Australian Broker Call
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February 21, 2020
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).
Last Updated: 05:00 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
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Today's Upgrades and Downgrades
AX1 - | ACCENT GROUP | Downgrade to Neutral from Buy | Citi |
BLD - | BORAL | Upgrade to Neutral from Underperform | Credit Suisse |
CCL - | COCA-COLA AMATIL | Downgrade to Underperform from Neutral | Credit Suisse |
DHG - | DOMAIN HOLDINGS | Upgrade to Neutral from Sell | UBS |
EBO - | EBOS GROUP | Upgrade to Add from Hold | Morgans |
IRE - | IRESS | Downgrade to Underperform from Neutral | Macquarie |
PPT - | PERPETUAL | Upgrade to Overweight from Equal-weight | Morgan Stanley |
Downgrade to Sell from Neutral | Citi | ||
STO - | SANTOS | Upgrade to Accumulate from Hold | Ord Minnett |
SUL - | SUPER RETAIL | Upgrade to Outperform from Neutral | Macquarie |
Upgrade to Accumulate from Hold | Ord Minnett | ||
SYD - | SYDNEY AIRPORT | Upgrade to Add from Hold | Morgans |
AHY ASALEO CARE LIMITED
Household & Personal Products
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Overnight Price: $1.15
Credit Suisse rates AHY as Outperform (1) -
2020 operating earnings (EBITDA) guidance of $84-87m is in line with Credit Suisse expectations.
The broker suspects investors are starting to appreciate the predictable growth that has occurred after the divesting of the Australian retail tissue business.
The broker also models a -10-15% drop in pulp costs. Outperform rating maintained. Target rises to $1.25 from $1.10.
Target price is $1.25 Current Price is $1.15 Difference: $0.1
If AHY meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $1.24, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 4.80 cents and EPS of 6.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.7, implying annual growth of 63.4%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 5.30 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of 6.0%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.18
Morgan Stanley rates ANZ as Overweight (1) -
There were no surprises for Morgan Stanley in the bank's quarterly update. No detail on profitability was provided but this appears to be tracking in line with the broker's expectations.
Overweight. Target is $26.60. Industry view is In-Line.
Target price is $26.60 Current Price is $27.18 Difference: minus $0.58 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.70, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 160.00 cents and EPS of 197.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of -1.9%. Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 144.00 cents and EPS of 197.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 211.2, implying annual growth of 2.5%. Current consensus DPS estimate is 154.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ANZ as Hold (3) -
ANZ Bank's Pillar 3 Report and chart pack reveals a lower-than-expected credit impairment charge of -$116m for 1Q20 and the broker adjusts its forecasts accordingly.
Capital was in line and the Australian home-loan balance sheet appeared to be stabilising. EPS forecasts rise 2.6%, 1.9% and 1.9% across FY20/FY21/FY22.
Hold rating retained. Target price rises to $27.50 from $27.
Target price is $27.50 Current Price is $27.18 Difference: $0.32
If ANZ meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $26.70, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 160.00 cents and EPS of 224.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of -1.9%. Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 160.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 211.2, implying annual growth of 2.5%. Current consensus DPS estimate is 154.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Hold (3) -
ANZ Bank's December quarter update signalled the CET1 ratio was slightly below Ord Minnett's expectations. However, the broker was pleased with the trends in asset quality.
A return to mortgage growth in the quarter suggests to the broker the bank has addressed origination issues. Hold rating maintained. Target is $26.80.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $26.80 Current Price is $27.18 Difference: minus $0.38 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $26.70, suggesting downside of -1.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 160.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 206.1, implying annual growth of -1.9%. Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 160.00 cents and EPS of 214.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 211.2, implying annual growth of 2.5%. Current consensus DPS estimate is 154.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
ASB AUSTAL LIMITED
Commercial Services & Supplies
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Overnight Price: $4.39
Citi rates ASB as Buy (1) -
It wasn't simply a strong performance from Austal in H1, it was a "blow me away" performance if Citi's commentary can be relied upon. US shipbuilding margin grew, with revenues in total up by 44% on a margin of 9.4%.
The latter is above management's targeted margin guidance of 7%-8%, observe the analysts. The order book shrank, while expanded capacity has triggered some operational issues in Australia and the Philippines, the analysts point out.
Buy rating remains firmly in place.
Target price is $4.40 Current Price is $4.39 Difference: $0.01
If ASB meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is 21.7, implying annual growth of 23.3%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY21:
Current consensus EPS estimate is 23.1, implying annual growth of 6.5%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASB as Outperform (1) -
Austal's first half earnings (EBIT) were ahead of Macquarie's estimates. The company reported a strong performance in the US and Australasia.
FY20 guidance has been upgraded for EBIT of more than $110m. The order book remains strong, the broker notes, and numerous vessel projects are due to be awarded over 2020.
Outperform maintained. Target rises to $5.00 from $4.75.
Target price is $5.00 Current Price is $4.39 Difference: $0.61
If ASB meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 7.00 cents and EPS of 22.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 23.3%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 7.50 cents and EPS of 24.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.1, implying annual growth of 6.5%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASB as Hold (3) -
First half results were ahead of forecasts. The main driver was the US division, with shipbuilding margins increasing to 8.1%. There was also growth in Australasia.
Ord Minnett envisages potential for further upside to upgraded guidance. The broker considers the stock fully valued and retains a Hold rating. Target is $4.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.10 Current Price is $4.39 Difference: minus $0.29 (current price is over target).
If ASB meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.50, suggesting upside of 2.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 23.3%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.1, implying annual growth of 6.5%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 19.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.99
Citi rates AX1 as Downgrade to Neutral from Buy (3) -
One day after lauding Accent Group's operational excellence, Citi analysts have decided it's time to downgrade to Neutral from Buy. The move has been inspird by the share price rally, in combination with potential downside from the coronavirus spreading.
Earnings estimates have been increased, with the price target lifting to $2.04 from $1.95. Citi maintains the view this is one of the most innovative retailers under coverage.
Target price is $2.04 Current Price is $1.99 Difference: $0.05
If AX1 meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $2.16, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 9.30 cents and EPS of 10.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of 7.8%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 9.90 cents and EPS of 10.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 4.6%. Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BIN BINGO INDUSTRIES LIMITED
Industrial Sector Contractors & Engineers
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Overnight Price: $3.23
Credit Suisse rates BIN as Outperform (1) -
First half earnings were in line with Credit Suisse estimates. However, the composition was different to what the broker expected.
Collections earnings were 43% ahead of estimates because of higher revenue and margin. Post collections on the other hand were -13% below estimates because of volume declines.
A stronger second half is expected and FY20 EBITDA guidance of $159-164m is reiterated. Outperform rating and $3.40 target.
Target price is $3.40 Current Price is $3.23 Difference: $0.17
If BIN meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 5.00 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of 146.2%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 5.30 cents and EPS of 13.38 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 27.1%. Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 26.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BIN as Neutral (3) -
Bingo Industries' first half result was slightly ahead of expectations. The company has guided to FY20 operating earnings (EBITDA) of $159-164m.
Macquarie suspects the stock could find some support from construction markets, which will mitigate the operating complexities over the near term.
However, the ACCC investigation and a stretched valuation prevent the broker from being more constructive. Neutral maintained. Target is raised to $3.10 from $2.75.
Target price is $3.10 Current Price is $3.23 Difference: minus $0.13 (current price is over target).
If BIN meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 4.30 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of 146.2%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 4.70 cents and EPS of 11.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 27.1%. Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 26.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BIN as Buy (1) -
Bingo Industries' result missed the broker on revenues but beat on earnings as the company favoured price increases over volumes and thus increased margins.
Residential construction volumes look to have bottomed and the outlook is positive, the broker notes, with management expecting a recovering market from 2021. Infrastructure and commercial construction volumes remain strong.
A target increase to $3.45 from $3.15 reflects greater comfort with regard a housing recovery. Buy retained.
Target price is $3.45 Current Price is $3.23 Difference: $0.22
If BIN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.06, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 6.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.6, implying annual growth of 146.2%. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 33.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 7.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.2, implying annual growth of 27.1%. Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 26.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.09
Citi rates BLD as Neutral (3) -
The company had previously reduced first half expectations and yesterday's result was in line with that warning, but Citi analysts note the company has made a rather weak start into H2. Management is responding through even deeper cost cuts.
Citi finds the macro-outlook for Boral encouraging, but also too many uncertainties still circling around at the company specific level. Neutral rating retained. Target price unchanged at $4.80.
The company has started a strategic review ahead of the appointment of a new CEO.
Target price is $4.80 Current Price is $5.09 Difference: minus $0.29 (current price is over target).
If BLD meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 19.10 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 22.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BLD as Upgrade to Neutral from Underperform (3) -
First half results were pre-announced. The company provided new information on concrete volumes, noting these were down -30% in January because of the bushfires.
However, demand has been strong in February. In North America a structural shift away from traditional masonry products has affected stone sales and Credit Suisse suspects this trend will persist.
Credit Suisse upgrades to Neutral from Underperform, although does not subscribe to a view that all the bad news has been flagged. Target is raised to $4.70 from $4.10.
Target price is $4.70 Current Price is $5.09 Difference: minus $0.39 (current price is over target).
If BLD meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 19.00 cents and EPS of 30.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 17.50 cents and EPS of 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BLD as No Rating (-1) -
First half results were in line with the pre-released information. Net profit was down by -18%. Net profit guidance for FY20 has been reaffirmed at $320-340m.
Macquarie is currently restricted from making a recommendation.
Current Price is $5.09. Target price not assessed.
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 18.50 cents and EPS of 31.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 18.00 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BLD as Equal-weight (3) -
First half results were disappointing but Morgan Stanley believes Boral could be in a significantly different position in two years time, with a revised strategy, a new managing director and, potentially, an improved macro backdrop.
The business carries significant leverage for a cyclical company and the broker envisages scope for asset rationalisation and/or capital initiatives.
The broker raises the target to $5.00 from $4.50. Equal-weight rating. Industry view is Cautious.
Target price is $5.00 Current Price is $5.09 Difference: minus $0.09 (current price is over target).
If BLD meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 23.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 24.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLD as Hold (3) -
Ord Minnett remains concerned about the outlook for the North American division but with profit guidance re-based there is no longer near-term earnings risk, suggest the analysts.
Ord Minnett continues to believe it remains difficult to mount a more active investment case prior to a new CEO being announced and presenting a refreshed strategy. Ord Minnett retains a Hold rating. Target is $4.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.50 Current Price is $5.09 Difference: minus $0.59 (current price is over target).
If BLD meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BLD as Buy (1) -
It is unclear how Boral's result stacked up against the broker's forecast as attention is focused on FY guidance. The company has guided to flat profit, but ex of virus impact.
Boral is exposed to virus impact directly via its China business and indirectly in South East Asian businesses as well as delays in delivery of equipment and activity in Australia, the broker notes. Cement volumes have also been hit this half by bushfires/floods.
Otherwise, the broker believes Boral should benefit from macro tailwinds in the US and Australia and concerns regarding underperformance are already in the price. Buy and $5.60 target retained.
Target price is $5.60 Current Price is $5.09 Difference: $0.51
If BLD meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.92, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 18.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.9, implying annual growth of 24.6%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 21.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 10.0%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BLX BEACON LIGHTING GROUP LIMITED
Furniture & Renovation
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Overnight Price: $1.06
Morgans rates BLX as Hold (3) -
Beacon Lighting's FY20 first-half result met negative pre-released figures (-22%), which reflected persistent tough trading conditions, foreign exchange headwinds and lower growth from Emerging Businesses.
Morgans doesn't believe the company is losing market share, the problem is a decline in the category, but suspects an improvement in the property market could offer succour.
The broker expects the cyclical tables may turn in the second half but Hold is retained for now given the cautious consumer spending outlook and a slew of other factors. Target price is steady at $1.14.
Target price is $1.14 Current Price is $1.06 Difference: $0.08
If BLX meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 4.60 cents and EPS of 6.80 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 4.80 cents and EPS of 7.70 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.10
Morgan Stanley rates BPT as Underweight (5) -
The Tawhaki-1 exploration well in New Zealand was unsuccessful. Morgan Stanley notes New Zealand has been a tough place to do business for the oil & gas industry over the past decade and the well result underlines this risk.
The main issue for 2020 is whether Beach Energy will start following its peers and expense these results. Almost $30m was spent on this well.
Underweight maintained. Target is $2.00. Industry view: In Line.
Target price is $2.00 Current Price is $2.10 Difference: minus $0.1 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.33, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 2.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.2, implying annual growth of -0.6%. Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 2.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 4.8%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BVS BRAVURA SOLUTIONS LIMITED
Wealth Management & Investments
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Overnight Price: $5.68
Macquarie rates BVS as Outperform (1) -
First half net profit was ahead of expectations. FY20 guidance is maintained, with net profit growth in the mid teens forecast.
Macquarie continues to assess the company will benefit as a product manufacturer in financial markets.
The acquisition of Midwinter and FinoComp are expected to accelerate growth over the medium term.
Outperform rating maintained. Target rises to $6.20 from $5.80.
Target price is $6.20 Current Price is $5.68 Difference: $0.52
If BVS meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.20 cents and EPS of 16.70 cents. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 12.40 cents and EPS of 17.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CCL COCA-COLA AMATIL LIMITED
Food, Beverages & Tobacco
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Overnight Price: $12.85
Credit Suisse rates CCL as Downgrade to Underperform from Neutral (5) -
Guidance has been retained for mid single-digit growth in earnings per share in 2020. Credit Suisse assesses management at Coca-Cola Amatil has restored momentum to the business.
However, the rating is downgraded to Underperform from Neutral after a strong rally in the share price. Australia achieved 3% volume growth in the second half, with revenue growth for the first time since 2012. Target is raised to $11.40 from $11.00.
Target price is $11.40 Current Price is $12.85 Difference: minus $1.45 (current price is over target).
If CCL meets the Credit Suisse target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 49.00 cents and EPS of 57.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 49.00 cents and EPS of 61.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CCL as Neutral (3) -
2019 results were ahead of expectations. However Macquarie believes the strong market reaction to the improved momentum is overdone.
The broker lifts the target to $13.60 from $11.20, as estimates are rolled forward and amid an improved growth outlook in Australia. Neutral maintained.
