Australian Broker Call
August 18, 2017
Access Broker Call Report Archives here
COMPANIES DISCUSSED IN THIS ISSUE
Click on symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 03:08 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
| COH - | COCHLEAR | Upgrade to Neutral from Underperform | Credit Suisse |
| Downgrade to Reduce from Hold | Morgans | ||
| CPU - | COMPUTERSHARE | Downgrade to Hold from Add | Morgans |
| IRE - | IRESS MARKET TECHN | Downgrade to Neutral from Outperform | Credit Suisse |
| Downgrade to Lighten from Accumulate | Ord Minnett | ||
| TAH - | TABCORP HOLDINGS | Upgrade to Outperform from Neutral | Credit Suisse |
| TLS - | TELSTRA CORP | Upgrade to Neutral from Underperform | Credit Suisse |
| Upgrade to Add from Hold | Morgans | ||
| Downgrade to Hold from Buy | Ord Minnett | ||
| WHC - | WHITEHAVEN COAL | Downgrade to Accumulate from Buy | Ord Minnett |
Citi rates ABC as Sell (5) -
This company had already disappointed a few times in the past eleven months and there appears very little enthusiasm among Citi analysts post the latest market update.
Citi does not take management's hints for more extra dividends for granted. More importantly, the analysts cannot see how growth will exceed their projected 2% per annum over the years ahead, post the single digit growth in the current year.
Sell rating retained, though target price does lift to $5.10 from $4.80. Estimates have been slightly raised.,
Target price is $5.10 Current Price is $5.84 Difference: minus $0.74 (current price is over target).
If ABC meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.28, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 21.00 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of 5.2%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.00 cents and EPS of 31.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 4.6%. Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ABC as Neutral (3) -
Credit Suisse believes the outlook for the company should support around 10% growth in EBIT in 2017.
The broker's forecasts are contingent on a strong turnaround in the second half but the magnitude of the skew does raise the risk profile and leaves little room for error.
The broker believes the stock is fully priced and retains a Neutral rating. Target is raised to $5.75 from $5.70.
Target price is $5.75 Current Price is $5.84 Difference: minus $0.09 (current price is over target).
If ABC meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.28, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.50 cents and EPS of 31.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of 5.2%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 32.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 4.6%. Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ABC as Hold (3) -
First half net profit was below Deutsche Bank's expectations. Given the significant skew to the second half, the broker believes there is a risk to net profit and, as the company is heavily exposed to the weak Western Australian, South Australian and Northern Territory markets, this may be a drag on earnings.
The outlook commentary appears to have softened since the AGM in May, largely because of temporary cement product issues and remediation costs relating to the closure of the Melbourne concrete plant. Deutsche Bank retains a Hold rating and raises the target to $5.09 from $4.79.
Target price is $5.09 Current Price is $5.84 Difference: minus $0.75 (current price is over target).
If ABC meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.28, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 24.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of 5.2%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
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 31.6, implying annual growth of 4.6%. Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ABC as Outperform (1) -
First half results were slightly below Macquarie's expectations because of softness in the cement, lime and concrete division.The broker liked the positive commentary about further price momentum and the moderation in cost pressures, which bodes well for FY18 margins.
The broker envisages prospects for accelerated growth in FY18 and maintains an Outperform rating. Target is lowered to $6.20 from $6.25.
Target price is $6.20 Current Price is $5.84 Difference: $0.36
If ABC meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.28, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.40 cents and EPS of 31.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of 5.2%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 29.10 cents and EPS of 34.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 4.6%. Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ABC as Hold (3) -
First half results were in line with Ord Minnett estimates. Higher energy costs and lower earnings from concrete products weighed on growth.
The main highlights from the result were the two small acquisitions and management enthusiasm regarding demand on the east coast, the broker observes.
Ord Minnett retains a Hold rating and raises the target $5.35 from $5.05.
Target price is $5.35 Current Price is $5.84 Difference: minus $0.49 (current price is over target).
If ABC meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.28, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 26.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.2, implying annual growth of 5.2%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 32.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of 4.6%. Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ASX as Sell (5) -
Bottom line: there are a lot of pros and cons in the ASX's financial outlook. Citi analysts make minor changes to forecasts but find prospective EPS growth to be tepid in the years ahead.
The latter doesn't sit well with the valuation. Citi thus retains its Sell rating. Target price declines to $50.30 from $50.70.
Target price is $50.30 Current Price is $54.43 Difference: minus $4.13 (current price is over target).
If ASX 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 $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 208.30 cents and EPS of 231.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 221.70 cents and EPS of 246.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ASX as Underperform (5) -
FY17 results were in line with Credit Suisse expectations. The company has stated it will make a decision on whether to proceed with the Distributed Ledged Technology at the end of 2017.
Credit Suisse remains of the view that moving to real-time settlement under DLT would reduce the need for clearing-house capital and could make it difficult to justify operating earnings (EBITDA) margins of 70-80%. The broker suspects it will be a slow process to fill the potential hole but supports managements approach to seek new revenue streams.
Underperform retained. Target is raised to $50 from $49.
Target price is $50.00 Current Price is $54.43 Difference: minus $4.43 (current price is over target).
If ASX meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 204.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 211.00 cents and EPS of 235.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ASX as Hold (3) -
FY17 net profit was in line with expectations. Deutsche Bank retains a Hold rating because of medium-term concerns around slowing turnover as investors moved to passive equity vehicles, while the valuation is considered relatively full.
Balancing the risks, the broker notes business has a good balance sheet and no debt and occupies a virtual monopoly position. Target is raised to $54.50 from $51.50.
Target price is $54.50 Current Price is $54.43 Difference: $0.07
If ASX meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 203.00 cents and EPS of 230.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 203.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASX as Underperform (5) -
FY17 results were broadly in line. Macquarie observes flat revenue growth from subdued listing and secondary issuance activity was offset by encouraging growth in trading services and higher interest in dividend income.
Underperform retained. Target rises to $50 from $47.
Target price is $50.00 Current Price is $54.43 Difference: minus $4.43 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 208.40 cents and EPS of 231.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 220.30 cents and EPS of 244.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
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 Hold (3) -
FY17 net profit was slightly below Ord Minnett's forecasts. The broker likes the business model but believes the stock is fully priced. Currently domestic listings activity is muted and the broker awaits the cycle to turn.
Hold rating retained. Target is reduced to $52.52 from $52.79.
Target price is $52.52 Current Price is $54.43 Difference: minus $1.91 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 206.00 cents and EPS of 233.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 216.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ASX as Neutral (3) -
ASX returned a full-year profit in line with the broker, although UBS says guidance for growth was underwhelming.
UBS lowers FY18 earnings per share estimates -1.9%, anticipating higher costs and constrained revenue.
Given growth for FY18 appears constrained, few short-term catalysts and the fact the stock appears fully valued at a 23.8x price-earnings multiple, UBS retains a Neutral rating and $51.60 target price.
Target price is $51.60 Current Price is $54.43 Difference: minus $2.83 (current price is over target).
If ASX 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 $50.53, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 206.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 233.1, implying annual growth of N/A. Current consensus DPS estimate is 208.9, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 23.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 217.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.0, implying annual growth of 3.8%. Current consensus DPS estimate is 214.8, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 22.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BHP as Buy (1) -
BHP has finally approved the hypogene copper project in Chile. Project costs are expected to be US$2.46bn with first production expected in FY21.
The company forecasts a 16% return and 4.5 year payback. Project spend is included in BHP's FY18 group capex guidance of US$6.3bn.
Deutsche Bank retains a Buy rating and $27.50 target.
Target price is $27.50 Current Price is $25.92 Difference: $1.58
If BHP meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $27.45, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 97.69 cents and EPS of 165.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.1, implying annual growth of N/A. Current consensus DPS estimate is 102.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 76.84 cents and EPS of 128.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 147.7, implying annual growth of -9.4%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BHP as Outperform (1) -
The company has approved the US$2.46bn Spence growth option. First production is expected in 2021 and the project is expected to deliver around 16% internal rate of return with a 4.5 year pay-back period on mid consensus prices.
Macquarie observes this is the first step in the company's strategy of unlocking latent capacity within its existing assets. Target is $29. Outperform retained.
