Australian Broker Call
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July 04, 2022
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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
NCM - | Newcrest Mining | Downgrade to Hold from Buy | Ord Minnett |
PTM - | Platinum Asset Management | Upgrade to Neutral from Underperform | Credit Suisse |
Overnight Price: $10.25
Ord Minnett rates AKE as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Allkem, the Buy rating is retained and the target price decreases to $15.00 from $18.50.
Target price is $15.00 Current Price is $10.25 Difference: $4.75
If AKE meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $15.30, suggesting upside of 51.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 64.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.9, 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 17.5. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 158.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.4, implying annual growth of 90.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 9.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AMP as No Rating (-1) -
Credit Suisse remains positive on the Australian platforms sector, as an around -30% fall in share prices (ex AMP) over the June quarter more than accounts for the broker's earnings downgrades.
The earnings downgrades occur as a result of marking-to-market earnings and factoring-in higher expenses (inflation) and higher interest rates where relevant, explains the analyst.
The broker downgrades FY22-24 earnings forecasts for AMP by -11%, -14%, and -12%, respectively. Credit Suisse is currently restricted on providing a rating or target.
Current Price is $0.97. Target price not assessed.
Current consensus price target is $1.12, suggesting upside of 12.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 1.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of N/A. Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 1.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 32.3%. Current consensus DPS estimate is 2.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ANN ANSELL LIMITED
Commercial Services & Supplies
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Overnight Price: $22.14
Morgan Stanley rates ANN as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The analyst retains an Overweight rating for Ansell and believes the currently low multiple compensates for the EPS risk involved. The target price is lowered to $28.93 from $33.43. Industry view In-Line.
Target price is $28.93 Current Price is $22.14 Difference: $6.79
If ANN meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $29.60, suggesting upside of 31.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 76.78 cents and EPS of 189.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.6, implying annual growth of N/A. Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 82.70 cents and EPS of 203.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.2, implying annual growth of 6.7%. Current consensus DPS estimate is 88.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 11.2. |
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
ASB AUSTAL LIMITED
Commercial Services & Supplies
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Overnight Price: $2.25
Citi rates ASB as Buy (1) -
Austal's recently announced contract win with the US Coast Guard to produce offshore patrol cutters should resolve investor concern about scaling down of the company's Mobile operations, according to Citi. The broker estimates a contract value of $4.35bn for up to eleven vessels.
Given the contract will cover shipyard overheads, the broker expects Austal will be better positioned to bid on future projects, and notes it finds the company's Mobile division to be more sophisticated and diversified than a few years ago.
The Buy rating is retained and the target price increases to $2.91 from $2.35.
Target price is $2.91 Current Price is $2.25 Difference: $0.66
If ASB meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 8.00 cents and EPS of 14.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of -16.6%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 6.30 cents and EPS of 6.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -19.7%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASB as Hold (3) -
Austal has been awarded a contract to construct up to eleven offshore patrol cutters for the US Coast Guard valued at US$3.3bn. Ord Minnett notes the contract goes a long way in refilling the company's longer-term pipeline.
Ord Minnett highlights the initial award is for the design and construction of one vessel for US$208m, with options for a further ten vessels.
The broker also notes the news was well received by the market, with the stock now trading near net tangible asset value.
The Hold rating is retained and the target price increases to $2.30 from $2.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.30 Current Price is $2.25 Difference: $0.05
If ASB meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 0.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 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 -16.6%. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of -19.7%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.45
Ord Minnett rates AWC as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Alumina Ltd, the Buy rating is retained and the target price decreases to $2.00 from $2.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.00 Current Price is $1.45 Difference: $0.55
If AWC meets the Ord Minnett target it will return approximately 38% (excluding dividends, fees and charges).
Current consensus price target is $1.86, suggesting upside of 25.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 11.85 cents and EPS of 12.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 9.7%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 17.23 cents and EPS of 15.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.5, implying annual growth of -3.3%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 10.3%. Current consensus EPS estimate suggests the PER is 10.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $40.05
Morgan Stanley rates BHP as Equal-weight (3) -
Morgan Stanley feels BHP Group has taken a step towards achieving medium/long term emissions targets as the mine life for NSW Energy Coal is now shorter than previously envisaged.
The broker feels the shorter mine life is already priced into the group's share price. The Equal-weight rating and $40.05 target are retained. Industry View: Attractive.
Target price is $40.05 Current Price is $40.05 Difference: $0
If BHP meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $45.91, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 996.55 cents and EPS of 611.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 652.6, implying annual growth of N/A. Current consensus DPS estimate is 587.8, implying a prospective dividend yield of 14.7%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 417.64 cents and EPS of 585.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 572.3, implying annual growth of -12.3%. Current consensus DPS estimate is 455.9, implying a prospective dividend yield of 11.4%. Current consensus EPS estimate suggests the PER is 7.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BHP as Hold (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For BHP Group, the Hold rating is retained and the target price decreases to $44.00 from $45.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $44.00 Current Price is $40.05 Difference: $3.95
If BHP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $45.91, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 464.51 cents and EPS of 609.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 652.6, implying annual growth of N/A. Current consensus DPS estimate is 587.8, implying a prospective dividend yield of 14.7%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 417.64 cents and EPS of 556.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 572.3, implying annual growth of -12.3%. Current consensus DPS estimate is 455.9, implying a prospective dividend yield of 11.4%. Current consensus EPS estimate suggests the PER is 7.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.70
Citi rates BOQ as Buy (1) -
Reflecting a -6% decline in Citi's average interest earning assets assumptions for Bank of Queensland, the broker's earnings estimates for the bank decrease between -6% and -12% through to FY24.
