Australian Broker Call
October 27, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 05:53 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| BLD - | BORAL | Downgrade to Neutral from Buy | Citi |
| CCL - | COCA-COLA AMATIL | Upgrade to Neutral from Underperform | Macquarie |
| CTX - | CALTEX AUSTRALIA | Upgrade to Buy from Neutral | Citi |
| WES - | WESFARMERS | Downgrade to Sell from Hold | Deutsche Bank |
Citi rates A2M as Initiation of coverage with Sell (5) -
Citi has initiated coverage with a Sell rating as it believes there are sufficient indications the next 6-12 months will be challenging for infant formula sellers into China.
More to follow.
Current Price is $1.92. Target price not assessed.
Current consensus price target is N/A
Forecast for FY17:
Current consensus EPS estimate is 7.6, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 24.2. |
Forecast for FY18:
Current consensus EPS estimate is 9.8, implying annual growth of 28.9%. Current consensus DPS estimate is 1.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 18.8. |
This company reports in NZD. 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
Macquarie rates AGI as Neutral (3) -
The trading update highlighted expectations for a pre-tax profit in the first half of around $15m, excluding FX impacts.
Macquarie reduces FY17 and FY18 estimates for earnings per share by 35% and 24% respectively. The broker believes the resultant fall in the share price provides sufficient valuation support for a Neutral rating.
The broker continues to expect benefits from the alignment with Novomatic from the second half but does not expect new titles to materially contribute to earnings until FY18. Target falls to $1.99 from $2.50.
Target price is $1.99 Current Price is $1.81 Difference: $0.18
If AGI meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.87, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 7.90 cents and EPS of 13.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -12.4%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.30 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of 9.4%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AGI as Neutral (3) -
Ainsworth has issued a profit warning, suggesting first half profit will be down 57% year on year. The company expects the second half to show "significant improvement" year on year.
This would require a big pick-up in the domestic business, the broker notes, and customer feedback suggests otherwise, and/or stronger than expected growth in the Americas, where the broker already has strong forecasts.
Forecast earnings cut by 28-36% over FY17-19. Target falls to $1.74 from $2.36. Neutral retained.
Target price is $1.74 Current Price is $1.81 Difference: minus $0.07 (current price is over target).
If AGI 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 $1.87, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 9.50 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -12.4%. Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 6.50 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of 9.4%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APN as Neutral (3) -
APN is acquiring Conversant Media and the remaining 50% of Adshel, funded by debt and a $273m capital raising. Adshel will accelerate APN's digital plans, the broker notes, but the price looks full.
The broker can nevertheless see the rationale given APN is about to enter a period of major contract re-tenders. Target falls to $3.00 from $3.50 on capital raising dilution and Neutral retained.
Target price is $3.00 Current Price is $3.38 Difference: minus $0.38 (current price is over target).
If APN meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.22, suggesting upside of 53.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 0.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.6, implying annual growth of N/A. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 9.7. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 10.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of 4.9%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AQG as Outperform (1) -
September quarter production was weak on the back of delayed ore access. Credit Suisse suggests the year-to-date production means it is unlikely the low end of 2016 guidance for 150-170,000 ozs will be achieved.
As the company's projects develop and critical milestones are achieved on budget, Credit Suisse envisages potential for progressive re-rating of the stock and the discount to peer valuations to close.
Credit Suisse retains Outperform rating and $5.45 target.
Target price is $5.45 Current Price is $3.07 Difference: $2.38
If AQG meets the Credit Suisse target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting upside of 58.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of 12.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 17.3. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is N/A, implying annual growth of -100.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BAL as Initiation of coverage with Sell (5) -
Citi has initiated coverage with a Sell rating as it believes there are sufficient indications the next 6-12 months will be challenging for infant formula sellers into China.
More to follow.
Current Price is $12.17. Target price not assessed.
Current consensus price target is $18.33, suggesting upside of 56.6% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 66.3, implying annual growth of 66.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
Current consensus EPS estimate is 94.2, implying annual growth of 42.1%. Current consensus DPS estimate is 30.5, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BDR as Outperform (1) -
The company reported a strong cost performance in its September quarter production report which Macquarie notes was underpinned by management's target of consistent delivery.
The main test will be the performance in the upcoming wet season. Exploration results have been highly encouraging to the broker and suggest potential for life extensions. Outperform retained. Target rises to 60c from 50c.
Target price is $0.60 Current Price is $0.49 Difference: $0.115
If BDR meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $0.47, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of 3.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.8, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 7.8. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 6.9%. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 7.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BLD as Downgrade to Neutral from Buy (3) -
Citi has downgraded on valuation grounds, to Neutral from Buy.The analysts suggest the long term infrastructure related growth story is well appreciated by investors, but they see short term risks on the rise. Price target drops to $6.50 from $6.80.