Target price is $29.00 Current Price is $25.92 Difference: $3.08
If BHP meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $27.45, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 112.21 cents and EPS of 180.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.1, implying annual growth of N/A. Current consensus DPS estimate is 102.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 64.69 cents and EPS of 106.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 147.7, implying annual growth of -9.4%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BHP as Hold (3) -
The company has approved the expansion of Spence open-pit copper mine in northern Chile. Ord Minnett suggests project economics appear reasonable but not exceptional.
Ord Minnett maintains a Hold rating and $25 target.
Target price is $25.00 Current Price is $25.92 Difference: minus $0.92 (current price is over target).
If BHP meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $27.45, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 102.97 cents and EPS of 145.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.1, implying annual growth of N/A. Current consensus DPS estimate is 102.7, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 96.37 cents and EPS of 161.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 147.7, implying annual growth of -9.4%. Current consensus DPS estimate is 87.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 17.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BRG as Neutral (3) -
FY17 results were consistent with Credit Suisse estimates. The broker observes core business momentum remains strong.
The company's presence in key offshore markets remains largely under-penetrated but the broker believes this is priced into the stock.
Neutral retained. Target is raised to $11.25 from $10.75.
Target price is $11.25 Current Price is $10.87 Difference: $0.38
If BRG meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.39, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 32.99 cents and EPS of 45.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of N/A. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 36.52 cents and EPS of 50.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of 14.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BRG as Accumulate (2) -
FY17 earnings were in line with Ord Minnett. The broker is increasingly optimistic that earnings growth will begin to accelerate. In addition, corporate action is now a potential positive catalyst as the net cash position provides funding capacity.
Ord Minnett maintains an Accumulate rating and raises the target to $11.50 from $9.50.
Target price is $11.50 Current Price is $10.87 Difference: $0.63
If BRG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $10.39, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 35.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of N/A. Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 24.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 40.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.6, implying annual growth of 14.3%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 21.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates COH as Neutral (3) -
Growth on display in Cochlear's FY17 report was "strong", comment Citi analysts, and it showed acceleration in H2. The analysts find the launch of the N7 sound processor in September, after having launched Kanso sound processor in October last year and other geographies in 2H17 should support FY18 upgrades.
Estimates have gone up by 5-9%. Target price lifts to $155 from $127.50, partially on the assumption investors will push the stock to a higher multiple. Citi analysts remain of the view the bias is in favour of more upside. Neutral.
Target price is $155.00 Current Price is $153.02 Difference: $1.98
If COH meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 313.00 cents and EPS of 452.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 363.00 cents and EPS of 525.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates COH as Upgrade to Neutral from Underperform (3) -
FY17 net profit was in line with Credit Suisse forecasts and at the top end of guidance. The broker envisages robust services revenue growth over the short to medium term and expects Kanso will drive market share gains for the company's Nucleus Profile implant.
Rating is upgraded to Neutral from Underperform on the back of improved free cash flow and better working capital management. Target is raised to $142.50 from $129.00.
Target price is $142.50 Current Price is $153.02 Difference: minus $10.52 (current price is over target).
If COH meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 302.00 cents and EPS of 430.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 334.00 cents and EPS of 478.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
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) -
Cochlear reported a strong full-year result, nevertheless triggering an earnings downgrade by the broker of -7.6% in FY18 and -4.2% in FY19; despite posting strong growth in the second half in both service and unit sales.
Morgan Stanley notes strong performance strategies to drive upgrade penetration and perceives upside risk arising from the FY18 launch of N7. On the downside, it notes increased competition from a new implant launch.
Despite the earnings downgrades, the forecasts are above consensus, the broker expecting that: guidance may prove conservative; with forecasts for continued double-digit unit growth; continued services growth; and traction from the N7 launch.
Target price rises to $146 from $138 but Equal Weighting is retained given the high price-earnings multiple. Industry view is in line.
Target price is $146.00 Current Price is $153.02 Difference: minus $7.02 (current price is over target).
If COH 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 $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 303.10 cents and EPS of 469.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 393.40 cents and EPS of 562.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates COH as Downgrade to Reduce from Hold (5) -
Cochlear's result was in line, featuring strong growth across the portfolio. The return of Services growth was a pleasant surprise for Morgans but the exact contribution from service programs is unknown.
The broker sees risk around the impending launch of the N7, being conducted out of the insurance cycle and offering greater connectivity rather than improved hearing. Target rises to $131.30, still well below the traded price which Morgans believes ignores this risk. Downgrade to Reduce.
Target price is $131.30 Current Price is $153.02 Difference: minus $21.72 (current price is over target).
If COH meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 297.00 cents and EPS of 425.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 323.00 cents and EPS of 462.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates COH as Hold (3) -
FY17 net profit was slightly lower than Ord Minnett's estimates. The broker observes the company is enjoying a return to double-digit growth after a prolonged period of decline.
Despite the attractive earnings outlook Ord Minnett maintains a Hold rating and lowers the target to $145 from $148.
Target price is $145.00 Current Price is $153.02 Difference: minus $8.02 (current price is over target).
If COH meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 303.00 cents and EPS of 434.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 344.00 cents and EPS of 491.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
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 full-year result and guidance matched the broker's estimates.
Highlights included 15% in US units growth, offset by unexpected slower ex-China unit sales and modest unit ASP weakness. UBS says overall, the portfolio shows strength and Cochlear's technology and performance remain extraordinary, but the broker struggles with the price premium.
Broker retains Sell rating and inches up the target price to $138 from $136.
Target price is $138.00 Current Price is $153.02 Difference: minus $15.02 (current price is over target).
If COH meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $142.97, suggesting downside of -8.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 304.00 cents and EPS of 434.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.3, implying annual growth of N/A. Current consensus DPS estimate is 305.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 341.00 cents and EPS of 478.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 499.4, implying annual growth of 12.9%. Current consensus DPS estimate is 349.7, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 31.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CPU as Hold (3) -
FY17 results were in line with guidance. The company has announced a $200m buy-back. Deutsche Bank believes guidance is conservatively set for FY18 and does not allow for the impact of the buy-back.
The broker believes the group should benefit from ongoing cost reductions. Hold retained. Target falls to $13.70 from $14.90.
Target price is $13.70 Current Price is $13.86 Difference: minus $0.16 (current price is over target).
If CPU meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.98, suggesting upside of 0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.68 cents and EPS of 79.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.0, implying annual growth of N/A. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 33.00 cents and EPS of 84.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.0, implying annual growth of 12.3%. Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.9. |
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
Morgans rates CPU as Downgrade to Hold from Add (3) -
Computershare's result missed consensus by -3% but critically FY18 guidance fell short of expectation on several factors including wage increases and a higher tax rate. The result nevertheless indicated continuing business momentum, Morgans suggests.
Despite downgrading forecasts, the broker has been impressed with the company's transformation so far. On share price strength over the past year, Morgan downgrades to Hold. Target falls to $14.72 from $15.42.
Target price is $14.72 Current Price is $13.86 Difference: $0.86
If CPU meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $13.98, suggesting upside of 0.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 51.49 cents and EPS of 77.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.0, implying annual growth of N/A. Current consensus DPS estimate is 39.3, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 54.13 cents and EPS of 85.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.0, implying annual growth of 12.3%. Current consensus DPS estimate is 41.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.9. |
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
Citi rates EVN as Buy (1) -
FY17 did not meet expectation, but Citi analysts seem highly pleased regardless including an increase in the dividend. Buy rating retained with a revised price target of $2.70 (was $2.55).
Having said so, the face value financial result showed a major miss, but it was all about "fair-value amortisation", report the analysts. The accountancy adjustments relate to Cowal and Mungari acquisitions.
Net profit would still have missed Citi's projection by -10%. Guidance for higher costs is weighing upon forecasts, but dividend projections are now higher, with steady increases expected.
Target price is $2.70 Current Price is $2.38 Difference: $0.32
If EVN meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.00 cents and EPS of 14.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.00 cents and EPS of 21.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 33.1%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates EVN as Outperform (1) -
FY17 net profit missed Credit Suisse forecasts, largely because of higher second half tax. The broker observes the Ernest Henry acquisition has proved to be strategically sound and well timed.
Now the company has met its gearing objectives, dividend policy has moved to a 50% pay-out. The broker retains an Outperform rating and $2.30 target.
