Australian Broker Call
November 11, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 11:59 AM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| BSL - | BLUESCOPE STEEL | Upgrade to Buy from Neutral | UBS |
| FMG - | FORTESCUE | Upgrade to Neutral from Underperform | Credit Suisse |
| NAB - | NATIONAL AUSTRALIA BANK | Upgrade to Outperform from Neutral | Macquarie |
| WFD - | WESTFIELD CORP | Upgrade to Buy from Neutral | UBS |
| WOW - | WOOLWORTHS | Upgrade to Neutral from Underperform | Macquarie |
Citi rates APA as Neutral (3) -
Post Investor Day, Citi analysts agree with company management that worst case scenarios regarding regulatory risk are unlikely to materialise. On the flipside, future growth comes with a higher risk profile, so there is an offset.
Not improving the investment proposition is the fact that APA's balance sheet can fund management's growth targets, but it'll mean slower growth in dividends. APA will also start paying tax, point out the analysts.
They think the longer term outlook now looks a lot more challenging, but also that this is being compensated for via a cheaper share price. Neutral. Target $8.17.
Target price is $8.17 Current Price is $7.73 Difference: $0.44
If APA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.24, suggesting upside of 27.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 43.50 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 37.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 45.50 cents and EPS of 21.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.6, implying annual growth of 11.3%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 29.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates APA as Neutral (3) -
The company's investor briefing signalled it believed there were still growth opportunities and not just in the US. Macquarie observes these opportunities exist in the Bowen Basin, Queensland, and Gunnedah Basin, NSW.
The regulatory environment remains uncertain, the broker notes. While the stock looks attractive on valuation, Macquarie suspects it does not have enough new positives at the asset level to give investors confidence.
Neutral rating and $9.27 target maintained.
Target price is $9.27 Current Price is $7.73 Difference: $1.54
If APA meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $9.24, suggesting upside of 27.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 43.30 cents and EPS of 13.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 37.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 45.60 cents and EPS of 13.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.6, implying annual growth of 11.3%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 29.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates APA as Hold (3) -
The company has identified a pipeline of growth opportunities, emphasising at its investor briefing that it has long-term contracts with highly credit worthy counter parties.
Morgans observes the share price has declined 22% from its 12-month high because of a combination of higher risk-free rates and heightened regulatory risk.
The broker believes a FY17 yield of 5.7% will be attractive to income-oriented investors. A Hold rating is retained. Target is reduced to $8.52 from $8.95.
Target price is $8.52 Current Price is $7.73 Difference: $0.79
If APA meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $9.24, suggesting upside of 27.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 44.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 37.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 47.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.6, implying annual growth of 11.3%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 29.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates APA as Accumulate (2) -
The company's investor briefing identified more than $5.0bn in potential growth over the next 15 years, not including entry into the US which is being considered.
Ord Minnett observes the fundamentals of acquisitions and organic growth are unchanged. While the stock price has declined materially in recent weeks, driven by expectations of rising interest rates, the broker retains a positive view on the basis of the company achieving its growth targets.
Accumulate rating and $10.30 target retained.
Target price is $10.30 Current Price is $7.73 Difference: $2.57
If APA meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $9.24, suggesting upside of 27.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 44.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of 37.3%. Current consensus DPS estimate is 44.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 32.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 48.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.6, implying annual growth of 11.3%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 29.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BSL as Buy (1) -
The company has informed shareholders 1H17 underlying EBIT should come in at least at $510m, subject to spread, FX and market conditions. Citi analysts see risk as to the upside.
The analysts highlight all divisions are currently performing well. Buy rating retained. Target $11.03 (unchanged).
Target price is $11.03 Current Price is $8.40 Difference: $2.63
If BSL meets the Citi target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $9.20, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 8.00 cents and EPS of 79.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.0, implying annual growth of 48.2%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.00 cents and EPS of 69.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -13.8%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BSL as Outperform (1) -
The trading update at the AGM has indicated first half EBIT will be at least $510m. Credit Suisse models for $540m and still believes this is achievable.
The broker observes ASP spreads on spot Asian hot rolled coil have recovered and the outlook for North Star spreads also underpins expectations.
The broker retains an Outperform rating and $8.30 target.
Target price is $8.30 Current Price is $8.40 Difference: minus $0.1 (current price is over target).
