Australian Broker Call
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January 24, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 08:21 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
| AWC - | ALUMINA | Upgrade to Outperform from Neutral | Macquarie |
| GXY - | GALAXY RESOURCES | Downgrade to Underperform from Neutral | Macquarie |
| PLS - | PILBARA MINERALS | Upgrade to Outperform from Neutral | Macquarie |
| QBE - | QBE INSURANCE | Upgrade to Outperform from Neutral | Macquarie |
| Upgrade to Accumulate from Hold | Ord Minnett | ||
| RMD - | RESMED | Downgrade to Underperform from Neutral | Macquarie |
| SBM - | ST BARBARA | Downgrade to Underperform from Outperform | Credit Suisse |
| Downgrade to Hold from Buy | Ord Minnett | ||
| SYR - | SYRAH RESOURCES | Upgrade to Outperform from Neutral | Macquarie |
| WHC - | WHITEHAVEN COAL | Upgrade to Neutral from Underperform | Macquarie |
APO APN OUTDOOR GROUP LIMITED
Out of Home Advertising
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Overnight Price: $4.60
Morgan Stanley rates APO as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for APN Outdoor, target falls to $6.30 from $6.50.
Target price is $6.30 Current Price is $4.60 Difference: $1.7
If APO meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $5.20, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 17.00 cents and EPS of 32.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.9, implying annual growth of 9.6%. Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.10 cents and EPS of 35.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.7, implying annual growth of 2.5%. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.45
Macquarie rates AWC as Upgrade to Outperform from Neutral (1) -
Higher alumina prices are expected to underpin a strong year for earnings and dividends and Macquarie expects Alumina Ltd to deliver a 10% yield in 2018.
Rating is upgraded to Outperform from Neutral. Target is raised to $2.70 from $2.50.
Target price is $2.70 Current Price is $2.45 Difference: $0.25
If AWC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.35, suggesting downside of -4.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.76 cents and EPS of 17.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.3, implying annual growth of N/A. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 15.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.96 cents and EPS of 23.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 12.9%. Current consensus DPS estimate is 18.6, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 13.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $30.68
Macquarie rates BHP as Outperform (1) -
Macquarie makes significant upgrades to bulk commodity price forecasts. Demand is seen to be stronger amid supply restrictions.
The broker lifts 2018 forecasts for coking coal by 40%, thermal coal by 30% and iron ore and manganese by 20%. Incorporating the upgrades translates to 27-52% increases in earnings estimates for BHP over the next two years.
Outperform rating maintained. Target is raised to $38.00 from $33.30.
Target price is $38.00 Current Price is $30.68 Difference: $7.32
If BHP meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $32.67, suggesting upside of 6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 139.02 cents and EPS of 214.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 214.7, implying annual growth of N/A. Current consensus DPS estimate is 131.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 14.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 114.33 cents and EPS of 177.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 190.0, implying annual growth of -11.5%. Current consensus DPS estimate is 118.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAR CARSALES.COM LIMITED
Automobiles & Components
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Overnight Price: $15.00
Morgan Stanley rates CAR as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for Carsales, target rises to $16 from $14.
Target price is $16.00 Current Price is $15.00 Difference: $1
If CAR meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.39, suggesting downside of -4.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.20 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.6, implying annual growth of 22.5%. Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 27.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 49.70 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.4, implying annual growth of 12.2%. Current consensus DPS estimate is 49.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 24.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CAT CATAPULT GROUP INTERNATIONAL LTD
Medical Equipment & Devices
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Overnight Price: $1.90
Morgans rates CAT as Add (1) -
December quarter cash flows were ahead of expectations, supported by R&D tax refunds. Morgans observes the company is on track to meet its full year guidance and makes no changes to estimates.
Add retained. Target is $2.97.
Target price is $2.97 Current Price is $1.90 Difference: $1.07
If CAT meets the Morgans target it will return approximately 56% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.80 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
DHG DOMAIN HOLDINGS AUSTRALIA LIMITED
Real Estate
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Overnight Price: $3.11
Morgan Stanley rates DHG as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for Domain, target falls to $4.10 from $4.50.
Target price is $4.10 Current Price is $3.11 Difference: $0.99
If DHG meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $3.37, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.60 cents and EPS of 7.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.6, implying annual growth of N/A. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 36.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 6.10 cents and EPS of 12.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.4, implying annual growth of 32.6%. Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.3. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.65
Credit Suisse rates DXS as Underperform (5) -
Adjustments to market rental forecasts for the CBD office markets have resulted in downward revisions to estimates by an average of -0.4% per annum from FY18-20.
Underperform rating maintained. Target is $9.14.
Target price is $9.14 Current Price is $9.65 Difference: minus $0.51 (current price is over target).
If DXS meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.88, suggesting upside of 2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 47.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.9, implying annual growth of -54.1%. Current consensus DPS estimate is 47.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 47.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.7, implying annual growth of 1.3%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.68
Morgan Stanley rates FXJ as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for Fairfax, target falls to 80c from 85c.
