Australian Broker Call
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February 20, 2020
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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.
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Today's Upgrades and Downgrades
CHC - | CHARTER HALL | Downgrade to Accumulate from Buy | Ord Minnett |
Downgrade to Neutral from Buy | UBS | ||
DMP - | DOMINO'S PIZZA | Upgrade to Accumulate from Lighten | Ord Minnett |
Downgrade to Underperform from Neutral | Credit Suisse | ||
NEW - | NEW ENERGY SOLAR | Upgrade to Overweight from Equal-weight | Morgan Stanley |
NHC - | NEW HOPE CORP | Upgrade to Outperform from Neutral | Macquarie |
OSH - | OIL SEARCH | Upgrade to Neutral from Underperform | Credit Suisse |
OZL - | OZ MINERALS | Upgrade to Accumulate from Lighten | Ord Minnett |
SGM - | SIMS METAL MANAGEMENT | Downgrade to Neutral from Outperform | Credit Suisse |
SHL - | SONIC HEALTHCARE | Upgrade to Outperform from Neutral | Credit Suisse |
SIQ - | SMARTGROUP | Upgrade to Outperform from Neutral | Macquarie |
VOC - | VOCUS GROUP | Downgrade to Neutral from Buy | UBS |
WES - | WESFARMERS | Upgrade to Outperform from Neutral | Macquarie |
WTC - | WISETECH GLOBAL | Downgrade to Lighten from Hold | Ord Minnett |
Overnight Price: $3.20
Morgans rates ADI as Hold (3) -
APN Industria REIT's FY20 first-half result met the broker, the company posting solid portfolio metrics and rising occupancy.
Management reiterated guidance for funds from operations and Morgans notes room for acquisitions.
Target price rises to $3.16 from $2.96, to reflect a roll-forward of the valuation. Hold rating retained, the broker noting potential for corporate activity, accretive acquisitions, potential leasing deals and asset re-ratings.
Target price is $3.16 Current Price is $3.20 Difference: minus $0.04 (current price is over target).
If ADI meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 17.50 cents and EPS of 19.90 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 18.10 cents and EPS of 20.90 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AHY ASALEO CARE LIMITED
Household & Personal Products
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Overnight Price: $1.14
Citi rates AHY as Buy (1) -
Citi analysts thought 2019 marked a "good" result with top line growth carried by both B2B and retail, while challenges from pulp prices and increased marketing costs and price investment continue.
Forecasts have been reduced nonetheless, to account for higher taxes. FX also impacted negatively. Citi believes Asaleo Care can exceed its guidance for 2020. Buy rating retained, while the price target lifts to $1.30 from $1.10.
One important factor in Citi's positive outlook for the company is the expectation that margins can be restored to 22.3% from the current 19.6% as the company spends more on brand marketing.
Target price is $1.30 Current Price is $1.14 Difference: $0.16
If AHY meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.19, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 4.50 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of 65.9%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 5.00 cents and EPS of 7.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 5.9%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AHY as Neutral (3) -
2019 results were slightly better than expected. FY20 guidance includes the benefit of lower pulp prices and confirms growth, Macquarie observes.
The broker assesses the business is now more attractive, although cost offsets to lower pulp prices are disappointing.
Neutral rating maintained. Target rises to $1.16 from $1.01.
Target price is $1.16 Current Price is $1.14 Difference: $0.02
If AHY meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.19, suggesting upside of 4.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 4.00 cents and EPS of 6.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.8, implying annual growth of 65.9%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 4.10 cents and EPS of 6.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 5.9%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
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Overnight Price: $2.62
UBS rates AIZ as Buy (1) -
The broker has reassessed capacity, load factor, passenger yield and cargo with respect to the potential impact of the coronavirus. The upshot is a forecast -3% decline in Air New Zealand's FY20 revenue. This is roughly offset by lower fuel prices and fuel savings from fewer flights.
The broker also notes weakness in Asian routes is partly countered by ongoing strength domestically. Buy and NZ$3.10 target retained.
Current Price is $2.62. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 22.65 cents and EPS of 24.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of N/A. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 8.4%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 27.53 cents and EPS of 28.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 19.8%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 9.4%. Current consensus EPS estimate suggests the PER is 8.8. |
This company reports in NZD. 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
Morgans rates APA as Hold (3) -
APA Group's first-half earnings disappointed the broker and guidance was reaffirmed at the bottom end of the guidance range.
Strong margin growth drove the pre-announced increase in the dividend, and operating cash flow rose 9%. Revenue quality remained high, margin growth remained firm, and debt costs eased.
S&P has reported a positive view on the company's credit profile and said APA Group is well positioned for growth.
The main negative was the delay in commercialising Orbost, implying cost over-runs and delayed revenue. Morgans cuts earnings forecasts -1% to -2% across FY20 to FY23.
The broker views APA Group as best-of-breed in energy infrastructure. Hold rating retained. Target price rises to $10.90 from $10.64.
Target price is $10.90 Current Price is $11.44 Difference: minus $0.54 (current price is over target).
If APA meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.30, suggesting downside of -1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.5, implying annual growth of 16.8%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 40.1. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 52.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 10.2%. Current consensus DPS estimate is 52.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 36.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASB AUSTAL LIMITED
Commercial Services & Supplies
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Overnight Price: $4.36
Citi rates ASB as Buy (1) -
Upon initial assessment, it appears Austal's H1 report was much better than expected. Consider Citi's response: "Blowing interim expectations out of the water". The beat in profit growth is no less than 35%.
Citi analysts think the stock will rally on today's result. There remains plenty of potential for the company to beat its updated guidance for FY20, the analysts suggest.
Target price is $4.40 Current Price is $4.36 Difference: $0.04
If ASB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.42, suggesting upside of 1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 7.00 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.7, implying annual growth of 17.6%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 6.90 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of 2.4%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 20.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.12
Citi rates AX1 as Buy (1) -
The combination of a faster store rollout and lower depreciation has managed to offset margin pressure and thus H1 came out 6% above what Citi analysts had penciled in. The analysts believe they are -7% below market consensus for FY20.
The above suggests Accent Group's performance was merely in-line with broader market expectations. Buy rating retained. Target unchanged at $1.95.
Also, like-for-like sales during the first seven weeks of H2 are up 3%, which is above Citi's forecast of 2%. The analysts note company management is developing a history of meeting or beating market expectations, which may justify the stock’s lofty looking valuation.
Target price is $1.95 Current Price is $2.12 Difference: minus $0.17 (current price is over target).
If AX1 meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 9.00 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 5.8%. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 9.30 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 4.7%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AX1 as Overweight (1) -
First half results were in line with Morgan Stanley's estimates. The broker notes a strong start to the second half with like-for-like sales growth of 3% or more.
The broker assesses gross margin headwinds should be offset by cost improvements. Overweight rating and $2.30 target. Industry view is In-Line.
Target price is $2.30 Current Price is $2.12 Difference: $0.18
If AX1 meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 5.8%. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 4.7%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AX1 as Upgrade to Add from Hold (1) -
Accent Group's FY20 first-half result met consensus, the company reporting low double-digit growth in sales and earnings.
Management guided to an increase in FY20 store rollouts to 59 net new stores from 40.
The broker upgrades earnings forecasts across FY20/21/22 by 3%, 4% and 2%,
Noting the 5.2% yield and strong prognosis, Morgans upgrades to Add from Hold, describing the company as a best-in-class digital offering. Target price rises to $2.15 from $1.79.
Target price is $2.15 Current Price is $2.12 Difference: $0.03
If AX1 meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.13, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 8.50 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 5.8%. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 9.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of 4.7%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BHP as Hold (3) -
BHP group reported a FY20 first-half result in line with consensus and ahead of Morgans. Margins met consensus although free-cash generation disappointed to the tune of -US$800m.
The company reports no impact from the coronavirus but plays it safe by containing gearing and maintaining the payout ratio at 64%, announcing a US$65c interim dividend. The broker believes the company's low capital expenditure needs remain supportive of an elevated dividend profile.
The broker notes uncertainties in the background, such as the coronavirus, the trade war, and Chile instability.
Hold rating maintained. Target eases to $36.23 from $36.27.
Target price is $36.23 Current Price is $38.57 Difference: minus $2.34 (current price is over target).
If BHP meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $39.75, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 193.98 cents and EPS of 277.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 297.2, implying annual growth of N/A. Current consensus DPS estimate is 196.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 208.45 cents and EPS of 282.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 287.4, implying annual growth of -3.3%. Current consensus DPS estimate is 194.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.4. |
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
Overnight Price: $13.93
Citi rates CHC as Buy (1) -
Charter Hall's interim performance was a significant "beat", report the analysts. As a result, FY20 guidance has been upgraded to circa 4% above market consensus. Citi has lifted its estimates by between 8%-18% for the years ahead.
Apart from more assets under management, Citi is now also forecasting funds management EBITDA margins will increase to 65% from 56%. This pushes up the price target to $17.50, up 18%. Buy rating retained.
Target price is $17.50 Current Price is $13.93 Difference: $3.57
If CHC meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 42.10 cents and EPS of 70.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.3, implying annual growth of 35.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 47.40 cents and EPS of 71.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of -11.6%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CHC as Neutral (3) -
The company has upgraded FY20 guidance, with earnings per share growth now expected to be 40%.
The first half result revealed performance fees that were higher than Credit Suisse expected and this was the main driver of the upgrade.
Still, Charter Hall's operating earnings growth impressed the broker too. Despite the upgrade, distribution growth guidance remains at 6% with retained earnings to be used for reinvestment.
Credit Suisse maintains a Neutral rating and raises the target to $13.58 from $11.52.
Target price is $13.58 Current Price is $13.93 Difference: minus $0.35 (current price is over target).
If CHC meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 36.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.3, implying annual growth of 35.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 38.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of -11.6%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CHC as Outperform (1) -
Charter Hall's first half operating earnings were ahead of expectations, driven by performance and transaction fees. FY20 guidance has been upgraded to growth in earnings of 40%.
While conditions remain favourable for third-party deployment into real assets, Macquarie maintains an Outperform rating. The broker raises the target 13% to $15.23.
Target price is $15.23 Current Price is $13.93 Difference: $1.3
If CHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 35.70 cents and EPS of 68.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.3, implying annual growth of 35.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 38.20 cents and EPS of 53.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of -11.6%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CHC as Downgrade to Accumulate from Buy (2) -
Charter Hall's first half results were in line with expectations. The main focus for Ord Minnett is the earnings quality, given a material contribution from the sale of Folkstone inventory.
The broker forecasts underlying growth in FY20 earnings per share of 33%. The rating is downgraded to Accumulate from Buy on valuation grounds. Target is steady at $14.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.20 Current Price is $13.93 Difference: $0.27
If CHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $14.86, suggesting upside of 6.7% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is 68.3, implying annual growth of 35.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY21:
Current consensus EPS estimate is 60.4, implying annual growth of -11.6%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CHC as Downgrade to Neutral from Buy (3) -
Charter Hall's result was well ahead UBS thanks to higher performance fees and and higher transactional revenue and development income. The group remains a beneficiary of low rates, the broker notes, and strong demand for office, logistics and long WALE real estate.
However, the broker does not see a stellar FY20 being repeated, despite Charter Hall's "unparalleled" track record in raising and deploying capital. Target rises to $13.80 from $12.50. Downgrade to Neutral from Buy.
Target price is $13.80 Current Price is $13.93 Difference: minus $0.13 (current price is over target).
If CHC 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 $14.86, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 35.70 cents and EPS of 68.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.3, implying annual growth of 35.2%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 37.80 cents and EPS of 60.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of -11.6%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $15.65
Credit Suisse rates CTD as Outperform (1) -
First half results slightly missed Credit Suisse estimates. The company has quantified the impact of coronavirus and reduced guidance to an operating earnings (EBITDA) range of $125-150m.
The broker reduces FY20 and FY21 forecasts by -14% and -11% respectively. Coronavirus is the largest driver of the reduction.
Outperform rating maintained. Target is reduced to $24 from $27.
Target price is $24.00 Current Price is $15.65 Difference: $8.35
If CTD meets the Credit Suisse target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 50.98 cents and EPS of 82.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.7, implying annual growth of 6.4%. Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 55.55 cents and EPS of 101.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.8, implying annual growth of 23.7%. Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CTD as Overweight (1) -
The main issue in the first half result was the company flagging a -$15-40m impact from the coronavirus in the second half, depending on the length of the impact on the speed of a recovery.
Morgan Stanley adjusts forecasts to reflect this and assumes a lingering impact into FY21.
However, first half operating earnings were in line and customer count grew, so the broker thus considers the underlying business strength at Corporate Travel intact.
Overweight rating retained. Price target is reduced to $27 from $31. Industry view is In-Line.
Target price is $27.00 Current Price is $15.65 Difference: $11.35
If CTD meets the Morgan Stanley target it will return approximately 73% (excluding dividends, fees and charges).
Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 52.00 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.7, implying annual growth of 6.4%. Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 60.00 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.8, implying annual growth of 23.7%. Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CTD as Hold (3) -
Corporate Travel Management's FY20 first-half result disappointed, thanks to a poor performance in US operations, geopolitics and materially higher corporate costs.
Guidance was revised down to account for the coronavirus (down -14% to -24% on previous guidance), and the broker revises forecasts accordingly. Earnings forecasts are cut -17.6%, -10.7% and -7.6% across FY20/21/22.
Morgans retains a Hold rating but is keeping a keen eye to the risk-reward profile given: the company is highly leveraged to any recovery; signs China's borders are re-opening and North America is improving; and in the light of better macroeconomic indicators.
Target price falls to $18.45 from $19.40.
Target price is $18.45 Current Price is $15.65 Difference: $2.8
If CTD meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 36.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.7, implying annual growth of 6.4%. Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 45.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.8, implying annual growth of 23.7%. Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CTD as Buy (1) -
First half results were slightly ahead of estimates. The company has downgraded FY20 operating earnings (EBITDA) guidance to $125-150m because of the estimated impact of coronavirus.