Target price is $2.30 Current Price is $2.38 Difference: minus $0.08 (current price is over target).
If EVN meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.50, suggesting upside of 4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.00 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 23.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 33.1%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates EVN as Buy (1) -
FY17 net profit was below Deutsche Bank's estimates because of higher tax and finance costs. The company has updated its dividend policy and now intends to pay out 50% of net profit, anticipating dividends will be fully franked.
Deutsche Bank calculates this implies an 8c per share full year dividend in FY18 on its estimates. Gearing is expected to fall to 7% by the end of FY18 from the current 16%, even with increased capital returns.
Buy rating retained. Target is reduced to $2.50 from $2.60.
Target price is $2.50 Current Price is $2.38 Difference: $0.12
If EVN meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 8.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 11.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 33.1%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates EVN as Outperform (1) -
FY17 result was stronger than Macquarie forecast, as Ernest Henry surprised on the upside. FY18 production guidance is a little softer than the broker expected and forecasts are lowered to the mid range of 820,000-880,000 ounces.
Macquarie retains an Outperform rating. The broker notes the company's confidence has allowed it to raise the dividend pay-out ratio to 50% of earnings. Target is $2.70.
Target price is $2.70 Current Price is $2.38 Difference: $0.32
If EVN meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 8.00 cents and EPS of 30.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 33.1%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates EVN as Buy (1) -
Evolution Mining surprised friend and foe with a major step up in dividend payout policy, highlight UBS analysts. Apart from that, the company continues to tick all the right boxes, at least according to UBS.
The balance sheet should be net cash by early 2019 and UBS is speculating about the next acquisition that, no doubt, will be on the board's mind. Near-term, the analysts suggest the outlook remains about debt reduction, operational consistency and capex at Cowal.
Higher than anticipated D&A triggers reductions to FY18 forecasts. This remains "the one to own" among Australian gold producers, in UBS's view. Buy rating retained. Target retained at $2.59.
Target price is $2.59 Current Price is $2.38 Difference: $0.21
If EVN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.50, suggesting upside of 4.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of N/A. Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 11.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.7, implying annual growth of 33.1%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 10.1. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates FXJ as Buy (1) -
FY17 results were ahead of Deutsche Bank's estimates, primarily as a result of better cost control in metro media. Domain has started FY18 with 16% total revenue growth, offsetting guidance for costs growth of 13%.
Deutsche Bank retains a Buy rating and $1.15 target.
Target price is $1.15 Current Price is $1.02 Difference: $0.13
If FXJ meets the Deutsche Bank target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $1.16, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -1.6%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FXJ as Neutral (3) -
Fairfax Media's full year result beat the broker and recent guidance and it gave further information to allow the broker to assess earnings per share for a demerged, stand alone Domain.
Assuming a 30x to 40x price-earnings multiple, UBS says on a like-for-like basis to Fairfax's share price of $1, the potential value per share of a standalone Domain would be $0.65 to $0.85.
Neutral rating retained. Price target steady at $1.
Target price is $1.00 Current Price is $1.02 Difference: minus $0.02 (current price is over target).
If FXJ meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.16, suggesting upside of 17.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of -1.6%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.2, implying annual growth of 1.6%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPH as Hold (3) -
FY17 results were slightly weaker than Deutsche Bank expected, after adjusting for FX. Australia disappointed the broker while Asia was ahead.
The broker retains a Hold rating on valuation. Target is reduced to $5.10 from $5.40.
Target price is $5.10 Current Price is $4.65 Difference: $0.45
If IPH meets the Deutsche Bank target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $5.32, suggesting upside of 18.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 26.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 28.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 10.0%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.3
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 was hostage to the currency in FY17, Macquarie observes, with operating earnings marginally below guidance.
Neutral rating retained. Target is reduced to $5.37 from $5.70.
Target price is $5.37 Current Price is $4.65 Difference: $0.72
If IPH meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.32, suggesting upside of 18.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.80 cents and EPS of 30.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.10 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 10.0%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IPH as Add (1) -
IPH's earnings fell short of the broker and guidance due to forex and higher D&A but revenues were in line. Flat organic growth was a good result, the broker suggests, given a very strong prior period. Growth should now return to market rates with acquisitions bedded down.
More aquisitions are being considered and the broker finds valuation undemanding given the company's strong market position. Add retained, target falls to $5.48 from $5.51.
Target price is $5.48 Current Price is $4.65 Difference: $0.83
If IPH meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $5.32, suggesting upside of 18.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 23.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 25.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.0, implying annual growth of 10.0%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IRE as Downgrade to Neutral from Outperform (3) -
First half results were weaker than Credit Suisse expected, attributed predominantly to non-recurring factors. The broker's understanding of the UK industry conditions and client demand implies no fundamental change in the revenue outlook.
Although a strong second half great growth rate is expected, the weaker first half base has resulted in negative earnings revisions. The broker considers the stock fairly valued and downgrades to Neutral from Outperform. Target rises to $12.85 from $12.70.
Target price is $12.85 Current Price is $12.37 Difference: $0.48
If IRE meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $12.49, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 44.92 cents and EPS of 45.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.2, implying annual growth of 16.8%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 46.36 cents and EPS of 49.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of 16.0%. Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IRE as Buy (1) -
First half operating earnings were below Deutsche Bank estimates. Management re-affirmed 2017 guidance for strong segment profit growth, which the broker believes implies a robust second half and suggests first half weakness may be partly related to timing.
Buy rating and $12.50 target retained.
Target price is $12.50 Current Price is $12.37 Difference: $0.13
If IRE meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $12.49, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 44.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.2, implying annual growth of 16.8%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 48.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of 16.0%. Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IRE as Neutral (3) -
First half results were weaker than Macquarie expected. The main disappointment was the UK division where elevated expenses detracted from incremental revenue opportunities.
The broker observes the Australasian wealth management division outperformed, delivering 22% revenue growth. Neutral retained. Target increases 3% to $12.61.
Target price is $12.61 Current Price is $12.37 Difference: $0.24
If IRE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $12.49, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 44.00 cents and EPS of 43.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.2, implying annual growth of 16.8%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 47.00 cents and EPS of 47.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of 16.0%. Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IRE as Downgrade to Lighten from Accumulate (4) -
First half net profit was below Ord Minnett's forecast. Management has maintained guidance for 2017, implying a significant step up in profitability in the second half.
Ord Minnett believes the company could still achieve guidance but notes the stock has re-rated about 10% relative to the market over the past six months.
Given the significant uplift in earnings required in the second half, the broker downgrades to Lighten from Accumulate and reduces the target to $12 from $13.
Target price is $12.00 Current Price is $12.37 Difference: minus $0.37 (current price is over target).
If IRE 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 $12.49, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 47.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.2, implying annual growth of 16.8%. Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 27.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 52.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.1, implying annual growth of 16.0%. Current consensus DPS estimate is 48.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MGR as Sell (5) -
Citi analysts saw Mirvac's FY18 guidance coming out a little above consensus and its own expectations. The underlying implication is yet another year of strong growth, suggest the analysts. FY17 was in line.
The difference is made up by residential fee income, explain the analysts. They have been forced to lift forecasts, which pushes up the price target to $2.16 from $2.11. Sell rating retained.
Target price is $2.16 Current Price is $2.30 Difference: minus $0.14 (current price is over target).
If MGR meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.10 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MGR as Outperform (1) -
FY17 results were in line. The outlook for FY18 is ahead of Credit Suisse expectations, as the company is guiding to 6-8% growth in earnings per share.
Notably, the broker points out this comes despite the short-term earnings dilution from additional asset recycling and a loss as a result of re-positioning strategies in retail & office.
The broker observes the company is also sacrificing short-term profits at strongly performing residential program to optimise long-term returns. Outperform retained. Target rises to $2.50 from $2.44.
Target price is $2.50 Current Price is $2.30 Difference: $0.2
If MGR meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MGR as Hold (3) -
FY17 operating earnings per share were in line with guidance, representing 11% growth.
Deutsche Bank believes FY18 guidance for around 3400 residential settlements is too optimistic, as it implies at least 2.7% year-on-year growth, and expects a -1% decline.
The broker notes a significant second half skew in FY18 and, while this has been achieved in a rising market, remains less optimistic in a falling market. Hold rating retained. Target is raised to $2.31 from $2.22.
