Australian Broker Call
August 15, 2017
Access Broker Call Report Archives here
COMPANIES DISCUSSED IN THIS ISSUE
Click on symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 01:37 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| ANN - | ANSELL | Upgrade to Neutral from Sell | Citi |
| Upgrade to Add from Hold | Morgans | ||
| AZJ - | AURIZON HOLDINGS | Upgrade to Neutral from Underperform | Macquarie |
| Upgrade to Neutral from Sell | UBS | ||
| BEN - | BENDIGO AND ADELAIDE BANK | Upgrade to Neutral from Underperform | Credit Suisse |
Citi rates AAD as Sell (5) -
Citi highlights FY17 marks the third event in a row that Main Event’s underperformance was accompanied by multiple initiatives aimed at rectifying future performance. Enough to remain cautious, in the stockbroker's view.
Having said so, Citi analysts do point out they think management's expectation of a two year turnaround for Dreamworld is "optimistic". Sell.
Current Price is $2.05. Target price not assessed.
Current consensus price target is $1.86, suggesting downside of -9.5% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is -1.6, implying annual growth of N/A. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Current consensus EPS estimate is 3.6, implying annual growth of N/A. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 56.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ANN as Upgrade to Neutral from Sell (3) -
FY17 missed and leaves Citi analysts with plenty of questions. The rating has been upgraded to Neutral from Sell, but more so because of the share price weakness that has ensued. EPS estimates have been lowered. Target gains $1 to $21.
Target price is $21.00 Current Price is $20.89 Difference: $0.11
If ANN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 58.11 cents and EPS of 128.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 58.11 cents and EPS of 141.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANN as Neutral (3) -
FY17 EBIT was -3.4% below forecasts. Credit Suisse envisages low risk to FY18 guidance, although a key risk is the ability to pass through price increases without affecting volumes.
The broker maintains a Neutral rating and reduces the target to $21.70 from $23.00. The broker's revised FY18 estimate of earnings per share at $0.98 sits at the upper end of the company's guidance range.
Target price is $21.70 Current Price is $20.89 Difference: $0.81
If ANN meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 59.43 cents and EPS of 129.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 63.39 cents and EPS of 151.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANN as Overweight (1) -
Morgan Stanley believes FY18 guidance is achievable and implies a solid growth in underlying earnings per share. The broker lowers estimates because of the lower FY17 reported base but considers the valuation undemanding.
Perceived weakness in the FY17 results are reflected in the recent underperformance of the share price, in the broker's opinion. The proposed buy-back of US$265m is expected to be around 4-7% accretive and support the stock.
Rating is Overweight. Target is reduced to $24.50 from $25.35. Sector view is In-Line.
Target price is $24.50 Current Price is $20.89 Difference: $3.61
If ANN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 63.26 cents and EPS of 141.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 EPS of 162.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANN as Upgrade to Add from Hold (1) -
FY17 sales were in line with expectations, although Morgans notes solid organic growth and expansion of gross margin did not translate into higher underlying profit growth because of divestments.
The broker lowers revenue and underlying earnings estimates for FY18-20 by up to -1.8%. As earnings have effectively been re-set and the transformation program is in progress the broker envisages improved returns and upgrades to Add from Hold. Target is raised to $23.66 from $23.41.
Target price is $23.66 Current Price is $20.89 Difference: $2.77
If ANN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 58.11 cents and EPS of 132.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 62.07 cents and EPS of 147.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANN as Hold (3) -
FY17 results met Ord Minnett's forecasts. The broker was discouraged by the low level of disclosure, which was insufficient to allow analysis of the divisions. Moreover, FY18 guidance is complex and requires multiple adjustments.
The broker believes there is valuation appeal at current levels but will not change its view until there is evidence the restructuring is delivering the promised benefits.
Hold rating retained. Target is reduced to $21 from $23.
Target price is $21.00 Current Price is $20.89 Difference: $0.11
If ANN meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 58.11 cents and EPS of 452.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 63.39 cents and EPS of 128.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANN as Sell (5) -
FY17 results were below UBS estimates. After divestments, sales grew 1.7% and gross profit 5.6% from the elimination of low-margin lines and increased productivity, despite the headwinds from raw material inputs.
The broker downgrades FY18 forecasts by -8.9% for FY18 and considers the outlook opaque. UBS retains a Sell rating and the target is reduced to $20.40 from $21.65.
Target price is $20.40 Current Price is $20.89 Difference: minus $0.49 (current price is over target).
