Australian Broker Call
October 21, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:34 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| MGC - | MURRAY GOULBURN | Downgrade to Neutral from Outperform | Macquarie |
| Downgrade to Hold from Add | Morgans | ||
| TTS - | TATTS GROUP | Upgrade to Outperform from Underperform | Credit Suisse |
| Upgrade to Buy from Hold | Deutsche Bank |
Citi rates AMC as Buy (1) -
First quarter trading update provided few surprises for Citi. The main element is that guidance for the flexibles division, which is around 70% of EBIT, is unchanged with particularly strong growth expected this year.
Citi observes acquisition spending has stepped up materially and the company expects to make additional investments in FY17. The multiple growth options should drive a medium-term outperformance.
Citi retains a Buy rating and would look to accumulate further with any weakness in the run up to the half-year results. Target slips to $17.60 from $17.95 on updated spot FX.
Target price is $17.60 Current Price is $14.89 Difference: $2.71
If AMC meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $16.30, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 56.84 cents and EPS of 84.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.8, implying annual growth of N/A. Current consensus DPS estimate is 57.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 58.20 cents and EPS of 92.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.3, implying annual growth of 13.7%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates AMC as Buy (1) -
Deutsche Bank views the AGM commentary given as more of the same. Nothing to be surprised about. Hence no changes have been made, outside of some amendments to estimates. Buy. Target $17.35.
Target price is $17.35 Current Price is $14.89 Difference: $2.46
If AMC meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $16.30, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 60.90 cents and EPS of 85.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.8, implying annual growth of N/A. Current consensus DPS estimate is 57.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 69.02 cents and EPS of 96.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.3, implying annual growth of 13.7%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AMC as Outperform (1) -
Amcor reiterated expectations of FY17 earnings growth at its AGM and noted the Sep Q run-rate is on track. The integration of Alusa and the restructuring of Flexibles means earnings will be skewed to the second half, as the broker had anticipated.
The balance sheet remains well positioned for further acquisitions. Target falls to $16.86 from $17.00 but the broker continues to like the solidity and defensiveness of the business and M&A potential. Outperform retained.
Target price is $16.86 Current Price is $14.89 Difference: $1.97
If AMC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $16.30, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 58.06 cents and EPS of 81.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.8, implying annual growth of N/A. Current consensus DPS estimate is 57.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 65.64 cents and EPS of 92.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.3, implying annual growth of 13.7%. Current consensus DPS estimate is 65.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates APA as Neutral (3) -
Citi suspects the inquiry into regulated gas pipelines and east coast gas markets will report to the COAG Energy Council at the December meeting which could clear up the regulatory risk for APA.
Still, given the multiple reviews being undertaken this is by no means certain. The broker believes APA is well positioned, given the many historical investigations have suggested no changes.
Neutral rating retained. Target is $8.40.
Target price is $8.40 Current Price is $8.11 Difference: $0.29
If APA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.33, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 43.50 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 37.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 36.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 45.50 cents and EPS of 20.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of 10.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 33.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates API as Neutral (3) -
FY16 results were slightly below Credit Suisse forecasts. Priceline Pharmacy recorded comparable store sales growth of 2.8%. Credit Suisse makes minor adjustments to assumptions.
The broker considers the longer-term outlook for Pharmaceutical Benefits Scheme distribution as being challenged. While there is an industry review underway it is unclear what the government's intentions are and how it might affect wholesalers and pharmacists.
Neutral rating and $2.00 target retained.
Target price is $2.00 Current Price is $1.92 Difference: $0.08
If API meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 6.70 cents and EPS of 11.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.1, implying annual growth of N/A. Current consensus DPS estimate is 6.9, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.10 cents and EPS of 11.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 7.2%. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BXB as Buy (1) -
First quarter constant currency revenue growth from continuing operations grew 7%, slightly below Citi's expectations. A weaker-than-expected trend in Pallets Americas is explained by customers deferring new business opportunities.
FY17 sales revenue and EBIT growth guidance has been reiterated at 7-9% and 9-11% respectively. The broker notes, while the start to the year has been soft, there is strong growth in Latin America and CHEP pallets in North America which is encouraging for margins.
Target price is $15.20. Buy rating retained.
Target price is $15.20 Current Price is $12.05 Difference: $3.15
If BXB meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $13.40, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 40.60 cents and EPS of 57.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 41.95 cents and EPS of 64.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 13.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BXB as Buy (1) -
The company's Q1 trading update revealed 5% revenue growth in actual FX terms and 7% in constant FX terms. Deutsche Bank analysts have made minor changes to their modeling, but find the numbers largely in-line with expectations.
The risk is that two external candidates for the CEO and CFO roles can translate into a change in strategy, suggest the analysts. Buy rating retained, as well as the $14.40 price target.
Target price is $14.40 Current Price is $12.05 Difference: $2.35
If BXB meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $13.40, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 29.77 cents and EPS of 58.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.46 cents and EPS of 67.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 13.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BXB as Hold (3) -
First quarter sales grew 7%, slightly below Morgans forecasts. EBIT growth guidance is maintained at 9-11% for FY17.
Management has highlighted the solid growth in pallets on the back of continued traction with new and existing customers.
Hold rating is retained. Target is lowered to $12.44 from $12.66.
Target price is $12.44 Current Price is $12.05 Difference: $0.39
If BXB meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $13.40, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 32.48 cents and EPS of 59.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 36.54 cents and EPS of 64.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 13.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BXB as Neutral (3) -
The main surprise for UBS in the first quarter update was the 4% growth in Pallets Americas, which reflects a slowing of the 8% growth reported in FY16 and the June half.
UBS estimates the recycled business, 20% of the segment, declined by 5% in the quarter. Management has suggested the modest growth reported in North America could improve in the second half, as there were some deferrals of new business opportunities.
Neutral rating and $13.60 target retained.
Target price is $13.60 Current Price is $12.05 Difference: $1.55
If BXB meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $13.40, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 44.66 cents and EPS of 81.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 50.62 cents and EPS of 91.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 13.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSL as Underweight (5) -
A requisite for FY17 revenue guidance is for the full participation of Seqirus in a normal flu season. Morgan Stanley notes first reports for the northern hemisphere flu season suggest activity is low overall, with only Guam reporting widespread flu.
