Australian Broker Call
February 20, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 03:01 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
| ASX - | ASX | Downgrade to Underperform from Neutral | Credit Suisse |
| Downgrade to Equal-weight from Overweight | Morgan Stanley | ||
| BBN - | BABY BUNTING | Downgrade to Neutral from Outperform | Macquarie |
| Downgrade to Hold from Add | Morgans | ||
| DUE - | DUET | Upgrade to Buy from Neutral | Citi |
| MPL - | MEDIBANK PRIVATE | Downgrade to Reduce from Hold | Morgans |
| Downgrade to Hold from Accumulate | Ord Minnett | ||
| RHP - | RHIPE | Upgrade to Add from Hold | Morgans |
| VRL - | VILLAGE ROADSHOW | Downgrade to Hold from Buy | Deutsche Bank |
Citi rates ABP as Neutral (3) -
First half results were stronger than expected, driven by higher trading profits.
Citi expects the second half to be strong, with contributions from transactions such as the sale of the World Trade Centre in Melbourne earlier this month.
Neutral rating retained. Target rises to $3.13 from $3.03.
Target price is $3.13 Current Price is $3.10 Difference: $0.03
If ABP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.14, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.50 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of -22.1%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.90 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 1.9%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ABP as Underweight (5) -
First half underlying earnings per share were ahead of expectations. This was largely driven by higher trading profits. Morgan Stanley finds it hard to work out how sustainable these profits are.
Distribution guidance of 17.5c per security is in line with the broker's expectations but risk could be on the upside, given the strong first half.
Underweight rating retained. Target remains $3.00. Morgan Stanley's industry rating is Cautious.
Target price is $3.00 Current Price is $3.10 Difference: minus $0.1 (current price is over target).
If ABP meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.14, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 16.60 cents and EPS of 22.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of -22.1%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.50 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 1.9%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ABP as Buy (1) -
Underlying result was some 7% ahead of Ord Minnett's projection. The analysts note trading profits comprised around 18% of the result while storage continued to perform well, with occupancy gains and rent growth
Ord Minnett notes Net Tangible Assets (NTA) rose by 10.5% to $2.94. This is due to three large settled or exchanged investment sales at big premiums to carrying values plus other revaluations, the analysts point out.
Price target gains 10c to $3.30. Buy rating retained. Ord Minnett keeps the faith as Abacus has a good track record as a value add manager of real estate, the analysts comment.
Target price is $3.30 Current Price is $3.10 Difference: $0.2
If ABP meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.14, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 18.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of -22.1%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 1.9%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANN as Neutral (3) -
A survey of US distributors conducted late last year pre-election found Ansell rated as both highest quality and highest price, consistent with its premium brand. The problem for the broker is the survey also pre-dates a significant rise in raw material costs.
These are typically passed on to consumers but the broker suspects higher prices may lead to brand switching to cheaper products. The broker also notes the market is already pricing in a premium for the possible sale of the Sexual Wellness division. Neutral and $22 target retained.
Target price is $22.00 Current Price is $21.20 Difference: $0.8
If ANN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $22.37, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 59.94 cents and EPS of 131.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.9, implying annual growth of N/A. Current consensus DPS estimate is 58.6, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 61.37 cents and EPS of 136.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.9, implying annual growth of 4.4%. Current consensus DPS estimate is 61.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ANZ as Neutral (3) -
Citi analysts saw a bumper Q1, but they retain questions about the remainder of the year. Citi analysts suggest favourable movements in key items are unlikely to persist into future periods.
Estimates have been lifted by some 3%. ANZ remains Citi's top pick in the sector. Target $31.50. Neutral rating retained.
Target price is $31.50 Current Price is $30.62 Difference: $0.88
If ANZ meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (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 233.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 170.00 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following the first quarter trading update, Credit Suisse has upgraded its estimates by 1-2%.
Price target is increased to $31 from $30.0 and Neutral retained.
Target price is $31.00 Current Price is $30.62 Difference: $0.38
If ANZ meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 164.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 165.00 cents and EPS of 251.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
ANZ's first quarter update looked positive to the broker on global markets, cost and bad debt lines, but weaker in the lending business, reflecting significant margin pressure.
ANZ group margin was down several basis points in the quarter on funding cost pressures and lowered earnings on capital. Deutsche Bank has raised FY17 earnings estimates by 5.5% and FY18 by 1.5%, reflecting expectations of lower bad debts.
Hold rating retained and targets rises to $31.30 from $29.60.
Target price is $31.30 Current Price is $30.62 Difference: $0.68
If ANZ meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 164.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 164.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Neutral (3) -
Cash profit for the first quarter was well above expectations, but underpinned by lower quality items, Macquarie observes. Revenue fell short of expectations.
The earnings backdrop is favourable, with upgrades relating to an improved credit environment and a sector-leading capital position. Yet, the broker believes further multiple expansion is difficult to justify. Neutral maintained. Target rises to $32 from $31.
Target price is $32.00 Current Price is $30.62 Difference: $1.38
If ANZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 165.00 cents and EPS of 228.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 169.00 cents and EPS of 235.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Overweight (1) -
Morgan Stanley likes the stock's better-than-peer earnings per share and dividend growth profile as well as the potential for capital management in 2018-19.
The broker raises cash profit forecasts by around 9% for FY17 because of stronger markets income and lower impairment charges.
Overweight retained. Sector view is In-Line. Price target is raised to $31 from $30.
Target price is $31.00 Current Price is $30.62 Difference: $0.38
If ANZ meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 162.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 164.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
Cash earnings in the first quarter were better than expected yet Morgans believes it unwise to extrapolate the revenue, costs or credit impairment charge.
The net interest margin over the quarter appears to Morgans to be worse than Commonwealth Bank ((CBA)) or National Australia Bank ((NAB)), despite the bank running off low-returning exposures in the institutional and international businesses.
Morgans retains a Hold rating and the target is raised to $26.50 from $25.00.
Target price is $26.50 Current Price is $30.62 Difference: minus $4.12 (current price is over target).
If ANZ meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 160.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 160.00 cents and EPS of 220.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
Ord Minnett has a positive bias when it comes to ANZ Bank and the analysts saw their key assumptions confirmed in the Q1 trading update. The analysts have grabbed the opportunity to conduct a more thorough modeling update, also incorporating recent transactions.
In essence, the broker's positive view centres around cost discipline from becoming a smaller, simpler business plus capital superiority from divesting low-returning assets. Target remains at $31.50 and rating Accumulate.
Target price is $31.50 Current Price is $30.62 Difference: $0.88
If ANZ meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 160.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
ANZ posted a solid quarterly, ahead of the broker's FY run rate, albeit one-offs and a seasonally low bad debt charge helped. Trading income provided a boost.
The broker remains wary of the low bad debt charge but admits upside is possible if it can remain low. The broker is a fan of ANZ's turnaround story but believes this is well priced in. Neutral and $29 target retained.
Target price is $29.00 Current Price is $30.62 Difference: minus $1.62 (current price is over target).
