Australian Broker Call
February 15, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 01:31 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
| AGI - | AINSWORTH GAME TECHN | Upgrade to Outperform from Neutral | Macquarie |
| AZJ - | AURIZON HOLDINGS | Downgrade to Underperform from Neutral | Credit Suisse |
Citi rates A2M as Sell (5) -
Citi's early assessment suggests the company's H1 performance beat expectation by no less than 40%. But there's plenty in there for both bulls and bears.
Citi analysts remain on the bearish side, believing risks remain significant and to the downside. Sell rating retained. Target $1.80.
Target price is $1.80 Current Price is $2.42 Difference: minus $0.62 (current price is over target).
If A2M meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.80, suggesting downside of -27.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.7, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 32.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 2.82 cents and EPS of 9.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.9, implying annual growth of 28.6%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 24.9. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AGI as Upgrade to Outperform from Neutral (1) -
Macquarie upgrades to Outperform from Neutral. Target is raised to $2.10 from $1.80.
The broker notes Australian ship-share shows positive trends and, while not the largest contributor to earnings, will be positive for sentiment and should be a lead indicator for the US market.
Target price is $2.10 Current Price is $1.77 Difference: $0.33
If AGI meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $1.92, suggesting upside of 8.8% (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 5.2%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.30 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of 6.7%. Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASX as Lighten (4) -
Ord Minnett raises the target price for ASX to $48 from $43.20 ahead of the first half result on Friday, but doesn't explain why.
Lighten/Higher risk recommendation maintained..
Target price is $48.00 Current Price is $51.34 Difference: minus $3.34 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.30, suggesting downside of -9.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 203.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 226.4, implying annual growth of 2.7%. Current consensus DPS estimate is 203.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.0. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 212.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 237.2, implying annual growth of 4.8%. Current consensus DPS estimate is 211.6, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 21.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates AZJ as Downgrade to Underperform from Neutral (5) -
One-off items boosted the first half result. Credit Suisse notes the focus of the company is on cost control and more rigorous capital allocation.
The intermodal freight review will be completed mid year and, while the company could achieve its targets by retaining the challenged division, the broker believes it would take until FY19 to achieve.
Credit Suisse believes the shares are fully valued and downgrades to Underperform from Neutral. Target is raised to $5.00 from $4.75.
Target price is $5.00 Current Price is $5.14 Difference: minus $0.14 (current price is over target).
If AZJ meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.78, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 27.53 cents and EPS of 27.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.7, implying annual growth of 655.9%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 20.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.08 cents and EPS of 28.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of 4.7%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CGF as Sell (5) -
It did require a $10m one-off, but Challenger's H1 financial performance beat expectations and Citi analysts have slightly increased their forecasts. They remain of the view the share price looks way too expensive and thus the rating remains Sell.
Target price gains 25c to $10.35. Challenger’s relationship with Mitsui has started on a strong note, the analysts observe but looking closer into the finer details of the report seems to suggest slowing momentum just about everywhere else, the analysts point out.
Target price is $10.35 Current Price is $11.38 Difference: minus $1.03 (current price is over target).
If CGF meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.50 cents and EPS of 68.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 37.00 cents and EPS of 71.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CGF as Outperform (1) -
First half results disappointed Credit Suisse despite the beat on headline net profit. FY17 guidance is re-affirmed for 5-8% growth but this is disappointing as an upgrade was widely expected.
The broker remains confident earnings growth will be forthcoming and maintains an Outperform rating. Target is $12.
Target price is $12.00 Current Price is $11.38 Difference: $0.62
If CGF meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 34.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.00 cents and EPS of 74.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CGF as Outperform (1) -
First half net profit was broadly in line with expectations.The growth in the book was offset by expectations of a 10 basis points reduction in margin in the second half, Macquarie observes.
The broker believes the company has a number of levers to support growth in its life investment assets as well as continuing to invest in the funds management division, before the growth rate will require additional equity capital.
Outperform retained. Target rises to $12.34 from $11.84.
Target price is $12.34 Current Price is $11.38 Difference: $0.96
If CGF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 34.00 cents and EPS of 66.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.40 cents and EPS of 72.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CGF as Equal-weight (3) -
First half results were solid in Morgan Stanley's view. Soft underlying product margins were the main disappointment.
