Australian Broker Call
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February 20, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 12:45 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
| BLA - | BLUE SKY ALT INV | Downgrade to Hold from Buy | Ord Minnett |
| BSL - | BLUESCOPE STEEL | Upgrade to Outperform from Neutral | Credit Suisse |
| CDD - | CARDNO | Upgrade to Buy from Hold | Deutsche Bank |
| DHG - | DOMAIN HOLDINGS | Upgrade to Outperform from Neutral | Credit Suisse |
| Upgrade to Outperform from Neutral | Macquarie | ||
| GWA - | GWA GROUP | Upgrade to Neutral from Sell | Citi |
| Upgrade to Outperform from Underperform | Credit Suisse | ||
| Upgrade to Add from Hold | Morgans | ||
| IVC - | INVOCARE | Downgrade to Neutral from Outperform | Macquarie |
| MPL - | MEDIBANK PRIVATE | Upgrade to Buy from Hold | Deutsche Bank |
| NHC - | NEW HOPE CORP | Upgrade to Neutral from Underperform | Credit Suisse |
| NHF - | NIB HOLDINGS | Upgrade to Neutral from Sell | Citi |
| OML - | OOH!MEDIA | Downgrade to Neutral from Outperform | Credit Suisse |
| SEK - | SEEK | Downgrade to Neutral from Outperform | Macquarie |
| SYD - | SYDNEY AIRPORT | Upgrade to Neutral from Underperform | Credit Suisse |
| TAH - | TABCORP HOLDINGS | Upgrade to Outperform from Neutral | Credit Suisse |
| VRL - | VILLAGE ROADSHOW | Upgrade to Buy from Neutral | Citi |
| Upgrade to Neutral from Underperform | Macquarie |
Overnight Price: $17.65
Credit Suisse rates ALU as Neutral (3) -
First half results were ahead of forecasts. Credit Suisse increases revenue estimates by 9% primarily because of higher designer licence sales and average realised pricing.
The broker maintains a Neutral rating as the share price has had a strong run. Target is raised to $14 from $12.
Target price is $14.00 Current Price is $17.65 Difference: minus $3.65 (current price is over target).
If ALU meets the Credit Suisse target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.70, suggesting downside of -16.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 36.27 cents and EPS of 38.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 59.4%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 51.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 44.62 cents and EPS of 47.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 14.2%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 44.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ALU as Hold (3) -
Altium's first half strongly outpaced the broker, the 30% revenue jump proving a 7% beat.
It's a rosy picture encompassing strong margin growth, strong top-line growth and good operating leverage. Earnings before interest and tax margins rose 33%, subscribers grew 16% and new seat sales were up a hefty 22%. All geographies registered strong growth.
Altium reiterates revenue guidance for FY20, noting upside risk. FY20 margins greater than 35% was also reiterated.
Deutsche Bank upgrades earnings-per-share estimates by 3% for FY18 and 6% for FY19, triggering a rise in the target price to $14.50 from $12.50. Hold retained on valuation grounds.
Target price is $14.50 Current Price is $17.65 Difference: minus $3.15 (current price is over target).
If ALU meets the Deutsche Bank target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.70, suggesting downside of -16.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 38.86 cents and EPS of 37.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 59.4%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 51.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 36.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 14.2%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 44.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ALU as Neutral (3) -
First half results were above recently upgraded forecasts and UBS notes an expanding subscription base as well as price improvements. The broker believes earnings risks remain firmly skewed to the upside.
The weak spot was operating cash flow, which grew 8%, well below the broker's estimates of 24%. Neutral maintained. Target rises to $15.60 from $14.20.
Target price is $15.60 Current Price is $17.65 Difference: minus $2.05 (current price is over target).
If ALU meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.70, suggesting downside of -16.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.6, implying annual growth of 59.4%. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 51.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 35.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.5, implying annual growth of 14.2%. Current consensus DPS estimate is 38.5, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 44.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BLA BLUE SKY ALTERNATIVE INVESTMENTS LIMITED
Wealth Management & Investments
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Overnight Price: $13.93
Morgans rates BLA as Hold (3) -
First half net profit was up 59%, driven by management and performance fee growth and a step up in investment income. FY18 guidance has been maintained.
Morgans continues to regard the business as immature, with material long-term growth prospects. Valuation metrics appear fair on a short-term basis. Hold maintained. Target rises to $14.95 from $14.34.
Target price is $14.95 Current Price is $13.93 Difference: $1.02
If BLA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.00 cents and EPS of 52.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 40.00 cents and EPS of 66.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLA as Downgrade to Hold from Buy (3) -
First half results were strong, with headline net profit up around 60%. Assets under management guidance is upgraded but higher costs mean Ord Minnett reduces FY18 forecasts by -6%.
The broker considers the stock has little valuation support in light of its underlying FY19 PE of 25x. Rating is downgraded to Hold from Buy.
A lack of clarity in scope and source as well as the unpredictability of Cove earnings holds Ord Minnett back from believing the stock should trade on any higher PE. Target is raised to $12.72 from $11.00.
Target price is $12.72 Current Price is $13.93 Difference: minus $1.21 (current price is over target).
If BLA meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 30.50 cents and EPS of 47.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 44.40 cents and EPS of 65.20 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.36
Citi rates BPT as Sell (5) -
Beach Energy's first-half earnings beat the broker, triggering a 30%-60% upgrade to earnings forecasts for FY18-FY20.
Citi says the resulting share price jump probably reflects the update on Lattice assets as costs fall and gas prices rise, and a lower gearing target.
But Citi says it had already factored these in its valuation. It points to higher capital expenditure and expects weakness in the oil price. Sell rating maintained, but the broker highlights upside risk to the gas price as a proviso. Target price inches up to $1.18 from $1.16.
Target price is $1.18 Current Price is $1.36 Difference: minus $0.18 (current price is over target).
If BPT meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.00 cents and EPS of 12.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of -37.4%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 2.50 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 45.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Underperform (5) -
Beach's strong result beat the broker and consensus. Synergies have proven better than expected across acquired assets and increased free cash flow will lower gearing.
The problem for the broker is downward pressure on volumes due to delays in capex. Barring significant drilling success, volumes will fall sharply in FY20 and will continue to fall if there are further delays for Waitsia. The broker does not believe the market is appreciating this risk.
Underperform retained. Target rises to $1.05 from $1.00.
Target price is $1.05 Current Price is $1.36 Difference: minus $0.31 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 15.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of -37.4%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 45.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BPT as Overweight (1) -
First half results were in line with expectations. Morgan Stanley expects the company to generate strong free cash flow over the next few years and this will be used to de-leverage.
More detail on the performance of the Lattice assets should provide greater comfort for the market over time. The company has updated on synergies, increasing guidance to $50m from $20m.
Overweight. Price target is $1.70. Industry view is In-Line.