If ANZ meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.48, suggesting downside of -1.1% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.2, implying annual growth of 16.1%. Current consensus DPS estimate is 162.9, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.4, implying annual growth of 0.9%. Current consensus DPS estimate is 165.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ASX as Sell (5) -
First half results were slightly stronger than expected. Citi lifts FY17 estimates by 1%.
Results look solid but the broker considers the stock a little expensive, given a low to mid single digit growth profile.
Sell rating retained. Target is raised to $49.20 from $44.75.
Target price is $49.20 Current Price is $51.27 Difference: minus $2.07 (current price is over target).
If ASX meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 204.60 cents and EPS of 227.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 213.20 cents and EPS of 236.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ASX as Downgrade to Underperform from Neutral (5) -
First half results were slightly better than the broker's forecasts. The result was partially muted by 6% cost growth, but Credit Suisse notes above inflation costs are not much of a headwind.
ASX has previously flagged an impact from the transition of its investment portfolio, to meet new guidelines, leading to lower investment earnings in FY17, with the full impact from FY18. It appears this transition will predominantly show up in second half FY17.
The broker downgrades the stock to Underperform from Neutral and raised the target price to $49.00 from $48.00.
Target price is $49.00 Current Price is $51.27 Difference: minus $2.27 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 203.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 204.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASX as Underperform (5) -
First half results were below expectations. FY17 operating expenses were up 6%, with continued investment in staff and capital expenditure including a new futures trading platform and risk management systems.
Macquarie downgrades FY17 forecasts for earnings per share by -3.5% and FY17 by -5.5%. Target drops to $42.20 from $42.80. Underperform retained.
Target price is $42.20 Current Price is $51.27 Difference: minus $9.07 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 203.80 cents and EPS of 226.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 207.10 cents and EPS of 230.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ASX as Downgrade to Equal-weight from Overweight (3) -
The stock lacks near-term catalysts and has closed the gap to global peers so Morgan Stanley downgrades to Equal-weight from Overweight.
Despite this, the strength of the franchise was evident to the broker in the first half earnings. Target is $53. Industry view: In-Line.
Target price is $53.00 Current Price is $51.27 Difference: $1.73
If ASX meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 206.20 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 223.70 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASX as Lighten (4) -
The only thing that came out in-line in the interim report were costs; just about everything else turned out better-than-expected. Ord Minnett sees a fresh CEO, Dominic Steven, who seems hell-bent on capitalising on the ASX's market dominance.
Target price rises by $1 to $49. Rating remains Lighten as the share price is considered too high. The analysts note the ASX has a large number of initiatives in the pipeline.
Target price is $49.00 Current Price is $51.27 Difference: minus $2.27 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 205.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 214.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ASX as Neutral (3) -
A modest growth in ASX' profit slightly beat the broker. Higher margin trades and over the counter clearing were positives but not by enough to offset the headwinds of new regulatory restrictions beginning this half, the broker warns.
Neutral retained. Target rises to $49.50 from $48.90.
Target price is $49.50 Current Price is $51.27 Difference: minus $1.77 (current price is over target).
If ASX 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 $47.86, suggesting downside of -7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 203.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of 3.2%. Current consensus DPS estimate is 203.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 207.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.4, implying annual growth of 4.0%. Current consensus DPS estimate is 210.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BBN as Downgrade to Neutral from Outperform (3) -
Baby Bunting's first half results were below Macquarie's estimates. Total sales increased in the period, driven by 8.2% LFL growth and ongoing store rollouts.
Full year guidance of $21.5m to $24.5m, representing 15% to 31% growth was reiterated. Macquarie has lowered FY17 and FY18 forecasts by -9%.
The broker downgrades to Neutral from Outperform and target drops to $2.60 from $3.20.
Target price is $2.60 Current Price is $2.22 Difference: $0.38
If BBN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 7.90 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 51.4%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.60 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.8, implying annual growth of 20.8%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BBN as Overweight (1) -
First half results were just below estimates but Morgan Stanley notes the strong growth and reiteration of guidance. Both new and maturing stores are considered an opportunity to drive revenue and margin expansion.
The gross margin percentage decline was the unexpected in the results but the broker attributes this to a shift in mix that resulted in higher sales. Overweight rating. Target is $3.30. Sector view is In-Line.
Target price is $3.30 Current Price is $2.22 Difference: $1.08
If BBN meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 8.20 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 51.4%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.10 cents and EPS of 13.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.8, implying annual growth of 20.8%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BBN as Downgrade to Hold from Add (3) -
First half results were largely in line with Morgans. A wide guidance range for FY17 EBITDA of $21.5-24.5m has been reiterated but the broker suspects the top end is now more of a stretch, given softer gross margins.
Morgans downgrades to Hold from Add on valuation grounds. The broker still believes the company will continue to extend its power over competitors in coming years and that the store footprint can double. Target is reduced to $2.54 from $2.83.
Target price is $2.54 Current Price is $2.22 Difference: $0.32
If BBN meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $2.81, suggesting upside of 25.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 7.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.6, implying annual growth of 51.4%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.8, implying annual growth of 20.8%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley - Cessation of coverage
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 85.00 cents and EPS of 122.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 190.7, implying annual growth of N/A. Current consensus DPS estimate is 120.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 205.4, implying annual growth of 7.7%. Current consensus DPS estimate is 134.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CIP CENTURIA INDUSTRIAL REIT
Real Estate
Overnight Price: $2.47
Morgans rates CIP as Add (1) -
Centuria Industrial REIT delivered its first result since Centuria took over management in January. The overall strategy is unchanged.
First half distributable earnings of 10.8c per security were declared, lower than the prior corresponding half because of higher interest costs.
Morgans notes FY17 guidance is downgraded to 20.5c per security, as new management takes a more conservative approach regarding leasing renewals/vacancies. Add rating retained. Target is reduced to $2.55 from $2.70.
Target price is $2.55 Current Price is $2.47 Difference: $0.08
If CIP meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 20.50 cents and EPS of 20.60 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 20.70 cents and EPS of 20.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWN as Buy (1) -
Melcro Crown's fourth quarter result was in line with the market forecasts. The broker estimates Crown's share of the net earnings in the quarter to be $21.4m.
Crown has completed the sale of 66m ADSs to Melco International, which will allow for the payment of a special dividend with the first half result and the settlement of the 5.5% equity swap in the near future.
Buy rating and $14.57 target retained.
Target price is $14.57 Current Price is $11.44 Difference: $3.13
If CWN meets the Deutsche Bank target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $12.52, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 148.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.8, implying annual growth of -41.0%. Current consensus DPS estimate is 103.6, implying a prospective dividend yield of 9.1%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 60.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.0, implying annual growth of -27.1%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DUE as Upgrade to Buy from Neutral (1) -
First half proportionate earnings were -11% below Citi's estimates because of weaker realised pricing and volumes in Energy Developments (EDL).
