Australian Broker Call
August 09, 2017
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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: 12:53 PM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| AIZ - | AIR NEW ZEALAND | Downgrade to Sell from Hold | Deutsche Bank |
| CBA - | COMMBANK | Downgrade to Hold from Add | Morgans |
| MTR - | MANTRA GROUP | Upgrade to Overweight from Equal-weight | Morgan Stanley |
| TCL - | TRANSURBAN GROUP | Downgrade to Neutral from Buy | Citi |
Deutsche Bank rates AIZ as Downgrade to Sell from Hold (5) -
Deutsche Bank observes the domestic environment is near cyclical highs and competition has been benign. Current tailwinds are expected to support FY18 earnings but rising competition and input cost inflation in FY19 will mean earnings start to decline.
Hence, with a high valuation starting point and negative momentum the broker downgrades to Sell from Hold. Target is raised to NZ$2.75 from NZ$2.45.
Current Price is $3.13. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.88 cents and EPS of 29.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of N/A. Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 10.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.88 cents and EPS of 31.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 2.6%. Current consensus DPS estimate is 19.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BAL as Sell (5) -
Citi analysts report daiguo feedback plus industry data suggest Bellamy's sales momentum is yet to materially pick up. This leaves the issue of the company's inventory levels as yet unresolved.
Following the trading update, which has been interpreted as probably impacted by one large order, the analysts lift FY17 EPS estimate by 6% but they reduce FY18 EPS estimate by 3%. New Target Price is $5.80 (+1%). Sell/High Risk rating maintained.
Target price is $5.80 Current Price is $7.88 Difference: minus $2.08 (current price is over target).
If BAL meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.31, suggesting downside of -37.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.6, implying annual growth of -45.7%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 39.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of -6.9%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 42.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Underperform (5) -
Macquarie analysts, in an initial response to FY17 release, observe how CBA has managed to outdo market expectations on the back of extremely low impairments.
They remain concerned that the benign growth outlook will continue to erode CBA's valuation premium vis-a-vis other banks in Australia. They also note the improving underlying trends in 4Q17 should be supportive for CBA's peers in Australia.
Target $81.50. Underperform.
Target price is $81.50 Current Price is $80.65 Difference: $0.85
If CBA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $80.43, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 429.90 cents and EPS of 553.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.9, implying annual growth of 0.3%. Current consensus DPS estimate is 424.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 434.00 cents and EPS of 564.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 570.7, implying annual growth of 2.5%. Current consensus DPS estimate is 430.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CBA as Downgrade to Hold from Add (3) -
Civil proceedings launched AUSTRAC against the bank create the risk of a financial penalty which materially affects its CET1 capital position, Morgans asserts.
The proceedings also lead to the risk of brand damage and that management will be focused away from creating value for shareholders.
The broker now factors in a higher risk premium to its valuation and downgrades to Hold from Add. Target is reduced to $83.00 from $87.50.
Target price is $83.00 Current Price is $80.65 Difference: $2.35
If CBA meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $80.43, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 422.00 cents and EPS of 568.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.9, implying annual growth of 0.3%. Current consensus DPS estimate is 424.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 424.00 cents and EPS of 601.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 570.7, implying annual growth of 2.5%. Current consensus DPS estimate is 430.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CBA as Neutral (3) -
UBS analysts, in a quick, initial response to CBA's FY17 release, conclude it was a solid performance, slightly ahead of expectations with very few issues. They flag they are likely to leave valuation and price target unchanged at $83.
Among the extras offered in today's financial performance update are ongoing negotiations for the sale of insurance businesses in Australia and New Zealand and the purchase of the remaining 20% in Aussie Home Loans.
Target price is $83.00 Current Price is $80.65 Difference: $2.35
If CBA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $80.43, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 424.00 cents and EPS of 552.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.9, implying annual growth of 0.3%. Current consensus DPS estimate is 424.0, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 430.00 cents and EPS of 558.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 570.7, implying annual growth of 2.5%. Current consensus DPS estimate is 430.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CSV as Neutral (3) -
The company expects FY17 revenue of $245m in underlying operating earnings (EBITDA) of $30.3m. Macquarie observes revenue has missed prior downgrades to guidance while operating earnings are at the bottom end of the range.