Target price is $1.70 Current Price is $1.36 Difference: $0.34
If BPT meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $1.26, suggesting downside of -7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 1.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of -37.4%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 1.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 45.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BPT as Lighten (4) -
First half underlying net profit was below expectations because of higher depreciation. Ord Minnett notes the company's immediate priority is to divest a 30% stake in the Otway gas project by mid FY19 to de-risk the portfolio.
The broker considers the stock expensive and maintains a Lighten rating. Target rises to $1.05 from $1.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $1.05 Current Price is $1.36 Difference: minus $0.31 (current price is over target).
If BPT meets the Ord Minnett target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of -37.4%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 45.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BPT as Neutral (3) -
First half underlying net profit beat estimates. The highlight for UBS was a more aggressive cost reduction target of $50m by the end of FY19. Lower costs and a deferred development of Otway signalled the company will pay down debt faster than previously expected.
UBS maintains a Neutral rating as additional cost savings are factored into the share price. Target is raised $1.35 from $1.25.
Target price is $1.35 Current Price is $1.36 Difference: minus $0.01 (current price is over target).
If BPT meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.26, suggesting downside of -7.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of -37.4%. Current consensus DPS estimate is 2.7, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 2.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of 45.4%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.01
Citi rates BSL as Buy (1) -
Citi issues early views on the outcome of the US DoC 232 recommendations on steel imported to the US. The broker believes that Bluescope would strongly benefit from the rising domestic steel prices.
It perceives the biggest issue as quota restrictions at 63% of 2017 imports.
Buy rating retained. Target price steady.
Target price is $15.46 Current Price is $16.01 Difference: minus $0.55 (current price is over target).
If BSL meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.04, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.90 cents and EPS of 98.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.1, implying annual growth of -5.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.40 cents and EPS of 108.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 133.2, implying annual growth of 12.8%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BSL as Upgrade to Outperform from Neutral (1) -
Low risk is expected around the first half result, due out February 26, given guidance was upgraded in December to around $460m in EBIT. Credit Suisse upgrades US Northstar earnings on the adoption of higher US steel spreads.
The broker upgrades to Outperform from Neutral on the favourable outlook and valuation. Target rises to $15.90 from $14.95.
Target price is $15.90 Current Price is $16.01 Difference: minus $0.11 (current price is over target).
If BSL 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 $16.04, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.00 cents and EPS of 126.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.1, implying annual growth of -5.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 13.00 cents and EPS of 147.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 133.2, implying annual growth of 12.8%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BSL as Re-instate Coverage with Buy (1) -
UBS re-instates coverage with a Buy rating and $18 target. The broker considers the stock is in a sweet spot, with its core business benefiting from synchronous global growth. The 2018 share price weakness offers a compelling entry point in the broker's opinion.
China's declining steel exports and talk of US steel tariffs are also underpinning the company. The broker forecasts the ASEAN contribution to operating earnings will lift to 25% by 2020.
Target price is $18.00 Current Price is $16.01 Difference: $1.99
If BSL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $16.04, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 118.1, implying annual growth of -5.7%. Current consensus DPS estimate is 12.5, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 14.00 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 133.2, implying annual growth of 12.8%. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.62
Citi rates BXB as Neutral (3) -
Brambles first half failed to impress the broker. Despite reporting foreign exchange revenue growth of 5% and reaching mid-single-digit revenue-growth targets, profit rose just 1% on a constant foreign-exchange basis, due to costs and investment.
Citi notes CHEP Americas posted an earnings decline of -9% despite the FX windfall to revenue and shoots the problem back to poor operating leverage and expects margin pressure to continue out to FY20.
On the upside, the broker believes capital expenditure may have peaked.
Citi retains a Neutral rating and $9.60 target price, believing upside from earnings growth is limited until the operating leverage issue is sorted.
Target price is $9.60 Current Price is $9.62 Difference: minus $0.02 (current price is over target).
If BXB meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.05 cents and EPS of 63.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 31.73 cents and EPS of 56.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BXB as Neutral (3) -
CHEP Americas earnings margins were much worse than expected in the first half. Credit Suisse reduces FY18 estimates slightly overall.
CHEP Americas estimates are lowered by -12.6% for FY18 and -6% for FY19, although this is mostly offset by a higher forecast for Asia-Pacific. Neutral maintained. Target rises to $9.40 from $9.30.
Target price is $9.40 Current Price is $9.62 Difference: minus $0.22 (current price is over target).
If BXB meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.56 cents and EPS of 51.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 37.56 cents and EPS of 54.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BXB as Neutral (3) -
Brambles' result was in line with the broker. Revenue growth met expectations and cash flow improved, but CHEP America disappointed.
The broker likes Brambles' longer term opportunities, but remains concerned about the ability to pass on increased CHEP costs, particularly in transport, although there may be some timing issues. Neutral retained, target falls to $9.92 from $10.01.
Target price is $9.92 Current Price is $9.62 Difference: $0.3
If BXB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 29.79 cents and EPS of 53.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 32.38 cents and EPS of 58.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BXB as Hold (3) -
First half results were in line with expectations. CHEP Asia-Pacific was well above estimates while the main negative was CHEP Americas, where cost pressures had a negative impact.
Morgans believes, at its core, Brambles is a strong business but considers the stock fully valued at current levels. Hold rating maintained. Target reduced to $9.44 from $9.53.
Target price is $9.44 Current Price is $9.62 Difference: minus $0.18 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 37.56 cents and EPS of 53.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 38.86 cents and EPS of 54.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BXB as Buy (1) -
First half net profit was below expectations. Ord Minnett continues to believe that the issues facing CHEP Americas are cyclical in nature and a more rational approach to US pricing could swing consensus around to this view.
The broker maintains a Buy rating and lowers the target to $12.25 from $12.65.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $12.25 Current Price is $9.62 Difference: $2.63
If BXB meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 28.49 cents and EPS of 62.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.20 cents and EPS of 51.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BXB as Buy (1) -
Outside of CHEP Americas earnings, the group performed well in the first half, UBS observes. The broker reduces estimates for FY19 and beyond by -3-5%, driven mainly by CHEP Americas.
A -2% decline in FY18 EBIT is expected before a return to growth from FY19. Buy rating and $11.40 target retained.
Target price is $11.40 Current Price is $9.62 Difference: $1.78
If BXB meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $10.34, suggesting upside of 7.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 37.56 cents and EPS of 64.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.8, implying annual growth of N/A. Current consensus DPS estimate is 32.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 37.56 cents and EPS of 68.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of -1.2%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.46
Deutsche Bank rates CDD as Upgrade to Buy from Hold (1) -
Cardno's first-half beat the broker again, thanks to strong cost control. EBITDA came in 6% ahead of forecast, although revenue fell across most operations and geographies by roughly -5% to -9%.