If BSL meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.20, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.00 cents and EPS of 95.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.0, implying annual growth of 48.2%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.44 cents and EPS of 74.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -13.8%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BSL as Hold (3) -
First half EBIT is expected to be at least $510m. While Deutsche Bank remains concerned about East Asian steel spreads in the second half, FY17 net profit estimates are upgraded by 10%.
The broker retains a Hold rating. Target is raised to $8.60 from $7.65.
Target price is $8.60 Current Price is $8.40 Difference: $0.2
If BSL meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.20, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 9.00 cents and EPS of 85.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.0, implying annual growth of 48.2%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -13.8%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BSL as Outperform (1) -
The company now expects EBIT of at least $510m in the first half. Macquarie believes the business must now be comfortable that the risks are to the upside.
The broker considers the stock attractively valued versus its international peers. Raw material prices remain the key headwind. Outperform retained. Target lifts to $10.10 from $9.85.
Target price is $10.10 Current Price is $8.40 Difference: $1.7
If BSL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $9.20, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.00 cents and EPS of 103.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.0, implying annual growth of 48.2%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 87.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -13.8%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BSL as Upgrade to Buy from Neutral (1) -
BlueScope has raised its first half earnings guidance, citing cost reductions, improved productivity, higher steel prices, higher US spreads and better organic growth as offsetting the soaring cost of coking coal. UBS notes Asian steel spreads are weak but appear to be bottoming.
As spreads normalise, the broker sees higher steel prices as likely in the face of the coal price. BlueScope is trading at a 25% discount to global steelmakers, which leads UBS to ask, is this the cheapest stock in the world? Upgrade to Buy. Target rises to $9.60 from $9.55.
Target price is $9.60 Current Price is $8.40 Difference: $1.2
If BSL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $9.20, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 13.00 cents and EPS of 84.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.0, implying annual growth of 48.2%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 9.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -13.8%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CVO as Outperform (1) -
The company has a new underwriting agreement with the Australasian branch of Berkshire Hathaway Specialty Insurance. The commercial terms are similar to the existing agreement but with greater certainty of underwriting premium.
Macquarie believes this is an important first step to establish the global underwriting panel the company has previously discussed. The focus on costs continues, with benefits expected to accrue in the second half.
Outperform rating retained. Target is reduced to $1.75 from $1.85.
Target price is $1.75 Current Price is $1.38 Difference: $0.375
If CVO meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.50 cents and EPS of 8.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 6.2%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.50 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 14.0%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CVO as Equal-weight (3) -
Cover-More has announced a binding agreement with Berkshire Hathaway to underwrite its Australasian book. Morgan Stanley believes this is a big relief for investors as it will remove a key element of uncertainty.
The bad news in the broker's view is there was no reiteration of guidance and a skew to the second half was flagged.
Equal-weight rating retained. Target is $1.51. In-Line industry view.
Target price is $1.51 Current Price is $1.38 Difference: $0.135
If CVO meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of 6.2%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.80 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 14.0%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CVO as Neutral (3) -
Cover-More has finally signed an underwriting agreement, with Berkshire Hathaway's insurance business. The terms are similar to the prior arrangement with Great Lakes, the broker notes, and provides a floor on losses.
The deal removes a major uncertainty but there are still issues to deal with, the broker suggests. Cover-More has had a slow start to FY17 but does see improving revenues, and expects cost reductions to flow through from the second half.
The broker does not see the stock as cheap on current multiples, nonetheless. Neutral and $1.38 target retained.
Target price is $1.38 Current Price is $1.38 Difference: $0.005
If CVO meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $1.55, suggesting upside of 12.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 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 8.6, implying annual growth of 6.2%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 16.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 6.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of 14.0%. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FMG as Upgrade to Neutral from Underperform (3) -
Credit Suisse considers the balance of risks is improving fast and demand is better than expected. Given the broker is already an iron ore bear, and envisages only modest downside to base case prices, there is a positive risk skew for Fortescue.
Credit Suisse upgrades to Neutral from Underperform and now considers it risk to be underweight the stock, acknowledging another about face on its recommendation. Target is raised to $5.30 from $5.00.
Target price is $5.30 Current Price is $6.01 Difference: minus $0.71 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.89, suggesting downside of -20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 23.54 cents and EPS of 58.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.5, implying annual growth of N/A. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 11.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.11 cents and EPS of 12.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.3, implying annual growth of -49.0%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 21.6. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FPH FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
Health Care Equipment & Services
Overnight Price: $8.64
Deutsche Bank rates FPH as Buy (1) -
The stock has underperformed recently, reflecting lingering concerns over litigation with ResMed ((RMD)), as well as further strength in the New Zealand dollar and the questions over the sustainability of OSA grant.
