Australian Broker Call
November 02, 2017
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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: 03:51 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| CSR - | CSR | Upgrade to Outperform from Neutral | Macquarie |
| EHE - | ESTIA HEALTH | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| IOF - | INVESTA OFFICE | Downgrade to Neutral from Outperform | Credit Suisse |
| LNK - | LINK ADMINISTRATION | Upgrade to Neutral from Underperform | Credit Suisse |
| VCX - | VICINITY CENTRES | Upgrade to Neutral from Underperform | Credit Suisse |
Citi rates AMC as Neutral (3) -
Citi observes worsening market conditions, customer performance and rising raw material costs have led to guidance for flat first half profits in both flexibles and rigid plastics.
The company has maintained FY18 guidance but the broker suggests it remains reliant on conditions improving. Neutral retained. Target reduced to $15.50 from $16.00.
Target price is $15.50 Current Price is $15.27 Difference: $0.23
If AMC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 60.27 cents and EPS of 84.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 65.51 cents and EPS of 91.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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 AMC as Neutral (3) -
The company has guided to flat earnings in the first half and retains FY18 guidance. Credit Suisse considers this optimistic, requiring volume momentum to turn positive.
The broker downgrades forecasts by -5% across the forecast period. If the company achieves guidance in FY18 this would beat the broker's forecasts by around 3%.
Neutral retained. Target is reduced to $15.00 from $15.70.
Target price is $15.00 Current Price is $15.27 Difference: minus $0.27 (current price is over target).
If AMC meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 57.65 cents and EPS of 79.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 65.51 cents and EPS of 88.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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
Deutsche Bank rates AMC as Buy (1) -
Amcor's AGM trading update was slightly disappointing, citing higher raw material costs, weaker US beverage volumes, weakness in tobacco packaging and softness in emerging markets. But the company has retained full-year guidance.
The broker has dropped its target to $18.25 from $18.45 in response while maintaining a Buy rating.
Target price is $18.45 Current Price is $15.27 Difference: $3.18
If AMC meets the Deutsche Bank target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 65.51 cents and EPS of 91.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 73.43 cents and EPS of 103.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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 AMC as Outperform (1) -
Macquarie observes, while AGM commentary was on the soft side, the company has maintained FY17 guidance and expects another strong year of profit growth for flexibles amid "solid" growth for rigids.
The broker believes resin prices and the volume trajectory at Pepsi should move in the company's favour over the next 3-6 months but this needs to occur for earnings expectations to be met.
Target is reduced to $17.28 from $17.49. Outperform.
Target price is $17.28 Current Price is $15.27 Difference: $2.01
If AMC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 61.06 cents and EPS of 85.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 68.79 cents and EPS of 96.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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 AMC as Equal-weight (3) -
Amcor has flagged challenging conditions in the first half, identifying raw material costs and customer performance as potentially worsening.
While the company has maintained FY18 guidance for profit growth, the outlook for a flat profit in the first half suggests to Morgan Stanley there is downside risk.
Equal-weight retained. Target is $15.35. Sector view is Cautious.
Target price is $15.35 Current Price is $15.27 Difference: $0.08
If AMC meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 61.05 cents and EPS of 88.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 95.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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 AMC as Hold (3) -
Amcor talked about challenging conditions at the AGM, also having to deal with a jump in raw materials, and Morgans notes the company has left guidance for the full year unchanged, despite a soft start into the new financial year.
The analysts have reduced estimates by -1%. Hold rating retained, while the price target falls to $15 from $15.65. The analysts do highlight that if market conditions do not improve, there is downside risk.
Target price is $15.00 Current Price is $15.27 Difference: minus $0.27 (current price is over target).
If AMC 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 $16.08, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 61.58 cents and EPS of 86.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.9, implying annual growth of N/A. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 66.82 cents and EPS of 94.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.7, implying annual growth of 9.1%. Current consensus DPS estimate is 66.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 16.3. |
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 AQG as Outperform (1) -
Production rebounded in the September quarter and the sulphide project remains on schedule and on budget. 2017 cost guidance is unchanged at US$700-750/oz.
Credit Suisse retains an Outperform rating and $5.30 target.