The Buy rating is retained and the target price decreases to $8.75 from $9.25.
Target price is $8.75 Current Price is $6.70 Difference: $2.05
If BOQ meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.31, suggesting upside of 37.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY22:
Citi forecasts a full year FY22 dividend of 46.00 cents and EPS of 73.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 12.8%. Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY23:
Citi forecasts a full year FY23 dividend of 50.00 cents and EPS of 72.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.8, implying annual growth of -0.9%. Current consensus DPS estimate is 50.3, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 9.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.76
Ord Minnett rates BSL as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For BlueScope Steel, the Buy rating is retained and the target price decreases to $23.00 from $26.00.
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 $15.76 Difference: $7.24
If BSL meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $22.96, suggesting upside of 45.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 50.00 cents and EPS of 532.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 530.2, implying annual growth of 123.8%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 3.0. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 50.00 cents and EPS of 285.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 280.9, implying annual growth of -47.0%. Current consensus DPS estimate is 50.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.05
Credit Suisse rates BXB as Outperform (1) -
Now that Brambles has decided not to invest in a plastic pallet pool for Costco's US supply chain, Credit Suisse believes a significant discount in the company's share price may reverse.
Moreover, the analyst feels that if Brambles couldn't get an attractive return with its scale advantages, then it's unlikely competitors will be able to do so. The Outperform rating and $13.45 target price are unchanged.
Target price is $13.45 Current Price is $11.05 Difference: $2.4
If BXB meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $12.14, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 43.24 cents and EPS of 55.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 44.73 cents and EPS of 57.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 7.7%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BXB as Neutral (3) -
Brambles has announced that it will not proceed with plastic pallets in North America, a decision Macquarie found surprising given previous commentary from the company.
The broker notes the choice not to proceed means the company will not make the US$450-700m investment required for plastic pallets, which would have impacted already challenged near-term cash generation.
Macquarie does highlight risk that Costco will pursue the project with another provider, but the broker expects should this happen impacts will be near-term and Brambles will be able to win new customers to offset.
The Neutral rating is retained and the target price increases to $10.75 from $10.55.
Target price is $10.75 Current Price is $11.05 Difference: minus $0.3 (current price is over target).
If BXB 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 $12.14, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 32.53 cents and EPS of 56.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.4, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 35.70 cents and EPS of 62.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 7.7%. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.70
Ord Minnett rates CHN as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Chalice Mining, the Buy rating is retained and the target price decreases to $7.00 from $9.50.
Target price is $7.00 Current Price is $3.70 Difference: $3.3
If CHN meets the Ord Minnett target it will return approximately 89% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.00 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 4.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $199.63
Morgan Stanley rates COH as Equal-weight (3) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
While the analyst lowers its price target for Cochlear to $194 from $208, the Equal-weight rating is retained for the growth outlook. Industry View: In-line.
Target price is $194.00 Current Price is $199.63 Difference: minus $5.63 (current price is over target).
If COH 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 $222.25, suggesting upside of 11.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 258.00 cents and EPS of 429.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 426.1, implying annual growth of -14.2%. Current consensus DPS estimate is 291.2, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 46.9. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 283.50 cents and EPS of 471.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 475.6, implying annual growth of 11.6%. Current consensus DPS estimate is 328.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 42.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CSL CSL LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $269.23
Macquarie rates CSL as Outperform (1) -
Commentary from CSL suggests collections were largely in line with pre-covid levels in June, with Macquarie highlighting foot traffic across the company's US plasma centres appeared to show continued momentum.
The broker highlighted foot traffic was improved in Texas, despite the ongoing impact of restrictions on paid donations by Mexican citizens. Macquarie considers CSL's earnings growth profile to be attractive through to FY24.
The Outperform rating and target price of $312.00 are retained.
Target price is $312.00 Current Price is $269.23 Difference: $42.77
If CSL meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $315.32, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 249.48 cents and EPS of 671.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 724.0, implying annual growth of N/A. Current consensus DPS estimate is 312.1, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 37.9. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 354.24 cents and EPS of 804.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 859.8, implying annual growth of 18.8%. Current consensus DPS estimate is 369.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 32.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSL as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks were the growth outlook is now better than in 2013 or EPS certainty is high.
The analyst raises its price target for CSL to $312 from $310 and retains an Overweight rating for the growth outlook. Industry View: In-line.