Morgan Stanley makes small reductions to FY17 forecast EBITDA operating losses, to US$182m from US$211m. Higher operating earnings at the group level are considered to be offset somewhat by the realignment of forecast tax rates.
Underweight rating and In-Line industry view retained. Target is raised to $101.00 from $98.29.
Target price is $101.00 Current Price is $105.63 Difference: minus $4.63 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $109.00, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 191.50 cents and EPS of 366.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 363.8, implying annual growth of N/A. Current consensus DPS estimate is 170.2, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 28.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 238.06 cents and EPS of 449.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 445.0, implying annual growth of 22.3%. Current consensus DPS estimate is 201.3, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 23.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWN as Buy (1) -
The trading update was marginally disappointing for Deutsche Bank as main gaming floor and non-gaming revenue was below estimates. No additional information was provided on the detention of 18 employees from Crown by Chinese authorities.
The board has endorsed the implementation of a potential IPO of a 49% interest in a hotel REIT but the broker suspects the de-merger may be delayed by offshore regulators.
Deutsche Bank retains a Buy rating and $13.75 target.
Target price is $13.75 Current Price is $10.75 Difference: $3
If CWN meets the Deutsche Bank target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $13.81, suggesting upside of 26.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 51.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.0, implying annual growth of -50.1%. Current consensus DPS estimate is 50.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 55.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 2.9%. Current consensus DPS estimate is 59.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates EVN as Add (1) -
September quarter production was in line with expectations after June's record production. Morgans notes Edna May costs were deemed unacceptable by the company and an in-depth review of the project has commenced.
Evolution Mining remains the broker's key pick in the gold space and Morgans is happy to buy on weakness. Target drops to $2.45 from $2.71. Add rating retained.
Target price is $2.45 Current Price is $2.37 Difference: $0.08
If EVN meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.63, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 4.50 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.50 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 10.2%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FBU as Buy (1) -
The investor briefing articulated the changes and improvements being made and Citi notes new management is delivering sustained improvements across many previously troubled portfolios.
The broker remains confident in the business, noting residential development is very robust, and retains a forecast for FY17 EBIT to hit NZ$763m, above guidance of NZ$720-760m. Buy recommendation and NZ$11.40 target retained.
Current Price is $9.50. Target price not assessed.
Current consensus price target is $12.05, suggesting upside of 28.5% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 63.5, implying annual growth of N/A. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Current consensus EPS estimate is 66.8, implying annual growth of 5.2%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
This company reports in NZD. 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 FBU as Neutral (3) -
Credit Suisse has more confidence in earnings forecasts after the investor briefing and, barring a significant correction in the Australian residential building cycle, expects in excess of NZ$800m in EBIT in FY18.
The company expects to deliver earnings growth from ongoing strength in the NZ building and construction sector. Neutral rating and NZ$10.10 target retained.
Current Price is $9.50. Target price not assessed.
Current consensus price target is $12.05, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 40.07 cents and EPS of 61.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of N/A. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 42.47 cents and EPS of 65.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 5.2%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FBU as Buy (1) -
Management presentations in Auckland provided no change to FY17 EBIT guidance of NZ$720-760m and Deutsche Bank remains confident guidance will be exceeded.
Management expects NZ construction activity will be stronger for longer, driven by both residential and infrastructure. Buy retained. Target is NZ$11.41.
Current Price is $9.50. Target price not assessed.
Current consensus price target is $12.05, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 42.86 cents and EPS of 66.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of N/A. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 46.59 cents and EPS of 70.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 5.2%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FBU as Overweight (1) -
The investor briefing was upbeat and, while NZ activity levels are robust, pricing remains positive only at the margin in Morgan Stanley's view.
Upside relative to forecasts on international business are considered to be somewhat offset by disappointment on Tradelink. IPlex Australia is improving but remains structurally challenged, the broker notes.
Morgan Stanley retains an Overweight rating and In-Line industry view. Target is $12.05.
Target price is $12.05 Current Price is $9.50 Difference: $2.55
If FBU meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $12.05, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 38.30 cents and EPS of 65.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of N/A. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 40.35 cents and EPS of 69.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 5.2%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
This company reports in NZD. 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 FBU as Neutral (3) -
In its investor briefing management remains cautiously optimistic on pricing growth in New Zealand. UBS observes much of the work behind efficiency initiatives will have a positive impact on FY17.
The stock is trading broadly in line with the broker's target and a Neutral rating is retained. Target is NZ$10.15.
Current Price is $9.50. Target price not assessed.
Current consensus price target is $12.05, suggesting upside of 28.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 39.14 cents and EPS of 62.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.5, implying annual growth of N/A. Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 39.14 cents and EPS of 66.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 5.2%. Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 14.0. |
This company reports in NZD. 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 FMG as Neutral (3) -
September quarter production was solid and Credit Suisse notes costs were low and helped by a low strip ratio. FY17 guidance is retained for shipments of 165-170mt.
Neutral retained. Target is raised to $5.00 from $4.65.
Target price is $5.00 Current Price is $5.05 Difference: minus $0.05 (current price is over target).
If FMG 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 $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 23.63 cents and EPS of 58.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.08 cents and EPS of 12.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FMG as Hold (3) -
September quarter production was solid in Deutsche Bank's view. The shipment rate of 174mtpa exceeds full year guidance as the company sought to maximise volume ahead of the wet season.
Deutsche Bank expects Fortescue will make the most of the current market opportunity as the global majors stumble on new supply.
The broker retains a Hold rating and $4.30 target.
Target price is $4.30 Current Price is $5.05 Difference: minus $0.75 (current price is over target).
If FMG meets the Deutsche Bank target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.95 cents and EPS of 58.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.95 cents and EPS of 37.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FMG as Outperform (1) -
Fortescue's Sep Q production result was mixed, with iron ore shipments above the broker's expectation but costs higher and realised prices lower. This represents a widening discount for lower grade product but the broker expects a reversion before long. Full-year guidance has been maintained.
Debt continues to fall faster than the broker's forecast and spot prices remain a lot higher than the broker's base case assumptions. Outperform and $5.70 target retained.