Target price is $5.30 Current Price is $2.14 Difference: $3.16
If AQG meets the Credit Suisse target it will return approximately 148% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 74.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 55.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, 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 5.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.43 cents and EPS of 37.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -51.1%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 12.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AQG as Buy (1) -
Alacer's Sep Q production came in slightly below the broker's forecast. Full year production is expected to come in at the lower end of guidance. The broker has trimmed earnings to account for reduced tax benefits.
The key driver remains the completion of the Copler sulphide project, now at 62%. The broker notes Alacer is fully funded to deliver first gold from the project in the second half next year, assuming the Turkish lira behaves itself. Buy and $4.00 target retained.
Target price is $4.00 Current Price is $2.14 Difference: $1.86
If AQG meets the Deutsche Bank target it will return approximately 87% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting upside of 74.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 43.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, 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 5.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 19.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of -51.1%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 12.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCP as Accumulate (2) -
The company has acquired the Cashfirst-branded consumer loan book and associated assets from Thorn Group ((TGA)) for $13.3m. The transaction is expected to have a positive impact on earnings in FY18 and FY19.
On a relative basis, Ord Minnett believes the company's forward price/earnings multiple premium is justified given the business generates an un-geared return on assets of about 11%, almost twice that of its listed competitors.
Accumulate rating retained. Target is raised to $21.00 from $19.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $21.00 Current Price is $20.13 Difference: $0.87
If CCP meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 66.00 cents and EPS of 136.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 73.00 cents and EPS of 150.00 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CIM as Hold (3) -
Cimic posted a solid Sep Q update that is solid across all metrics, the broker suggests. Revenue momentum continues to be strong, as is the balance sheet, the tender pipeline remains elevated and the company is achieving a 50% bid/win ratio.
The broker has made minor adjustments to forecasts. Target rises to $38.03 from $37.24 and Hold retained.
Target price is $38.03 Current Price is $48.53 Difference: minus $10.5 (current price is over target).
If CIM meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.77, suggesting downside of -16.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 131.00 cents and EPS of 208.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.0, implying annual growth of 11.0%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 142.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.9, implying annual growth of 10.7%. Current consensus DPS estimate is 136.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CIM as Outperform (1) -
The company has reported nine-month net profit of $501m which represents 73% of Macquarie's 2017 forecasts. Guidance has been confirmed.
The stock has had a strong run, the broker notes, and the macro conditions are highly supportive. Macquarie envisages strong growth going forward and maintains an Outperform rating. Target is raised to $51.12 from $42.50.
Target price is $51.12 Current Price is $48.53 Difference: $2.59
If CIM meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $40.77, suggesting downside of -16.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 128.10 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.0, implying annual growth of 11.0%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 143.20 cents and EPS of 238.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.9, implying annual growth of 10.7%. Current consensus DPS estimate is 136.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CIM as Hold (3) -
Profit for the nine months to September increased 26%. Operating earnings margins in the September quarter improved to 7.4%. Full year guidance for profit of $640-700m has been affirmed.
Ord Minnett maintains a Hold rating and $44.11 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $44.11 Current Price is $48.53 Difference: minus $4.42 (current price is over target).
If CIM meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.77, suggesting downside of -16.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 125.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 196.0, implying annual growth of 11.0%. Current consensus DPS estimate is 121.0, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 24.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 139.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 216.9, implying annual growth of 10.7%. Current consensus DPS estimate is 136.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CLQ as Initiation of coverage with Hold (3) -
CleanTeq is developing the Syerston laterite deposit in NSW with a plan to use proprietary technology to extract cobalt and nickel for use in the lithium battery supply chain and scandium for high strength alloys.
The broker forecasts a rising cobalt price as the market enters deficit but has applied a 75% risk weighting to its valuation of the project on funding risk. Coverage initiated with a $1.60 target and Hold rating.
Target price is $1.60 Current Price is $1.69 Difference: minus $0.09 (current price is over target).
If CLQ meets the Deutsche Bank 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 FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.00 cents. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CSR as Neutral (3) -
Citi suggests near-perfect construction weather along the east coast contributed to first-half building product operating earnings of $116m.
The broker envisages the first half will be the peak in the earnings cycle and a change in the cost base for aluminium amid expectations of cyclical roll-over signal little upside to the trajectory from this point.