Target price is $312.00 Current Price is $269.23 Difference: $42.77
If CSL meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $315.32, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 286.84 cents and EPS of 682.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 724.0, implying annual growth of N/A. Current consensus DPS estimate is 312.1, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 37.9. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 368.16 cents and EPS of 764.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 859.8, implying annual growth of 18.8%. Current consensus DPS estimate is 369.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 32.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $34.12
Morgan Stanley rates EBO as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Overweight rating is retained for Ebos Group, while the target slips to $41 from $43. Industry view In-Line.
Target price is $41.00 Current Price is $34.12 Difference: $6.88
If EBO meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $39.69, suggesting upside of 14.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 80.71 cents and EPS of 121.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 127.7, implying annual growth of 12.8%. Current consensus DPS estimate is 90.3, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.2. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 96.64 cents and EPS of 150.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 153.7, implying annual growth of 20.4%. Current consensus DPS estimate is 107.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 22.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.53
Morgans rates EBR as Speculative Buy (1) -
Morgans feels EBR Systems has attained a key milestone by completing interim trial enrolment in SOLVE on time, which may lead to FDA submission by the first half of 2023.
The company has secured up to $50m in debt financing, which the broker sees as prudent. The target falls to $1.38 from $1.84 to reflect increased volatility and higher funding costs. The Speculative Buy rating is maintained.
Target price is $1.38 Current Price is $0.53 Difference: $0.85
If EBR meets the Morgans target it will return approximately 160% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 9.00 cents. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 0.00 cents and EPS of minus 11.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.00
Ord Minnett rates FMG as Hold (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Fortescue Metals, the Hold rating is retained and the target price decreases to $18.00 from $19.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $18.00 Current Price is $17.00 Difference: $1
If FMG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $17.54, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 206.75 cents and EPS of 275.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 318.9, implying annual growth of N/A. Current consensus DPS estimate is 235.2, implying a prospective dividend yield of 13.8%. Current consensus EPS estimate suggests the PER is 5.3. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 179.19 cents and EPS of 224.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 288.5, implying annual growth of -9.5%. Current consensus DPS estimate is 217.9, implying a prospective dividend yield of 12.8%. Current consensus EPS estimate suggests the PER is 5.9. |
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: $3.65
Morgan Stanley rates HLS as Equal-weight (3) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Equal-weight rating and $3.75 target are retained for Healius. Industry view In-Line.
Target price is $3.75 Current Price is $3.65 Difference: $0.1
If HLS meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.36, suggesting upside of 16.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 13.20 cents and EPS of 52.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.0, implying annual growth of 519.0%. Current consensus DPS estimate is 15.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 7.2. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 11.70 cents and EPS of 19.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.4, implying annual growth of -55.0%. Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
HUB HUB24 LIMITED
Wealth Management & Investments
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Overnight Price: $20.45
Credit Suisse rates HUB as Outperform (1) -
Credit Suisse remains positive on the Australian platforms sector, as an around -30% fall in share prices (ex AMP) over the June quarter more than accounts for the broker's earnings downgrades.
The earnings downgrades occur as a result of marking-to-market earnings and factoring-in higher expenses (inflation) and higher interest rates where relevant, explains the analyst.
Hub24 is the broker's most preferred exposure in the sector and the Outperform rating is maintained, while the target falls to $35 from $38.
Target price is $35.00 Current Price is $20.45 Difference: $14.55
If HUB meets the Credit Suisse target it will return approximately 71% (excluding dividends, fees and charges).
Current consensus price target is $30.78, suggesting upside of 46.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 19.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.1, implying annual growth of 223.1%. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 51.0. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 34.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.3, implying annual growth of 44.3%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 35.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IDX INTEGRAL DIAGNOSTICS LIMITED
Medical Equipment & Devices
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Overnight Price: $3.00
Morgan Stanley rates IDX as Equal-weight (3) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Equal-weight rating is retained for Integral Diagnostics, while the target falls to $3.51 from $4.36. Industry view In-Line.
Target price is $3.51 Current Price is $3.00 Difference: $0.51
If IDX meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.26, suggesting upside of 39.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 7.70 cents and EPS of 12.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.2, implying annual growth of -15.3%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 11.10 cents and EPS of 17.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.0, implying annual growth of 51.5%. Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL INSIGNIA FINANCIAL LIMITED
Wealth Management & Investments
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Overnight Price: $2.71
Credit Suisse rates IFL as Outperform (1) -
Credit Suisse remains positive on the Australian platforms sector, as an around -30% fall in share prices (ex AMP) over the June quarter more than accounts for the broker's earnings downgrades.
The earnings downgrades occur as a result of marking-to-market earnings and factoring-in higher expenses (inflation) and higher interest rates where relevant, explains the analyst.
The broker lowers earnings forecasts for Insignia Financial by the most (for stocks under coverage of the sector), given a lower earnings (EBITDA) margin, a relatively fixed cost base and higher leverage.
The target falls to $4.30 from $5.30, while the Outperform rating remains.