Target price is $5.70 Current Price is $5.05 Difference: $0.65
If FMG meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.00 cents and EPS of 42.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.00 cents and EPS of 25.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FMG as Underweight (5) -
Costs in the September quarter were slightly ahead of guidance. The company expects gross gearing to fall below 40% during FY17 with net gearing at 33% in the first quarter. This suggests to Morgan Stanley the company is envisaging more re-payments.
Underweight rating and Attractive industry view retained. Target is $4.50.
Target price is $4.50 Current Price is $5.05 Difference: minus $0.55 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 10.87 cents and EPS of 51.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 9.51 cents and EPS of 39.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FMG as Accumulate (2) -
Ord Minnett analysts continue to be impressed by the operational, and financial, achievements at Fortescue. They do suspect cost guidance might now be under pressure, but nothing to get overly concerned about.
They remain positive on the stock as it continues to enjoy further upgrades as analysts are catching up to stronger than expected commodity prices. Target unchanged at $5.70. Accumulate.
Target price is $5.70 Current Price is $5.05 Difference: $0.65
If FMG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 20.30 cents and EPS of 63.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 21.65 cents and EPS of 55.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FMG as Neutral (3) -
September quarter shipments were up 1% and imply an annualised shipping rate of 173.8mtpa, ahead of full year guidance of 165-170mt.
The company continues to prioritise cost reductions including re-optimising mine plans. Neutral and $5.25 target retained.
Target price is $5.25 Current Price is $5.05 Difference: $0.2
If FMG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.85, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 29.77 cents and EPS of 56.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.95 cents and EPS of 27.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -47.0%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 18.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HGG as Outperform (1) -
Following stronger markets, depreciation in the British pound and a better fund flow environment Credit Suisse upgrades earnings estimates by 3% in 2016 and 8% in 2017.
The broker also adopts a more aggressive growth profile in expenses from 2017 to reflect the re-emergence of investment that was likely delayed.
As the Australian dollar has appreciated the impact on valuation is minimal and the $4.50 target is retained. Outperform.
Target price is $4.50 Current Price is $4.03 Difference: $0.47
If HGG meets the Credit Suisse target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.25, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 19.93 cents and EPS of 28.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of N/A. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 22.21 cents and EPS of 36.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of 8.4%. Current consensus DPS estimate is 16.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.6. |
This company reports in GBP. 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 LLC as Outperform (1) -
Lend Lease managed to provide conflicting margin details at its Barangaroo presentation yesterday and while management went some way to providing some clarity, the broker highlights the opaqueness of the company's earnings numbers.
Apartment settlements are going well, which is good news in the current market, but the broker notes "settlement" does not actually imply the payment of cash. Management spent some time talking about the next decade, rather than just the next year, and Lend Lease looks well placed.
While having outperformed the REIT sector recently, Lend Lease's PE multiple is not demanding as far as the broker is concerned. Outperform and $16.32 target retained.
Target price is $16.32 Current Price is $13.58 Difference: $2.74
If LLC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $16.26, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 63.90 cents and EPS of 128.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.4, implying annual growth of 2.5%. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 67.10 cents and EPS of 135.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.9, implying annual growth of 8.1%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates LLC as Overweight (1) -
Morgan Stanley remains cautious about housing amid limited disclosure on offshore returns from the company's US projects and awaits further evidence of execution before incorporating upside.
Broad-based momentum is expected to drive 8.3% growth in earning per share from 2017-19.
Overweight rating and $15.70 target retained. Industry view is Attractive.
Target price is $15.70 Current Price is $13.58 Difference: $2.12
If LLC meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $16.26, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 65.50 cents and EPS of 129.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.4, implying annual growth of 2.5%. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 70.90 cents and EPS of 141.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.9, implying annual growth of 8.1%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates LLC as Accumulate (2) -
Ord Minnett reports Lend Lease has used its Investor Day to emphasise long term positives, including more visibility and higher margins in FY18. In the analysts' words, management put repeated emphasis on its world class projects, a long term approach and allocation of capital from the top down to reaffirm its global strategy.
On the flipside, there are early signs of settlement risk in Melbourne. Rolling forward the valuation model triggers an increase in price target to $17.30 from $16.60. Accumulate rating retained.
Target price is $17.30 Current Price is $13.58 Difference: $3.72
If LLC meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $16.26, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 63.00 cents and EPS of 128.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.4, implying annual growth of 2.5%. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 68.00 cents and EPS of 138.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.9, implying annual growth of 8.1%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LLC as Buy (1) -
The investor briefing signalled management is upbeat and comfortable with the medium-term development pipeline. Management confirmed apartment margins are above 15%.
Offshore buyers are taking longer than UBS expected to settle but the large tower at 888 Collins St is still expected to settle well.
Buy rating and $15.80 target retained.
Target price is $15.80 Current Price is $13.58 Difference: $2.22
If LLC meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $16.26, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 65.10 cents and EPS of 130.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.4, implying annual growth of 2.5%. Current consensus DPS estimate is 65.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 69.70 cents and EPS of 139.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 139.9, implying annual growth of 8.1%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGC as Downgrade to Neutral from Outperform (3) -
The weather has swung from dry to wet, meaning milk collection volumes are expected to be down in FY17. There's not much MG Unit Trust can do about the weather but it does create problems around market share if other processors target MG's suppliers to make up shortfalls, Macquarie notes.
Lower volumes also mean the benefit of a rebound in milk prices is lost. Macquarie has cut forecast earnings and dropped its target to $1.25 from $1.55. Downgrade to Neutral.
Target price is $1.25 Current Price is $1.15 Difference: $0.1
If MGC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 6.30 cents and EPS of 6.30 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 8.90 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
Morgans rates MGC as Downgrade to Hold from Add (3) -
Following adverse weather conditions in Victoria over the past month, the milk intake will be materially lower than expected. Market share has also deteriorated further.
The company has downgraded FY17 farmgate milk prices and will also defer the recovery of the milk supply support package in FY17.
Morgans revises FY17 estimates down accordingly and, while the uncertainties around the current season exist, downgrades to Hold from Add. Target is reduced to $1.25 from $1.45.
Target price is $1.25 Current Price is $1.15 Difference: $0.1
If MGC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 6.00 cents and EPS of 6.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.00 cents and EPS of 9.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NAB as Underweight (5) -
Morgan Stanley believes investor sentiment has improved and envisages a risk of disappointment on revenue growth in the second half.