The broker believes the regulatory tailwinds are overplayed, while "record" sales are no longer needed to drive book growth.
Equal-weight retained. Target is $10.50. Industry view: In-line.
Target price is $10.50 Current Price is $11.38 Difference: minus $0.88 (current price is over target).
If CGF meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 35.00 cents and EPS of 66.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 38.90 cents and EPS of 72.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CGF as Hold (3) -
First half net profit was ahead of Morgans. There were some real positives, in the broker's view, including strong sales and evidence of increasing tenor in annuities.
The broker makes minor upgrades to FY17/FY18 forecasts of 1-2%.
Significant expectations are built into the share price and a Hold rating is maintained as the stock has re-rated strongly over the past 12 months. Target is raised to $11.51 from $11.04.
Target price is $11.51 Current Price is $11.38 Difference: $0.13
If CGF meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 32.30 cents and EPS of 64.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 34.50 cents and EPS of 71.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CGF as Lighten (4) -
First half earnings were in line. The result showed strong annuity growth. Ord Minnett suggests upside is likely from the relationship with Mitsui Sumitomo Primary Life to sell Australian dollar-denominated annuities in Japan.
The broker's main concern is valuation. Hence, a Lighten rating. Target is $9.00.
Target price is $9.00 Current Price is $11.38 Difference: minus $2.38 (current price is over target).
If CGF meets the Ord Minnett target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 34.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 37.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CGF as Neutral (3) -
Challenger's result beat the broker on a better than forecast performance from funds management, which enjoyed strong flows and UK revenue in the post-Brexit rebound. The company's new relationship in Japan and new platform distribution deals locally are positive for growth in assets under management, margins and profits, the broker suggests.
But they will require more tier one capital, particularly if Challenger maintains its dividend payout, as expected. This keeps the broker on Neutral. Target rises to $11.05 from $10.80.
Target price is $11.05 Current Price is $11.38 Difference: minus $0.33 (current price is over target).
If CGF 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 $10.69, suggesting downside of -7.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 35.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.8, implying annual growth of 12.5%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 37.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 71.5, implying annual growth of 8.7%. Current consensus DPS estimate is 36.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates COH as Neutral (3) -
Citi analysts comment Cochlear's financial report missed their expectations, but only by -1% on the profit line. Management has stuck to its guidance for the full year but Citi analysts believe management is just being conservative (implying room for upside surprise).
The analysts are convinced Cochlear is simply going to continue winning market share with a superior suite of products, and new products are in the pipeline. Lower Services revenues have triggered -5% cuts to forecasts.
Citi thinks the share price is full, even though earnings risk remains to the upside. Target falls to $127.50 from $133.30. Neutral.
Target price is $127.50 Current Price is $128.95 Difference: minus $1.45 (current price is over target).
If COH meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 265.00 cents and EPS of 387.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 303.00 cents and EPS of 432.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates COH as Underperform (5) -
First half net profit was in line with Credit Suisse estimates. Underlying unit sales growth of 16% was positive, and the broker notes the broad-based take up of the Nucleus Profile implant.
The broker estimates constant currency revenue growth of 8%. Underperform rating retained. Target is reduced to $121.00 from $123.30.
Target price is $121.00 Current Price is $128.95 Difference: minus $7.95 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 270.00 cents and EPS of 382.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 302.00 cents and EPS of 429.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates COH as Equal-weight (3) -
Service/upgrade revenue was flat as expected in the first half. Morgan Stanley lifts FY17 net profit forecasts because of more robust unit growth expectations and services performance in the second half.
Equal-weight rating retained as some emerging risk to unit growth is envisaged. Target rises to $138 from $132. Industry view: In-Line.
Target price is $138.00 Current Price is $128.95 Difference: $9.05
If COH meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 280.70 cents and EPS of 401.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 328.00 cents and EPS of 469.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates COH as Hold (3) -
Cochlear's first half results were above expectations for the broker. Morgans notes the absence of strong gains in services despite numerous initiatives to improve recipient engagement.
The broker has raised FY17 through FY19 forecasts by 2%. The company's wide guidance range of 10% to 20% growth is not a strong vote of confidence in the outlook in the broker's opinion.