Target price is $0.80 Current Price is $0.68 Difference: $0.12
If FXJ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $0.75, suggesting upside of 10.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 4.00 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of -12.9%. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 4.00 cents and EPS of 5.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of N/A. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 12.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.52
Macquarie rates GXY as Downgrade to Underperform from Neutral (5) -
Macquarie makes material upgrades to 2018 carbonate and spodumene prices, upgrading these by 14% and 19% respectively. The broker still envisages supply will overshoot near-term demand and maintains a bearish view for 2019/20.
Macquarie believes Sal de Vida is unlikely to be brought into production. Removing the development means upgrades to medium-term earnings for Galaxy Resources because of reduced operating costs, while long-term earnings estimates are down -15-45%.
The broker downgrades to Underperform from Neutral and reduces the target to $3 from $4.
Target price is $3.00 Current Price is $3.52 Difference: minus $0.52 (current price is over target).
If GXY meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.73, suggesting upside of 5.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 10.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -83.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 50.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 25.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.9, implying annual growth of 227.1%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.65
Credit Suisse rates HT1 as Outperform (1) -
The Australian Taxation Office has released an amended assessment of its dispute with the company over the tax treatment of the licensing of former NZ mastheads.
Credit Suisse now includes the full amount claimed by the ATO in valuation and considers the balance sheet robust even in a worst-case scenario. Target is reduced to $2.20 from $2.50. Outperform maintained.
Target price is $2.20 Current Price is $1.65 Difference: $0.55
If HT1 meets the Credit Suisse target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 44.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 9.44 cents and EPS of 18.87 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of N/A. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.55 cents and EPS of 19.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of -5.2%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HT1 as Outperform (1) -
The Australian Taxation Office has issued amended assessments regarding the New Zealand branch issue. As a result of the amended assessments and further unresolved tax issues, Macquarie increases its estimate of the total potential tax liability to $160m from $150m.
While the news is incrementally negative, the broker believes this is factored into the current share price and retains an Outperform rating. Target is reduced to $2.25 from $2.40.
Target price is $2.25 Current Price is $1.65 Difference: $0.6
If HT1 meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 44.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 8.10 cents and EPS of 19.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of N/A. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.10 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of -5.2%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates HT1 as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for HT&E, target falls to $2.75 from $3.40.
Target price is $2.75 Current Price is $1.65 Difference: $1.1
If HT1 meets the Morgan Stanley target it will return approximately 67% (excluding dividends, fees and charges).
Current consensus price target is $2.38, suggesting upside of 44.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.3, implying annual growth of N/A. Current consensus DPS estimate is 7.3, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of -5.2%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.48
Credit Suisse rates IOF as Neutral (3) -
Credit Suisse envisages downside risk to market rental growth and hence the company's ability to grow rental income.
The broker downwardly revises FY18-20 forecast by -0.5% per annum on average. Neutral rating and $4.58 target maintained.
Target price is $4.58 Current Price is $4.48 Difference: $0.1
If IOF meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.76, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -60.3%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 14.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.8, implying annual growth of -2.3%. Current consensus DPS estimate is 20.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 15.0. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MLX as Outperform (1) -
December quarter production was softer than Macquarie expected, as weakness at Nifty more than offset a slightly better result at Renison Bell.
Outperform retained. Target is reduced -13% to $1.30.
Target price is $1.30 Current Price is $1.00 Difference: $0.3
If MLX meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.00 cents and EPS of minus 0.60 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.00 cents and EPS of 10.50 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MQA MACQUARIE ATLAS ROADS GROUP
Infrastructure & Utilities
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Overnight Price: $5.97
Deutsche Bank rates MQA as Buy (1) -
The Q4 update excelled via much better traffic in France (APRR), both for light and heavy vehicles. Dulles Greenway traffic, however, failed to live up to expectations, Deutsche Bank analysts indicate.
The analysts also observe global infrastructure stocks have battled serious headwinds in the months past on rising global bond yields.They highlight bond yields in Australia are not expected to rise any further from here for the foreseeable future.
Deutsche Bank's in-house forecast is for US bond yields to rise to 3% by year end. The broker anticipates strong distribution growth from Macquarie Atlas in the years ahead, this should more than offset any concerns about rising yields, say the analysts. Buy rating and $6.70 price target retained.
Target price is $6.70 Current Price is $5.97 Difference: $0.73
If MQA meets the Deutsche Bank target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $6.55, suggesting upside of 9.6% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 74.6, implying annual growth of 281.0%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY18:
Current consensus EPS estimate is 36.0, implying annual growth of -51.7%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Outperform (1) -
Macquarie observes the trend is positive in the company's major asset, APRR, and more than offsets any drag from Dulles Greenway. This provides a little more cash flow in 2018 and 2019, beyond what the broker forecast, particularly if currency remains favourable.
Deferral of the Greenway dividend is not a major surprise to Macquarie, although it does push out the step change in dividend growth to 2020. Outperform retained. Target is raised to $6.95 from $6.77.