Deutsche Bank believes the impact of these factors is small, although acknowledges the chance of a more adverse scenario. The broker retains a Buy rating. Target is raised to NZ$11.30 from NZ$11.20.
Current Price is $8.64. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in March.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.48 cents and EPS of 26.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.1, implying annual growth of 17.5%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 32.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 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 32.7, implying annual growth of 20.7%. Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 26.8. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GDI as Outperform (1) -
The company has exchanged contracts for the sale of 25 Grenfell St, Adelaide for $124m. Sale metrics and timing appear attractive to Credit Suisse in the context of that city's challenging outlook.
The asset sale suggests the company is calling the top of the cycle and the broker does not disagree, believing prime Australian office prices are expensive and unsustainable.
Outperform rating retained and target price raised to $1.06 from 99c.
Target price is $1.06 Current Price is $0.97 Difference: $0.095
If GDI meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 8.00 cents and EPS of 9.00 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.00 cents and EPS of 9.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MPL as Outperform (1) -
The operations report for private health insurance to June 30 has been released. Industry data supports Macquarie's long-term net margin assumptions of 6.5% for Medibank, slightly below the rate achieved by BUPA, which is now the largest fund by premium share in FY16.
The broker's target of $2.75 assumes this net margin from FY19 and beyond. Outperform retained.
Target price is $2.75 Current Price is $2.45 Difference: $0.3
If MPL meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $2.67, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.10 cents and EPS of 14.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.8, implying annual growth of -2.6%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.70 cents and EPS of 14.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of 0.7%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NAB as Upgrade to Outperform from Neutral (1) -
Macquarie continues to believe that a convergence in credit charges and the impact of higher amortisation expenses will be a drag on the bank's FY17 earnings growth. Yet, the market appears to be aware of the issues which the broker believes are captured in the share price.
Given underlying trends and a simpler business model, the broker envisages scope for the discount to peers to close and upgrades to Outperform from Neutral. Target is steady at $30.00.
Target price is $30.00 Current Price is $26.69 Difference: $3.31
If NAB meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $28.70, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 171.00 cents and EPS of 232.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 236.7, implying annual growth of 489.1%. Current consensus DPS estimate is 186.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 175.00 cents and EPS of 230.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.0, implying annual growth of 0.5%. Current consensus DPS estimate is 184.0, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NSR as Underperform (5) -
The company has re-affirmed FY17 guidance for earnings per share of 9.2-9.4c.
Macquarie remains attracted to the yield spread of this fragmented asset class yet its investment thesis is centred on a soft underlying earnings outlook and downside risk if liquidity in the direct market declines and acquisitions become harder to complete.
Underperform rating retained. Target falls to $1.42 from $1.56.
Target price is $1.42 Current Price is $1.41 Difference: $0.01
If NSR meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 9.10 cents and EPS of 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of 5.7%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.70 cents and EPS of 10.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 10.9%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates NSR as Hold (3) -
The company has lifted its occupancy to 79% since June, from 75%, whilst lowering its average rental rate 5%. Ord Minnett finds this achievement surprising in such a short space of time, considering its record since IPO of subdued occupancy increases.
The broker incorporates the changes into its estimates, noting that occupancy gains should be neutral for earnings in FY17.
Hold rating retained. Target rises to $1.48 from $1.42.
Target price is $1.48 Current Price is $1.41 Difference: $0.07
If NSR meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $1.61, suggesting upside of 14.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of 5.7%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 10.9%. Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates STO as Overweight (1) -
Previous shareholder Hony Capital has acquired a further 2.25% of Santos in a block trade, taking its equity ownership to 3.2%. Morgan Stanley analysts point out this is the same Hony Capital that sold all its shares in Santos in March this year.
One can only speculate about the reasons behind this come-back story, but the analysts take the opportunity to reiterate they think Santos is at the start of a long-term cost out story that bodes well if one believes the future shall bring higher oil prices. Overweight. Target $6.03.
Target price is $6.03 Current Price is $3.58 Difference: $2.45
If STO meets the Morgan Stanley target it will return approximately 68% (excluding dividends, fees and charges).