Target price is $6.50 Current Price is $6.51 Difference: minus $0.01 (current price is over target).
If BLD meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.79, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 25.00 cents and EPS of 38.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.6, implying annual growth of 12.9%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.00 cents and EPS of 42.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.1, implying annual growth of 11.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CCL as Upgrade to Neutral from Underperform (3) -
The recent decline in the share price has improved the value proposition, Macquarie believes, particularly in light of the re-rating taking place amongst its peer group of global bottlers.
The broker also notes a significant amount of corporate activity in the Coca-Cola bottling franchises, as new brands and regions are acquired to offset a lack of growth across the system.
The broker upgrades to Neutral from Underperform. Target is steady at $9.37.
Target price is $9.37 Current Price is $9.62 Difference: minus $0.25 (current price is over target).
If CCL 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 $9.70, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 45.00 cents and EPS of 54.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.1, implying annual growth of 5.0%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 45.00 cents and EPS of 55.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.3, implying annual growth of 2.2%. Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CTX as Upgrade to Buy from Neutral (1) -
Citi has upgraded to Buy from Neutral as the analysts believe the potential loss of the Woolworths ((WOW)) supply agreement has now been well and truly priced in. To account for it, they have reduced EPS forecasts by 7% for 2018 which pushes down the target price by 5% to $34.44.
Citi suggests management has plenty of options to provide offset. Plus investors may have overlooked the recovery in Singapore refined product prices which should improve from August lows, on Citi's projection.
Target price is $34.44 Current Price is $29.98 Difference: $4.46
If CTX meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $35.07, suggesting upside of 15.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 108.00 cents and EPS of 194.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 203.1, implying annual growth of -12.8%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 130.00 cents and EPS of 215.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 219.4, implying annual growth of 8.0%. Current consensus DPS estimate is 115.9, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CWN as Outperform (1) -
Macquarie adjusts forecasts to reflect a decrease in mainland China VIP earnings. The broker reduces overall revenues by 5% via a 20% reduction in Crown Melbourne VIP revenues and a 10% cut to Crown Perth.
The broker considers the sell off in the shares overdone, outstripping any likely earnings impact. Outperform retained. Target falls to $14.82 from $15.69.
Target price is $14.82 Current Price is $10.40 Difference: $4.42
If CWN meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).
Current consensus price target is $13.66, suggesting upside of 29.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 56.20 cents and EPS of 64.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.7, implying annual growth of -50.3%. Current consensus DPS estimate is 50.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 59.70 cents and EPS of 70.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.4, implying annual growth of 2.6%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CYB as Sell (5) -
Citi has kept CYBG on a Sell for a long while. The analysts haven't changed their view post the news CYBG has made a preliminary non-binding proposal to RBS to purchase the latter's Williams & Glyn operations.
Target is GBP2.30. The analysts find it difficult to assess the merits of any deal done, considering uncertainty over the IT/restructuring costs that would be involved.
Current Price is $4.28. Target price not assessed.
Current consensus price target is $4.44, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 0.00 cents and EPS of 29.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 7.80 cents and EPS of 37.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 17.8%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CYB as Outperform (1) -
Credit Suisse models a merger scenario with Williams & Glyn as CYBG has announced a proposal to merge.
The broker considers a deal may be achievable but the challenge for CYBG is raising the substantial equity required to capitalise the risk exposures being assumed.
The $5.25 target and Outperform rating are retained.
Target price is $5.25 Current Price is $4.28 Difference: $0.97
If CYB meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of 28.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 3.78 cents and EPS of 34.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 17.8%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CYB as Neutral (3) -
There is speculation that the bank has submitted a bid to acquire Williams & Glyn and while interest has been confirmed there are no details of price. Macquarie believes the acquisition would be a major challenge for CYBG.
The broker suspects many shareholders would prefer management to focus on existing challenges without the extra complexity offered by W&G at this point in time.
Neutral rating and $4.66 target retained.
Target price is $4.66 Current Price is $4.28 Difference: $0.38
If CYB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.44, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of 26.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 13.23 cents and EPS of 34.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 17.8%. Current consensus DPS estimate is 6.6, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DRM as Underperform (5) -
September quarter production was weak in Macquarie's opinion. The grade decline at Andy Well continued while the ramp up at Deflector is coming back on schedule.
Revenue and costs from Deflector are expected to be capitalised in the December quarter, reducing FY17 earnings forecasts.
Macquarie believes the company has been given some breathing space from the recent capital raising. Underperform retained and target is 60c.