Target price is $13.60 Current Price is $12.85 Difference: $0.75
If CCL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 49.60 cents and EPS of 55.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 51.00 cents and EPS of 56.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CCL as Equal-weight (3) -
2019 results were ahead of Morgan Stanley's estimates, driven by volume growth in Australia. Growth was spread across all channels within the grocery business.
At this stage, the broker remains reluctant to assume structural headwinds have abated sustainably. Equal-weight. Target is raised to $12.00 from $9.00. Cautious industry view.
Target price is $12.00 Current Price is $12.85 Difference: minus $0.85 (current price is over target).
If CCL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 49.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 50.60 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CCL as Hold (3) -
Coca-Cola Amatil beat the broker and consensus, and Morgans spies encouraging trends.
Australian beverages reports growth in volume, revenue and earnings-before-interest-and-tax, with Coke No Sugar delivering double-digit growth in FY19, allowing management to confidently guide to mid-single digit EPS growth in FY20.
Solid beats were reported on most metrics and in most businesses, and management reports the bushfire impact was minimal.
Target price rises to $12.35 from $11, but the broker is chasing the market so a Hold rating is retained.
Target price is $12.35 Current Price is $12.85 Difference: minus $0.5 (current price is over target).
If CCL meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 49.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 51.00 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CCL as Accumulate (2) -
2019 profit was ahead of Ord Minnett's forecasts. The Australian beverages division returned to growth and earnings (EBIT) in Indonesia and PNG were ahead of estimates.
Ord Minnett retains an Accumulate rating and raises the target to $14 from $13.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.00 Current Price is $12.85 Difference: $1.15
If CCL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CCL as Sell (5) -
Coca-Cola Amatil's underlying result beat the broker by 3%, driven by improving trends in Australia and Indonesia. It was a good result, but not one the broker sees as being repeated. The second half will be challenging as cost tailwinds start to abate and the company cycles tough comparables from last year, the broker suggests.
Management is doing a good job of retunring to growth, the broker believes, but this is not sustainable as per capita consumption of fizzy drinks continues to fall. Target rises to $12.00 from $9.10, Sell retained.
Target price is $12.00 Current Price is $12.85 Difference: minus $0.85 (current price is over target).
If CCL meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.15, suggesting downside of -5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 50.00 cents and EPS of 57.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 10.4%. Current consensus DPS estimate is 49.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 51.00 cents and EPS of 59.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of 4.6%. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 21.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.56
Citi rates CCX as Sell (5) -
It's not clear whether the H1 report was better or worse than expected but what is clear is there was much to like, judging by Citi's commentary post the release. In particular the momentum behind online sales pleases.
But there are equally a lot of "buts" in today's response. Growing online sales weigh on the retailer's margins, for example. And Citi's revised target price of $2.85 (up from $2.30) does not come near the present share price.
Earnings estimates have received a boost, but this is mostly due to a change in accounting. Citi likes a lot operationally, but retains a Sell rating on valuation. Longer-term growth projections have increased, but the opposite has happened to dividend forecasts.
Target price is $2.85 Current Price is $3.56 Difference: minus $0.71 (current price is over target).
If CCX meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 10.80 cents. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 9.00 cents and EPS of 14.90 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 CCX as Overweight (1) -
First half results were ahead of estimates. Morgan Stanley finds comparable sales growth continues to be positive.
If the the supply chain disruption in China continues, the company expects an impact on Australasian inventory in the fourth quarter of FY20.
Morgan Stanley retains an Overweight rating and $3.60 target. Industry view is In-Line.
Target price is $3.60 Current Price is $3.56 Difference: $0.04
If CCX meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.18
Macquarie rates CGC as Underperform (5) -
While recent rain is a positive, more is required to meet the company's forecasts, Macquarie assesses. Costa Group's guidance assumes an extensive recovery in 2020.
The broker expects supply issues in northern New South Wales and European blueberries will persist. The company reports its 2019 result on February 27.
Underperform rating and $2.51 target maintained.
Target price is $2.51 Current Price is $3.18 Difference: minus $0.67 (current price is over target).
If CGC meets the Macquarie target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.90, suggesting downside of -8.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.20 cents and EPS of 6.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.4, implying annual growth of -75.2%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 37.9. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 5.00 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.6, implying annual growth of 50.0%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 25.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.94
Citi rates CQR as Sell (5) -
The release of interim results was overshadowed by news the retail REIT will acquire a further 17.5% stake in the Charter Hall-managed ((CHC)) partnership which owns a 49% interest in 225 BP service stations. This requires an additional capital raise.
Management at Charter Hall Retail REIT also marginally increased its guidance for FY20. Still, market consensus might have been bettered by the new guidance, Citi had slightly higher expectations.
The interim report itself seems to contain both hits and misses. Citi is not prepared to assume tougher conditions won't impact. Sell rating retained. Target price has improved to $3.76 from $3.67.
Target price is $3.76 Current Price is $4.94 Difference: minus $1.18 (current price is over target).
If CQR meets the Citi target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 29.10 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 145.4%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 29.40 cents and EPS of 32.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 2.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CQR as Neutral (3) -
First half results were in line with estimates. Full year guidance has been upgraded to growth of 2.3%. The company is increasing its stake in the BP partnership to 47.5%.
Credit Suisse notes operating metrics are in good shape. Management has focused on capital recycling and expects another $100m in divestments going forward, with proceeds used to pay down debt and undertake new opportunities.
Neutral rating. Target is raised to $4.70 from $4.27.
Target price is $4.70 Current Price is $4.94 Difference: minus $0.24 (current price is over target).
If CQR meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 29.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 145.4%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 30.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 2.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CQR as Outperform (1) -
First half results were broadly in line with expectations. The company has announced a $100m equity raising to fund a $77m acquisition in the BP partnership and reduce gearing.
Macquarie finds the defensive cash flow and strong operating metrics attractive, particularly given the tough environment for retail landlords.
Outperform rating maintained. Target rises to $5.31 from $5.20.
Target price is $5.31 Current Price is $4.94 Difference: $0.37
If CQR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 28.80 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 145.4%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 29.60 cents and EPS of 31.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 2.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CQR as Neutral (3) -
Charter Hall Retail REIT's result was in line with expectation. The REIT has exploited its favourable cost of equity to make further investment in convenience stores, the broker notes, improving the portfolio in terms of increased WALE, tenant diversity and favourable lease structures.
To take into account of ongoing demand for convenience-based retail shopping centres, the broker increases its target to $4.80 from $4.31. Neutral retained.
Target price is $4.80 Current Price is $4.94 Difference: minus $0.14 (current price is over target).
If CQR meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.53, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 29.10 cents and EPS of 31.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 145.4%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 30.00 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 2.2%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CTD CORPORATE TRAVEL MANAGEMENT LIMITED
Travel, Leisure & Tourism
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Overnight Price: $16.00
Macquarie rates CTD as Neutral (3) -
First half results were below Macquarie's estimates. However, there is significant risk and uncertainty, the broker notes, regarding the severity and impact of coronavirus.
The broker retains a Neutral rating until further clarity is provided. Target is reduced -16% to $18.
Target price is $18.00 Current Price is $16.00 Difference: $2
If CTD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $22.65, suggesting upside of 41.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 30.90 cents and EPS of 77.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of -4.5%. Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 45.30 cents and EPS of 100.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.9, implying annual growth of 31.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTD as Buy (1) -
Corporate Travel Management's result missed the broker given the first half was challenged by Hong Kong protests, Brexit uncertainty and delays in clients shifting to the new online service in North America.
Looking ahead, the broker considers virus impact will be a one-off but forecasts are conservatively reduced, while medium term the broker remains positive on the outlook.
Target falls to $28.00 from $29.60. Buy retained.
Target price is $28.00 Current Price is $16.00 Difference: $12
If CTD meets the UBS target it will return approximately 75% (excluding dividends, fees and charges).
Current consensus price target is $22.65, suggesting upside of 41.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 32.20 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of -4.5%. Current consensus DPS estimate is 38.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 45.50 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 99.9, implying annual growth of 31.4%. Current consensus DPS estimate is 48.5, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.61
Credit Suisse rates DHG as Underperform (5) -
First half results were weaker than expected. The company has indicated that yield growth in residential depth was only 7%, raising some questions for Credit Suisse regarding the scope for future increases.
Cost guidance in the second half is also higher than the broker expected. Underperform rating maintained. Target is reduced to $2.70 from $2.85.
Target price is $2.70 Current Price is $3.61 Difference: minus $0.91 (current price is over target).
If DHG meets the Credit Suisse target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 4.00 cents and EPS of 5.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 57.3. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 6.05 cents and EPS of 7.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 41.3%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DHG as Outperform (1) -
First half operating earnings (EBITDA) were down -8.9%. Macquarie notes listing volumes were weak, with declines around -12%.
The broker extends the likely turning point for a recovery but still expects volumes to rebound in the next 18 months.
FY20 estimates are downgraded by -12.6% and the broker retains an Outperform rating, believing the business has positive operating leverage to a cyclical recovery. Target is raised to $3.80 from $3.60.
Target price is $3.80 Current Price is $3.61 Difference: $0.19
If DHG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.00 cents and EPS of 6.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 57.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 12.50 cents and EPS of 10.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 41.3%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DHG as Overweight (1) -
First half earnings were below expectations. Morgan Stanley continues to hold a positive view on the business, given its exposure to the Sydney and Melbourne residential property market recovery.
Target is $3.60. Industry view is Attractive. Overweight rating retained.
Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If DHG 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 $3.35, suggesting downside of -7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 57.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 41.3%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DHG as Accumulate (2) -
First half operating earnings were below Ord Minnett's forecasts. Accumulate rating maintained. Target is $3.95.
The broker observes the listings environment remains challenging but prefers to own Domain over REA Group ((REA)), given heavier exposure to Sydney and Melbourne.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.95 Current Price is $3.61 Difference: $0.34
If DHG meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 6.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 57.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 7.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 41.3%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DHG as Upgrade to Neutral from Sell (3) -
Domain Group's earnings were in line but UBS wanted clarity on the company's most improtant drivers, being yield and volume. The conference call suggested downside expectations for both. Downgrading these assumptions, along with D&A and tax, leads to a greater than -20% reduction in earnings forecasts.
UBS is hopeful that the near-term depth and yield slowdown is just a function of weak property markets, with agents and vendors hesitant to upgrade to depth in a soft listings environment. On the fall in share price, the broker upgrades to Neutral from Sell. Target rises to $3.60 from $3.50 on higher longer term earnings expectations.
Target price is $3.60 Current Price is $3.61 Difference: minus $0.01 (current price is over target).
If DHG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.35, suggesting downside of -7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 57.3. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of 41.3%. Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 40.6. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $24.00
Citi rates EBO as Neutral (3) -
Citi found the released interim report in-line and has subsequently made marginal adjustments to forecasts. Target price improves to $23.50 from $23. Neutral rating remains in place.
The analysts have incorporated no new acquisitions in their modeling, but without them, they don't see much upside from the present share price. Revenues were higher than anticipated for the half, but margins came out lower.
Management at Ebos Group remains confident of significant increase in earnings for FY20. Citi notes the balance sheet offers some NZ$350m in headroom for further acquisitions.
Target price is $23.50 Current Price is $24.00 Difference: minus $0.5 (current price is over target).
If EBO meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $24.08, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 74.20 cents and EPS of 102.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.4, implying annual growth of 12.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 81.30 cents and EPS of 112.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.0, implying annual growth of 6.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates EBO as Upgrade to Add from Hold (1) -
Ebos Group's FY20 first-half result beat the broker, thanks to a strong performance in the pharmacy division relating to the Chemist Warehouse Group contract.
Management guided to strong profit growth for FY20 and the broker estimates an increase of 18.8% for the period.
Ebos has a war chest of NZ$350m and the broker spies acquisitions on the horizon. Earnings forecasts inch up. Target price rises to $24.65 and the broker upgrades to Add from Hold.
Target price is $24.65 Current Price is $24.00 Difference: $0.65
If EBO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $24.08, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 67.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.4, implying annual growth of 12.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 69.00 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.0, implying annual growth of 6.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates EBO as Buy (1) -
EBOS Group's profit was in line with the broker and up 16% on the year. Robust revenue growth across divisions was offset to a degree by higher cost of goods sold, the broker notes, but it was a strong result in a challenging market.
Updated assumptions lead to minimal forecast changes. Buy retained, target rises to NZ$26.50 from NZ$25.50. The company's diversified business model and superior execution is driving continued outperformance versus peers, the broker notes, and there is plenty of capacity for acquisitions.
Current Price is $24.00. Target price not assessed.
Current consensus price target is $24.08, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 72.00 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.4, implying annual growth of 12.9%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 23.7. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 78.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.0, implying annual growth of 6.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 22.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EVT EVENT HOSPITALITY AND ENTERTAINMENT LTD
Travel, Leisure & Tourism
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Overnight Price: $12.48
Ord Minnett rates EVT as Buy (1) -
First half results were below expectations. Coronavirus is expected to have a negative impact on monthly earnings (EBIT) of -$2-3m. Ord Minnett assumes current conditions continue until the end of of June.
The broker continues to believe the likely takeover of Village Roadshow ((VRL)) will be a positive catalyst, given the current joint venture operations in Australia.
The broker retains a Buy rating and reduces the target to $14.38 from $15.00.
Target price is $14.38 Current Price is $12.48 Difference: $1.9
If EVT meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 53.50 cents and EPS of 56.30 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 46.20 cents and EPS of 66.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
EXP EXPERIENCE CO LIMITED
Travel, Leisure & Tourism
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Overnight Price: $0.23
Ord Minnett rates EXP as Buy (1) -
Ord Minnett observes the business has been caught up in a range of external factors beyond its control. In the first half this was largely confined to adverse weather along with a slowdown in tourism to Cairns.
The broker expects the second half will deteriorate further, given the likely impact of coronavirus and bushfires. The H1 profit result missed the broker's forecast.
Nevertheless, a turnaround under the new management is considered highly likely. Buy rating maintained. Target is reduced to $0.27 from $0.28.
Target price is $0.27 Current Price is $0.23 Difference: $0.04
If EXP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.00 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.70 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IDX INTEGRAL DIAGNOSTICS LIMITED
Medical Equipment & Devices
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Overnight Price: $4.25
Citi rates IDX as Buy (1) -
Citi initiated coverage in December with a positive view and this has not changed post release of what is being described as a "solid" performance in H1. Strong long term growth potential remains on the agenda, in the analysts' view.