Neutral retained. Target rises to $4.23 from $4.20.
Target price is $4.23 Current Price is $4.48 Difference: minus $0.25 (current price is over target).
If CSR meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.50, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 28.00 cents and EPS of 43.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.9, implying annual growth of 18.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 27.00 cents and EPS of 31.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of -21.2%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CSR as Hold (3) -
CSR's first half result beat the broker due to a better than expected performance from aluminium. The company provided FY18 guidance which is within the consensus range, implying a big jump in second half growth from prior forecasts.
The broker expects Aust housing to decline but material prices to remain robust for 6-12 months given capacity constraints. Glass nevertheless remains an issue and the broker would prefer to see this asset divested.
Target falls to $4.26 from $4.52, Hold retained.
Target price is $4.26 Current Price is $4.48 Difference: minus $0.22 (current price is over target).
If CSR meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.50, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.9, implying annual growth of 18.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 21.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of -21.2%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CSR as Upgrade to Outperform from Neutral (1) -
First half results were above Macquarie's expectations. The most positive aspect was building products, and the broker suggests it could have been even better if it weren't for the expensing of capital investment and the impact of sharply rising electricity costs.
Macquarie upgrades to Outperform from Neutral as the sell-off following the solid result was a surprise and presents an opportunity. Target is raised to $5.15 from $4.40.
Target price is $5.15 Current Price is $4.48 Difference: $0.67
If CSR meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.00 cents and EPS of 43.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.9, implying annual growth of 18.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.00 cents and EPS of 37.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of -21.2%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSR as Underweight (5) -
First half results were broadly in line with Morgan Stanley's expectations, with the highlight being building products.
The broker believes FY18 will prove to be the peak in earnings with a declining profile from this point and it will be difficult for the company to outperform.
Underweight rating. Target is raised to $4.25 from $4.00. Industry view: Cautious.
Target price is $4.25 Current Price is $4.48 Difference: minus $0.23 (current price is over target).
If CSR meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.50, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 25.50 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.9, implying annual growth of 18.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 25.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of -21.2%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CSR as Hold (3) -
The company delivered a first half net profit that, while significantly ahead of the prior comparable half, was below Ord Minnett's forecasts.
The main disappointment was Viridian. The broker considers the growth outlook is challenged and expects net profit to fall -27% in FY19 because of energy cost increases and a moderation in construction activity.
Hold retained. Target is reduced to $4.20 from $4.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.20 Current Price is $4.48 Difference: minus $0.28 (current price is over target).
If CSR 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 $4.50, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.9, implying annual growth of 18.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 23.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of -21.2%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Sell (5) -
The Fair Work Commission has terminated Domino's enterprise agreements meaning the company will in 12 weeks time have to pay award wages and full penalty rates and increase its minimum shift to three hours from two.
It is a negative development for Domino's and the broker will now reassess its forecasts. Meanwhile, Sell and $36 target retained.
Target price is $36.00 Current Price is $45.20 Difference: minus $9.2 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.56, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.2, implying annual growth of 40.7%. Current consensus DPS estimate is 112.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 27.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 115.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.2, implying annual growth of 22.7%. Current consensus DPS estimate is 137.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates EHE as Upgrade to Equal-weight from Underweight (3) -
The operating performance has improved, the balance sheet strengthened and there is a focus on growth. Along with this, Morgan Stanley notes a more favourable regulatory environment.
Whilst more positive, valuation and low growth holds the broker back. Rating is upgraded to Equal-weight from Underweight. Target is raised to $3.45 from $2.30. In-Line industry view.
Target price is $3.45 Current Price is $3.54 Difference: minus $0.09 (current price is over target).
If EHE meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.40, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.20 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of -1.6%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 13.30 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 10.1%. Current consensus DPS estimate is 13.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 18.0. |
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 Outperform (1) -
Credit Suisse wonders whether the cost story for Fortescue has run its course, with a robust Australian dollar and a strip ratio now at 1.4x.
The downgrade to FY18 price realisation guidance is disappointing to the broker as is the removal of the mention of a second half improvement in updated guidance.
Outperform rating. Target is $6.10.