Citi upgrades to Buy from Neutral, noting CKI would have known of the weak EDL results in the first half before launching its bid. Therefore, the broker does not envisage a weak EDL result is likely to change the suitor's view. Target is $3.
Target price is $3.00 Current Price is $2.67 Difference: $0.33
If DUE meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 18.50 cents and EPS of 6.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates DUE as Neutral (3) -
Duet Group's first half results were below the broker's expectations. The Dampier to Bunbury pipeline and Energy Developments (EDL) were the key source of weakness.
The 2015 acquisition of EDL was hoped to be the growth engine for energy developments, but earnings have fallen since the acquisition. Credit Suisse has lowered FY17 earnings forecast by -8.4% and FY18 by -5.5%.
Neutral and $2.80 target retained.
Target price is $2.80 Current Price is $2.67 Difference: $0.13
If DUE meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 18.50 cents and EPS of 8.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.00 cents and EPS of 8.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DUE as Hold (3) -
The group's first half results were below the broker's forecast, driven by a much weaker result from the Dampier to Bunbury pipeline following a tariff reset and loss of a customer.
Despite the weak first half result, the CKI bid remains the focus. While no comment was made on the FIRB process, Duet provided a targeted timeline for the implementation of the scheme with CKI of around April 2017.
Hold rating and $2.60 target retained.
Target price is $2.60 Current Price is $2.67 Difference: minus $0.07 (current price is over target).
If DUE meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 19.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DUE as No Rating (-1) -
First half profit was down -26% and well below Macquarie's forecasts. The results for EDL and DBP were disappointing. The broker expects dividend coverage should improve in FY18.
Macquarie is currently restricted and unable to provide target and rating.
Current Price is $2.67. Target price not assessed.
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.50 cents and EPS of 7.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.00 cents and EPS of 11.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DUE as Hold (3) -
Without the takeover bid that is in train Morgans believes the weak fist half result would have contributed to a decline in the share price.
The broker retains a Hold rating and $3.00 target. The broker makes reductions of -3-5% to proportional EBITDA forecasts across FY17-19 as the first half result is re-based.
Target price is $3.00 Current Price is $2.67 Difference: $0.33
If DUE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 19.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DUE as Hold (3) -
The interim report missed expectations. Ord Minnett suggests the result was made to look worse by Energy Development’s decision to stockpile renewable certificates rather than sell them.
It's all rather academic with corporate M&A dominating the outlook. Ord Minnett thinks the biggest obstacle for any deal with the SKI-led consortium remains FIRB approval. Target remains $2.80. Hold.
Target price is $2.80 Current Price is $2.67 Difference: $0.13
If DUE meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.75, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 19.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.9, implying annual growth of 133.0%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 34.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 17.7%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 29.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ECX as Buy (1) -
Eclipx confirmed FY17 guidance at its AGM, expecting to again materially exceed market growth despite competition in fleet, the broker notes. The R2D acquisition is performing in line with expectation.
Buy and $4.00 target retained.
Target price is $4.00 Current Price is $3.78 Difference: $0.22
If ECX meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.28, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 38.0%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of 11.7%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JIN JUMBO INTERACTIVE LIMITED
Overnight Price: $1.85
Morgans rates JIN as Add (1) -
Total transaction value of $71m in the first half was lower than the prior corresponding half because of a lower number of lottery jackpots.
Morgans considers the scaling down of the German lottery business a positive as the company can now concentrate on the charity lottery business.
Add rating retained. Target is raised to $2.16 from $2.06.
Target price is $2.16 Current Price is $1.85 Difference: $0.31
If JIN meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates LNK as Neutral (3) -
First half results were in line with estimates. Citi believes the share price is close to being attractive.
Nevertheless, with some near-term headwinds for recurring revenues in funds administration the broker is prepared to wait for a better opportunity.
Neutral. Target is reduced to $8.25 from $8.30.
Target price is $8.25 Current Price is $7.42 Difference: $0.83
If LNK meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $8.29, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 16.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 162.1%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 40.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 19.1%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LNK as Outperform (1) -
First half results were ahead of expectations. The main issues in Macquarie's view are revenue growth, margin progression and the movement in provision balances.
The broker notes the company has delivered on key integration milestones, ahead of budget. Ongoing synergies are expected to be delivered over FY18 and FY19.
Outperform rating and $8.50 target retained.
Target price is $8.50 Current Price is $7.42 Difference: $1.08
If LNK meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $8.29, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 17.80 cents and EPS of 35.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 162.1%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.60 cents and EPS of 42.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 19.1%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LNK as Hold (3) -
First half operating earnings were ahead of consensus. Morgans likes the stock's strong competitive position and expects it to benefit from favourable longer-term structural tailwinds.
The broker does not believe the stock is quite cheap enough yet to upgrade its rating and retains a Hold recommendation. Target is reduced to $8.16 from $8.38.
Target price is $8.16 Current Price is $7.42 Difference: $0.74
If LNK meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.29, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 16.60 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 162.1%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 20.10 cents and EPS of 37.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 19.1%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LNK as Neutral (3) -
Link's result beat the broker by 4.3% thanks to a strong result for funds administration offsetting a weak result in corporate markets. Margins in funds administration were impressive but the broker retains its FY outlook.
With corporate markets dragging, benefits from acquisition synergies are eroded, the broker notes. Neutral retained. Target rises to $8.10 from $8.00.
Target price is $8.10 Current Price is $7.42 Difference: $0.68
If LNK meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $8.29, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 16.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 162.1%. Current consensus DPS estimate is 16.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.3, implying annual growth of 19.1%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MHJ as Outperform (1) -
First half results were better than the broker had expected. Management confirmed it was comfortable with full year earnings expectations.
Credit Suisse has made small revisions to forecasts, lowering FY17 by -0.2%, FY18 by -0.5% and FY19 by -0.4%. The strong first half is expected to be offset by greater costs from new store roll-outs and marketing in the second half.
Target price rises to NZ$1.53 from NZ$1.51 and Outperform rating retained.
Current Price is $1.36. Target price not assessed.
Current consensus price target is $1.65, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 4.98 cents and EPS of 8.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of N/A. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.70 cents and EPS of 9.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 10.0%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MHJ as Outperform (1) -
Michael Hill's first half results were below Macquarie's forecasts. The second quarter trading update showed lower than expected same store sales growth everywhere except Canada.
A positive surprise for the broker was the cost control focus that saw NZ EBIT margins expand, despite negative sales growth and flat Australian margins. The broker has increased FY17 forecast by 7.6% to reflect the stronger first half margins and the flow through to the second half.
Outperform rating and $1.64 target retained.
Target price is $1.64 Current Price is $1.36 Difference: $0.28
If MHJ meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.00 cents and EPS of 9.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of N/A. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.00 cents and EPS of 10.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 10.0%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MHJ as Add (1) -
First half results beat forecasts. Morgans notes a lower like-for-like sales outcome was offset by stronger-than-expected margins.