Target price is $0.60 Current Price is $0.59 Difference: $0.01
If DRM meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.70 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of 5.00 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DXS as Overweight (1) -
Positive Sydney CBD re-leasing spreads could be the catalyst which drives upgrades to FY17 comparable net operating income, Morgan Stanley believes.
The broker's preference for office stocks is underpinned by the solid growth in free funds from operations, falling capex, and potential for further upside. The volatility in the segment remains the biggest risk to the call.
Overweight rating retained. Target rises to $9.70 from $9.40. Industry view: Attractive.
Target price is $9.70 Current Price is $8.80 Difference: $0.9
If DXS meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.97, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 45.30 cents and EPS of 48.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.2, implying annual growth of -56.0%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 47.70 cents and EPS of 51.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.6, implying annual growth of 0.7%. Current consensus DPS estimate is 46.2, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ECX as Neutral (3) -
Citi has issued in-depth research on the domestic fleet leasing and novated leasing sectors. The analysts have kept their Neutral rating for Eclipx, though they see various positives, including the company's lower exposure to novated leasing and a greater propensity to improve its cost-to-income ratio.
The analysts also see potential upside from the Right2Drive and LogBookMe offerings. Target raised to $4.20 from $3.84.
Target price is $4.20 Current Price is $4.10 Difference: $0.1
If ECX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.04, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 14.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.0, implying annual growth of N/A. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 15.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.8, implying annual growth of 17.3%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GUD as Hold (3) -
Guidance for FY17 EBIT of $85m is slightly below Ord Minnett’s forecasts. Divisional commentary at the AGM was largely in line with expectations and the core automotive division remains strong.
The broker was disappointed there was no update on the strategic options at Dexion. Hold rating and $9.90 target retained.
Target price is $9.90 Current Price is $9.87 Difference: $0.03
If GUD meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 51.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 47.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 58.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.8, implying annual growth of 10.6%. Current consensus DPS estimate is 53.2, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
The company's market update wasn't spectacular, but Citi analysts found it "reasonable" considering circumstances. They struggle to see much potential for revenue growth with no obvious targets for acquisitions either.
Neutral rating retained, as well as the $8.20 price target. The company hosts its Investor Day next week Wednesday.
Target price is $8.20 Current Price is $8.34 Difference: minus $0.14 (current price is over target).
If IFL 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 $8.44, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 53.00 cents and EPS of 54.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.3, implying annual growth of -14.2%. Current consensus DPS estimate is 52.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 54.00 cents and EPS of 59.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.5, implying annual growth of 9.2%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Outperform (1) -
First quarter funds under management were slightly better than expected. Positive flows were recorded across all divisions.
Credit Suisse believes the market is overly pessimistic on IOOF and cost savings are expected to flow through in the second half and FY18. Outperform rating and $9.00 target retained.
Target price is $9.00 Current Price is $8.34 Difference: $0.66
If IFL meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.44, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 52.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.3, implying annual growth of -14.2%. Current consensus DPS estimate is 52.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 59.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.5, implying annual growth of 9.2%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Outperform (1) -
September quarter net flows were up 3.2% quarter on quarter. Macquarie believes improvement is needed to drive the stock's performance.
The broker also highlights the level of short interest in the stock remains high and is higher than other financial stocks under coverage.
Outperform retained. Target falls to $9.00 from $9.20.
Target price is $9.00 Current Price is $8.34 Difference: $0.66
If IFL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.44, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 51.60 cents and EPS of 57.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.3, implying annual growth of -14.2%. Current consensus DPS estimate is 52.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 54.80 cents and EPS of 60.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.5, implying annual growth of 9.2%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IGO as Sell (5) -
The title above today's research report says it all: SepQ beats guidance but bear nickel approaches. It's not the company's performance, it's the expectation of lower nickel prices that keeps Citi on Sell.
Despite decreased forecasts, the analysts have pushed up the price target to $3.20 from $3.06.
Target price is $3.20 Current Price is $4.25 Difference: minus $1.05 (current price is over target).
If IGO meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.87, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 1.00 cents and EPS of 1.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 46.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 6.00 cents and EPS of 20.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of 280.9%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IGO as Sell (5) -
Production in the September quarter from Long Nickel and Jaguar beat Deutsche Bank's expectations. At Nova, first concentrate has been produced and first shipment is expected in December.
Deutsche Bank expects a Tropicana reserve update by the end of the year, based on a revised mining method, which should provide clarity for longer term outcomes.
Until then, valuation upside is driven by the nickel price and Deutsche Bank retains a Sell rating, raising the target to $3.50 from $3.40.