Target price is $2.31 Current Price is $2.30 Difference: $0.01
If MGR meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGR as Outperform (1) -
FY17 earnings were in line with Macquarie's forecasts. The broker suspects the guidance metrics and residential business implies some conservatism with potential upside.
The company has indicated a residential operating earnings skew in FY18 of 80-90% towards the second half.
Macquarie retains an Outperform rating and target is raised 2.1% to $2.40.
Target price is $2.40 Current Price is $2.30 Difference: $0.1
If MGR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.60 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MGR as Overweight (1) -
Mirvac's full-year result and FY18 guidance outpaced consensus, thanks to a strong performance across the business units.
Morgan Stanley notes strong operational momentum, improved gearing and better transparency beyond FY19.
In terms of guidance, secured pre-sales lifted the outlook. Margins are forecast to remain between 18%-22% throughout the cycle, and double-digit net operating income is forecast from the office portfolio.
Despite increased capital expenditure, Mirvac retains 11% free cash flow, which, combined with improved gearing, positions it well for restocking opportunities as competition eases.
Overweight rating retained. Price target steady at $2.25. Industry View cautious.
Target price is $2.25 Current Price is $2.30 Difference: minus $0.05 (current price is over target).
If MGR meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 11.00 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 11.10 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MGR as Hold (3) -
FY17 operating profit was slightly below Ord Minnett forecasts. The company has guided to growth in earnings per share for FY18 of 6-8%. The broker believes the stock offers good leverage to strong office markets and developments should deliver consistent profits.
Meanwhile, residential earnings are lumpy because of the timing of apartment settlements. Ord Minnett retains a Hold rating and raises the target to $2.35 from $2.25.
Target price is $2.35 Current Price is $2.30 Difference: $0.05
If MGR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 11.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MGR as Buy (1) -
Mirvac's full-year result romped in at the top end of guidance and met the broker's aggressive forecast.
UBS describes it as a quality result and expects momentum to continue.
The broker makes minimal changes to earnings per share estimates given it is already in line with the top end of guidance.
Buy rating retained and price target steady at $2.52.
Target price is $2.52 Current Price is $2.30 Difference: $0.22
If MGR meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.36, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.10 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of N/A. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 11.50 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of -3.9%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGX as Outperform (1) -
FY17 earnings were weaker than Macquarie expected. Nevertheless, this was offset by stronger-than-expected shipment guidance for Iron Hill and a surprising dividend announcement.
The broker upgrades shipment forecasts for FY18 and FY19 and factors in a modest dividend payment going forward. Outperform retained. Target is lifted 9% to $0.50.
Target price is $0.50 Current Price is $0.45 Difference: $0.05
If MGX meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $0.42, suggesting downside of -3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of minus 0.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.9, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of minus 0.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.8, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NUF as Sell (5) -
The company's trading update implies earnings downgrades of -3-5% and Deutsche Bank notes Australia and Argentina are experiencing challenging market conditions.
Underlying operating earnings growth of 4-6% is expected and the company will book material items of $23m relating to the rationalisation of Australian brands, European back-office restructuring, and plant write-downs.
Deutsche Bank retains a Sell rating and raises the target to to $6.90 from $6.75.
Target price is $6.90 Current Price is $8.92 Difference: minus $2.02 (current price is over target).
If NUF meets the Deutsche Bank target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.35, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 13.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 672.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.6, implying annual growth of 20.2%. Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NUF as Outperform (1) -
The company has guided to FY17 operating earnings (EBITDA) of $298-301m. This is below Macquarie's prior forecasts. The broker notes Argentina continues to be tough and is likely to have been the key driver of the muted trading update.
Macquarie is pleased the company continues to push ahead with strategic initiatives as well as ongoing efficiency programs.
Outperform rating retained. Target is reduced to $9.70 from $9.90.
Target price is $9.70 Current Price is $8.92 Difference: $0.78
If NUF meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $9.35, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 13.80 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 672.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.10 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.6, implying annual growth of 20.2%. Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NUF as Hold (3) -
Nufarm has provided a slightly weaker than expected FY17 trading update, leading the broker to trim forecasts and its target to $9.40 from $10.15. Adverse seasonal conditions in key geographies and currency are to blame.
The broker nevertheless considers earnings growth in the current environment to be a good result, suggesting factors within the company's control are being well-managed. Hold retained.
Target price is $9.40 Current Price is $8.92 Difference: $0.48
If NUF meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $9.35, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 13.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.1, implying annual growth of 672.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.6, implying annual growth of 20.2%. Current consensus DPS estimate is 16.2, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ORG as Hold (3) -
FY17 operating earnings were 1% ahead of Deutsche Bank estimates, as the wholesale electricity price leverage becomes visible.
The broker observes, while FY18 guidance for both energy markets earnings and APLNG volumes is encouraging, a decline in Lattice Energy volumes detracts from near-term momentum.
Hold rating retained. Target is raised to $7.00 from $6.40.
Target price is $7.00 Current Price is $7.34 Difference: minus $0.34 (current price is over target).
If ORG meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.81, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 0.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 65.3, implying annual growth of 25.3%. Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 11.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
Oil Search has issued new information, announcing that: cost savings for sharing existing LNG infrastructure with the proposed LNG trains is likely to be roughly $5bn over 20 years, compared with previous estimates of $3 bn; Muruk appraisal drilling will start in the first quarter of 2018; and the identification of four new prospects along the Hides-P'nyang trend.
UBS says its all good news but expects it will take further information and material volumes to excite the market. Neutral rating retained as is $7.20 price target.
Target price is $7.20 Current Price is $6.44 Difference: $0.76
If OSH meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $7.44, suggesting upside of 16.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 10.56 cents and EPS of 21.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.7. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.20 cents and EPS of 30.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of 25.7%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PNI PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
Wealth Management & Investments
Overnight Price: $0.00
Ord Minnett rates PNI as Initiation of coverage with Buy (1) -
Ord Minnett initiates coverage with a Buy rating and $3.60 target. The company invests in, and supports, funds management businesses in Australia and currently holds a portfolio of minority stakes in seven boutiques with combined funds under management of $26.5bn.
Ord Minnett finds the base investment case compelling, even without pricing in new affiliates or acquisitions. All seven of the company's investments hold strong records and most are sustaining net inflows, so operating leverage is set to drive significant profit growth.
Target price is $3.60
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 7.70 cents and EPS of 9.20 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 9.70 cents and EPS of 10.80 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates QBE as Neutral (3) -
Citi analysts ask the question that would be on many investors' mind post yet another disappointing market update by QBE: Buyback support and low p/e multiple but is it investible?
Estimates have been lowered, again. The analysts believe the results published disguise a "significant" downgrade to the insurer's underlying earnings. On top of all this, Citi is puzzled by yet another downgrade to full year guidance.
One day, this stock will prove an excellent opportunity, predict the analysts. The challenge is figuring out exactly when? Neutral rating retained. Target price falls to $11.50 from $12.75.
Target price is $11.50 Current Price is $11.17 Difference: $0.33
If QBE meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 51.35 cents and EPS of 81.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 58.88 cents and EPS of 95.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates QBE as Underperform (5) -
First half results missed Credit Suisse estimates. The broker downgrades 2017 forecasts by -15.9% in FY18 by -6.7%.
The broker struggles with the company's margin targets and believes a significant turnaround in the second half is required to meet expectations.
Underperform retained. Target is reduced to $11 from $12.
Target price is $11.00 Current Price is $11.17 Difference: minus $0.17 (current price is over target).
If QBE meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 64.69 cents and EPS of 75.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 71.29 cents and EPS of 85.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QBE as Outperform (1) -
First half results were mixed, Macquarie observes, as success with cost reductions and premium rate increases was offset by the deterioration in emerging markets.
Macquarie believes the long-term margin targets must be questioned, although management no longer provides these targets, and suspects full-year margins may never get above 10%.
Outperform retained. Target is reduced to $12.50 from $13.30.
Target price is $12.50 Current Price is $11.17 Difference: $1.33
If QBE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 44.22 cents and EPS of 67.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 56.63 cents and EPS of 89.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates QBE as Overweight (1) -
QBE's full-year result fell short of consensus but broadly met the broker.