The broker believes the company is well placed to achieve FY17 forecasts. Add rating retained. Target is reduced to $1.65 from $1.70.
Target price is $1.65 Current Price is $1.36 Difference: $0.29
If MHJ meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $1.65, suggesting upside of 22.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 4.70 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of N/A. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.50 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 10.0%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MND as Sell (5) -
Ahead of the first half results Citi expects the recent diversification into renewables and water infrastructure and sustained contract wins in maintenance should provide some support.
The share price has run hard and the broker believes it is already anticipating a sharp cyclical recovery. Sell rating retained. Target is raised to $9.80 from $7.85.
Target price is $9.80 Current Price is $13.16 Difference: minus $3.36 (current price is over target).
If MND meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.77, suggesting downside of -22.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 49.00 cents and EPS of 60.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.7, implying annual growth of -12.6%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 42.00 cents and EPS of 52.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of -8.1%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MPL as Neutral (3) -
The interim report surprised to the upside, assisted by higher investment earnings, comment Citi analysts. Estimates went up for FY17, but down for FY18 and FY19.
The analysts remain of the view that near-term pressure on revenues is significant. Regardless, they see a flat outlook for the underlying margin. Target loses 5c to $2.65. Neutral rating retained.
Target price is $2.65 Current Price is $2.82 Difference: minus $0.17 (current price is over target).
If MPL 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 $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 11.50 cents and EPS of 15.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MPL as Neutral (3) -
Medibank Private's first half results were slightly below expectations for the broker. The result was assisted by a $10m reserve release that would have otherwise seen a flat gross margin on the pcp.
Credit Suisse has downgraded FY17 underlying earnings by -0.5% and increased outer years by 5% to 10%, driven by recently announced premium rate increases.
A Neutral rating is retained and target raised to $2.80 from $2.65.
Target price is $2.80 Current Price is $2.82 Difference: minus $0.02 (current price is over target).
If MPL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MPL as Outperform (1) -
First half results beat expectations and this reflects higher investment income, Macquarie observes. The broker believes the company is continuing to defend its profitability and is turning around its customer service outcomes, slowly.
Outperform retained. Target rises to $2.95 from $2.85.
Target price is $2.95 Current Price is $2.82 Difference: $0.13
If MPL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.50 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.50 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MPL as Underweight (5) -
As growth is slowing and premium rate hikes falling, Morgan Stanley believes FY18 margins are likely to suffer. Restoring market share is the number one priority in the broker's view.
Morgan Stanley targets FY17 insurance profit of $490m, in line with guidance. The broker flags downside risk to consensus FY18 margins, unless the franchise can be restored.
Underweight retained.$2.40 target retained. Industry view: In-Line.
Target price is $2.40 Current Price is $2.82 Difference: minus $0.42 (current price is over target).
If MPL meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 11.95 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MPL as Downgrade to Reduce from Hold (5) -
First half net profit beat expectations but mostly on the back of lower quality items, Morgans observes. Gross profit margin was a positive but the broker remains concerned about the decline in policy holder numbers.
The broker believes the stock is expensive, given the near- term headwinds. Rating is downgraded to Reduce from Hold. Target is reduced to $2.40 from $2.47.
Target price is $2.40 Current Price is $2.82 Difference: minus $0.42 (current price is over target).
If MPL meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 11.90 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 11.30 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MPL as Downgrade to Hold from Accumulate (3) -
The interim report was broadly in-line, say the analysts, but volume trends remain a challenge. Gross margin held up, but the analysts are concerned due to consumers increasingly opting for a lower, cheaper level of cover.
Given these concerns, Ord Minnett downgrades to Hold from Accumulate. Price target drops to $2.95 from $3.The analysts acknowledge the share price looks "undemanding", but there are no short term catalysts in sight.
Target price is $2.95 Current Price is $2.82 Difference: $0.13
If MPL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 12.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MPL as Neutral (3) -
Medibank's result was in line with the broker and revenues were weak as expected, with policy holder numbers falling -1%. The broker sees FY guidance as realistic rather than conservative, but notes new CEOs typically err to the conservative side.
The broker believes turning around the policy holder count will likely result in lower margins. Neutral and $2.75 target retained.
Target price is $2.75 Current Price is $2.82 Difference: minus $0.07 (current price is over target).
If MPL 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 $2.71, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 12.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 3.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MTR as Buy (1) -
Citi analysts believe investors are too concerned about potential accountancy issues and ongoing tough times for the CBD operations. Digging deeper inside the accountancy issue, the analysts believe operationally the business has not materially weakened.
Citi analysts are also more positive about the CBD division after occupancy increased in 1H17. The shares are seen as oversold. Buy. Target $3.27.
Target price is $3.27 Current Price is $2.77 Difference: $0.5
If MTR meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 11.00 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 23.2%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 9.7%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MTR as Neutral (3) -
First half results were broadly in line with the broker's estimates. Management has maintained guidance for $101m to $107m, which Credit Suisse views as attainable but requiring a marginally stronger second half.
The broker has made minor changes to forecasts, lowering FY17 by -1% and FY18 by -3%.
Neutral retained and target reduced to $3.15 from $3.60.
Target price is $3.15 Current Price is $2.77 Difference: $0.38
If MTR meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.01 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 23.2%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.01 cents and EPS of 19.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 9.7%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MTR as Sell (5) -
Despite the broadly in line first half result, the broker's earnings quality concerns remain. The resorts division remained very strong, with 8% organic earnings growth, but CBD earnings declined -9%.
Deutsche Bank's forecasts remain broadly in line with the company's guidance of $101m to $107m, with NPAT of $48.5m to $52.5m.
Sell rating and $2.60 target retained.
Target price is $2.60 Current Price is $2.77 Difference: minus $0.17 (current price is over target).
If MTR 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 $3.43, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 10.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 23.2%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 13.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 9.7%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MTR as Outperform (1) -
Mantra's result was better than the broker had expected, although the dividend was slightly lower than expected. CBD result was in line with management and Macquarie, and Mantra continues to expect modest earnings improvement for the full year.
The company is happy with its performance vs industry across CBD and resort markets, with Ala Moana tracking ahead of expectations. New property pipeline remains strong with focus on larger deals.
Outperform retained and target falls to $4.02 from $4.07.
Target price is $4.02 Current Price is $2.77 Difference: $1.25
If MTR meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 10.10 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 23.2%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.50 cents and EPS of 18.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 9.7%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MTR as Hold (3) -
First half results were slightly weaker than expected. FY17 guidance of $101-107m in underlying EBITDA is maintained. Given a challenging CBD market and higher corporate costs, Morgans reduces its forecast to the mid point of guidance from the upper end.
The stock is not expected to outperform, given CBD uncertainty, and a Hold rating is retained. Target is reduced to $3.10 from $3.60.
Target price is $3.10 Current Price is $2.77 Difference: $0.33
If MTR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.43, suggesting upside of 24.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 11.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 23.2%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.2, implying annual growth of 9.7%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MYS as Neutral (3) -
First half results disappointed Macquarie, with cash profit -6% below forecasts. The significant margin decline caused the miss, partly offset by strong loan growth and reasonable cost control.