If ANN meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $22.04, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 59.43 cents and EPS of 130.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 174.2, implying annual growth of N/A. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 62.07 cents and EPS of 142.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.3, implying annual growth of -19.5%. Current consensus DPS estimate is 59.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 15.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ANZ as Buy (1) -
In an initial response, Citi analysts acknowledge ANZ Bank's Q3 was better than expectations with bad and doubtful debts in particular taking "a giant step back". This, point out the analysts, was the real driver behind the "beat".
Pre-provision growth was actually weaker than expected. The analysts believe it will continue to be a challenge for ANZ to grow pre-provision profit.
Also, Citi analysts find ANZ's strong capital position should provide a basis to begin capital management initiatives as soon as the FY17 result release in November. Buy. Target price $31.50.
Target price is $31.50 Current Price is $29.43 Difference: $2.07
If ANZ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 165.00 cents and EPS of 226.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.2, implying annual growth of 13.1%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 170.00 cents and EPS of 231.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.5, implying annual growth of 2.7%. Current consensus DPS estimate is 163.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
Q3 trading update showed depressed revenue growth but an above run-rate bottom line, underpinned by lower bad and doubtful debts, UBS analysts point out in an initial response.
Pre-provision profit was merely in-line. One negative trend worth watching, say the analysts, is the upward trend in mortgage arrears. Neutral. Target $30.50.
Target price is $30.50 Current Price is $29.43 Difference: $1.07
If ANZ meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $30.76, suggesting upside of 3.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 160.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 229.2, implying annual growth of 13.1%. Current consensus DPS estimate is 161.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 160.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.5, implying annual growth of 2.7%. Current consensus DPS estimate is 163.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AZJ as Sell (5) -
Updated guidance provided by management proved below expectations, while still dependent on a number of assumptions. Citi analysts suggest the risk remains to the downside.
They see a lot of uncertainty beyond FY18. In the short term, they note coal customers are starting to renegotiate existing coal contracts to lower rates and achieve greater flexibility.
Citi analysts think it is a negative that management didn't put forward any hard targets post FY18. Sell rating retained. Target moves to $4.75 from $4.85.
Target price is $4.75 Current Price is $5.07 Difference: minus $0.32 (current price is over target).
If AZJ meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 26.90 cents and EPS of 26.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 30.10 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AZJ as Underperform (5) -
FY17 results were in line with expectations. The company has announced the sale of its Queensland intermodal business to Pacific National and Linfox for $220m. Credit Suisse believes there is a material risk the ACCC will block or delay the deal.
The broker raises FY18 operating earnings estimates to $922m, within the guidance range of $900-960m. Underperform retained. Target rises to $4.90 from $4.70.
Target price is $4.90 Current Price is $5.07 Difference: minus $0.17 (current price is over target).
If AZJ meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.20 cents and EPS of 27.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 23.40 cents and EPS of 27.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AZJ as Upgrade to Neutral from Underperform (3) -
Aurizon's result was pre-released so no surprises. The dividend was lower than expected but offset by an announced buyback, Macquarie notes. FY18 guidance is in line with forecasts.
The extent of losses in intermodal and bulk were actually above Macquarie's expectation, but the company's move to address these issues results in a net upgrade. Cash flow yield is strong. Re-contracting offers risk but Aurizon may also be able to win market share, the broker suggests.
Target rises to $5.33 from $5.05. Upgrade to Neutral.
Target price is $5.33 Current Price is $5.07 Difference: $0.26
If AZJ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.80 cents and EPS of 26.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.20 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AZJ as Equal-weight (3) -
Morgan Stanley believes FY18 operating earnings guidance is achievable. For FY19, with modest further efficiency initiatives, the broker estimates above-rail operating earnings will be in the range of $459-508m and below-rail $518-533m.
The broker believes the constructive coal haulage outlook provides some near-term margin for comfort. Equal-weight rating retained. Target is reduced to $5.13 from $5.16. Industry view is Cautious.
Target price is $5.13 Current Price is $5.07 Difference: $0.06
If AZJ meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.30 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 28.20 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AZJ as Hold (3) -
FY17 results were in line with guidance. Morgans takes a more positive bias on the stock, noting the ongoing focus on internal reforms.
The broker suspects upside could come from market share gains in coal haulage. FY18 underlying EBIT guidance of $900-960m is based on coal haulage of 215-225mt and a reduction in bulk losses and network transition tariffs.
Target is raised to $5.13 from $4.92. Hold rating retained.
Target price is $5.13 Current Price is $5.07 Difference: $0.06
If AZJ meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 27.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 30.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AZJ as Sell (5) -
FY17 results were in line with guidance but the composition disappointed Ord Minnett, with the estimated contribution from coal, iron ore and freight segments -10% below expectations.
The broker was also surprised there was no upgrade to the transformation program target. Ord Minnett lowers FY18 EBIT forecasts by -2%. Sell rating retained along with a $4.15 target.