Target price is $6.10 Current Price is $4.68 Difference: $1.42
If FMG meets the Credit Suisse target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 17.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 34.49 cents and EPS of 52.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.7, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 9.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 27.14 cents and EPS of 41.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.5, implying annual growth of -8.1%. Current consensus DPS estimate is 28.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 9.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IOF as Buy (1) -
The company has entered into an agreement with ANZ ((ANZ)) for a renewal of the lease at 347 Kent Street of at least 63% from January 2019 for five years.
This will result in no downtime for at least that portion of the space versus Citi's prior assumption of 12-months downtime for 100%.
Citi believes further buybacks are likely, given the stock is trading at a -6% discount to net tangible assets and cash flow will increase following the lease renewal.
Buy rating retained. Target is raised to $5.30 from $5.20.
Target price is $5.30 Current Price is $4.52 Difference: $0.78
If IOF meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.83, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.30 cents and EPS of 30.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -61.7%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.80 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of -3.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IOF as Downgrade to Neutral from Outperform (3) -
Credit Suisse analysis shows that, on average, net tangible asset backing per security is up by 28% over the past three years across the large-cap A-REITs.
Some 68% of this upside has been driven by cap rate compression. At some point the cycle will turn and reversion to June 2014 cap rates wold mean an average NTA decline of -15%.
Investa Office is considered the most exposed to this reversion. Rating is downgraded to Neutral from Outperform. Target is reduced to $4.58 from $4.67.
Target price is $4.58 Current Price is $4.52 Difference: $0.06
If IOF meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.83, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -61.7%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of -3.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IOF as Sell (5) -
The company has an agreement with ANZ ((ANZ)) to renew 63% of the space of 347 Kent Street. This is a key expiry for January 2019 and removes additional down-time risk were the bank to leave.
UBS raises FY19 and FY20 forecasts for earnings per share by 1% but retains a weak outlook for cash flow, with the company set to pay out around 130% in FY19.
Sell retained. Target is $4.44.
Target price is $4.44 Current Price is $4.52 Difference: minus $0.08 (current price is over target).
If IOF meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.83, suggesting upside of 6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.30 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of -61.7%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.50 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.4, implying annual growth of -3.4%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPL as Buy (1) -
Incitec's US rival Mosaic has announced it will idle its Florida DAP plant for a year to assess global demand/supply balance and has also raised prices to cover higher costs for ammonia and sulphur.
This can only be a good thing for Incitec, the broker suggests. Buy and $4.00 target retained.
Target price is $4.00 Current Price is $3.88 Difference: $0.125
If IPL meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.74, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.1, implying annual growth of 138.2%. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 22.1%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates KAM as Hold (3) -
Core funds are in performance fee territory for H1 FY18, observes Morgans, while yesterday's trading update showed outflows of -$36m. While negative, the analysts take the view, underlying, things are improving.
Having said so, the stockbroker prefers to wait for additional, concrete evidence that funds flows will be positive again, at some point. Hold rating retained. Price target falls to 30c from 40c.
Target price is $0.30 Current Price is $0.27 Difference: $0.03
If KAM meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 1.30 cents and EPS of 1.40 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 2.00 cents and EPS of 2.10 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates LNK as Upgrade to Neutral from Underperform (3) -
The company remains confident of cost synergies from the Capita Asset Services acquisition and Credit Suisse envisages potential upgrades to synergy targets over the coming year.
Maiden guidance for fund administration revenues to be flat in FY18 is ahead of the broker's expectations for a -3% decline.
Rating is upgraded to Neutral from Underperform. Target is raised to $8.50 from $7.90.
Target price is $8.50 Current Price is $8.32 Difference: $0.185
If LNK meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.87, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.48 cents and EPS of 39.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 64.4%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 24.71 cents and EPS of 49.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 26.6%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates LNK as Buy (1) -
At its AGM, Link guided to flat funds admin revenue in FY18 which is a good result, the broker notes, given the loss of the Kinetic contract. The Capita acquisition will complete two months earlier than expected.
The broker retains Buy on earnings growth potential once SuperPartners and Capita are integrated and further notes the company's stake in Property Exchange Australia is drawing attention. Buy retained, target rises to $8.50 from $8.20.
Target price is $8.50 Current Price is $8.32 Difference: $0.185
If LNK meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.87, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 64.4%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 22.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 26.6%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LNK as Outperform (1) -
The company has guided that FY18 fund administration will probably be flat versus FY17.