The US division reported a -20% decline in operating earnings and the broker notes sustainable organic growth appears difficult to achieve.
Improved results from the US will be needed in FY21 to prove the company's global growth credentials, in the broker's opinion. Buy rating maintained. Target is reduced to $20.42 from $25.53.
Target price is $20.42 Current Price is $15.65 Difference: $4.77
If CTD meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $23.50, suggesting upside of 50.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 29.60 cents and EPS of 65.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.7, implying annual growth of 6.4%. Current consensus DPS estimate is 42.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 39.60 cents and EPS of 87.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.8, implying annual growth of 23.7%. Current consensus DPS estimate is 50.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $34.74
Credit Suisse rates CTX as Neutral (3) -
EG Group has made a proposal to acquire Caltex Australia, adding bidding tension to the offer by Couche Tard.
The proposal is based on the acquisition of the convenience business for $3.9bn on a debt-free basis and a separate listing of the fuels and infrastructure business.
Credit Suisse calculates the proposal consideration equates to around $15.62 a share. Execution risks appear to be higher under this proposal, with ACCC clearance probably required in addition to the Foreign Investment Review Board.
Neutral rating and $36.25 target maintained.
Target price is $36.25 Current Price is $34.74 Difference: $1.51
If CTX meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $34.75, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 77.83 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.3, implying annual growth of -38.9%. Current consensus DPS estimate is 79.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 26.5. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 94.57 cents and EPS of 156.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.2, implying annual growth of 51.7%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CTX as Equal-weight (3) -
Caltex Australia has received a non-binding proposal from EG Group, offering $3.9bn in cash and securities to be issued in Ampol, which will operate the Caltex fuel and infrastructure business.
Morgan Stanley calculates the offer could represent anywhere from $29.32 a share and up to $39.77, depending on the multiples assumed. Refining is difficult to value as the refinery made no profit in January 2020 on the broker's estimates.
Target is $34. Industry view is In-Line. Equal-weight.
Target price is $34.00 Current Price is $34.74 Difference: minus $0.74 (current price is over target).
If CTX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $34.75, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.3, implying annual growth of -38.9%. Current consensus DPS estimate is 79.3, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 26.5. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 199.2, implying annual growth of 51.7%. Current consensus DPS estimate is 121.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.90
Citi rates CWN as Neutral (3) -
Citi analysts have concluded the decline in profits at Crown Resorts is set to accelerate in H2 and they have reduced forecasts in response. Price target falls by -7% to $12.20. For now, the coronavirus fall-out is dominating the outlook.
Citi analysts are prepared to look beyond the short to medium term. On a longer term horizon, they see value emerging if only because capex will normalise. There should even be potential for capital mangement, once that is happening.
There is no quantification of Crown's H1 report, but the cuts to estimates suggest Citi had higher expectations. Neutral rating retained.
Target price is $12.10 Current Price is $11.90 Difference: $0.2
If CWN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 60.00 cents and EPS of 46.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 60.00 cents and EPS of 51.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CWN as Neutral (3) -
First half results were mixed and Credit Suisse downgrades FY20 estimates for earnings per share by -7% as Crown resorts management has indicated FY20 corporate cost will be higher as well as flagging concerns about coronavirus affecting players congregating in venues.
The broker reduces the target to $12.00 from $12.45 and retains a Neutral rating.
Target price is $12.00 Current Price is $11.90 Difference: $0.1
If CWN meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 60.00 cents and EPS of 43.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 60.00 cents and EPS of 44.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWN as Neutral (3) -
First half operating earnings were below Macquarie's estimates, given higher-than-expected operating costs at Crown Melbourne.
Despite the near-term uncertainty across the VIP segment and the opening of Crown Sydney in early 2021, Macquarie envisages share price support, given the dividend yield and options on the balance sheet in FY22 and beyond.
Neutral maintained. Target is lowered to $11.95 from $12.60.
Target price is $11.95 Current Price is $11.90 Difference: $0.05
If CWN meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 60.00 cents and EPS of 45.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 60.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CWN as Equal-weight (3) -
First half results were slightly better than Morgan Stanley expected. However, the business still needs a strong recovery in the second half to meet consensus expectations.
Morgan Stanley calculates 4% growth is required in the second half which may be challenging, given the economic backdrop. Crown Sydney remains on time and budget with progressive opening scheduled from December.
Morgan Stanley retains an Equal-weight rating, Cautious industry view and $11.80 target.
Target price is $11.80 Current Price is $11.90 Difference: minus $0.1 (current price is over target).
If CWN meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 60.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 60.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWN as Hold (3) -
First half results were considered positive in terms of slot performance and the VIP business, where the rate of turnover decline slowed to 34.2% from the 44.4% noted at the AGM.
Still, questions persist around Australia-wide tourism generally, as a result of coronavirus, and also specifically in the case of the domestic Crown business at Barangaroo.
Hold rating maintained. Target is reduced to $11.20 from $11.75.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.20 Current Price is $11.90 Difference: minus $0.7 (current price is over target).
If CWN meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 60.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 60.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CWN as Neutral (3) -
Crown Resorts' result was in line with the broker and contained few surprises. Growth on the main floor in Perth, for the first time since 2016, was a highlight.
While the opening of Crown Sydney in 2021 is a key medium term catalyst, short term the coronavirus is likely to have a significant impact, the broker warns.
And there's the ongoing public inquiry into the business. Target falls to $11.40 from $11.65. Neutral retained.
Target price is $11.40 Current Price is $11.90 Difference: minus $0.5 (current price is over target).
If CWN meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.74, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 60.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.3, implying annual growth of -19.9%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 60.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.5, implying annual growth of 4.7%. Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CWP CEDAR WOODS PROPERTIES LIMITED
Infra & Property Developers
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Overnight Price: $8.09
Morgans rates CWP as Hold (3) -
Cedar Woods Properties FY20 first-half result met the broker, albeit down -67% on the previous corresponding period.
Management reiterated guidance for slightly lower FY20 earnings, expecting $340m in pre-sales to settle in the second half.
Morgans expects that a solid development pipeline and embedded value in the WLTC project will underpin medium term earnings, and the company's strong balance sheet and consistent earnings will drive steady dividend growth.
Target price rises to $7.65 from $6.17 but Hold rating is retained given the company's shares are already trading within the valuation range.
Target price is $7.65 Current Price is $8.09 Difference: minus $0.44 (current price is over target).
If CWP meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 31.50 cents and EPS of 54.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 32.00 cents and EPS of 61.00 cents. |
Market Sentiment: 0.0
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: $2.32
Citi rates CWY as Buy (1) -
It's not clear whether the H1 performance of Cleanaway Waste Management met expectations, but Citi analysts made lots of adjustments post the release that ultimately resulted in 1-2% increases to forecasts.
Target price lifts to $2.55 from $2.25 with the Buy rating unchanged as Citi suggests investors should take a positive longer term view on the company's prospects. Citi forecasts circa 11% 3 year EPS compounded growth (CAGR) while also lauding the quality balance sheet.
In a generalised sense, the analysts believe industry rationality and consolidation should be the focus for investors, particularly as the Australian waste industry pivots to deal with regulatory and policy changes.
Target price is $2.55 Current Price is $2.32 Difference: $0.23
If CWY meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 3.90 cents and EPS of 7.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 4.50 cents and EPS of 8.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CWY as Neutral (3) -
First half results were stronger than Credit Suisse expected. This was driven by a stronger EBITDA margin in solid waste and lower financing costs.
Management at Cleanaway Waste Management has reiterated segment margin targets of 27% for solid waste, 20% for liquids & health and 15% for industrial.
Neutral rating maintained. Target is raised to $2.30 from $1.80.
Target price is $2.30 Current Price is $2.32 Difference: minus $0.02 (current price is over target).
If CWY 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 $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 4.01 cents and EPS of 7.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 4.89 cents and EPS of 8.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWY as Outperform (1) -
Cleanaway Waste Manegement's first half underlying net profit was ahead of expectations.
Macquarie finds the outlook marginally softer for the second half, relative to expectations, but notes the risks are receding in key areas and this has underpinned the share price performance.
Target is raised to $2.60 from $2.50. Outperform retained.
Target price is $2.60 Current Price is $2.32 Difference: $0.28
If CWY meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 3.90 cents and EPS of 7.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 4.40 cents and EPS of 8.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CWY as Hold (3) -
Cleanaway Waste Management's FY20 first-half result beat the broker by 2%, thanks mainly to 15% growth in the Liquid Waste and Health Services. The company also guided to modest growth and increased the dividend by 21%.
The company reports stronger earnings, margins and cash conversion. Lower depreciation and amortisation and finance costs were also supportive. All was hunky dory on the contracts front and the TOX integration is on track.
On the gearing front, the $399m US private placement issue for 8-12 years has strengthened the balance sheet and low net debt suggests room for acquisitions.
On the downside, the broker expects weaker commodity revenue, excluding oil, will provide challenges to revenue growth, but the company has been mitigating this through rebate reductions.
Hold rating retained. Target price rises to $2.17 from $2.03.
Target price is $2.17 Current Price is $2.32 Difference: minus $0.15 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 4.00 cents and EPS of 6.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 4.50 cents and EPS of 7.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CWY as Accumulate (2) -
First half net profit, while down -3.2%, was ahead of expectations. There was strong underlying revenue growth in the solid waste services segment.
Ord Minnett believes the Australian waste management industry is poised for structural change and the company is ideally positioned.
Accumulate rating maintained. Target is raised to $2.40 from $2.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.40 Current Price is $2.32 Difference: $0.08
If CWY meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 5.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CWY as Neutral (3) -
Market expectations heading into Cleanaway Waste's result were low, the broker notes, given the combination of bushfires, coronavirus, plant fires and weak commodity prices.
However earnings beat the broker by 4%, thanks to strong revenue growth for Solid Waste Services. FY guidance is also 4% above and highlights the company's ability to overcome economic and commodity price weakness, the broker suggests.
Neutral retained, target rises to $2.20 from $2.02.
Target price is $2.20 Current Price is $2.32 Difference: minus $0.12 (current price is over target).
If CWY meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.37, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 5.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 20.0%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY21:
UBS forecasts a full year FY21 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 8.3, implying annual growth of 15.3%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DMP DOMINO'S PIZZA ENTERPRISES LIMITED
Food, Beverages & Tobacco
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Overnight Price: $64.76
Citi rates DMP as Sell (5) -
There was a lot happening in H1 at Domino's Pizza. Citi analysts have drawn the conclusion that cost control was the key feature, with a suspicion that costs in Australia actually fell during the period. The conclusion is that H1 was "soft" but H2 should be better.
Excluding asset sales and FX, the analysts don't think operational growth (EBITDA) was more than 2%. AASB16 lease accounting has now been incorporated. Target price makes a small move upwards to $49.80 (was $48.60).
Sell rating reiterated, while noting the company suggested it had an encouraging start into H2. Citi doesn't think the recent re-rating for the shares is justified.
Target price is $49.80 Current Price is $64.76 Difference: minus $14.96 (current price is over target).
If DMP meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 124.30 cents and EPS of 177.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 140.00 cents and EPS of 201.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates DMP as Downgrade to Underperform from Neutral (5) -
Credit Suisse believes the enthusiastic market response to the first half result reflects support for a return to strong store and revenue growth.
The results benefitted from increased profit on the sale of franchises and favourable currency.
Rating is downgraded to Underperform from Neutral to reflect valuation. Target is reduced to $53.21 from $53.77.
Target price is $53.21 Current Price is $64.76 Difference: minus $11.55 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 136.00 cents and EPS of 191.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 149.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Neutral (3) -
First half results beat Macquarie's estimates. Like-for-like sales exceeded forecasts in Europe as did Australasian sales.
Macquarie lifts the target to $66.10 from $48.40 amid improved confidence in the growth outlook and rising equity market valuations. Neutral maintained.
Target price is $66.10 Current Price is $64.76 Difference: $1.34
If DMP meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 130.60 cents and EPS of 183.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 147.20 cents and EPS of 210.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DMP as Equal-weight (3) -
Earnings growth has resumed in Australasia while growth in Europe has accelerated. Morgan Stanley believes this has de-risked the outlook after a challenging FY19.
First half results were ahead of estimates, benefiting from an increase in profit on store sales.
However, given the outperformance in the stock over the last six months the broker sticks with Equal-weight. Target is raised to $57 from $41. Cautious industry view.
Target price is $57.00 Current Price is $64.76 Difference: minus $7.76 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 182.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Reduce (5) -
Domino's Pizza reported a FY20 first-half result in line with consensus, same store sales accelerating 6.3% thanks in part to the reintroduction of the $5 value range.
Management reiterated guidance for 10% to 15% top line growth - a 10% compound average growth rate in EPS.
Despite the company's strong defensive stance and strong growth profile, the broker retains a Reduce recommmendation.
Target price rises to $57.61 from $45.23.
Target price is $57.61 Current Price is $64.76 Difference: minus $7.15 (current price is over target).
If DMP meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 125.00 cents and EPS of 178.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 140.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Upgrade to Accumulate from Lighten (2) -
First half results were behind Ord Minnett's forecasts, yet sales growth was recorded across the business. Same-store sales growth recovered in Australasia while Europe was a key driver of growth.
Ord Minnett reviews its investment thesis and upgrades Domino's Pizza to Accumulate from Lighten.
The broker remains confident strong earnings growth will continue and identifies a degree of valuation support, making the risk/reward balance attractive despite the recent share price performance. Target is raised to $67 from $52.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $67.00 Current Price is $64.76 Difference: $2.24
If DMP meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 176.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 202.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Neutral (3) -
Domino's Pizza's result featured strong earnings (EBITDA) growth and solid cash conversion, and the trading update was an improvement, UBS notes.