The broker expects the recent 12 basis points of mortgage re-pricing and the residual benefit from the 15 basis points last August should support margins in the second half.
Neutral rating retained and the target is unchanged at $4.50.
Target price is $4.50 Current Price is $4.70 Difference: minus $0.2 (current price is over target).
If MYS meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 28.50 cents and EPS of 34.10 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.50 cents and EPS of 34.90 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHC as Outperform (1) -
Second quarter production was in line with Macquarie and profit guidance for the first half is also broadly in line. The company expects to report underlying net profit of $50-54m.
Macquarie makes some changes to forecasts after incorporating the production numbers. FY17 forecasts for earnings per share are lifted by 4% and FY18-19 by 30-40%. The significant rise in profitability reflects inclusion of Bengalla.
Target rises to $2.10 from $2.00. Outperform maintained.
Target price is $2.10 Current Price is $1.82 Difference: $0.28
If NHC meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $1.85, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.90 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of 2862.3%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 11.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.70 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 5.1%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ORG as Underperform (5) -
Origin Energy reported first half earnings below the broker's forecasts. Credit Suisse notes this was another 'transition' result, although that could change with full recognition of APLNG Train2 in the second half.
As announced in February, FY17 EBITDA guidance was updated to $2,450m to $2,615m. The broker has increased its FY17 NPAT forecasts by 16.9% and FY18 forecasts by 14.6%.
Underperform and $6.30 target retained.
Target price is $6.30 Current Price is $6.90 Difference: minus $0.6 (current price is over target).
If ORG meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.13, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 34.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 39.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 63.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 217.5%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORG as Overweight (1) -
Morgan Stanley found the first half results were mixed. Good news is that APLNG is on track, bad news is the company was caught short in the Queensland energy markets, and there is less clarity.
The re-rating thesis remains intact nonetheless, and the broker retains an Overweight rating. Target falls to $8.63 from $8.75. Industry view: Cautious.
Target price is $8.63 Current Price is $6.90 Difference: $1.73
If ORG meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $7.13, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 0.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 39.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.2, implying annual growth of 217.5%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates OSH as Add (1) -
Ahead of the 2016 results Morgans expects a reduced underlying net profit of US$100.6m after the company flagged a one-off non-cash deferred tax charge. A soft landing is expected for earnings.
The broker expects the market will start to re-rate the stock as it progressively de-risks the growth profile of the next 2-3 LNG trains.
Morgans maintains an Add rating and raises the target to $9.71 from $9.69.
Target price is $9.71 Current Price is $6.92 Difference: $2.79
If OSH meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $8.05, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 11.99 cents and EPS of 26.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.0, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.99 cents and EPS of 38.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of 28.1%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 22.0. |
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
Morgan Stanley rates PRY as Equal-weight (3) -
Medical centre performance disappointed Morgan Stanley although confidence in cash generation has improved. The company now expects underlying net profit from continuing operations of $92-102m.
Ongoing industry weakness as signalled by Medicare data suggests to the broker the actual results could track towards the low end of the range.
Equal-weight retained. Price target is reduced to $3.74 from $4.45. In-Line sector view.
Target price is $3.74 Current Price is $3.24 Difference: $0.5
If PRY meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.62, suggesting upside of 9.5% (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 17.9, implying annual growth of 24.3%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 18.5. |
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 20.4, implying annual growth of 14.0%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PSQ as Overweight (1) -
First half results ticked all the right boxes for Morgan Stanley. FY17 guidance is reiterated.
The broker considers the company's model is the most internally consistent, lowest cost and highest utilisation model in the Australian corporatised dental market.
The Overweight rating and In-Line industry view are maintained and the target is $2.60.
Target price is $2.60 Current Price is $2.00 Difference: $0.6
If PSQ meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 6.50 cents and EPS of 7.90 cents. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.60 cents and EPS of 9.80 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 PTM as Underweight (5) -
Morgan Stanley expects the upcoming first half result will confirm ongoing outflows but also provide an opportunity to update on new initiatives.
While the prospect of a buy-back supports the share price, an improvement in flows and performance is expected to take time.
The broker is Underweight. Target is reduced to $4.30 from $4.50. Industry view: In-Line.
Target price is $4.30 Current Price is $4.92 Difference: minus $0.62 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.74, suggesting downside of -3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 26.00 cents and EPS of 16.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of -23.5%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 24.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 0.8%. Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RHP as Upgrade to Add from Hold (1) -
First half results were slightly below expectations. The broker suspects investors panicked because of a slowing in revenue growth and the perception the company was losing market share from increased competition.
The broker suspects that the company's public cloud program is partly cannibalising the private cloud and overall growth remains intact. Rating is upgraded to Add from Hold. Target reduced to 63c from 86c.
Target price is $0.63 Current Price is $0.40 Difference: $0.23
If RHP meets the Morgans target it will return approximately 57% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.80 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SEK as Hold (3) -
Seek's Chinese subsidiary, Zhaopin, has announced it has received an offer from a consortium, comprising Seek, Hillhouse Capital Management and FountainVest Partners, to acquire all of the remaining shares for US$18 per ADS.
The offer reduces the risk that Seek's holding is diluted to a non-controlling interest. Deutsche Bank believes it needs further clarification on the final structure of the offer to fully evaluate its effect on Seek.
Hold rating and $15.20 target retained.
Target price is $15.20 Current Price is $15.52 Difference: minus $0.32 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.99, suggesting upside of 1.2% (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 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of -42.9%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 46.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.7, implying annual growth of 12.7%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SEK as Add (1) -
The company has formed a consortium to privatise Zhaopin, its 61.3% owned Chinese affiliate.
Seek would receive some cash from the deal, while retaining control, providing cash to reduce parent debt and/or step up dividend payments, Morgans observes.
The deal in its current shape is expected to be slightly accretive. The broker retains an Add rating. Target is $16.25.
Target price is $16.25 Current Price is $15.52 Difference: $0.73
If SEK meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $15.99, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 43.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.2, implying annual growth of -42.9%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 45.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.7, implying annual growth of 12.7%. Current consensus DPS estimate is 44.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SIP as Sell (5) -
The company has updated the market, signalling FY17 EBIT is expected to be just over $100m, or 12% above the prior corresponding period.
The small upgrade is positive but Citi believes this is more than offset by the increase in doubtful debts. Sell rating and $1.10 target retained.
Target price is $1.10 Current Price is $1.18 Difference: minus $0.08 (current price is over target).
If SIP meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting upside of 7.7% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 6.0, implying annual growth of 20.0%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Current consensus EPS estimate is 6.9, implying annual growth of 15.0%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates STO as Buy (1) -
Underlying net profit was ahead of estimates. Citi suspects the company is adhering to guidance that does not assume everything goes according to plan. Balance sheet and cash flow look robust.