Target price is $4.15 Current Price is $5.07 Difference: minus $0.92 (current price is over target).
If AZJ meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 25.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AZJ as Upgrade to Neutral from Sell (3) -
FY17 results confirmed a -4% decline in EBIT. UBS believes the growth outlook is anaemic although the stable cash-flow dynamic should appeal to some. There is limited ability to increase gearing.
The broker forecasts a further $400m in buy-backs over the next three years in addition to the $300m just announced. Rating is upgraded to Neutral from Sell. Target is raised to $4.90 from $4.80.
Target price is $4.90 Current Price is $5.07 Difference: minus $0.17 (current price is over target).
If AZJ meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 26.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 34.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.4, implying annual growth of 16.2%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BEN as Neutral (3) -
It appears Bendelaide's FT17 report slightly missed, but Citi analysts quickly add the benefit of mortgage repricing should "super-charge" next year's earnings.
On the negative side, the analysts suggest amortisation expenses will drive cost growth higher in FY18, and this still leaves the medium-term outlook as "challenged".
Neutral rating retained. Target price $12 (was $11.75).
Target price is $12.00 Current Price is $12.10 Difference: minus $0.1 (current price is over target).
If BEN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.36, suggesting downside of -7.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BEN as Upgrade to Neutral from Underperform (3) -
FY17 revenue missed Credit Suisse estimates. The broker downgrades forecasts for earnings per share by -4-5%.
The broker suggests downside risk associated with capital adequacy and the Great Southern bad debts appear to have diminished.
Credit Suisse upgrades to Neutral from Underperform. Target is $11.90.
Target price is $11.90 Current Price is $12.10 Difference: minus $0.2 (current price is over target).
If BEN meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.36, suggesting downside of -7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 70.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 72.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BEN as Neutral (3) -
Bendelaide's headline profit result was actually below expectation, but it was an improving monthly margin trend that excited the market. The broker expects some of that margin increase will need to be used to bolster the bank's capital position, but revenue growth should be strong in FY18.
The outlook for earnings and dividend growth beyond recent mortgage repricing is nevertheless challenged, and the broker believes it will take five years of earnings growth to catch up to an elevated dividend payout. Neutral retained. Target rises to $11.75 from $11.50.
Target price is $11.75 Current Price is $12.10 Difference: minus $0.35 (current price is over target).
If BEN 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 $11.36, suggesting downside of -7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 68.00 cents and EPS of 91.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 68.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BEN as Underweight (5) -
FY17 results reinforced Morgan Stanley's view regarding margin recovery and addressed concerns about capital. Nevertheless, the share price already reflects a better margin outlook and there is no step change in the returns profile, the broker notes.
The broker believes some caution is warranted at the end of the mortgage bull market. Morgan Stanley upgrades FY18 earnings per share estimates by around 5% because of the stronger margin trends.
Underweight. Target is raised to $11 from $10. Industry view is In-Line.
Target price is $11.00 Current Price is $12.10 Difference: minus $1.1 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.36, suggesting downside of -7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 72.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 74.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BEN as Lighten (4) -
FY17 underlying cash earnings were in line with expectations. Ord Minnett observes the market's focus has shifted to the more optimistic margin outlook. The broker's revisions take account of higher exit margins but this is moderated by lower volume growth assumptions.
The broker believes questions are likely to continue regarding the timing of the accounting changes. Lighten retained. Target is raised to $11.20 from $11.00.
Target price is $11.20 Current Price is $12.10 Difference: minus $0.9 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.36, suggesting downside of -7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BEN as Sell (5) -
FY17 net profit was broadly in line with expectations but UBS notes the composition was better than expected. The second half was the opposite of the first half and the trends in almost every item from the prior half had reversed.
The broker expects solid expansion in net interest margin in FY18, even factoring in customers switching from interest only to principal & interest payments.
Nevertheless, the broker believes further sector mortgage re-pricing is becoming more challenging and the bank has a more conservative customer base which is less likely to leverage up at this stage of the cycle. Sell rating retained. Target rises to $11 from $10.
Target price is $11.00 Current Price is $12.10 Difference: minus $1.1 (current price is over target).
If BEN meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.36, suggesting downside of -7.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 68.00 cents and EPS of 89.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.9, implying annual growth of N/A. Current consensus DPS estimate is 69.2, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY19:
UBS forecasts a full year FY19 EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.2, implying annual growth of 0.3%. Current consensus DPS estimate is 71.3, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BSL as Buy (1) -
Ahead of the upcoming FY17, Citi analysts have updated their modeling for spreads across the company's three steel making assets in Australia, USA and NZ. The result is for improved free cash flow estimates, which translate into higher buyback predictions.