Cardno maintains FY18 guidance and an FY19 growth target of 10%-15%. Deutsche Bank expects bolt-on acquisitions should add incremental growth and lifts FY18 EBITDA by 6% for FY18 and 5% for FY19.
Rating upgraded to Buy from Hold and target price jumps to $1.80 from $1.40.
Target price is $1.80 Current Price is $1.46 Difference: $0.34
If CDD meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
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 4.00 cents. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.70
Citi rates CQR as Neutral (3) -
Charter Hall Retail REIT's first-half earnings and full-year guidance edged ahead of consensus.
Citi sheets the result back to the timing and amount of CQR's asset sales but notes the Gordon Village Centre sale failed to proceed, which reduces the likelihood of buyback activity. On the upside, the recycling program is completed, but it places the onus onto organic growth in a challenging environment.
The broker notes a yield of 7.7% but only modest growth prospects.
Neutral rating retained. Target price eases to $3.87 from $4.00.
Target price is $3.87 Current Price is $3.70 Difference: $0.17
If CQR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 28.10 cents and EPS of 30.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of -51.2%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 28.20 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 1.7%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CQR as Neutral (3) -
First half results were in line with estimates. The company has slightly upgraded its guidance range despite intending to dispose of $230m in assets over the year.
Credit Suisse notes the timing of disposals aids FY18 earnings, but the higher quantum of sales and a slight reduction to comparable growth assumptions means its estimates are lowered by -1.1% on average for FY18-20.
Neutral rating maintained. Target drops to $4.03 from $4.13.
Target price is $4.03 Current Price is $3.70 Difference: $0.33
If CQR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of -51.2%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 29.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 1.7%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CQR as Underperform (5) -
Charter Hall Retail's operating earnings met the broker's forecast. The FY guidance range was tightened to a slightly higher midpoint. Given some 50% of earnings is underpinned by covenants to the major supermarket duo, the REIT is a relatively defensive proposition, the broker notes.
Yet despite an improving balance sheet, there is limited scope to pursue the buyback. A low growth profile to FY20, the risk of further dilutive asset sales and ongoing competition in the supermarket space keeps the broker on Underperform.
Target falls to $4.05 from $4.07.
Target price is $4.05 Current Price is $3.70 Difference: $0.35
If CQR meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.00 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of -51.2%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.30 cents and EPS of 29.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 1.7%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CQR as Hold (3) -
First half earnings were in line with forecasts. The re-positioning of the portfolio is now complete, Ord Minnett observes. The divestment of Gordon Centre has been pulled after the trust did not receive any compelling alternative use offers.
The broker maintains a Hold rating and trims the target of $4.00 from $4.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.00 Current Price is $3.70 Difference: $0.3
If CQR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 28.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of -51.2%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 29.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 1.7%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CQR as Neutral (3) -
First half results were in line with estimates and UBS has greater confidence that the worst has passed. However, there are few near-term catalysts.
The broker suspects asset sales may be supplemented by acquisitions or buyback. Neutral rating and $4.15 target maintained.
Target price is $4.15 Current Price is $3.70 Difference: $0.45
If CQR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.02, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 28.20 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of -51.2%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 7.5%. Current consensus EPS estimate suggests the PER is 12.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 28.60 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of 1.7%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 7.7%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.05
Citi rates DHG as Sell (5) -
Sell rating retained as Citi analysts worry that the gap in depth penetration has increased in the core markets of Sydney and Melbourne. They see risk that cost growth will need to accelerate from FY19 as Domain competes harder to catch up with REA Group ((REA)).
See also Citi's initial response in Broker Call Report yesterday. Farther out, estimates have been cut. Target price drops to $2.80 from $3.20.
The reported financials were slightly ahead of Citi's expectation.
Target price is $2.80 Current Price is $3.05 Difference: minus $0.25 (current price is over target).
If DHG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.30, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 8.00 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 6.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates DHG as Upgrade to Outperform from Neutral (1) -
First half results were in line with expectations. Credit Suisse believes uncertainty about management in the near term - the CEO has departed - has created an opportunity to buy into the longer-term growth story at an attractive price.
The rating is upgraded to Outperform from Neutral as a result. Target reduced to $3.50 from $3.55.
Target price is $3.50 Current Price is $3.05 Difference: $0.45
If DHG meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.00 cents and EPS of 8.61 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 6.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 8.70 cents and EPS of 10.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DHG as Upgrade to Outperform from Neutral (1) -
It was a strong debut result for Domain, Macquarie declares, with revenue momentum holding up through the period. Price rises, the adoption of depth products and moderating cost growth all contributed.
The broker sees Domain as well-positioned in the longer term given opportunities in both the developed markets of Syd/Melb and Canberra, and the "emerging markets" of everywhere else, specifically Qld and the commercial space, as well as adjacent businesses.
Upgrade to Outperform. Target unchanged at $3.50.
Target price is $3.50 Current Price is $3.05 Difference: $0.45
If DHG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.10 cents and EPS of 11.40 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 6.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.30 cents and EPS of 13.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DHG as Reduce (5) -
First half profit was below expectations, but Morgans suggests not as low as to make full year forecasts unattainable. Slipping print revenue and higher investment reduced the uplift that could have come from the core digital business, the broker observes.
As the shares trade in excess of valuation Morgans maintains a Reduce rating. While the stock has several years of growth ahead it appears over-priced. Target is $2.66.
Target price is $2.66 Current Price is $3.05 Difference: minus $0.39 (current price is over target).
If DHG 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 $3.30, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 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 6.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DHG as Buy (1) -
First half results were in line with estimates. UBS believes the results offer a welcome respite for investors who were fearful of a downgrade post the recent resignation of the CEO.
Early updates on second half trading signal digital revenue is tracking around 21% above the prior corresponding period. This implies no stepping down in growth. UBS raises FY18 estimates by 6%. Buy rating and $3.20 target maintained.
Target price is $3.20 Current Price is $3.05 Difference: $0.15
If DHG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.30, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.00 cents and EPS of 8.00 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 6.0, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 33.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 7.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 28.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 26.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FLT FLIGHT CENTRE LIMITED
Travel, Leisure & Tourism
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Overnight Price: $48.32
Macquarie rates FLT as Underperform (5) -
The broker has assessed the impact of Flight Centre rival Helloworld's ((HLO)) result release. Strong volume growth suggests market share gains for Helloworld and a strengthened competitor.
The broker sees risks to airfare pricing and cost-outs for Flight Centre skewed to the downside and a risk of a PE multiple de-rating. Underperform and $42.20 target retained.
Target price is $42.20 Current Price is $48.32 Difference: minus $6.12 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $46.13, suggesting downside of -4.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 146.00 cents and EPS of 257.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.8, implying annual growth of 11.5%. Current consensus DPS estimate is 153.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 153.00 cents and EPS of 277.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 280.5, implying annual growth of 10.1%. Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.23
Credit Suisse rates GDI as Outperform (1) -
First half results were below estimates, largely because FM fees will be recognised in the second half.