Current consensus price target is $4.93, suggesting upside of 29.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 1.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.2, implying annual growth of N/A. Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 316.7. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 4.04 cents and EPS of 4.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.3, implying annual growth of 1675.0%. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 17.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TWE as Sell (5) -
The company's AGM statement contained the following key sentence, point out the analysts: "TWE is on a journey to deliver a group margin that is towards our Asia region EBITS margin of 30% plus". The analysts respond by saying the end result could be between 20-30%.
As such, Citi analysts believe the statement contains something for the bulls and the bears. Citi is not prepared to go further than projecting EBITS margins of 21%. Clearly, say the analysts, the share market is prepared to go further.
Sell rating retained. Target $9.20 (unchanged). The analysts suggests company management's optimistic tilt most likely reflects current trading conditions, which are favourable. They also point out GBP represents a significant headwind.
Target price is $9.20 Current Price is $10.88 Difference: minus $1.68 (current price is over target).
If TWE meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.41, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 26.00 cents and EPS of 39.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 51.8%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 31.50 cents and EPS of 48.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.3, implying annual growth of 18.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TWE as Neutral (3) -
The company expects FY17 to be another strong year and has introduced a long-term EBITS margin target of 30%. Credit Suisse models margins at 18% in FY18 and rising to over 20% in ensuing years.
The broker suspects the company is alluding to a structural change in its portfolio mix. Divesting the low-margin, commercial European segment could bring group EBITS margins to 26% by FY18.
Neutral rating and $10.65 target retained.
Target price is $10.65 Current Price is $10.88 Difference: minus $0.23 (current price is over target).
If TWE meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.41, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 23.00 cents and EPS of 35.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 51.8%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 26.00 cents and EPS of 40.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.3, implying annual growth of 18.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TWE as Hold (3) -
The company provided no trading update at its AGM but both the chairman and CEO's addresses have positive undertones, Deutsche Bank observes. The broker takes the opportunity to revise its FX assumptions.
Deutsche Bank now forecasts FY17 EBITS of $431m, which represents 26% growth including the contribution from Diageo.
The main point for the broker was the commentary suggests margins will continue to expand beyond the previous high teens target. Hold rating is retained. Target is $11.00.
Target price is $11.00 Current Price is $10.88 Difference: $0.12
If TWE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.41, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 25.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 51.8%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 29.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.3, implying annual growth of 18.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TWE as Accumulate (2) -
The company has announced a long-term EBITS margin aspiration of 30% at its AGM.
Ord Minnett assesses that the success of margin expansion initiatives will hinge on the volume mix and proportion of volumes that are commercial, which has a lower overall EBITS margin.
There was no FY17 guidance or trading update provided. Accumulate rating retained. Target is $11.50.
Target price is $11.50 Current Price is $10.88 Difference: $0.62
If TWE meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.41, suggesting downside of -3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 25.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.1, implying annual growth of 51.8%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 32.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.3, implying annual growth of 18.9%. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates VRT as Overweight (1) -
The company has highlighted weak cycle activity in the September quarter. While volatility can be expected from time to time Morgan Stanley finds no reason to doubt longer-term volume growth in the industry of 3-4%.
Nevertheless, market share losses continue to be evident to the broker. Overweight rating and In-Line Industry view maintained. Price target is reduced to $8.20 from $9.30.
Target price is $8.20 Current Price is $6.48 Difference: $1.72
If VRT meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $7.86, suggesting upside of 27.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 32.10 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 9.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.30 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.6, implying annual growth of 8.0%. Current consensus DPS estimate is 33.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WBC as Equal-weight (3) -
The bank has lowered its medium-term return on equity target to 13-14%, which Morgan Stanley believes justifies lowering the pay-out ratio to 70%.
The broker suspects it likely the dividend will be cut in FY17, with capital ratios likely to move higher and the ROE trending lower. The broker forecasts a cut of around 10%.
Equal-weight rating and In-Line industry view maintained. Target is $30.10.
Target price is $30.10 Current Price is $30.96 Difference: minus $0.86 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $31.90, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 168.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 172.00 cents and EPS of 236.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WFD as Underperform (5) -
The third quarter update provided no further earnings guidance and the development pipeline is unchanged. While value is beginning to emerge, Macquarie notes this assumes a US72c Australian dollar forecast.
With the stock trading on around 20 times FY17 earnings per share estimates and further potential for downside to near-term earnings, the Underperform rating is retained. Target is $10.17.