The broker considers the stock fully valued, given return on equity is around 13% and cash earnings per share is trending lower.
The broker retains an Underweight rating and an In-Line sector view. Target is $24.10.
Target price is $24.10 Current Price is $27.75 Difference: minus $3.65 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $28.19, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 198.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.7, implying annual growth of -5.9%. Current consensus DPS estimate is 193.4, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 170.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.7, implying annual growth of N/A. Current consensus DPS estimate is 179.6, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QAN as Outperform (1) -
Strong September traffic numbers reported by Sydney Airport provide a positive read-through to Qantas. The stock remains an attractive proposition on a trough PE, the broker notes, and the resumption of dividends provides for earnings confidence.
Outperform and $4.40 target retained.
Target price is $4.40 Current Price is $3.26 Difference: $1.14
If QAN meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $4.48, suggesting upside of 38.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 53.60 cents and EPS of 67.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 27.3%. Current consensus DPS estimate is 28.3, implying a prospective dividend yield of 8.7%. Current consensus EPS estimate suggests the PER is 5.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 31.30 cents and EPS of 62.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of -4.0%. Current consensus DPS estimate is 26.6, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 5.4. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RHC as Equal-weight (3) -
The federal government has announced the initial reduction in the cost of prosthesis rebates. Morgan Stanley envisages some risk for the over-earning private hospitals but poor disclosure makes quantification difficult.
The broker believes a sustainable pricing mechanism to bring list items in line with real world pricing is the end game of the government's reforms but the specifics are still being developed.
The broker's modelling suggests a headwind of 1.0-1.5% for Ramsay's earnings per share. Equal-weight rating. Target is $79.40. Industry view is In-Line.
Target price is $79.40 Current Price is $79.47 Difference: minus $0.07 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $79.45, suggesting upside of 5.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 130.90 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.4, implying annual growth of 18.7%. Current consensus DPS estimate is 134.8, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 284.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 291.6, implying annual growth of 12.8%. Current consensus DPS estimate is 153.5, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 25.8. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RIO as Neutral (3) -
September quarter production was generally in line. Rio Tinto has revised down 2016 shipments guidance for the Pilbara to 325-330mt. Credit Suisse already had estimated 328mt so remains in line with guidance. Credit Suisse retains a Neutral rating and $50 target.
Target price is $50.00 Current Price is $50.96 Difference: minus $0.96 (current price is over target).
If RIO 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 $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 148.87 cents and EPS of 343.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 185.41 cents and EPS of 315.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates RIO as Buy (1) -
Pilbara shipments were 5% below Deutsche Bank's forecasts and 2016 guidance has been lowered to 325-330mt, while copper volumes also disappointed and guidance reduced to 535-565,000t. Elsewhere, volumes beat the broker's estimates.
The broker's Buy rating and $56.50 target are retained.
Target price is $56.50 Current Price is $50.96 Difference: $5.54
If RIO meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 155.64 cents and EPS of 307.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 174.58 cents and EPS of 292.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
Rio's Sep Q production result was mixed, with iron ore meeting the broker's expectations, bauxite and coal beating and copper missing. The Escondida issue had already been highlighted in BHP Billiton's ((BHP)) numbers.
Coal strength makes up for a cut to 2016 iron ore shipment guidance, which the broker had anticipated. The broker retains Outperform, noting commodities continue to trade at much higher spot prices than base case forecasts. Target rises to $63 from $62.
Target price is $63.00 Current Price is $50.96 Difference: $12.04
If RIO meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 148.87 cents and EPS of 280.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 121.80 cents and EPS of 242.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RIO as Overweight (1) -
The company has modestly reduced 2016 production guidance for iron ore shipments and mined copper, already reflected in Morgan Stanley's estimates. The broker expects guidance to be achieved.
The broker notes the company continues to pursue productivity gains and there is month-to-month upside for spot commodity prices. Overweight rating, $59.50 target and Attractive sector view retained.
Target price is $59.50 Current Price is $50.96 Difference: $8.54
If RIO meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 162.40 cents and EPS of 274.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 162.40 cents and EPS of 339.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RIO as Hold (3) -
September quarter production results were softer than expected with the company's Pilbara operations affected by port and rail maintenance during the period.
Iron ore guidance for FY16 is reduced to 325-330mt and mined copper to 535-565,000t. Most of the revisions have been captured in the broker's estimates. Hold retained. Target rises to $52.32 from $52.30.
Target price is $52.32 Current Price is $50.96 Difference: $1.36
If RIO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 150.22 cents and EPS of 232.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 173.23 cents and EPS of 346.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RIO as Accumulate (2) -
Rio Tinto's production update disappointed in iron ore and copper, but surprised in coal, TiO2 and bauxite. Alas, the first two make up the conglomerate's most important divisions. Ord Minnett is thus disappointed.
The analysts remain confident the company will continue enjoying a market-wide upgrade cycle as analysts catch up to higher-than-projected commodity prices. Add a strong balance sheet and an unchanged outlook for increased production, and there should be no questions as to why Ord Minnett retains its Accumulate rating. Target $55.
Target price is $55.00 Current Price is $50.96 Difference: $4.04
If RIO meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 148.87 cents and EPS of 292.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 196.24 cents and EPS of 299.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RIO as Buy (1) -
Shipped tonnage of 80.9mt from the Pilbara was 2% lower in the September quarter and reflected ship loader and rail maintenance. Global iron ore sales totalled 85.7mt.
Rio Tinto's share of mined copper was 19% below UBS estimates reflecting a decline in output from Escondida and ongoing de-weighting of the east wall at Bingham Canyon. Mined copper guidance has been lowered by 4% for 2016. Bauxite guidance has been raised to 47mt for 2016.
Buy rating and $61 target unchanged.
Target price is $61.00 Current Price is $50.96 Difference: $10.04
If RIO meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $55.54, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 148.87 cents and EPS of 308.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 283.4, implying annual growth of N/A. Current consensus DPS estimate is 146.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 205.71 cents and EPS of 338.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 296.2, implying annual growth of 4.5%. Current consensus DPS estimate is 167.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 17.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RWH as Outperform (1) -
First quarter results were in line with expectations. Credit Suisse maintains the view that Royal Wolf is at, or near, a low point in earnings and continues to expect further improvement in the balance sheet.