Morgan Stanley says the cycle of downgrades persists five years into the turnaround, a fact not helped by QBE's constant overly optimistic guidance.
However, the broker believes market fundamentals and underlying margins may be shifting in QBE's favour, the company targeting modest premiums growth from stable premiums previously. Combined with a trough in interest rates, the broker says QBE may be entering an earnings inflexion.
The broker presses an Overweight rating, believing now is a time to buy. Target price rises to $13.40 from $13.
Target price is $13.40 Current Price is $11.17 Difference: $2.23
If QBE meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 68.99 cents and EPS of 79.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 87.13 cents and EPS of 101.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates QBE as Add (1) -
QBE's result beat consensus by 24% but disappointment stemmed from a reduction in 2017 guidance to the bottom end of the previous range. QBE also downgraded in June due to a weak Emerging Markets business, which appears still to be the case, the broker suggests.
There were positives nevertheless, the broker suggests, mainly improvement in the combined operating ratio in both the US and A&NZ. The broker has cut earnings forecasts and its target to $12.55 from $13.09. Add retained.
Target price is $12.55 Current Price is $11.17 Difference: $1.38
If QBE meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 54.39 cents and EPS of 65.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 80.53 cents and EPS of 94.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QBE as Lighten (4) -
First half 2017 margins were largely in line with Ord Minnett's forecast but the broker considers the quality of the result weak. Margin guidance implies another downgrade on levels given just six weeks ago.
The broker calculates underlying margins at 6.8% in the first half, suggesting improvements towards the level targeted by the company of 11% will be difficult to achieve.
Target is reduced to $10.00 from $11.05. Lighten retained.
Target price is $10.00 Current Price is $11.17 Difference: minus $1.17 (current price is over target).
If QBE meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 40.92 cents and EPS of 63.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 44.88 cents and EPS of 72.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QBE as Buy (1) -
QBE Insurance's first-half result disappointed the broker, a very large charge in the interest line overshadowing some positives that might have eased the pain from lower-than-expected recurring profitability.
UBS expresses frustration with the company and cuts earnings estimates -3.8% for FY17 and -9.1% for FY18.
Despite this, the broker retains a Buy rating, pointing to a potential recovery in Australia and New Zealand, the stock's relative value, and the likelihood that a buyback will provide a floor.
Target price falls to $12.20 for $13.20.
Target price is $12.20 Current Price is $11.17 Difference: $1.03
If QBE meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $11.98, suggesting upside of 10.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 60.73 cents and EPS of 73.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.1, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 15.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 76.57 cents and EPS of 92.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.2, implying annual growth of 25.8%. Current consensus DPS estimate is 68.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 12.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SEK as Hold (3) -
FY17 results were in line with guidance. Deutsche Bank acknowledges that early-stage investments may present value that is not currently captured in its estimates yet believes ascribing value is premature.
Hold rating retained. Target is reduced to $16.00 from $16.60.
Target price is $16.00 Current Price is $17.07 Difference: minus $1.07 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.84, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 37.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.6, implying annual growth of -38.1%. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 27.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 44.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.6, implying annual growth of 16.5%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SWM as Hold (3) -
FY17 results were below Deutsche Bank's forecasts. Earnings benefited from the removal of the licence fee but remain under pressure in the broker's view, given a weak underlying market.
Deutsche Bank forecasts the company to lose 50 basis points of market share in FY18, given the absence of the Olympics, and forecasts EBIT to decline by -10%.
Hold rating retained. Target is $0.80.
Target price is $0.80 Current Price is $0.79 Difference: $0.015
If SWM meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.75, suggesting downside of -1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 5.00 cents and EPS of 8.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.4, implying annual growth of N/A. Current consensus DPS estimate is 4.7, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of -1.1%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 8.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TAH as Upgrade to Outperform from Neutral (1) -
Credit Suisse currently models Tabcorp as if it is merged with Tatts ((TTS)) effective January 1, 2018.
The broker believes the recent drop in the share price, combined with more certainty around Tatts earnings, warrants an upgrade to Outperform from Neutral. Target is $4.80.
Target price is $4.80 Current Price is $4.13 Difference: $0.67
If TAH meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.51, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 25.00 cents and EPS of 20.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.4, implying annual growth of N/A. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 25.00 cents and EPS of 23.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of 8.5%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TLS as Sell (5) -
Rising NBN costs are expected to weigh heavily on earnings over the next three years and productivity gains only offer a partial offset.
Citi believes the company has made the right decision to cut the dividend to put earnings on a more sustainable path.
The broker reduces forecasts for earnings per share by -7-13% for FY18-19 and the target is reduced to $3.60 from $4.00. Sell rating retained.
Target price is $3.60 Current Price is $3.87 Difference: minus $0.27 (current price is over target).
If TLS 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 $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 21.00 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TLS as Upgrade to Neutral from Underperform (3) -
FY17 results were ahead of Credit Suisse. The broker reduces FY18 operating earnings estimates by -2.1% to reflect guidance. The dividend reduction now means a majority of the bad news is out of the way, in the broker's view.
Mobile is performing slightly better than forecast although competitive risks remain high. The broker believes the dividend yield is sustainable for the next five years and should provide some support.
Rating is upgraded to Neutral from Underperform. Target is reduced to $3.90 from $4.00.
Target price is $3.90 Current Price is $3.87 Difference: $0.03
If TLS meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 22.00 cents and EPS of 33.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 22.00 cents and EPS of 33.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TLS as Buy (1) -
FY17 results beat Deutsche Bank's expectations. The outcomes from the capital review include a lower dividend paid-out ratio and the potential monetisation of some NBN recurring receipts.
Nevertheless, Deutsche Bank highlights that the stock is still offering a dividend yield of 5.4-6.2% between FY18-20 and then 4.9-5.8% between FY21-25, which looks attractive.
Buy rating retained. Target is reduced to $4.00 from $4.40.
Target price is $4.00 Current Price is $3.87 Difference: $0.13
If TLS meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TLS as No Rating (-1) -
Macquarie observes the outlook for FY18 is weaker as the impact of the NBN builds. In addition to the NBN headwinds, management has also flagged increase in competition and more demanding customer expectations around service offerings.
The dividend is reduced to $0.22 for FY18 and Macquarie expects it to stay at that level for the medium term under the new policy. The broker downgrades FY18 earnings per share estimates by -13.2% and FY19 by -14.5%.
Research restrictions apply and Macquarie cannot advise on valuation at this stage.
Current Price is $3.87. Target price not assessed.
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 22.00 cents and EPS of 24.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.00 cents and EPS of 21.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TLS as Underweight (5) -
Telstra's full-year result met the broker but Morgan Stanley cuts earnings estimates marginally through 2018-21 to reflect structural headwinds and lower than expected guidance.
Morgan Stanley welcomes the hefty dividend cut to 22c from 31c, believing it is prudent for Telstra to create a strong balance sheet; a priority given the challenges posted by new technologies and new competitors, which Morgan Stanley believes will be similar to those that hit the media industry.
Price target falls to $3.70 from $4 per share, to reflect lower earnings per share estimates, lower than expected FY18 guidance and higher capital expenditure. Underweight weighting retained. Industry view In-Line.
Target price is $3.70 Current Price is $3.87 Difference: minus $0.17 (current price is over target).
If TLS 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 $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 22.00 cents and EPS of 33.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 22.00 cents and EPS of 32.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TLS as Upgrade to Add from Hold (1) -
Telstra's result was in line with Morgans but while the broker had warned of dividend risk, 22c appears to be a worst case scenario. The cut is sparked by lower earnings due to both the NBN and competition, and a need for balance flexibility.
The cut is disappointing but does now remove uncertainty and a buyback may yet offset, the broker notes. Telstra is now better placed for the future and valuation has been rebased. Given the extent of rebasing, the broker sees a bear case in place suggesting upside risk. Upgrade to Add. Target falls to $4.15 from $4.37.
Target price is $4.15 Current Price is $3.87 Difference: $0.28
If TLS meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 22.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 22.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TLS as Downgrade to Hold from Buy (3) -
FY17 results were considered "decent" and above forecasts but Ord Minnett believes the results of the capital management review and accompanying cut to the dividend were the worst outcome investors could have expected.