Target price is $6.95 Current Price is $5.97 Difference: $0.98
If MQA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.55, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 19.90 cents and EPS of 62.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.6, implying annual growth of 281.0%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.50 cents and EPS of 59.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of -51.7%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MQA as Add (1) -
Traffic and toll revenue grew strongly on APRR in the December quarter, with Morgans noting particular strength in heavy vehicle traffic. Dulles Greenway traffic declined by -1.3%, largely as expected.
Morgans remains cautious about the potential fee leakage to Macquarie Group ((MQG)) and once internalisation is complete considers Macquarie Atlas a potential takeover target.
Regardless, the broker finds the growth in distributions attractive, expecting the company to more than double its payments between FY17 and FY20.
Add. Target is raised to $6.61 from $6.24.
Target price is $6.61 Current Price is $5.97 Difference: $0.64
If MQA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.55, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.6, implying annual growth of 281.0%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 23.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of -51.7%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MQA as Buy (1) -
UBS observes upside to estimates as strength at APRR continues to drive the company's earnings. UBS envisages proportional revenue growth of 13% for 2017.
A doubling in cash flow over the next two years is expected to result in the distribution rising to $0.40 in FY19. More clarity over the next three months is expected regarding internalisation discussions.
Target is $6.65. Buy rating.
Target price is $6.65 Current Price is $5.97 Difference: $0.68
If MQA meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.55, suggesting upside of 9.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.6, implying annual growth of 281.0%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 8.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of -51.7%. Current consensus DPS estimate is 24.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
NEC NINE ENTERTAINMENT CO. HOLDINGS LIMITED
Print, Radio & TV
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Overnight Price: $1.67
Morgan Stanley rates NEC as Equal-weight (3) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Equal-weight retained for Nine, target rises to $1.30 from $1.20.
Target price is $1.30 Current Price is $1.67 Difference: minus $0.37 (current price is over target).
If NEC meets the Morgan Stanley target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.50, suggesting downside of -10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.20 cents and EPS of 15.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.8, implying annual growth of N/A. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 8.20 cents and EPS of 12.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of -12.7%. Current consensus DPS estimate is 8.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 12.1. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.47
Morgan Stanley rates NEW as Equal-weight (3) -
The US will impose a tariff on imported solar panels starting in year one at 30% and declining to 15% by year four. The first 2.5GW of new cells will be exempt.
While the mechanics are yet unclear, the tariff is not as steep as feared and thus a minor positive for New Energy Solar, the broker suggests. Equal-weight rating and $1.59 target retained. Industry view: Cautious
Target price is $1.59 Current Price is $1.47 Difference: $0.12
If NEW meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 7.20 cents and EPS of 3.42 cents. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.75 cents and EPS of 3.85 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.73
Morgan Stanley rates NWS as Equal-weight (3) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Equal-weight retained for News Corp, target rises to US$16 from US$15.
Current Price is $21.73. Target price not assessed.
Current consensus price target is $20.91, suggesting downside of -3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.17 cents and EPS of 67.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.3, implying annual growth of N/A. Current consensus DPS estimate is 30.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 35.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 48.07 cents and EPS of 74.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.4, implying annual growth of 14.8%. Current consensus DPS estimate is 34.2, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 30.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $7.90
Citi rates OSH as Sell (5) -
December quarter production was in line with Citi estimates, while operating revenue was better than expected on a combination of inventory drawdown for oil/LNG and stronger LNG spot prices.
The company is demonstrating a clear focus on maximising value from current assets and Citi contends it is one of the few that has not destroyed value through exploration.
Sell rating retained. Target is raised to $6.56 from $6.38.
Target price is $6.56 Current Price is $7.90 Difference: minus $1.34 (current price is over target).
If OSH meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 11.69 cents and EPS of 25.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 16.89 cents and EPS of 37.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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 OSH as Neutral (3) -
December quarter production was solid, Credit Suisse observes. 2018 is expected to be a significant year for PNG expansion and the broker believes, by the end of the year, the market will have a far better picture regarding the value proposition for Oil Search.
The broker notes the appeal of the stock but worries about the balance sheet and remains cautious about the timeline for PNG expansion. Neutral maintained. Target is $7.55.
Target price is $7.55 Current Price is $7.90 Difference: minus $0.35 (current price is over target).
If OSH meets the Credit Suisse target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 11.41 cents and EPS of 26.49 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.07 cents and EPS of 37.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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 OSH as Buy (1) -
Oil Search's December quarter production beat the broker's forecast by some 4% with PNG LNG continuing to operate above nameplate, observe the analysts. In terms of achieved sales, however, the result proved a slight miss.
Deutsche Bank has incorporated both higher prices short term and higher production forecasts in its modeling. Brent oil is now projected to reach US$65/bbl by 2021 and this serves as the official long term price forecast used for modeling the sector.
Because of a slight decrease in long term oil price projection, the valuation has only increased marginally to $8.22, despite some hefty upgrades to forecasts for this year and next. Price target falls to $8.30 from $8.55. Buy rating retained.
Target price is $8.30 Current Price is $7.90 Difference: $0.4
If OSH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 11.69 cents and EPS of 25.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.99 cents and EPS of 33.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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 OSH as Outperform (1) -
December quarter results in 2017 guidance was generally in line with Macquarie's expectations. Flat production guidance for 2018 was also no surprise to the broker.