But EBIT fell -3% short of consensus and 44% of profit came from store sales. The balance leads to forecast cuts from the broker, citing commodity price pressure, slow store growth and weaker margins in Japan.
UBS sees a long term growth opportunity but considers shorter term expectations to be too optimistic. Downgrade to Sell from Neutral. Target rises to $52.50 from $50.00.
Target price is $52.50 Current Price is $64.76 Difference: minus $12.26 (current price is over target).
If DMP meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $57.60, suggesting downside of -11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 125.00 cents and EPS of 179.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of 33.6%. Current consensus DPS estimate is 128.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 35.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 143.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.5, implying annual growth of 13.0%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FBU FLETCHER BUILDING LIMITED
Building Products & Services
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Overnight Price: $5.34
Citi rates FBU as Buy (1) -
Fletcher Building missed the mark with its H1 performance, but as management stuck by its FY20 guidance, Citi analysts conclude a strong recovery in H2 must be building (sorry, pun intended).
Citi suggests housing markets in New Zealand look well supported. In Australia, a bottom seems to be in place. Management is still cutting costs out of the business.
The combination of being the cheapest stock in the sector plus leverage to the housing cycle keeps the Buy rating not just in place, but it is hereby reiterated.
Current Price is $5.34. Target price not assessed.
Current consensus price target is N/A
Forecast for FY20:
Current consensus EPS estimate is 31.1, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
Current consensus EPS estimate is 34.0, implying annual growth of 9.3%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FBU as Neutral (3) -
First half results were slightly below Credit Suisse's expectations. Steel broke even while softness was noted across other NZ divisions. Australia was a disappointment, with EBIT down -19%.
The company reports the cost cutting in Australia is nearing completion. Full-year earnings guidance of NZ$515-565m was re-affirmed.
Target price for Fletcher Building rises to NZ$5.39 from NZ$4.98. Neutral rating retained.
Current Price is $5.34. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 21.83 cents and EPS of 30.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 25.63 cents and EPS of 36.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 9.3%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FBU as Neutral (3) -
Fletcher Building's first half results were lower than expected. FY20 guidance has been maintained and appears achievable to Macquarie.
The broker notes the expected second half earnings recovery is based on lower depreciation and higher land development guidance. It also requires a recovery in NZ steel.
Macquarie maintains a Neutral rating and reduces the target to NZ$4.88 from NZ$5.00.
Current Price is $5.34. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.83 cents and EPS of 29.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 22.30 cents and EPS of 31.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 9.3%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FBU as Equal-weight (3) -
Morgan Stanley notes a significant skew to the second half is required for Fletcher Building to achieve guidance. First half results were softer than expected, with EBIT down -19%.
While profit in the Australian business fell, the turnaround appears on track, the broker adds. Equal-weight rating maintained. Target is raised to NZ$4.78 from NZ$4.72. Cautious industry view.
Current Price is $5.34. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 32.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 31.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 9.3%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FBU as Neutral (3) -
Fletcher Building's share price has been range-bound over the past year as expectations for growth continue to be met by earnings downgrades.
The first half result provided little reason for the broker to expect this to change. While earnings were only modestly weak, all six divisions reported weakness.
This leaves the broker with the impression that competitive pressures are increasing. Neutral and NZ$5.05 target retained.
Current Price is $5.34. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 21.83 cents and EPS of 30.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 23.73 cents and EPS of 36.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 9.3%. Current consensus DPS estimate is 24.1, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.7. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.34
Citi rates FMG as Neutral (3) -
Citi found H1 "terrific" with the performance essentially in-line with expectations. Underlying profit was some 4% above market consensus, on the analysts' assessment. They laud management at Fortescue Metals for having been remarkably consistent over the past three years.
Earnings adjustments post the release have been minimal. The target price rises to $10.50, with Citi analysts pointing out the 10%-plus dividend yield can become a two-edged sword when the company can no longer sustain such a high payout.
Target price is $10.50 Current Price is $11.34 Difference: minus $0.84 (current price is over target).
If FMG meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 120.15 cents and EPS of 178.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 75.28 cents and EPS of 126.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Neutral (3) -
First half results were in line with expectations. Credit Suisse observes the numbers reflect a strong operating performance and a market backdrop that continues to deliver on pricing.
If market conditions remain favourable the company should be in a position to deliver another strong dividend in August, in the broker's view. Neutral rating and $11 target maintained.
Target price is $11.00 Current Price is $11.34 Difference: minus $0.34 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 144.76 cents and EPS of 222.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 99.88 cents and EPS of 153.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Outperform (1) -
First half results were slightly ahead of estimates. The operating performance remains strong with the company on track to push the upper end of guidance, Macquarie asserts.
Earnings upgrade momentum remains strong, with the spot price scenario generating substantially higher earnings versus the broker's base case for both FY21 and FY22. Target is raised to $13.00 from $12.80.
Target price is $13.00 Current Price is $11.34 Difference: $1.66
If FMG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 144.04 cents and EPS of 213.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 79.04 cents and EPS of 112.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Underweight (5) -
First half results were slightly better than expected, although the dividend was below estimates. Cash generation was better, derived from working capital releases.
Morgan Stanley considers Fortescue Metals a quality business with an expensive valuation and retains an Underweight rating and $8 target. Industry view is In-Line.
Target price is $8.00 Current Price is $11.34 Difference: minus $3.34 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 150.55 cents and EPS of 199.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 59.35 cents and EPS of 98.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Reduce (5) -
Fortescue Metals Group reports a FY20 first-half result that broadly met the broker. Earnings and free cash flow were strong, further supporting a healthy balance sheet.
Similar to BHP Group ((BHP)), the company takes a conservative stance on the dividend, possibly in light of the coronavirus, reducing its payout ratio to the policy midrange of 65%. Management says the company has experienced no direct impact from the coronavirus and maintains sales and cost guidance.
Morgans expect the collapse in Chinese steel margins over the past six weeks, combined with the build-up of steel inventories, could hurt iron-ore demand, and expects a net decline in all iron-ore grades in the June half in the absence of substantial stimulus.
Reduce rating retained. Target price edges up to $6.96 from $6.77.
Target price is $6.96 Current Price is $11.34 Difference: minus $4.38 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 60.80 cents and EPS of 167.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 30.40 cents and EPS of 62.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Hold (3) -
First half net profit was ahead of Ord Minnett's forecasts and operating earnings were in line.
The broker considers the results clean, noting the company is in strong financial shape.
As the stock is trading on fair value estimates a Hold rating and $11 target are maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.00 Current Price is $11.34 Difference: minus $0.34 (current price is over target).
If FMG meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 196.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 131.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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 FMG as Sell (5) -
Fortescue Metals reported earnings ahead of expectations but the interim dividend fell short of the broker's forecast. Depending on second half cash flows, the company may make this up with a higher final, the broker suggests.
The broker has lifted its iron ore price forecasts on a balance of demand falling due to the virus in this quarter but bouncing back next quarter, and the supply impact of weather events.
Target rises to $9.30 from $8.40. Sell retained, as the broker is concerned that near term weakness in steel prices as a result of a build in steel inventory in China could see near term pressure on the iron ore price and share price.
Target price is $9.30 Current Price is $11.34 Difference: minus $2.04 (current price is over target).
If FMG meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.97, suggesting downside of -12.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 205.56 cents and EPS of 215.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.2, implying annual growth of N/A. Current consensus DPS estimate is 212.5, implying a prospective dividend yield of 18.7%. Current consensus EPS estimate suggests the PER is 5.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 162.13 cents and EPS of 170.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 126.4, implying annual growth of -38.7%. Current consensus DPS estimate is 167.6, implying a prospective dividend yield of 14.8%. Current consensus EPS estimate suggests the PER is 9.0. |
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
Overnight Price: $11.75
Citi rates LOV as Buy (1) -
No quantification of the result, but Citi notes the outlook for Lovisa is increasingly dependent on further store rollout in the US, while the precise impact from the coronavirus fallout is yet to be determined. Like-for-like the analysts believe negative growth of -7.4% lays ahead for H2.
The analysts have turned more cautious on the stock as short term pressure and a higher risk profile dominate their view. Earnings estimates have been reduced, also taking into account a slower store rollout.
Target price loses -6% to $13.20 as reduced forecasts are partially compensated for through higher market multiples, plus the impact from rolling forward the modeling. Buy rating remains in place.
Target price is $13.20 Current Price is $11.75 Difference: $1.45
If LOV meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 25.00 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 1.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 30.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 27.5%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LOV as Outperform (1) -
Lovisa Holdings' first half results were weaker than expected in terms of gross margins and net profit. The outlook has signalled a short-term impact from coronavirus.
Still, Macquarie continues to believe the short-term multiple is attractive, as forecasts do not include material contributions from the US or France nor the long-term growth that can be delivered from rolling out more stores.
Coverage is transferred to another analyst and the broker retains an Outperform rating. Target is reduced to $13.50 from $14.50.
Target price is $13.50 Current Price is $11.75 Difference: $1.75
If LOV meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 30.00 cents and EPS of 38.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 1.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 38.40 cents and EPS of 49.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 27.5%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LOV as Equal-weight (3) -
Lovisa Holdings' first half results were ahead of Morgan Stanley's estimates. However, the broker notes a slow start to the second half amid Chinese supply chain disruptions stemming from the coronavirus outbreak.
Equal-weight rating retained. Target is $12.20. Industry view is In-Line.
Target price is $12.20 Current Price is $11.75 Difference: $0.45
If LOV meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 34.00 cents and EPS of 38.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 1.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 35.10 cents and EPS of 47.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 27.5%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LOV as Add (1) -
Morgans issues a call to action after Lovisa Holdings released an in-line FY20 first-half result, as strong earnings fought off strong FX winds.
The broker notes the 20% improvement in top-line growth is a testament to the power of the company's global store rollout capability. Momentum is solid and the US is calling. All eyes are on the ramp-up leverage.
Coronavirus hit like for like sales but the effects are difficult to quantify at this stage and may well hit the second half, says the broker.
Add rating retained. Target price eases to $13.95 from $14.12.
Target price is $13.95 Current Price is $11.75 Difference: $2.2
If LOV meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $13.21, suggesting upside of 12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 29.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of 1.7%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 38.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 27.5%. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.84
Macquarie rates MGX as Outperform (1) -
First half results were mixed, with Mt Gibson's earnings stronger than Macquarie expected, but cash flow below.
The ramping up of Koolan Island continues and remains a key catalyst over FY20 while the decision to increase low-grade stockpile sales is considered a positive, given the buoyant iron ore price.
Macquarie retains an Outperform rating and $1.10 target.
Target price is $1.10 Current Price is $0.84 Difference: $0.26
If MGX meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 10.10 cents. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 2.00 cents and EPS of 8.20 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MMS MCMILLAN SHAKESPEARE LIMITED
Vehicle Leasing & Salary Packaging
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Overnight Price: $11.94
Credit Suisse rates MMS as Neutral (3) -
McMillan Shakespeare's first half results were weaker than Credit Suisse expected at the headline level. Novated lease volumes, while facing headwinds from declines in new car sales, continue to materially outperform.
However, given the pressures the broker is inclined to sit on the sidelines for a little longer. Neutral maintained. Target is reduced to $12.80 from $14.50.
Target price is $12.80 Current Price is $11.94 Difference: $0.86
If MMS meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 74.02 cents and EPS of 103.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.3, implying annual growth of 32.9%. Current consensus DPS estimate is 70.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 75.01 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of 10.8%. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MMS as Neutral (3) -
McMillan Shakespeare's first half net profit was in line with expectations and guidance is unchanged. Wholesale funding, which will commence in FY21, will provide an alternative for non-approved units from current financiers, says the broker.
Despite the capital management, Macquarie notes there has been a material de-rating for the stock and suspects the overhang on sentiment includes shifting behaviour across insurance and credit.
Neutral rating maintained. Target is reduced to $12.60 from $13.30.
Target price is $12.60 Current Price is $11.94 Difference: $0.66
If MMS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 65.90 cents and EPS of 101.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.3, implying annual growth of 32.9%. Current consensus DPS estimate is 70.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 69.60 cents and EPS of 107.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of 10.8%. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MMS as Equal-weight (3) -
McMillan Shakespeare's first half earnings were below Morgan Stanley's estimates. FY20 net profit forecast of $83-87m has been re-affirmed.
The broker notes new vehicle sales and lender appetite remain key risks.
Morgan Stanley notes the Australian market remains flat and highly competitive. Target is $14.80. In-Line sector view. Equal-weight.
Target price is $14.80 Current Price is $11.94 Difference: $2.86
If MMS meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 63.60 cents and EPS of 97.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.3, implying annual growth of 32.9%. Current consensus DPS estimate is 70.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 73.40 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of 10.8%. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MMS as Hold (3) -
Volumes in novated leasing and salary packaging were strong in the first half and Ord Minnett expects news on the strategic review of the UK business by the end of June.
The risk to unchanged FY20 guidance for underlying net profit of $83-87m is to the downside, in the broker's opinion, owing to the risks McMillan Shakespeare cites regarding lender appetite and new car sales.
Hold maintained. Target is reduced to $11.80 from $12.80.
Target price is $11.80 Current Price is $11.94 Difference: minus $0.14 (current price is over target).
If MMS meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.83, suggesting upside of 15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 74.00 cents and EPS of 96.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 102.3, implying annual growth of 32.9%. Current consensus DPS estimate is 70.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 76.00 cents and EPS of 107.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 113.3, implying annual growth of 10.8%. Current consensus DPS estimate is 75.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MND MONADELPHOUS GROUP LIMITED
Mining Sector Contracting
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Overnight Price: $16.75
Ord Minnett rates MND as Lighten (4) -
Monadelphous' first half results were soft and missed expectations. As a result, Ord Minnett reduces earnings estimates by -6% for FY20 and FY21.