Management intends to use most of the proceeds from the NBN for new endeavours, potentially outside its expertise, in the broker's opinion, rather than returns to shareholders.
Rating is downgraded to Hold from Buy. Target is reduced to $4.20 from $5.00.
Target price is $4.20 Current Price is $3.87 Difference: $0.33
If TLS meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 22.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TLS as Neutral (3) -
Telstra's full-year results broadly met the market with the exception of a larger than expected dividend cut to 22c from 31c arising from the Capital Allocation Review.
UBS has adjusted dividend estimates accordingly and also cuts earnings per share forecasts, having underestimated the rate of decline in fixed margins and the extent to which one-off NBN contributions were supporting short-term earnings.
On the upside, infrastructure investors appear to be valuing the ISA at $15bn and the mobile business posted a strong second half.
Neutral rating retained and the target price falls to $3.90 from $4.30.
Target price is $3.90 Current Price is $3.87 Difference: $0.03
If TLS meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 22.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of N/A. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TTS as Neutral (3) -
FY17 operating earnings were slightly below Citi's estimates. The broker makes reductions to FY18-20 EBITDA estimates by -4% to reflect downgrades to wagering forecasts, given a large second half miss.
The latter is partially offset by upgrades to lotteries forecasts. Neutral retained. Target is reduced to $4.15 from $4.25.
Target price is $4.15 Current Price is $4.02 Difference: $0.13
If TTS meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.50 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 19.50 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 2.3%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TTS as Buy (1) -
FY17 results were slightly ahead of expectations, although boosted by a profit on asset sales. Wagering earnings were down -22% while lotteries prove to be resilient.
Deutsche Bank retains a Buy rating, with the stock trading at a -14% discount to valuation. Target is $4.67.
Target price is $4.67 Current Price is $4.02 Difference: $0.65
If TTS meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 18.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 2.3%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TTS as Hold (3) -
Tatts' earnings fell short of the broker. Lottery revenue was weak as expected due to a lower jackpot run and wagering weakness was also anticipated on lower turnover. Gaming showed improvement.
The broker retains Hold ahead of the ACCC decision on the Tabcorp ((TAH)) merger. Target falls to $4.06 from $4.16.
Target price is $4.06 Current Price is $4.02 Difference: $0.04
If TTS meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.22, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 21.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 2.3%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TTS as Lighten (4) -
FY17 net profit was down -7.7%.Ord Minnett observes the company is exposed to declining wagering margins amid difficult trading conditions as digital sales growth slows.
Regulatory uncertainty and the pending approval of the merger with Tabcorp ((TAH)) outweigh the benefits of the defensive lotteries business. Ord Minnett remains on the sidelines and retains a Lighten rating and $4 target.
Target price is $4.00 Current Price is $4.02 Difference: minus $0.02 (current price is over target).
If TTS meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.22, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 19.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 19.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 2.3%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TTS as No Rating (-1) -
Tatts Group reported a full-year result in line with the broker, albeit net profit after tax was down -8% year-on-year (as expected).
UBS points to a -31% fall in Lottery jackpots and continuing market-share loss in wagering, offset by strength in Max gaming and Bytecraft, and a reduction in corporate costs in the second half.
The broker downgrades earnings per share forecasts -3%, -6% and -7% over FY18-20 to reflect weak wagering. UBS is restricted on providing a rating and a target.
Current Price is $4.02. Target price not assessed.
Current consensus price target is $4.22, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of N/A. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 24.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.7, implying annual growth of 2.3%. Current consensus DPS estimate is 18.7, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 23.6. |
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) -
Citi observes lower costs drove improved margins in FY17. Weak price realisation remains largely an issue of the sales mix but does suggest to the broker there are some challenges in key markets such as Asia and the Americas.
Citi modestly upgrades earnings per share estimates by 1-2% for FY18-20. Sell rating retained. Target is raised to $10.90 from $10.50.
Target price is $10.90 Current Price is $12.96 Difference: minus $2.06 (current price is over target).
If TWE meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 30.00 cents and EPS of 46.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 39.00 cents and EPS of 57.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TWE as Neutral (3) -
Cost savings offset disappointing price movements in FY17, Credit Suisse observes. The company has declared its cost optimisation program is running well ahead of previous guidance. Credit Suisse now models a 25% margin in FY21.
However, the broker reduces average price forecasts as commercial wines expand in Asia. Upgrades to earnings per share are modest as a percentage comes from the newly announced $300m share buy-back.
Neutral retained. Target is raised to $14.15 from $12.35.
Target price is $14.15 Current Price is $12.96 Difference: $1.19
If TWE meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 29.00 cents and EPS of 45.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 36.00 cents and EPS of 55.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TWE as Hold (3) -
FY17 result was slightly short of Deutsche Bank estimates. Despite some vintage-related challenges in FY18 the broker believes further margin expansion is likely
The substantial premium inventory from the 2016 and 2017 vintages should underpin strong growth in FY19 and FY20.
Deutsche Bank believes the high price/earnings ratio leaves little room for error and retains a Hold rating. Target is raised to $13.50 from $12.00.
Target price is $13.50 Current Price is $12.96 Difference: $0.54
If TWE meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 30.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 38.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TWE as Overweight (1) -
Treasury Wine Estates' strong full-year result met the broker, the company providing earnings before interest and tax margin guidance of 25%.
Morgan Stanley notes TWE has well-stocked inventories, positioning it well for fast delivery. A star performance from Asia triggered an Asia margin target upgrade to a stellar 32%-37% from 30%-35%.
The broker expects Treasury Wines to generate a debt-free $1bn of earnings before interest tax, depreciation and amortisation out to FY21. After crunching the price-earnings multiples, it believes the stock will return a 15% annual total shareholder return (including dividends) out to 2021.
Price target rises to $15 from $14 to reflect long-term margin forecast increases to 26% from 23% in FY21 and 28% (from 26%) for FY25; faster volume growth and improved pricing (based on a strong vintage).
But FY18/FY19 earnings per share are trimmed to reflect lower volumes and an FX impact. FY20 rises 4%. Overweight rating retained. Industry outlook Cautious.
Target price is $15.00 Current Price is $12.96 Difference: $2.04
If TWE meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 33.20 cents and EPS of 47.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 41.90 cents and EPS of 59.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TWE as Accumulate (2) -
FY17 net profit was below Ord Minnett forecasts. The broker observes the turnaround continues and there are multiple drivers going forward for earnings growth.
The broker believes the risk/reward is attractive given strong execution so far and the scarcity of earnings growth in the market. Accumulate retained. Target is raised to $13.50 from $13.25.
Target price is $13.50 Current Price is $12.96 Difference: $0.54
If TWE meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 31.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 36.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TWE as Neutral (3) -
Treasury Wine Estates' full-year result met consensus and the broker after posting a strong year with margin gains three years ahead of schedule. A higher tax rate and interest costs caused it to fall short of UBS's net profit after tax figure.
Australia and New Zealand led the charge, outpacing UBS estimates by 10% (up 24% year on year). Strong Asia earnings fell short of estimates but margins rose to 38%.
Treasury Wine Estates announced a buyback, which the broker pegs as 1% accretive, and appears to maintain its M&A appetite.
UBS suspects its medium-term forecasts could be conservative. FY18 earnings per share estimates fall -8% to reflect mark-to-market of currency, a higher tax rate and higher funding costs, partly offset from the buyback.
Neutral rating retained and target price rises to $13 from $10.45 target to reflect the 23% rise in FY20 medium-term earnings-before-interest-and-tax upgrades.
Target price is $13.00 Current Price is $12.96 Difference: $0.04
If TWE meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $13.00, suggesting downside of -4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 29.10 cents and EPS of 44.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 29.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 36.50 cents and EPS of 55.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.0, implying annual growth of 25.0%. Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 23.8. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VVR as Add (1) -
The broker does not compare Viva's initial distributable earnings of 6.8c to a forecast but 2017 guidance has been reiterated. Portfolio revaluations are expected in December and further acquisitions are in the pipeline.
An attractive 6.1% yield and forecast total shareholder return of 10% underpin the broker's Add rating and $2.53 target, noting risk of downside from Fed tightening.