The broker continues to believe the company offers the most upside in the near term. Outperform rating maintained. Target price is $8.70.
Target price is $8.70 Current Price is $7.90 Difference: $0.8
If OSH meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.69 cents and EPS of 25.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.56 cents and EPS of 25.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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 OSH as Accumulate (2) -
Ord Minnett saw a generally positive December quarter production update with most items ahead of expectations. Even though updated cost guidance surprised on the upside, the analysts note profits were still better than forecast.
Accumulate rating retained, including because of corporate appeal, while the share price target loses 10c to $8.30. The latter seems to be related to the broker updating its post-tax weighted average cost of capital.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.30 Current Price is $7.90 Difference: $0.4
If OSH meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.39 cents and EPS of 25.98 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 20.79 cents and EPS of 44.17 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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 OSH as Neutral (3) -
December quarter production and 2018 guidance is in line with UBS estimates. The broker found the news positive relating to realised LNG pricing.
Nevertheless, risks to LNG expansion remain, given the slow progress to date on achieving alignment between the parties on the timing, ownership structure and operating model.
Neutral rating retained. Target is raised to $8.10 from $8.05.
Target price is $8.10 Current Price is $7.90 Difference: $0.2
If OSH meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $8.19, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.69 cents and EPS of 24.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.9, implying annual growth of N/A. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 33.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 14.29 cents and EPS of 28.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.8, implying annual growth of 33.1%. Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 24.8. |
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
Overnight Price: $9.11
Macquarie rates OZL as Outperform (1) -
An upgrade to copper price forecasts translates to significant increases in Macquarie's earnings estimates for significant copper producers such as OZ Minerals.
Copper estimates rise 17% for 2018 and 12% for 2019. Outperform rating maintained. Target is raised to $11.50 from $11.00.
Target price is $11.50 Current Price is $9.11 Difference: $2.39
If OZL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $9.60, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 22.00 cents and EPS of 88.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 108.7%. Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 12.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 41.00 cents and EPS of 94.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.0, implying annual growth of -8.7%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.01
Macquarie rates PLS as Upgrade to Outperform from Neutral (1) -
Macquarie makes material upgrades to 2018 carbonate and spodumene prices, upgrading these by 14% and 19% respectively. The broker still envisages supply will overshoot near-term demand and maintains a bearish view for 2019/20.
The company's exposure to upgraded long-term lithium pricing leads the broker to upgrade the stock to Outperform from Neutral on a stronger long-term outlook. Target is raised $1.20 from $1.15.
Target price is $1.20 Current Price is $1.01 Difference: $0.19
If PLS meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.00 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 3.80 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
PPE PEOPLE INFRASTRUCTURE LTD
Jobs & Skilled Labour Services
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Overnight Price: $1.48
Morgans rates PPE as Initiation of coverage with Add (1) -
Morgans initiates coverage on People Infrastructure with an Add rating and $1.52 target. The company operates in the contracted workforce and human resources industry in Australasia.
The broker observes the company has developed strong customer relationships over an extended period of time and is exposed to a number of high growth industries including child care, infrastructure, mining and hospitality.
Moreover, increased demand for workers in the rapidly growing disability sector is expected to support future growth.
Target price is $1.52 Current Price is $1.48 Difference: $0.04
If PPE meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 3.00 cents and EPS of 12.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 7.00 cents and EPS of 14.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.31
Morgan Stanley rates PRT as Underweight (5) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Underweight retained for Prime, target falls to 28c from 34c.
Target price is $0.28 Current Price is $0.31 Difference: minus $0.03 (current price is over target).
If PRT meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.50 cents and EPS of 7.00 cents. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 3.30 cents and EPS of 6.70 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $10.99
Citi rates QBE as Neutral (3) -
Following the market update, Citi lowers estimates for earnings per share in 2017 by -133% and in 2018 by -25%. The broker considers the shares are fair value to slightly cheap and downside risk is now limited.
Nevertheless, it may still take time to rebuild investor confidence after a string of downgrades. Neutral rating retained. Target is $10.80.
Target price is $10.80 Current Price is $10.99 Difference: minus $0.19 (current price is over target).
If QBE meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 42.74 cents and EPS of minus 10.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 42.61 cents and EPS of 69.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates QBE as Upgrade to Outperform from Neutral (1) -
New management has re-based margin guidance for 2018. Heading into the February results, Macquarie believes the buyback, premium growth and portfolio sales will remain the focus for investors.
Now the negative catalyst of a profit downgrade is behind the market, the broker believes there is enough clear air to invest in a stock that is trading at a -15% discount to weighted international peers.
Rating is upgraded to Outperform from Neutral and the target reduced to $11.10 from $11.70.
Target price is $11.10 Current Price is $10.99 Difference: $0.11
If QBE meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 31.57 cents and EPS of minus 30.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 51.71 cents and EPS of 81.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates QBE as Overweight (1) -
2017 was a tough year for QBE given, in particular, hurricanes and fires in the US. 2018 guidance appears conservative, of a higher quality and broadly in line with the broker.