FY18 expectations are also lowered, with revenue growth of around 10% expected and flat operating earnings. Macquarie downgrades FY17 forecasts for earnings per share by -9% and FY18 by -21%. Target is reduced to $0.40 from $0.45. Neutral retained.
The broker believes the company's outlook is reflecting a business undergoing a major transition, although it has taken the right steps to diversify away from the ongoing decline in print.
Target price is $0.40 Current Price is $0.49 Difference: minus $0.085 (current price is over target).
If CSV meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.47, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 5.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of 12.1%. Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 7.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 5.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.5, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
A US study suggests Domino's app has lost momentum in France/Germany and aggregators are gaining market share in Aust. Digital sales make up 70% of A&NZ total sales, the broker notes, and 40% in Europe.
The study nevertheless does not measure app orders by size and frequency, the broker notes, and that's where Domino's is investing its money. Buy retained, target falls to $71 from $77.
Target price is $71.00 Current Price is $53.12 Difference: $17.88
If DMP meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $63.59, suggesting upside of 21.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 101.00 cents and EPS of 135.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 129.7, implying annual growth of 37.4%. Current consensus DPS estimate is 94.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 40.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 133.00 cents and EPS of 176.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 171.6, implying annual growth of 32.3%. Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates FBU as Buy (1) -
The NZ govt has lifted its construction growth forecasts by 17-24% over 2019-21. The broker had assumed peak activity for Fletcher in F18 and flat in FY19 before declining in FY20.
If the market becomes comfortable with the govt forecasts, earnings upgrades should follow for Fletcher beyond FY18, the broker suggests. Buy and NZ$8.90 target retained.
Current Price is $7.40. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 21.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 36.82 cents and EPS of 39.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.0, implying annual growth of N/A. Current consensus DPS estimate is 34.8, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 36.82 cents and EPS of 60.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.1, implying annual growth of 52.6%. Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 11.5. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GXY as Buy (1) -
Citi analysts have left Buy/High Risk rating and $2.70 target untouched following a Mt Catlin site visit. The visit itself, report the analysts, highlighted that management's focus is now shifting to increasing recoveries and yield through better understanding the ore body and further plant optimisation.
Target price is $2.70 Current Price is $1.98 Difference: $0.725
If GXY meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 10.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.0, implying annual growth of -78.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 21.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 28.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 200.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.2. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
FY17 core earnings proved well above Citi's expectations (see also yesterday's Broker Call Report). EPS estimates for FY18 and FY19 have been increased by 9% and 7% respectively.
Given the positive share price response to the FY17 release, the analysts keep their rating on Neutral. Price target lifts to $10.70 from $9.70. Cost saving has been no less than "extraordinary", in Citi's view.
Target price is $10.70 Current Price is $10.70 Difference: $0
If IFL meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $10.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 63.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of N/A. Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 61.00 cents and EPS of 67.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 6.9%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Neutral (3) -
FY17 underlying net profit was ahead of Credit Suisse's forecasts as management exceeded cost guidance. Cost savings appear sustainable in the near term and have driven the broker's outer-year earnings upgrades.
The broker expects the stock to trade above fair value in the near term and maintains a Neutral rating. Target is raised to $11.40 from $10.00.
Target price is $11.40 Current Price is $10.70 Difference: $0.7
If IFL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 61.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of N/A. Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 67.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 6.9%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Neutral (3) -
Macquarie found the cost performance a highlight of the FY17 result, with all divisions improving contributions to net profit. The results beat Macquarie's estimates, with second half underlying net profit up 13% versus the first half.
Macquarie upgrades FY18 estimates for earnings per share by 10.8%; in FY19 by 10.9%. Neutral rating retained. Target is raised to $11.10 from $9.60.