Target price is $3.50 Current Price is $4.25 Difference: minus $0.75 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.87, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 3.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 46.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of 280.9%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Outperform (1) -
First copper and nickel concentrates have been produced at Nova, overshadowing what Macquarie observes was a soft September quarter production outcome.
Still, the broker notes all operating projects remain on target to hit guidance for FY17. Target is $5.00. Outperform retained.
Target price is $5.00 Current Price is $4.25 Difference: $0.75
If IGO meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.87, 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 10.00 cents and EPS of 4.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 46.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.00 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of 280.9%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IGO as Neutral (3) -
Delayed shipments and elevated capex led Independence to fall short on Sep Q cash flow but the broker expects both to revert. Production was in line despite mill maintenance.
Nova is being commissioned earlier then the broker had assumed and first ore is expected in December. The broker sees Nova as offering upside but believes the stock is fully priced. Neutral retained. Target falls to $4.13 from $4.21.
Target price is $4.13 Current Price is $4.25 Difference: minus $0.12 (current price is over target).
If IGO 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 $3.87, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 46.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.9, implying annual growth of 280.9%. Current consensus DPS estimate is 11.4, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPH as Buy (1) -
Deutsche Bank considers the acquisition of Ella Cheong for $27m, a patent and trademark advisory business, as a minor positive. This increases the company's exposure to higher growth in Asia.
The broker estimates the acquisition to be 3% accretive in FY17 and 4% in FY18 and retains a Buy rating, reducing the target to $6.60 from $7.00 to reflect lower long-term margin assumptions.
Target price is $6.60 Current Price is $5.52 Difference: $1.08
If IPH meets the Deutsche Bank target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $6.99, suggesting upside of 27.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 23.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 28.2%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 25.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 12.8%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IPH as Neutral (3) -
The company has acquired Ella Cheong for $27m, giving it a foothold in China. The acquisition is expected to be marginally accretive in FY17. There is an opportunity to increase the proportion of patent work and to cross sell the China region to a well established international patent client base.
Macquarie welcomes the acquisition and remains attracted to the business model. In the near term the broker suspects the stock is range bound. Neutral retained with $6.90 target.
Target price is $6.90 Current Price is $5.52 Difference: $1.38
If IPH meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $6.99, suggesting upside of 27.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 24.00 cents and EPS of 28.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 28.2%. Current consensus DPS estimate is 23.3, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 19.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.30 cents and EPS of 32.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of 12.8%. Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MMS as Neutral (3) -
Citi has issued in-depth research on the domestic fleet leasing and novated leasing sectors. Despite what the analysts describe as as undemanding valuation, they see too much revenue and earnings ambiguity to warrant a more positive view. Hence: neutral rating retained.
Citi is of the view the company's market leading position in novated leasing is now less dominant, plus management has limited profit visibility into the restructured QLD Government contract. In addition, the company has experienced integration issues in retail financial services and competition in fleet management remains robust. Price target cut to $12.00 from $14.20.
Small cuts to estimates have ensued.
Target price is $12.00 Current Price is $11.00 Difference: $1
If MMS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.49, suggesting upside of 24.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 63.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 106.9, implying annual growth of 7.5%. Current consensus DPS estimate is 64.0, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 63.00 cents and EPS of 109.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 111.8, implying annual growth of 4.6%. Current consensus DPS estimate is 65.7, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 9.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QUB as Buy (1) -
Qube has been awarded the haulage and port services contract for the Galaxy Resources ((GXY)) Mt Cattlin lithium and tantalum project. Ord Minnett calculates the contract could generate revenue of $1-2m per annum.
The stock appears relatively expensive, but what this fails to capture in the broker's opinion is the likely earnings contribution from Patrick and Moorebank in the longer term.
Ord Minnett retains a Buy rating and $2.85 target.
Target price is $2.85 Current Price is $2.22 Difference: $0.63
If QUB meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $2.63, suggesting upside of 17.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 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 9.8, implying annual growth of 19.7%. Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 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 10.7, implying annual growth of 9.2%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 20.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RMD as Buy (1) -
Citi analysts saw a weak quarterly update from ResMed as its masks are losing market share in the key US market. Citi does believe H2 should see a better performance on the basis of new product launch.
Meanwhile, there was plenty not to like in the update. Viewed in the light of prospective growth, Citi retains ResMed as one of its favourites and believes the current entry point looks attractive. Buy. Target drops to $9.93 (was $10.63).
Target price is $9.93 Current Price is $8.08 Difference: $1.85
If RMD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.85 cents and EPS of 37.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.47 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RMD as Outperform (1) -
First quarter revenue was below Credit Suisse forecasts. US mask sales were flat and management notes some loss of share as well as distributors potentially holding back purchases ahead of the launch of new products.