A Hold rating is retained and target is raised to $118.2 from $113.50.
Target price is $118.20 Current Price is $128.95 Difference: minus $10.75 (current price is over target).
If COH meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 266.00 cents and EPS of 381.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 286.00 cents and EPS of 409.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates COH as Hold (3) -
First half net profit was in line with Ord Minnett estimates and up 19% on the prior corresponding half.
The broker acknowledges the result benefitted from an easy comparable period but believes the company is on track for a strong full year result.
Hold rating is maintained. The target is $125.
Target price is $125.00 Current Price is $128.95 Difference: minus $3.95 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 272.00 cents and EPS of 391.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 316.00 cents and EPS of 455.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates COH as Sell (5) -
Cochlear's result was in line with the broker, featuring solid unit sales growth offset by weaker services and upgrade sales. The broker is not surprised upgrade sales have now reached the peak of the cycle, although the launch of the new Kanso processor may boost the second half.
In the meantime, Cochlear is trading at an 80% premium to the ASX Industrials ex financials index. A lift in target to $122 from $109 is not enough to move the broker from a Sell rating.
Target price is $122.00 Current Price is $128.95 Difference: minus $6.95 (current price is over target).
If COH meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $125.96, suggesting downside of -1.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 275.00 cents and EPS of 387.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 386.7, implying annual growth of 17.0%. Current consensus DPS estimate is 271.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 301.00 cents and EPS of 415.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 437.3, implying annual growth of 13.1%. Current consensus DPS estimate is 307.1, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 29.3. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates GBT as Add (1) -
First half results were in line with Morgans expectations. Rising R&D costs and weaker service revenue cut -$4.9m from EBITDA from the UK wealth management business.
Full year guidance is maintained for EBITDA of $12m. The second half in the UK is expected to post losses because of the deferral of five services contracts.
Despite the short-term issues the broker retains a positive view on the stock. Add recommendation retained. Target is raised to $3.86 from $3.76.
Target price is $3.86 Current Price is $3.05 Difference: $0.81
If GBT meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 28.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 6.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.9, implying annual growth of -6.7%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 6.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 32.6%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GBT as Neutral (3) -
It was a perfect storm for GBST in the first half, the broker suggests, featuring UK project delays, higher R&D and forex headwinds. These will not necessarily be repeated in the second half, but a decline in guidance concerns the broker.
GBST had already issued a profit warning, but the broker warns a reduction in R&D spend and new services work and contract wins are needed to provide any improvement in FY18. Neutral retained. Target falls to $3.30 from $3.40.
Target price is $3.30 Current Price is $3.05 Difference: $0.25
If GBT meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.85, suggesting upside of 28.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 7.50 cents and EPS of 13.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.9, implying annual growth of -6.7%. Current consensus DPS estimate is 6.2, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.50 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of 32.6%. Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GPT as Neutral (3) -
Citi analysts categorise the financial report as in-line, though they note FY17 free funds from operations (FFO) growth guidance of 2% represents "a meaningful slowdown". Nothing to worry about, they add, it's more a case of one-offs rather than something more sinister.
Retail and Office are growing solidly, the analysts observe, while management remains disciplined. The $1.2bn pipeline of planned projects could provide an avenue for growth, but the analysts point out development takes time, and execution remains key.
Neutral rating retained. Target price rises to $5.05 from $4.92.
Target price is $5.05 Current Price is $4.88 Difference: $0.17
If GPT meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 24.60 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 25.20 cents and EPS of 32.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 4.4%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GPT as Neutral (3) -
2016 net profit was in line with Macquarie's forecasts, as is 2017 guidance. The growth rate is expected to slow back to low single digits.
The broker observes the company has lots of capacity but limited opportunities and is intent on development as a way to secure product and supplement growth.
The stock remains the broker's preferred defensive exposure in the predominantly retail A-REITs but, with a weaker near-term growth profile, a Neutral rating is retained. Target is raised to $5.09.
Target price is $5.09 Current Price is $4.88 Difference: $0.21
If GPT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 24.60 cents and EPS of 27.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.90 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 4.4%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates GPT as Underweight (5) -
2016 results were in line with Morgan Stanley. Office remained strong while Retail softened. Guidance for 2017 distribution growth of 5% exceeds expectations.