Global steel is having a good time at the moment, point out the analysts. Estimates have moved higher, which has pushed up the price target to $17.16 from $14. Buy.
Target price is $17.16 Current Price is $13.94 Difference: $3.22
If BSL meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $14.27, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 9.70 cents and EPS of 119.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 123.3, implying annual growth of 98.7%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.90 cents and EPS of 119.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.9, implying annual growth of -1.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
The pending retirement of CEO Ian Narev in 2018 suggests to Morgan Stanley that more changes are likely at the bank.
At the same time, the broker believes the end of the mortgage bull market and increased political and regulatory scrutiny will weigh on growth, returns and trading multiples.
Underweight. Target is $72. Industry view is In-Line.
Target price is $72.00 Current Price is $81.31 Difference: minus $9.31 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $80.60, suggesting downside of -1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 434.00 cents and EPS of 565.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 576.1, implying annual growth of -0.3%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 439.00 cents and EPS of 571.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.5, implying annual growth of 0.8%. Current consensus DPS estimate is 444.7, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CCL as Neutral (3) -
In an attempt to assess the future impact from container deposit schemes, Citi analysts see plenty of reasons to remain cautious, with the conclusion no shareholder wants to hear: the potential impact can be "significant".
Citi is toying with the prospect of ongoing de-rating for the shares. Headwinds are deemed firm enough to more than offset cost savings and growth in Indonesia, hence why range-bound might be the new black for this stock.
Target price falls to $9.10 from $9.70. Neutral rating retained.
Target price is $9.10 Current Price is $8.44 Difference: $0.66
If CCL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $9.23, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 46.00 cents and EPS of 54.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of 69.3%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.00 cents and EPS of 53.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.9, implying annual growth of 2.6%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CMA as Buy (1) -
FY17 results were in line with expectations. UBS observes management is building a solid track record in managing leasing risk in challenging markets such as Canberra and Adelaide.
The stock also has a strong chance of entering the ASX 300 A-REIT index in early September which the broker believes could be an important catalyst.
Price target is $2.60. Buy rating retained.
Target price is $2.60 Current Price is $2.37 Difference: $0.23
If CMA meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.10 cents and EPS of 18.40 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 18.30 cents and EPS of 18.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DWS as Buy (1) -
FY17 operating earnings were in line with Ord Minnett. The main highlights of the result were margins and operating cash flow, with the broker noting this now reflects a business that has not only recovered but also been optimised.
Management has guided to revenue growth in FY18 but Ord Minnett takes a slightly more conservative view and suspects a reduction of -3%. Nevertheless, the risk is considered to be offset by the potential for accretive bolt-on acquisitions.
Buy rating retained, although the broker asserts that there is just enough upside to maintain this rating for the present and the recommendation will be reviewed as the year progresses. Target is raised to $1.71 from $1.61.
Target price is $1.71 Current Price is $1.54 Difference: $0.17
If DWS meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.30 cents and EPS of 13.80 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.20 cents and EPS of 14.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Underperform (5) -
The broker has come away from a Nova site tour confident the ramp-up is progressing well and operations appear to be recovering from a slow start and a slew of production downgrades. The broker nevertheless still feels the ramp-up schedule seems aggressive and there is a risk to FY18 production guidance being met.
Bollinger South offers the potential for Nova extension in FY18 but off a lower base. Target rises to $2.90 from $2.80. Underperform retained.
Target price is $2.90 Current Price is $3.43 Difference: minus $0.53 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.56, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 1.00 cents and EPS of 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 54.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 3.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 330.6%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates JBH as Sell (5) -
It was an exceptional performance, in Citi's view, but JB Hi-Fi's FY17 report missed market expectations nevertheless. The Good Guys, New Zealand, no upgrade to synergy targets and a slowdown in like-for-like sales in July; they all contributed to the negative.
Citi analysts predict working capital levels will need to increase in The Good Guys as inventory levels will be pulled closer to the group average. Sell rating retained. Target lifts to $19.90.
Target price is $19.90 Current Price is $24.41 Difference: minus $4.51 (current price is over target).
If JBH meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 130.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 136.00 cents and EPS of 214.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates JBH as Underperform (5) -
Credit Suisse observes the subdued reaction to the FY17 result demonstrates the headwinds that the discretionary retail sector is facing. Sales and profit growth through the core brand was strong and synergies were reaffirmed for The Good Guys.
Nevertheless, a difficult macro outlook suggests sales growth will probably slow through FY18 and the broker suspects this will make guidance more challenging than the run rate in July would suggest.
Credit Suisse retains an Underperform rating and raises the target to $19.89 from $18.68.