While the maintenance division performed well it was not as strong as initially anticipated. Meanwhile, margins continue to come under pressure.
While the company has shifted away from relying on construction earnings, it still retains significant exposure to the sector, comments the broker. Lighten rating and $15 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $15.00 Current Price is $16.75 Difference: minus $1.75 (current price is over target).
If MND meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.55, suggesting downside of -1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.4, implying annual growth of 23.6%. Current consensus DPS estimate is 51.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.2, implying annual growth of 20.8%. Current consensus DPS estimate is 62.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MOE MOELIS AUSTRALIA LIMITED
Wealth Management & Investments
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Overnight Price: $5.82
Ord Minnett rates MOE as Buy (1) -
Moelis' 2019 earnings were below Ord Minnett's estimates. Corporate advisory productivity is strong despite an increase in personnel.
The investment in the asset management part of the business is largely complete and the capital base is broader, the broker notes.
Buy rating maintained. Target is raised to $5.88 from $5.83.
Target price is $5.88 Current Price is $5.82 Difference: $0.06
If MOE meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 11.00 cents and EPS of 27.80 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 12.00 cents and EPS of 30.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.90
Citi rates NEA as Buy (1) -
Weaker than expected cash flows have added to issues of higher churn in the US and slowing momentum in A&NZ, comment Citi analysts, adding market concerns are rising Nearmap might have to raise fresh capital to keep funding growth.
Execution risk remains high, suggest the analysts, but they also believe one can keep the faith in management's ability to reduce costs and lift momentum. Management has stated H2 is off to a good start, including signing a large deal that slipped in H1.
On Citi's projections, Nearmap will end FY21 with $17m in net cash, but the analysts concede any further issues operationally could put the balance sheet under pressure. Price target remains $2.70. Buy.
Target price is $2.70 Current Price is $1.90 Difference: $0.8
If NEA meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $2.70, suggesting upside of 42.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 8.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -8.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 8.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NEA as Overweight (1) -
Nearmap's first half earnings were largely pre-released. Morgan Stanley notes, given the step up in churn, the market is seeking more convincing evidence of a stabilisation.
The broker also suspects investors are wary about the competitive landscape despite the company's assurances that no major churn is caused by competition.
Overweight rating and In-Line industry view maintained. Target is $2.30.
Target price is $2.30 Current Price is $1.90 Difference: $0.4
If NEA meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $2.70, suggesting upside of 42.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -8.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -5.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.22
Morgan Stanley rates NEW as Upgrade to Overweight from Equal-weight (1) -
2019 production was slightly below Morgan Stanley's estimates while earnings beat forecasts by 19%. The broker now estimates 109% cash coverage of an 8.1c distribution in 2020.
The broker assesses New Energy Solar is a rare pure renewables exposure with an undemanding valuation and upgrades to Overweight from Equal-weight. Industry view: Cautious. Target is raised to $1.41 from $1.38.
Target price is $1.41 Current Price is $1.22 Difference: $0.19
If NEW meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 8.10 cents and EPS of 13.00 cents. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 8.30 cents and EPS of 15.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.86
Credit Suisse rates NHC as Outperform (1) -
New Hope Corp's Bengalla mine has delivered again, which contrasts with declining output at Acland, reminding the market of the impending closure of stage 2 and no sign of approval for stage 3.
Credit Suisse adjusts numbers to now strip out stage 3 as the state government is awaiting High Court proceedings before making a decision.
The broker would be happy to put value back into the calculation at a later stage. Outperform retained. Target is reduced $2.30 from $2.50.
Target price is $2.30 Current Price is $1.86 Difference: $0.44
If NHC meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 30.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 12.00 cents and EPS of 17.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of -26.5%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 12.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.4, implying annual growth of -17.2%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHC as Upgrade to Outperform from Neutral (1) -
Strong results from Bengalla have offset declining production from New Acland. Stage 3 approvals have been delayed until legal proceedings are resolved.
Incorporating the quarterly result and increasing the production profile for Bengalla results in an increase of 6% in Macquarie's estimate for earnings per share.
Target rises to $2.00 from $1.90. Macquarie upgrades New Hope Corp to Outperform from Neutral as there is also upside in a spot price scenario.
Target price is $2.00 Current Price is $1.86 Difference: $0.14
If NHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $2.43, suggesting upside of 30.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 13.00 cents and EPS of 26.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of -26.5%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 10.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 7.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.4, implying annual growth of -17.2%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.29
Morgan Stanley rates ORE as Equal-weight (3) -
The company intends to acquire the remaining shares in Advantage Lithium in an all-scrip deal. Morgan Stanley suspects a negative reaction to the news is likely in line with the dilution prospects.
The purchase rationale centres on deterring competition buying the business and impacting on brine quality, but the broker believes this can only be confirmed once the deal is completed.
Equal-weight rating and In-Line industry view maintained. Target is $2.85.
Target price is $2.85 Current Price is $3.29 Difference: minus $0.44 (current price is over target).
If ORE meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.33, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 7.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 365.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.48
Credit Suisse rates ORI as Neutral (3) -
The acquisition of Exsa appears to be relatively straightforward, with cost synergies for the in-sourcing of detonator manufacturing and access to bulk explosives.
Credit Suisse assesses this as a fairly-priced acquisition. What was more surprising was the capital raising of $250m in excess of the acquisition requirement.
This is difficult to rationalise, indicating more credit constraints than the broker had previously assumed. Neutral rating maintained. Target is $21.85.
Target price is $21.85 Current Price is $21.48 Difference: $0.37
If ORI meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 69.16 cents and EPS of 105.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.5, implying annual growth of 60.5%. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 80.75 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.6, implying annual growth of 10.7%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORI as Neutral (3) -
Orica will acquire Peruvian explosives company Exsa for US$203m. A fully underwritten $500m placement has also been announced.
Macquarie finds the equity raising for an acquisition of this size surprising, as it also reflects gearing at the top end of the range.
The broker suspects the company is seeking to maintain balance sheet flexibility for further acquisitions or growth initiatives.
The broker retains a Neutral rating and raises the target to $23.25 from $23.05.
Target price is $23.25 Current Price is $21.48 Difference: $1.77
If ORI meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 55.40 cents and EPS of 100.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.5, implying annual growth of 60.5%. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 60.60 cents and EPS of 109.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.6, implying annual growth of 10.7%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORI as Equal-weight (3) -
The Exsa acquisition, for US$203m, makes strategic sense to Morgan Stanley as it provides a complementary business in an attractive location.
Post-synergy valuation of Orica appears attractive as well and delivery on this purchase will be key.
FY20 earnings guidance is maintained but the start-up to Burrup has been delayed to the end of April.
Equal-weight maintained. Target is $22. Industry view is Cautious.
Target price is $22.00 Current Price is $21.48 Difference: $0.52
If ORI meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 60.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.5, implying annual growth of 60.5%. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.6, implying annual growth of 10.7%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORI as Lighten (4) -
Orica has acquired Peruvian explosives manufacturer Exsa for US$203m. The company has also announced a $500m capital raising and $100m non-underwritten share purchase plan.
Around 70% of the capital raising will be used for the acquisition, with the remaining funds to support core capital initiatives that are underway.
The earnings impact from the acquisition is expected to be neutral in FY20 after transaction costs.
Lighten rating maintained. Target is $17.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $17.00 Current Price is $21.48 Difference: minus $4.48 (current price is over target).
If ORI meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $22.09, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.5, implying annual growth of 60.5%. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.6, implying annual growth of 10.7%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.38
Credit Suisse rates OSH as Upgrade to Neutral from Underperform (3) -
Credit Suisse suspects the market may be overly pessimistic regarding the prospect of the P'nyang deal.
This may still be achieved, as both ExxonMobil and government statements support the possibility, and could provide near-term price support.
After the Oil Search share price has de-rated over the last two weeks, Credit Suisse upgrades to Neutral from Underperform.
The broker still considers the stock fundamentally overvalued on a risked basis, with material downside should P'nyang not proceed. Target is $6.
Target price is $6.00 Current Price is $6.38 Difference: minus $0.38 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.93, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.35 cents and EPS of 31.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.3, implying annual growth of N/A. Current consensus DPS estimate is 14.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 15.66 cents and EPS of 34.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.6, implying annual growth of 13.3%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 17.4. |
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
OTW OVER THE WIRE HOLDINGS LIMITED
Cloud services
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Overnight Price: $3.20
Morgans rates OTW as Add (1) -
Over The Wire's FY20 first-half result fell drastically short of the broker (-34%), a slowing in organic growth and higher costs pincering the company.
While Morgans believes the company is right in taking a long-term view, its failure to communicate this with the investment community has severely dented confidence in the stock.
The broker cuts earnings-per-share forecasts -30% and downgrades to Hold from Add.
Target price is cut to $3.79 from $5.16.
Target price is $3.79 Current Price is $3.20 Difference: $0.59
If OTW meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 3.80 cents and EPS of 18.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 4.30 cents and EPS of 20.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.03
Ord Minnett rates OZL as Upgrade to Accumulate from Lighten (2) -
Ord Minnett believes OZ Minerals can fund its growth ambitions over the next decade by restricting developments to one at a time and prioritising West Musgrave over Carrapateena BC.
The broker expects the valuation to re-rate over the next six months and upgrades to Accumulate from Lighten. Target is raised to $11.30 from $9.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.30 Current Price is $10.03 Difference: $1.27
If OZL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $10.65, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 8.00 cents and EPS of 48.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of -51.7%. Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 40.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 21.00 cents and EPS of 76.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 80.5, implying annual growth of 228.6%. Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.43
Credit Suisse rates PGH as Outperform (1) -
Credit Suisse observes contract manufacturing was very weak in the first half while the volume erosion in packaging continues.
The broker regards the business as a restructuring story and its core packaging business undervalued, given the leading market position.
Estimates for earnings per share are downgraded -24-28% across the forecast period. Nevertheless, cash flow surpassed forecasts and was the best first half in that regard since the IPO.
Outperform rating maintained. Target is reduced to $3.30 from $3.60.
Target price is $3.30 Current Price is $2.43 Difference: $0.87
If PGH meets the Credit Suisse target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 12.00 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 7.4%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.0. |
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) -
First half net profit was weaker than Macquarie forecast. The FY20 outlook has been downgraded to flat operating earnings (EBITDA) from "modest growth".
The main positive for the broker was the strong operating cash flow, with 63% conversion.
Nevertheless, the top-line is seen going backwards and, while external factors were partially responsible, the broker suspects the company is losing market share.
Target is reduced to $2.60 from $2.80. Neutral maintained.
Target price is $2.60 Current Price is $2.43 Difference: $0.17
If PGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 14.1% (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 17.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 5.00 cents and EPS of 21.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 7.4%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.0. |
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 Group's FY20 first-half result outpaced the broker but FY20 guidance was downgraded to FY19 levels to reflect expected falls in volume (depending on the global economy).
Pact Group has entered into a joint venture with Cleanaway Waste Management ((CWY)) and Asahi to develop a recycling facility in Albury/Wodonga that will process 28,000 tonnes of plastic a year into high quality, food grade raw materials for use in packaging, enhancing its sustainability objectives. The company has taken a 40% stake.
Hold retained to reflect continuing risks and tough operating conditions. Target price falls to $2.54 from $2.96.
Target price is $2.54 Current Price is $2.43 Difference: $0.11
If PGH meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 14.1% (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 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 8.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 7.4%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PGH as Hold (3) -
Pact Group's first half net profit was ahead of Ord Minnett's forecasts. Operating earnings (EBITDA) were broadly in line.
At first glance, the broker believes the company's new strategy has appeal, and could arrest underlying declines in volume over time.
However, there is no evidence of volume growth as yet and returns from plastic recycling facilities and pooling operations remain uncertain.
Hold rating remains in place. Target rises to $2.65 from $2.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.65 Current Price is $2.43 Difference: $0.22
If PGH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.77, suggesting upside of 14.1% (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 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.2, implying annual growth of 7.4%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RDC REDCAPE HOTEL GROUP
Travel, Leisure & Tourism
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Overnight Price: $1.13
Ord Minnett rates RDC as Buy (1) -
Red cape Hotel's first half earnings were ahead of Ord Minnett's forecasts. The broker liked the result, noting management continues to perform work in asset optimisation and has progressed several proposals around long-term developments.
The increased distribution guidance of over 9.2c per security and the cash generating nature of the business lead the broker to maintain a Buy rating. Target is raised to $1.24 from $1.17.
Target price is $1.24 Current Price is $1.13 Difference: $0.11
If RDC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 8.80 cents and EPS of 7.40 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 8.80 cents and EPS of 7.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SAR SARACEN MINERAL HOLDINGS LIMITED
Gold & Silver
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Overnight Price: $4.21
Ord Minnett rates SAR as Accumulate (2) -
Saracen Mineral's first half earnings were in line with Ord Minnett's estimates. The broker considers the net debt position of $168m very manageable.
The second half will also indicate the run rate, as production lifts to 325,000 ounces of gold. Given the broker's gold price forecast, such an outcome could mean profit doubles.
Accumulate rating and $4.70 target maintained.
Target price is $4.70 Current Price is $4.21 Difference: $0.49
If SAR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.55, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.5, implying annual growth of 108.0%. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of 46.0%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.94
Credit Suisse rates SBM as Outperform (1) -
St Barbara's first half underlying net profit was in line with expectations. The pay-out is elevated, Credit Suisse observes, supported by the balance sheet rather than earnings.
The broker assesses a stronger second half is on the way, amid several growth options, and the valuation remains appealing. Outperform rating and $3.20 target maintained.