Acquisitions remain part of the strategy, with the analysts noting recent acquisitions are still being integrated. Organic growth should be strong, on their assessment.
Target price rises to $4.90 from $4.30. Buy rating retained. The H1 decline in EBITDA margin is expected to reverse in H2. Indexation of government payments and further investments made add to the investment appeal for Citi.
Target price is $4.90 Current Price is $4.25 Difference: $0.65
If IDX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 10.50 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 25.0%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 12.00 cents and EPS of 19.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 18.0%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IDX as Outperform (1) -
First half results were in line with expectations. The FY20 outlook is unchanged although Credit Suisse notes the regulatory risk has turned positive, with radiology now considered a solution rather than a funding headache.
The broker suspects further acquisition activity is likely and retains an Outperform rating. Target is raised to $4.50 from $3.40.
Target price is $4.50 Current Price is $4.25 Difference: $0.25
If IDX meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 11.02 cents and EPS of 16.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 25.0%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 13.55 cents and EPS of 19.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 18.0%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IDX as Outperform (1) -
First half results were in line with forecasts. Macquarie assumes an improvement in the second half following the completion and ramp up of key projects, given these negatively affected operating earnings (EBITDA) margins.
The broker considers the industry outlook for diagnostic imaging favourable and maintains an Outperform rating and $4.55 target.
Target price is $4.55 Current Price is $4.25 Difference: $0.3
If IDX meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 11.00 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 25.0%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 13.00 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 18.0%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IDX as Accumulate (2) -
First half operating earnings (EBITDA) were ahead of expectations, up 12%. Medical benefits data indicate industry growth in the company's areas of operation was 6.5%, signalling Integral Diagnostics' growth is ahead of the market.
Ord Minnett expects recent growth investments will start to deliver in the second half with early returns from John Flynn Hospital proving highly encouraging. Accumulate retained. Target rises to $4.58 from $3.41.
Target price is $4.58 Current Price is $4.25 Difference: $0.33
If IDX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.39, suggesting upside of 3.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 11.40 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.7, implying annual growth of 25.0%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 25.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 13.20 cents and EPS of 20.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.7, implying annual growth of 18.0%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.55
Citi rates ILU as Neutral (3) -
Iluka Resources' release of FY19 financials was overshadowed by the news the company has decided to demerge its MAC royalty into a newly listed stand-alone royalty business. Iluka intends to hold a 15% ownership in the demerged entity.
Back to the actual results, it appears market consensus was beaten, though not Citi's forecasts as the latter had anticipated less depreciation. Declared dividend of 13c was also lower than what Citi was expecting.
Lower zircon volume guidance has weighed down future projections, but rolling forward modeling has, net, added some 2% to the net present value (NPV). Target price unchanged at $9.40. Neutral.
Target price is $9.40 Current Price is $9.55 Difference: minus $0.15 (current price is over target).
If ILU meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 33.00 cents and EPS of 90.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 11.00 cents and EPS of 90.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ILU as Neutral (3) -
Iluka Resources posted 2019 operating earnings (EBITDA) in line with Credit Suisse estimates. The results were overshadowed by an announcement the company will spin off the MAC royalty, pending board, regulatory and shareholder approval.
The company will keep a 15% stake in the new company which will drive growth via further royalty stream investments.
Credit Suisse assesses the jump in the share price is understandable, notwithstanding some lofty assumptions that may surround where MAC and/or the residual business should trade, but retains a Neutral rating for now. Target is raised to $10.00 from $9.25.
Target price is $10.00 Current Price is $9.55 Difference: $0.45
If ILU meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 26.00 cents and EPS of 58.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 27.00 cents and EPS of 75.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ILU as No Rating (-1) -
The company will proceed with the de-merger of its Mining Area C (MAC) iron ore royalty. Meanwhile, 2019 results were weaker than Macquarie expected.
Macquarie is restricted on a rating and target at present.
Current Price is $9.55. Target price not assessed.
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 18.00 cents and EPS of 72.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 44.00 cents and EPS of 85.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ILU as Equal-weight (3) -
2019 results were in line with expectations. Guidance for zircon in 2020 is -20% below Morgan Stanley's estimates, stemming from trade tensions and the coronavirus impact.
However, the broker expects the market will focus on the de-merger of MAC, considered a big positive that should underpin the stock.
Subject to any future determination by the board of the new business, the dividend policy will be to pay out 100% of net profit after tax.
The mineral sands business will retain sufficient flexibility for the de-merged company to also have lower debt, Morgan Stanley observes.
The broker retains an Equal-weight rating and $10.50 target. Industry view: In Line.
Target price is $10.50 Current Price is $9.55 Difference: $0.95
If ILU meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 29.00 cents and EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 48.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ILU as Hold (3) -
2019 net profit was below Ord Minnett's forecasts. The company is confident of a positive ruling from the Australian Taxation Office on its de-merger plans. Ord Minnett expects a de-merger timetable at the AGM on April 9.
The broker notes de-merger plans over-rode the weaker-than-expected result and weaker production guidance for 2020. There was no update on pricing in the results.
Hold rating maintained. Target is reduced to $9.30 from $9.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.30 Current Price is $9.55 Difference: minus $0.25 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ILU as Neutral (3) -
Iluka Resources reported in line but the result was overshadowed by the long anticipated announcement the company will de-merge its Ming Area C royalty business, subject to approval. Iluka will retain 15%.
Otherwise, the broker notes the outlook for zircon remains challenged, as any benefit from easing US-China trade tensions is now offset by virus impact. On the other hand, supply tightness in titanium feedstock is continuing into 2020.
Iluka has developed a high degree of revenue certainty from its level of rutile contracts, the broker notes. Neutral and $10.00 target retained.
Target price is $10.00 Current Price is $9.55 Difference: $0.45
If ILU meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting upside of 3.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 13.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 72.2, implying annual growth of N/A. Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 17.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of 14.3%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 11.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IPD IMPEDIMED LIMITED
Medical Equipment & Devices
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Overnight Price: $0.10
Morgans rates IPD as Add (1) -
ImpediMed's FY20 first-half result met the broker, the company posting a net loss of -$12.9m, and retaining the equivalent in cash reserves.
Solid growth was logged in SOZO revenue with 90,000 patient tests having been completed since the launch. The company also notes progress in the heart failure program.
The major catalyst remains a decision by the National Comprehensive Cancer Network to include the company's technology in its cancer treatment guidelines, but the outcome is anyone's guess, says the broker.
Forecasts are unchanged. Speculative Buy maintained. Target price steady at 26c.
Target price is $0.26 Current Price is $0.10 Difference: $0.16
If IPD meets the Morgans target it will return approximately 160% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.20 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IRE IRESS LIMITED
Wealth Management & Investments
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Overnight Price: $12.31
Credit Suisse rates IRE as Neutral (3) -
2019 results met expectations. The company expects 2020 segment profit growth of 3-8%, which is below Credit Suisse estimates.
The broker is also reminded that IRESS has not delivered a very strong organic growth profile historically.
One of the reasons the 2020 outlook may appear softer, the broker suspects, is because IRESS is investing in opportunities in superannuation and trading.
Neutral rating maintained. Target is reduced to $13.55 from $14.05.
Target price is $13.55 Current Price is $12.31 Difference: $1.24
If IRE meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 48.02 cents and EPS of 46.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.8, implying annual growth of 18.2%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.5. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 50.31 cents and EPS of 50.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of 13.2%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IRE as Downgrade to Underperform from Neutral (5) -
2019 results were in line with expectations. The timing of revenue makes for a heavy skew for segment profit to the second half of 2020, Macquarie observes.
While there is the likelihood of strong medium-term earnings growth in super administration and offshore markets, the broker envisages downside risk and potential for greater revisions at the lower end of guidance.
As a result the rating is downgraded to Underperform from Neutral. Target is reduced to $11.99 from $13.00.
Target price is $11.99 Current Price is $12.31 Difference: minus $0.32 (current price is over target).
If IRE meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 46.00 cents and EPS of 43.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.8, implying annual growth of 18.2%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.5. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 50.00 cents and EPS of 46.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of 13.2%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IRE as Add (1) -
IRESS's FY19 full-year result outpaced the broker by roughly 3%.
Contract wins were strong and steady, which are expected to flow into a stellar 2021.
Target price rises to $16.30. Add retained, Morgans believing IRESS remains the cheapest technology platform stock in its coverage, with a strong pipeline for growth.
Target price is $16.30 Current Price is $12.31 Difference: $3.99
If IRE meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 47.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.8, implying annual growth of 18.2%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 49.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of 13.2%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IRE as Hold (3) -
2019 results were broadly in line with expectations. While 2020 is not presenting as the "margin expansion" period some may have hoped for, Ord Minnett still believes modest gains are achievable over the medium term.
The stock is trading in line with the target, reduced to $12.85 from $13.14, and the broker maintains a Hold rating.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $12.85 Current Price is $12.31 Difference: $0.54
If IRE meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.67, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 46.00 cents and EPS of 43.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.8, implying annual growth of 18.2%. Current consensus DPS estimate is 46.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 47.00 cents and EPS of 49.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.7, implying annual growth of 13.2%. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.29
Citi rates LLC as Buy (1) -
Lendlease 's H1 operational performance beat Citi's forecast by some 5%. The analysts report increased confidence that provisioned exit costs will prove sufficient to get rid of the troubled engineering business.
Meanwhile, the analysts are of the view that underlying momentum is setting the company up for a positive outlook medium to long term. In light of market concerns, Citi suggests Lendlease can fund its current pipeline in orders.
This could easily turn into a multi-year recovery story, suggest the analysts. Buy rating retained while the target price remains $24.72.
Target price is $24.72 Current Price is $19.29 Difference: $5.43
If LLC meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 62.40 cents and EPS of 124.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 67.70 cents and EPS of 135.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates LLC as Outperform (1) -
First half results were ahead of estimates and Credit Suisse has not changed full-year expectations.
While the development earnings skew is now less than previously expected in the second half, the broker notes Lendlease still needs to execute on sales and several developments to hit full-year forecasts.
Meanwhile, the core business is observed to be performing well. Gearing is expected to increase to 15-20% by the end of FY20. Credit Suisse retains an Outperform rating and $19.85 target.
Target price is $19.85 Current Price is $19.29 Difference: $0.56
If LLC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 66.98 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 68.99 cents and EPS of 138.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates LLC as Outperform (1) -
First half net profit was ahead of Macquarie's estimates, supported by developments. The broker notes there were good margins in apartments and there are no major issues envisaged from coronavirus to date.
The company has also re-engaged with potential acquirers of the services business after a preferred party withdrew from negotiations.
A finalisation of the sale of the entire engineering & services business within budget will be a positive catalyst, in the broker's view.
Subsequently, the main driver going forward is likely to be the $100bn urban regeneration development pipeline. Target is $21.71. Outperform retained.
Target price is $21.71 Current Price is $19.29 Difference: $2.42
If LLC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 62.90 cents and EPS of 126.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 71.10 cents and EPS of 142.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
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 No Rating (-1) -
First half results indicate the company can deliver on the strength in its property development portfolio and urbanisation.
The result was well ahead of Morgan Stanley's estimates, largely because of development profit from the setting up of the Victoria Cross Trust as well as greater re-valuations
It is clear to the broker that the company is progressing its business to become more of a developer/manager. Morgan Stanley is unable to provide a rating or target at present.
Current Price is $19.29. Target price not assessed.
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 30.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 68.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
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 Buy (1) -
First half net profit was below Ord Minnett's forecasts. The broker is puzzled by the strong positive reaction in the share price following the results, as these were not particularly strong in terms of earnings or net debt.
Regardless, the results did nothing to change the outlook and Ord Minnett believes there remains an attractive opportunity to buy the shares at below fundamental valuation.
Buy rating maintained. Target is $21.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $21.00 Current Price is $19.29 Difference: $1.71
If LLC meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 118.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
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 Neutral (3) -
Lendlease reported slightly ahead but of more note to the broker were two key positives. There was no new news on the Engineering division sales process, which is good news, and the sale of 25% of Victoria Cross at a premium reflects a re-pricing of development and leasing risk.
The broker had expected the company would need capital partners to fund its pipeline but now believes Lendlease can moslty self-fund and not have to give too much away.
FY guidance requires a strong second half and a return to a market PE requires completion of the Engineering sale, the broker suggests, and this will require a few stars to align. Neutral retained, target rises to $18.00 from $17.50.
Target price is $18.00 Current Price is $19.29 Difference: minus $1.29 (current price is over target).
If LLC meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.06, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 64.50 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 56.8%. Current consensus DPS estimate is 57.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 67.40 cents and EPS of 135.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 134.2, implying annual growth of 3.2%. Current consensus DPS estimate is 68.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.91
Citi rates MPL as Neutral (3) -
Medibank Private's H1 result fell short of expectations. Citi analysts report they have merely made some compositional changes to their forecasts post the release. Also, the analysts suggest management's guidance for H2 requires a leap of faith.
If everything falls into place, as company management expects it to, downward pressure on margins should alleviate in H2. Citi also suggests there might be additional benefits from further cost savings.
Neutral rating retained. Price target drops to $3.20 from $3.35.
Target price is $3.20 Current Price is $2.91 Difference: $0.29
If MPL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 11.70 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 12.80 cents and EPS of 14.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MPL as Underperform (5) -
First half net profit was below forecasts. The interim dividend of 5.7c was ahead of forecasts.
Credit Suisse assesses Medibank Private did a great job in attempting to offset profit pressure through a -9.6% reduction in management expenses.
Yet, turning off marketing late in the year meant a significant slowdown in policy growth.
The broker assesses the debate will continue about the outlook, depending on government action in the industry.
Underperform rating maintained. Target is reduced to $2.80 from $2.90.
Target price is $2.80 Current Price is $2.91 Difference: minus $0.11 (current price is over target).
If MPL meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 12.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 13.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MPL as Underperform (5) -
First half results missed expectations. Should claims growth continue at the pace experienced in the first half , Macquarie suggests there will be a material downward revision to earnings estimates.
The broker acknowledges its forecasts could be perceived as overly optimistic. Claims growth is unsustainably high and the broker believes regulatory intervention is now urgent.
Target is reduced to $2.70 from $2.85 and an Underperform rating is retained.