Target price is $19.89 Current Price is $24.41 Difference: minus $4.52 (current price is over target).
If JBH meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 121.00 cents and EPS of 196.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 114.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JBH as Hold (3) -
FY17 results were in line with Deutsche Bank and the broker notes top-line sales momentum persisted through the fourth quarter, supported by solid gross margins and cost control.
Concerns about the consumer and impending entry of Amazon are not lost on the broker, yet the result provides more confidence that the medium-term outlook is attractive. Buy rating retained. Target is reduced to $30 from $32.
Target price is $30.00 Current Price is $24.41 Difference: $5.59
If JBH meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 149.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates JBH as Outperform (1) -
JB Hi-Fi's result beat guidance but fell short of the broker. It was a credible result, the broker suggests, but not exciting enough to clear the current gloom hanging over the consumer space.
Notably, JB is maintaining its momentum while others are struggling. The broker has pulled back growth expectations but still sees value in a 12.2x FY18 PE and a 5.4% yield. Outperform retained. Target falls to $28.80 from $32.80.
Target price is $28.80 Current Price is $24.41 Difference: $4.39
If JBH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 134.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 135.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JBH as Equal-weight (3) -
FY17 results fell short of Morgan Stanley's forecasts but the broker believes the earnings are of high quality and risk is limited.
Morgan Stanley believes the near-term risk/reward is attractive in light of the strong operating performance ahead of Amazon's arrival. Amazon's launch is the next catalyst for the shares, in the broker's opinion.
Equal-weight rating, Cautious industry view and $27 target retained.
Target price is $27.00 Current Price is $24.41 Difference: $2.59
If JBH meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 137.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 145.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JBH as Hold (3) -
FY17 net profit was slightly ahead of estimates. Like-for-like sales growth in July suggests a slowing in trading from FY17, although Morgans believes it is still a solid outcome, given the strong base that is being cycled.
Morgans expects earnings growth to moderate after FY18. This, plus the entry of Amazon into the Australian market, means the broker maintains a Hold rating on the stock at current levels. Target is reduced to $25.36 from $26.73.
Target price is $25.36 Current Price is $24.41 Difference: $0.95
If JBH meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 146.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates JBH as Lighten (4) -
FY17 net profit was ahead of Ord Minnett estimates. Australian trading was strong in July despite the tough comparables. The main concerns centre on the consumer and the entry of Amazon, which the broker expects to continue to weigh on the share price.
Lighten rating retained. Target is raised to $22.50 from $20.50.
Target price is $22.50 Current Price is $24.41 Difference: minus $1.91 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 135.00 cents and EPS of 205.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 139.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates JBH as Neutral (3) -
FY17 net profit was up 37% and 2% ahead of guidance albeit -2% below UBS estimates on higher costs associated with The Good Guy's acquisition.
The broker notes the core Australian business was strong, while New Zealand was below expectations, reporting an -NZ$2.7m loss.
FY18 sales guidance is in line with estimates and the company notes the year has started strongly. UBS retains a Neutral rating and reduces the target to $25.60 from $25.80.
Target price is $25.60 Current Price is $24.41 Difference: $1.19
If JBH meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $24.88, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 135.00 cents and EPS of 213.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 207.6, implying annual growth of N/A. Current consensus DPS estimate is 133.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 136.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.0, implying annual growth of 2.6%. Current consensus DPS estimate is 137.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NCM as Neutral (3) -
Newcrest's performance met Citi's expectations, but market consensus had expected better. FY18 guidance proved softer than anticipated.
Citi analysts highlight the positives: free cash flow is strong, the balance sheet is fully healed. Neutral rating retained. Target gained 50c to $23.
Target price is $23.00 Current Price is $21.62 Difference: $1.38
If NCM meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 21.13 cents and EPS of 65.64 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 40.94 cents and EPS of 136.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NCM as Underperform (5) -
FY17 net profit was lower than Credit Suisse estimated. FY18 production guidance is solid and the broker notes a clear dividend policy has been articulated.
The expansion of Cadia and the lifting of guidance is a positive while, on the negative side, the broker notes costs are rising.
Underperform and $18.20 target retained.
Target price is $18.20 Current Price is $21.62 Difference: minus $3.42 (current price is over target).
If NCM meets the Credit Suisse target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 26.41 cents and EPS of 96.28 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 52.83 cents and EPS of 131.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NCM as Hold (3) -
FY17 operating earnings were broadly in line with Deutsche Bank. The broker observes the balance sheet has benefited from a US$250m swing in working capital, leading to gearing of just 17%.
FY18 guidance is for 2.4-2.7m ozs gold and 80-90,000t copper. Deutsche Bank notes the risk at Cadia is subsiding and FY18 guidance has been upgraded for the mine. Hold rating retained. Target is $19.