The broker asks what is the likelihood the company will meet or exceed its trading profit target of 1-2% of free funds from operations (FFO), given the ramp up in residential re-zoning and industrial land sales business?
Underweight rating retained. Target is $4.70. Industry view: Cautious.
Target price is $4.70 Current Price is $4.88 Difference: minus $0.18 (current price is over target).
If GPT meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.08, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 24.50 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 25.90 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 4.4%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GPT as Buy (1) -
2016 results were in line. Ord Minnett estimates 2016 post-tax performance fees and development profits were $25m and the company has guided to $6-8m in 2017.
Excluding this, the broker calculates underlying earnings per share in 2017 should be up around 4% but the company is not getting the full credit. Distribution growth is flagged at 5% in 2017, increasing the pay-out to 80-82%, which the broker considers sustainable.
Buy rating retained. Target is raised to $5.40 from $5.35.
Target price is $5.40 Current Price is $4.88 Difference: $0.52
If GPT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 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 29.5, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 26.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 4.4%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GPT as Neutral (3) -
GPT's result was in line with expectations. Despite 5% dividend growth guidance in 2017 being ahead of expectation, 2% growth in funds from operations (FFO) is underwhelming, the broker suggests.
Performance fees and debt reduction will not feature in future results. Neutral and $5.04 target retained.
Target price is $5.04 Current Price is $4.88 Difference: $0.16
If GPT meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $5.08, suggesting upside of 4.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 24.60 cents and EPS of 30.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 25.60 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.8, implying annual growth of 4.4%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 15.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates LNK as Neutral (3) -
A new analyst has taken over coverage of Link, tempering prior expectations following slower organic growth and a lack of new mandate wins or acquisitions.
Earnings forecast downgrades and a cut in target to $8.00 from $8.40 follow. Neutral retained ahead of Link's result release on Friday.
Target price is $8.00 Current Price is $7.29 Difference: $0.71
If LNK meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting upside of 15.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 15.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.1, implying annual growth of 155.0%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 22.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.8, implying annual growth of 20.9%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NCK as Outperform (1) -
First half results were stronger than expected. Macquarie observes the sales growth achieved in the first half has continued into January trading, with double digit growth.
The company's positive guidance - management expects conditions experienced in the first half to continue in the second - highlights its confidence, as the broker observes it continues to be well positioned in a niche segment of the furniture market.
Outperform retained. Target rises to $7.60.
Target price is $7.60 Current Price is $7.05 Difference: $0.55
If NCK meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 30.30 cents and EPS of 43.00 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.30 cents and EPS of 49.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PDN as Neutral (3) -
While asset impairments drove a larger operating loss than expected, underlying earnings came in ahead of the broker on a good cost performance. This is a positive for Paladin in tough conditions, the broker suggests.
The broker retains Neutral and a 9c target pending a conference call with management.
Target price is $0.09 Current Price is $0.16 Difference: minus $0.07 (current price is over target).
If PDN meets the UBS target it will return approximately minus 44% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.13, suggesting downside of -11.1% (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 minus 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.0, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.6, 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. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RIC as Neutral (3) -
Ridley Corp's first half results were weaker than the broker had forecast, probably due to more severe declines in dairy and aqua-feed than the broker had allowed for. Credit Suisse has downgraded FY17 earnings forecasts by -4% and FY18 forecasts by -2%.
However, the broker does expect a stronger second half and growth throughout FY18. Neutral rating retained and target reduced to $1.35 from $1.45.
Target price is $1.35 Current Price is $1.27 Difference: $0.08
If RIC meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 4.02 cents and EPS of 7.65 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.88 cents and EPS of 9.40 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RIC as Hold (3) -
First half results beat Morgans forecasts yet most of this reflected a lower tax rate from R&D benefits. The results were weak because of adverse conditions and loss of a customer.
The broker revises forecasts and expects a flat underlying FY17 result, followed by growth in FY18 from a more normal season and contribution from growth projects.
A Hold rating is retained. Target is reduced to $1.30 from $1.40.
