9.00 Difference: $0.5
If SUL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 51.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.2, implying annual growth of 14.2%. Current consensus DPS estimate is 50.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 54.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.9, implying annual growth of 7.7%. Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.44
Credit Suisse rates TAH as Neutral (3) -
The FY19 earnings base was lower than the company projected, Credit Suisse notes. The broker believes, with the substantial claim against the company being made by Queensland Racing in the Supreme Court, an unchanged Neutral rating is warranted.
Lottery earnings have been upgraded but Credit Suisse now projects -3% erosion in revenue in FY20. Target is reduced to $4.56 from $5.05.
Target price is $4.56 Current Price is $4.44 Difference: $0.12
If TAH meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 21.00 cents and EPS of 17.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 22.00 cents and EPS of 19.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TAH as Outperform (1) -
FY19 earnings missed Macquarie's estimates. Wagering was disappointing yet the broker believes this division is undervalued. Macquarie considers a re-rating opportunity exists for both wagering and media.
The broker's forecasts imply -1% decline in FY20 operating earnings (EBITDA). Outperform maintained. Target is reduced to $5.10 from $5.40.
Target price is $5.10 Current Price is $4.44 Difference: $0.66
If TAH meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.50 cents and EPS of 18.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 22.50 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TAH as Equal-weight (3) -
FY19 results were better than Morgan Stanley expected. Wagering appears to be challenged by aggressive competition, although the broker remains constructive for the long-term given industry rationalisation.
No specific guidance was provided but the broker notes consensus appears to be looking for growth of 4% in FY20. Equal-weight rating maintained. Target is $4.70. Industry view: Cautious.
Target price is $4.70 Current Price is $4.44 Difference: $0.26
If TAH meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TAH as Hold (3) -
Tabcorp's result was in line but needed a standout performance from Lotteries to offset weakness in Wagering. Changes to Powerball boosted Lotteries but competition weighed on Wagering.
Balance the two out and the broker retains Hold, believing valuation to be fair. A valuation model adjustment leads to a target price cut to $4.81 from $5.10, with regulation, competition and lower jackpot activity seen as key risks.
Target price is $4.81 Current Price is $4.44 Difference: $0.37
If TAH meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 22.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 23.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TAH as Lighten (4) -
Earnings in FY19 were ahead of expectations. The company delivered an exceptional performance from its lotteries business in FY19, Ord Minnett observes, but the wagering result calls into question execution across product, technology and marketing.
The broker has always questioned the ability of the lotteries business to offset weakness elsewhere. FY20 estimates are cut by -6.3%. Lighten maintained. Target is reduced to $4.05 from $4.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.05 Current Price is $4.44 Difference: minus $0.39 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TAH as Buy (1) -
FY19 results were in line with UBS estimates. The broker believes the market is yet to fully appreciate the characteristics of the late cycle move into digital lottery tickets. This is expected to contribute 1-3% growth to lottery revenue per annum.
The broker believes Tabcorp has now proven its ability to aggressively alter the economics of lotteries, shown by the successful re-pricing and game change at Powerball.
However, wagering turnover disappointed the broker. Estimates are reduced by -3-5%. Buy rating maintained. Target is raised to $5.90 from $5.40.
Target price is $5.90 Current Price is $4.44 Difference: $1.46
If TAH meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 21.00 cents and EPS of 19.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.6, implying annual growth of 8.9%. Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 24.50 cents and EPS of 23.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 7.1%. Current consensus DPS estimate is 23.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TLS TELSTRA CORPORATION LIMITED
Telecommunication
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Overnight Price: $3.85
Ord Minnett rates TLS as Hold (3) -
Stop the press: Ord Minnett, in an initial appraisal of today's FY19 report release, suggests not only has Telstra released a strong performance overall, it was better-than-expected with a better-than-expected FY20 guidance on top.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.55 Current Price is $3.85 Difference: minus $0.3 (current price is over target).
If TLS meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 16.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of -32.3%. Current consensus DPS estimate is 16.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 16.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of 3.4%. Current consensus DPS estimate is 15.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $17.47
Citi rates TWE as Sell (5) -
Upon initial assessment of today's release, Citi analysts note FY19 performance was strong, slightly better than expectations. They do anticipate little change to consensus forecasts post the event.
The performance in the Americas disappointed. FY20 guidance is for another strong growth year, but the analysts believe this is already captured in market consensus.
Citi has long held the view the shares incorporate too lofty expectations, and they retain that view. Hence Sell rating retained, with $14.90 price target.
Target price is $14.90 Current Price is $17.47 Difference: minus $2.57 (current price is over target).