The company has signed an MOU with Lend Lease ((LLC)) to explore the potential for a mixed use development at the Mill Green Complex. Credit Suisse does not ascribe any upside at this point given the early stage of the project and lack of information about the overall scheme.
Outperform rating and $1.31 maintained.
Target price is $1.31 Current Price is $1.23 Difference: $0.08
If GDI meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.00 cents and EPS of 10.00 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 8.00 cents and EPS of 11.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $8.26
Morgan Stanley rates GMG as Overweight (1) -
First half results beat Morgan Stanley's estimates. Execution of portfolio rotation and capital management has allowed the company to deliver growth while improving the quality.
The broker expects superior growth over the next 2-3 years given the dominant market position and conservative balance sheet.
Target is $8.55. Overweight rating. Industry view is Cautious.
Target price is $8.55 Current Price is $8.26 Difference: $0.29
If GMG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.57, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 27.60 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of 9.4%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 29.00 cents and EPS of 48.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.6, implying annual growth of 4.2%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.38
Citi rates GWA as Upgrade to Neutral from Sell (3) -
GWA Group's half-year result impressed the broker, who says it heralds a new era for the company.
The prolonging of its housing cycle and announcement to sell its Door and Access Systems contributed to an upgrade to Neutral. Citi expects the prolonging of the completions cycle should protect earnings from a softening in the housing cycle.
Broker upgrades earnings-per-share forecasts for FY18-FY20 to 9% from 4%.
Target price jumps 18% to $2.93, the broker citing upside risk. Citi says given the stock is trading at its long-term average price-earnings multiple of 14x, a re-rate is possible pending clarity on divestments.
Target price is $2.93 Current Price is $3.38 Difference: minus $0.45 (current price is over target).
If GWA meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.01, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.50 cents and EPS of 20.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 0.8%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 17.50 cents and EPS of 20.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -2.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GWA as Upgrade to Outperform from Underperform (1) -
First half results were ahead of estimates. Credit Suisse observes the early stages of the reinvestment in brand and product has allowed for growth despite the current stagnation of the housing cycle.
The broker suspects the company will be able to grow through a soft housing market. Rating is upgraded to Outperform from Underperform. Target is raised to $3.40 from $2.90.
Target price is $3.40 Current Price is $3.38 Difference: $0.02
If GWA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.01, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.50 cents and EPS of 21.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 0.8%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.00 cents and EPS of 21.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -2.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GWA as Hold (3) -
GWA's first half beat the broker and consensus, thanks to gains in market share for the Bathroom and Kitchen business and a stronger-than-expected result from Door and Access, which management says will be sold. Deutsche Bank views the sale as a positive.
The company reiterates second-half guidance, which was 4% ahead of consensus. Strong commercial markets offset a decline in housing and residential demand.
The broker expects long-term margin erosion and cites several wildcards. Hold rating retained. Target price: $3.16.
Target price is $3.16 Current Price is $3.38 Difference: minus $0.22 (current price is over target).
If GWA meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.01, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 0.8%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -2.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GWA as Neutral (3) -
GWA posted a solid result and the FY outlook is well ahead of the broker's forecast, driven by robust housing market conditions, operational improvements and late cycle exposure.
The broker recently upgraded to Neutral due to the strong market as well as GWA's ongoing focus on driving new products and improving customer relationships. But as the broker expects softer house/apartment approvals from FY19, Neutral is the best it can do.
Target rises to $2.86 from $2.77.
Target price is $2.86 Current Price is $3.38 Difference: minus $0.52 (current price is over target).
If GWA meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.01, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.50 cents and EPS of 20.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 0.8%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 17.00 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -2.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates GWA as Upgrade to Add from Hold (1) -
First half earnings were well ahead of expectations. The result was driven by market share gains, improved product mix and cost control. Morgans increases FY18 earnings estimates by 4%.
Despite some uncertainty surrounding the residential building market, the broker believes the valuation is attractive, given the lightly geared balance sheet and strong returns. Rating is upgraded to Add from Hold. Target rises to $3.30 from $3.07.
Target price is $3.30 Current Price is $3.38 Difference: minus $0.08 (current price is over target).
If GWA meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.01, suggesting downside of -11.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 0.8%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 18.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -2.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.70
Morgans rates HLO as Hold (3) -
First half results beat forecasts. Earnings growth was driven by strong cost control and the benefits of the prior years merger synergies, Morgans notes. FY18 earnings guidance of $63-67m has been reiterated.
The broker believes there will be more benefits to come from previous acquisitions as the business is being turned around. Hold rating maintained. Target rises to $5.00 from $4.60.
Target price is $5.00 Current Price is $4.70 Difference: $0.3
If HLO meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.04, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.8, implying annual growth of 42.6%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 20.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 18.7%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HLO as Buy (1) -
First half results reflected excellent cost performance and the realisation of synergy benefits, Ord Minnett observes. The company remains on track to deliver further margin improvement in the second half.
The broker maintains a Buy rating and $5.51 target.
Target price is $5.51 Current Price is $4.70 Difference: $0.81
If HLO meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $5.04, suggesting upside of 7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.70 cents and EPS of 28.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.8, implying annual growth of 42.6%. Current consensus DPS estimate is 11.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 18.40 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 18.7%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IDR as Neutral (3) -
Industria reported in line with the broker's forecast. FY guidance is also in line but vacancy and near-term expiry resolution at Brisbane Technology Park remains key for earnings, the broker warns, now that other assets are close to 100% occupancy.
This risk, and fair valuation, keeps the broker no Neutral, despite an attractive yield and a balance sheet offering M&A capacity. Target falls to $2.55 from $2.67.
Target price is $2.55 Current Price is $2.51 Difference: $0.04
If IDR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.70 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -73.0%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 17.10 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 2.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IDR as Hold (3) -
First half results were in line with expectations. FY18 guidance was reiterated, comprising earnings per security of 18.4-18.6c and distributions of 16.5c.
Morgans notes potential catalysts include corporate activity and positive news flow on leasing deals. Hold maintained. Target is $2.56.
Target price is $2.56 Current Price is $2.51 Difference: $0.05
If IDR meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.50 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -73.0%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 17.00 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 2.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IDR as Neutral (3) -
First half net profit was in line with estimates. UBS believes the company is well-positioned, having reiterated guidance for 2-3% growth, executed on initiatives and minimised lease expiries.
The broker believes the trading range of the stock is restricted after Growthpoint ((GOZ)) took an 18% stake. Neutral rating maintained. Target reduced to $2.57 from $2.64.