New mask products are needed to drive growth and the broker believes this, in turn, should lead to a recovery in gross margin.Target is reduced to $9.00 from $9.40 and Outperform retained.
Target price is $9.00 Current Price is $8.08 Difference: $0.92
If RMD meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 18.25 cents and EPS of 32.75 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.88 cents and EPS of 36.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RMD as Neutral (3) -
First quarter results failed to impress Macquarie. Mask sales were flat in the Americas and compounded by increased costs.
An improved gross margin may be a positive sign but the broker struggles to line up organic growth of around 3% with the current FY17 multiples.
Macquarie retains a Neutral rating. Target is reduced to $8.50 from $9.40.
Target price is $8.50 Current Price is $8.08 Difference: $0.42
If RMD meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.25 cents and EPS of 37.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.88 cents and EPS of 42.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RMD as Overweight (1) -
The first quarter result disappointed Morgan Stanley yet the broker takes heart in the large installed base now supplemented by Brightree and expects mask growth could accelerate with the launch of a new line.
Overweight rating and In-Line sector view retained. Target is raised to US$75.00 from US$73.70.
Current Price is $8.08. Target price not assessed.
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 16.23 cents and EPS of 38.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RMD as Hold (3) -
The commentary on pricing trends in the first quarter was pleasing to Ord Minnett but the acknowledgement of a loss of mask market share suggests caution. The broker is wary that the timing of the launch of new masks will mean weakness persists.
Strong gross margins were encouraging and further improvement is expected on this front as cost savings deliver benefits. Target is lowered to $8.25 from $8.65. Hold rating retained.
Target price is $8.25 Current Price is $8.08 Difference: $0.17
If RMD meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 18.25 cents and EPS of 34.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.88 cents and EPS of 38.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RMD as Buy (1) -
Manufacturing gains at Brightree led to an increased gross margin, offsetting lower sales for a net in-line result, the broker notes. The broker suspects sales may have waned given a new mask is about to be launched.
ResMed is confident in its new mask and has lifted margin guidance accordingly. The broker notes new masks tend to result in a binary outcome -- either they fail or they're very successful. Upside is on offer assuming success and the broker retains Buy. Target falls to US$78.00 from US$78.25.
Current Price is $8.08. Target price not assessed.
Current consensus price target is $9.15, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.85 cents and EPS of 35.97 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.9, implying annual growth of N/A. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.61 cents and EPS of 41.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.9, implying annual growth of 5.7%. Current consensus DPS estimate is 19.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SEK as Add (1) -
A little bit of house keeping over at Morgans where the analysts reduced forecasts for the education operations, plus they updated for unfavourable FX movements. EPS forecasts have fallen by -5.93% in FY17, -2.07% in FY18 and -2.02% in FY19.
As a result, the broker's valuation falls to $16.28 (was $17.39) with the price target falling to $16.23 from $17.05. Morgans continues to see a positive trend for the core operations, and thus retains the Add rating.
Target price is $16.23 Current Price is $15.00 Difference: $1.23
If SEK meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $16.06, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 33.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.8, implying annual growth of -42.3%. Current consensus DPS estimate is 41.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 44.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.2, implying annual growth of 19.1%. Current consensus DPS estimate is 46.1, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGF as Buy (1) -
Citi has issued in-depth research on the domestic fleet leasing and novated leasing sectors. The analysts believe SG Fleet is best placed to benefit from the incremental outsourcing trend. Buy rating and $5.05 price target retained.
Target price is $5.05 Current Price is $4.17 Difference: $0.88
If SGF meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.78, suggesting upside of 24.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 18.00 cents and EPS of 26.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of 33.2%. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.50 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.5, implying annual growth of 14.5%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 13.5. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGP as Underperform (5) -
First quarter update is consistent with Macquarie's expectations and implies a 4-5% growth rate in underlying earnings.
The potential for further interest rate cuts leads the broker to expect interest rates will remain supportive for longer. Still, with the share price trading around the target price, the valuation proposition means an Underperform rating is retained. Target is $4.47.
Target price is $4.47 Current Price is $4.53 Difference: minus $0.06 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.87, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.20 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -18.4%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 26.00 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 5.2%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGP as Overweight (1) -
First quarter net deposits were the highest on record in NSW and Queensland and Morgan Stanley observes momentum accelerated during the quarter. To the broker it also provides an early indication that FY18 could be another strong year for residential settlements.
However, retail trends continue to soften and the broker suspects, ultimately, this could put further pressure on occupancy costs and medium term rental growth in the absence of a lift in sales growth.