If TWE meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.06, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 40.00 cents and EPS of 61.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of 23.3%. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 48.00 cents and EPS of 72.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.5, implying annual growth of 19.9%. Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.42
Citi rates VCX as Neutral (3) -
Citi analysts note the FY20 guidance was 1-2% ahead of market consensus, but add the explanation is probably linked to the decision not to proceed with asset sales. The analysts draw a correlation with their estimate there is currently an $11bn overhang of retail assets up for sale across Australia.
Citi remains non enthused about the outlook for retail landlords. The analysts observe operational challenges persist for retail landlords, with NPI growth decelerating further over the year. Subdued sales growth suggests that this will be ongoing, suggest the analysts. Target falls to $2.49.
The analysts note they have kept the Neutral rating in place, while all other retail A-REITs are rated Sell. They retain a clear preference for non-retail peers in the sector.
Target price is $2.49 Current Price is $2.42 Difference: $0.07
If VCX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 15.60 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 96.9%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 1.7%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VCX as Neutral (3) -
FY19 results were at the lower end of guidance and the outlook for FY20 is better than Credit Suisse expected as asset sales are no longer proceeding.
Overall, comparable retail sales growth was 2.1% after stripping out an extra week of trading reported by some tenants. Supermarkets were stronger while specialties were softer but still positive. Unsurprisingly department stores were weaker.
Credit Suisse maintains a Neutral rating and reduces the target to $2.51 from $2.67. The broker increases FY20 and FY21 estimates for earnings by 4% and 1% respectively.
Target price is $2.51 Current Price is $2.42 Difference: $0.09
If VCX meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 96.9%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 1.7%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VCX as Neutral (3) -
Macquarie retains a Neutral rating following the FY19 result which was slightly below estimates. The outlook for FY20 is also weaker than the broker expected, on an asset sale adjusted basis.
The company has cancelled its sale program, citing a crowded divestment market amid a belief that more value can be created by retaining this portfolio.
The stock offers an attractive dividend yield in a low rate environment although growth is limited, Macquarie concludes. Target is reduced to $2.40 from $2.42.
Target price is $2.40 Current Price is $2.42 Difference: minus $0.02 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.56, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 15.60 cents and EPS of 16.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 96.9%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 16.10 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 1.7%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Accumulate (2) -
FY19 results were marginally below Ord Minnett's forecasts. The company has called off its planned $1.3bn of asset sales.
Ord Minnett still believes the company should pursue its portfolio enhancement strategy via an in specie distribution of the tail, given the divergence in the performance of assets.
Valuation is considered attractive and an Accumulate rating maintained. Target is reduced to $2.80 from $2.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.80 Current Price is $2.42 Difference: $0.38
If VCX meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 96.9%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 1.7%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VCX as Neutral (3) -
FY19 results were at the lower end of UBS expectations, helped by lower expenses. UBS is not surprised the company has cancelled further asset sales, which leaves Vicinity Centres with a marginally lower growth and higher expenditure portfolio, as well as higher gearing.
Guidance for FY20 is below forecasts, implying modest income growth of just 1.8%. Neutral rating maintained. Target is reduced to $2.60 from $2.72.
Target price is $2.60 Current Price is $2.42 Difference: $0.18
If VCX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 15.70 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 96.9%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 16.20 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 1.7%. Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.37
Ord Minnett rates WHC as Accumulate (2) -
In an initial response, Ord Minnett finds today's FY19 report is slightly better-than-expected on most performance metrics, albeit with a surprisingly lacklustre outlook from management. There is, however, a much larger than expected total dividend.
Target price is $4.80 Current Price is $3.37 Difference: $1.43
If WHC meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $4.78, suggesting upside of 41.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 43.00 cents and EPS of 56.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.2, implying annual growth of 1.9%. Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 12.0%. Current consensus EPS estimate suggests the PER is 6.2. |
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 21.00 cents and EPS of 41.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.5, implying annual growth of -30.8%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $31.12
Citi rates WPL as Sell (5) -
On initial appraisal, Citi analysts believe the reported interim headline result looks "soft", missing consensus and Citi forecasts by no less than -14%, dragged lower by higher production costs, among other factors.
The interim dividend also came out -14% below expectations. Citi retains a negative longer term view on the assertion the market is not paying enough attention to negative underlying dynamics for LNG in Asia. Sell rating remains untouched, alongside a price target of $29.13.
Target price is $29.13 Current Price is $31.12 Difference: minus $1.99 (current price is over target).