Target price is $2.57 Current Price is $2.51 Difference: $0.06
If IDR meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.56, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.50 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -73.0%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 17.20 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 2.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFN as Neutral (3) -
Infigen's result was in line with previously released production and revenue numbers. The company has refinanced a debt facility ahead of expiry, as had been suggested.
Refinancing is a positive, the broker notes, but near term headwinds include declining commodity prices, as renewables rapidly enter the energy market, a lack of clear government policy and little sign of delivery on Infigen's new business strategy.
Neutral retained. Target falls to 67c from 69c.
Target price is $0.67 Current Price is $0.64 Difference: $0.03
If IFN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $0.64, suggesting downside of -0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.9, implying annual growth of -52.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 1.80 cents and EPS of 4.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of 131.6%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IFN as Reduce (5) -
First half earnings growth was in line with forecasts. Production and revenue data was pre-released to the market.
While the refinancing of the global facility will increase flexibility, Morgans notes it does not reduce the overall interest rate.
Reduce rating maintained. Target falls to $0.51 from $0.59.
Target price is $0.51 Current Price is $0.64 Difference: minus $0.13 (current price is over target).
If IFN meets the Morgans target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.64, suggesting downside of -0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.9, implying annual growth of -52.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 6.60 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of 131.6%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IFN as Hold (3) -
First half net profit was ahead of expectations. Ord Minnett notes the global finance facility will soon be fully refinanced, a positive, however, realised bundle prices are expected to reduce in the June half.
Management continues to target direct sales to commercial and industrial customers as a way of reducing exposure to spot or power purchase agreement prices.
Ord Minnett maintains a Hold rating and raises the target to $0.73 from $0.72.
Target price is $0.73 Current Price is $0.64 Difference: $0.09
If IFN meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $0.64, suggesting downside of -0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.9, implying annual growth of -52.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.4, implying annual growth of 131.6%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IVC INVOCARE LIMITED
Consumer Products & Services
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Overnight Price: $14.02
Citi rates IVC as Sell (5) -
InvoCare failed to impress the broker, the announcement of its 2020 Plan triggering a downgrade in earnings per share of 2% to 4% across FY18-FY20.
Citi says the plan will create disruption and hamper earnings growth, and expects higher depreciation and interest expense. It is cautious about the outcome of the capital expenditure program given rising competition and continued loss of market share.
Target prices eases to $13.50 from $14.50. Sell rating retained.
Target price is $13.50 Current Price is $14.02 Difference: minus $0.52 (current price is over target).
If IVC 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 $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.10 cents and EPS of 56.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 47.00 cents and EPS of 58.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IVC as Sell (5) -
InvoCare's full-year result fell just shy of the broker, posting earnings growth of 7% on sales growth of 1.3%.
Deutsche Bank says the figures point to strong cost management amid growing pressure on market share and case averages and cites concern over pricing projects.
While supporting the company's long-term strategy, the broker says in the near term, it is likely to be disruptive, risky and dilute returns.
Sell rating and $12 target price retained.
Target price is $12.00 Current Price is $14.02 Difference: minus $2.02 (current price is over target).
If IVC meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 47.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 49.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IVC as Downgrade to Neutral from Outperform (3) -
InvoCare posted a solid result ahead of Macquarie's forecast. FY guidance nevertheless surprised to the downside, suggesting flat earnings growth due to capital spending on the company's protect & grow strategy.
Protect & grow is in its early stages and is intended ultimately to increase market share in the face of increasing competition, while growing return on invested capital. InvoCare is confident in a return to double-digit earnings growth but the broker highlights forecast in the early stages.
Downgrade to Neutral from Outperfom and target falls to $14.34 from $15.31.
Target price is $14.34 Current Price is $14.02 Difference: $0.32
If IVC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 49.10 cents and EPS of 57.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 51.80 cents and EPS of 60.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IVC as Overweight (1) -
2017 earnings were in line with expectations amid the significant disruption in Singapore and softer price growth. Market share trends were better than Morgan Stanley expected. The broker's view of the scope for attractive returns has not changed.
However, the broker believes the reinvestment profile, combined with the near-term share losses as a result of the disruption, limits scope for re-rating.
Target is cut to $15.70 from $18.00. Overweight rating retained. In-Line industry view.
Target price is $15.70 Current Price is $14.02 Difference: $1.68
If IVC meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 49.50 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 54.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IVC as Lighten (4) -
2017 earnings were slightly below estimates. Ord Minnett observes some slowing operating trends in the second half were partly offset by slowing market share losses.
The company is still targeting 3-4% annual case average growth but this will be largely driven by additional products and services rather than adjustments to professional fees.
Ord Minnett maintains a Lighten rating and reduces the target to $13.25 from $13.75.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $13.25 Current Price is $14.02 Difference: minus $0.77 (current price is over target).
If IVC meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 49.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 51.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IVC as Sell (5) -
2017 results were weaker than UBS expected. The broker suggests the company has to pedal harder to achieve the same growth profile compared with a few years ago.
Combined with subdued outlook for 2018 and likely movements in interest rates, this puts pressure on the multiple. UBS maintains a Sell rating and reduces the target to $13.65 from $16.10.
Target price is $13.65 Current Price is $14.02 Difference: minus $0.37 (current price is over target).
If IVC 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 $13.88, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of N/A. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 23.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 50.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 6.0%. Current consensus DPS estimate is 51.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.16
Deutsche Bank rates MPL as Upgrade to Buy from Hold (1) -
Medibank Private's results impressed the broker. Deutsche Bank noted a $34m claims provision release boosted the result, but it demonstrates positive momentum on claims management.
The broker notes strong margin momentum resulting from cost control and lower hospital utilisation.
Deutsche Bank upgrades to Buy from Hold, on the basis of stabilising customer numbers and growth potential in Medibank Health.
Target rises to $3.35 from $3.20.
Target price is $3.35 Current Price is $3.16 Difference: $0.19
If MPL meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.04, suggesting downside of -3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 11.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of N/A. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 13.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of -1.8%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.24
Credit Suisse rates NHC as Upgrade to Neutral from Underperform (3) -
The January quarter was soft post the scheduled shut down at the New Acland plant over Christmas. Coal sales rose to 2.3mt.
Credit Suisse adjusts numbers to reflect its new thermal coal price forecasts, which are up 17% for 2018 and 24% for 2019.
Rating is upgraded to Neutral from Underperform. Target is raised to $2.25 from $1.85.
Target price is $2.25 Current Price is $2.24 Difference: $0.01
If NHC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.49, suggesting upside of 11.0% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.00 cents and EPS of 29.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of 79.3%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 7.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 10.00 cents and EPS of 26.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.5, implying annual growth of -5.9%. Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.79
Citi rates NHF as Upgrade to Neutral from Sell (3) -
Management has upgraded guidance but Citi maintains the risk is to the upside. Their own forecast remains well above increased guidance for this year.