The outlook, the broker notes, is for a "cleaner" portfolio featuring greater underwriting discipline, against a backdrop of improving fundamentals. Target falls to $11.90 from $12.60, Overweight retained.
Target price is $11.90 Current Price is $10.99 Difference: $0.91
If QBE meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 28.58 cents and EPS of minus 22.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 68.86 cents and EPS of 76.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates QBE as Hold (3) -
Morgans notes the company has significantly downgraded 2017 forecasts, re-basing the business with a top up of provisions and more conservative guidance.
The re-basing by the new CEO is not a surprise to the broker and the strengthening of claims provisioning, by increasing the probability of reserving adequacy to 90%, is considered prudent.
The broker lowers FY18 estimates for earnings per share by -13% and reduces the target to $11.10 from $11.45. Hold maintained.
Target price is $11.10 Current Price is $10.99 Difference: $0.11
If QBE meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 28.58 cents and EPS of minus 23.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 60.67 cents and EPS of 73.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates QBE as Upgrade to Accumulate from Hold (2) -
Ord Minnett has decided to upgrade to Accumulate from Hold, while lifting its price target to $11.20 from $10.95. The moves are being justified via a reference to management now having rebased FY18 guidance, in combination with expected upside from the cycle and interest rates, plus possible benefits to margins from a restructure.
The broker does acknowledge there remain risks, with reserve releases potentially drying up in some markets, eventually a rise in reinsurance costs and the need for QBE to increase its underlying margins by some 2% to validate the upside valuation thesis.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.20 Current Price is $10.99 Difference: $0.21
If QBE meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 28.58 cents and EPS of minus 110.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 51.97 cents and EPS of 66.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates QBE as Buy (1) -
Notwithstanding prior expectations of a re-basing of earnings and conservative 2018 guidance, UBS was still disappointed with the company's update.
Revised underwriting assumptions account for a -10% downgrade to the broker's estimates for earnings per share, with an additional -3% arising from the removal of buybacks in 2018 and 2019. The broker continues to assume no second half dividend and a 65% payout beyond that.
Buy rating retained. Target is reduced to $11.40 from $11.85.
Target price is $11.40 Current Price is $10.99 Difference: $0.41
If QBE meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.06, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 28.58 cents and EPS of minus 20.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -14.4, implying annual growth of N/A. Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 58.46 cents and EPS of 71.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 73.7, implying annual growth of N/A. Current consensus DPS estimate is 56.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $74.80
Morgan Stanley rates REA as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight and $85 target retained for REA.
Target price is $85.00 Current Price is $74.80 Difference: $10.2
If REA meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $74.69, suggesting downside of -0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 118.00 cents and EPS of 225.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 217.6, implying annual growth of 25.6%. Current consensus DPS estimate is 109.5, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 34.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 141.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 258.5, implying annual growth of 18.8%. Current consensus DPS estimate is 134.4, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $12.30
Citi rates RMD as Buy (1) -
The company delivered strong sales growth and second quarter results that were ahead of Citi estimates. The broker expects masks will deliver at least market growth rates for the rest of the year.
Buy rating maintained. Target rises to $13.60 from $12.20.
Target price is $13.60 Current Price is $12.30 Difference: $1.3
If RMD meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.58 cents and EPS of 45.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 20.14 cents and EPS of 48.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RMD as Neutral (3) -
December quarter results were ahead of Credit Suisse forecasts. The broker notes a solid market performance in the US was complemented by robust growth in sales of flow generators..
The broker upgrades estimates for FY18 by 12%. Neutral retained. Target rises to $11.30 from $10.60.
Target price is $11.30 Current Price is $12.30 Difference: minus $1 (current price is over target).
If RMD 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 $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.58 cents and EPS of 41.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.14 cents and EPS of 42.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RMD as Downgrade to Underperform from Neutral (5) -
Revenue of US$601m was 4% ahead of Macquarie's forecasts in the second quarter. This was driven by stronger device sales in the Americas. Globally, masks and accessories were robust.
Macquarie finds limited appeal relative to domestic healthcare peers and downgrades to Underperform from Neutral. Target is raised to $11.80 from $11.65.
Target price is $11.80 Current Price is $12.30 Difference: minus $0.5 (current price is over target).
If RMD meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.58 cents and EPS of 44.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.14 cents and EPS of 45.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RMD as Overweight (1) -
Robust mask growth in the second half was somewhat hampered by A$ strength but in line with the broker's Overweight rating. The broker expects much the same in 2018, with upside to be driven by improving operating leverage.
The broker continues to prefer ResMed among expensive offshore earners. Target rises to US$92.50 from US$88.20. Industry view: In Line
Current Price is $12.30. Target price not assessed.
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.19 cents and EPS of 43.78 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 18.19 cents and EPS of 48.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RMD as Add (1) -
Second quarter earnings were ahead of Morgans expectations. A one-off tax adjustment was mainly related to a transition tax on un-remitted foreign earnings and, although this clouded the result, the net benefit is positive over the medium term, in the broker's opinion.