Overweight and $4.95 target retained. Industry view: Attractive.
Target price is $4.95 Current Price is $4.53 Difference: $0.42
If SGP meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $4.87, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.50 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -18.4%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.80 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 5.2%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGP as Accumulate (2) -
The company has re-affirmed its FY17 growth target in the September quarter update. Residential sales surprised on the upside with another record quarter.
Ord Minnett believes the strength in residential volumes will produce better FY17 margins and these should stay elevated for longer than previously expected.
Target is $5.30. Accumulate rating retained.
Target price is $5.30 Current Price is $4.53 Difference: $0.77
If SGP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $4.87, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 26.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -18.4%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 5.2%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGP as Neutral (3) -
Stockland reported record residential net deposits in the Sep Q and believes the property cycle will remain elongated, led by strong Sydney/Melbourne with WA stabilising and Qld boosted by new home buyer grants.
The broker sees the decline in retail sales growth as a worrying trend but notes developments are progressing well. Guidance is unchanged and the broker's target is unchanged at $4.84. Neutral retained.
Target price is $4.84 Current Price is $4.53 Difference: $0.31
If SGP meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $4.87, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 25.50 cents and EPS of 33.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -18.4%. Current consensus DPS estimate is 25.6, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.00 cents and EPS of 35.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 5.2%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SIQ as Initiation of coverage with Sell (5) -
Citi has issued in-depth research on the domestic fleet leasing and novated leasing sectors. While seemingly positive on these sectors in a broad sense, the analysts initiate Smartgroup with a Sell rating.
The key motivation behind the negative view is based upon a belief that organic growth is about to slow down, while Citi analysts find the corporate strategy lacking transparency and the valuation relatively high. Maiden target is $5.87.
Target price is $5.87 Current Price is $6.35 Difference: minus $0.48 (current price is over target).
If SIQ meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.81, suggesting upside of 12.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 23.00 cents and EPS of 35.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.9, implying annual growth of 80.6%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 27.00 cents and EPS of 41.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.0, implying annual growth of 19.8%. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SYR as Outperform (1) -
The September quarter report confirmed Balama is on budget and scheduled for commissioning in the first half. Credit Suisse notes the capex budget is increased to US$185m from US$175m, within available funding.
Changes to FY earnings estimates reflect the assumption that the timing of spherical production is shifted out a year to the second half of FY18. Outperform rating retained. Target is $7.80.
Target price is $7.80 Current Price is $3.93 Difference: $3.87
If SYR meets the Credit Suisse target it will return approximately 98% (excluding dividends, fees and charges).
Current consensus price target is $6.29, suggesting upside of 76.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 5.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 54.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SYR as Buy (1) -
The September quarter report revealed capex for Balama is increased to US$185m and Syrah is in discussions to sell flake concentrate to potential customers with downstream facilities.
Deutsche Bank considers the most important item is how the company plans to maximise value from offtakes while building its own downstream business and looks for the upcoming strategy briefing to provide some answers.
The broker's Buy rating is retained. Target is reduced to $7.00 from $7.30.
Target price is $7.00 Current Price is $3.93 Difference: $3.07
If SYR meets the Deutsche Bank target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $6.29, suggesting upside of 76.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 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 6.5, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 54.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYR as Underweight (5) -
The capex estimate for Balama is increased to US$185m from US$175m, with no contingency. Morgan Stanley, therefore, assumes the increase still leaves some risk of unforeseen expenditures.
The broker retains an Underweight rating and $3.75 target. Industry view is Attractive.
Target price is $3.75 Current Price is $3.93 Difference: minus $0.18 (current price is over target).
If SYR 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 $6.29, suggesting upside of 76.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 EPS of minus 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 EPS of minus 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 54.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TOX as Hold (3) -
The company has acquired the business and assets of Daniels, a provider of medical waste solutions, collection and treatment. Ord Minnett observes the market structure of this niche sector appears to support good returns but the price was expensive at 9.4 times FY16 operating earnings.
Tox Free expects double digit accretion from the transaction but the broker doubts it will be that significant. A trading update was provided and, given subdued volumes in oil & gas, the company now expects FY17 EBITDA growth to be at the lower end of the 5-10% guidance previously provided.
The broker retains a Hold rating and raises the target to $2.61 from $2.55.
Target price is $2.61 Current Price is $2.49 Difference: $0.12
If TOX meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.52, suggesting upside of 1.2% (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 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.4, implying annual growth of 66.8%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 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 11.7%. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WES as Sell (5) -
Citi analysts call it "The Inevitable Slowdown". They saw the company's Q1 trading update as revealing "broad-based softness". In particular Coles' performance is highlighted as probably marking a turning point, for the worse, of course.