If WPL meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $34.62, suggesting upside of 11.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 155.04 cents and EPS of 192.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 219.7, implying annual growth of N/A. Current consensus DPS estimate is 170.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 145.17 cents and EPS of 181.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 253.2, implying annual growth of 15.2%. Current consensus DPS estimate is 192.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
| Company | Broker | New Target | Prev Target | Change | |
| AHG | AUTOMOTIVE HOLDINGS | Credit Suisse | 3.05 | 2.02 | 50.99% |
| AOG | AVEO | Macquarie | 2.15 | 1.61 | 33.54% |
| Morgans | 2.15 | 1.81 | 18.78% | ||
| APE | AP EAGERS | Credit Suisse | 12.00 | 7.00 | 71.43% |
| CPU | COMPUTERSHARE | Citi | 16.30 | 17.00 | -4.12% |
| Credit Suisse | 16.50 | 17.10 | -3.51% | ||
| Morgan Stanley | 13.00 | 13.50 | -3.70% | ||
| Morgans | 16.42 | 17.56 | -6.49% | ||
| Ord Minnett | 16.00 | 16.25 | -1.54% | ||
| UBS | 16.30 | 17.65 | -7.65% | ||
| CRN | CORONADO GLOBAL RESOURCES | UBS | 3.80 | 4.00 | -5.00% |
| CSL | CSL | Citi | 250.60 | 239.60 | 4.59% |
| Credit Suisse | 249.00 | 199.00 | 25.13% | ||
| Macquarie | 250.00 | 225.00 | 11.11% | ||
| Morgan Stanley | 216.00 | 198.00 | 9.09% | ||
| Morgans | 220.30 | 199.20 | 10.59% | ||
| Ord Minnett | 260.00 | 210.00 | 23.81% | ||
| UBS | 245.00 | 223.00 | 9.87% | ||
| DXS | DEXUS PROPERTY | Macquarie | 12.48 | 11.36 | 9.86% |
| Ord Minnett | 12.75 | 13.70 | -6.93% | ||
| UBS | 12.90 | 12.05 | 7.05% | ||
| EVN | EVOLUTION MINING | Ord Minnett | 4.90 | 4.00 | 22.50% |
| FMG | FORTESCUE | UBS | 6.60 | 7.20 | -8.33% |
| GBT | GBST HOLDINGS | UBS | N/A | 3.25 | -100.00% |
| HT1 | HT&E LTD | Macquarie | 1.75 | 1.90 | -7.89% |
| IGO | INDEPENDENCE GROUP | UBS | 5.60 | 5.40 | 3.70% |
| NAB | NATIONAL AUSTRALIA BANK | Morgan Stanley | 26.00 | 26.40 | -1.52% |
| NST | NORTHERN STAR | Ord Minnett | 12.90 | 10.80 | 19.44% |
| OZL | OZ MINERALS | UBS | 11.30 | 11.20 | 0.89% |
| PGH | PACT GROUP | Credit Suisse | 3.60 | 3.85 | -6.49% |
| Macquarie | 2.60 | 2.81 | -7.47% | ||
| Morgans | 2.39 | 2.85 | -16.14% | ||
| Ord Minnett | 2.50 | 2.90 | -13.79% | ||
| RRL | REGIS RESOURCES | Ord Minnett | 5.30 | 4.50 | 17.78% |
| RWC | RELIANCE WORLDWIDE | Macquarie | 5.00 | 5.90 | -15.25% |
| SBM | ST BARBARA | Ord Minnett | 4.70 | 3.80 | 23.68% |
| SEK | SEEK | Macquarie | 20.70 | 20.30 | 1.97% |
| SFR | SANDFIRE | UBS | 6.25 | 6.50 | -3.85% |
| TAH | TABCORP HOLDINGS | Credit Suisse | 4.56 | 5.05 | -9.70% |
| Macquarie | 5.10 | 5.40 | -5.56% | ||
| Morgan Stanley | 4.70 | 5.10 | -7.84% | ||
| Morgans | 4.81 | 5.10 | -5.69% | ||
| Ord Minnett | 4.05 | 4.10 | -1.22% | ||
| UBS | 5.90 | 5.30 | 11.32% | ||
| VCX | VICINITY CENTRES | Citi | 2.49 | 2.60 | -4.23% |
| Credit Suisse | 2.51 | 2.67 | -5.99% | ||
| Macquarie | 2.40 | 2.42 | -0.83% | ||
| Ord Minnett | 2.80 | 2.90 | -3.45% | ||
| UBS | 2.60 | 2.72 | -4.41% | ||
| WHC | WHITEHAVEN COAL | UBS | 4.70 | 5.10 | -7.84% |
| WSA | WESTERN AREAS | UBS | 2.50 | 2.40 | 4.17% |
Summaries
| AHG | AUTOMOTIVE HOLDINGS | Neutral - Credit Suisse | Overnight Price $3.07 |
| AOG | AVEO | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $2.13 |
| Hold - Morgans | Overnight Price $2.13 | ||
| Accumulate - Ord Minnett | Overnight Price $2.13 | ||
| APE | AP EAGERS | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $10.98 |
| CGF | CHALLENGER | Neutral - Citi | Overnight Price $6.73 |
| CPU | COMPUTERSHARE | Neutral - Citi | Overnight Price $14.45 |