A lack of trust post the surprise equity raising may mean the market will need to witness delivery in the second half before paying on the presumption, the broker suggests.
Buy rating retained. Target rises to $5.44 from $5.22.
Target price is $5.44 Current Price is $3.97 Difference: $1.47
If STO meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.40 cents and EPS of 21.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.93 cents and EPS of 32.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates STO as Underperform (5) -
Santos's CY16 results were below expectations for the broker. CY17 production guidance was broadly flat at US$8-8.50boe vs CY16 of US$8.45boe.
Credit Suisse believes this is not currently a sustainable business at US$40-60bbl. The broker's definition of sustainable is keeping the same level of reserves and production steady through cycle. The broker has cut CY17 and CY18 earnings by -US$50m on higher plant costs and pipeline tariffs.
Underperform rating retained and target raised to $3.80 from $3.45.
Target price is $3.80 Current Price is $3.97 Difference: minus $0.17 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 23.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.17 cents and EPS of 32.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates STO as Buy (1) -
Santos reported CY16 earnings that were better than the broker had expected, underscoring the changes being made to the company's cost base.
Management reiterated previous guidance, including GLNG's target to ramp up to 6mmtpa by the end of 2019. Roma is expected to continue to ramp up this year as wells are connected up and dewatered.
Deutsche Bank's CY17 earnings forecast has decreased on a higher exploration expense and higher net interest.
Buy rating retained and target raised to $5 from $4.85.
Target price is $5.00 Current Price is $3.97 Difference: $1.03
If STO meets the Deutsche Bank target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 21.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 13.33 cents and EPS of 33.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
2016 underlying net profit was ahead of Macquarie's forecasts. A second half of positive free cash flow and an equity raising have reduced net debt and gearing to around 31%.
The broker remains optimistic on the stock and expects positive news flow regarding DLNG back-fill from Caldita/Barossa and final investment decision in late 2018.
Outperform retained. Target is $4.70.
Target price is $4.70 Current Price is $3.97 Difference: $0.73
If STO meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 1.20 cents and EPS of 2.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates STO as Overweight (1) -
The company continues to deliver on cost reductions and its turnaround strategy. Morgan Stanley suspects there is some conservatism in cost guidance and believes the bigger driver of long-term value is cost trends in relation to individual capital expenditure on wells.
The broker believes the value proposition will improve in places like the Cooper Basin and there is upside around Caldita/Barossa. Overweight retained. Target rises to $5.08 from $4.96. Industry view: In-Line.
Target price is $5.08 Current Price is $3.97 Difference: $1.11
If STO meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 5.33 cents and EPS of 14.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.99 cents and EPS of 18.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates STO as Hold (3) -
2016 underlying net profit was better than expected. Morgans had expected an underlying loss.
Equity raised has helped to lower gearing and the broker expects the company to re-finance debt to extend its maturity profile,allowing it to focus capital on funding GLNG drilling and PNG growth.
Hold rating retained. Target falls to $4.19 from $4.27.
Target price is $4.19 Current Price is $3.97 Difference: $0.22
If STO meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 25.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.38 cents and EPS of 37.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates STO as Hold (3) -
Santos' full year report contained more details on individual assets, as flagged by management previously, but overall there was nothing in it to surprise analysts at Ord Minnett.
Remodeling has not generated a lot of additional value, exclaim the analysts. They thus see better opportunity in Woodside ((WPL)) and Oil Search ((OSH)). Price target gains 5c to $4.20. Hold rating retained.
Target price is $4.20 Current Price is $3.97 Difference: $0.23
If STO meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 5.33 cents and EPS of 17.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.33 cents and EPS of 15.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Neutral (3) -
Santos' underlying earnings result was in line with the broker. Strong cash flow generation was in stark contrast to the previous year's outflow, the broker notes, thanks to substantial cost reductions.
The company remains entirely focused on debt reduction, the broker notes. There is no mention of growth options, yet the broker believes production peaked in the period. Neutral and $4.60 target retained.
Target price is $4.60 Current Price is $3.97 Difference: $0.63
If STO meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 15.7% (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 23.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.32 cents and EPS of 34.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 34.8%. Current consensus DPS estimate is 9.2, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TAH as Hold (3) -
The resolution of the AUSTRAC proceedings, subject to Federal Court approval, is considered a minor positive. Deutsche Bank notes Tabcorp will pay a penalty of $45m and legal costs.
The broker reduces earnings forecasts by -1-3% to reflect additional costs. Deutsche Bank retains a Hold rating and $5.00 target.
Target price is $5.00 Current Price is $4.29 Difference: $0.71
If TAH meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.65, suggesting upside of 9.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 25.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.0, implying annual growth of 12.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 27.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 10.0%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TLS as Underperform (5) -
Telstra's first half results were slightly below the broker's estimates. The dividend of 15.5cps was flat and the company reiterated guidance for earnings growth of 'low to mid' single digits in FY17.
Credit Suisse has cut its FY17 NPAT forecast by -3.8% to $3940m. Mobile revenue declined in the first half, reflecting a -15% fall in wireless broadband revenue and the ongoing high level of competition in the market.
Underperform rating retained and target reduced to $4.60 from $4.80.
Target price is $4.60 Current Price is $4.83 Difference: minus $0.23 (current price is over target).
If TLS meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.82, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 31.00 cents and EPS of 32.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of -33.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 31.00 cents and EPS of 34.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 7.0%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.3. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TNK as Add (1) -
2016 results were broadly in line with Morgans. The broker believes the earnings metrics at this stage are favourable.
In 2016 the company was able to roll out its technology to manage accounts, payroll, time and attendance as well as online portals for parents to track their child's development.
The broker believes the stock offers a differentiated business model to its listed peers and this makes it a far more attractive proposition. Add retained. Target is raised to $2.62 from $2.22.
Target price is $2.62 Current Price is $2.50 Difference: $0.12
If TNK meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 11.00 cents and EPS of 16.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 13.00 cents and EPS of 18.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates VAH as Sell (5) -
Citi found the interim report in-line. There was margin pressure everywhere except for Virgin International which surprised to the upside. Sell rating retained. Target 18c.
Target price is $0.18 Current Price is $0.19 Difference: minus $0.01 (current price is over target).
If VAH meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VAH as Neutral (3) -
Virgin's first half results were ahead of the broker's forecasts. International was stronger while domestic, Tiger and velocity were weaker.
Credit Suisse believes the underlying yield performance from international was much worse than presented, and forecasts a loss in the second half. Management suggests that domestic got a 'kicker' in the last few weeks, which could be a positive turning point.
Neutral and 20c target retained.
Target price is $0.20 Current Price is $0.19 Difference: $0.01
If VAH meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates VAH as Hold (3) -
First half results highlight tough domestic conditions. Of most concern to Deutsche Bank is the performance of Velocity, which delivered reduced earnings.
The broker notes the company is moving to a sustainable business strategy from a competitive strategy which is requiring significant cost investment and will impact operating cash before delivering obvious profit growth.