The broker continues to forecast debt reductions across FY17. Outperform retained. Target is $1.40.
Target price is $1.40 Current Price is $1.29 Difference: $0.115
If RWH meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.53, suggesting upside of 18.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 6.50 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 43.0%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.41 cents and EPS of 12.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.5, implying annual growth of 10.6%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RWH as Outperform (1) -
Royal Wolf's AGM revealed a return to leasing revenue growth in the Sep Q as the shift away from energy sector contracts continues. This highlights the versatility of the company's assets and customer service centre network, the broker suggests.
The continued disposal of idle mining camp assets will accelerate deleveraging and drive further profit growth, the broker notes. Outperform and $1.40 target retained.
Target price is $1.40 Current Price is $1.29 Difference: $0.115
If RWH meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.53, suggesting upside of 18.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.30 cents and EPS of 10.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 43.0%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.10 cents and EPS of 12.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.5, implying annual growth of 10.6%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 10.3. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates S32 as Neutral (3) -
First quarter production was in line with expectations except for coal. The company has stated it is on track to meet FY17 cost guidance for most of its operations.
The company has entered into an agreement with Alcoa to access the ground directly to the west of its Marradong bauxite area, which means it may be able to defer development of the next mining area at Worsley.
Neutral retained. Target is $2.50.
Target price is $2.50 Current Price is $2.58 Difference: minus $0.08 (current price is over target).
If S32 meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 6.17 cents and EPS of 15.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.80 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates S32 as Hold (3) -
Copper equivalent production was 5% below Deutsche Bank's estimates in the September quarter, negatively impacted by the challenges at Illawarra Coal, lower production at Wessels and grade declines at Cannington and Cerro Matoso.
FY17 guidance has been reduced for coking coal, reflecting lost production in the quarter. Despite the headwinds Deutsche Bank notes cash generation was strong.
The broker retains a Hold rating and $2.10 target.
Target price is $2.10 Current Price is $2.58 Difference: minus $0.48 (current price is over target).
If S32 meets the Deutsche Bank target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 8.12 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.06 cents and EPS of 6.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Outperform (1) -
South32's Sep Q production report was mixed. Lower met coal sales were offset by higher manganese shipments while other commodities were roughly in line with forecasts. Cash generation was better than expected.
Commodity prices continue to trade well above the broker's base case forecasts. If they persist, the broker would expect a buyback or special dividend.Outperform retained. Target rises to $2.90 from $2.70.
Target price is $2.90 Current Price is $2.58 Difference: $0.32
If S32 meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 3.25 cents and EPS of 16.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.23 cents and EPS of 15.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates S32 as Hold (3) -
September quarter operations were mixed. The majority of divisions posted results within 2-3% of Morgans' estimates. The exception was coking coal, which missed materially.
The broker was disappointed with Illawarra Coal results but notes it is back at full production and the company has still added to its net cash position faster than expected.
Hold retained. Target is raised to $2.64 from $2.52.
Target price is $2.64 Current Price is $2.58 Difference: $0.06
If S32 meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 5.14 cents and EPS of 12.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 7.44 cents and EPS of 18.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates S32 as Hold (3) -
Ord Minnett analysts saw a weaker-than-expected production performance in the September quarter, in particular the Illawara operations failed to live up to expectations. However, strong pricing for coal and manganese is outweighing any negatives for the time being, say the analysts.
Strong prices might imply no acquisitions are forthcoming. Ord Minnett is thus anticipating capital management might now be on the agenda; special dividend or buyback? Target lifts to $2.80. Hold rating retained.
Target price is $2.80 Current Price is $2.58 Difference: $0.22
If S32 meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.83 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 6.77 cents and EPS of 9.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates S32 as Neutral (3) -
FY17 has started off slightly softer than UBS expected although cash generation was strong in the September quarter. Group alumina production was flat.
South32 has entered into an agreement with AWAC to access ground near Worsley, which may allow it to defer the capex needed for new mine areas.
Illawarra coal production was 22% below UBS forecasts and manganese ore output was broadly in line. Production at Cannington was lower in the quarter because of lower silver and zinc grades. Neutral rating and $2.50 target retained.
Target price is $2.50 Current Price is $2.58 Difference: minus $0.08 (current price is over target).
If S32 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 $2.42, suggesting downside of -7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 9.47 cents and EPS of 24.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of N/A. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 6.77 cents and EPS of 17.59 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.5, implying annual growth of -19.6%. Current consensus DPS estimate is 5.6, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 22.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SLK as Initiation of coverage with Hold (3) -
The company is one of a few mid cap stocks, in Morgans' view, that offers investors a reasonably clean exposure to both inbound and domestic tourism through its near monopoly of routes, ex Sydney Harbour.
The broker believes Sealink is also in a better position than its competitors to win tenders for new routes. The tourism macro remains strong, with inbound tourist numbers expected to grow strongly driven by demand from Asia.
Morgans initiates coverage with a Hold rating and $4.65 target and would be happy to use price weakness as an entry point to the stock.
Target price is $4.65 Current Price is $4.29 Difference: $0.36
If SLK meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 14.00 cents and EPS of 24.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.00 cents and EPS of 27.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SPO as Hold (3) -
The AGM provided no specific guidance for FY17 but Deutsche Bank observes a more cautious tone from management.
The broker revises forecasts to reflect the impact of contract losses, some margin pressure and a greater skew to the second half.
Hold rating retained. Target drops to $1.07 from $1.14.
Target price is $1.07 Current Price is $1.05 Difference: $0.025
If SPO meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 36.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 7.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 0.9%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 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 11.9, implying annual growth of 6.3%. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SPO as Neutral (3) -
FY17 will be a "transitional" year, Spotless suggested at its AGM, featuring a full year of the impact of significant contract losses, margin pressures in some sectors and increased depreciation of prior investments. No specific guidance was provided.
The broker believes management is doing the right things but a big earnings skew towards the second half puts the pressure on. The broker retains Neutral, looking for improved cash flow at the first half result. Target falls to $1.19 from $1.23.