Target price is $2.70 Current Price is $2.91 Difference: minus $0.21 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 12.30 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 12.50 cents and EPS of 13.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MPL as Equal-weight (3) -
First half earnings were weaker than expected. Morgan Stanley suspects margins could remain challenged, although APRA statistics for the December quarter suggest a stabilisation in participation rates has been achieved from the moderation in premium price growth.
While top-line pressures seem to be easing somewhat, the broker notes claims pressure is not. Equal-weight maintained. Target is reduced to $2.90 from $2.95. Industry view: In-Line.
Target price is $2.90 Current Price is $2.91 Difference: minus $0.01 (current price is over target).
If MPL 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 $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 11.30 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 13.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MPL as Hold (3) -
Medibank Private's FY20 first-half result fell -5% shy of consensus thanks to rising hospital claims, particularly for prostheses costs, which continues to squeeze margins.
Hip prostheses for example cost roughly eight to 10 times that of identical prostheses in Europe, although about half the price of the exorbitant US prostheses - this boils down to regulation. So health insurers are likely to face continued challenges, despite the rosy revenue outlook.
The broker cuts EPS estimates -5% and -1% across FY20 and FY21 and cuts the target price to $3.07 from $3.11. Hold rating retained, the broker noting it likes the company's exposure to structural growth areas over the longer term.
Target price is $3.11 Current Price is $2.91 Difference: $0.2
If MPL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 14.40 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 14.20 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MPL as Lighten (4) -
First half health insurance earnings were below Ord Minnett's forecasts, reflecting the pressure on gross margins.
However, Medibank Private flagged cost savings and scope for capital management which the broker suspects pleased the market.
Nevertheless, margin pressure remains too great to ignore and a Lighten rating is maintained. Target is reduced to $2.70 from $2.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.70 Current Price is $2.91 Difference: minus $0.21 (current price is over target).
If MPL meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 11.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 10.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MPL as Sell (5) -
Medibank Private's result was a clear miss of the broker's forecast, as effective cost management failed to overcome the widening gap between slow revenue growth and increasing claims inflation.
As such the broker forecasts further compression of margins, which suggests that despite ongoing market share gains, the company will be looking at negative compound earnings growth out to FY22.
Sell and $2.80 target retained.
Target price is $2.80 Current Price is $2.91 Difference: minus $0.11 (current price is over target).
If MPL meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.89, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 12.40 cents and EPS of 13.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.6, implying annual growth of -18.6%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 11.60 cents and EPS of 13.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 20.3. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MYX MAYNE PHARMA GROUP LIMITED
Pharmaceuticals & Biotech/Lifesciences
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Overnight Price: $0.38
Citi rates MYX as Neutral (3) -
Upon first glance, Mayne Pharma's H1 loss came out much larger than wat Citi analysts had penciled in. It appears weaker than anticipated evenue as a result of continued competitive pressure in the Generics division is responsible.
Unfortunately, Citi expects pressure in generics to continue. The analysts expect the market to react negatively to the result while ownward revisions to FY20 consensus forecasts should be expected.
This remains a difficult business to forecast, state the analysts, adding they are -7% positioned below market consensus for FY20.
Target price is $0.50 Current Price is $0.38 Difference: $0.12
If MYX meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 39.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.1, 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 380.0. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 2.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.3, implying annual growth of 2200.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NWH NRW HOLDINGS LIMITED
Mining Sector Contracting
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Overnight Price: $3.18
UBS rates NWH as Buy (1) -
NRW Holdings' result came in 5% ahead of the broker, excluding the BGC contribution. The higher-margin Mining division overcame underperformance from the lower margin Civil division. FY guidance has been upgraded to above the broker's prior forecast, but appears conservative.
The company's positive outlook is unchanged and underpinned by strong visibility and multiple upside catalysts from project awards near-term, the broker notes, in iron ore, mining and public infrastructure. Target rises to $4.00 from $3.85, Buy retained.
Target price is $4.00 Current Price is $3.18 Difference: $0.82
If NWH meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 5.00 cents and EPS of 22.00 cents. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 10.00 cents and EPS of 28.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.60
Morgans rates OPC as Hold (3) -
Opticomm's FY20 first-half result slightly outpaced the broker, and Morgans believes the company may achieve its prospectus forecasts.
The broker cites strength in the recurring network operations business and construction.
Earnings forecasts are upgraded 5% and 6% for FY20 and FY21.
The price target rises to $4.56 from $3.45 and Hold rating retained given the recent rise in the share price.
Target price is $4.56 Current Price is $4.60 Difference: minus $0.04 (current price is over target).
If OPC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 7.30 cents and EPS of 12.00 cents. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 9.20 cents and EPS of 13.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.84
Credit Suisse rates ORG as Neutral (3) -
First half operating earnings (EBITDA) were below Credit Suisse estimates. The broker contends that lower electricity prices reduce the value of Eraring and the company's fixed-price wind/solar partnerships.
Moreover, lower coal prices reduce the value of the 4mt which is contracted to 2022 and lower gas prices reduce the value of its gas supply.
Hence, while Origin Energy has half the electricity price risk of rival AGL Energy ((AGL)), Credit Suisse still forecasts a -13% operating earnings decline in energy markets in FY20-22.
Neutral rating maintained. Target is reduced to $8.50 from $8.70.
Target price is $8.50 Current Price is $7.84 Difference: $0.66
If ORG meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 31.54 cents and EPS of 60.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -15.3%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 33.12 cents and EPS of 53.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of -5.1%. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORG as Equal-weight (3) -
Morgan Stanley makes few changes to its numbers after the first half result.
The broker assesses Origin Energy derives 20-25% pre-tax earnings from coal-fired generation and is also a renewable energy target (RET) liable entity.
Hence, Morgan Stanley has questions centred on whether falling interest costs and liquidity requirements indicate there is limited cost opportunity from ESG investing at this point in time.
Equal-weight rating. Target is $8.28. Industry view is Cautious.
Target price is $8.28 Current Price is $7.84 Difference: $0.44
If ORG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 30.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -15.3%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 45.40 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of -5.1%. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORG as Hold (3) -
Origin Energy's result disappointed the broker, who believes the company has some hard yards ahead.
Guidance was reiterated but Morgans expects it will fall at the lower end of the range.
The company lost electricity volumes in all states except SA in both retail and business. Realised prices also weakened after the introduction of semi-regulated retail prices. Electricity price trends do not augur well for the company, futures prices having plunged since October as more renewable energy comes online.
Hold rating retained. Target price falls to $8.15 from $8.43.
Target price is $8.15 Current Price is $7.84 Difference: $0.31
If ORG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 26.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -15.3%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 23.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of -5.1%. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Accumulate (2) -
First half resutls were mixed, with strong cash flow but operating earnings (EBITDA) below Ord Minnett's estimates.
The broker notes headwinds emanating from a lower contribution from the electricity portfolio and weak gas prices.
Accumulate rating maintained. Target is lowered to $9.25 from $9.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.25 Current Price is $7.84 Difference: $1.41
If ORG meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -15.3%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of -5.1%. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORG as Buy (1) -
Origin Energy's report was operationally in line with the broker. Another strong performance from APLNG offset weaker electricity markets and customer account losses.
With retail churn continuing to fall each month, UBS expects a competitive retail response from Origin focused on winning back market share while reducing the level of discounting.
The broker believes the stock has been oversold on market fears LNG customer Sinopec may call force majeure on its contracts. Given Sinopec is a 25% owner of APLNG, the broker can't see this happening. Buy retained, target rises to $9.30 from $9.25.
Target price is $9.30 Current Price is $7.84 Difference: $1.46
If ORG meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.69, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 33.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -15.3%. Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 39.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of -5.1%. Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.66
UBS rates ORI as Neutral (3) -
Orica has agreed to buy an 83.5% stake in a Peruvian explosives company and tender for the balance. The acquisition will be funded by a $600m capital raising via placement/SPP at a -5% discount.
The acquisition would make Orica the number one explosives company in Peru, whch is LatAm's fastest growing market, the broker notes
The broker makes no changes to forecasts, pending completion. Synergies should underpin modest earnings accretion. Neutral and $23.90 target retained.
Target price is $23.90 Current Price is $21.66 Difference: $2.24
If ORI meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $22.09, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 60.00 cents and EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 103.5, implying annual growth of 60.5%. Current consensus DPS estimate is 60.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 20.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 65.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 114.6, implying annual growth of 10.7%. Current consensus DPS estimate is 69.3, implying a prospective dividend yield of 3.2%. 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
PPT PERPETUAL LIMITED
Wealth Management & Investments
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Overnight Price: $44.97
Citi rates PPT as Downgrade to Sell from Neutral (5) -
Citi has downgraded its recommendation for Perpetual shares to Sell from Neutral post the release of H1 financials, predominantly inspired by a positive response in the share price which is seen as over the top.
Perpetual Private is enjoying the benefits from current dislocation in the domestic Advice industry, but the analysts highlight any financial benefits from the rise in new advisors will only arrive at a delay due to non-compete clauses.
Equally important, if the overall investment performance fails to improve, Citi sees ongoing risk of fund outflows. The recently acquired Trillium should see a step up in funds under management (FuM) growth as US distribution efforts build, but the analysts add this will likely come from lower margin institutional funds. Target price unchanged at $42.30.
Target price is $42.30 Current Price is $44.97 Difference: minus $2.67 (current price is over target).
If PPT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 195.00 cents and EPS of 222.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 220.00 cents and EPS of 258.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PPT as Neutral (3) -
First half underlying net profit was down -7% albeit slightly ahead of Credit Suisse forecasts because of slightly better outcomes on costs.
The broker notes the current year remains challenging because of outflows in Perpetual Investments and elevated costs relating to growth initiatives.
The broker is more confident about FY21, with tailwinds from strong equity markets and earnings accretion from acquisitions.
Neutral rating maintained. Target rises to $45.50 from $41.00.
Target price is $45.50 Current Price is $44.97 Difference: $0.53
If PPT meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 210.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 240.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PPT as Underperform (5) -
First half results were ahead of expectations because of lower costs. Macquarie assesses the stock already is reflecting any accretive acquisitions that are likely to close in the next 6-12 months.
The broker expects costs growth will remain at or above the upper end of the historical 2-4% target range while management continues its search for growth opportunities.
Underperform rating maintained. Target is raised to $40.00 from $37.50.
Target price is $40.00 Current Price is $44.97 Difference: minus $4.97 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 205.00 cents and EPS of 228.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 225.00 cents and EPS of 249.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PPT as Upgrade to Overweight from Equal-weight (1) -
The building out of the US platform is progressing faster than Morgan Stanley expected and the Trillium acquisition adds crucial ESG capabilities.
Moreover, most of the Australian business is growing and costs are contained. Hence, the broker upgrades to Overweight from Equal-weight. Target is raised to $55.00 from $38.50. Industry view: In-line.
Target price is $55.00 Current Price is $44.97 Difference: $10.03
If PPT meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 208.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 252.00 cents and EPS of 275.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PPT as Hold (3) -
Perpetual's FY20 first-half result met consensus and the broker.
Morgans expects the Trillium purchase and Perpetual Private adviser signings will help initiate execution of the company's strategy.
Pressures were evident within the business, Perpetual Investment performance continued to struggle, and expenses rose. On the upside, the company has now logged 13 consecutive halves of positive funds under management flows.
EPS forecasts fall -10% and -12% for FY20 and FY21 after the broker revised expense growth estimates.
Target price rises to $44.41 from $43.28. Hold rating retained.
Target price is $44.41 Current Price is $44.97 Difference: minus $0.56 (current price is over target).
If PPT meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 195.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 220.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PPT as Neutral (3) -
The positive market response to Perpetual's result came as a surprise to the broker, as it was a miss, largely due to softer earnings from Perpetual Private.
The broker assumes it was all about a more upbeat view on growth, but while trends in the Corporate Trust and Private remain robust, Perpetual Investments has been challenged by poor returns and subsequent outflows and the Trillium acquisition will further add to the distraction.
Marking to a strong year to date market sees the broker's target rise to $45.30 from $42.85. Neutral retained.
Target price is $45.30 Current Price is $44.97 Difference: $0.33
If PPT meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $44.79, suggesting downside of -0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 185.00 cents and EPS of 218.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.0, implying annual growth of -9.5%. Current consensus DPS estimate is 199.7, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 216.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.2, implying annual growth of 12.9%. Current consensus DPS estimate is 228.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.27
Credit Suisse rates PRU as Underperform (5) -
Net profit in the first half was well ahead of Credit Suisse estimates. FY20 guidance is unchanged for 275-295,000 ounces.
The broker believes the results are evidence of the successful execution of the multi-mine strategy and the achievement of what looks to be a sustained turnaround at Edikan.
That said, Edikan is still expected to be challenging but then the broker observes a 1.1g/t operation in West Africa, with mining from multiple pits, was never going to be a walk in the park.
Underperform maintained. Target rises to $1.03 from $0.93.
Target price is $1.03 Current Price is $1.27 Difference: minus $0.24 (current price is over target).
If PRU meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.11, suggesting downside of -12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 536.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 1.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.2, implying annual growth of 23.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRU as Outperform (1) -
Net profit was stronger than Macquarie expected in the first half while cash flow was in line. Reserves at Edikan were up 16%.
The broker now forecasts production of 500,000 ounces per annum or more by FY23. Outperform rating maintained. Target is lifted 17% to $1.40.
Target price is $1.40 Current Price is $1.27 Difference: $0.13
If PRU meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 3.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 536.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 3.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.2, implying annual growth of 23.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 24.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PSQ PACIFIC SMILES GROUP LIMITED
Healthcare services
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Overnight Price: $2.01
Morgan Stanley rates PSQ as Overweight (1) -
Pacific Smiles first half results were slightly ahead of Morgan Stanley's estimates.
Guidance also points to solid cash generation, with cash flow conversion of 124% exceeding expectations.
Overweight rating, In-Line industry view. Target is $1.90.
Target price is $1.90 Current Price is $2.01 Difference: minus $0.11 (current price is over target).
If PSQ meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 6.00 cents. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 8.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
QAN QANTAS AIRWAYS LIMITED
Transportation & Logistics
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Overnight Price: $6.49
Citi rates QAN as Neutral/High Risk (3) -
It appears the cautious outlook provided by Qantas alongside H1 financials is weighing upon Citi's assessment post event. The analysts have now attached a High Risk label to their Neutral rating while lowering the price target to $6.70 from $7.45.