Target price is $19.00 Current Price is $21.62 Difference: minus $2.62 (current price is over target).
If NCM meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 51.00 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 93.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCM as Neutral (3) -
Newcrest's profit result fell -22% short of the broker but strong cash flow provided an offset -- 64% greater than forecast. FY18 guidance is mixed, with better production offset by higher costs.
Continued improvement at Lihir is offset by a lower assumed expansion at Cadia. Wafi-Golpu development appears to be delayed so with Gosowong and Bonriko fast declining, the broker believes Newcrest will need to start looking elsewhere for growth. Neutral and $22 target retained.
Target price is $22.00 Current Price is $21.62 Difference: $0.38
If NCM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.39 cents and EPS of 88.09 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.00 cents and EPS of 96.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NCM as Hold (3) -
FY17 net profit fell short of Morgans estimates. FY18 gold production is expected to rise to 2.4-2.7m ounces as output from Cadia recovers.
This has led to the broker increasing gold production estimates for Cadia in FY18 to 645,000 ozs while also increasing Cadia copper output estimates to 70,000t.
The broker retains a Hold rating. Target is raised to $22.45 from $21.75.
Target price is $22.45 Current Price is $21.62 Difference: $0.83
If NCM meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.81 cents and EPS of 73.96 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 23.77 cents and EPS of 117.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NCM as Hold (3) -
FY17 results were within Ord Minnett's forecasts. The broker observes the company's operations continue to perform well and there is a path to higher production.
The broker continues to believe the stock is fully valued and maintains a Hold rating. Target is raised to $22.00 from $20.50.
Target price is $22.00 Current Price is $21.62 Difference: $0.38
If NCM meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 16.00 cents and EPS of 44.00 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
UBS updates for the full year result and lifts valuation by 3%, with increased confidence in the ramp up at Cadia. Cadia is set to lift production to just under 1.0m ounces by FY19.
UBS believes the 30,000 ounces upgrade to FY18 guidance for Cadia signals management is confident that the mine will return to nameplate production by the end of the quarter.
Sell rating retained. Target is raised to $14.00 from $13.50.
Target price is $14.00 Current Price is $21.62 Difference: minus $7.62 (current price is over target).
If NCM meets the UBS target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.18, suggesting downside of -6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.00 cents and EPS of 79.00 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 21.6, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 30.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 19.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.4, implying annual growth of 48.9%. Current consensus DPS estimate is 29.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 20.7. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NWS as Buy (1) -
Forget about the short term, Citi analysts point out due to projected rapid growth in Digital Real Estate, News Corp will effectively become a property portal in the years ahead. The analysts expect the stock to re-rate as a result.
For now, Buy rating retained. Target price lowered by -1% to $20.60. On Citi's projections, Digital Real Estate will contribute more than half of group EBITDA by FY21.
Target price is $20.60 Current Price is $17.61 Difference: $2.99
If NWS meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $20.58, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.73 cents and EPS of 70.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of N/A. Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 28.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 27.73 cents and EPS of 90.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.6, implying annual growth of 13.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 25.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NWS as Neutral (3) -
FY17 EBITDA was below Credit Suisse forecasts. The broker reduces FY18 operating earnings estimates by -6.7%.
The broker forecasts operating earnings to grow 5.7%, driven by strong growth in digital real estate and offset by continued declines in news & information.
Neutral rating retained. Target is reduced to $18.00 from $18.50.
Target price is $18.00 Current Price is $17.61 Difference: $0.39
If NWS meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $20.58, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 36.98 cents and EPS of 51.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.1, implying annual growth of N/A. Current consensus DPS estimate is 30.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 28.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 42.26 cents and EPS of 60.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.6, implying annual growth of 13.9%. Current consensus DPS estimate is 30.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 25.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OML as Outperform (1) -
First half results were in line with Credit Suisse estimates. The broker considers this is no mean feat in the current climate.
Credit Suisse pares back longer-term assumptions and now forecasts average revenue per digital panel to be down -13% on FY16 levels through a combination of mix and like-for-like decline.
Outperform. Target is reduced to $4.75 from $4.95.
Target price is $4.75 Current Price is $4.36 Difference: $0.39
If OML meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 14.99 cents and EPS of 26.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 81.4%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.02 cents and EPS of 28.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 9.1%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OML as Buy (1) -
First half results were slightly behind Deutsche Bank's forecasts at the revenue line while operating earnings and underlying net profit were slightly ahead.
The company has re-affirmed FY17 guidance for operating earnings of $88-92m, which the broker observes requires 20% growth in the second half at the mid point. The broker expects the outdoor sector will continue to grow as a medium and the stock remains the top pick in the sector.