Momentum at Bunnings is expected to deflate and Target is forecast to report a loss of $35m by the end of the financial year. Despite ongoing coal price strength, Citi analysts believe the shares are cum de-rating. Sell. Target falls to $38.10 from $38.80.
EPS estimates have been reduced, but DPS forecasts were left unchanged.
Target price is $38.10 Current Price is $41.45 Difference: minus $3.35 (current price is over target).
If WES meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 200.00 cents and EPS of 242.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 207.00 cents and EPS of 249.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WES as Neutral (3) -
Sales growth slowed at Coles in the September quarter while sales at Bunnings and Kmart were in line with Credit Suisse forecasts. The 22% fall in like-for-like sales at Target was a much poorer outcome than the broker expected.
The broker needs to view Woolworths ((WOW)) and Metcash ((MTS)) results to determine the extent to which the slowing in Coles sales was competitively driven.
Target reduces to $41.18 from $41.41. Neutral retained.
Target price is $41.18 Current Price is $41.45 Difference: minus $0.27 (current price is over target).
If WES 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 $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 181.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 190.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WES as Downgrade to Sell from Hold (5) -
Deutsche Bank had expected a sharp slowing in growth at Coles but the September quarter result still fell short of estimates.
While the broker is mindful of the risks with calling one quarter a trend, Woolworths ((WOW)) is envisaged improving in an environment where deflation is constraining market growth and Aldi continues to gain share.
The broker suspects sales growth will be increasingly difficult to come by, which could undermine the value loop that has been pivotal to the success of Coles. Coles remains the key driver of Deutsche Bank's valuation.
Rating is downgraded to Sell from Hold. Target is reduced to $38 from $43.
Target price is $38.00 Current Price is $41.45 Difference: minus $3.45 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 210.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 220.00 cents and EPS of 253.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WES as Outperform (1) -
First quarter sales were notably weaker, Macquarie observes. Excluding UK home improvement and convenience retail sales grew 3.4%.
Target remains a concern and the broker expects the increased supermarket competition will require an incremental response from Coles in order to maintain market share.
The first half is likely to be a tough time, Macquarie suspects, but the longer-term outlook for earnings growth and dividend yield remain in place. Outperform retained. Target slips to $43.60 from $44.50.
Target price is $43.60 Current Price is $41.45 Difference: $2.15
If WES meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 210.20 cents and EPS of 243.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 232.40 cents and EPS of 268.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WES as Equal-weight (3) -
The weakest like-for-like sales result since 2009 for Coles in the September quarter points to greater competitive intensity, Morgan Stanley believes, largely driven by price investment by Woolworths ((WOW)) but also a weaker supermarkets industry.
The company's non-food retail business has also slowed but the broker is less concerned about that, given strong market positions.
Equal-weight rating and In-Line sector view retained. Target is lowered to $41 from $43.
Target price is $41.00 Current Price is $41.45 Difference: minus $0.45 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 205.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 217.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Hold (3) -
Sales growth in the September quarter was weaker than Ord Minnett expected. The company blamed competitive pressures and market weakness.
Wesfarmers remains attractive to the broker for its sound cash generation and the retail highlight, Bunnings, is considered able to continue to generate a strong return on capital and growth from strong sales and capital recycling.
The value focus and cost reductions at Coles are expected to address a challenging competitive environment even if the market has slowed. Still, Ord Minnett expects only modest earnings growth in the near term.
A Hold rating is retained. Target is $45.
Target price is $45.00 Current Price is $41.45 Difference: $3.55
If WES meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 205.00 cents and EPS of 246.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 215.00 cents and EPS of 265.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WES as Neutral (3) -
Coles reported 1.8% sales growth in the Sep Q when the broker had forecast 3%. That is why Wesfarmers was sold off, the broker suggests. Market share was steady but increased competition from local and offshore players offset an easing in food deflation.
Elsewhere, Bunnings showed some impact from the Masters clearance, K-Mart was strong and Target weak. The coal price rally was offset by weaker production at Curragh.
The broker had expected Coles to eventually revert to mean, but this might be happening sooner than anticipated. Target falls to $42.10 from $43.00. Neutral retained.