Target price is $4.30 Current Price is $2.71 Difference: $1.59
If IFL meets the Credit Suisse target it will return approximately 59% (excluding dividends, fees and charges).
Current consensus price target is $4.89, suggesting upside of 80.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 23.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.5, implying annual growth of N/A. Current consensus DPS estimate is 24.7, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 21.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.6, implying annual growth of 8.5%. Current consensus DPS estimate is 27.1, implying a prospective dividend yield of 10.0%. Current consensus EPS estimate suggests the PER is 6.8. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.51
Ord Minnett rates ILU as Hold (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Iluka Resources, the Hold rating is retained and the target price decreases to $10.50 from $11.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.50 Current Price is $9.51 Difference: $0.99
If ILU meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 16.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.2, implying annual growth of 14.8%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.8, implying annual growth of 0.6%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHG JANUS HENDERSON GROUP PLC
Wealth Management & Investments
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Overnight Price: $33.82
Credit Suisse rates JHG as Neutral (3) -
Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
The broker retains its Neutral rating for Janus Henderson in the absence of potential upcoming catalysts and with incoming CEO risk. The company is considered one of the most highly leveraged asset managers under Credit Suisse's coverage.The target falls to $36 from $46.
Target price is $36.00 Current Price is $33.82 Difference: $2.18
If JHG meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $45.25, suggesting upside of 32.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 215.02 cents and EPS of 348.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 497.4, implying annual growth of N/A. Current consensus DPS estimate is 232.0, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 6.9. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 220.54 cents and EPS of 325.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 502.2, implying annual growth of 1.0%. Current consensus DPS estimate is 281.7, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 6.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LTR LIONTOWN RESOURCES LIMITED
New Battery Elements
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Overnight Price: $1.00
Ord Minnett rates LTR as Hold (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Liontown Resources, the Hold rating is retained and the target price decreases to $1.10 from $1.30.
Target price is $1.10 Current Price is $1.00 Difference: $0.1
If LTR 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 FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.00 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MFG MAGELLAN FINANCIAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $13.00
Credit Suisse rates MFG as Neutral (3) -
Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
Before changing its Neutral rating for Magellan Financial, the broker would like to see a stabilisation of institutional flows and some outperformance by the Global Fund. The target price falls to $12.40 from $14.40.
Target price is $12.40 Current Price is $13.00 Difference: minus $0.6 (current price is over target).
If MFG meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.38, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 182.00 cents and EPS of 237.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 220.2, implying annual growth of 52.3%. Current consensus DPS estimate is 188.4, implying a prospective dividend yield of 16.0%. Current consensus EPS estimate suggests the PER is 5.3. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 100.00 cents and EPS of 128.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.7, implying annual growth of -37.9%. Current consensus DPS estimate is 118.8, implying a prospective dividend yield of 10.1%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.23
Morgan Stanley rates MPL as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high. Medibank Private is thought to slot into the latter category, with claims expected to be lower for longer and member share increasing.
The Overweight rating and $3.70 target price are unchanged. Industry View: In-Line.
Target price is $3.70 Current Price is $3.23 Difference: $0.47
If MPL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.46, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 13.00 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of -3.2%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 14.40 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of 5.2%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.97
Macquarie rates MVF as Outperform (1) -
Monash IVF has announced the $3.9m acquisition of Brisbane-based ART Associates, adding six fertility specialists to the group's portfolio.
The company estimates its newest acquisition will be $1.1-2.2m accretion to FY24 net profit, although Macquarie notes this range depends on the number of cycles specialists are able to bring to the company.
With the purchased expected to settle in September, the broker is yet to factor the acquisition into forecasts. The Outperform rating and target price of $1.20 are retained.
Target price is $1.20 Current Price is $0.97 Difference: $0.23
If MVF meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.22, suggesting upside of 24.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 3.60 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of -13.2%. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 4.50 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 14.3%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MVF as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Overweight rating is retained for Monash IVF, while the target falls to $1.20 from $1.25. Industry view In-Line.
Target price is $1.20 Current Price is $0.97 Difference: $0.23
If MVF meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $1.22, suggesting upside of 24.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.6, implying annual growth of -13.2%. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 4.40 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 14.3%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $20.27
Ord Minnett rates NCM as Downgrade to Hold from Buy (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
The broker notes it now prefers BlueScope Steel ((BSL)) and South32 ((S32)) to Newcrest Mining.
The rating is downgraded to Hold from Buy and the target price decreases to $23.00 from $29.00.
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 $20.27 Difference: $2.73
If NCM meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $27.19, suggesting upside of 31.2% (ex-dividends)
Forecast for FY22:
Current consensus EPS estimate is 146.8, implying annual growth of N/A. Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY23:
Current consensus EPS estimate is 181.6, implying annual growth of 23.7%. Current consensus DPS estimate is 47.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 11.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.34
Morgans rates NHC as Add (1) -
Morgans sees dividend upside for New Hope and thinks shares can re-rate as the market appreciates the scope of current cash flows, as thermal coal prices continue to rally. The target price jumps to $4.69 from $3.67 and the Add rating is unchanged.