Macquarie suggests this could be a solid outcome, given the disappointing revenue performance of this division in the second half of FY17, and with the remainder of Superpartners re-sets to flow through this year.
Outperform retained. Target is raised to $9.30 from $9.00.
Target price is $9.30 Current Price is $8.32 Difference: $0.985
If LNK meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $8.87, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.40 cents and EPS of 35.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 64.4%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.30 cents and EPS of 45.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 26.6%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LNK as Buy (1) -
The company's update on its funds administration revenue outlook for FY18 suggests to UBS there is more positive underlying momentum and moderate upside risks.
With Superpartners integration benefits and Capita Asset Services synergies confirmed the broker suggests the margin expansion expectations are intact.
Rating is Buy. Target is $8.85.
Target price is $8.85 Current Price is $8.32 Difference: $0.535
If LNK meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.87, suggesting upside of 6.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 17.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.2, implying annual growth of 64.4%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 26.6%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MYR as Neutral (3) -
The company has downgraded sales productivity targets and introduced a 5% growth in earnings per share target.
Citi retains forecasts that are materially below the company's targets, in large part because of the impact from Amazon. Without this competitive impact, the broker would consider the new targets more realistic.
The trading update signals no pick up in momentum, the broker suggests, and, while the sales outlook is likely to modestly improve in the second half, this is largely because of cycling a lower base from the prior year.
Neutral retained. Target reduced to $0.72 from $0.74
Target price is $0.72 Current Price is $0.74 Difference: minus $0.015 (current price is over target).
If MYR meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 5.00 cents and EPS of 7.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MYR as Underperform (5) -
Despite the update to the company's targets, Credit Suisse continues to expect earnings per share to decline to FY20.
The broker suggests the company's strategy relies heavily on experiential retailing and digital and does not address some of the fundamental issues.
Underperform rating and 67c target.
Target price is $0.67 Current Price is $0.74 Difference: minus $0.065 (current price is over target).
If MYR meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.54 cents and EPS of 8.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 4.21 cents and EPS of 7.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MYR as Hold (3) -
Myer's strategy update featured a largely unchanged strategy, the broker suggests, and a lowering of target metrics. The Sep Q saw a further decline in sales due to weak consumer sentiment and tough competition.
The broker believes management is being optimistic. Corporate interest keeps the broker on Hold with a 75c target.
Target price is $0.75 Current Price is $0.74 Difference: $0.015
If MYR meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 5.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 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 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MYR as Neutral (3) -
Comparable sales in the 13 weeks to October 28 were down -2.1% and New Myer strategy targets are revised down.
Macquarie notes the disappointing sales performance factors in the recent closures of Brookside, Orange and Wollongong.
Reductions in sales estimates equate to a downgrade to net profit of -20%, the broker calculates, reflecting the very high operating leverage in the business. Neutral maintained. Target is raised to $0.72 from $0.69.
Target price is $0.72 Current Price is $0.74 Difference: minus $0.015 (current price is over target).
If MYR meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.00 cents and EPS of 6.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MYR as Equal-weight (3) -
Morgan Stanley finds little evidence of tangible progress in the company's strategy.
Structural pressure is expected to accelerate and the broker remains sceptical about the New Myer strategy, two years into the five-year transformation plan.
Equal-weight rating retained. Target is $0.60. Industry view is Cautious.
Target price is $0.60 Current Price is $0.74 Difference: minus $0.135 (current price is over target).
If MYR meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.40 cents and EPS of 7.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.60 cents and EPS of 8.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MYR as Lighten (4) -
The company has noted a less-buoyant retail environment and released a weaker-than-expected first quarter sales update.
Ord Minnett's earnings estimates are unchanged although the risk is considered skewed to the downside. Lighten rating and $0.65 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $0.65 Current Price is $0.74 Difference: minus $0.085 (current price is over target).
If MYR meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.68, suggesting downside of -7.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of -12.0%. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY19:
Current consensus EPS estimate is 7.4, implying annual growth of 1.4%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OSH as Sell (5) -
The company announced the acquisition of a 500mmbbl oil discovery, Nanushuk, in Alaska. Cash consideration is US$400m and the company has the option to double its interest for US$450m by June 2019.