Target price is $42.10 Current Price is $41.45 Difference: $0.65
If WES meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $41.50, suggesting upside of 2.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 208.00 cents and EPS of 236.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 240.4, implying annual growth of 564.1%. Current consensus DPS estimate is 202.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 213.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 255.4, implying annual growth of 6.2%. Current consensus DPS estimate is 213.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M - | THE A2 MILK CO | Initiation of coverage with Sell - Citi | Overnight Price $1.92 |
| AGI - | AINSWORTH GAME TECHN | Neutral - Macquarie | Overnight Price $1.81 |
| Neutral - UBS | Overnight Price $1.81 | ||
| APN - | APN NEWS & MEDIA | Neutral - UBS | Overnight Price $3.38 |
| AQG - | ALACER GOLD | Outperform - Credit Suisse | Overnight Price $3.07 |
| BAL - | BELLAMY'S AUSTRALIA | Initiation of coverage with Sell - Citi | Overnight Price $12.17 |
| BDR - | BEADELL RESOURCES | Outperform - Macquarie | Overnight Price $0.49 |
| BLD - | BORAL | Downgrade to Neutral from Buy - Citi | Overnight Price $6.51 |
| CCL - | COCA-COLA AMATIL | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $9.62 |
| CTX - | CALTEX AUSTRALIA | Upgrade to Buy from Neutral - Citi | Overnight Price $29.98 |
| CWN - | CROWN RESORTS | Outperform - Macquarie | Overnight Price $10.40 |
| CYB - | CYBG | Sell - Citi | Overnight Price $4.28 |
| Outperform - Credit Suisse | Overnight Price $4.28 | ||
| Neutral - Macquarie | Overnight Price $4.28 | ||
| DRM - | DORAY MINERALS | Underperform - Macquarie | Overnight Price $0.59 |
| DXS - | DEXUS PROPERTY | Overweight - Morgan Stanley | Overnight Price $8.80 |
| ECX - | ECLIPX GROUP | Neutral - Citi | Overnight Price $4.10 |
| GUD - | G.U.D. HOLDINGS | Hold - Ord Minnett | Overnight Price $9.87 |
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $8.34 |
| Outperform - Credit Suisse | Overnight Price $8.34 | ||
| Outperform - Macquarie | Overnight Price $8.34 | ||
| IGO - | INDEPENDENCE GROUP | Sell - Citi | Overnight Price $4.25 |
| Sell - Deutsche Bank | Overnight Price $4.25 | ||
| Outperform - Macquarie | Overnight Price $4.25 | ||
| Neutral - UBS | Overnight Price $4.25 | ||
| IPH - | IPH | Buy - Deutsche Bank | Overnight Price $5.52 |
| Neutral - Macquarie | Overnight Price $5.52 | ||
| MMS - | MCMILLAN SHAKESPEARE | Neutral - Citi | Overnight Price $11.00 |
| QUB - | QUBE HOLDINGS | Buy - Ord Minnett | Overnight Price $2.22 |
| RMD - | RESMED | Buy - Citi | Overnight Price $8.08 |
| Outperform - Credit Suisse | Overnight Price $8.08 | ||
| Neutral - Macquarie | Overnight Price $8.08 | ||
| Overweight - Morgan Stanley | Overnight Price $8.08 | ||
| Hold - Ord Minnett | Overnight Price $8.08 | ||
| Buy - UBS | Overnight Price $8.08 | ||
| SEK - | SEEK | Add - Morgans | Overnight Price $15.00 |
| SGF - | SG FLEET | Buy - Citi | Overnight Price $4.17 |
| SGP - | STOCKLAND | Underperform - Macquarie | Overnight Price $4.53 |
| Overweight - Morgan Stanley | Overnight Price $4.53 | ||
| Accumulate - Ord Minnett | Overnight Price $4.53 | ||
| Neutral - UBS | Overnight Price $4.53 | ||
| SIQ - | SMARTGROUP | Initiation of coverage with Sell - Citi | Overnight Price $6.35 |
| SYR - | SYRAH RESOURCES | Outperform - Credit Suisse | Overnight Price $3.93 |
| Buy - Deutsche Bank | Overnight Price $3.93 | ||
| Underweight - Morgan Stanley | Overnight Price $3.93 | ||
| TOX - | TOX FREE SOLUTIONS | Hold - Ord Minnett | Overnight Price $2.49 |
| WES - | WESFARMERS | Sell - Citi | Overnight Price $41.45 |
| Neutral - Credit Suisse | Overnight Price $41.45 | ||
| Downgrade to Sell from Hold - Deutsche Bank | Overnight Price $41.45 | ||
| Outperform - Macquarie | Overnight Price $41.45 | ||
| Equal-weight - Morgan Stanley | Overnight Price $41.45 | ||
| Hold - Ord Minnett | Overnight Price $41.45 | ||
| Neutral - UBS | Overnight Price $41.45 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 21 |
| 2. Accumulate | 1 |
| 3. Hold | 20 |
| 5. Sell | 11 |
Thursday 27 October 2016
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