Estimates have been increased by 6-8%. Target price lifts by 50c to $6.50. Rating upgraded to Neutral from Sell as Citi believes the growth profile looks strong, but so is the valuation.
The financial result itself was a "beat", but the analysts point towards one-offs, while admitting underlying trends remain "strong".
Target price is $6.50 Current Price is $6.79 Difference: minus $0.29 (current price is over target).
If NHF 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 $6.28, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 20.00 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of 5.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 22.50 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 8.0%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NHF as Underperform (5) -
First half results were above estimates. FY18 guidance has been raised to underlying operating profit of $165m, versus $155m previously.
Credit Suisse acknowledges the environment for health insurers is favourable and inflated earnings can continue but remains cautious about the prevailing view that management may have provided conservative guidance.
Underperform maintained. Target raised to $5.65 from $5.50.
Target price is $5.65 Current Price is $6.79 Difference: minus $1.14 (current price is over target).
If NHF meets the Credit Suisse target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.28, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of 5.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 8.0%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NHF as Neutral (3) -
NIB's result beat the broker and consensus on increased investment income and reserve releases. FY profit guidance is upgraded by 6.5%.
The company continues to deliver ahead of expectations and the broker expects an increasing proportion of the Aust healthcare sector will be funded by the private sector in the medium term. While nib is set to benefit margin pressures remain in the near term.
Neutral and $6.90 target retained.
Target price is $6.90 Current Price is $6.79 Difference: $0.11
If NHF meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.28, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.50 cents and EPS of 29.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of 5.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 23.10 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 8.0%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NHF as Underweight (5) -
The company's upgrade to FY18 estimates was in line with expectations. Morgan Stanley notes a multi-channel strategy is delivering policyholder gains of 1.1%. Improvement in lapse rates is also seemingly driven by reduced reliance on brokers.
A strong New Zealand result was aided by favourable price adjustments and softer claims. However, second half margins are considered soft because of elevated management expenses, claims seasonality and GU Health dilution.
The valuation is stretched and Morgan Stanley maintains an Underweight rating. Target is raised to $5.95 from $5.70. In-Line industry view.
Target price is $5.95 Current Price is $6.79 Difference: minus $0.84 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.28, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 19.00 cents and EPS of 27.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of 5.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 20.55 cents and EPS of 29.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 8.0%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NHF as Hold (3) -
First half results beat forecasts. The company upgraded underlying profit estimates for the full year to "at least" $165m.
Ord Minnett suggests, while there remains modest upside risk to nib's numbers there is greater downside risk for the sector as a whole in the current political environment.
Hold maintained. Target rises to $6.60 from $6.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.60 Current Price is $6.79 Difference: minus $0.19 (current price is over target).
If NHF meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.28, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.7, implying annual growth of 5.5%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 21.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 8.0%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.61
Citi rates OML as Buy (1) -
oOh!media's full-year result met the broker but Citi deemed midpoint guidance of 7% growth conservative.
Citi points to continued outdoor advertising growth, digitisation driven margin expansion, improved contract risk profile and scope for small purchases as potential growth drivers.
Earnings-per-share estimates jump 8%-10% across the FY18-FY20 period, mainly because of non-cash tax accounting changes.
Target price edges up to $5.15 from $5.10. Buy retained.
Target price is $5.15 Current Price is $4.61 Difference: $0.54
If OML meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.30 cents and EPS of 24.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 18.80 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of 8.5%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OML as Downgrade to Neutral from Outperform (3) -
2017 gross profit was ahead of expectations. Credit Suisse believes the risk/reward profile warrants a more circumspect view. Most of the business is performing well but there are areas that require caution.
The company continues to press on with an elevated capital expenditure program despite industry growth declining to mid-low single digits, the broker notes. Rating is downgraded to Neutral from Outperform. Target is raised to $4.95 from $4.75.
Target price is $4.95 Current Price is $4.61 Difference: $0.34
If OML meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.31 cents and EPS of 29.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.36 cents and EPS of 30.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of 8.5%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OML as Buy (1) -
oOh Media delivered a first-half result slightly ahead of the broker, thanks to lower-than-expected interest expense. Retail posted 10% revenue growth in a flat market, supported by production and installation result.
FY18 guidance remains in line with the broker and capital expenditure appears controlled. Buy rating retained and target steady at $5.30.
Target price is $5.30 Current Price is $4.61 Difference: $0.69
If OML meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 17.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of 8.5%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OML as Outperform (1) -
OML's result met guidance and consensus. It was a solid result, the broker suggests, against a backdrop of moderation in industry growth. Management expects further strong growth in 2018.
The company is well-placed to take advantage of favourable industry trends, the broker believes, while also investing in digital and data strategies to drive the next leg of growth. Outperform retained, target rises to $5.10 from $4.90.
Target price is $5.10 Current Price is $4.61 Difference: $0.49
If OML meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 15.40 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 15.90 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of 8.5%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OML as Accumulate (2) -
2017 earnings were slightly ahead of expectations. Ord Minnett observes the share price reaction to the result and outlook was positive given expectations were relatively low.
With near-term contracts and lease expiries within expectations the broker is confident of the company's ability to achieve guidance in 2018.
Accumulate maintained. Target rises to $4.90 from $4.65.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.90 Current Price is $4.61 Difference: $0.29
If OML meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 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 29.3, implying annual growth of 8.5%. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
OTW OVER THE WIRE HOLDINGS LIMITED
Cloud services
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Overnight Price: $2.99
Morgans rates OTW as Add (1) -
First half results were ahead of forecasts. Morgans notes that through a combination of double-digit organic growth and acquisitions the company sustained 61% growth in EBITDA.
Momentum appears impressive and the broker expects another strong result in the second half. Add rating maintained. Target rises to $3.36 from $3.33.
Target price is $3.36 Current Price is $2.99 Difference: $0.37
If OTW meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 2.50 cents and EPS of 16.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 3.00 cents and EPS of 20.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SCG as Outperform (1) -
The company has now commenced the $740m redevelopment of Newmarket, Auckland. The project is larger than Credit Suisse expected which results in a -0.5-0.6% reduction to FY18 and FY19 FFO estimates.
Outperform and $5.30 target retained.
Target price is $5.30 Current Price is $3.82 Difference: $1.48
If SCG meets the Credit Suisse target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $4.54, suggesting upside of 18.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 22.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.1, implying annual growth of 12.0%. Current consensus DPS estimate is 21.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 22.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of -3.4%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.40
Credit Suisse rates SEK as Underperform (5) -
First half results were slightly below forecasts. The FY18 guidance range for net profit has been narrowed to $225-230m. Credit Suisse reduces FY18 net profit estimates by -1.9%.
While Seek is a high-quality company the broker continues to struggle with the share price at current levels. Target is raised to $16.50 from $15.80. Underperform maintained.