With no obvious M&A targets, the broker believes the company may maintain a modest cash balance. The FY23 outlook for seaborne thermal coal pricing is also thought to be better than implied by the market.
Target price is $4.69 Current Price is $3.34 Difference: $1.35
If NHC meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $4.12, suggesting upside of 14.2% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY22:
Morgans forecasts a full year FY22 dividend of 70.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.0, implying annual growth of 991.3%. Current consensus DPS estimate is 68.5, implying a prospective dividend yield of 19.0%. Current consensus EPS estimate suggests the PER is 3.5. |
Forecast for FY23:
Morgans forecasts a full year FY23 dividend of 70.00 cents and EPS of 145.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.5, implying annual growth of 52.4%. Current consensus DPS estimate is 83.8, implying a prospective dividend yield of 23.2%. Current consensus EPS estimate suggests the PER is 2.3. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.36
Morgan Stanley rates NHF as Equal-weight (3) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Equal-weight rating and $6.95 target price are unchanged for nib Holdings. Industry View: In-Line.
Target price is $6.95 Current Price is $7.36 Difference: minus $0.41 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.97, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 22.80 cents and EPS of 33.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.4, implying annual growth of -2.4%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 24.00 cents and EPS of 35.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -0.9%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWL NETWEALTH GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $12.65
Credit Suisse rates NWL as Outperform (1) -
Credit Suisse remains positive on the Australian platforms sector, as an around -30% fall in share prices (ex AMP) over the June quarter more than accounts for the broker's earnings downgrades.
The earnings downgrades occur as a result of marking-to-market earnings and factoring-in higher expenses (inflation) and higher interest rates where relevant, explains the analyst.
Netwealth's Outperform rating is maintained, as the group has been attracting significant inflows and growing market share. The latter has increased from 1% to around 6% over the last five years. The target price falls to $15.70 from $16.75.
Target price is $15.70 Current Price is $12.65 Difference: $3.05
If NWL meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $15.67, suggesting upside of 26.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 19.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.6, implying annual growth of 4.7%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 52.5. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 24.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.6, implying annual growth of 29.7%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PDL PENDAL GROUP LIMITED
Wealth Management & Investments
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Overnight Price: $4.48
Credit Suisse rates PDL as Neutral (3) -
Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
The broker lowers its target price for Pendal Group to $4.00 from $5.35 and notes a significant deterioration in the group's largest strategy, the International Select fund, which has shifted into outflow.
The analyst retains a Neutral rating as the group could become a M&A target, with Perpetual having already made an offer.
Target price is $4.00 Current Price is $4.48 Difference: minus $0.48 (current price is over target).
If PDL meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.66, suggesting upside of 28.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 45.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.0, implying annual growth of 0.1%. Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 10.4%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 35.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of -14.0%. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 9.0%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPT PERPETUAL LIMITED
Wealth Management & Investments
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Overnight Price: $29.26
Credit Suisse rates PPT as Outperform (1) -
Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
While the target for Perpetual is lowered to $34 from $42, the broker likes the exposure to better-than-industry flows, exposure to ESG and recent improvement in fund performance.
The company is Credit Suisse's preferred exposure in the sector and the Outperform rating is maintained.
Target price is $34.00 Current Price is $29.26 Difference: $4.74
If PPT meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $38.79, suggesting upside of 37.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 208.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.0, implying annual growth of 94.8%. Current consensus DPS estimate is 210.5, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 173.00 cents and EPS of 216.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 271.2, implying annual growth of 3.1%. Current consensus DPS estimate is 215.7, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PTM PLATINUM ASSET MANAGEMENT LIMITED
Wealth Management & Investments
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Overnight Price: $1.74
Credit Suisse rates PTM as Upgrade to Neutral from Underperform (3) -
Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
The broker upgrades its rating for Platinum Asset Management to Neutral from Underperform on valuation and in the belief earnings will improve after a period of improved fund performance. The target falls to $1.80 from $1.90.
Target price is $1.80 Current Price is $1.74 Difference: $0.06
If PTM meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 30.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 19.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -25.5%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 11.5%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY23:
Credit Suisse forecasts a full year FY23 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -15.2%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 10.1%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.25
Ord Minnett rates RED as Buy (1) -
With Red 5 reporting first gold last month at its King of the Hill mine site, Ord Minnett notes commercial production is the next catalyst for the company.
Given current mill availability and low power requirements, the broker is confident in the site reaching nameplate production levels following commercial production.
The broker anticipates Red 5 can outperform peers on a relative basis if milestones are met and emphasis is made on near-term free cash flow. The Buy rating is retained and the target price decreases to $0.40 from $0.46.
Target price is $0.40 Current Price is $0.25 Difference: $0.15
If RED meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.40 cents. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 0.00 cents and EPS of 0.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RHC RAMSAY HEALTH CARE LIMITED
Healthcare services
More Research Tools In Stock Analysis - click HERE
Overnight Price: $73.00
Morgan Stanley rates RHC as Underweight (5) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
While the analyst lowers its price target for Ramsay Health Care to $68.80 from $69.80, growth is estimated to be superior to 2013 though somewhat inflated by a depressed EPS profile in the pandemic. The Underweight rating is maintained. Industry View: In-line.