All in all, the analysts see negative growth for both international operations and Jetstar during the second half. Cuts to capacity and fuel savings will provide a buffer for earnings, but only to an extent, suggest the analysts.
Citi's view is probably best summarised as: market concerns have been vindicated. It's way too early to draw any solid conclusions, given the many uncertainties that cloud the outlook. The analysts suggest better entry points might be ahead.
Target price is $6.70 Current Price is $6.49 Difference: $0.21
If QAN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 18.50 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -8.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 33.90 cents and EPS of 67.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 33.3%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates QAN as Neutral (3) -
First half results were ahead of forecasts. Earnings (EBIT) were significantly above estimates because of strong improvements in the domestic airline and the loyalty segment.
Management has noted that domestic demand conditions have softened in the past three weeks, relating to the concerns over coronavirus.
Management plans to cut domestic capacity by -2.3% and international capacity by -3.8% in the second half, partially offsetting the weak demand.
Credit Suisse lowers FY20 estimates for pre-tax profit by -5.5%. Neutral rating maintained. Target is reduced to $6.50 from $6.85.
Target price is $6.50 Current Price is $6.49 Difference: $0.01
If QAN meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 26.50 cents and EPS of 47.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -8.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 25.00 cents and EPS of 57.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 33.3%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QAN as Outperform (1) -
First half pre-tax profit was ahead of Macquarie's estimates. The broker forecasts pre-tax profit of $1.18bn in FY20, down -11%, as the second half is hit by the impact of coronavirus despite the fuel benefits and capacity reductions.
The broker expects the stock to continue re-rating, narrowing the -30% value discount to global peers. Target is reduced to $7.90 from $8.00. Outperform maintained.
Target price is $7.90 Current Price is $6.49 Difference: $1.41
If QAN meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 27.00 cents and EPS of 53.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -8.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 27.00 cents and EPS of 68.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 33.3%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates QAN as Overweight (1) -
First half results were ahead of Morgan Stanley's estimates, reflecting a strong second quarter.
Qantas has calculated the coronavirus impact would be -$100-150m, which the broker calculates nets to an estimated -6-10% reduction to FY20 consensus pre-tax profit forecasts.
In the context of the -12% decline in the share price over the last month, the broker believes this could ease investor concerns. The company has lifted the dividend and continued with its buyback.
Overweight. Target is $7.50. Industry view is In-Line.
Target price is $7.50 Current Price is $6.49 Difference: $1.01
If QAN meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 27.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -8.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 28.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 33.3%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QAN as Buy (1) -
Qantas' profit was flat on the prior period but ahead of UBS. Revenue growth accelerated in the December quarter, the broker notes, in the face of trade tensions, Hong Kong protests and currency headwinds.
In response to the virus, Qantas will reduce capacity by -4%, which will impact on profit despite fuel cost savings, but is not as bad as the market feared, the broker suggests.
Aside from the benefits of lower oil prices, the broker believes the market will likely look through the impact of the virus and on to FY21. Buy retained, target rises to $7.40 from $7.25.
Target price is $7.40 Current Price is $6.49 Difference: $0.91
If QAN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $7.20, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 27.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.5, implying annual growth of -8.2%. Current consensus DPS estimate is 25.2, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 29.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.3, implying annual growth of 33.3%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.16
Macquarie rates RDY as Outperform (1) -
First half results were in line with prospectus forecasts. Macquarie finds the growth outlook positive and the valuation undemanding.
Significant scope is envisaged for further multiple re-rating. Outperform maintained. Target is raised to $2.70 from $2.50.
Target price is $2.70 Current Price is $2.16 Difference: $0.54
If RDY meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 2.00 cents and EPS of 9.80 cents. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 4.90 cents and EPS of 12.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.86
Ord Minnett rates SBM as Buy (1) -
First half results were slightly below forecasts. Guidance for FY20 is unchanged.
Ord Minnett assesses the main catalysts include the Simberi sulphide reserves & resources along with a final investment decision, delivery on the Gwalia extension and developing growth options at Moose River.
Buy rating maintained. Target is lowered to $3.40 from $3.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.40 Current Price is $2.86 Difference: $0.54
If SBM meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $3.03, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of -16.3%. Current consensus DPS estimate is 9.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of 57.1%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 8.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.92
Citi rates SFR as Neutral (3) -
It appears the interim performance was better-than-anticipated by Citi, but the analysts had to observe how the share price fell to near a three-year low as coronavirus disruption hit copper demand short-term and with transient operational issues affecting the performance at Monty.
Citi has kept the rating at Neutral in combination with an unchanged price target of $6.20. Bringing T3 (in Botswana) on line by 2022 remains key to Sandfire Resources' outlook, says the broker, adding shareholders need to consider if they want to hold on for the project development ride.
Management re-affirmed guidance for H2 including higher head grades. Citi points out an updated ore reserve is due for April.
Target price is $6.20 Current Price is $4.92 Difference: $1.28
If SFR meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 19.80 cents and EPS of 52.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 24.30 cents and EPS of 79.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SFR as Outperform (1) -
First half earnings missed Credit Suisse estimates. The broker notes there was no new guidance that would change expectations for DeGrussa.
The balance sheet is in good shape and management appears intent on progressing both MOD and Black Butte. The broker considers the Botswana operations are the main opportunity that will drive future value.
Outperform rating and $6.30 target maintained.
Target price is $6.30 Current Price is $4.92 Difference: $1.38
If SFR meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 13.15 cents and EPS of 54.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 19.99 cents and EPS of 79.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Outperform (1) -
First half results were weaker than expected. Macquarie reduces FY20-23 earnings estimates by -30% because of higher charges.
An updated reserve estimate for Monty is expected in April and should enable the company to update the life-of-mine plan for DeGrussa.
Macquarie maintains an Outperform rating, noting favourable currency and a strong gold price underpin the upside. Target is reduced to $6.00 from $6.80.
Target price is $6.00 Current Price is $4.92 Difference: $1.08
If SFR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 13.00 cents and EPS of 39.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 13.00 cents and EPS of 51.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SFR as Overweight (1) -
First half earnings were weaker than Morgan Stanley expected, with higher depreciation and more expensed exploration. Free cash flow was better than expected.
The broker expects a strong skew to the second half and continues to envisage value in the high cash flow. Overweight and $6.60 target retained. Industry view is In-Line.
Target price is $6.60 Current Price is $4.92 Difference: $1.68
If SFR meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 25.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 38.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Hold (3) -
First half results were below forecasts. Ord Minnett looks forward to further detail on project scope or approvals in order to gain more comfort around the development risks.
Hold rating maintained. Target is lowered to $6.00 from $6.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $6.00 Current Price is $4.92 Difference: $1.08
If SFR meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 107.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SFR as Neutral (3) -
Sandfire Resources posted a solid result, in line with expectation. From here, all hinges on delivery of growth, the broker suggests, now that DeGrussa appears to be in its last 2-3 years of mine life.
Monty is scheduled to grow production in FY21 but the broker has concerns over grades. An update on Monty reserves is due in April. Neutral and $6.00 target retained.
Target price is $6.00 Current Price is $4.92 Difference: $1.08
If SFR meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $6.25, suggesting upside of 27.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 23.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of -9.4%. Current consensus DPS estimate is 19.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 8.3. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 32.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.6, implying annual growth of 48.2%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 5.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.32
Credit Suisse rates SGP as Neutral (3) -
First half results were in line with expectations. The residential recovery is evident, in the broker's view, and looking forward to FY21 Stockland management is guiding to an 18% operating profit margin.
A future growth driver is the $4.3bn commercial development pipeline, suggest the analysts. Neutral rating maintained. Target is raised to $4.97 from $4.49.
Target price is $4.97 Current Price is $5.32 Difference: minus $0.35 (current price is over target).
If SGP meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.77, suggesting downside of -10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 28.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.2, implying annual growth of 178.5%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 29.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.7, implying annual growth of 1.4%. Current consensus DPS estimate is 28.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.25
Credit Suisse rates SGR as Neutral (3) -
Credit Suisse found the first half results solid, given the tough market. Estimates for earnings per share are upgraded by 1-4% over the forecast period.
The Sovereign Room is opening two months earlier than previously modelled which enhances the upgrade to FY20 estimates. The broker retains a Neutral rating and raises the target to $4.20 from $4.00.
Target price is $4.20 Current Price is $4.25 Difference: minus $0.05 (current price is over target).
If SGR 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 $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 20.50 cents and EPS of 26.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 20.50 cents and EPS of 24.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
First half operating earnings were in line with guidance. Macquarie notes The Star Gold Coast has delivered a 14% return on the $345m expansion, supporting the Queen's Wharf Brisbane opportunity.
The broker considers the stock its top pick in the Australasian listed casino segment. Target slips to $4.50 from $4.55. Outperform retained.
Target price is $4.50 Current Price is $4.25 Difference: $0.25
If SGR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 18.50 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 19.50 cents and EPS of 25.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
First half results were in line. Morgan Stanley considers the start to the second half reasonable. No specific guidance was provided for the full year.
Early trading in January to mid-February has signalled domestic revenue is flat with VIP volumes up. The company remains cautious going forward.
Overweight retained. $4.50 target. Industry view: Cautious.
Target price is $4.50 Current Price is $4.25 Difference: $0.25
If SGR meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 21.20 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 25.20 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SGR as Add (1) -
Star Entertainment Group reported an FY20 full-year result in line with the broker and guidance outpaced. Revenue was strong and the domestic business, which comprises 92% of group earnings, rose 6%. The dividend missed a beat, -3% below forecasts.
Management says the bushfires, coronavirus, and cautious consumer environment will weigh on the second half and has provided no specfic guidance, but notes domestic revenue for January 1 to February 16 was pleasingly flat on the previous corresponding strong half.
Morgans cuts FY20, FY21 and FY22 earnings forecasts -2.7%, -2.1% and -1.7%. The target price falls to $5.08 from $5.48. Add rating retained, the broker noting upside of 17% on the revised target price, and an extra 4.7% from the fully franked dividend.
Target price is $5.08 Current Price is $4.25 Difference: $0.83
If SGR meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 21.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 22.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Hold (3) -
Ord Minnett observes the company delivered earnings growth in the first half amid well-managed costs and capital expenditure. The outlook for the rest of FY20 is outside of the company's control, in the broker's view.
The broker expects operating earnings in FY20 will fall -3.1%. Queen's Wharf and the hotel room expansions remain the long-term driver but the international VIP business remains under increased scrutiny.
Hold rating maintained. Target is reduced to $4.40 from $4.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $4.40 Current Price is $4.25 Difference: $0.15
If SGR meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 20.50 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 21.50 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Neutral (3) -
Star Entertainment reported in line with guidance updated in October. The highlight, the broker suggests, was 29% earnings growth on the Gold Coast, which continues to ramp up following significant investment. Management noted the virus has not impacted on either domestic or VIP activity so far. The broker has cut forecasts due to the earlier start-up date for Crown Resorts' ((CWN)) Sydney casino.
The company boasts a strong balance sheet and a 5% yield and there are many events and catalysts on the horizon, the broker notes, including Crown Sydney, Sydney gaming tax decision, the virus and the government inquiry into Crown, among others. Neutral retained, target falls to $4.40 from $4.50.
Target price is $4.40 Current Price is $4.25 Difference: $0.15
If SGR meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.47, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 21.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.6, implying annual growth of 18.5%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 21.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.6, implying annual growth of 3.9%. Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SIQ SMARTGROUP CORPORATION LTD
Vehicle Leasing & Salary Packaging
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Overnight Price: $7.34
Morgan Stanley rates SIQ as Equal-weight (3) -
Smartgroup's 2019 results were in line with guidance and Morgan Stanley's estimates. Cash conversion was strong at 106%.
Morgan Stanley notes a further $17m in revenue is exposed to regulatory review, but there is not a direct flow through to earnings so the net profit impact is likely to be lessened.
No specific outlook was provided. Equal-weight. Target is $8.70. Sector view is In-Line.
Target price is $8.70 Current Price is $7.34 Difference: $1.36
If SIQ meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 23.3%. Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.9, implying annual growth of 1.9%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SIQ as Hold (3) -
Smartgroup's FY19 full-year result met revised guidance after announcing negative alterations to add-on insurance. Morgans expects the issue could continue to dog the company.
The balance sheet is healthy and the broker expects the company will hit a net cash position by the end of December and forecasts capital management in the absence of any acquisitions.
Price target eases to $8.55 from $8.57. Hold rating retained, the broker expressing caution until insurance risks resolve.
Target price is $8.55 Current Price is $7.34 Difference: $1.21
If SIQ meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 43.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 23.3%. Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 43.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.9, implying annual growth of 1.9%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SIQ as Hold (3) -
2019 results were broadly in line with Ord Minnett's expectations. Volume growth was the key positive, with strong numbers in novated leasing and salary packaging over the last six months.
The company has indicated that pressures from the lending panel have stabilised but the broker notes the outlook for the add-on insurances remains somewhat uncertain, and both Treasury and ASIC reviews are continuing.
Hold maintained. Target is reduced to $7.90 from $9.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.90 Current Price is $7.34 Difference: $0.56
If SIQ meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 17.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 45.00 cents and EPS of 46.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.8, implying annual growth of 23.3%. Current consensus DPS estimate is 44.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 49.00 cents and EPS of 48.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.9, implying annual growth of 1.9%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates STO as No Rating (-1) -
2019 operating earnings (EBITDA) were slightly lower than Credit Suisse expected. Operating expenditure guidance for 2020 of US$7-7.4/boe presents a profile similar to 2019 and is above prior estimates.
There was no reassurance on PNG expansion. A final investment decision on Barossa is delayed to the second quarter.
The broker is restricted on providing a rating or target at present.
Current Price is $7.93. Target price not assessed.
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 17.35 cents and EPS of 66.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 18.36 cents and EPS of 66.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates STO as Outperform (1) -
2020 guidance is unchanged while 2019 results were weaker than Macquarie expected at the profit line and in terms of cash flow.
The company continues to expand its production profile, driving down costs. The purchase of the ConocoPhilips interests are expected to be completed in the first quarter of 2020.
Outperform rating maintained. Target is reduced to $9.20 from $9.60.