| Neutral - Credit Suisse | Overnight Price $14.45 | ||
| Underperform - Macquarie | Overnight Price $14.45 | ||
| Underweight - Morgan Stanley | Overnight Price $14.45 | ||
| Hold - Morgans | Overnight Price $14.45 | ||
| Hold - Ord Minnett | Overnight Price $14.45 | ||
| Neutral - UBS | Overnight Price $14.45 | ||
| CSL | CSL | Neutral - Citi | Overnight Price $226.81 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $226.81 | ||
| Outperform - Macquarie | Overnight Price $226.81 | ||
| Equal-weight - Morgan Stanley | Overnight Price $226.81 | ||
| Hold - Morgans | Overnight Price $226.81 | ||
| Accumulate - Ord Minnett | Overnight Price $226.81 | ||
| Downgrade to Neutral from Buy - UBS | Overnight Price $226.81 | ||
| CWY | CLEANAWAY WASTE MANAGEMENT | Hold - Ord Minnett | Overnight Price $2.05 |
| DXS | DEXUS PROPERTY | Buy - Citi | Overnight Price $13.02 |
| Underperform - Macquarie | Overnight Price $13.02 | ||
| Hold - Ord Minnett | Overnight Price $13.02 | ||
| Neutral - UBS | Overnight Price $13.02 | ||
| FMG | FORTESCUE | Upgrade to Neutral from Sell - UBS | Overnight Price $7.50 |
| GBT | GBST HOLDINGS | No Rating - UBS | Overnight Price $3.84 |
| GMA | GENWORTH MORTGAGE INSUR | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $2.89 |
| HT1 | HT&E LTD | Outperform - Credit Suisse | Overnight Price $1.75 |
| Neutral - Macquarie | Overnight Price $1.75 | ||
| Underweight - Morgan Stanley | Overnight Price $1.75 | ||
| Neutral - UBS | Overnight Price $1.75 | ||
| NAB | NATIONAL AUSTRALIA BANK | Buy - Citi | Overnight Price $26.80 |
| Outperform - Macquarie | Overnight Price $26.80 | ||
| Equal-weight - Morgan Stanley | Overnight Price $26.80 | ||
| Hold - Morgans | Overnight Price $26.80 | ||
| Accumulate - Ord Minnett | Overnight Price $26.80 | ||
| Sell - UBS | Overnight Price $26.80 | ||
| PGH | PACT GROUP | Outperform - Credit Suisse | Overnight Price $2.21 |
| Neutral - Macquarie | Overnight Price $2.21 | ||
| Hold - Morgans | Overnight Price $2.21 | ||
| Hold - Ord Minnett | Overnight Price $2.21 | ||
| QBE | QBE INSURANCE | Accumulate - Ord Minnett | Overnight Price $11.95 |
| RRL | REGIS RESOURCES | Upgrade to Hold from Lighten - Ord Minnett | Overnight Price $5.59 |
| RWC | RELIANCE WORLDWIDE | Outperform - Macquarie | Overnight Price $3.37 |
| SEK | SEEK | Neutral - Macquarie | Overnight Price $18.89 |
| SUL | SUPER RETAIL | Hold - Ord Minnett | Overnight Price $9.00 |
| TAH | TABCORP HOLDINGS | Neutral - Credit Suisse | Overnight Price $4.44 |
| Outperform - Macquarie | Overnight Price $4.44 | ||
| Equal-weight - Morgan Stanley | Overnight Price $4.44 | ||
| Hold - Morgans | Overnight Price $4.44 | ||
| Lighten - Ord Minnett | Overnight Price $4.44 | ||
| Buy - UBS | Overnight Price $4.44 | ||
| TLS | TELSTRA CORP | Hold - Ord Minnett | Overnight Price $3.85 |
| TWE | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $17.47 |
| VCX | VICINITY CENTRES | Neutral - Citi | Overnight Price $2.42 |
| Neutral - Credit Suisse | Overnight Price $2.42 | ||
| Neutral - Macquarie | Overnight Price $2.42 | ||
| Accumulate - Ord Minnett | Overnight Price $2.42 | ||
| Neutral - UBS | Overnight Price $2.42 | ||
| WHC | WHITEHAVEN COAL | Accumulate - Ord Minnett | Overnight Price $3.37 |
| WPL | WOODSIDE PETROLEUM | Sell - Citi | Overnight Price $31.12 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 12 |
| 2. Accumulate | 6 |
| 3. Hold | 35 |
| 4. Reduce | 1 |
| 5. Sell | 7 |
Thursday 15 August 2019
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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