Target price is $68.80 Current Price is $73.00 Difference: minus $4.2 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $79.96, suggesting upside of 9.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 106.00 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.1, implying annual growth of -39.9%. Current consensus DPS estimate is 107.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 62.9. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 175.00 cents and EPS of 226.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 195.6, implying annual growth of 68.5%. Current consensus DPS estimate is 143.8, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 37.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $100.34
Ord Minnett rates RIO as Hold (3) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Rio Tinto, the Hold rating is retained and the target price decreases to $100.00 from $116.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $100.00 Current Price is $100.34 Difference: minus $0.34 (current price is over target).
If RIO meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $119.21, suggesting upside of 18.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 1208.82 cents and EPS of 1727.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1881.2, implying annual growth of N/A. Current consensus DPS estimate is 1305.7, implying a prospective dividend yield of 12.9%. Current consensus EPS estimate suggests the PER is 5.4. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 933.15 cents and EPS of 1335.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1524.1, implying annual growth of -19.0%. Current consensus DPS estimate is 1055.6, implying a prospective dividend yield of 10.5%. Current consensus EPS estimate suggests the PER is 6.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.50
Morgan Stanley rates RMD as Equal-weight (3) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Equal-weight rating is retained for ResMed, while the target rises to $29.10 from $26.90. Industry view In-Line.
Target price is $29.10 Current Price is $30.50 Difference: minus $1.4 (current price is over target).
If RMD 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 $35.26, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 23.16 cents and EPS of 80.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.1, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 37.3. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 23.16 cents and EPS of 89.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.8, implying annual growth of 21.0%. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 30.8. |
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
Overnight Price: $3.87
Ord Minnett rates S32 as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For South32, the Buy rating is retained and the target price decreases to $4.80 from $5.70.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.80 Current Price is $3.87 Difference: $0.93
If S32 meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.66, suggesting upside of 45.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 41.35 cents and EPS of 77.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 85.6, implying annual growth of N/A. Current consensus DPS estimate is 38.7, implying a prospective dividend yield of 9.9%. Current consensus EPS estimate suggests the PER is 4.5. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 62.03 cents and EPS of 103.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.5, implying annual growth of 13.9%. Current consensus DPS estimate is 44.3, implying a prospective dividend yield of 11.4%. Current consensus EPS estimate suggests the PER is 4.0. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.40
Ord Minnett rates SFR as Sell (5) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Sandfire Resources, the Sell rating is retained and the target price decreases to $3.80 from $4.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.80 Current Price is $4.40 Difference: minus $0.6 (current price is over target).
If SFR meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.64, suggesting upside of 47.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 12.41 cents and EPS of 77.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 6.89 cents and EPS of 46.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of -43.7%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 11.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.74
Ord Minnett rates SGM as Buy (1) -
With commodity markets taking a hit in recent weeks as the market becomes increasingly focused on a potential economic recession, Ord Minnett's average net present value has declined -15% across its commodities coverage, but does expect macro economic conditions to improve in the second half of the year.
For Sims, the Buy rating is retained and the target price decreases to $23.00 from $25.00.
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 $13.74 Difference: $9.26
If SGM meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $20.59, suggesting upside of 47.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Ord Minnett forecasts a full year FY22 dividend of 83.00 cents and EPS of 280.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 272.3, implying annual growth of 138.7%. Current consensus DPS estimate is 81.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 5.1. |
Forecast for FY23:
Ord Minnett forecasts a full year FY23 dividend of 55.00 cents and EPS of 187.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.7, implying annual growth of -31.4%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $32.94
Morgan Stanley rates SHL as Overweight (1) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The analyst lowers the price target for Sonic Healthcare to $36.35 from $40.00 though assesses an undemanding valuation and retains its Overweight rating. Industry view: In-Line.
Target price is $36.35 Current Price is $32.94 Difference: $3.41
If SHL meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $38.29, suggesting upside of 14.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Morgan Stanley forecasts a full year FY22 dividend of 101.00 cents and EPS of 307.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 308.0, implying annual growth of 11.8%. Current consensus DPS estimate is 99.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 113.80 cents and EPS of 194.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 178.1, implying annual growth of -42.2%. Current consensus DPS estimate is 107.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.59
Morgan Stanley rates SIG as Underweight (5) -
While price earnings (PE) multiples have generally contracted for the Australian Healthcare sector, they remain above the
levels when the Australian 10 year bond yield was last around 4% in 2013, notes Morgan Stanley.
As a result, the broker favours those stocks where the growth outlook is now better than in 2013 or EPS certainty is high.
The Underweight rating is retained for Sigma Healthcare while the target price rises to $0.48 from $0.43. Industry view In-Line.
Target price is $0.48 Current Price is $0.59 Difference: minus $0.11 (current price is over target).