Target price is $9.20 Current Price is $7.93 Difference: $1.27
If STO meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 21.00 cents and EPS of 74.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 8.69 cents and EPS of 62.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates STO as Equal-weight (3) -
Morgan Stanley assesses the cost reduction story for Santos appears to be over. At the same time the free cash profile is diminished over the next three years because of heavy expenditure.
The broker also notes ESG momentum around energy companies is growing quickly although, on the positive side, Santos is deploying carbon capture and storage and has potential to be a leader in this field.
The broker suggests this is a defensive move given the high carbon dioxide content in gas from the Cooper Basin.
Equal-weight maintained. Target is $7.80. Industry view: In-Line.
Target price is $7.80 Current Price is $7.93 Difference: minus $0.13 (current price is over target).
If STO meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 13.32 cents and EPS of 40.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 13.90 cents and EPS of 40.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates STO as Hold (3) -
Santos reported a FY19 full-year result in line with the broker and just shy of consensus. Free cash flow was strong at US$1.1bn, and margins were solid, thanks to good cost management and a weaker Australian dollar, the broker comments.
Morgans sees no swift completion of developments to offset a -5% to -7% fall in the oil price for FY20 and FY21, and cuts estimates accordingly. Hold recommendation retained. Target price eases to $8.49 from $8.66.
Target price is $8.49 Current Price is $7.93 Difference: $0.56
If STO meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 28.96 cents and EPS of 73.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 14.48 cents and EPS of 92.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates STO as Upgrade to Accumulate from Hold (2) -
2019 underlying net profit was below Ord Minnett's forecasts. This largely stemmed from the impact of a substantial increase in depreciation in 2018.
The broker notes the suite of operating assets continues to perform and costs are being managed well.
Cost discipline will be a key driver of maintaining a healthy balance sheet, the broker asserts, as the company prepares to embark on a multi-year growth phase.
Rating is upgraded to Accumulate from Hold and the target rises to $9.20 from $9.10.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $9.20 Current Price is $7.93 Difference: $1.27
If STO meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 55.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 59.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates STO as Neutral (3) -
Santos' operational performance was in line with expectation. The company continues to demonstrate a disciplined operating model, the broker suggests, with unit production costs reduced to allow balance sheet capacity to fund its growth ambitions while keeping gearing in check. The broker expects positive momentum in growth over the next 12 months.
Greater uncertainty around P'nyang leads the broker to lower its risk weighting on PNG expansion, resulting in a target price cut to $8.10 from $8.30. Neutral retained.
Target price is $8.10 Current Price is $7.93 Difference: $0.17
If STO meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.62, suggesting upside of 8.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 18.82 cents and EPS of 65.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.2, implying annual growth of N/A. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 18.82 cents and EPS of 79.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 67.2, implying annual growth of 3.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 11.8. |
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
SUL SUPER RETAIL GROUP LIMITED
Automobiles & Components
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Overnight Price: $9.77
Citi rates SUL as Buy (1) -
Super Retail had pre-released, remind us Citi analysts, but upon the actual release surprised positively with its trading update on the early beginnings of H2. The latter has triggered increased forecasts by Citi.
Having earlier assumed H2 would see negative growth, Citi has now upgraded its EBIT growth forecast for H1 to a positive 1%. Citi found the standout performance in the trading update was delivered by Rebel, where like-for-like sales growth is accelerating.
AASB16 is now part of future modeling. Buy rating retained, with the price target shifting to $10.60, up from $9.90. The suggestion made is that Super Retail shares look undervalued.
Target price is $10.60 Current Price is $9.77 Difference: $0.83
If SUL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 50.00 cents and EPS of 67.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 53.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUL as Neutral (3) -
Credit Suisse suspects investor debates will be heightened after the results, with rising costs countering strong growth in sales revenue and resulting in a flat profit outcome from the automotive and sports divisions.
The main issue is whether the company can contain costs growth and leverage the strong top-line into profit. Credit Suisse is not entirely comfortable about the outcome but, on balance, forecasts accelerating profit growth in FY21.
Neutral maintained. Target rises to $9.94 from $9.46.
Target price is $9.94 Current Price is $9.77 Difference: $0.17
If SUL meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 50.50 cents and EPS of 65.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 49.64 cents and EPS of 74.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUL as Upgrade to Outperform from Neutral (1) -
First half results were marginally ahead of the provisionally-released data in January.
Macquarie notes the bushfire impact has already been flagged and the outdoor category may get worse before it gets better if distressed retailers discount to generate cash.
Of more concern was the apparent mis-step in pricing strategy in Macpac, which occurred prior to the bushfires.
At the risk of being early, the broker upgrades to Outperform from Neutral on a 12-month view. Target is raised to $10.38 from $8.60. Coverage is transferred to another analyst.
Target price is $10.38 Current Price is $9.77 Difference: $0.61
If SUL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 45.20 cents and EPS of 69.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 51.40 cents and EPS of 76.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SUL as Overweight (1) -
Given the pre-release of the first half, the main news for Morgan Stanley was that the first six weeks of trading in the second half shows like-for-like sales accelerated at Supercheap Auto, and Rebel was also strong.
BCF like-for-like sales contracted -8% in the period, affected by the bushfires. As January is a key month for second half earnings, Morgan Stanley forecasts a -31% decline in second half BCF earnings (EBIT).
Overweight rating maintained. Target is $10.50. Industry View: Cautious.
Target price is $10.50 Current Price is $9.77 Difference: $0.73
If SUL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 EPS of 78.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUL as Add (1) -
Super Retail Group's FY20 first-half result met recent guidance, the company suffering from weakness in Macpac and store labour inflation and a kick-up in depreciation and amortisation.
On the upside, management's trading update points to an acceleration in like for like sales in SCA and Rebel, with the added comment the effects of recent weather events were felt in some categories.
Management provided no guidance. Morgans shaves second-half earnings estimates, but increases the target price to $10.78 from $10.67, noting a pleasing rise in like for like sales and a 5.2% yield. Add rating retained.
Target price is $10.78 Current Price is $9.77 Difference: $1.01
If SUL meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 46.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 50.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUL as Upgrade to Accumulate from Hold (2) -
First half results were broadly in line with Ord Minnett's forecasts. Like-for-like sales growth at the start of the second half was mixed with Rebel and SuperCheap Auto solid and BCF weak.
Despite the bushfires and labour costs, Ord Minnett is more confident about the outlook for Rebel. Valuation support has also emerged and the broker upgrades to Accumulate from Hold. Target is raised to $10.50 from $10.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.50 Current Price is $9.77 Difference: $0.73
If SUL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUL as Buy (1) -
Super Retail's result was a little better than a recent downgrade suggested. BCF again dragged, with 37% of stores impacted by bushfires, leading to a trimming of earnings forecasts.
It's been a challenging year but the broker notes the company is favorably exposed to an improving consumer, has a clear strategy and is attractive on valuation.
Buy retained, target rises to $10.10 from $9.90.
Target price is $10.10 Current Price is $9.77 Difference: $0.33
If SUL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.40, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 47.00 cents and EPS of 67.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of -3.0%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 51.50 cents and EPS of 74.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.5, implying annual growth of 10.2%. Current consensus DPS estimate is 51.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.85
UBS rates SXL as Buy (1) -
Southern Cross Media had been sold down on bushfire impact, the broker notes, with assumptions regional ad spend would be hit at a time advertising demand is already weak. However, the company reported no discernible impact to date, and this is what drove the positive response to an otherwise in-line result.
Weakness has continued into the second half but management expects a lift in ad spend from insurance, banking and local and federal governments in the June quarter. The broker retains Buy, believing current weakness in radio is cyclical. Target remains unchanged at $1.05.
Target price is $1.05 Current Price is $0.85 Difference: $0.2
If SXL meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.95, suggesting upside of 11.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 5.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of N/A. Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 6.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of 4.7%. Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 9.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $8.40
Citi rates SYD as Sell (5) -
Citi believes the 2029 result was in-line, with weaker than forecast Aero revenues largely offset by better than forecast cost control. But uncertainty looms large, regardless. Non-aero revenues were in line with forecasts.
To add to the uncertainty, Sydney Airport management has not provided any dividend guidance for the year ahead. Citi analysts reduce forecasts by -2%-3% and their target price to $6.83 from $6.94.
Also, management commentary about taxes and dividends has led to Citi's conclusion that growth in dividends might be lower for longer, also because of current coronavirus impact. Sell rating retained (too much uncertainty).
Target price is $6.83 Current Price is $8.40 Difference: minus $1.57 (current price is over target).
If SYD meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 39.80 cents and EPS of 17.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 41.00 cents and EPS of 20.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYD as Outperform (1) -
2019 results were in line with expectations. The lack of guidance on dividends was a surprise to Macquarie but an unchanged outcome is expected, as the company looks through the one-off items such as coronavirus, particularly if this is contained to the first half.
Upside exists around contract renewals, the broker adds. Outperform rating maintained. Target is lowered to $8.61 from $8.68.
Target price is $8.61 Current Price is $8.40 Difference: $0.21
If SYD meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 41.00 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 43.00 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYD as Equal-weight (3) -
Morgan Stanley agrees with consensus that the company's earnings and valuation will remain resilient and resistant to the large, albeit infrequent, negative events such as the bushfires and the coronavirus.
Sydney Airport declined to provide 2020 guidance at this time in view of the uncertainty, nevertheless.
The broker notes the business has already responded to weakening aeronautical markets in 2019 via efficiency measures and recent refinancing activity is considered positive.
Equal-weight. Target is reduced to $8.50 from $8.77. Industry view is Cautious.
Target price is $8.50 Current Price is $8.40 Difference: $0.1
If SYD meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 39.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 41.50 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SYD as Upgrade to Add from Hold (1) -
Morgans issues a call to action for Sydney Airport, after the company posted a solid 2H19 result, thanks to strength in commercial.
Cash conversion was 98%, and net operating receipts rose 5%, covering the second-half dividend by 107%.
Management failed to provide dividend guidance, possibly because of the coronavirus. The broker says the virus will impact over the next few months but expects a strong rebound after that, given management expected a repeat of the SARS scare.
EPS forecasts fall -4% for FY20 and outer years rise 1% to 2%. If coronavirus sentiment strengthens, the stock price could further weaken, but the broker believes sufficient value exists at these prices and upgrades to Add from Hold. Target price rises to $9.10 from $8.98.
Target price is $9.10 Current Price is $8.40 Difference: $0.7
If SYD meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 41.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SYD as Lighten (4) -
2019 results were broadly in line with expectations. Ord Minnett observes there are good medium-term investment opportunities although the near term is clouded by the issues surrounding coronavirus.
Passenger growth has been severely affected in 2020 to date and no guidance has been provided by the company. Lighten rating retained. Target is lowered to $8.00 from $8.20.
Target price is $8.00 Current Price is $8.40 Difference: minus $0.4 (current price is over target).
If SYD meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SYD as Neutral (3) -
Sydney Airport's result was in line, with earnings up 4% on flat traffic and cash flow up 6% on a flat interest cost. The company deviated from standard practice nonetheless by not issuing FY distibution guidance, due to the as yet unkown impact of the virus.
UBS has cut its traffic and cashflow forecasts.
But the broker, too, admits the numbers are just a guess. Management pointed out SARS resulted in a -15-20% fall in traffic and February to date is tracking at -5-10%. Neutral and $8.50 target retained with a caveat of uncertainty.
Target price is $8.50 Current Price is $8.40 Difference: $0.1
If SYD meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.06, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 39.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.2, implying annual growth of -3.9%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 48.8. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 40.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 19.2%. Current consensus DPS estimate is 41.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 41.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.17
Credit Suisse rates TAH as Neutral (3) -
Credit Suisse downgrades estimates for earnings per share by -5-9% over the forecast period as wagering and media revenue missed forecasts in the first half.
Gaming suffered significant erosion because of lost contracts and reduced pricing. Meanwhile lotteries grew strongly, benefiting from extended jackpot trends.
Neutral rating maintained. Target is reduced to $4.50 from $5.00.
Target price is $4.50 Current Price is $4.17 Difference: $0.33
If TAH meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 10.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 20.00 cents and EPS of 17.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.8, implying annual growth of 4.4%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 22.2. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 21.00 cents and EPS of 18.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of 1.1%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TYR TYRO PAYMENTS LIMITED
Business & Consumer Credit
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Overnight Price: $4.26
Morgan Stanley rates TYR as Overweight (1) -
Morgan Stanley expects the first half results should underpin confidence in the company achieving, or improving on, FY20 forecasts.
Momentum has continued in January, which is positive, given the mixed retail sales environment, the broker suggests. Overweight rating and $4.15 target. Industry view is Attractive.
Target price is $4.15 Current Price is $4.26 Difference: minus $0.11 (current price is over target).
If TYR meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 4.00 cents. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 4.00 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TYR as Accumulate (2) -
The first half loss was in line with expectations. Ord Minnett observed some erosion to gross margins in the half yar but good cost control was demonstrated.
In addition, the January update was strong and the business appears well able to meet guidance. Accumulate retained. Target is lifted to $4.60 from $3.75.
Target price is $4.60 Current Price is $4.26 Difference: $0.34
If TYR meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 EPS of minus 4.00 cents. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 EPS of minus 2.00 cents. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.88
Morgan Stanley rates VEA as Overweight (1) -
Viva Energy has sold its 35% interest in Viva Energy REIT ((VVR)). Morgan Stanley believes the market will welcome the news as it offers flexibility regarding capital management and further acquisitions over time.
Overweight.Target is $2.30. Industry view is In-Line.
Target price is $2.30 Current Price is $1.88 Difference: $0.42
If VEA meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $2.14, suggesting upside of 13.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.90 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.7, implying annual growth of -74.2%. Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.4. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 8.20 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 46.8%. Current consensus DPS estimate is 7.5, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.75
Morgan Stanley rates VVR as Underweight (5) -
Morgan Stanley notes the company's largest shareholder Viva Energy Group ((VEA)) is selling its entire 35.5% stake.
Charter Hall ((CHC)) and Charter Hall Long WALE REIT ((CLW)) will each take a 5% stake. The remainder will be sold to the market.
This will trigger a review event under the terms of the company's debt facility arrangements, Morgan Stanley notes.
No announcement has been made on the management rights of Viva Energy REIT which currently reside with Viva Energy Group.
Charter Hall has confirmed to the broker it does not have a core strategy to hold passive stakes in listed entities it does not manage.
Underweight maintained. Target is $2.70. Industry view is In-Line.