Target price is $1.30 Current Price is $1.27 Difference: $0.03
If RIC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 4.00 cents and EPS of 7.90 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 4.50 cents and EPS of 9.00 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RKN as Neutral (3) -
2016 operational earnings were broadly in line with Macquarie. Momentum is observed to have improved in the second half.
Macquarie expects new products to increase in penetration and less headwinds from the transition to subscription.
The broker considers the stock appropriately valued and retains a Neutral rating. Target is raised to $1.77 from $1.57.
Target price is $1.77 Current Price is $1.70 Difference: $0.07
If RKN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 5.50 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.00 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 4.6%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RKN as Equal-weight (3) -
2016 earnings were slightly below Morgan Stanley estimates. The broker factors in mid single digit organic growth in 2017-19.
There are fewer near-term catalysts for revenue acceleration, cash conversion or meaningful debt reduction until 2018, the broker observes.
Equal-weight rating and In-Line sector view retained. Target is $1.80.
Target price is $1.80 Current Price is $1.70 Difference: $0.1
If RKN meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $1.74, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 5.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 5.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 4.6%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RKN as Hold (3) -
Reckon's FY16 results were in line with Ord Minnett's forecasts. Free cash flow halved to $9.1m, and the broker believes the company will have to demonstrate it can sustain growth of cash flow before a re-rating is justified.
Management did not provide or reiterate any specific guidance for FY17, however it was reiterated that development spend is expected to return to long term averages from FY18, implying FY17 will likely remain elevated.
Ord Minnett retains a Hold rating and target raised to $1.65 from $1.64.
Target price is $1.65 Current Price is $1.70 Difference: minus $0.05 (current price is over target).
If RKN meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.74, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 6.90 cents and EPS of 8.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.20 cents and EPS of 10.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.3, implying annual growth of 4.6%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGF as Buy (1) -
SG Fleet released a rather mixed result in the view of Citi analysts, with acquisitions performing well, but organic growth was only 5% for the half. Estimates have been lowered on projections of lower UK margins.
Reduced forecasts pull back the target price by -8% to $4.59. Intense competition is not about to go away, surmise the analysts, while pre-Brexit UK offers challenges as well as increased use of second-hand cars, which puts downward pressure on novated returns.
The analysts note management remains optimistic but also acknowledges growth remains challenging in highly competitive markets.
Target price is $4.59 Current Price is $3.44 Difference: $1.15
If SGF meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $4.16, suggesting upside of 25.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 32.2%. Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.00 cents and EPS of 25.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.8, implying annual growth of 8.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGF as Outperform (1) -
SG Fleet's first half results were slightly below the broker's estimates. FY17 guidance was upgraded to 22% to 27% growth.
This growth will be driven by acquisitions and recent NSW and Queensland government contracts. Macquarie lowers FY17 earnings forecast by -0.6% and FY18 by -1.8%.
Outperform rating retained and target price falls to $4.29 from $4.37.
Target price is $4.29 Current Price is $3.44 Difference: $0.85
If SGF meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).
Current consensus price target is $4.16, suggesting upside of 25.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 17.20 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 32.2%. Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.70 cents and EPS of 28.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.8, implying annual growth of 8.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGF as Equal-weight (3) -
First half results were slightly below Morgan Stanley's estimates. Management reaffirmed guidance, adding a further $1m from the recently acquired Motiva.
The broker expects low organic growth to remain in the near term, as fewer and larger operators fight to win market share. Equal-weight rating and In-Line industry view maintained as is the $3.60 target.
Target price is $3.60 Current Price is $3.44 Difference: $0.16
If SGF meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.16, suggesting upside of 25.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 15.90 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.7, implying annual growth of 32.2%. Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 13.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 16.80 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.8, implying annual growth of 8.5%. Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SLK as Hold (3) -
First half results were broadly in line with Morgans estimates, with strong growth supported by recent acquisitions. The broker expects the dynamics driving the result to remain in place, and be sustainable, given the rise in international tourism numbers.
The broker has made minor changes to forecasts, with a -3% drop in earnings in both FY18 and FY19. Hold rating retained and target price reduced to $4.57 from $4.65.