Target price is $3.20 Current Price is $2.94 Difference: $0.26
If SBM meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.08, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 9.99 cents and EPS of 19.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of -9.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 7.42 cents and EPS of 30.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.2, implying annual growth of 44.3%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Neutral (3) -
St Barbara's first half net profit was in line with expectations. The lifting of the ventilation constraints at Gwalia remains imminent and this will help throughput. A new resource at Simberi is also expected.
Nevertheless, Macquarie suspects third quarter production will remain heavily constrained at Gwalia. Target is raised to $2.70 from $2.60. Neutral maintained.
Target price is $2.70 Current Price is $2.94 Difference: minus $0.24 (current price is over target).
If SBM meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.08, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of -9.6%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 9.00 cents and EPS of 28.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.2, implying annual growth of 44.3%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.90
Credit Suisse rates SGM as Downgrade to Neutral from Outperform (3) -
First half results were in line with the weak guidance provided. The underlying earnings (EBIT) loss of -$23m was slightly better than Credit Suisse anticipated. FY20 EBIT guidance is $17-37m. This captures the initial benefits of a new cost reduction program.
The broker assesses the earnings outlook for Sims Metal has several caveats, including the risks from coronavirus, aggressive competitor buy side pricing and changes in sentiment towards the Turkish economy.
Rating is downgraded to Neutral from Outperform on valuation. Target is $10.60.
Target price is $10.60 Current Price is $10.90 Difference: minus $0.3 (current price is over target).
If SGM meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.63, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 12.61 cents and EPS of minus 1.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.1, implying annual growth of -95.9%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 351.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 13.65 cents and EPS of 57.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 1680.6%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.43
Citi rates SGP as Sell (5) -
Citi analysts comment Stockland's H1 performance slightly missed expectations, but FY20 guidance for funds from operations (FFO) of 37.4c (unchanged from FY19) has been maintained.
The analysts observe retailers calling in administrators remains a headwind for the company, while residential markets are improving.
Citi has incorporated higher debt, which pushes the price target a little lower to $4.09 (from $4.10). Sell rating retained. Citi acknowledges the improvement in resi-markets, but believes resi-earnings are likely to decline in FY21.
Target price is $4.09 Current Price is $5.43 Difference: minus $1.34 (current price is over target).
If SGP meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 27.60 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 28.00 cents and EPS of 37.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGP as Underperform (5) -
Stockland's first half results were in line with expectations. FY20 guidance for 37.4c per share is reaffirmed.
Macquarie suspects the underlying drivers of the business are improving, although retail conditions will remain a drag in the near term.
With limited valuation upside, the broker retains an Underperform rating. Target is raised to $4.71 from $4.46.
Target price is $4.71 Current Price is $5.43 Difference: minus $0.72 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 28.10 cents and EPS of 31.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 28.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGP as Overweight (1) -
First half results were slightly below expectations. The company has increased FY20 residential settlements to 5,200 and has guided to 5,800 settlements in FY21.
Morgan Stanley suspects Stockland will be the first to benefit from any sign of a residential upswing because its land lots production strategy targeted at owner-occupiers is playing out.
Target is raised to $5.55 from $5.50. Rating is Overweight. Industry view is In-Line.
Target price is $5.55 Current Price is $5.43 Difference: $0.12
If SGP meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 27.60 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 28.70 cents and EPS of 38.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGP as Lighten (4) -
Stockland's first half results were broadly in line with Ord Minnett's forecasts. The broker expects growth to remain subdued.
While residential settlements will rebound in FY21, this will only cover the FY20 project profits, the broker assesses.
The positive drivers include industrial income growth and falling debt costs. Lighten rating maintained. Target rises to $4.50 from $4.30.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.50 Current Price is $5.43 Difference: minus $0.93 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.69, suggesting downside of -13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 28.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 28.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGP as Sell (5) -
Stockland's result was in line with the broker after adjusting for the timing of bulk land sales. FY20 guidance is unchanged, implying a strong second half skew is required. Residential volume guidance is increased and debt costs reduced, but these are offset by retailer bankruptcies running ahead of expectation, the broker notes.
Rents are being re-based downwards and incentives are elevated but on the positive side, it appears specialty sales are starting an upward trend. Target rises to $4.80 from $4.65, Sell retained.
Target price is $4.80 Current Price is $5.43 Difference: minus $0.63 (current price is over target).
If SGP 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 $4.69, suggesting downside of -13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 27.60 cents and EPS of 37.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 28.70 cents and EPS of 37.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $31.30
Citi rates SHL as Neutral (3) -
Citi found the H1 performance "solid" with management keeping FY20 guidance unchanged. The broker has responded by retaining its Neutral rating with a higher price target; $33.50 instead of $29.75.
Citi considers Sonic Healthcare a "stable and well-managed business". No further acquisitions are assumed for the time being, but the analysts do see potential for earnings upside from further acquisitions in the years ahead.
Post the Aurora acquisition, the USA will now become the largest division in the group, point out the analysts. They note management has declared the company has room for $1bn in further acquisitions.
Target price is $33.50 Current Price is $31.30 Difference: $2.2
If SHL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 89.00 cents and EPS of 121.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 99.00 cents and EPS of 131.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SHL as Upgrade to Outperform from Neutral (1) -
First half underlying operating earnings (EBITDA) were in line with Credit Suisse estimates and benefited from the Aurora acquisition.
Sonic Healthcare's FY20 EBITDA guidance for comparable growth of 6-8% was reaffirmed.
Credit Suisse upgrades to Outperform from Neutral, increasing operating earnings estimates by 25% as accounting changes are incorporated into its modelling. Target is raised to $33.20 from $31.80.
Target price is $33.20 Current Price is $31.30 Difference: $1.9
If SHL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 88.00 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 95.00 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SHL as Neutral (3) -
Sonic Healthcare's first half results were in line with forecasts and FY20 guidance has been reaffirmed.
Macquarie notes reimbursement headwinds in the US and Germany present challenges to organic growth in the near to medium term.
There are reasonable growth opportunities in other key regions. In addition, the company has flexibility on the balance sheet to provide other growth options.
Target price rises to $30.00 from $27.40. Neutral rating retained.
Target price is $30.00 Current Price is $31.30 Difference: minus $1.3 (current price is over target).
If SHL 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 $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 90.00 cents and EPS of 120.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 94.00 cents and EPS of 126.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
Sonic Healthcare's first half revenues were slightly ahead of expectations while operating earnings missed.
Morgan Stanley observes the company continues to grind out growth, estimating organic growth across the business of 4.2%. Australian collection centre costs continue to moderate.
Target is reduced to $34.08 from $34.58. Overweight rating retained, although the valuation is becoming challenged in the broker's view. Industry view: In Line.
Target price is $34.08 Current Price is $31.30 Difference: $2.78
If SHL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 87.40 cents and EPS of 121.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 92.70 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
Sonic Healthcare's FY20 first-half result was mixed, thanks in part to accounting changes, the Aurora acquisition and foreign exchange, says Morgans.
But the broker notes double-digit top and bottom-line gains, thanks to solid organic growth across the business and margin accretion in Laboratory.
The company reiterated guidance. Morgans believes this should be easily achievable if Sonic can leverage the first validated PCR test for Covid-19 (coronavirus). Headwinds remain in US and Germany, but western Europe performed solidly.
The broker tinkers with forecasts and maintains an Add rating. Target price rises to $35.12 from $31.00.
Target price is $35.12 Current Price is $31.30 Difference: $3.82
If SHL meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 84.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 91.00 cents and EPS of 143.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Accumulate (2) -
First half net profit was below forecasts. Nevertheless, Ord Minnett consider the results solid and remains comfortable the company is on track to deliver growth in earnings per share above 5% in FY20.
Sonic Healthcare's return on capital remains less impressive, although an improvement is also expected on this front. Accumulate maintained. Target rises to $35 from $32.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $35.00 Current Price is $31.30 Difference: $3.7
If SHL meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 88.00 cents and EPS of 120.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 92.00 cents and EPS of 124.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SHL as Sell (5) -
Sonic Healthcare's earnings fell slightly short of UBS estimates despite a beat on revenue thanks to a solid contribution from Aurora.
A strong performance from Australia and UK pathology and imaging was not enough to offset margin weakness in the US.
As the stock is trading on a 24.7x forward PE versus an average 21.3x, the broker retains Sell. Target unchanged at $26.50.
Target price is $26.50 Current Price is $31.30 Difference: minus $4.8 (current price is over target).
If SHL meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $32.49, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 87.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -0.5%. Current consensus DPS estimate is 87.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 90.00 cents and EPS of 125.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.9, implying annual growth of 6.6%. Current consensus DPS estimate is 93.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $7.36
Credit Suisse rates SIQ as Neutral (3) -
Smartgroup's 2019 result was in line with guidance and contained no major surprises for Credit Suisse.
Going forward, there will be a modest earnings lift from acquisitions in 2020 and the company stands to benefit when industry conditions start improving.
Credit Suisse maintains a Neutral rating and reduces the target to $7.25 from $8.25.
Target price is $7.25 Current Price is $7.36 Difference: minus $0.11 (current price is over target).
If SIQ 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 $8.80, suggesting upside of 19.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 43.16 cents and EPS of 61.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.1, implying annual growth of 26.0%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 44.44 cents and EPS of 63.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of 0.5%. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SIQ as Upgrade to Outperform from Neutral (1) -
Smartgroup's result was in line with an update provided in November, and highlighted solid organic growth, ongoing efficiency improvement, strong cash generation and low leverage, Macquarie notes.
The broker believes the company provided additional add-on insurance disclosure given the December 2019 insurance-driven downgrade, ongoing regulatory reviews into these products and the uncertainty this has caused in the market.
While the range of outcomes is wide-ranging and the potential for mitigation is unclear, Macquarie sees an undemanding valuation and yield above 6% as sufficient to prompt an upgrade to Outperform from Neutral. Uncertainty nevertheless leads to a target cut to $7.46 from $7.66.
Target price is $7.46 Current Price is $7.36 Difference: $0.1
If SIQ meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.80, suggesting upside of 19.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 40.80 cents and EPS of 58.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.1, implying annual growth of 26.0%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 39.40 cents and EPS of 56.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of 0.5%. Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.61
Credit Suisse rates SPK as Underperform (5) -
First half results were in line with expectations and there was no change to guidance from Spark New Zealand.
Credit Suisse considers the competitive outlook satisfactory but several issues are being watched for the impact of the investment outlook.
The broker retains an Underperform rating and raises the target to NZ$4.05 from NZ$3.42.
Current Price is $4.61. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 23.73 cents and EPS of 21.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of N/A. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 23.73 cents and EPS of 22.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 6.6%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 20.4. |
This company reports in NZD. 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
Macquarie rates SPK as Neutral (3) -
Spark NZ delivered a solid first half result, the broker suggests, and reaffirmed FY guidance. Mobile and cloud performed strongly, while security & service management underpinned revenue growth.
Macquarie believes Spark NZ continues to execute well in a challenging market.
Key drivers remain execution on mobile and broadband growth targets and ongoing cost control, the broker notes, which will again be critical in under-pinning earnings growth into the second half. Neutral retained, target rises to NZ$4.80 from NZ$4.59.
Current Price is $4.61. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 23.73 cents and EPS of 21.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of N/A. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 23.73 cents and EPS of 22.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 6.6%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 20.4. |
This company reports in NZD. 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
UBS rates SPK as Neutral (3) -
Spark NZ's earnings fell short of the broker due to reinvestment and seasonality. UBS is nevertheless encouraged by accelerating mobile growth but it is yet unclear whether this reflects market share gain or overall market growth.
The company is reinvesting gross cost savings in order to drive revenue growth.
Upgraded earnings forecasts lead to a target increase to NZ$4.55 from NZ$4.20. Neutral retained.
Current Price is $4.61. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 23.73 cents and EPS of 20.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of N/A. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 23.73 cents and EPS of 22.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 6.6%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 20.4. |
This company reports in NZD. 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
SVW SEVEN GROUP HOLDINGS LIMITED
Diversified Financials
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Overnight Price: $21.58
Credit Suisse rates SVW as Outperform (1) -
Credit Suisse describes the result as excellent. With undemanding multiples and industry fundamentals improving, the stock is considered ripe for a re-rating.
Seven Group's underlying earnings (EBIT) were ahead of Credit Suisse estimates. The company has upgraded guidance to growth in the high single digits.
Credit Suisse retains an Outperform rating and raises the target to $22.50 from $21.55.
Target price is $22.50 Current Price is $21.58 Difference: $0.92
If SVW meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $23.19, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 42.00 cents and EPS of 145.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of 115.8%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 42.00 cents and EPS of 162.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.3, implying annual growth of 11.4%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SVW as Outperform (1) -
Seven Group's earnings beat the broker by 18% on a standout result from WesTrac and improvement for Coates. The broker remains confident in medium-term growth opportunities across the industrial services businesses and management’s ability to execute.
Future acquisitions, most likely in industrial businesses, remain a potential catalyst. Target rises to $23.75 from $21.00, Outperform retained on undemanding valuation.
Target price is $23.75 Current Price is $21.58 Difference: $2.17
If SVW meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $23.19, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 42.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of 115.8%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 42.00 cents and EPS of 157.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.3, implying annual growth of 11.4%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SVW as Hold (3) -
Seven Group's first half results were ahead of estimates. Guidance has been upgraded to high single-digit growth for underlying earnings (EBIT).
Ord Minnett forecasts EBIT of $788m. Hold maintained. Target rises to $23 from $21.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $23.00 Current Price is $21.58 Difference: $1.42
If SVW meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $23.19, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of 115.8%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 142.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.3, implying annual growth of 11.4%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SVW as Buy (1) -
Strong results from WesTrac and Coates lifted Seven Group's earnings to 16% above the broker's forecast. Coates turned around a disappointing prior half while WesTrac surged ahead of a strong prior comparable.