Morgans upgrades forecasts while the main risks remain greater than expected pricing pressure and foreign exchange headwinds.
Add retained. Target rises to $12.11 from $11.76.
Target price is $12.11 Current Price is $12.30 Difference: minus $0.19 (current price is over target).
If RMD meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.84 cents and EPS of 41.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.88 cents and EPS of 45.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RMD as Hold (3) -
Q2 performance beat Ord Minnett's forecasts by 5.4%, while the underlying result was no less than 26% better due to one-off tax benefits. The broker notes ResMed’s increasing dominance in the US sleep apnea devices segment suggests distributors are increasingly standardising on the group's connected offering.
The ability to replicate this standardising in other markets bodes well for the future growth outlook, the broker suggests. While gross margins slipped, Ord Minnett sees the positive in recent stability.
Despite all these positives, Ord Minnett remains concerned that most of it is already reflected in the share price. Hold rating retained while price target increases to $11.25 from $9.60.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $11.25 Current Price is $12.30 Difference: minus $1.05 (current price is over target).
If RMD meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RMD as Buy (1) -
The company's strong growth across all segments beat UBS estimates in the second quarter. The broker upgrades FY18 and FY19 forecasts by 11% and 3% respectively, primarily because of stronger assumed mask sales.
The broker is also pleased the company was able to coordinate top-line growth with operating leverage.
Buy retained. Target is raised to US$96 from US$90.
Current Price is $12.30. Target price not assessed.
Current consensus price target is $12.01, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.01 cents and EPS of 42.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 41.6, implying annual growth of N/A. Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 29.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 22.35 cents and EPS of 46.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.3, implying annual growth of 6.5%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.70
Citi rates SBM as Sell (5) -
Citi updates for the full December quarter gold production data, noting all-in sustaining costs of $909/oz. December quarter costs are 5% above the broker's recently revised estimate, which slightly reduces FY18 estimates for earnings per share.
Sell rating and $3.40 target maintained.
Target price is $3.40 Current Price is $3.70 Difference: minus $0.3 (current price is over target).
If SBM 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 $3.42, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 38.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 14.5%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -5.5%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SBM as Downgrade to Underperform from Outperform (5) -
Credit Suisse observes December quarter production was strong and FY18 guidance is upgraded. The broker notes cash is building and the Gwalia extension project remains on budget and on schedule.
Rating is downgraded to Underperform from Outperform on the basis of the share price performance exceeding the valuation. Target is raised to $3.00 from $2.95.
Target price is $3.00 Current Price is $3.70 Difference: minus $0.7 (current price is over target).
If SBM meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.42, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 10.27 cents and EPS of 35.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 14.5%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 11.97 cents and EPS of 39.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -5.5%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SBM as Hold (3) -
Deutsche Bank notes yet another strong quarterly update, with the underlying suggesting that management's guidance may well prove too cautious. Both assets are performing well, observe the analysts.
The company will provide an indicative 5yr production profile at the 1H18 result in Feb, and Deutsche Bank suggests this should confirm a significant lift in mining rates. Hold retained on valuation. Target $3.40 (unchanged).
Target price is $3.40 Current Price is $3.70 Difference: minus $0.3 (current price is over target).
If SBM meets the Deutsche Bank target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.42, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 10.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 14.5%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -5.5%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SBM as Neutral (3) -
The further detail on December quarter production has confirmed that grade drove the strong result. Costs were in line with Macquarie's expectations.
The broker expects the company to meet its updated guidance. The broker lifts near-term grade and tonnage expectations at Simberi and lifts grade expectations at Gwalia.
Neutral rating and $3.80 target maintained.
Target price is $3.80 Current Price is $3.70 Difference: $0.1
If SBM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.42, suggesting downside of -7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 14.5%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 35.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -5.5%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SBM as Downgrade to Hold from Buy (3) -
Ord Minnett has downgraded to Hold from Buy, with the decision seemingly related to the fact that updated guidance of all-in sustaining costs (AISC) of US$910/oz is some 8% higher than what the broker had penciled in.
Having said so, the broker does believe management will likely beat its own cost guidance for the full year. Target price gains 10c to $3.50. St Barbara remains one of Ord Minnett's favourites in the sector as the company is considered to be in an enviable position led by strong cash flow, no debt and organic growth options.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $3.50 Current Price is $3.70 Difference: minus $0.2 (current price is over target).
If SBM 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 $3.42, suggesting downside of -7.6% (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 38.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.3, implying annual growth of 14.5%. Current consensus DPS estimate is 8.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 11.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.3, implying annual growth of -5.5%. Current consensus DPS estimate is 8.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.42
Morgan Stanley rates SEK as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for Seek, target rises to $21.50 from $21.00.