Target price is $10.17 Current Price is $8.49 Difference: $1.68
If WFD meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $10.50, suggesting upside of 25.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 25.10 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -78.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.90 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of 8.1%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WFD as Upgrade to Buy from Neutral (1) -
Westfield has underperformed A-REITs by 8% and the market by 14% over the last six months, UBS notes. Volatile forex markets, Brexit, rising bond yields, slower US spending and the shift to e-commerce have all conspired to weigh upon the shopping mall REIT story.
While e-commerce is a structural issue, a high quality portfolio, unparalleled development pipeline and proactive approach to in-mall technology should see Westfield outperform, the broker believes. The headwinds lead to a cut in target to $9.60 from $11.00 but this does not prevent an upgrade to Buy.
Target price is $9.60 Current Price is $8.49 Difference: $1.11
If WFD meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $10.50, suggesting upside of 25.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 44.49 cents and EPS of 45.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -78.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 44.49 cents and EPS of 47.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of 8.1%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 23.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WOW as Upgrade to Neutral from Underperform (3) -
Macquarie assesses the divestment of the petrol business and estimates a potential transaction value of $1.35bn. The transaction is complicated and could take time to finalise, particularly in relation to gaining approval from the ACCC.
The broker anticipates the divestment could be a catalyst and enable greater flexibility in the balance sheet. The main point from Macquarie's perspective is the company's ability to fund an accelerated store refurbishment program.
Rating is upgraded to Neutral from Underperform. Target rises to $22.23 from $20.56.
Target price is $22.23 Current Price is $23.19 Difference: minus $0.96 (current price is over target).
If WOW 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 $21.81, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 81.20 cents and EPS of 121.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 112.3, implying annual growth of N/A. Current consensus DPS estimate is 78.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 85.40 cents and EPS of 128.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 120.7, implying annual growth of 7.5%. Current consensus DPS estimate is 83.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| APA - | APA | Neutral - Citi | Overnight Price $7.73 |
| Neutral - Macquarie | Overnight Price $7.73 | ||
| Hold - Morgans | Overnight Price $7.73 | ||
| Accumulate - Ord Minnett | Overnight Price $7.73 | ||
| BSL - | BLUESCOPE STEEL | Buy - Citi | Overnight Price $8.40 |
| Outperform - Credit Suisse | Overnight Price $8.40 | ||
| Hold - Deutsche Bank | Overnight Price $8.40 | ||
| Outperform - Macquarie | Overnight Price $8.40 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $8.40 | ||
| CVO - | COVER-MORE | Outperform - Macquarie | Overnight Price $1.38 |
| Equal-weight - Morgan Stanley | Overnight Price $1.38 | ||
| Neutral - UBS | Overnight Price $1.38 | ||
| FMG - | FORTESCUE | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $6.01 |
| FPH - | FISHER & PAYKEL HEALTHCARE | Buy - Deutsche Bank | Overnight Price $8.64 |
| GDI - | GDI PROPERTY | Outperform - Credit Suisse | Overnight Price $0.97 |
| MPL - | MEDIBANK PRIVATE | Outperform - Macquarie | Overnight Price $2.45 |
| NAB - | NATIONAL AUSTRALIA BANK | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $26.69 |
| NSR - | NATIONAL STORAGE | Underperform - Macquarie | Overnight Price $1.41 |
| Hold - Ord Minnett | Overnight Price $1.41 | ||
| STO - | SANTOS | Overweight - Morgan Stanley | Overnight Price $3.58 |
| TWE - | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $10.88 |
| Neutral - Credit Suisse | Overnight Price $10.88 | ||
| Hold - Deutsche Bank | Overnight Price $10.88 | ||
| Accumulate - Ord Minnett | Overnight Price $10.88 | ||
| VRT - | VIRTUS HEALTH | Overweight - Morgan Stanley | Overnight Price $6.48 |
| WBC - | WESTPAC BANKING | Equal-weight - Morgan Stanley | Overnight Price $30.96 |
| WFD - | WESTFIELD CORP | Underperform - Macquarie | Overnight Price $8.49 |
| Upgrade to Buy from Neutral - UBS | Overnight Price $8.49 | ||
| WOW - | WOOLWORTHS | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $23.19 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 12 |
| 2. Accumulate | 2 |
| 3. Hold | 12 |
| 5. Sell | 3 |
Friday 11 November 2016
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the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
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market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
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