Strength in parts & services volumes on higher mine production and maintenance catch-up activity underpinned the growth, and the broker is also pleased WesTrac is now also starting to see signs of a modest fleet replacement cycle emerging.
The result suggests guidance was conservative and the broker believes upgraded FY guidance will likely also prove conservative. Buy retained, target rises to $23.50 from $20.80.
Target price is $23.50 Current Price is $21.58 Difference: $1.92
If SVW meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $23.19, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 42.00 cents and EPS of 141.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of 115.8%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 42.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.3, implying annual growth of 11.4%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.27
Macquarie rates TAH as Outperform (1) -
Tabcorp reported -3% below the broker, and featured another beat for Lotteries & Keno and another miss for Wagering & Media. It might be time to de-merge the weaker businesses, the broker suggests.
Wagering & Media forecasts are expected to be lowered further, and Lotteries & Keno is considered the higher quality business. Target falls to $4.75 from $5.25. Outperform retained.
Target price is $4.75 Current Price is $4.27 Difference: $0.48
If TAH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 19.50 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 20.50 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.1. |
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) -
Tabcorp's first half earnings beat estimates. Morgan Stanley notes lotteries were strong but gaming services and wagering were soft.
No specific guidance was provided. Equal-weight rating maintained. Target is $4.60. Industry view: Cautious.
Target price is $4.60 Current Price is $4.27 Difference: $0.33
If TAH meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 9.9% (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 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 22.4. |
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 19.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.1. |
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 FY20 first-half result met the broker, outpacing on earnings, although the net profit after tax figure missed consensus forecasts.
Lottery & Keno continued to perform strongly while other divisions disappointed.
Morgans believes a weak consumer environment could impact the Wagering & Media and Gaming Services businesses.
Otherwise, the company's strategy appears to be on track, the migration of UBET customers to the TAB platform offering an opportunity for greater turnover and engagement.
The broker raises FY20 forecasts 1.5% but cuts FY21 forecasts -0.8% and FY22 by -1.9%.
The broker retains a Hold recommendation on valuation grounds. Target price falls to $4.35 a share from $4.81.
Target price is $4.35 Current Price is $4.27 Difference: $0.08
If TAH meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 9.9% (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 20.68 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 22.00 cents and EPS of 20.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.1. |
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) -
Ord Minnett found the first half results exceptional in terms of the lotteries business although the wagering division continues to call into question Tabcorp's performance.
The broker reduces FY20 net profit estimates by -13.6% because of depreciation adjustments, increased capital expenditure and shorter amortisation periods for software.
Lighten maintained. Target is lowered 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 $4.27 Difference: minus $0.22 (current price is over target).
If TAH 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 $4.69, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.1. |
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) -
Tabcorp's earnings fell -3% short after adjusting for new accounting changes. The highlight, the broker notes, was 17% growth for Lotteries to record earnings offset by a -16% decline in Wagering and -43% in Gaming. The Gaming division is now under "strategic review".
The broker has cut forecasts by -10-15% but on the assumption Wagering will make a smaller contribution over time, has attributed 70% of valuation to Lotteries. Buy retained. Target falls to $5.40 from $5.80.
Target price is $5.40 Current Price is $4.27 Difference: $1.13
If TAH meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $4.69, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 19.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.1, implying annual growth of 6.1%. Current consensus DPS estimate is 20.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 20.50 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.37
Citi rates VCX as Neutral (3) -
Vicinity Centres' H1 release came with lowered guidance for FY20 and Citi analysts believe market consensus has to readjust some -3.4% lower. Apparently, the downgrade has been triggered by the coronavirus impact.
Citi analysts have reduced forecasts, while leaving the Neutral rating intact. Price target falls to $2.49 from $2.58. The downgrade to guidance came as a surprise to Citi analysts, but they suggest this shows how little buffer exists in retail portfolios today, reinforcing the broker's preference for non-retail exposures among REITs.
Target price is $2.49 Current Price is $2.37 Difference: $0.12
If VCX meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 15.10 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 15.70 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VCX as Neutral (3) -
Vicinity Centres has downgraded FY20 earnings guidance to a range of 17.2-17.4c per security on the back of a material decline in foot traffic at key centres, with coronavirus cited as the driver.
Credit Suisse notes a trend of negative distribution growth over recent years although some of this stemmed from asset sales.
The broker finds little scope for a change in market sentiment towards the stock in the short term and retains a Neutral rating. Target is reduced to $2.38 from $2.55.
Target price is $2.38 Current Price is $2.37 Difference: $0.01
If VCX meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 15.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 15.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VCX as Underperform (5) -
Vicinity Centres' result was in line, with growth subdued due to asset sales. The REIT has lowered FY guidance due to the virus. Details around development have not inspired the broker, who remains cautious with regard returns.
Value is beginning to emerge in terms of net asset value and metrics may be bottoming, but a soft earnings and dividend outlook keep the broker on Underperform. Target falls to $2.22 from $2.33.
Target price is $2.22 Current Price is $2.37 Difference: minus $0.15 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 15.10 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 15.70 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VCX as Underweight (5) -
Vicinity Centres' FY20 guidance has been lowered as foot traffic is observed as being affected by the outbreak of coronavirus. Retail stores in administration are also up, with 63 stores affected versus 46 in FY19, although the majority are still operating.
Morgan Stanley notes earnings headwinds could persist in FY21 as a section of Chatswood Chase goes off-line for a $1.1bn re-development.
The broker maintains an Underweight rating. Target is reduced to $2.35 from $2.45. Industry view is In-Line.
Target price is $2.35 Current Price is $2.37 Difference: minus $0.02 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 15.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 15.40 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Hold (3) -
First half results were in line with expectations. Ord Minnett observes the divergence between high and lower quality retail assets continues, with weakness inside the core portfolio offsetting the positive performance of flagship assets.
The broker believes the slump in the Vicinity Centres share price is an overreaction although there is little in the way of significant catalysts in the near term. The broker retains a Hold rating and lowers the target to $2.75 from $2.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.75 Current Price is $2.37 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 $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 15.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 15.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VCX as Neutral (3) -
Vicinity Centres' result was slightly ahead of the broker but overshadowed by a virus-related guidance downgrade. Foot traffic is down -8% across the portfolio and the REIT will likely need to increase marketing spend to reignite business, the broker suggests.
The broker has cut FY20 earnings forecasts but expects a recovery into FY21. Target falls to $2.47 from $2.60, Neutral retained.
Target price is $2.47 Current Price is $2.37 Difference: $0.1
If VCX meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.44, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 15.20 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.0, implying annual growth of 88.1%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 15.40 cents and EPS of 17.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 3.5%. Current consensus DPS estimate is 15.4, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.61
Credit Suisse rates VOC as Neutral (3) -
First half results from Vocus Group were ahead of Credit Suisse estimates. FY20 guidance was reiterated.
Lower non-recurring revenue occurred in network services while operating earnings (EBITDA) in that division included the benefit from the final payment for the Coral See cable project.
Credit Suisse retains a Neutral rating and raises the target to $3.60 from $3.50.
Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If VOC meets the Credit Suisse target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.72, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 19.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VOC as Neutral (3) -
Vocus Group delivered a robust performance, putting the company on track to achieve FY guidance. Key trends look consistent with the longer-term transformation strategy, the broker suggests, including a stabilisation of the VNS business and the cycling through of ‘bad revenues’ across the business and as NBN rolls out.
To be more confident, the broker would like to see evidence of sustainable market share gains. Neutral retained, target rises to $3.65 from $3.20.
Target price is $3.65 Current Price is $3.61 Difference: $0.04
If VOC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 3.1% (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 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VOC as Overweight (1) -
First half results were ahead of forecasts. Guidance is maintained, which Morgan Stanley suggests implies a lower second half skew.
Vocus Group's FY20 guidance for EBITDA is $359-379m. Overweight. Target is $3.70. Industry view is In-Line.
Target price is $3.70 Current Price is $3.61 Difference: $0.09
If VOC meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VOC as Hold (3) -
Vocus Communications' FY20 first-half result met the broker and management reiterated guidance.
Total revenue and gross margins declined, although margins on earnings before interest tax, depreciation and amortisation jumped from 28% to 34%. Free cash flow roses 131% thanks to lower capital expenditure, allowing a reduction in net debt.
Morgans notes major changes. The company has reset the commission structure to focus on retention and profitability, and is integrating multiple networks and systems. Contract opportunities in Enterprise and State Government are on the rise.
Target price rises to $3.53 from $3.24 on the roll-forward. Hold rating retained.
Target price is $3.53 Current Price is $3.61 Difference: minus $0.08 (current price is over target).
If VOC meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.72, suggesting upside of 3.1% (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 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VOC as Hold (3) -
Vocus Group's first half results were mixed, with a weaker top-line more than offset by higher-than-estimated cost savings. Ord Minnett remains encouraged by the further costs that are expected to come out of group overheads.
The broker will wait on the sidelines in order to assess new strategies that are planned to help accelerate growth in the enterprise business segment. Hold rating. Target is raised to $4.00 from $3.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.00 Current Price is $3.61 Difference: $0.39
If VOC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 3.1% (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 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VOC as Downgrade to Neutral from Buy (3) -
UBS noted numerous positives in Vocus Group's result, including fears over FY20 guidance being allayed, less of a second half skew than expected and enterprise growth supporting earnings growth aspirations over FY20-22.
Network services is the key to the company's fortunes and upside from here hinges on proving that the business can deliver on earnings growth targets, the broker suggest, which to date are on track.
Target rises to $3.85 from $3.65 but on share price strength, UBS pulls back to Neutral from Buy.
Target price is $3.85 Current Price is $3.61 Difference: $0.24
If VOC meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 205.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 6.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.66
Credit Suisse rates WBC as Outperform (1) -
Credit Suisse downgrades FY20 earnings estimates by -2% because of lower insurance income. This is because of higher claims associated with the bushfires and severe weather events.
Westpac will announce its first half results on May 4. Outperform rating and $27.80 target maintained.
Target price is $27.80 Current Price is $25.66 Difference: $2.14
If WBC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $26.15, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 160.00 cents and EPS of 188.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.0, implying annual growth of -22.9%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 160.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.1, implying annual growth of 10.2%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WBC as Neutral (3) -
Westpac's update indicated underlying trends continuing to deteriorate in the period, the broker notes, with declining lending balances, higher expenses, and elevated insurance claims.
The broker does not see reason for a capital raise but given potential risks around AUSTRAC and material management changes, the broker remains cautious in the near term.
The share price de-rating balances out to a Neutral rating. Target falls to $25 from $26.
Target price is $25.00 Current Price is $25.66 Difference: minus $0.66 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.15, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 160.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.0, implying annual growth of -22.9%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 144.00 cents and EPS of 176.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.1, implying annual growth of 10.2%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WBC as Underweight (5) -
Morgan Stanley considers the stock in a downgrade cycle as it faces lower revenue and higher costs.
At the same time there is strategic uncertainty, limited capital flexibility and risk of another cut to the dividend.
Underweight. Target is reduced to $23.50 from $23.60. Industry view: In Line.
Target price is $23.50 Current Price is $25.66 Difference: minus $2.16 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.15, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 150.00 cents and EPS of 157.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.0, implying annual growth of -22.9%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 140.00 cents and EPS of 178.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.1, implying annual growth of 10.2%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WBC as Hold (3) -
Westpac has flagged a likely increase in costs growth in FY20 because of compliance expenses. Ord Minnett cuts cash earnings forecast by -2% on average for FY20-22 and assumes a reduction in the dividend for the second half, to $0.76 per share.
The broker believes there is also a heightened chance that a new CEO will take action to speed up the rationalisation of the bank's messy IT architecture, a legacy of the St.George acquisition more than 10 years ago.
Hold maintained. Target is lowered to $25.00 from $25.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $25.00 Current Price is $25.66 Difference: minus $0.66 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.15, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 156.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.0, implying annual growth of -22.9%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 152.00 cents and EPS of 193.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.1, implying annual growth of 10.2%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WBC as Neutral (3) -
At Westpac's quarterly update management warned of a hit from bushfire/storm insurance claims along with additional costs for regulatory reviews, risk management and compliance spend.
At the broader level, bushfires/storms and the virus are likely to impact on banking activity. The bank will no longer be able to meet prior cost guidance.
This underscores the difficulty the bank faces in turning its fortunes around, the broker notes. A Neutral rating is supported by a -24% discount to closest peer Commonwealth Bank ((CBA)) compared to a -6% average. Target unchanged at $24.50.
Target price is $24.50 Current Price is $25.66 Difference: minus $1.16 (current price is over target).
If WBC meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.15, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
UBS forecasts a full year FY20 EPS of 165.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.0, implying annual growth of -22.9%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY21:
UBS forecasts a full year FY21 EPS of 175.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.1, implying annual growth of 10.2%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.51
Credit Suisse rates WEB as Neutral (3) -
Webjet's first half results beat Credit Suisse's expectations. Management has indicated it would have upgraded full-year guidance but, because of an estimated second half impact from coronavirus, particularly on WebBeds in Asia, FY20 guidance is reduced to $147-165m.
Credit Suisse reduces FY20 and FY21 estimates for earnings per share by -9% and -7% respectively. Credit Suisse retains a Neutral rating and raises the target to $14.00 from $12.50.
Target price is $14.00 Current Price is $13.51 Difference: $0.49
If WEB meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $15.58, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 19.50 cents and EPS of 66.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 26.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 22.05 cents and EPS of 74.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of 32.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WEB as Underweight (5) -
First half operating earnings (EBITDA) were slightly ahead of Morgan Stanley's estimates, largely because of a reduction in corporate overheads.
Webjet's free cash flow was negative in the half, partly from Thomas Cook write-offs and a step up in capital expenditure.
Business-to-consumer margins declined again. Underweight rating maintained. Target is $10.00. Industry View is In-Line.