Citi believes investors need to question whether the risk profile has changed following this acquisition. The broker maintains a Sell rating and reduces the target to $5.79 from $5.84.
Target price is $5.79 Current Price is $7.16 Difference: minus $1.37 (current price is over target).
If OSH meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 11.79 cents and EPS of 24.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 11.79 cents and EPS of 25.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OSH as Neutral (3) -
Oil Search has made a US$400m acquisition of a stake in an Alaskan oil block. On the back of the company's indicators, Credit Suisse suggests the numbers and economics appear good but there are a lot of questions to be answered.
The broker hopes to be proven wrong but remains cynical about the ability for the balance sheet to support this acquisition concurrently with the expansion in PNG. Neutral retained. Target is raised to $7.35 from $7.25.
Target price is $7.35 Current Price is $7.16 Difference: $0.19
If OSH meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.99 cents and EPS of 25.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.56 cents and EPS of 28.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OSH as Buy (1) -
Oil Search will acquire several oil assets in Alaska at a net price the broker sees as fair value. Appraisal drilling and subsequent reserve upgrades could reduce this cost.
The acquisitions provide diversity away from PNG and exploration optionality at an attractive point in the cycle, the broker suggests. The broker does not see the need for additional capital. Buy and $8.05 target retained.
Target price is $8.05 Current Price is $7.16 Difference: $0.89
If OSH meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 9.17 cents and EPS of 23.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 9.18 cents and EPS of 23.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates OSH as Equal-weight (3) -
The company has made a US$400m acquisition on Alaska's North Slope with an option to double its equity. While ultimately this may be a very good transaction, Morgan Stanley suggests it will take a number of years to understand the resource base.
Morgan Stanley believes the transaction will also throw doubt on the timeline for LNG expansion in PNG, where successful development offers material upside.
Equal-weight rating and In-Line sector view retained. Target is $7.56.
Target price is $7.56 Current Price is $7.16 Difference: $0.4
If OSH meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 8.05 cents and EPS of 21.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 8.52 cents and EPS of 20.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OSH as Accumulate (2) -
Ord Minnett considers the acquisition of a US$400m development asset in Alaska as value neutral although the assets provide significant option value in terms of both higher oil prices and further reserve delineation.
The broker believes the acquisition is an attractive opportunity and does not imply reduced confidence in the timing of the PNG expansion. Accumulate retained. Target rises to $8.25 from $7.25.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.25 Current Price is $7.16 Difference: $1.09
If OSH meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.17 cents and EPS of 23.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.41 cents and EPS of 30.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
The company, in its first ever material acquisition outside of PNG, will acquire interest in the undeveloped Nanushuk oilfield in Alaska. The acquisition price is US$400m cash with an option to double its interesting key permits by the payment of an additional US$450m by June 2019.
The company estimates the discovery contains a 500mmbbl resource. UBS observes the entry into a new country carries heightened risk and expects the market to remain sceptical about the transaction until the commerciality is demonstrated.
Target is $7.25. Neutral retained.
Target price is $7.25 Current Price is $7.16 Difference: $0.09
If OSH meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $7.80, suggesting upside of 9.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.79 cents and EPS of 23.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of N/A. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 30.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.48 cents and EPS of 20.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of 6.8%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SRX as Hold (3) -
Sirtex has had a soft start into the new financial year, with Morgans noting the new CEO has "refreshed" the company's strategy. The analysts have reduced forecasts and this pushes down their valuation/price target to $14.88 (from $16.53).
Morgans notes operational initiatives are now in train, plus there's the added benefit from cost-outs, but competition is increasing too. The analysts cannot see a strong sales trajectory without compelling clinical data.
That just about sums up Sirtex's story since the share price has fallen from much higher levels. Hold rating retained.
Target price is $14.88 Current Price is $13.80 Difference: $1.08
If SRX meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $19.23, suggesting upside of 39.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 95.0, implying annual growth of N/A. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 32.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.0, implying annual growth of 6.3%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VCX as Upgrade to Neutral from Underperform (3) -
Credit Suisse analysis shows that, on average, net tangible asset backing per security is up by 28% over the past three years across the large-cap A-REITs.