Target price is $11.10 Current Price is $10.70 Difference: $0.4
If IFL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $10.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 55.60 cents and EPS of 61.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of N/A. Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 57.00 cents and EPS of 63.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 6.9%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IFL as Equal-weight (3) -
FY17 results are broadly in line with Morgan Stanley's expectations. The broker believes, by executing on cost savings, the company will alleviate margin pressures.
In the absence of acquisitions, the company is driving its core business harder and advice is shaping up as a potential growth engine, in the broker's opinion.
Equal-weight retained. Target is raised to $9.90 from $9.00. Industry view: In-line.
Target price is $9.90 Current Price is $10.70 Difference: minus $0.8 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 56.50 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of N/A. Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 61.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 6.9%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Sell (5) -
IOOF's underlying profit came in 5% ahead of the broker. A reset in the cost base and solid funds flows should provide near term support, the broker suggests, but underlying profit growth remains a challenge as growth margin pressures persist.
The broker thus retains Sell, seeing downside risk to an 18x PE, notwithstanding M&A possibilities from a strong balance sheet. Target rises to $9.20 from $8.40.
Target price is $9.20 Current Price is $10.70 Difference: minus $1.5 (current price is over target).
If IFL meets the UBS target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.46, suggesting downside of -3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 53.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.2, implying annual growth of N/A. Current consensus DPS estimate is 56.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 53.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 6.9%. Current consensus DPS estimate is 59.8, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates JHG as Outperform (1) -
First half result showed fund flows and investment performance exceeded expectations and both support the investment case, Macquarie observes.
Macquarie upgrades FY17 estimates for earnings per share by 17.8%, largely driven by performance fees, and FY18 by 3.7%. Outperform rating retained. Target is $51.22, up from $49.89.
Target price is $51.22 Current Price is $43.08 Difference: $8.14
If JHG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $47.04, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 148.09 cents and EPS of 309.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of N/A. Current consensus DPS estimate is 178.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 168.82 cents and EPS of 311.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 313.5, implying annual growth of 17.8%. Current consensus DPS estimate is 212.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates JHG as Overweight (1) -
The first half result as a merged company beat Morgan Stanley's estimates by 30%. The broker observes better flows and margin trends and faster realisation of synergies underpins upside risk to forecasts.
Overweight retained. Industry view is In-Line. Target is $52.30.
Target price is $52.30 Current Price is $43.08 Difference: $9.22
If JHG meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $47.04, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 EPS of 280.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of N/A. Current consensus DPS estimate is 178.6, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 318.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 313.5, implying annual growth of 17.8%. Current consensus DPS estimate is 212.3, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 14.5. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates JHX as Sell (5) -
Citi analysts are worried that prospects for negative free cash flow in the years ahead might lead to a de-rating for the shares. James Hardie is in need of accelerated capex plus asbestos funding is expected to weigh as well in FY19 and FY20.
The actual results release disappointed, with Citi analysts pointing out volume growth reported at 2.4% is well below system growth of 6.7%. They are questioning whether management can withstand margin pressure given capex will remain elevated.
Sell rating retained. Target price drops to $16 from $17.90.
Target price is $16.00 Current Price is $17.90 Difference: minus $1.9 (current price is over target).
If JHX meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.24 cents and EPS of 75.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 50.20 cents and EPS of 81.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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 JHX as Outperform (1) -
Credit Suisse trims forecasts to reflect weaker volume growth in FY18 and assumes some manufacturing inefficiencies will spill over into the first half of FY19. The broker suggests the upper end of FY18 guidance is comfortably within reach.
While it may take time for the dust to settle, Credit Suisse continues to believe that shareholders will ultimately be rewarded. Outperform retained. Target is reduced to $20.70 from $21.30.
Target price is $20.70 Current Price is $17.90 Difference: $2.8
If JHX meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 52.84 cents and EPS of 79.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 66.05 cents and EPS of 93.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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
Deutsche Bank rates JHX as Buy (1) -
First quarter net profit was ahead of Deutsche Bank's expectations although the US business disappointed. US EBIT margins of 20.3% were below expectations.