Buy rating and $5.30 target.
Target price is $5.30 Current Price is $4.36 Difference: $0.94
If OML meets the Deutsche Bank target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 14.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 81.4%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 9.1%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OML as Outperform (1) -
It was a good result from oOh in a subdued general advertising environment, the broker suggests. Out-of-home continues to grow its slice of the overall ad pie and oOh is leading the charge with its expanding digital platform, now up to 8000 digital signs.
The digitisation program has further to run and the company is on track to meet FY guidance. Target rises to $4.90 from $4.80, Outperform retained.
Target price is $4.90 Current Price is $4.36 Difference: $0.54
If OML meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.90 cents and EPS of 28.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 81.4%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.40 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 9.1%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OML as Accumulate (2) -
First half results were in line with Ord Minnett's forecast. As the share price was weaker leading into the result, the stock has reacted positively as 2017 underlying operating earnings guidance of $88-92m was re-affirmed.
Ord Minnett believes 2017 should be another year of meaningful growth for the company and maintains an Accumulate rating and $4.65 target.
Target price is $4.65 Current Price is $4.36 Difference: $0.29
If OML meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.90, suggesting upside of 8.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 16.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of 81.4%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.7, implying annual growth of 9.1%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PPS as Add (1) -
FY17 was broadly in line with Morgans. The broker is pleased that the UK business is now just 12 months away from reaching sustainable cash flow.
Morgans believes the stock offers exposure to growth in a market for separately managed accounts technology in Australia and the UK, and should grow funds on platform at double-digit rates in the foreseeable future.
The broker retains an Add rating and raises the target to $0.55 from $0.52.
Target price is $0.55 Current Price is $0.42 Difference: $0.13
If PPS meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.50 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PRY as Equal-weight (3) -
The company's pre-announcement confirms Morgan Stanley's belief that an inflection in the medical centre business is taking longer than expected.
GP churn and retention need to improve before the broker gains conviction in the long-term value of the business.
Equal-weight retained. Price target is $3.74. In-Line sector view.
Target price is $3.74 Current Price is $3.48 Difference: $0.26
If PRY meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.64, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 10.60 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.9, implying annual growth of -79.9%. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 121.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 11.60 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 562.1%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
Media reports suggest Glencore is once again considering the acquisition of Rio's Pacific Aluminium assets. With the aluminium price at a near three-year high, it's a good time to sell these high-cost smelters, the broker suggests.
The proceeds could be used for further capital management but given an already robust balance sheet, the broker believes Rio will look to maximise value from the sale. Outperform and $78 target retained.
Target price is $78.00 Current Price is $63.42 Difference: $14.58
If RIO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $71.50, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 314.32 cents and EPS of 533.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 531.2, implying annual growth of N/A. Current consensus DPS estimate is 310.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 216.59 cents and EPS of 367.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 472.9, implying annual growth of -11.0%. Current consensus DPS estimate is 273.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGM as Hold (3) -
The company has been turning around since 2013, Deutsche Bank observes, divesting or idling around 20% of capacity while investing $250m in high returning improvement projects.
The broker expects previous management's 10% return on capital target by FY18 should be achieved through incremental projects and modest volume growth.
Nevertheless, Deutsche Bank believes returns and disclosure need to improve under new management. Hold rating retained. Target rises to $13.00 from $12.60.
Target price is $13.00 Current Price is $13.87 Difference: minus $0.87 (current price is over target).
If SGM meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.16, suggesting downside of -6.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 42.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.7, implying annual growth of 33.5%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 46.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.9, implying annual growth of 18.4%. Current consensus DPS estimate is 44.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Neutral (3) -
The company along with GLNG will sell 15 PJ of gas to the Pelican Point power station, owned by ENGIE, in Adelaide. Gas sales will commence in January 2018 and run for a couple of years.
Santos owns around 66% of gas production from the Cooper Basin which UBS estimates will produce around 85 PJ gross in 2018.
UBS expects GLNG, the only LNG project affected by the government's Domestic Gas Security Mechanism, to enter into more domestic gas sales where appropriate although the contract duration is likely to be short.
UBS retains a Neutral rating and $3.40 target.