Target price is $1.19 Current Price is $1.05 Difference: $0.145
If SPO meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $1.35, suggesting upside of 36.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 8.50 cents and EPS of 12.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.2, implying annual growth of 0.9%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.30 cents and EPS of 12.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.9, implying annual growth of 6.3%. Current consensus DPS estimate is 8.8, implying a prospective dividend yield of 8.8%. Current consensus EPS estimate suggests the PER is 8.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYD as Outperform (1) -
September traffic revealed total passenger growth of 5.5% with both international and domestic showing solid growth. Sydney Airport's investor day highlighted the investments made across its terminals and noted the T1 retail upgrade is nearing completion.
This should result in a rebound in retail spend, the broker suggests. The broker expects ongoing passenger growth and solid growth opportunities down the track from new developments. Outperform and $7.45 target retained.
Target price is $7.45 Current Price is $6.71 Difference: $0.74
If SYD meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $7.40, suggesting upside of 11.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 31.00 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.2, implying annual growth of 19.3%. Current consensus DPS estimate is 30.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 43.6. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 33.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of 13.8%. Current consensus DPS estimate is 33.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 38.3. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TAH as Outperform (1) -
The broker believes Tabcorp has paid away nearly all the synergy value in its offer for Tatts ((TTS)). Tatts was at the least fully valued prior to the deal, the broker asserts.
While all the value in the deal accrues to Tatts shareholders the broker believes there is little downside to owning Tabcorp and likes the increased leverage in the transaction. Outperform and $5.60 target retained.
Target price is $5.60 Current Price is $5.06 Difference: $0.54
If TAH meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $4.86, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.00 cents and EPS of 22.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 16.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 24.00 cents and EPS of 24.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 12.7%. Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TAH as Hold (3) -
The proposed scheme of arrangement for Tatts ((TTS)) appears positive for Tabcorp. Deutsche Bank notes potential for increasing the scale of the wagering business and diversifying the gambling business.
The transaction is estimated to be accretive by 9% to earnings per share in the first full year post integration. The broker believes regulatory risks have reduced significantly since 2006, with corporate bookmakers now holding 27% market share.
Hold rating retained. Target is raised to $5.30 from $4.80.
Target price is $5.30 Current Price is $5.06 Difference: $0.24
If TAH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.86, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 25.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 16.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 30.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 12.7%. Current consensus DPS estimate is 27.5, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TEN as Neutral (3) -
FY16 results posted a small EBITDA profit but the cost outlook remains of concern to Credit Suisse. The better-than-expected result was driven by a material improvement in market share.
The broker believes the earnings outlook remains soft because of the weak TV ad market. Neutral rating and $1.00 target retained.
Target price is $1.00 Current Price is $1.15 Difference: minus $0.15 (current price is over target).
If TEN meets the Credit Suisse 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 upside of 13.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 5.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 277.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TEN as Hold (3) -
FY16 results were weaker than Deutsche Bank forecast, primarily because of higher selling costs and lower revenues. While the company has indicated it is aiming to minimise the increase in costs, guidance has resulted in substantial reductions to the broker's near-term forecasts.
The broker expects the company will again record negative EBITDA in FY17, while further reductions to licence fees will provide a limited offset. Deutsche Bank maintains a Hold rating and reduces the target to $1.00 from $1.20.
Target price is $1.00 Current Price is $1.15 Difference: minus $0.15 (current price is over target).
If TEN meets the Deutsche Bank 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 upside of 13.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 277.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TEN as Neutral (3) -
Ten posted 7.5% FY16 revenues growth despite a tough TV market thanks to improved ratings but this did not translate into improved cash conversion, the broker notes, which remained weak.
FY17 should prove challenging given investment in programming leading to increased costs while trying to cycle stronger FY16 ratings. Ten continues to push for a cut in TV licence fees, the broker notes.
Target falls to $1.00 from $1.35, Neutral retained.
Target price is $1.00 Current Price is $1.15 Difference: minus $0.15 (current price is over target).
If TEN 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 $1.26, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 6.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 8.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 277.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TEN as Overweight (1) -
The company's operating performance has stabilised and Morgan Stanley notes Ten Network was the only one of the three TV broadcasters to increase revenue and EBITDA in FY16.
The broker's main read across the networks is that TV advertising is still short on forward bookings. No overall guidance was provided for FY17 but the company does expect TV operating costs will increase by mid single digits.
The broker retains an Overweight rating. Attractive industry view retained. Target is $2.50.
Target price is $2.50 Current Price is $1.15 Difference: $1.35
If TEN meets the Morgan Stanley target it will return approximately 117% (excluding dividends, fees and charges).
Current consensus price target is $1.26, suggesting upside of 13.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 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 -3.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 277.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TRS as Overweight (1) -
A weak September quarter has meant management has re-set expectations. Morgan Stanley does not believe this discounts the turnaround opportunity and remains confident of sustainable growth from FY18.
The weak sales growth of 0.3% in the quarter was set against a strong prior corresponding quarter and the result of problems in some categories.
Morgan Stanley considers this a temporary setback and retains an Overweight rating. Target is reduced to $11.30 from $12.80. Industry view is In-Line.
Target price is $11.30 Current Price is $7.68 Difference: $3.62
If TRS meets the Morgan Stanley target it will return approximately 47% (excluding dividends, fees and charges).
Current consensus price target is $11.57, suggesting upside of 51.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 52.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.0, implying annual growth of 26.5%. Current consensus DPS estimate is 47.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 60.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.4, implying annual growth of 15.2%. Current consensus DPS estimate is 54.0, implying a prospective dividend yield of 7.0%. Current consensus EPS estimate suggests the PER is 8.9. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TTS as Upgrade to Outperform from Underperform (1) -
Credit Suisse believes the offer from Tabcorp ((TAH)) is excellent and non-acceptance by shareholders or a competing bid are highly unlikely.
Tatts is upgraded to Outperform from Underperform and the broker raises the target to $4.85 from $3.50.
The broker believes Tabcorp has paid away nearly all the synergy value and that Tatts was at the least fully valued prior to the deal.
Target price is $4.85 Current Price is $4.17 Difference: $0.68
If TTS meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 40.00 cents and EPS of 17.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 16.9%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.50 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of 0.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TTS as Upgrade to Buy from Hold (1) -
Deutsche Bank upgrades to Buy from Hold as the stock is trading at an 11% discount to its revised valuation, that is implied from the Tabcorp ((TAH)) valuation of $5.30 a share.