Target price is $21.50 Current Price is $19.42 Difference: $2.08
If SEK meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $17.73, suggesting downside of -8.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 41.40 cents and EPS of 56.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.7, implying annual growth of -39.0%. Current consensus DPS estimate is 43.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 32.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 48.00 cents and EPS of 65.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.6, implying annual growth of 16.6%. Current consensus DPS estimate is 48.1, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 27.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.21
Credit Suisse rates SPK as Underperform (5) -
Credit Suisse envisages 2018 may witness some changes in the NZ telco sector, with the possibility of an IPO of the number two telco. The potential sale of Vocus ((VOC)) NZ presents potential changes in industry structure, the broker adds.
The broker does not envisage much scope for major deviations to the company's FY18 guidance at the first half. Underperform rating retained and target is NZ$3.17.
Current Price is $3.21. Target price not assessed.
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 36.88 cents and EPS of 20.06 cents. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 41.51 cents and EPS of 20.89 cents. |
This company reports in NZD. 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
Overnight Price: $0.55
Morgan Stanley rates SWM as Underweight (5) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Underweight retained for Seven West, target falls to 50c from 70c.
Target price is $0.50 Current Price is $0.55 Difference: minus $0.05 (current price is over target).
If SWM 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 $0.65, suggesting upside of 18.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 2.70 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.8, implying annual growth of N/A. Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 2.30 cents and EPS of 7.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.8, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 6.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.16
Morgan Stanley rates SXL as Underweight (5) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Underweight retained for Southern Cross, target falls to $1.00 from $1.10.
Target price is $1.00 Current Price is $1.16 Difference: minus $0.16 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.24, suggesting upside of 6.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 7.00 cents and EPS of 11.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.0, implying annual growth of -22.1%. Current consensus DPS estimate is 7.8, implying a prospective dividend yield of 6.7%. Current consensus EPS estimate suggests the PER is 10.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 7.00 cents and EPS of 10.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 11.6, implying annual growth of 5.5%. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 10.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.35
Macquarie rates SYR as Upgrade to Outperform from Neutral (1) -
Macquarie makes material upgrades to 2018 carbonate and spodumene prices, upgrading these by 14% and 19% respectively. The broker still envisages supply will overshoot near-term demand and maintains a bearish view for 2019/20.
The broker observes commissioning of Balama appears to have gone well for Syrah Resources. The broker's upgraded outlook leads to a lift in long-term prices for battery anode materials. Rating is upgraded to Outperform from Neutral. Target is raised to $5.20 from $4.70.
Target price is $5.20 Current Price is $4.35 Difference: $0.85
If SYR meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $5.01, suggesting upside of 15.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.4, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 80.6. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
TME TRADE ME GROUP LIMITED
Online media & mobile platforms
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Overnight Price: $4.29
Morgan Stanley rates TME as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for Trade Me, target falls to NZ$5.50 from NZ$6.00.
Current Price is $4.29. Target price not assessed.
Current consensus price target is $5.05, suggesting upside of 17.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.12 cents and EPS of 22.65 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 17.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 20.06 cents and EPS of 25.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.0, implying annual growth of 7.1%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 17.9. |
This company reports in NZD. 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
TWE TREASURY WINE ESTATES LIMITED
Food, Beverages & Tobacco
More Research Tools In Stock Analysis - click HERE
Overnight Price: $16.90
Morgan Stanley rates TWE as Overweight (1) -
Australian wine exports grew by 15% in 2017, with exports to China growing 63% and showing considerable strength in the premium end of the range, the broker notes, although stocking a new distribution centre likely boosted the numbers.
The broker retains Overweight and an $18 target. Industry view: Cautious
Target price is $18.00 Current Price is $16.90 Difference: $1.1
If TWE meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $14.81, suggesting downside of -12.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 35.40 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.7, implying annual growth of 27.9%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 36.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 46.80 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.3, implying annual growth of 27.0%. Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.56
Macquarie rates WHC as Upgrade to Neutral from Underperform (3) -
Incorporating significant changes to bulk commodity price forecasts, Macquarie upgrades Whitehaven Coal to Neutral from Underperform. Target is raised to $4.40 from $3.90.
The broker lifts 2018 forecasts for coking coal by 40% and thermal coal by 30%.
Target price is $4.40 Current Price is $4.56 Difference: minus $0.16 (current price is over target).
If WHC meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.32, suggesting downside of -5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 35.00 cents and EPS of 65.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.0, implying annual growth of 31.1%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 8.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.00 cents and EPS of 45.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.4, implying annual growth of -14.1%. Current consensus DPS estimate is 51.2, implying a prospective dividend yield of 11.2%. Current consensus EPS estimate suggests the PER is 9.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.19
Morgan Stanley rates WTC as Overweight (1) -
The broker has updated its valuations for the media sector, favouring new technology over old media, as ad spending continues to shift.
Overweight retained for WiseTech, target rises to $15 from $8.
Target price is $15.00 Current Price is $15.19 Difference: minus $0.19 (current price is over target).