Target price is $3.40 Current Price is $3.35 Difference: $0.05
If STO meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.70, suggesting upside of 13.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of N/A. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.57 cents and EPS of 29.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 14.7%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.5. |
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
Summaries
| AAD - | ARDENT LEISURE | Sell - Citi | Overnight Price $2.05 |
| ANN - | ANSELL | Upgrade to Neutral from Sell - Citi | Overnight Price $20.89 |
| Neutral - Credit Suisse | Overnight Price $20.89 | ||
| Overweight - Morgan Stanley | Overnight Price $20.89 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $20.89 | ||
| Hold - Ord Minnett | Overnight Price $20.89 | ||
| Sell - UBS | Overnight Price $20.89 | ||
| ANZ - | ANZ BANKING GROUP | Buy - Citi | Overnight Price $29.43 |
| Neutral - UBS | Overnight Price $29.43 | ||
| AZJ - | AURIZON HOLDINGS | Sell - Citi | Overnight Price $5.07 |
| Underperform - Credit Suisse | Overnight Price $5.07 | ||
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $5.07 | ||
| Equal-weight - Morgan Stanley | Overnight Price $5.07 | ||
| Hold - Morgans | Overnight Price $5.07 | ||
| Sell - Ord Minnett | Overnight Price $5.07 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $5.07 | ||
| BEN - | BENDIGO AND ADELAIDE BANK | Neutral - Citi | Overnight Price $12.10 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $12.10 | ||
| Neutral - Macquarie | Overnight Price $12.10 | ||
| Underweight - Morgan Stanley | Overnight Price $12.10 | ||
| Lighten - Ord Minnett | Overnight Price $12.10 | ||
| Sell - UBS | Overnight Price $12.10 | ||
| BSL - | BLUESCOPE STEEL | Buy - Citi | Overnight Price $13.94 |
| CBA - | COMMBANK | Underweight - Morgan Stanley | Overnight Price $81.31 |
| CCL - | COCA-COLA AMATIL | Neutral - Citi | Overnight Price $8.44 |
| CMA - | CENTURIA METROPOLITAN REIT | Buy - UBS | Overnight Price $2.37 |
| DWS - | DWS | Buy - Ord Minnett | Overnight Price $1.54 |
| IGO - | INDEPENDENCE GROUP | Underperform - Macquarie | Overnight Price $3.43 |
| JBH - | JB HI-FI | Sell - Citi | Overnight Price $24.41 |
| Underperform - Credit Suisse | Overnight Price $24.41 | ||
| Hold - Deutsche Bank | Overnight Price $24.41 | ||
| Outperform - Macquarie | Overnight Price $24.41 | ||
| Equal-weight - Morgan Stanley | Overnight Price $24.41 | ||
| Hold - Morgans | Overnight Price $24.41 | ||
| Lighten - Ord Minnett | Overnight Price $24.41 | ||
| Neutral - UBS | Overnight Price $24.41 | ||
| NCM - | NEWCREST MINING | Neutral - Citi | Overnight Price $21.62 |
| Underperform - Credit Suisse | Overnight Price $21.62 | ||
| Hold - Deutsche Bank | Overnight Price $21.62 | ||
| Neutral - Macquarie | Overnight Price $21.62 | ||
| Hold - Morgans | Overnight Price $21.62 | ||
| Hold - Ord Minnett | Overnight Price $21.62 | ||
| Sell - UBS | Overnight Price $21.62 | ||
| NWS - | NEWS CORP | Buy - Citi | Overnight Price $17.61 |
| Neutral - Credit Suisse | Overnight Price $17.61 | ||
| OML - | OOH!MEDIA | Outperform - Credit Suisse | Overnight Price $4.36 |
| Buy - Deutsche Bank | Overnight Price $4.36 | ||
| Outperform - Macquarie | Overnight Price $4.36 | ||
| Accumulate - Ord Minnett | Overnight Price $4.36 | ||
| PPS - | PRAEMIUM | Add - Morgans | Overnight Price $0.42 |
| PRY - | PRIMARY HEALTH CARE | Equal-weight - Morgan Stanley | Overnight Price $3.48 |
| RIO - | RIO TINTO | Outperform - Macquarie | Overnight Price $63.42 |
| SGM - | SIMS METAL MANAGEMENT | Hold - Deutsche Bank | Overnight Price $13.87 |
| STO - | SANTOS | Neutral - UBS | Overnight Price $3.35 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 13 |
| 2. Accumulate | 1 |
| 3. Hold | 25 |
| 4. Reduce | 2 |
| 5. Sell | 13 |
Tuesday 15 August 2017
Access Broker Call Report Archives here
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.
Latest News
| 1 |
The Market In Numbers – 23 Nov 20249:09 AM - Australia |
| 2 |
ASX Winners And Losers Of Today – 22-11-24Nov 22 2024 - Daily Market Reports |
| 3 |
FNArena Corporate Results Monitor – 22-11-2024Nov 22 2024 - Australia |
| 4 |
Next Week At A Glance – 25-29 Nov 2024Nov 22 2024 - Weekly Reports |
| 5 |
Weekly Top Ten News Stories – 22 November 2024Nov 22 2024 - Weekly Reports |