Target price is $4.57 Current Price is $4.44 Difference: $0.13
If SLK meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 14.00 cents and EPS of 25.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.00 cents and EPS of 26.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SLK as Buy (1) -
SeaLink's first half results were below the broker's expectations. Ord Minnett has downgraded FY17 earnings forecast by -9%, bringing the result in line with management guidance.
The broker notes the company's gearing remains relatively low at 35%, leaving plenty of headroom for funding acquisitions. Buy rating retained and target raised to $5 from $4.59.
Target price is $5.00 Current Price is $4.44 Difference: $0.56
If SLK meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 12.10 cents and EPS of 23.10 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.80 cents and EPS of 24.20 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TTS as No Rating (-1) -
Macquarie is currently on research restriction and provides no rating or target at this stage.
Current Price is $4.14. Target price not assessed.
Current consensus price target is $4.36, suggesting upside of 4.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.30 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of 11.3%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 23.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.00 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 2.8%. Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 22.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TWE as Sell (5) -
Post what the analysts admit was a strong financial performance, they have kept the Sell rating in place, while lifting the price target to $10.50 from $9.60.
The analysts worry growth is increasingly turning into an Asia only story while two-thirds of margin expansion came from lower operating costs.
If Treasury Wine doesn't find a way to start another upgrade cycle, the share price might be subjected to a de-rating, the analysts worry. Relatively small changes have been made to forecasts.
Target price is $10.50 Current Price is $11.33 Difference: minus $0.83 (current price is over target).
If TWE meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.83, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 26.00 cents and EPS of 41.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 33.00 cents and EPS of 50.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TWE as Neutral (3) -
Treasury Wine's first half results were better than the broker had expected. Management has guided to the second half being broadly in line with the first half.
US growth into FY18 will partially depend on boosting supermarket volumes which have been in decline recently. The broker notes China will be a focus for future sales growth.
Neutral rating retained and target raised to $12.35 from $10.65
Target price is $12.35 Current Price is $11.33 Difference: $1.02
If TWE meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $11.83, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 26.00 cents and EPS of 40.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 30.00 cents and EPS of 45.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TWE as Hold (3) -
First half results were better than the broker had expected, boosted by the Diageo acquisition. Second half performance is expected to be broadly in line with the first half, implying $453.6m.
Deutsche Bank has raised FY17 estimates by 4.5%. Hold rating is retained and target is raised to $12 from $11.00.
Target price is $12.00 Current Price is $11.33 Difference: $0.67
If TWE meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $11.83, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 26.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TWE as Neutral (3) -
First half results were ahead of Macquarie's forecasts, driven by the impact of the Diageo acquisition on the EU and American divisions and strong volume and earnings growth in Asia.
The broker notes the EU outlook is volatile due to Brexit and exit of bond trading market, but Asian growth is expected to continue, albeit with more margin investment. Macquarie has raised earnings forecasts for FY17 by 3.6% and 1.7% for FY18.
Neutral retained and target rises to $10.98 from $10.11.
Target price is $10.98 Current Price is $11.33 Difference: minus $0.35 (current price is over target).
If TWE 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 $11.83, suggesting upside of 1.4% (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 38.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.80 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TWE as Overweight (1) -
First half results were better than the broker had expected, with strong growth in the Asia market and the Americas starting to deliver on the Diageo acquisition. Morgan Stanley sees significant margin potential for the Americas business which the broker believes under-earns its peers.
FY17 and FY18 earnings estimates have been raised by 2%. Overweight rating and In-Line industry view retained and price target raised to $14 from $13.
Target price is $14.00 Current Price is $11.33 Difference: $2.67
If TWE meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $11.83, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 28.40 cents and EPS of 40.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.60 cents and EPS of 50.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TWE as Accumulate (2) -
First half net profit was in line with Ord Minnett. Guidance for the second half is for flat EBITS, which the broker considers a positive factor and likely driver of earnings upgrades.
Ord Minnett increases forecasts for earnings per share by 6.0% in FY17 and 2.8% in FY18.
Accumulate rating retained. Target is raised to $12.50 from $11.50.
Target price is $12.50 Current Price is $11.33 Difference: $1.17
If TWE meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $11.83, 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 26.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TWE as Neutral (3) -
There's no denying a 55% jump in first half earnings, other than it was in line with forecasts and not hot enough for a market fully pricing in success. A standout result in Asia offset weaker results in the Americas and Europe, the broker notes.