If SIG meets the Morgan Stanley target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.51, suggesting downside of -12.5% (ex-dividends)
The company's fiscal year ends in January.
Forecast for FY23:
Morgan Stanley forecasts a full year FY23 dividend of 0.60 cents and EPS of 1.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.0, implying annual growth of N/A. Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY24:
Morgan Stanley forecasts a full year FY24 dividend of 1.70 cents and EPS of 2.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.9, implying annual growth of 45.0%. Current consensus DPS estimate is 1.9, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.0. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.39
Macquarie rates SWM as Neutral (3) -
Seven West Media has filed a court proceeding against Cricket Australia for multiple contract breaches, but Macquarie notes the company will continue to perform its broadcasting obligations until the contract is terminated.
The broker highlights an earlier than anticipated termination of Seven West Media's cricket rights could create a -14% earnings per share headwind in the year that the contract is terminated, likely either FY23 or F24.
Macquarie has removed cricket broadcasting from its forecasts from FY25. The Neutral rating is retained and the target price decreases to $0.37 from $0.66.
Target price is $0.37 Current Price is $0.39 Difference: minus $0.02 (current price is over target).
If SWM meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.69, suggesting upside of 73.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY22:
Macquarie forecasts a full year FY22 dividend of 1.00 cents and EPS of 12.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of -41.0%. Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 3.3. |
Forecast for FY23:
Macquarie forecasts a full year FY23 dividend of 2.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.8, implying annual growth of -3.3%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 3.4. |
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 | |
AKE | Allkem | $10.12 | Ord Minnett | 15.00 | 18.50 | -18.92% |
ANN | Ansell | $22.49 | Morgan Stanley | 28.93 | 33.43 | -13.46% |
ASB | Austal | $2.38 | Citi | 2.91 | 2.35 | 23.83% |
Ord Minnett | 2.30 | 2.10 | 9.52% | |||
AWC | Alumina Ltd | $1.48 | Ord Minnett | 2.00 | 2.40 | -16.67% |
BHP | BHP Group | $39.98 | Ord Minnett | 44.00 | 45.00 | -2.22% |
BOQ | Bank of Queensland | $6.77 | Citi | 8.75 | 10.25 | -14.63% |
BSL | BlueScope Steel | $15.82 | Ord Minnett | 23.00 | 26.00 | -11.54% |
BXB | Brambles | $11.24 | Macquarie | 10.75 | 10.55 | 1.90% |
CHN | Chalice Mining | $3.75 | Ord Minnett | 7.00 | 9.50 | -26.32% |
COH | Cochlear | $199.73 | Morgan Stanley | 194.00 | 208.00 | -6.73% |
CSL | CSL | $274.72 | Morgan Stanley | 312.00 | 310.00 | 0.65% |
EBO | Ebos Group | $34.78 | Morgan Stanley | 41.00 | 43.00 | -4.65% |
EBR | EBR Systems | $0.50 | Morgans | 1.38 | 1.84 | -25.00% |
FMG | Fortescue Metals | $17.03 | Ord Minnett | 18.00 | 19.00 | -5.26% |
HUB | Hub24 | $20.98 | Credit Suisse | 35.00 | 38.00 | -7.89% |
IDX | Integral Diagnostics | $3.05 | Morgan Stanley | 3.51 | 4.36 | -19.50% |
IFL | Insignia Financial | $2.71 | Credit Suisse | 4.30 | 5.30 | -18.87% |
ILU | Iluka Resources | $9.49 | Ord Minnett | 10.50 | 11.00 | -4.55% |
JHG | Janus Henderson | $34.20 | Credit Suisse | 36.00 | 46.00 | -21.74% |
LTR | Liontown Resources | $0.99 | Ord Minnett | 1.10 | 1.30 | -15.38% |
MFG | Magellan Financial | $11.78 | Credit Suisse | 12.40 | 14.40 | -13.89% |
MVF | Monash IVF | $0.98 | Morgan Stanley | 1.20 | 1.25 | -4.00% |
NCM | Newcrest Mining | $20.73 | Ord Minnett | 23.00 | 30.00 | -23.33% |
NHC | New Hope | $3.61 | Morgans | 4.69 | 3.67 | 27.79% |
NWL | Netwealth Group | $12.40 | Credit Suisse | 15.70 | 16.75 | -6.27% |
PDL | Pendal Group | $4.39 | Credit Suisse | 4.00 | 5.35 | -25.23% |
PPT | Perpetual | $28.32 | Credit Suisse | 34.00 | 42.00 | -19.05% |
PTM | Platinum Asset Management | $1.72 | Credit Suisse | 1.80 | 1.90 | -5.26% |
RED | Red 5 | $0.25 | Ord Minnett | 0.40 | 0.46 | -13.04% |