If WTC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.70, suggesting downside of -36.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 3.50 cents and EPS of 52.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 123.9%. Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is 62.3. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 5.10 cents and EPS of 76.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.6, implying annual growth of 37.7%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 45.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| APO | APN OUTDOOR | Overweight - Morgan Stanley | Overnight Price $4.60 |
| AWC | ALUMINA | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $2.45 |
| BHP | BHP BILLITON | Outperform - Macquarie | Overnight Price $30.68 |
| CAR | CARSALES.COM | Overweight - Morgan Stanley | Overnight Price $15.00 |
| CAT | CATAPULT GROUP | Add - Morgans | Overnight Price $1.90 |
| DHG | DOMAIN HOLDINGS | Overweight - Morgan Stanley | Overnight Price $3.11 |
| DXS | DEXUS PROPERTY | Underperform - Credit Suisse | Overnight Price $9.65 |
| FXJ | FAIRFAX MEDIA | Overweight - Morgan Stanley | Overnight Price $0.68 |
| GXY | GALAXY RESOURCES | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $3.52 |
| HT1 | HT&E LTD | Outperform - Credit Suisse | Overnight Price $1.65 |
| Outperform - Macquarie | Overnight Price $1.65 | ||
| Overweight - Morgan Stanley | Overnight Price $1.65 | ||
| IOF | INVESTA OFFICE | Neutral - Credit Suisse | Overnight Price $4.48 |
| MLX | METALS X | Outperform - Macquarie | Overnight Price $1.00 |
| MQA | MACQUARIE ATLAS ROADS | Buy - Deutsche Bank | Overnight Price $5.97 |
| Outperform - Macquarie | Overnight Price $5.97 | ||
| Add - Morgans | Overnight Price $5.97 | ||
| Buy - UBS | Overnight Price $5.97 | ||
| NEC | NINE ENTERTAINMENT | Equal-weight - Morgan Stanley | Overnight Price $1.67 |
| NEW | NEW ENERGY SOLAR | Equal-weight - Morgan Stanley | Overnight Price $1.47 |
| NWS | NEWS CORP | Equal-weight - Morgan Stanley | Overnight Price $21.73 |
| OSH | OIL SEARCH | Sell - Citi | Overnight Price $7.90 |
| Neutral - Credit Suisse | Overnight Price $7.90 | ||
| Buy - Deutsche Bank | Overnight Price $7.90 | ||
| Outperform - Macquarie | Overnight Price $7.90 | ||
| Accumulate - Ord Minnett | Overnight Price $7.90 | ||
| Neutral - UBS | Overnight Price $7.90 | ||
| OZL | OZ MINERALS | Outperform - Macquarie | Overnight Price $9.11 |
| PLS | PILBARA MINERALS | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.01 |
| PPE | PEOPLE INFRASTRUCTURE | Initiation of coverage with Add - Morgans | Overnight Price $1.48 |
| PRT | PRIME MEDIA | Underweight - Morgan Stanley | Overnight Price $0.31 |
| QBE | QBE INSURANCE | Neutral - Citi | Overnight Price $10.99 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $10.99 | ||
| Overweight - Morgan Stanley | Overnight Price $10.99 | ||
| Hold - Morgans | Overnight Price $10.99 | ||
| Upgrade to Accumulate from Hold - Ord Minnett | Overnight Price $10.99 | ||
| Buy - UBS | Overnight Price $10.99 | ||
| REA | REA GROUP | Overweight - Morgan Stanley | Overnight Price $74.80 |
| RMD | RESMED | Buy - Citi | Overnight Price $12.30 |
| Neutral - Credit Suisse | Overnight Price $12.30 | ||
| Downgrade to Underperform from Neutral - Macquarie | Overnight Price $12.30 | ||
| Overweight - Morgan Stanley | Overnight Price $12.30 | ||
| Add - Morgans | Overnight Price $12.30 | ||
| Hold - Ord Minnett | Overnight Price $12.30 | ||
| Buy - UBS | Overnight Price $12.30 | ||
| SBM | ST BARBARA | Sell - Citi | Overnight Price $3.70 |
| Downgrade to Underperform from Outperform - Credit Suisse | Overnight Price $3.70 | ||
| Hold - Deutsche Bank | Overnight Price $3.70 | ||
| Neutral - Macquarie | Overnight Price $3.70 | ||
| Downgrade to Hold from Buy - Ord Minnett | Overnight Price $3.70 | ||
| SEK | SEEK | Overweight - Morgan Stanley | Overnight Price $19.42 |
| SPK | SPARK NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $3.21 |
| SWM | SEVEN WEST MEDIA | Underweight - Morgan Stanley | Overnight Price $0.55 |
| SXL | SOUTHERN CROSS MEDIA | Underweight - Morgan Stanley | Overnight Price $1.16 |
| SYR | SYRAH RESOURCES | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $4.35 |
| TME | TRADE ME GROUP | Overweight - Morgan Stanley | Overnight Price $4.29 |
| TWE | TREASURY WINE ESTATES | Overweight - Morgan Stanley | Overnight Price $16.90 |
| WHC | WHITEHAVEN COAL | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $4.56 |
| WTC | WISETECH GLOBAL | Overweight - Morgan Stanley | Overnight Price $15.19 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 33 |
| 2. Accumulate | 2 |
| 3. Hold | 14 |
| 5. Sell | 10 |
Wednesday 24 January 2018
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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