Guidance was also in line with consensus, leading the broker to suggest an upgrade is needed to drive Treasury Wine higher from here, and/or an accretive acquisition. Neutral and $10.45 target retained.
Target price is $10.45 Current Price is $11.33 Difference: minus $0.88 (current price is over target).
If TWE meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.83, suggesting upside of 1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 27.00 cents and EPS of 41.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 40.1, implying annual growth of 59.8%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 29.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 32.00 cents and EPS of 48.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 20.0%. Current consensus DPS estimate is 31.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 24.3. |
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 | Sell - Citi | Overnight Price $2.42 |
| AGI - | AINSWORTH GAME TECHN | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.77 |
| ASX - | ASX | Lighten - Ord Minnett | Overnight Price $51.34 |
| AZJ - | AURIZON HOLDINGS | Downgrade to Underperform from Neutral - Credit Suisse | Overnight Price $5.14 |
| CGF - | CHALLENGER | Sell - Citi | Overnight Price $11.38 |
| Outperform - Credit Suisse | Overnight Price $11.38 | ||
| Outperform - Macquarie | Overnight Price $11.38 | ||
| Equal-weight - Morgan Stanley | Overnight Price $11.38 | ||
| Hold - Morgans | Overnight Price $11.38 | ||
| Lighten - Ord Minnett | Overnight Price $11.38 | ||
| Neutral - UBS | Overnight Price $11.38 | ||
| COH - | COCHLEAR | Neutral - Citi | Overnight Price $128.95 |
| Underperform - Credit Suisse | Overnight Price $128.95 | ||
| Equal-weight - Morgan Stanley | Overnight Price $128.95 | ||
| Hold - Morgans | Overnight Price $128.95 | ||
| Hold - Ord Minnett | Overnight Price $128.95 | ||
| Sell - UBS | Overnight Price $128.95 | ||
| GBT - | GBST HOLDINGS | Add - Morgans | Overnight Price $3.05 |
| Neutral - UBS | Overnight Price $3.05 | ||
| GPT - | GPT | Neutral - Citi | Overnight Price $4.88 |
| Neutral - Macquarie | Overnight Price $4.88 | ||
| Underweight - Morgan Stanley | Overnight Price $4.88 | ||
| Buy - Ord Minnett | Overnight Price $4.88 | ||
| Neutral - UBS | Overnight Price $4.88 | ||
| LNK - | LINK ADMINISTRATION | Neutral - UBS | Overnight Price $7.29 |
| NCK - | NICK SCALI | Outperform - Macquarie | Overnight Price $7.05 |
| PDN - | PALADIN | Neutral - UBS | Overnight Price $0.16 |
| RIC - | RIDLEY CORP | Neutral - Credit Suisse | Overnight Price $1.27 |
| Hold - Morgans | Overnight Price $1.27 | ||
| RKN - | RECKON | Neutral - Macquarie | Overnight Price $1.70 |
| Equal-weight - Morgan Stanley | Overnight Price $1.70 | ||
| Hold - Ord Minnett | Overnight Price $1.70 | ||
| SGF - | SG FLEET | Buy - Citi | Overnight Price $3.44 |
| Outperform - Macquarie | Overnight Price $3.44 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.44 | ||
| SLK - | SEALINK TRAVEL | Hold - Morgans | Overnight Price $4.44 |
| Buy - Ord Minnett | Overnight Price $4.44 | ||
| TTS - | TATTS GROUP | No Rating - Macquarie | Overnight Price $4.14 |
| TWE - | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $11.33 |
| Neutral - Credit Suisse | Overnight Price $11.33 | ||
| Hold - Deutsche Bank | Overnight Price $11.33 | ||
| Neutral - Macquarie | Overnight Price $11.33 | ||
| Overweight - Morgan Stanley | Overnight Price $11.33 | ||
| Accumulate - Ord Minnett | Overnight Price $11.33 | ||
| Neutral - UBS | Overnight Price $11.33 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 10 |
| 2. Accumulate | 1 |
| 3. Hold | 24 |
| 4. Reduce | 2 |
| 5. Sell | 7 |
Wednesday 15 February 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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