RHC | Ramsay Health Care | $72.99 | Morgan Stanley | 68.80 | 69.80 | -1.43% |
RIO | Rio Tinto | $100.91 | Ord Minnett | 100.00 | 116.00 | -13.79% |
RMD | ResMed | $31.34 | Morgan Stanley | 29.10 | 26.90 | 8.18% |
S32 | South32 | $3.89 | Ord Minnett | 4.80 | 5.70 | -15.79% |
SFR | Sandfire Resources | $4.49 | Ord Minnett | 3.80 | 4.80 | -20.83% |
SGM | Sims | $14.00 | Ord Minnett | 23.00 | 25.00 | -8.00% |
SHL | Sonic Healthcare | $33.37 | Morgan Stanley | 36.35 | 40.00 | -9.12% |
SIG | Sigma Healthcare | $0.58 | Morgan Stanley | 0.48 | 0.43 | 11.63% |
SWM | Seven West Media | $0.40 | Macquarie | 0.37 | 0.66 | -43.94% |
Summaries
AKE | Allkem | Buy - Ord Minnett | Overnight Price $10.25 |
AMP | AMP | No Rating - Credit Suisse | Overnight Price $0.97 |
ANN | Ansell | Overweight - Morgan Stanley | Overnight Price $22.14 |
ASB | Austal | Buy - Citi | Overnight Price $2.25 |
Hold - Ord Minnett | Overnight Price $2.25 | ||
AWC | Alumina Ltd | Buy - Ord Minnett | Overnight Price $1.45 |
BHP | BHP Group | Equal-weight - Morgan Stanley | Overnight Price $40.05 |
Hold - Ord Minnett | Overnight Price $40.05 | ||
BOQ | Bank of Queensland | Buy - Citi | Overnight Price $6.70 |
BSL | BlueScope Steel | Buy - Ord Minnett | Overnight Price $15.76 |
BXB | Brambles | Outperform - Credit Suisse | Overnight Price $11.05 |
Neutral - Macquarie | Overnight Price $11.05 | ||
CHN | Chalice Mining | Buy - Ord Minnett | Overnight Price $3.70 |
COH | Cochlear | Equal-weight - Morgan Stanley | Overnight Price $199.63 |
CSL | CSL | Outperform - Macquarie | Overnight Price $269.23 |
Overweight - Morgan Stanley | Overnight Price $269.23 | ||
EBO | Ebos Group | Overweight - Morgan Stanley | Overnight Price $34.12 |
EBR | EBR Systems | Speculative Buy - Morgans | Overnight Price $0.53 |
FMG | Fortescue Metals | Hold - Ord Minnett | Overnight Price $17.00 |
HLS | Healius | Equal-weight - Morgan Stanley | Overnight Price $3.65 |
HUB | Hub24 | Outperform - Credit Suisse | Overnight Price $20.45 |
IDX | Integral Diagnostics | Equal-weight - Morgan Stanley | Overnight Price $3.00 |
IFL | Insignia Financial | Outperform - Credit Suisse | Overnight Price $2.71 |
ILU | Iluka Resources | Hold - Ord Minnett | Overnight Price $9.51 |
JHG | Janus Henderson | Neutral - Credit Suisse | Overnight Price $33.82 |
LTR | Liontown Resources | Hold - Ord Minnett | Overnight Price $1.00 |
MFG | Magellan Financial | Neutral - Credit Suisse | Overnight Price $13.00 |
MPL | Medibank Private | Overweight - Morgan Stanley | Overnight Price $3.23 |
MVF | Monash IVF | Outperform - Macquarie | Overnight Price $0.97 |
Overweight - Morgan Stanley | Overnight Price $0.97 | ||
NCM | Newcrest Mining | Downgrade to Hold from Buy - Ord Minnett | Overnight Price $20.27 |
NHC | New Hope | Add - Morgans | Overnight Price $3.34 |
NHF | nib Holdings | Equal-weight - Morgan Stanley | Overnight Price $7.36 |
NWL | Netwealth Group | Outperform - Credit Suisse | Overnight Price $12.65 |
PDL | Pendal Group | Neutral - Credit Suisse | Overnight Price $4.48 |
PPT | Perpetual | Outperform - Credit Suisse | Overnight Price $29.26 |
PTM | Platinum Asset Management | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $1.74 |
RED | Red 5 | Buy - Ord Minnett | Overnight Price $0.25 |
RHC | Ramsay Health Care | Underweight - Morgan Stanley | Overnight Price $73.00 |
RIO | Rio Tinto | Hold - Ord Minnett | Overnight Price $100.34 |
RMD | ResMed | Equal-weight - Morgan Stanley | Overnight Price $30.50 |
S32 | South32 | Buy - Ord Minnett | Overnight Price $3.87 |
SFR | Sandfire Resources | Sell - Ord Minnett | Overnight Price $4.40 |
SGM | Sims | Buy - Ord Minnett | Overnight Price $13.74 |
SHL | Sonic Healthcare | Overweight - Morgan Stanley | Overnight Price $32.94 |
SIG | Sigma Healthcare | Underweight - Morgan Stanley | Overnight Price $0.59 |
SWM | Seven West Media | Neutral - Macquarie | Overnight Price $0.39 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 24 |
3. Hold | 19 |
5. Sell | 3 |
Monday 04 July 2022
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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