Some 68% of this upside has been driven by cap rate compression. At some point the cycle will turn and reversion to June 2014 cap rates wold mean an average NTA decline of -15%.
Credit Suisse suggests there is limited downside from the cyclical cap rate reversion for Vicinity Centres. Rating is upgraded to Neutral from Underperform. Target is $2.65.
Target price is $2.65 Current Price is $2.66 Difference: minus $0.005 (current price is over target).
If VCX 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 $2.91, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 16.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of -3.7%. Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 17.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of 4.4%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AMC | AMCOR | Neutral - Citi | Overnight Price $15.27 |
| Neutral - Credit Suisse | Overnight Price $15.27 | ||
| Buy - Deutsche Bank | Overnight Price $15.27 | ||
| Outperform - Macquarie | Overnight Price $15.27 | ||
| Equal-weight - Morgan Stanley | Overnight Price $15.27 | ||
| Hold - Morgans | Overnight Price $15.27 | ||
| AQG | ALACER GOLD | Outperform - Credit Suisse | Overnight Price $2.14 |
| Buy - Deutsche Bank | Overnight Price $2.14 | ||
| CCP | CREDIT CORP GROUP | Accumulate - Ord Minnett | Overnight Price $20.13 |
| CIM | CIMIC GROUP | Hold - Deutsche Bank | Overnight Price $48.53 |
| Outperform - Macquarie | Overnight Price $48.53 | ||
| Hold - Ord Minnett | Overnight Price $48.53 | ||
| CLQ | CLEAN TEQ HOLDINGS | Initiation of coverage with Hold - Deutsche Bank | Overnight Price $1.69 |
| CSR | CSR | Neutral - Citi | Overnight Price $4.48 |
| Hold - Deutsche Bank | Overnight Price $4.48 | ||
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $4.48 | ||
| Underweight - Morgan Stanley | Overnight Price $4.48 | ||
| Hold - Ord Minnett | Overnight Price $4.48 | ||
| DMP | DOMINO'S PIZZA | Sell - Deutsche Bank | Overnight Price $45.20 |
| EHE | ESTIA HEALTH | Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $3.54 |
| FMG | FORTESCUE | Outperform - Credit Suisse | Overnight Price $4.68 |
| IOF | INVESTA OFFICE | Buy - Citi | Overnight Price $4.52 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $4.52 | ||
| Sell - UBS | Overnight Price $4.52 | ||
| IPL | INCITEC PIVOT | Buy - Deutsche Bank | Overnight Price $3.88 |
| KAM | K2 ASSET MANAGEMENT | Hold - Morgans | Overnight Price $0.27 |
| LNK | LINK ADMINISTRATION | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $8.32 |
| Buy - Deutsche Bank | Overnight Price $8.32 | ||
| Outperform - Macquarie | Overnight Price $8.32 | ||
| Buy - UBS | Overnight Price $8.32 | ||
| MYR | MYER | Neutral - Citi | Overnight Price $0.74 |
| Underperform - Credit Suisse | Overnight Price $0.74 | ||
| Hold - Deutsche Bank | Overnight Price $0.74 | ||
| Neutral - Macquarie | Overnight Price $0.74 | ||
| Equal-weight - Morgan Stanley | Overnight Price $0.74 | ||
| Lighten - Ord Minnett | Overnight Price $0.74 | ||
| OSH | OIL SEARCH | Sell - Citi | Overnight Price $7.16 |
| Neutral - Credit Suisse | Overnight Price $7.16 | ||
| Buy - Deutsche Bank | Overnight Price $7.16 | ||
| Equal-weight - Morgan Stanley | Overnight Price $7.16 | ||
| Accumulate - Ord Minnett | Overnight Price $7.16 | ||
| Neutral - UBS | Overnight Price $7.16 | ||
| SRX | SIRTEX MEDICAL | Hold - Morgans | Overnight Price $13.80 |
| VCX | VICINITY CENTRES | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $2.66 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 13 |
| 2. Accumulate | 2 |
| 3. Hold | 23 |
| 4. Reduce | 1 |
| 5. Sell | 5 |
Thursday 02 November 2017
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The content of this information does in no way reflect the opinions of
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the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
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market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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base their work on information believed to be reliable and accurate, though
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