Target price is $2.70 Current Price is $2.75 Difference: minus $0.05 (current price is over target).
If VVR meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.72, suggesting downside of -1.0% (ex-dividends)
Forecast for FY20:
Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY21:
Current consensus EPS estimate is 15.9, implying annual growth of 5.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VVR as Hold (3) -
Viva Energy REIT's FY19 full-year result met guidance and distributable EPS hit the upper end of guidance.
Morgans notes the stock remains a solid defensive, given its 11.7-year average contracts with 95% of leases locked in to 3% increases a year, and 100% occupancy.
Distributable earnings guidance for FY20 of 3% to 3-75% was solid.
The company has targeted $100m in acquisitions over FY20 and has an undrawn $200m line of credit. Capital management could also be on the cards.
Hold rating retained. Target price inches up to $2.77 from $2.73.
Target price is $2.77 Current Price is $2.75 Difference: $0.02
If VVR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.72, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 15.10 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 15.70 cents and EPS of 15.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 5.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VVR as Hold (3) -
2019 distributable income was in line with Ord Minnett's forecasts. The company acquired 15 assets in 2019 for $95m and is targeting $100m in acquisitions in 2020.
Viva Energy Group ((VEA)) has sold its 35.5% interest in the business and Charter Hall Group ((CHC)) and Charter Hall Long WALE ((CLW)) have acquired a 5% stake each.
Ord Minnett notes Charter Hall Group has been active in this asset class, having acquired a 59% interest in a $1.7bn portfolio of BP service stations.
Hold rating maintained with the target raised to $2.70 from $2.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $2.70 Current Price is $2.75 Difference: minus $0.05 (current price is over target).
If VVR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.72, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 15.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 15.1, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 18.2. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 16.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 5.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $25.84
Morgans rates WBC as Add (1) -
Westpac's 1Q20 Pillar 3 report shows credit quality and funding are generally sound, comment the analysts. The December 19 Level 2 CET1 capital ratio fell a touch shy of the broker, but doesn't affect the base case.
The banks signals a possible increase in FY20 operating expenses, already flagged by the broker.
Westpac remains Morgans' preferred major bank and Morgans believes the AUSTRAC-related selling to be overdone (the broker factors in a -$1bn penalty).
EPS forecasts are cut -1.2%, -0.8% and -0.7% for FY20/FY21/FY22 to reflect higher insurance claims in FY20 and higher expenses forecasts. Add recommendation retained. Target price steady at $30.
Target price is $30.00 Current Price is $25.84 Difference: $4.16
If WBC meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $26.15, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 160.00 cents and EPS of 219.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 177.5, implying annual growth of -23.1%. Current consensus DPS estimate is 157.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 175.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 194.5, implying annual growth of 9.6%. Current consensus DPS estimate is 155.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $46.07
Morgan Stanley rates WES as Equal-weight (3) -
Morgan Stanley asserts the Target business and the industrial & safety divisions remain problematic for Wesfarmers with little scope for a rapid turnaround.
The company has sold a 4.9% stake in Coles ((COL)) retaining a residual 10.1% stake. Wesfarmers will assess future capital requirements and opportunities to return proceeds to shareholders.
Morgan Stanley retains an Equal-weight rating and the target is raised to $41.50 from $40.00. Cautious industry view.
Target price is $41.50 Current Price is $46.07 Difference: minus $4.57 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.40, suggesting downside of -10.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 151.00 cents and EPS of 137.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 165.2, implying annual growth of -3.4%. Current consensus DPS estimate is 147.7, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 27.9. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 152.00 cents and EPS of 144.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.3, implying annual growth of 3.7%. Current consensus DPS estimate is 153.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 26.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.25
Citi rates WHC as Neutral (3) -
A drop of no less than -90% in net profit for H1 came as a disappointment to Citi. The drop was caused by the lethal combination of a lower product price and higher costs. The good news is: Citi thinks this should be the bottom for the time being.
Higher debt meant the 1.15c in declared interim dividend was only half the 3c expected by Citi. The analysts note Whitehaven Coal spent -$16m during 1H to ensure water security and company management noted no impact had materialised on operations due to water availability.
Earnings estimates have been lowered by some -8%. Citi's unrisked DCF valuation goes down by -9% to $4.24. Price target falls to $2.50. The analysts are anticipating an earnings recovery in FY21.
Target price is $2.50 Current Price is $2.25 Difference: $0.25
If WHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 3.00 cents and EPS of 4.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Citi forecasts a full year FY21 dividend of 5.00 cents and EPS of 12.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Outperform (1) -
Whitehaven Coal's first half results were below expectations. There is no change to FY20 guidance. Credit Suisse assesses there is some upside to expectations, notwithstanding the fact the second half at both Narrabri and Maules Creek needs to be strong.
The broker considers the currency favourable and thermal coal prices are inching higher, so the second half should be better from a volume perspective, even if guidance misses slightly. Outperform rating and $3.50 target maintained.
Target price is $3.50 Current Price is $2.25 Difference: $1.25
If WHC meets the Credit Suisse target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 5.57 cents and EPS of 10.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 16.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WHC as Neutral (3) -
First half results were weaker than Macquarie expected. The broker reduces estimates for FY21 and beyond by -10-30% because of higher depreciation charges.
Near-record levels of ROM production are required at Narrabri and Maules Creek in the second half to achieve the lower end of guidance, the broker observes.
Meanwhile, in the longer term, approvals for Vickery and Winchester South could mean production doubles over the next 10 years.
Neutral rating maintained. Target is reduced to $2.20 from $2.60.
Target price is $2.20 Current Price is $2.25 Difference: minus $0.05 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 3.00 cents and EPS of 5.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Macquarie forecasts a full year FY21 dividend of 4.00 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WHC as Overweight (1) -
First half results were weaker than expected. Morgan Stanley assesses higher mining costs pose a risk to guidance but suspects the market will focus on the weak results, and this provides an opportunity for investors.
Overweight rating and In-Line industry view maintained. Target is reduced to $3.20 from $3.65.
Target price is $3.20 Current Price is $2.25 Difference: $0.95
If WHC meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 3.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Morgan Stanley forecasts a full year FY21 dividend of 2.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WHC as Add (1) -
Whitehaven Coal's FY20 first half result fell -10% shy of the broker, thanks to higher than expected depreciation, and the dividend fell about -70% shy of consensus, albeit in line with the distribution policy.
Nonetheless, Morgans takes comfort in the balance sheet (gearing of 15.4%) combined with reconfirmed guidance for a second-half operational recovery.
The thermal price outlook remains uncertain given the coronavirus and LNG oversupply, but the broker believes this is captured in the share price. Target price falls to $3.12 from $3.46. Add rating retained given the stock is trading at a -30% discount to the target price.
Target price is $3.12 Current Price is $2.25 Difference: $0.87
If WHC meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 3.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Morgans forecasts a full year FY21 dividend of 8.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WHC as Hold (3) -
First half results missed expectations. Ord Minnett was unimpressed with the borrowing of $400m to cover the second half dividend and the poor cash generation.
The broker believes the company needs a catalyst , with many issues overhanging the stock. However, the downside risk is considered somewhat limited.
The stock is down -13% in the year to date and appears to have disconnected from thermal coal prices, according to the analysts. Hold rating maintained. Target is reduced to $2.70 from $2.80.
Target price is $2.70 Current Price is $2.25 Difference: $0.45
If WHC meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
Ord Minnett forecasts a full year FY20 dividend of 6.50 cents and EPS of 13.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
Ord Minnett forecasts a full year FY21 dividend of 13.00 cents and EPS of 27.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WHC as Buy (1) -
Whitehaven Coal's -90% profit reduction, due to -30% lower coal prices, was not actually as bad as the broker had forecast, although the broker was well below the market.
Looking forward, the broker is confident the first half will mark the bottom of the cycle, with volumes skewed to the second half and prices troughing. Near term prices are benefiting from reduced production in China.
The broker also believes the market is not valuing the company's growth projects. Buy and $3.80 target retained.
Target price is $3.80 Current Price is $2.25 Difference: $1.55
If WHC meets the UBS target it will return approximately 69% (excluding dividends, fees and charges).
Current consensus price target is $3.00, suggesting upside of 33.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY20:
UBS forecasts a full year FY20 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 7.6, implying annual growth of -85.8%. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY21:
UBS forecasts a full year FY21 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 117.1%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Today's Price Target Changes
Company | Last Price | Broker | New Target | Prev Target | Change | |
AHY | ASALEO CARE | $1.15 | Credit Suisse | 1.25 | 1.10 | 13.64% |
ANZ | ANZ BANKING GROUP | $27.18 | Morgans | 27.50 | 27.00 | 1.85% |
ASB | AUSTAL | $4.39 | Macquarie | 5.00 | 4.75 | 5.26% |
AX1 | ACCENT GROUP | $1.99 | Citi | 2.04 | 1.95 | 4.62% |
BIN | BINGO INDUSTRIES | $3.23 | Macquarie | 3.10 | 2.75 | 12.73% |
UBS | 3.45 | 3.15 | 9.52% | |||
BLD | BORAL | $5.09 | Credit Suisse | 4.70 | 4.10 | 14.63% |
Morgan Stanley | 5.00 | 4.50 | 11.11% | |||
BVS | BRAVURA SOLUTIONS | $5.68 | Macquarie | 6.20 | 5.80 | 6.90% |
CCL | COCA-COLA AMATIL | $12.85 | Credit Suisse | 11.40 | 11.00 | 3.64% |
Macquarie | 13.60 | 11.20 | 21.43% | |||
Morgan Stanley | 12.00 | 9.00 | 33.33% | |||
Morgans | 12.35 | 11.00 | 12.27% | |||
Ord Minnett | 14.00 | 13.00 | 7.69% | |||
UBS | 12.00 | 9.10 | 31.87% | |||
CCX | CITY CHIC | $3.56 | Citi | 2.85 | 2.30 | 23.91% |
CQR | CHARTER HALL RETAIL | $4.94 | Citi | 3.76 | 3.69 | 1.90% |
Credit Suisse | 4.70 | 4.27 | 10.07% | |||
Macquarie | 5.31 | 5.20 | 2.12% | |||
UBS | 4.80 | 4.31 | 11.37% | |||
CTD | CORPORATE TRAVEL | $16.00 | Macquarie | 18.00 | 21.50 | -16.28% |
UBS | 28.00 | 29.60 | -5.41% | |||
DHG | DOMAIN HOLDINGS | $3.61 | Credit Suisse | 2.70 | 2.85 | -5.26% |
Macquarie | 3.80 | 3.60 | 5.56% | |||