Target price is $2.53 Current Price is $2.16 Difference: $0.37
If VVR meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 13.20 cents and EPS of 13.20 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.20 cents and EPS of 14.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WES as Sell (5) -
Citi observes the FY17 result was solid and delivered against modest expectations. Coles earnings declined sharply while there were losses in Bunnings UK.
Citi upgrades estimates by 4% for FY18 and 2% for FY19-20 on the back of higher coal prices and department store earnings. Sell rating retained. Target rises to $39 from $38.
Target price is $39.00 Current Price is $41.87 Difference: minus $2.87 (current price is over target).
If WES 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 $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 221.00 cents and EPS of 251.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 230.00 cents and EPS of 262.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WES as Neutral (3) -
Credit Suisse believes the reaction to the FY17 result was surprisingly benign. Deteriorating profit at Coles was expected but the outcome more severe than the broker forecast. Credit Suisse was not surprised by the widening losses at Bunnings UK.
Free cash flow was boosted by the sale of property and as a result the dividend pay-out was stronger than forecast. The broker envisages further downside for Coles beyond the re-basing expected in the first half and this is the main risk to the outlook.
Neutral retained. Target is reduced to $42.07 from $43.44.
Target price is $42.07 Current Price is $41.87 Difference: $0.2
If WES meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 181.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 179.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WES as Sell (5) -
FY17 result was slightly ahead of Deutsche Bank's estimates. However, composition was unfavourable with retail businesses generally below expectations.
Sharp margin declines in the second half occurred at Coles and the broker notes the outlook is weak. Challenges for the industrial businesses are also expected in FY18.
Sell rating and $38 target retained.
Target price is $38.00 Current Price is $41.87 Difference: minus $3.87 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 235.00 cents and EPS of 253.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 235.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WES as Underweight (5) -
According to the analysts' assessment, Wesfarmers reported a mixed full-year result. Morgan Stanley notes the adverse trend in Coles' earnings is likely to continue given the competitive outlook and margin pressure.
On the upside, Bunnings continues to perform strongly and the broker believes the combination of strong cash conversions, group earnings growth and lower net debt suggests Wesfarmers may be building a war chest for a transformative acquisition.
Morgan Stanley increases earnings per share forecasts 3%-4% to account for stronger Industrials earnings from higher coal prices, and improved Bunnings, Kmart and Target earnings. But it expects group earnings may ease across FY18 and FY19 given the competitive and difficult retail environment and expected weakness in industrial earnings.
The broker says the weak earnings prospects make the FY18 price-earnings multiple of 18.7x look expensive. Price target moves to $38 from $36 and Underweight rating retained. Industry view is cautious.
Target price is $38.00 Current Price is $41.87 Difference: minus $3.87 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 215.00 cents and EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 214.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WES as Hold (3) -
Wesfarmers' result was largely in line, driven by strength in Bunnings A&NZ, Kmart, Officeworks and coal offset by weakness in Coles and Bunnings UK&I. Coles missed by -6% as the supermarket invests in price in the highly competitive environment, the broker notes.
Target's result was a big improvement but all up the broker has made minimal changes to group forecasts. Hold retained on an expectation the share price will track sideways on Coles concerns. Target rises to $40.54 from $39.16.
Target price is $40.54 Current Price is $41.87 Difference: minus $1.33 (current price is over target).
If WES meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 235.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 245.00 cents and EPS of 269.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WES as Hold (3) -
FY17 net profit was slightly below Ord Minnett forecasts. The broker observes the company is undergoing significant changes, including a new CEO.
Bunnings Australasia is expected to perform well following industry consolidation. Coles is being re-based and deals with difficult comparables following seven years of outperformance. Industrial businesses have improved because of cost savings.
Ord Minnett retains a Hold rating and $44 target.
Target price is $44.00 Current Price is $41.87 Difference: $2.13
If WES meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 223.00 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 215.00 cents and EPS of 257.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WES as Neutral (3) -
Wesfarmers full-year result broadly met consensus and the broker. UBS says cash flow was again the highlight with cash conversion greater than 100%. Management guided steady labour investment, suggesting an easing in the promotion war.
UBS tinkers with earnings per share estimates - cutting -2% for 2018 and adding 1% for 2019; strength in department stores unable to offset weakness in Coles, CEF and Resources.
The broker notes continued competition in grocery markets, weak consumer sentiment and a slowing housing market as headwinds in FY18. Neutral rating retained and target price rises to $41.90 from $40.60 to account for changes in peer multiples.
Target price is $41.90 Current Price is $41.87 Difference: $0.03
If WES meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $40.88, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 215.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 254.9, implying annual growth of N/A. Current consensus DPS estimate is 221.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 223.00 cents and EPS of 262.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.1, implying annual growth of 1.3%. Current consensus DPS estimate is 220.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WHC as Buy (1) -
FY17 results were in line with Citi's estimates. The broker upgrades FY18 and FY19 estimates on marking to market coal price forecasts, but downgrades FY20 because of lower Narrabri production.
Citi forecasts run-of-mine production at Narrabri will fall to 7.6mt FY19 and to 6.7mt in FY20. This is expected to effectively plateau the company's production profile with growth past FY21 dependent on Vickery.
Buy rating retained. Target rises to $3.85 from $3.30.
Target price is $3.85 Current Price is $3.29 Difference: $0.56
If WHC meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 15.00 cents and EPS of 43.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 10.00 cents and EPS of 29.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WHC as Outperform (1) -
FY17 earnings were largely in line with Credit Suisse estimates. Clouding the numbers was the lower production expected in FY19 and FY20 at Narrabri.
While FY18 should produce another solid cash-generating year, Credit Suisse believes the issues at Narrabri beyond this will need to be monitored.
Outperform rating and $3.20 target retained.
Target price is $3.20 Current Price is $3.29 Difference: minus $0.09 (current price is over target).
If WHC 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 $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.93 cents and EPS of 39.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 14.85 cents and EPS of 29.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WHC as Hold (3) -
FY17 results were strong and broadly in line with Deutsche Bank's expectations although overshadowed by Narrabri production downgrades. A $0.20 dividend, including a $0.14 special, surprised.
The broker observes operating guidance is negative as production at Narrabri will decline -20% by FY20 on geological issues. Hold rating retained. Target is reduced to $2.60 from $2.80.
Target price is $2.60 Current Price is $3.29 Difference: minus $0.69 (current price is over target).
If WHC meets the Deutsche Bank target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 15.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 15.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WHC as Hold (3) -
Whitehaven's strong underlying result was in line with expectation. Rapid de-gearing has led to the welcome surprise, the broker notes, of a 14c capital return on top of the 6c dividend, earlier than assumed.
The broker is nevertheless concerned geotechnical complexity is creeping into the Narrabri mine as it matures, and assumes an overheated thermal coal price will ultimately revert. Target rises to $3.10 from $3.01, but on stretched valuation the broker retains Hold.
Target price is $3.10 Current Price is $3.29 Difference: minus $0.19 (current price is over target).
If WHC meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 11.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WHC as Downgrade to Accumulate from Buy (2) -
FY17 earnings were slightly behind Ord Minnett because of higher costs. The main positive surprise was the proposed distribution of $0.20 per share. However, the company outlined geological challenges at the Narrabri operation, leaving the broker to downgrade FY19 and FY20 estimates.
The share price has had a run-up recently and the broker downgrades to Accumulate from Buy. Target is reduced to $3.45 from $3.50.
Target price is $3.45 Current Price is $3.29 Difference: $0.16
If WHC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 30.00 cents and EPS of 39.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 15.00 cents and EPS of 26.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WHC as Neutral (3) -
UBS saw Whitehaven Coal releasing an FY17 report containing "highs and lows". The result itself was in-line. The 20c dividend was among the highs, operational issues at Narrabri among the lows (-10-20% downgrade to production guidance).
Also, the analysts observe costs are rising, though coal price upside is likely to provide compensation. The analysts retain a Neutral rating as they don't see investors paying up for higher long term coal prices (not yet anyway). Target price moves to $3.35 from $3.15.
Target price is $3.35 Current Price is $3.29 Difference: $0.06
If WHC meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.23, suggesting upside of 1.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.7, implying annual growth of N/A. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 8.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 13.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -19.3%. Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 11.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WTC as Neutral (3) -
WiseTech Global has acquired CMS Transport Systems for $5m, its fourth acquisition in 2017. The company is accelerating organic growth via small targeted acquisitions, allowing it to expand into new geographies, add new customers and skilled employees and increase compliance capabilities, suggest the analysts.