Target price is $10.00 Current Price is $13.51 Difference: minus $3.51 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.58, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 33.50 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 26.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 36.40 cents and EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of 32.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WEB as Hold (3) -
Webjet's FY20 first-half result outpaced the broker by 3.3%, thanks to organic growth, lower tax, a 45% margin from WebBeds, and lower Corporate costs.
Management lowered FY20 guidance by -4% to -10% to reflect the impact of the Coronavirus.
Morgans responds by cutting FY20 EPS forecasts but retains a Hold rating, accepting the Coronavirus as a one-off event.
Overall, the broker is pleased with the result and increases the target price to $14.20 from $13.45.
Target price is $14.20 Current Price is $13.51 Difference: $0.69
If WEB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $15.58, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 24.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 26.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 26.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of 32.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WEB as Buy (1) -
First half net profit was ahead of forecasts. Ord Minnett is increasingly comfortable about the investment thesis around the business-to-business hotels division.
The company has flagged the short-term impact of coronavirus will affect earnings materially in February.
Webjet has assumed conditions continue for the remainder FY20, resulting in a downgrade to underlying guidance.
Ord Minnett downgrades estimates for earnings per share by -8% in FY20 and -5% in FY21. Target is lowered to $20.20 from $21.00. Buy rating maintained.
Target price is $20.20 Current Price is $13.51 Difference: $6.69
If WEB meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $15.58, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 24.50 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 26.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 26.50 cents and EPS of 69.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of 32.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WEB as Buy (1) -
Webjet's result beat the broker by 9% and should have led to a guidance upgrade were it not for the virus.
The broker notes the SARS impact was fully recovered after seven months, and continues to point to strong market share gain opportunities and further upside from increasing directly contracted transactions.
Despite the guidance downgrade, target rises to $19.50 from $18.35. Buy retained.
Target price is $19.50 Current Price is $13.51 Difference: $5.99
If WEB meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $15.58, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 26.40 cents and EPS of 69.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of 26.0%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 35.70 cents and EPS of 93.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.5, implying annual growth of 32.6%. Current consensus DPS estimate is 29.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $47.00
Citi rates WES as Sell (5) -
Citi believes Wesfarmers released a rather mixed H1 report, showing underlying growth was flat. Citi's attention was drawn to the lack of operating leverage at Bunnings on top of a "very poor" performance from Target.
One of the conclusions drawn is that like-for-like sales growth at Bunnings is increasingly demanding increased price and service investment. A second conclusion is that Target is likely to remain unprofitable until FY23.
On Citi's revised forecasts, Target will post a loss of -$48m this financial year. Today's update incorporated AASB16 accounting. All in all, estimates have moved a little higher. Target price lifts to $41.20. Sell.
Target price is $41.20 Current Price is $47.00 Difference: minus $5.8 (current price is over target).
If WES meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 153.00 cents and EPS of 170.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 157.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WES as Underperform (5) -
Credit Suisse notes an increasing reliance on Bunnings for earnings growth, amid persistent challenges in Target and the industrial & safety divisions, was evident in the first half result.
For now, investors appear content to back relatively low growth and a relatively high valuation multiple, in the broker's view. Credit Suisse retains an Underperform rating for Wesfarmers and reduces the target to $34.43 from $36.15.
Target price is $34.43 Current Price is $47.00 Difference: minus $12.57 (current price is over target).
If WES meets the Credit Suisse target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 136.00 cents and EPS of 167.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 156.00 cents and EPS of 173.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WES as Upgrade to Outperform from Neutral (1) -
Wesfarmers delivered strong revenue growth and an in-line profit in a difficult retail environment, Macquarie notes. Bunnings exceeded expectations while K-Mart, Officeworks and WesCEF continue to be strong businesses. Target continues to struggle.
Bunnings has once again proved its ability to gain sales through difficult periods, Kmart is back in good shape and there is potential for acquisitions with the balance sheet in excellent shape.
Smaller businesses are challenged but the company is well diversified, Macquarie points out. Upgrade to Outperform from Neutral. Target rises to $52.60 from $37.50.
Target price is $52.60 Current Price is $47.00 Difference: $5.6
If WES meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 150.00 cents and EPS of 171.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 152.00 cents and EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WES as Equal-weight (3) -
First half earnings (EBIT) were below estimates. Like-for-like growth of 4.7% at Bunnings was stronger than Morgan Stanley expected.
The outlook suggests moderating trading conditions at Bunnings are likely to continue as customers remain cautious while significant weather events play out.
Morgan Stanley retains an Equal-weight rating for Wesfarmers. Target is $40. Cautious industry view.
Target price is $40.00 Current Price is $47.00 Difference: minus $7 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 151.00 cents and EPS of 135.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 152.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WES as Hold (3) -
Wesfarmers' FY20 first-half result disappointed the broker, thanks to weakness in Target and Industrials. Management guidance was subdued.
Morgans suspects capital management may be in the wings. The company sold down its minority stake in Coles by -4.9%, taking profits after the 31% share price rally since the demerger. A decision on whether the $1050m pre-tax windfall will be distributed to shareholders will be made in the next few months.
The broker retains a Hold rating given subdued trading conditions and the high valuation. Target price rises to $44.1 from $37.41.
Target price is $44.10 Current Price is $47.00 Difference: minus $2.9 (current price is over target).
If WES meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 152.00 cents and EPS of 174.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 158.00 cents and EPS of 180.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Lighten (4) -
First half net profit was ahead of Ord Minnett's forecasts. Bunnings remains resilient with strong like-for-like sales and earnings growth, while Kmart improved.
Target and the industrial & safety division were disappointing. Falling operating earnings, with EBIT down -3.3% on a year ago, and a lack of valuation support mean the broker maintains a Lighten rating and a steady $39 target for Wesfarmers.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $39.00 Current Price is $47.00 Difference: minus $8 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 141.00 cents and EPS of 168.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 149.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WES as Neutral (3) -
Wesfarmers' flat earnings growth was in line with expectation but compositionally mixed, UBS notes. Outperformance from Bunnings before a tough macro backdrop was required to offset materially weaker results from Industrials.
Outlook commentary was subdued, noting cost pressures in retail and market headwinds in Industrials.
The net result highlights the benefits of being a conglomerate, the broker suggests, but with risks remaining across Industrials, Target and Officeworks any housing recovery boost enjoyed by Bunnings may be offset.
Neutral and $37 target retained, with the broker noting the sell-down of another chunk of Coles ((COL)) may lead to capital management.
Target price is $37.00 Current Price is $47.00 Difference: minus $10 (current price is over target).
If WES meets the UBS target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.19, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 151.00 cents and EPS of 169.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.0, implying annual growth of -3.5%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 148.00 cents and EPS of 166.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 170.6, implying annual growth of 3.4%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 27.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.90
Macquarie rates WTC as Neutral (3) -
WiseTech's result significantly missed the broker's forecast and the virus has led to a big FY guidance downgrade.
Given the virus impact was noted by management, and the company's acquisition strategy, the trajectory of the business looks less clear at present and the broker expects investors to maintain a cautious approach.
Neutral retained, target falls to $23 from $28.
Target price is $23.00 Current Price is $18.90 Difference: $4.1
If WTC meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $26.91, suggesting upside of 42.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 3.20 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 48.6%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 71.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 5.70 cents and EPS of 31.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 26.2%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 56.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WTC as Overweight (1) -
First half results were slightly weaker than Morgan Stanley expected. FY20 guidance has been lowered to revenue of $420-450m as a result of supply chain disruptions.
Calling the start of a rebound is difficult, the broker asserts, but this is predicated on timing, not a structural recovery.
Target is $29. Overweight rating. Industry view is Attractive.
Target price is $29.00 Current Price is $18.90 Difference: $10.1
If WTC meets the Morgan Stanley target it will return approximately 53% (excluding dividends, fees and charges).
Current consensus price target is $26.91, suggesting upside of 42.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 48.6%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 71.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 26.2%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 56.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WTC as Downgrade to Lighten from Hold (4) -
First half results were weaker than expected. WiseTech Global's guidance is also surprisingly weak and Ord Minnett estimates organic growth has been reduced by -30% in just three months post the AGM.
The broker does not envisage free cash flow growth will turn positive until FY22. Rating is downgraded to Lighten from Hold. Target is reduced to $19.34 from $26.69.
Target price is $19.34 Current Price is $18.90 Difference: $0.44
If WTC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $26.91, suggesting upside of 42.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 4.30 cents and EPS of 26.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.3, implying annual growth of 48.6%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 71.9. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 5.70 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 26.2%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 56.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
ADI | APN INDUSTRIA REIT | $3.20 | Morgans | 3.16 | 2.96 | 6.76% |
AHY | ASALEO CARE | $1.14 | Citi | 1.30 | 1.10 | 18.18% |
Macquarie | 1.16 | 1.01 | 14.85% | |||
APA | APA | $11.44 | Morgans | 10.90 | 10.64 | 2.44% |
AX1 | ACCENT GROUP | $2.12 | Morgans | 2.15 | 1.79 | 20.11% |
BHP | BHP | $38.57 | Morgans | 36.23 | 36.34 | -0.30% |
CHC | CHARTER HALL | $13.93 | Citi | 17.50 | 14.40 | 21.53% |
Credit Suisse | 13.58 | 11.52 | 17.88% | |||