A Hold rating is maintained. Target is reduced to 22c from 26c.
Target price is $0.22 Current Price is $0.19 Difference: $0.03
If VAH meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VAH as Neutral (3) -
First half results were ahead of Macquarie's estimates. The broker notes corporate bookings have been slower domestically, which has likely affected Virgin Australia more than Qantas ((QAN)).
International revenue was lower but revenue per available seat kilometre was better than expected. The broker believes the domestic market continues to demonstrate rational capacitty behaviour.
Neutral rating and 21c target retained.
Target price is $0.21 Current Price is $0.19 Difference: $0.02
If VAH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VAH as Lighten (4) -
Ord Minnett analysts comment the released interim report shows lower domestic passenger yields are taking their toll. Underlying the financial performance was in-line with prior guidance.
The analysts observe lower fuel costs plus savings from the Better Business Program were insufficient to compensate for the lower passenger yields. The company did not provide guidance, but the analysts see no relief on the horizon. Lighten rating retained. Target 20c (unchanged).
Target price is $0.20 Current Price is $0.19 Difference: $0.01
If VAH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VAH as Sell (5) -
Virgin's result was weak, as expected. No guidance was provided.
The broker suggests the market will focus on an underperforming domestic division, which suffered a -3.5% fall in revenue per seat/km. The company also failed to generate any meaningful cash flow and management did not reiterate any financial targets. "Interesting," says the broker.
Sell and 18c target retained.
Target price is $0.18 Current Price is $0.19 Difference: minus $0.01 (current price is over target).
If VAH meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.20, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates VRL as Downgrade to Hold from Buy (3) -
Village Roadshow's first half results were slightly below the broker's expectations, with earnings weakness across the whole group. Management has highlighted that it is actively pursuing potential asset sales and undertaking a review of costs and capex reduction.
No formal FY17 guidance was forthcoming. Deutsche Bank's lower margin assumptions see FY17 and FY18 earnings predictions for cinema and film distribution reduce by -3-9%.
The broker has downgraded the stock to Hold from Buy and the target price falls to $4.20 from $4.60.
Target price is $4.20 Current Price is $3.50 Difference: $0.7
If VRL meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.98, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 113.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 35.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VRL as Neutral (3) -
First half results were slightly behind the brokers numbers. The company has suspended its dividend due to high gearing, and flagged asset sales to help reduce high gearing, but gave no details.
Macquarie believes FY17 cinema exhibition earnings to be in line with the pcp, while theme parks are expected to be lower. There is also the potential for falls in film distribution earnings in the brokers opinion.
FY17 forecasts are lowered by -7% and FY18 forecasts by -10%. Neutral rating retained and target reduces to $3.43 from $4.18.
Target price is $3.43 Current Price is $3.50 Difference: minus $0.07 (current price is over target).
If VRL meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.98, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 113.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 35.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VRL as Buy (1) -
It wasn't a good result and debt has now become a problem too large to ignore. Ord Minnett thinks management is being incentivised to start looking into selling assets. The stockbroker thinks the shares are no longer a value trap, with a good buying opportunity opening up.
The outlook remains one of challenges as competition is not abating, suggest the analysts. While taking a positive view on any asset sale, the analysts acknowledge management is embroiled in a high stakes game. Buy. Target $4.63 (was $4.74). Estimates have been lowered.
Target price is $4.63 Current Price is $3.50 Difference: $1.13
If VRL meets the Ord Minnett target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $3.98, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.00 cents and EPS of 8.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 113.3%. Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.20 cents and EPS of 27.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of 35.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WHC as Buy (1) -
First half results were below estimates. Citi reduces FY17 and FY18 estimates on lower coal prices. Target is lowered to $3.50 from $3.80.
Managed saleable coal production is expected to rise to around 23mt in FY18 from 21-22mt in FY17. Buy rating is retained.
Target price is $3.50 Current Price is $2.95 Difference: $0.55
If WHC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 5.00 cents and EPS of 50.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 35.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Outperform (1) -
Whitehaven Coal's first half results were in line with the broker's estimates. Net debt reduced to $628m, against Credit Suisse's figure of $703m, and costs were in line with guidance.
The broker has cut FY17 and FY18 earnings estimates by -10% and -5% respectively. Credit Suisse expects a net cash position of $281m at the end of FY18, and assumes a $500m buy-back in FY19.
Outperform and $3.60 target retained.
Target price is $3.60 Current Price is $2.95 Difference: $0.65
If WHC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 44.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.56 cents and EPS of 47.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WHC as Hold (3) -
First half results were ahead of forecasts. Deutsche Bank notes the company will continue to pay down debt in the second half and is increasing low cost coal production by 10% in FY17.
The broker retains a Hold rating and $3.00 target.
Target price is $3.00 Current Price is $2.95 Difference: $0.05
If WHC meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WHC as Neutral (3) -
First half results were broadly in line. Net debt fell more than expected. FY17 shipment guidance of 21-22mt is in line with Macquarie's estimates.
Should coal prices remain at current levels the broker suspects the company could move to a net cash position by the end of 2017. Neutral maintained. Target is $3.20.
Target price is $3.20 Current Price is $2.95 Difference: $0.25
If WHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 45.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 37.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WHC as Hold (3) -
First half EBITDA was slightly ahead of estimates. The turnaround in the business impressed Morgans, which notes the company has plenty of growth projects from which to grow earnings and value incrementally.
With coal prices still easing from abnormal highs the broker would prefer to buy the stock at lower levels and maintains a Hold rating. Target is raised to $2.93 from $2.85.
Target price is $2.93 Current Price is $2.95 Difference: minus $0.02 (current price is over target).
If WHC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 8.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WHC as Accumulate (2) -
Ord Minnett saw a "clean" result that was mostly in-line but missed at the net profit level by some -3% on higher depreciation. The analysts continue to see the shares are attractively priced. Accumulate rating and $3.20 price target retained.
Ord Minnett sees potential for the return of dividends with the full year result, and beyond. Net debt is projected to shrink to $230m by the end of FY17, reducing gearing to 6%. Estimates have been slightly reduced.
Target price is $3.20 Current Price is $2.95 Difference: $0.25
If WHC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 4.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WHC as Neutral (3) -
Whitehaven's result beat the broker on lower costs, although costs will rise in second half due to factors including wet weather issues, the broker notes.
Strong coal prices have led to debt reduction, and management has suggested capital management may be possible in FY18.
Neutral retained. Target rises to $3.00 from $2.90.