Target price is $16.50 Current Price is $19.40 Difference: minus $2.9 (current price is over target).
If SEK meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 45.00 cents and EPS of 57.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 48.00 cents and EPS of 64.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SEK as Hold (3) -
SEEK's first half beat the broker as higher depreciation and amortisation and net interest filtered into net profit after tax.
Management upgrades earnings guidance and net profit after tax forecasts, triggering a minor increase in Deutsche Bank's FY18 forecasts (which also factor in the higher depreciation and amortisation).
The broker expresses concern over a sharp rise in capital expenditure but on the upside cites strong jobs growth and improving conditions in Australia and New Zealand.
Target price rises to $18.10 from $17.90. Hold rating retained.
Target price is $18.10 Current Price is $19.40 Difference: minus $1.3 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 44.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 50.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SEK as Downgrade to Neutral from Outperform (3) -
It was another solid result from Seek, Macquarie notes, highlighting strengthening fundamentals. Heavy reinvestment to drive longer term growth remains a key theme but underscores management's confidence.
Early stage ventures are showing revenue improvement but visibility remains limited, although Macquarie remains supportive of Seek's strategy and the longer term outlook.
However recent share price strength has stretched valuation, hence a downgrade to Neutral from Outperform. Target rises to $20.35 from $18.70.
Target price is $20.35 Current Price is $19.40 Difference: $0.95
If SEK meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 42.80 cents and EPS of 61.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 50.40 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SEK as Hold (3) -
First half results were ahead of estimates and the company has upgraded guidance for FY18. Morgans observes strong growth in Australian employment revenue underpinned the result.
The company continues to invest aggressively in new products and technology. The broker retains a positive view on the stock given the exposure to global hiring and the increasing migration of employment advertising online.
Hold rating maintained. Target rises to $21.07 from $17.39.
Target price is $21.07 Current Price is $19.40 Difference: $1.67
If SEK meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 45.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 47.00 cents and EPS of 82.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SEK as Accumulate (2) -
First half net profit was ahead of expectations, helped by strong employment trends in Australia and continued expansion in China. The company continues to reinvest aggressively but Ord Minnett believes management is making the right decisions on capital allocation.
Accumulate maintained. Target rises to $23 from $21.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $23.00 Current Price is $19.40 Difference: $3.6
If SEK meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 46.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 51.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SEK as Sell (5) -
First half results were in line with UBS. The company has upgraded FY18 EBITDA guidance to growth of 14-15% versus 13% previously. The broker considers the stock expensive, particularly given a partly offshore/EMM earnings base.
UBS looks for a more attractive entry point, despite a positive view on the underlying business. Sell rating maintained. Target is $16.
Target price is $16.00 Current Price is $19.40 Difference: minus $3.4 (current price is over target).
If SEK meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $18.88, suggesting downside of -2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.3, implying annual growth of -38.4%. Current consensus DPS estimate is 43.8, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 50.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.2, implying annual growth of 14.8%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 28.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $16.51
UBS rates SGM as Re-instate Coverage with Sell (5) -
UBS believes the stock is yet to price in the potential disruption from Chinese policy on non-ferrous scrap flows, on which 20-30% of the company's revenues depend.
The broker believes the share price rally over the past six months has reflected the improved outlook for the ferrous business but the significance of a hit to non-ferrous should not be overlooked. UBS reinstates coverage with a Sell rating and $13.70 target.
Target price is $13.70 Current Price is $16.51 Difference: minus $2.81 (current price is over target).
If SGM meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.24, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 49.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of -5.0%. Current consensus DPS estimate is 51.6, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 51.00 cents and EPS of 102.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.3, implying annual growth of 14.8%. Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.03
Morgans rates SOM as Hold (3) -
First half results disappointed Morgans, although the -$6.5m loss was well flagged. FY18 guidance is reiterated. A loss of -$3.5-4.0m is expected.
Morgans continues to view the longer term prospects favourably and considers the RSS business the key to a strong performance over this time frame.
The broker remains cautious until more data is available on the economics of the clinics and the initial group matures. Hold maintained. Target reduced to $3.20 from $3.58.
Target price is $3.20 Current Price is $3.03 Difference: $0.17
If SOM meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 10.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 8.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $6.74
Credit Suisse rates SYD as Upgrade to Neutral from Underperform (3) -
Ahead of the results on February 21 Credit Suisse expects dividend guidance of 37.5c per share. The broker expects a positive outlook on growth and a focus on improvements to operations.
Rating is upgraded to Neutral from Underperform because of the recent weakness in the shares. Target is reduced to $6.75 from $6.80.
Target price is $6.75 Current Price is $6.74 Difference: $0.01
If SYD meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.44, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 34.50 cents and EPS of 15.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 10.9%. Current consensus DPS estimate is 34.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 42.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.50 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 14.5%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 37.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.73
Credit Suisse rates TAH as Upgrade to Outperform from Neutral (1) -
Credit Suisse considers overall earnings growth of 14.2% for FY18 and 28.1% for FY19 to be attractive at the current share price. This growth largely reflects the merger with Tatts.
The broker upgrades to Outperform from Neutral. Target is $5.20.
Target price is $5.20 Current Price is $4.73 Difference: $0.47
If TAH meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.33, suggesting upside of 12.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 17.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of N/A. Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 29.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 22.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.6, implying annual growth of 32.5%. Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
VRL VILLAGE ROADSHOW LIMITED
Travel, Leisure & Tourism
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Overnight Price: $3.54
Citi rates VRL as Upgrade to Buy from Neutral (1) -
A worried Citi has remained on the sideline for a long while, but now the analysts believe the time is right for an upgrade to Buy from Neutral. Improved theme park momentum seems to be the trigger point.
The analysts concede, after five disappointing results releases from the company, investors might need some extra convincing before starting to embrace Village Roadshow as a viable investment again.
Price target has lifted to $3.90 from $3.45 with higher forecasts further out supported by the company's cost out ambition.
Target price is $3.90 Current Price is $3.54 Difference: $0.36
If VRL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.54, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 6.50 cents and EPS of 9.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of N/A. Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 15.50 cents and EPS of 21.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of -29.1%. Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 19.7. |
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 Upgrade to Neutral from Underperform (3) -
Macquarie sees an improving outlook for Village Roadshow post result release. Improvement at Gold Coast theme parks suggests upside risk to earnings and capital structure is more sustainable.
After a weak first half, management sees better content driving improvement in cinema in the second half but the broker notes structural headwinds in the form of video on demand and streaming services.
Risk/reward potential is nevertheless better reflected in the current price, hence Macquarie upgrades to Neutral from Underperform. Target rises to $3.50 from $3.30.
Target price is $3.50 Current Price is $3.54 Difference: minus $0.04 (current price is over target).