Macquarie | 15.23 | 13.43 | 13.40% | |||
UBS | 13.80 | 12.50 | 10.40% | |||
CTD | CORPORATE TRAVEL | $15.65 | Credit Suisse | 24.00 | 27.00 | -11.11% |
Morgan Stanley | 27.00 | 31.00 | -12.90% | |||
Morgans | 18.45 | 19.40 | -4.90% | |||
Ord Minnett | 20.42 | 25.53 | -20.02% | |||
CWN | CROWN RESORTS | $11.90 | Citi | 12.10 | 13.00 | -6.92% |
Credit Suisse | 12.00 | 12.45 | -3.61% | |||
Macquarie | 11.95 | 12.60 | -5.16% | |||
Ord Minnett | 11.20 | 11.75 | -4.68% | |||
UBS | 11.40 | 11.65 | -2.15% | |||
CWP | CEDAR WOODS PROPERTIES | $8.09 | Morgans | 7.65 | 6.17 | 23.99% |
CWY | CLEANAWAY WASTE MANAGEMENT | $2.32 | Citi | 2.55 | 2.25 | 13.33% |
Credit Suisse | 2.30 | 1.80 | 27.78% | |||
Macquarie | 2.60 | 2.50 | 4.00% | |||
Morgans | 2.17 | 2.03 | 6.90% | |||
Ord Minnett | 2.40 | 2.25 | 6.67% | |||
UBS | 2.20 | 2.02 | 8.91% | |||
DMP | DOMINO'S PIZZA | $64.76 | Citi | 49.80 | 48.60 | 2.47% |
Credit Suisse | 53.21 | 53.77 | -1.04% | |||
Macquarie | 66.10 | 48.40 | 36.57% | |||
Morgan Stanley | 57.00 | 41.00 | 39.02% | |||
Morgans | 57.61 | 45.23 | 27.37% | |||
Ord Minnett | 67.00 | 52.00 | 28.85% | |||
UBS | 52.50 | 50.00 | 5.00% | |||
FMG | FORTESCUE | $11.34 | Citi | 10.50 | 9.50 | 10.53% |
Macquarie | 13.00 | 12.80 | 1.56% | |||
Morgans | 6.96 | 6.77 | 2.81% | |||
UBS | 9.30 | 8.40 | 10.71% | |||
LOV | LOVISA | $11.75 | Citi | 13.20 | 14.10 | -6.38% |
Macquarie | 13.50 | 14.50 | -6.90% | |||
Morgan Stanley | 12.20 | 11.40 | 7.02% | |||
Morgans | 13.95 | 14.12 | -1.20% | |||
MMS | MCMILLAN SHAKESPEARE | $11.94 | Credit Suisse | 12.80 | 14.50 | -11.72% |
Macquarie | 12.60 | 13.30 | -5.26% | |||
Ord Minnett | 11.80 | 12.80 | -7.81% | |||
MOE | MOELIS AUSTRALIA | $5.82 | Ord Minnett | 5.88 | 5.83 | 0.86% |
NEW | NEW ENERGY SOLAR | $1.22 | Morgan Stanley | 1.41 | 1.38 | 2.17% |
NHC | NEW HOPE CORP | $1.86 | Credit Suisse | 2.30 | 2.50 | -8.00% |
Macquarie | 2.00 | 1.90 | 5.26% | |||
ORI | ORICA | $21.48 | Macquarie | 23.25 | 23.05 | 0.87% |
Morgan Stanley | 22.00 | 21.00 | 4.76% | |||
OTW | OVER THE WIRE HOLDINGS Ltd | $3.20 | Morgans | 3.79 | 5.16 | -26.55% |
OZL | OZ MINERALS | $10.03 | Ord Minnett | 11.30 | 9.80 | 15.31% |
PGH | PACT GROUP | $2.43 | Credit Suisse | 3.30 | 3.60 | -8.33% |
Macquarie | 2.60 | 2.80 | -7.14% | |||
Morgans | 2.54 | 2.96 | -14.19% | |||
Ord Minnett | 2.65 | 2.50 | 6.00% | |||
RDC | REDCAPE HOTEL | $1.13 | Ord Minnett | 1.24 | 1.17 | 5.98% |
SBM | ST BARBARA | $2.94 | Macquarie | 2.70 | 2.60 | 3.85% |
SGP | STOCKLAND | $5.43 | Citi | 4.09 | 4.10 | -0.24% |
Macquarie | 4.71 | 4.46 | 5.61% | |||
Morgan Stanley | 5.55 | 5.50 | 0.91% | |||
Ord Minnett | 4.50 | 4.30 | 4.65% | |||
UBS | 4.80 | 4.65 | 3.23% | |||
SHL | SONIC HEALTHCARE | $31.30 | Citi | 33.50 | 29.75 | 12.61% |
Credit Suisse | 33.20 | 31.80 | 4.40% | |||
Macquarie | 30.00 | 27.40 | 9.49% | |||
Morgan Stanley | 34.08 | 34.58 | -1.45% | |||
Morgans | 35.12 | 31.00 | 13.29% | |||
Ord Minnett | 35.00 | 32.00 | 9.38% | |||
SIQ | SMARTGROUP | $7.36 | Credit Suisse | 7.25 | 8.25 | -12.12% |
Macquarie | 7.46 | 7.66 | -2.61% | |||
SVW | SEVEN GROUP | $21.58 | Credit Suisse | 22.50 | 21.55 | 4.41% |
Macquarie | 23.75 | 21.00 | 13.10% | |||
Ord Minnett | 23.00 | 21.00 | 9.52% | |||
UBS | 23.50 | 20.80 | 12.98% | |||
TAH | TABCORP HOLDINGS | $4.27 | Macquarie | 4.75 | 5.25 | -9.52% |
Morgans | 4.35 | 4.81 | -9.56% | |||
Ord Minnett | 4.05 | 4.10 | -1.22% | |||
UBS | 5.40 | 5.80 | -6.90% | |||
VCX | VICINITY CENTRES | $2.37 | Citi | 2.49 | 2.58 | -3.49% |
Credit Suisse | 2.38 | 2.55 | -6.67% | |||
Macquarie | 2.22 | 2.33 | -4.72% | |||
Morgan Stanley | 2.35 | 2.45 | -4.08% | |||
Ord Minnett | 2.75 | 2.80 | -1.79% | |||
UBS | 2.47 | 2.60 | -5.00% | |||
VOC | VOCUS GROUP | $3.61 | Credit Suisse | 3.60 | 3.50 | 2.86% |
Macquarie | 3.65 | 3.20 | 14.06% | |||
Morgans | 3.53 | 3.24 | 8.95% | |||
Ord Minnett | 4.00 | 3.50 | 14.29% | |||
WBC | WESTPAC BANKING | $25.66 | Macquarie | 25.00 | 26.00 | -3.85% |
Morgan Stanley | 23.50 | 23.60 | -0.42% | |||
Ord Minnett | 25.00 | 25.20 | -0.79% | |||
WEB | WEBJET | $13.51 | Credit Suisse | 14.00 | 12.50 | 12.00% |
Morgans | 14.20 | 13.45 | 5.58% | |||
Ord Minnett | 20.20 | 21.00 | -3.81% | |||
UBS | 19.50 | 18.65 | 4.56% | |||
WES | WESFARMERS | $47.00 | Citi | 41.20 | 34.50 | 19.42% |
Credit Suisse | 34.43 | 36.15 | -4.76% | |||
Macquarie | 52.60 | 37.50 | 40.27% | |||
Morgans | 44.10 | 37.41 | 17.88% | |||
WTC | WISETECH GLOBAL | $18.90 | Macquarie | 23.00 | 28.00 | -17.86% |
Ord Minnett | 19.34 | 26.69 | -27.54% |
Summaries
ADI | APN INDUSTRIA REIT | Hold - Morgans | Overnight Price $3.20 |
AHY | ASALEO CARE | Buy - Citi | Overnight Price $1.14 |
Neutral - Macquarie | Overnight Price $1.14 | ||
AIZ | AIR NEW ZEALAND | Buy - UBS | Overnight Price $2.62 |
APA | APA | Hold - Morgans | Overnight Price $11.44 |
ASB | AUSTAL | Buy - Citi | Overnight Price $4.36 |
AX1 | ACCENT GROUP | Buy - Citi | Overnight Price $2.12 |
Overweight - Morgan Stanley | Overnight Price $2.12 | ||
Upgrade to Add from Hold - Morgans | Overnight Price $2.12 | ||
BHP | BHP | Hold - Morgans | Overnight Price $38.57 |
CHC | CHARTER HALL | Buy - Citi | Overnight Price $13.93 |
Neutral - Credit Suisse | Overnight Price $13.93 | ||
Outperform - Macquarie | Overnight Price $13.93 | ||
Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $13.93 | ||
Downgrade to Neutral from Buy - UBS | Overnight Price $13.93 | ||
CTD | CORPORATE TRAVEL | Outperform - Credit Suisse | Overnight Price $15.65 |
Overweight - Morgan Stanley | Overnight Price $15.65 | ||
Hold - Morgans | Overnight Price $15.65 | ||
Buy - Ord Minnett | Overnight Price $15.65 | ||
CTX | CALTEX AUSTRALIA | Neutral - Credit Suisse | Overnight Price $34.74 |
Equal-weight - Morgan Stanley | Overnight Price $34.74 | ||
CWN | CROWN RESORTS | Neutral - Citi | Overnight Price $11.90 |
Neutral - Credit Suisse | Overnight Price $11.90 | ||
Neutral - Macquarie | Overnight Price $11.90 | ||
Equal-weight - Morgan Stanley | Overnight Price $11.90 | ||
Hold - Ord Minnett | Overnight Price $11.90 | ||
Neutral - UBS | Overnight Price $11.90 | ||
CWP | CEDAR WOODS PROPERTIES | Hold - Morgans | Overnight Price $8.09 |
CWY | CLEANAWAY WASTE MANAGEMENT | Buy - Citi | Overnight Price $2.32 |
Neutral - Credit Suisse | Overnight Price $2.32 | ||
Outperform - Macquarie | Overnight Price $2.32 | ||
Hold - Morgans | Overnight Price $2.32 | ||
Accumulate - Ord Minnett | Overnight Price $2.32 | ||
Neutral - UBS | Overnight Price $2.32 | ||
DMP | DOMINO'S PIZZA | Sell - Citi | Overnight Price $64.76 |
Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $64.76 | ||
Neutral - Macquarie | Overnight Price $64.76 | ||
Equal-weight - Morgan Stanley | Overnight Price $64.76 | ||
Reduce - Morgans | Overnight Price $64.76 | ||
Upgrade to Accumulate from Lighten - Ord Minnett | Overnight Price $64.76 | ||
Neutral - UBS | Overnight Price $64.76 | ||
FBU | FLETCHER BUILDING | Buy - Citi | Overnight Price $5.34 |
Neutral - Credit Suisse | Overnight Price $5.34 | ||
Neutral - Macquarie | Overnight Price $5.34 | ||
Equal-weight - Morgan Stanley | Overnight Price $5.34 | ||
Neutral - UBS | Overnight Price $5.34 | ||
FMG | FORTESCUE | Neutral - Citi | Overnight Price $11.34 |
Neutral - Credit Suisse | Overnight Price $11.34 | ||
Outperform - Macquarie | Overnight Price $11.34 | ||
Underweight - Morgan Stanley | Overnight Price $11.34 | ||
Reduce - Morgans | Overnight Price $11.34 | ||
Hold - Ord Minnett | Overnight Price $11.34 | ||
Sell - UBS | Overnight Price $11.34 | ||
LOV | LOVISA | Buy - Citi | Overnight Price $11.75 |
Outperform - Macquarie | Overnight Price $11.75 | ||
Equal-weight - Morgan Stanley | Overnight Price $11.75 | ||
Add - Morgans | Overnight Price $11.75 | ||
MGX | MOUNT GIBSON IRON | Outperform - Macquarie | Overnight Price $0.84 |
MMS | MCMILLAN SHAKESPEARE | Neutral - Credit Suisse | Overnight Price $11.94 |
Neutral - Macquarie | Overnight Price $11.94 | ||
Equal-weight - Morgan Stanley | Overnight Price $11.94 | ||
Hold - Ord Minnett | Overnight Price $11.94 | ||
MND | MONADELPHOUS GROUP | Lighten - Ord Minnett | Overnight Price $16.75 |
MOE | MOELIS AUSTRALIA | Buy - Ord Minnett | Overnight Price $5.82 |
NEA | NEARMAP | Buy - Citi | Overnight Price $1.90 |
Overweight - Morgan Stanley | Overnight Price $1.90 | ||
NEW | NEW ENERGY SOLAR | Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $1.22 |
NHC | NEW HOPE CORP | Outperform - Credit Suisse | Overnight Price $1.86 |
Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.86 | ||
ORE | OROCOBRE | Equal-weight - Morgan Stanley | Overnight Price $3.29 |
ORI | ORICA | Neutral - Credit Suisse | Overnight Price $21.48 |
Neutral - Macquarie | Overnight Price $21.48 | ||
Equal-weight - Morgan Stanley | Overnight Price $21.48 | ||
Lighten - Ord Minnett | Overnight Price $21.48 | ||
OSH | OIL SEARCH | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $6.38 |
OTW | OVER THE WIRE HOLDINGS Ltd | Add - Morgans | Overnight Price $3.20 |
OZL | OZ MINERALS | Upgrade to Accumulate from Lighten - Ord Minnett | Overnight Price $10.03 |
PGH | PACT GROUP | Outperform - Credit Suisse | Overnight Price $2.43 |
Neutral - Macquarie | Overnight Price $2.43 | ||
Hold - Morgans | Overnight Price $2.43 | ||
Hold - Ord Minnett | Overnight Price $2.43 | ||
RDC | REDCAPE HOTEL | Buy - Ord Minnett | Overnight Price $1.13 |
SAR | SARACEN MINERAL | Accumulate - Ord Minnett | Overnight Price $4.21 |
SBM | ST BARBARA | Outperform - Credit Suisse | Overnight Price $2.94 |
Neutral - Macquarie | Overnight Price $2.94 | ||
SGM | SIMS METAL MANAGEMENT | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $10.90 |
SGP | STOCKLAND | Sell - Citi | Overnight Price $5.43 |
Underperform - Macquarie | Overnight Price $5.43 | ||
Overweight - Morgan Stanley | Overnight Price $5.43 | ||
Lighten - Ord Minnett | Overnight Price $5.43 | ||
Sell - UBS | Overnight Price $5.43 | ||
SHL | SONIC HEALTHCARE | Neutral - Citi | Overnight Price $31.30 |
Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $31.30 | ||
Neutral - Macquarie | Overnight Price $31.30 | ||
Overweight - Morgan Stanley | Overnight Price $31.30 | ||
Add - Morgans | Overnight Price $31.30 | ||
Accumulate - Ord Minnett | Overnight Price $31.30 | ||
Sell - UBS | Overnight Price $31.30 | ||
SIQ | SMARTGROUP | Neutral - Credit Suisse | Overnight Price $7.36 |
Upgrade to Outperform from Neutral - Macquarie | Overnight Price $7.36 | ||
SPK | SPARK NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $4.61 |
Neutral - Macquarie | Overnight Price $4.61 | ||
Neutral - UBS | Overnight Price $4.61 | ||
SVW | SEVEN GROUP | Outperform - Credit Suisse | Overnight Price $21.58 |
Outperform - Macquarie | Overnight Price $21.58 | ||
Hold - Ord Minnett | Overnight Price $21.58 | ||
Buy - UBS | Overnight Price $21.58 | ||
TAH | TABCORP HOLDINGS | Outperform - Macquarie | Overnight Price $4.27 |
Equal-weight - Morgan Stanley | Overnight Price $4.27 | ||
Hold - Morgans | Overnight Price $4.27 | ||
Lighten - Ord Minnett | Overnight Price $4.27 | ||
Buy - UBS | Overnight Price $4.27 | ||
VCX | VICINITY CENTRES | Neutral - Citi | Overnight Price $2.37 |
Neutral - Credit Suisse | Overnight Price $2.37 | ||
Underperform - Macquarie | Overnight Price $2.37 | ||
Underweight - Morgan Stanley | Overnight Price $2.37 | ||
Hold - Ord Minnett | Overnight Price $2.37 | ||
Neutral - UBS | Overnight Price $2.37 | ||
VOC | VOCUS GROUP | Neutral - Credit Suisse | Overnight Price $3.61 |
Neutral - Macquarie | Overnight Price $3.61 | ||
Overweight - Morgan Stanley | Overnight Price $3.61 | ||
Hold - Morgans | Overnight Price $3.61 | ||
Hold - Ord Minnett | Overnight Price $3.61 | ||
Downgrade to Neutral from Buy - UBS | Overnight Price $3.61 | ||
WBC | WESTPAC BANKING | Outperform - Credit Suisse | Overnight Price $25.66 |
Neutral - Macquarie | Overnight Price $25.66 | ||
Underweight - Morgan Stanley | Overnight Price $25.66 | ||
Hold - Ord Minnett | Overnight Price $25.66 | ||
Neutral - UBS | Overnight Price $25.66 | ||
WEB | WEBJET | Neutral - Credit Suisse | Overnight Price $13.51 |
Underweight - Morgan Stanley | Overnight Price $13.51 | ||
Hold - Morgans | Overnight Price $13.51 | ||
Buy - Ord Minnett | Overnight Price $13.51 | ||
Buy - UBS | Overnight Price $13.51 | ||
WES | WESFARMERS | Sell - Citi | Overnight Price $47.00 |
Underperform - Credit Suisse | Overnight Price $47.00 | ||
Upgrade to Outperform from Neutral - Macquarie | Overnight Price $47.00 | ||
Equal-weight - Morgan Stanley | Overnight Price $47.00 | ||
Hold - Morgans | Overnight Price $47.00 | ||
Lighten - Ord Minnett | Overnight Price $47.00 | ||
Neutral - UBS | Overnight Price $47.00 | ||
WTC | WISETECH GLOBAL | Neutral - Macquarie | Overnight Price $18.90 |
Overweight - Morgan Stanley | Overnight Price $18.90 | ||
Downgrade to Lighten from Hold - Ord Minnett | Overnight Price $18.90 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 45 |
2. Accumulate | 6 |
3. Hold | 70 |
4. Reduce | 6 |
5. Sell | 17 |
Thursday 20 February 2020
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