The broker believes the proposed scheme of arrangement is reasonable for Tatts, which would account for 59% of the combined entity. Price target is raised to $4.67 from $3.90.
Target price is $4.67 Current Price is $4.17 Difference: $0.5
If TTS meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 16.9%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of 0.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TTS as Add (1) -
Tabcorp ((TAH)) is offering Tatts shareholders 0.8 Tabcorp shares and 42.5c per share via a scheme of arrangement. Based on Tabcorp's last traded price Morgans calculates the implied value for Tatts is $4.47.
The combined group is expected to undertake a $500m share buy-back post implementation of the transaction. A number of hurdles exist and the key risks relate to competition issues. Morgans retains an Add rating and sets the new target in line with the offer at $4.47 (was $4.23).
Target price is $4.47 Current Price is $4.17 Difference: $0.3
If TTS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.7, implying annual growth of 16.9%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 22.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of 0.5%. Current consensus DPS estimate is 18.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WFD as Underperform (5) -
Westfield's investor day did not inspire any fresh confidence in the broker following a disappointing first half result. There were no changes to the development pipeline or yield. On top of UK apartments, Westfield disclosed US apartment opportunities for the first time.
These could represent a boost to valuation but the broker is not factoring in the numbers just yet. Meanwhile the question remains as to what the company will do with its regional portfolio given the intended focus on flagship assets. Westfield has underperformed the REIT index of late but the broker does not yet see sufficient value emerging.
Underperform retained. Target rises to $10.17 from $10.14.
Target price is $10.17 Current Price is $9.17 Difference: $1
If WFD meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $10.78, suggesting upside of 17.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 25.10 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -78.6%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.90 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of 8.1%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 25.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WPL as Buy (1) -
Record LNG production in the September quarter was based on high levels of reliability and no planned maintenance as well as cooler ambient temperatures. Citi expects production will moderate when accounting for seasonality.
The company has raised the bottom of its production guidance range for 2016 to 92-95mmboe. The broker considers Woodside the most defensive name in the oil & gas sector given its strong balance sheet.
It also provides free exposure to material growth opportunities such as in Senegal, Myanmar, Browse and Canada.
Buy rating retained. Target is raised to $33.26 from $33.22.
Target price is $33.26 Current Price is $29.57 Difference: $3.69
If WPL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 119.10 cents and EPS of 154.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 136.69 cents and EPS of 171.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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 WPL as Underperform (5) -
September quarter production was strong, with records at both North West Shelf and Pluto. Regardless of the exceptional operating performance, Credit Suisse continues to struggle to envisage that elusive growth.
The broker does not expect Browse will be developed in a timely fashion and remains lukewarm on Scarborough, believing it will be a long time before it comes to market.
Target rises to $25.80 from $25.50. Underperform retained.
Target price is $25.80 Current Price is $29.57 Difference: minus $3.77 (current price is over target).
If WPL meets the Credit Suisse target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 100.57 cents and EPS of 126.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 89.80 cents and EPS of 112.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WPL as Hold (3) -
September quarter production was ahead of Deutsche Bank's forecasts, driven by stronger LNG production as both North West Shelf and Pluto produced at record quarterly rates.
Woodside has re-affirmed that the Wheatstone LNG operator is expecting first LNG in mid 2017. The company also has a new domestic gas sales agreement with Synergy, the first contract to be executed under the new NWS equity lifting arrangements.
The broker retains the Hold rating and raises the target to $27.40 from $26.95.
Target price is $27.40 Current Price is $29.57 Difference: minus $2.17 (current price is over target).
If WPL 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 $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 105.56 cents and EPS of 133.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 133.98 cents and EPS of 170.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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 WPL as Neutral (3) -
Woodside reported record Sep Q production at North West Shelf and Pluto and subsequent record sales volumes, but not record prices, which were no more than the average LNG spot, the broker notes. The company has issued more debt.
This is to extend debt maturity as Woodside settles on its acquisitions of ConocoPhilips' interest in Senegal and BHP Billiton's interest in Scarborough. The broker suspects the company is gearing up for an acquisition.
Growth prospects remain the issue. Target rises to $31 from $30 and Neutral retained.
Target price is $31.00 Current Price is $29.57 Difference: $1.43
If WPL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 124.51 cents and EPS of 150.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 158.34 cents and EPS of 192.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WPL as Overweight (1) -
Woodside delivered a strong September quarter, with Pluto and North West Shelf producing at record rates. Morgan Stanley expects M&A will be the focus for Woodside over the next year.
The broker believes Woodside has flexibility with its balance sheet and low costs in order to pursue an M&A strategy at the bottom of the cycle.
LNG pricing was softer than previous quarters because of reconciliation payments during the first half which impacted on revenue. The broker's Overweight rating and In-Line sector view are retained. Target is $34.09.
Target price is $34.09 Current Price is $29.57 Difference: $4.52
If WPL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 102.86 cents and EPS of 131.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 83.91 cents and EPS of 104.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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 WPL as Hold (3) -
Production at North West Shelf and Pluto was better than expected in the September quarter. Woodside has narrowed its guidance to 92-95mmboe for 2016. Sales revenue was up 17% quarter on quarter on higher volumes and improved prices.
Morgans lifts the target to $27.86 from $26.33. Hold rating retained.
Target price is $27.86 Current Price is $29.57 Difference: minus $1.71 (current price is over target).
If WPL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 121.80 cents and EPS of 150.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 165.11 cents and EPS of 205.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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 WPL as Hold (3) -
Ord Minnett thought it was a mixed September quarter production update. Both Northwest Shelf and Pluto achieved record LNG production output, but these achievements were offset by weak prices, comment the analysts.
Ord Minnett retains a Hold rating and $30.00 target. A change in methodology has triggered reduced estimates.
Target price is $30.00 Current Price is $29.57 Difference: $0.43
If WPL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 93.38 cents and EPS of 115.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 135.34 cents and EPS of 170.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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 WPL as Buy (1) -
Woodside's September quarter production was up 13.5% on the June quarter, thanks to record output at Pluto and the North West Shelf.
UBS observes a tight focus on operational excellence and lower costs in the face of weak oil and LNG prices were evident in the quarter.
Buy retained. Target lifts to $31.90 from $30.00.