Maquarie notes e-commerce and digitisation are increasing complexity and driving change across the global transport industry. The stockbroker believes logistics operators will need to increase efficiency by automating their operations at a faster rate.
FY18 forecasts raised by 2% and FY19 forecasts by 4%. Neutral retained and target is raised to $6.25 from $5.80.
Target price is $6.25 Current Price is $7.08 Difference: minus $0.83 (current price is over target).
If WTC meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.59, suggesting downside of -5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 2.10 cents and EPS of 10.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.0, implying annual growth of 100.0%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 43.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.60 cents and EPS of 13.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.6, implying annual growth of 41.3%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 30.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ABC - | ADELAIDE BRIGHTON | Sell - Citi | Overnight Price $5.84 |
| Neutral - Credit Suisse | Overnight Price $5.84 | ||
| Hold - Deutsche Bank | Overnight Price $5.84 | ||
| Outperform - Macquarie | Overnight Price $5.84 | ||
| Hold - Ord Minnett | Overnight Price $5.84 | ||
| ASX - | ASX | Sell - Citi | Overnight Price $54.43 |
| Underperform - Credit Suisse | Overnight Price $54.43 | ||
| Hold - Deutsche Bank | Overnight Price $54.43 | ||
| Underperform - Macquarie | Overnight Price $54.43 | ||
| Hold - Ord Minnett | Overnight Price $54.43 | ||
| Neutral - UBS | Overnight Price $54.43 | ||
| BHP - | BHP BILLITON | Buy - Deutsche Bank | Overnight Price $25.92 |
| Outperform - Macquarie | Overnight Price $25.92 | ||
| Hold - Ord Minnett | Overnight Price $25.92 | ||
| BRG - | BREVILLE GROUP | Neutral - Credit Suisse | Overnight Price $10.87 |
| Accumulate - Ord Minnett | Overnight Price $10.87 | ||
| COH - | COCHLEAR | Neutral - Citi | Overnight Price $153.02 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $153.02 | ||
| Equal-weight - Morgan Stanley | Overnight Price $153.02 | ||
| Downgrade to Reduce from Hold - Morgans | Overnight Price $153.02 | ||
| Hold - Ord Minnett | Overnight Price $153.02 | ||
| Sell - UBS | Overnight Price $153.02 | ||
| CPU - | COMPUTERSHARE | Hold - Deutsche Bank | Overnight Price $13.86 |
| Downgrade to Hold from Add - Morgans | Overnight Price $13.86 | ||
| EVN - | EVOLUTION MINING | Buy - Citi | Overnight Price $2.38 |
| Outperform - Credit Suisse | Overnight Price $2.38 | ||
| Buy - Deutsche Bank | Overnight Price $2.38 | ||
| Outperform - Macquarie | Overnight Price $2.38 | ||
| Buy - UBS | Overnight Price $2.38 | ||
| FXJ - | FAIRFAX MEDIA | Buy - Deutsche Bank | Overnight Price $1.02 |
| Neutral - UBS | Overnight Price $1.02 | ||
| IPH - | IPH | Hold - Deutsche Bank | Overnight Price $4.65 |
| Neutral - Macquarie | Overnight Price $4.65 | ||
| Add - Morgans | Overnight Price $4.65 | ||
| IRE - | IRESS MARKET TECHN | Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $12.37 |
| Buy - Deutsche Bank | Overnight Price $12.37 | ||
| Neutral - Macquarie | Overnight Price $12.37 | ||
| Downgrade to Lighten from Accumulate - Ord Minnett | Overnight Price $12.37 | ||
| MGR - | MIRVAC | Sell - Citi | Overnight Price $2.30 |
| Outperform - Credit Suisse | Overnight Price $2.30 | ||
| Hold - Deutsche Bank | Overnight Price $2.30 | ||
| Outperform - Macquarie | Overnight Price $2.30 | ||
| Overweight - Morgan Stanley | Overnight Price $2.30 | ||
| Hold - Ord Minnett | Overnight Price $2.30 | ||
| Buy - UBS | Overnight Price $2.30 | ||
| MGX - | MOUNT GIBSON IRON | Outperform - Macquarie | Overnight Price $0.45 |
| NUF - | NUFARM | Sell - Deutsche Bank | Overnight Price $8.92 |
| Outperform - Macquarie | Overnight Price $8.92 | ||
| Hold - Morgans | Overnight Price $8.92 | ||
| ORG - | ORIGIN ENERGY | Hold - Deutsche Bank | Overnight Price $7.34 |
| OSH - | OIL SEARCH | Neutral - UBS | Overnight Price $6.44 |
| PNI - | PINNACLE INVESTMENT | Initiation of coverage with Buy - Ord Minnett | Overnight Price $0.00 |
| QBE - | QBE INSURANCE | Neutral - Citi | Overnight Price $11.17 |
| Underperform - Credit Suisse | Overnight Price $11.17 | ||
| Outperform - Macquarie | Overnight Price $11.17 | ||
| Overweight - Morgan Stanley | Overnight Price $11.17 | ||
| Add - Morgans | Overnight Price $11.17 | ||
| Lighten - Ord Minnett | Overnight Price $11.17 | ||
| Buy - UBS | Overnight Price $11.17 | ||
| SEK - | SEEK | Hold - Deutsche Bank | Overnight Price $17.07 |
| SWM - | SEVEN WEST MEDIA | Hold - Deutsche Bank | Overnight Price $0.79 |
| TAH - | TABCORP HOLDINGS | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $4.13 |
| TLS - | TELSTRA CORP | Sell - Citi | Overnight Price $3.87 |
| Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $3.87 | ||
| Buy - Deutsche Bank | Overnight Price $3.87 | ||
| No Rating - Macquarie | Overnight Price $3.87 | ||
| Underweight - Morgan Stanley | Overnight Price $3.87 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $3.87 | ||
| Downgrade to Hold from Buy - Ord Minnett | Overnight Price $3.87 | ||
| Neutral - UBS | Overnight Price $3.87 | ||
| TTS - | TATTS GROUP | Neutral - Citi | Overnight Price $4.02 |
| Buy - Deutsche Bank | Overnight Price $4.02 | ||
| Hold - Morgans | Overnight Price $4.02 | ||
| Lighten - Ord Minnett | Overnight Price $4.02 | ||
| No Rating - UBS | Overnight Price $4.02 | ||
| TWE - | TREASURY WINE ESTATES | Sell - Citi | Overnight Price $12.96 |
| Neutral - Credit Suisse | Overnight Price $12.96 | ||
| Hold - Deutsche Bank | Overnight Price $12.96 | ||
| Overweight - Morgan Stanley | Overnight Price $12.96 | ||
| Accumulate - Ord Minnett | Overnight Price $12.96 | ||
| Neutral - UBS | Overnight Price $12.96 | ||
| VVR - | VIVA ENERGY REIT | Add - Morgans | Overnight Price $2.16 |
| WES - | WESFARMERS | Sell - Citi | Overnight Price $41.87 |
| Neutral - Credit Suisse | Overnight Price $41.87 | ||
| Sell - Deutsche Bank | Overnight Price $41.87 | ||
| Underweight - Morgan Stanley | Overnight Price $41.87 | ||
| Hold - Morgans | Overnight Price $41.87 | ||
| Hold - Ord Minnett | Overnight Price $41.87 | ||
| Neutral - UBS | Overnight Price $41.87 | ||
| WHC - | WHITEHAVEN COAL | Buy - Citi | Overnight Price $3.29 |
| Outperform - Credit Suisse | Overnight Price $3.29 | ||
| Hold - Deutsche Bank | Overnight Price $3.29 | ||
| Hold - Morgans | Overnight Price $3.29 | ||
| Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $3.29 | ||
| Neutral - UBS | Overnight Price $3.29 | ||
| WTC - | WISETECH GLOBAL | Neutral - Macquarie | Overnight Price $7.08 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 30 |
| 2. Accumulate | 3 |
| 3. Hold | 43 |
| 4. Reduce | 3 |
| 5. Sell | 15 |
Friday 18 August 2017
Access Broker Call Report Archives here
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.