Ord Minnett | 3.95 | 3.65 | 8.22% | |||
UBS | 3.60 | 3.50 | 2.86% | |||
EBO | EBOS GROUP | $24.00 | Citi | 23.50 | 23.00 | 2.17% |
Morgans | 24.65 | 24.07 | 2.41% | |||
EVT | EVENT HOSPITALITY | $12.48 | Ord Minnett | 14.38 | 15.00 | -4.13% |
EXP | EXPERIENCE CO | $0.23 | Ord Minnett | 0.27 | 0.28 | -3.57% |
IDX | INTEGRAL DIAGNOSTICS | $4.25 | Citi | 4.90 | 4.30 | 13.95% |
Credit Suisse | 4.50 | 3.40 | 32.35% | |||
Ord Minnett | 4.58 | 3.41 | 34.31% | |||
ILU | ILUKA RESOURCES | $9.55 | Credit Suisse | 10.00 | 9.25 | 8.11% |
Morgan Stanley | 10.50 | 10.45 | 0.48% | |||
Ord Minnett | 9.30 | 9.50 | -2.11% | |||
IRE | IRESS | $12.31 | Credit Suisse | 13.55 | 14.05 | -3.56% |
Macquarie | 11.99 | 13.00 | -7.77% | |||
Morgans | 16.30 | 15.42 | 5.71% | |||
Ord Minnett | 12.85 | 13.14 | -2.21% | |||
LLC | LENDLEASE | $19.29 | Macquarie | 21.71 | 21.06 | 3.09% |
UBS | 18.00 | 17.50 | 2.86% | |||
MPL | MEDIBANK PRIVATE | $2.91 | Citi | 3.20 | 3.35 | -4.48% |
Credit Suisse | 2.80 | 2.90 | -3.45% | |||
Macquarie | 2.70 | 2.85 | -5.26% | |||
Morgan Stanley | 2.90 | 2.95 | -1.69% | |||
Ord Minnett | 2.70 | 2.90 | -6.90% | |||
NWH | NRW HOLDINGS | $3.18 | UBS | 4.00 | 3.85 | 3.90% |
OPC | OPTICOMM | $4.60 | Morgans | 4.56 | 3.45 | 32.17% |
ORG | ORIGIN ENERGY | $7.84 | Credit Suisse | 8.50 | 8.70 | -2.30% |
Morgans | 8.15 | 8.43 | -3.32% | |||
Ord Minnett | 9.25 | 9.50 | -2.63% | |||
UBS | 9.30 | 9.25 | 0.54% | |||
PPT | PERPETUAL | $44.97 | Credit Suisse | 45.50 | 41.00 | 10.98% |
Macquarie | 40.00 | 37.50 | 6.67% | |||
Morgan Stanley | 55.00 | 36.00 | 52.78% | |||
Morgans | 44.41 | 43.28 | 2.61% | |||
UBS | 45.30 | 42.85 | 5.72% | |||
PRU | PERSEUS MINING | $1.27 | Credit Suisse | 1.03 | 0.93 | 10.75% |
Macquarie | 1.40 | 1.20 | 16.67% | |||
QAN | QANTAS AIRWAYS | $6.49 | Citi | 6.70 | 7.45 | -10.07% |
Credit Suisse | 6.50 | 6.85 | -5.11% | |||
Macquarie | 7.90 | 8.00 | -1.25% | |||
UBS | 7.40 | 7.25 | 2.07% | |||
RDY | READYTECH HOLDINGS | $2.16 | Macquarie | 2.70 | 2.50 | 8.00% |
SBM | ST BARBARA | $2.86 | Ord Minnett | 3.40 | 3.60 | -5.56% |
SFR | SANDFIRE | $4.92 | Macquarie | 6.00 | 6.80 | -11.76% |
Morgan Stanley | 6.60 | 6.80 | -2.94% | |||
Ord Minnett | 6.00 | 6.10 | -1.64% | |||
SGP | STOCKLAND | $5.32 | Credit Suisse | 4.97 | 4.49 | 10.69% |
SGR | STAR ENTERTAINMENT | $4.25 | Credit Suisse | 4.20 | 4.00 | 5.00% |
Macquarie | 4.50 | 4.55 | -1.10% | |||
Morgans | 5.08 | 5.48 | -7.30% | |||
Ord Minnett | 4.40 | 4.50 | -2.22% | |||
UBS | 4.40 | 4.50 | -2.22% | |||
SIQ | SMARTGROUP | $7.34 | Morgans | 8.55 | 8.57 | -0.23% |
Ord Minnett | 7.90 | 9.00 | -12.22% | |||
STO | SANTOS | $7.93 | Macquarie | 9.20 | 9.60 | -4.17% |
Morgans | 8.49 | 8.66 | -1.96% | |||
Ord Minnett | 9.20 | 9.10 | 1.10% | |||
UBS | 8.10 | 8.30 | -2.41% | |||
SUL | SUPER RETAIL | $9.77 | Citi | 10.60 | 9.90 | 7.07% |
Credit Suisse | 9.94 | 9.46 | 5.07% | |||
Macquarie | 10.38 | 8.60 | 20.70% | |||
Morgans | 10.78 | 10.67 | 1.03% | |||
Ord Minnett | 10.50 | 10.00 | 5.00% | |||
UBS | 10.10 | 9.90 | 2.02% | |||
SXL | SOUTHERN CROSS MEDIA | $0.85 | UBS | 1.05 | 1.15 | -8.70% |
SYD | SYDNEY AIRPORT | $8.40 | Citi | 6.83 | 6.94 | -1.59% |
Macquarie | 8.61 | 8.68 | -0.81% | |||
Morgan Stanley | 8.50 | 8.77 | -3.08% | |||
Morgans | 9.10 | 8.98 | 1.34% | |||
Ord Minnett | 8.00 | 8.20 | -2.44% | |||
TAH | TABCORP HOLDINGS | $4.17 | Credit Suisse | 4.50 | 5.00 | -10.00% |
TYR | TYRO PAYMENTS | $4.26 | Ord Minnett | 4.60 | 3.75 | 22.67% |
VVR | VIVA ENERGY REIT | $2.75 | Morgan Stanley | 2.70 | 2.60 | 3.85% |
Morgans | 2.77 | 2.73 | 1.47% | |||
Ord Minnett | 2.70 | 2.60 | 3.85% | |||
WES | WESFARMERS | $46.07 | Morgan Stanley | 41.50 | 40.00 | 3.75% |
WHC | WHITEHAVEN COAL | $2.25 | Citi | 2.50 | 2.60 | -3.85% |
Macquarie | 2.20 | 2.60 | -15.38% | |||
Morgan Stanley | 3.20 | 3.65 | -12.33% | |||
Morgans | 3.12 | 3.46 | -9.83% | |||
Ord Minnett | 2.70 | 2.80 | -3.57% |
Summaries
AHY | ASALEO CARE | Outperform - Credit Suisse | Overnight Price $1.15 |
ANZ | ANZ BANKING GROUP | Overweight - Morgan Stanley | Overnight Price $27.18 |
Hold - Morgans | Overnight Price $27.18 | ||
Hold - Ord Minnett | Overnight Price $27.18 | ||
ASB | AUSTAL | Buy - Citi | Overnight Price $4.39 |
Outperform - Macquarie | Overnight Price $4.39 | ||
Hold - Ord Minnett | Overnight Price $4.39 | ||
AX1 | ACCENT GROUP | Downgrade to Neutral from Buy - Citi | Overnight Price $1.99 |
BIN | BINGO INDUSTRIES | Outperform - Credit Suisse | Overnight Price $3.23 |
Neutral - Macquarie | Overnight Price $3.23 | ||
Buy - UBS | Overnight Price $3.23 | ||
BLD | BORAL | Neutral - Citi | Overnight Price $5.09 |
Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $5.09 | ||
No Rating - Macquarie | Overnight Price $5.09 | ||
Equal-weight - Morgan Stanley | Overnight Price $5.09 | ||
Hold - Ord Minnett | Overnight Price $5.09 | ||
Buy - UBS | Overnight Price $5.09 | ||
BLX | BEACON LIGHTING | Hold - Morgans | Overnight Price $1.06 |
BPT | BEACH ENERGY | Underweight - Morgan Stanley | Overnight Price $2.10 |
BVS | BRAVURA SOLUTIONS | Outperform - Macquarie | Overnight Price $5.68 |
CCL | COCA-COLA AMATIL | Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $12.85 |
Neutral - Macquarie | Overnight Price $12.85 | ||
Equal-weight - Morgan Stanley | Overnight Price $12.85 | ||
Hold - Morgans | Overnight Price $12.85 | ||
Accumulate - Ord Minnett | Overnight Price $12.85 | ||
Sell - UBS | Overnight Price $12.85 | ||
CCX | CITY CHIC | Sell - Citi | Overnight Price $3.56 |
Overweight - Morgan Stanley | Overnight Price $3.56 | ||
CGC | COSTA GROUP | Underperform - Macquarie | Overnight Price $3.18 |
CQR | CHARTER HALL RETAIL | Sell - Citi | Overnight Price $4.94 |
Neutral - Credit Suisse | Overnight Price $4.94 | ||
Outperform - Macquarie | Overnight Price $4.94 | ||
Neutral - UBS | Overnight Price $4.94 | ||
CTD | CORPORATE TRAVEL | Neutral - Macquarie | Overnight Price $16.00 |
Buy - UBS | Overnight Price $16.00 | ||
DHG | DOMAIN HOLDINGS | Underperform - Credit Suisse | Overnight Price $3.61 |
Outperform - Macquarie | Overnight Price $3.61 | ||
Overweight - Morgan Stanley | Overnight Price $3.61 | ||
Accumulate - Ord Minnett | Overnight Price $3.61 | ||
Upgrade to Neutral from Sell - UBS | Overnight Price $3.61 | ||
EBO | EBOS GROUP | Neutral - Citi | Overnight Price $24.00 |
Upgrade to Add from Hold - Morgans | Overnight Price $24.00 | ||
Buy - UBS | Overnight Price $24.00 | ||
EVT | EVENT HOSPITALITY | Buy - Ord Minnett | Overnight Price $12.48 |
EXP | EXPERIENCE CO | Buy - Ord Minnett | Overnight Price $0.23 |
IDX | INTEGRAL DIAGNOSTICS | Buy - Citi | Overnight Price $4.25 |
Outperform - Credit Suisse | Overnight Price $4.25 | ||
Outperform - Macquarie | Overnight Price $4.25 | ||
Accumulate - Ord Minnett | Overnight Price $4.25 | ||
ILU | ILUKA RESOURCES | Neutral - Citi | Overnight Price $9.55 |
Neutral - Credit Suisse | Overnight Price $9.55 | ||
No Rating - Macquarie | Overnight Price $9.55 | ||
Equal-weight - Morgan Stanley | Overnight Price $9.55 | ||
Hold - Ord Minnett | Overnight Price $9.55 | ||
Neutral - UBS | Overnight Price $9.55 | ||
IPD | IMPEDIMED | Add - Morgans | Overnight Price $0.10 |
IRE | IRESS | Neutral - Credit Suisse | Overnight Price $12.31 |
Downgrade to Underperform from Neutral - Macquarie | Overnight Price $12.31 | ||
Add - Morgans | Overnight Price $12.31 | ||
Hold - Ord Minnett | Overnight Price $12.31 | ||
LLC | LENDLEASE | Buy - Citi | Overnight Price $19.29 |
Outperform - Credit Suisse | Overnight Price $19.29 | ||
Outperform - Macquarie | Overnight Price $19.29 | ||
No Rating - Morgan Stanley | Overnight Price $19.29 | ||
Buy - Ord Minnett | Overnight Price $19.29 | ||
Neutral - UBS | Overnight Price $19.29 | ||
MPL | MEDIBANK PRIVATE | Neutral - Citi | Overnight Price $2.91 |
Underperform - Credit Suisse | Overnight Price $2.91 | ||
Underperform - Macquarie | Overnight Price $2.91 | ||
Equal-weight - Morgan Stanley | Overnight Price $2.91 | ||
Hold - Morgans | Overnight Price $2.91 | ||
Lighten - Ord Minnett | Overnight Price $2.91 | ||
Sell - UBS | Overnight Price $2.91 | ||
MYX | MAYNE PHARMA GROUP | Neutral - Citi | Overnight Price $0.38 |
NWH | NRW HOLDINGS | Buy - UBS | Overnight Price $3.18 |
OPC | OPTICOMM | Hold - Morgans | Overnight Price $4.60 |
ORG | ORIGIN ENERGY | Neutral - Credit Suisse | Overnight Price $7.84 |
Equal-weight - Morgan Stanley | Overnight Price $7.84 | ||
Hold - Morgans | Overnight Price $7.84 | ||
Accumulate - Ord Minnett | Overnight Price $7.84 | ||
Buy - UBS | Overnight Price $7.84 | ||
ORI | ORICA | Neutral - UBS | Overnight Price $21.66 |
PPT | PERPETUAL | Downgrade to Sell from Neutral - Citi | Overnight Price $44.97 |
Neutral - Credit Suisse | Overnight Price $44.97 | ||
Underperform - Macquarie | Overnight Price $44.97 | ||
Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $44.97 | ||
Hold - Morgans | Overnight Price $44.97 | ||
Neutral - UBS | Overnight Price $44.97 | ||
PRU | PERSEUS MINING | Underperform - Credit Suisse | Overnight Price $1.27 |
Outperform - Macquarie | Overnight Price $1.27 | ||
PSQ | PACIFIC SMILES GROUP | Overweight - Morgan Stanley | Overnight Price $2.01 |
QAN | QANTAS AIRWAYS | Neutral/High Risk - Citi | Overnight Price $6.49 |
Neutral - Credit Suisse | Overnight Price $6.49 | ||
Outperform - Macquarie | Overnight Price $6.49 | ||
Overweight - Morgan Stanley | Overnight Price $6.49 | ||
Buy - UBS | Overnight Price $6.49 | ||
RDY | READYTECH HOLDINGS | Outperform - Macquarie | Overnight Price $2.16 |
SBM | ST BARBARA | Buy - Ord Minnett | Overnight Price $2.86 |
SFR | SANDFIRE | Neutral - Citi | Overnight Price $4.92 |
Outperform - Credit Suisse | Overnight Price $4.92 | ||
Outperform - Macquarie | Overnight Price $4.92 | ||
Overweight - Morgan Stanley | Overnight Price $4.92 | ||
Hold - Ord Minnett | Overnight Price $4.92 | ||
Neutral - UBS | Overnight Price $4.92 | ||
SGP | STOCKLAND | Neutral - Credit Suisse | Overnight Price $5.32 |
SGR | STAR ENTERTAINMENT | Neutral - Credit Suisse | Overnight Price $4.25 |
Outperform - Macquarie | Overnight Price $4.25 | ||
Overweight - Morgan Stanley | Overnight Price $4.25 | ||
Add - Morgans | Overnight Price $4.25 | ||
Hold - Ord Minnett | Overnight Price $4.25 | ||
Neutral - UBS | Overnight Price $4.25 | ||
SIQ | SMARTGROUP | Equal-weight - Morgan Stanley | Overnight Price $7.34 |
Hold - Morgans | Overnight Price $7.34 | ||
Hold - Ord Minnett | Overnight Price $7.34 | ||
STO | SANTOS | No Rating - Credit Suisse | Overnight Price $7.93 |
Outperform - Macquarie | Overnight Price $7.93 | ||
Equal-weight - Morgan Stanley | Overnight Price $7.93 | ||
Hold - Morgans | Overnight Price $7.93 | ||
Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $7.93 | ||
Neutral - UBS | Overnight Price $7.93 | ||
SUL | SUPER RETAIL | Buy - Citi | Overnight Price $9.77 |
Neutral - Credit Suisse | Overnight Price $9.77 | ||
Upgrade to Outperform from Neutral - Macquarie | Overnight Price $9.77 | ||
Overweight - Morgan Stanley | Overnight Price $9.77 | ||
Add - Morgans | Overnight Price $9.77 | ||
Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $9.77 | ||
Buy - UBS | Overnight Price $9.77 | ||
SXL | SOUTHERN CROSS MEDIA | Buy - UBS | Overnight Price $0.85 |
SYD | SYDNEY AIRPORT | Sell - Citi | Overnight Price $8.40 |
Outperform - Macquarie | Overnight Price $8.40 | ||
Equal-weight - Morgan Stanley | Overnight Price $8.40 | ||
Upgrade to Add from Hold - Morgans | Overnight Price $8.40 | ||
Lighten - Ord Minnett | Overnight Price $8.40 | ||
Neutral - UBS | Overnight Price $8.40 | ||
TAH | TABCORP HOLDINGS | Neutral - Credit Suisse | Overnight Price $4.17 |
TYR | TYRO PAYMENTS | Overweight - Morgan Stanley | Overnight Price $4.26 |
Accumulate - Ord Minnett | Overnight Price $4.26 | ||
VEA | VIVA ENERGY GROUP | Overweight - Morgan Stanley | Overnight Price $1.88 |
VVR | VIVA ENERGY REIT | Underweight - Morgan Stanley | Overnight Price $2.75 |
Hold - Morgans | Overnight Price $2.75 | ||
Hold - Ord Minnett | Overnight Price $2.75 | ||
WBC | WESTPAC BANKING | Add - Morgans | Overnight Price $25.84 |
WES | WESFARMERS | Equal-weight - Morgan Stanley | Overnight Price $46.07 |
WHC | WHITEHAVEN COAL | Neutral - Citi | Overnight Price $2.25 |
Outperform - Credit Suisse | Overnight Price $2.25 | ||
Neutral - Macquarie | Overnight Price $2.25 | ||
Overweight - Morgan Stanley | Overnight Price $2.25 | ||
Add - Morgans | Overnight Price $2.25 | ||
Hold - Ord Minnett | Overnight Price $2.25 | ||
Buy - UBS | Overnight Price $2.25 |
RATING SUMMARY
Rating | No. Of Recommendations |
1. Buy | 58 |
2. Accumulate | 7 |
3. Hold | 63 |
4. Reduce | 2 |
5. Sell | 16 |
Friday 21 February 2020
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