Target price is $31.90 Current Price is $29.57 Difference: $2.33
If WPL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $30.16, suggesting upside of 2.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 133.98 cents and EPS of 165.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 136.5, implying annual growth of N/A. Current consensus DPS estimate is 109.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 21.5. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 146.16 cents and EPS of 184.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 158.7, implying annual growth of 16.3%. Current consensus DPS estimate is 127.1, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 18.5. |
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
Summaries
| AMC - | AMCOR | Buy - Citi | Overnight Price $14.89 |
| Buy - Deutsche Bank | Overnight Price $14.89 | ||
| Outperform - Macquarie | Overnight Price $14.89 | ||
| APA - | APA | Neutral - Citi | Overnight Price $8.11 |
| API - | AUS PHARMACEUTICAL IND | Neutral - Credit Suisse | Overnight Price $1.92 |
| BXB - | BRAMBLES | Buy - Citi | Overnight Price $12.05 |
| Buy - Deutsche Bank | Overnight Price $12.05 | ||
| Hold - Morgans | Overnight Price $12.05 | ||
| Neutral - UBS | Overnight Price $12.05 | ||
| CSL - | CSL | Underweight - Morgan Stanley | Overnight Price $105.63 |
| CWN - | CROWN RESORTS | Buy - Deutsche Bank | Overnight Price $10.75 |
| EVN - | EVOLUTION MINING | Add - Morgans | Overnight Price $2.37 |
| FBU - | FLETCHER BUILDING | Buy - Citi | Overnight Price $9.50 |
| Neutral - Credit Suisse | Overnight Price $9.50 | ||
| Buy - Deutsche Bank | Overnight Price $9.50 | ||
| Overweight - Morgan Stanley | Overnight Price $9.50 | ||
| Neutral - UBS | Overnight Price $9.50 | ||
| FMG - | FORTESCUE | Neutral - Credit Suisse | Overnight Price $5.05 |
| Hold - Deutsche Bank | Overnight Price $5.05 | ||
| Outperform - Macquarie | Overnight Price $5.05 | ||
| Underweight - Morgan Stanley | Overnight Price $5.05 | ||
| Accumulate - Ord Minnett | Overnight Price $5.05 | ||
| Neutral - UBS | Overnight Price $5.05 | ||
| HGG - | HENDERSON GROUP | Outperform - Credit Suisse | Overnight Price $4.03 |
| LLC - | LEND LEASE CORP | Outperform - Macquarie | Overnight Price $13.58 |
| Overweight - Morgan Stanley | Overnight Price $13.58 | ||
| Accumulate - Ord Minnett | Overnight Price $13.58 | ||
| Buy - UBS | Overnight Price $13.58 | ||
| MGC - | MURRAY GOULBURN | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $1.15 |
| Downgrade to Hold from Add - Morgans | Overnight Price $1.15 | ||
| NAB - | NATIONAL AUSTRALIA BANK | Underweight - Morgan Stanley | Overnight Price $27.75 |
| QAN - | QANTAS AIRWAYS | Outperform - Macquarie | Overnight Price $3.26 |
| RHC - | RAMSAY HEALTH CARE | Equal-weight - Morgan Stanley | Overnight Price $79.47 |
| RIO - | RIO TINTO | Neutral - Credit Suisse | Overnight Price $50.96 |
| Buy - Deutsche Bank | Overnight Price $50.96 | ||
| Outperform - Macquarie | Overnight Price $50.96 | ||
| Overweight - Morgan Stanley | Overnight Price $50.96 | ||
| Hold - Morgans | Overnight Price $50.96 | ||
| Accumulate - Ord Minnett | Overnight Price $50.96 | ||
| Buy - UBS | Overnight Price $50.96 | ||
| RWH - | ROYAL WOLF | Outperform - Credit Suisse | Overnight Price $1.29 |
| Outperform - Macquarie | Overnight Price $1.29 | ||
| S32 - | SOUTH32 | Neutral - Credit Suisse | Overnight Price $2.58 |
| Hold - Deutsche Bank | Overnight Price $2.58 | ||
| Outperform - Macquarie | Overnight Price $2.58 | ||
| Hold - Morgans | Overnight Price $2.58 | ||
| Hold - Ord Minnett | Overnight Price $2.58 | ||
| Neutral - UBS | Overnight Price $2.58 | ||
| SLK - | SEALINK TRAVEL | Initiation of coverage with Hold - Morgans | Overnight Price $4.29 |
| SPO - | SPOTLESS | Hold - Deutsche Bank | Overnight Price $1.05 |
| Neutral - Macquarie | Overnight Price $1.05 | ||
| SYD - | SYDNEY AIRPORT | Outperform - Macquarie | Overnight Price $6.71 |
| TAH - | TABCORP HOLDINGS | Outperform - Credit Suisse | Overnight Price $5.06 |
| Hold - Deutsche Bank | Overnight Price $5.06 | ||
| TEN - | TEN NETWORK HOLDINGS | Neutral - Credit Suisse | Overnight Price $1.15 |
| Hold - Deutsche Bank | Overnight Price $1.15 | ||
| Neutral - Macquarie | Overnight Price $1.15 | ||
| Overweight - Morgan Stanley | Overnight Price $1.15 | ||
| TRS - | THE REJECT SHOP | Overweight - Morgan Stanley | Overnight Price $7.68 |
| TTS - | TATTS GROUP | Upgrade to Outperform from Underperform - Credit Suisse | Overnight Price $4.17 |
| Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $4.17 | ||
| Add - Morgans | Overnight Price $4.17 | ||
| WFD - | WESTFIELD CORP | Underperform - Macquarie | Overnight Price $9.17 |
| WPL - | WOODSIDE PETROLEUM | Buy - Citi | Overnight Price $29.57 |
| Underperform - Credit Suisse | Overnight Price $29.57 | ||
| Hold - Deutsche Bank | Overnight Price $29.57 | ||
| Neutral - Macquarie | Overnight Price $29.57 | ||
| Overweight - Morgan Stanley | Overnight Price $29.57 | ||
| Hold - Morgans | Overnight Price $29.57 | ||
| Hold - Ord Minnett | Overnight Price $29.57 | ||
| Buy - UBS | Overnight Price $29.57 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 33 |
| 2. Accumulate | 3 |
| 3. Hold | 30 |
| 5. Sell | 5 |
Friday 21 October 2016
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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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