If VRL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.54, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.4, implying annual growth of N/A. Current consensus DPS estimate is 1.6, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.40 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of -29.1%. Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 19.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.36
Deutsche Bank rates WHC as Hold (3) -
Whitehaven Coal's first half fell shy of the broker due to higher purchased coal costs. Outside of that, the result was in line, save a lower-than-expected fall in net debt.
Deutsche Bank notes strong cost control. Management announced it will settle on a formal capital management strategy at the FY18 results. Gearing is a respectable 10% to 15%.
Earnings estimates rise 5% for FY19 and 7% for FY20 after lifting depreciation and amortisation assumptions.
Hold rating and $4.10 target price retained.
Target price is $4.10 Current Price is $4.36 Difference: minus $0.26 (current price is over target).
If WHC 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 $4.51, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 24.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.1, implying annual growth of 24.0%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 24.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of -13.3%. Current consensus DPS estimate is 21.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ALU | ALTIUM | Neutral - Credit Suisse | Overnight Price $17.65 |
| Hold - Deutsche Bank | Overnight Price $17.65 | ||
| Neutral - UBS | Overnight Price $17.65 | ||
| BLA | BLUE SKY ALT INV | Hold - Morgans | Overnight Price $13.93 |
| Downgrade to Hold from Buy - Ord Minnett | Overnight Price $13.93 | ||
| BPT | BEACH ENERGY | Sell - Citi | Overnight Price $1.36 |
| Underperform - Macquarie | Overnight Price $1.36 | ||
| Overweight - Morgan Stanley | Overnight Price $1.36 | ||
| Lighten - Ord Minnett | Overnight Price $1.36 | ||
| Neutral - UBS | Overnight Price $1.36 | ||
| BSL | BLUESCOPE STEEL | Buy - Citi | Overnight Price $16.01 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $16.01 | ||
| Re-instate Coverage with Buy - UBS | Overnight Price $16.01 | ||
| BXB | BRAMBLES | Neutral - Citi | Overnight Price $9.62 |
| Neutral - Credit Suisse | Overnight Price $9.62 | ||
| Neutral - Macquarie | Overnight Price $9.62 | ||
| Hold - Morgans | Overnight Price $9.62 | ||
| Buy - Ord Minnett | Overnight Price $9.62 | ||
| Buy - UBS | Overnight Price $9.62 | ||
| CDD | CARDNO | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $1.46 |
| CQR | CHARTER HALL RETAIL | Neutral - Citi | Overnight Price $3.70 |
| Neutral - Credit Suisse | Overnight Price $3.70 | ||
| Underperform - Macquarie | Overnight Price $3.70 | ||
| Hold - Ord Minnett | Overnight Price $3.70 | ||
| Neutral - UBS | Overnight Price $3.70 | ||
| DHG | DOMAIN HOLDINGS | Sell - Citi | Overnight Price $3.05 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $3.05 | ||
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $3.05 | ||
| Reduce - Morgans | Overnight Price $3.05 | ||
| Buy - UBS | Overnight Price $3.05 | ||
| FLT | FLIGHT CENTRE | Underperform - Macquarie | Overnight Price $48.32 |
| GDI | GDI PROPERTY | Outperform - Credit Suisse | Overnight Price $1.23 |
| GMG | GOODMAN GRP | Overweight - Morgan Stanley | Overnight Price $8.26 |
| GWA | GWA GROUP | Upgrade to Neutral from Sell - Citi | Overnight Price $3.38 |
| Upgrade to Outperform from Underperform - Credit Suisse | Overnight Price $3.38 | ||
| Hold - Deutsche Bank | Overnight Price $3.38 | ||
| Neutral - Macquarie | Overnight Price $3.38 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $3.38 | ||
| HLO | HELLOWORLD | Hold - Morgans | Overnight Price $4.70 |
| Buy - Ord Minnett | Overnight Price $4.70 | ||
| IDR | INDUSTRIA REIT | Neutral - Macquarie | Overnight Price $2.51 |
| Hold - Morgans | Overnight Price $2.51 | ||
| Neutral - UBS | Overnight Price $2.51 | ||
| IFN | INFIGEN ENERGY | Neutral - Macquarie | Overnight Price $0.64 |
| Reduce - Morgans | Overnight Price $0.64 | ||
| Hold - Ord Minnett | Overnight Price $0.64 | ||
| IVC | INVOCARE | Sell - Citi | Overnight Price $14.02 |
| Sell - Deutsche Bank | Overnight Price $14.02 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $14.02 | ||
| Overweight - Morgan Stanley | Overnight Price $14.02 | ||
| Lighten - Ord Minnett | Overnight Price $14.02 | ||
| Sell - UBS | Overnight Price $14.02 | ||
| MPL | MEDIBANK PRIVATE | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $3.16 |
| NHC | NEW HOPE CORP | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $2.24 |
| NHF | NIB HOLDINGS | Upgrade to Neutral from Sell - Citi | Overnight Price $6.79 |
| Underperform - Credit Suisse | Overnight Price $6.79 | ||
| Neutral - Macquarie | Overnight Price $6.79 | ||
| Underweight - Morgan Stanley | Overnight Price $6.79 | ||
| Hold - Ord Minnett | Overnight Price $6.79 | ||
| OML | OOH!MEDIA | Buy - Citi | Overnight Price $4.61 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $4.61 | ||
| Buy - Deutsche Bank | Overnight Price $4.61 | ||
| Outperform - Macquarie | Overnight Price $4.61 | ||
| Accumulate - Ord Minnett | Overnight Price $4.61 | ||
| OTW | OVER THE WIRE HOLDINGS Ltd | Add - Morgans | Overnight Price $2.99 |
| SCG | SCENTRE GROUP | Outperform - Credit Suisse | Overnight Price $3.82 |
| SEK | SEEK | Underperform - Credit Suisse | Overnight Price $19.40 |
| Hold - Deutsche Bank | Overnight Price $19.40 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $19.40 | ||
| Hold - Morgans | Overnight Price $19.40 | ||
| Accumulate - Ord Minnett | Overnight Price $19.40 | ||
| Sell - UBS | Overnight Price $19.40 | ||
| SGM | SIMS METAL MANAGEMENT | Re-instate Coverage with Sell - UBS | Overnight Price $16.51 |
| SOM | SOMNOMED | Hold - Morgans | Overnight Price $3.03 |
| SYD | SYDNEY AIRPORT | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $6.74 |
| TAH | TABCORP HOLDINGS | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $4.73 |
| VRL | VILLAGE ROADSHOW | Upgrade to Buy from Neutral - Citi | Overnight Price $3.54 |
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $3.54 | ||
| WHC | WHITEHAVEN COAL | Hold - Deutsche Bank | Overnight Price $4.36 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 24 |
| 2. Accumulate | 2 |
| 3. Hold | 36 |
| 4. Reduce | 2 |
| 5. Sell | 15 |
Tuesday 20 February 2018
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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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