Target price is $3.00 Current Price is $2.95 Difference: $0.05
If WHC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 2090.5%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 6.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of -15.2%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 7.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ABP - | ABACUS PROPERTY GROUP | Neutral - Citi | Overnight Price $3.10 |
| Underweight - Morgan Stanley | Overnight Price $3.10 | ||
| Buy - Ord Minnett | Overnight Price $3.10 | ||
| ANN - | ANSELL | Neutral - UBS | Overnight Price $21.20 |
| ANZ - | ANZ BANKING GROUP | Neutral - Citi | Overnight Price $30.62 |
| Neutral - Credit Suisse | Overnight Price $30.62 | ||
| Hold - Deutsche Bank | Overnight Price $30.62 | ||
| Neutral - Macquarie | Overnight Price $30.62 | ||
| Overweight - Morgan Stanley | Overnight Price $30.62 | ||
| Hold - Morgans | Overnight Price $30.62 | ||
| Accumulate - Ord Minnett | Overnight Price $30.62 | ||
| Neutral - UBS | Overnight Price $30.62 | ||
| ASX - | ASX | Sell - Citi | Overnight Price $51.27 |
| Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $51.27 | ||
| Underperform - Macquarie | Overnight Price $51.27 | ||
| Downgrade to Equal-weight from Overweight - Morgan Stanley | Overnight Price $51.27 | ||
| Lighten - Ord Minnett | Overnight Price $51.27 | ||
| Neutral - UBS | Overnight Price $51.27 | ||
| BBN - | BABY BUNTING | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $2.22 |
| Overweight - Morgan Stanley | Overnight Price $2.22 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $2.22 | ||
| CIM - | CIMIC GROUP | Cessation of coverage - Morgan Stanley | Overnight Price $37.93 |
| CIP - | CENTURIA INDUSTRIAL REIT | Add - Morgans | Overnight Price $2.47 |
| CWN - | CROWN RESORTS | Buy - Deutsche Bank | Overnight Price $11.44 |
| DUE - | DUET | Upgrade to Buy from Neutral - Citi | Overnight Price $2.67 |
| Neutral - Credit Suisse | Overnight Price $2.67 | ||
| Hold - Deutsche Bank | Overnight Price $2.67 | ||
| No Rating - Macquarie | Overnight Price $2.67 | ||
| Hold - Morgans | Overnight Price $2.67 | ||
| Hold - Ord Minnett | Overnight Price $2.67 | ||
| ECX - | ECLIPX GROUP | Buy - UBS | Overnight Price $3.78 |
| JIN - | JUMBO INTERACTIVE | Add - Morgans | Overnight Price $1.85 |
| LNK - | LINK ADMINISTRATION | Neutral - Citi | Overnight Price $7.42 |
| Outperform - Macquarie | Overnight Price $7.42 | ||
| Hold - Morgans | Overnight Price $7.42 | ||
| Neutral - UBS | Overnight Price $7.42 | ||
| MHJ - | MICHAEL HILL | Outperform - Credit Suisse | Overnight Price $1.36 |
| Outperform - Macquarie | Overnight Price $1.36 | ||
| Add - Morgans | Overnight Price $1.36 | ||
| MND - | MONADELPHOUS GROUP | Sell - Citi | Overnight Price $13.16 |
| MPL - | MEDIBANK PRIVATE | Neutral - Citi | Overnight Price $2.82 |
| Neutral - Credit Suisse | Overnight Price $2.82 | ||
| Outperform - Macquarie | Overnight Price $2.82 | ||
| Underweight - Morgan Stanley | Overnight Price $2.82 | ||
| Downgrade to Reduce from Hold - Morgans | Overnight Price $2.82 | ||
| Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $2.82 | ||
| Neutral - UBS | Overnight Price $2.82 | ||
| MTR - | MANTRA GROUP | Buy - Citi | Overnight Price $2.77 |
| Neutral - Credit Suisse | Overnight Price $2.77 | ||
| Sell - Deutsche Bank | Overnight Price $2.77 | ||
| Outperform - Macquarie | Overnight Price $2.77 | ||
| Hold - Morgans | Overnight Price $2.77 | ||
| MYS - | MYSTATE | Neutral - Macquarie | Overnight Price $4.70 |
| NHC - | NEW HOPE CORP | Outperform - Macquarie | Overnight Price $1.82 |
| ORG - | ORIGIN ENERGY | Underperform - Credit Suisse | Overnight Price $6.90 |
| Overweight - Morgan Stanley | Overnight Price $6.90 | ||
| OSH - | OIL SEARCH | Add - Morgans | Overnight Price $6.92 |
| PRY - | PRIMARY HEALTH CARE | Equal-weight - Morgan Stanley | Overnight Price $3.24 |
| PSQ - | PACIFIC SMILES GROUP | Overweight - Morgan Stanley | Overnight Price $2.00 |
| PTM - | PLATINUM | Underweight - Morgan Stanley | Overnight Price $4.92 |
| RHP - | RHIPE | Upgrade to Add from Hold - Morgans | Overnight Price $0.40 |
| SEK - | SEEK | Hold - Deutsche Bank | Overnight Price $15.52 |
| Add - Morgans | Overnight Price $15.52 | ||
| SIP - | SIGMA PHARMAC | Sell - Citi | Overnight Price $1.18 |
| STO - | SANTOS | Buy - Citi | Overnight Price $3.97 |
| Underperform - Credit Suisse | Overnight Price $3.97 | ||
| Buy - Deutsche Bank | Overnight Price $3.97 | ||
| Outperform - Macquarie | Overnight Price $3.97 | ||
| Overweight - Morgan Stanley | Overnight Price $3.97 | ||
| Hold - Morgans | Overnight Price $3.97 | ||
| Hold - Ord Minnett | Overnight Price $3.97 | ||
| Neutral - UBS | Overnight Price $3.97 | ||
| TAH - | TABCORP HOLDINGS | Hold - Deutsche Bank | Overnight Price $4.29 |
| TLS - | TELSTRA CORP | Underperform - Credit Suisse | Overnight Price $4.83 |
| TNK - | THINK CHILDCARE | Add - Morgans | Overnight Price $2.50 |
| VAH - | VIRGIN AUSTRALIA | Sell - Citi | Overnight Price $0.19 |
| Neutral - Credit Suisse | Overnight Price $0.19 | ||
| Hold - Deutsche Bank | Overnight Price $0.19 | ||
| Neutral - Macquarie | Overnight Price $0.19 | ||
| Lighten - Ord Minnett | Overnight Price $0.19 | ||
| Sell - UBS | Overnight Price $0.19 | ||
| VRL - | VILLAGE ROADSHOW | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $3.50 |
| Neutral - Macquarie | Overnight Price $3.50 | ||
| Buy - Ord Minnett | Overnight Price $3.50 | ||
| WHC - | WHITEHAVEN COAL | Buy - Citi | Overnight Price $2.95 |
| Outperform - Credit Suisse | Overnight Price $2.95 | ||
| Hold - Deutsche Bank | Overnight Price $2.95 | ||
| Neutral - Macquarie | Overnight Price $2.95 | ||
| Hold - Morgans | Overnight Price $2.95 | ||
| Accumulate - Ord Minnett | Overnight Price $2.95 | ||
| Neutral - UBS | Overnight Price $2.95 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 29 |
| 2. Accumulate | 2 |
| 3. Hold | 41 |
| 4. Reduce | 2 |
| 5. Sell | 15 |
Wednesday 22 February 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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