Nonetheless, the significant cost in posts from manufacturing should start to unwind and Deutsche Bank expects an improved outcome from this point on.
Buy rating retained. Target falls to $19.92 from $22.39.
Target price is $19.92 Current Price is $17.90 Difference: $2.02
If JHX meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 55.48 cents and EPS of 79.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 67.37 cents and EPS of 93.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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 JHX as Outperform (1) -
First quarter results revealed adjusted net profit of US$59.1m, slightly below Macquarie's forecasts.
The US result was weaker than expected and there was little improvement in US operating earnings (EBIT), the broker notes, as high historical costs were cycled because of manufacturing inefficiencies.
While the stock has sold off on another weak result, the broker observes cost performance appears to be getting better and the franchise health of the business is not considered permanently impaired by the service issues that have constrained sales.
Outperform retained. Target is reduced to $20.80 from $22.20.
Target price is $20.80 Current Price is $17.90 Difference: $2.9
If JHX meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 51.52 cents and EPS of 79.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 55.48 cents and EPS of 92.47 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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 JHX as Hold (3) -
First quarter results were below Ord Minnett's forecasts. The broker is reasonably confident that North American margins are on a path to recovery but remains cautious about the top-line performance.
Hold rating maintained. Target is reduced to $18.00 from $18.70.
Target price is $18.00 Current Price is $17.90 Difference: $0.1
If JHX meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 52.84 cents and EPS of 79.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 60.77 cents and EPS of 96.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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 JHX as Buy (1) -
James Hardie's -12% decline in earnings, due entirely to lower cladding profitability, was roughly what the broker had expected. More concerning is reduced volume growth which, the broker assumes, reflects pulled forward sales in the previous quarter ahead of a price rise and market share loss due to supply issues.
FY18 guidance came in below consensus, although the broker expects sequential improvement throughout the period. The broker retains Buy and a $22.50 target, underscored by expected ongoing strength in US housing.
Target price is $22.50 Current Price is $17.90 Difference: $4.6
If JHX meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $19.79, suggesting upside of 12.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.76 cents and EPS of 77.94 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.5, implying annual growth of N/A. Current consensus DPS estimate is 52.1, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 57.20 cents and EPS of 95.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.3, implying annual growth of 15.4%. Current consensus DPS estimate is 57.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 20.0. |
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 LEP as Lighten (4) -
FY17 distributable profit was below Ord Minnett's forecasts. The company is guiding for FY18 distributions to grow at least in line with the CPI.
Ord Minnett observes the company will continue to pay out well above distributable profit for the foreseeable future in the expectation of catching up in 2028, when the uncapped market rent reviews take place - a long time away.
The broker maintains a Lighten rating and $3.80 target.
Target price is $3.80 Current Price is $4.77 Difference: minus $0.97 (current price is over target).
If LEP meets the Ord Minnett target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 21.00 cents and EPS of 15.00 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 22.00 cents and EPS of 17.00 cents. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MTR as Outperform (1) -
The company has acquired the Art Series Hotel group for $52.5m. Macquarie considers the price reasonable, which underpins the view that the domestic pipeline contains opportunities.
As some markets are still soft, the broker looks for additional detail regarding the acquisition at the upcoming results.
Outperform retained. Target is raised to $3.85 from $3.78.
Target price is $3.85 Current Price is $2.91 Difference: $0.94
If MTR meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 10.00 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of 18.3%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.20 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 9.5%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MTR as Upgrade to Overweight from Equal-weight (1) -
The company has acquired the Art Series portfolio of around a thousand rooms across seven properties. FY18-19 earnings accretion is forecast at 5-6%.
As a result, the company now boasts higher growth at a lower price and the broker upgrades to Overweight from Equal-weight. Industry view is: In-Line. Target is raised to $3.40 from $3.20.
Target price is $3.40 Current Price is $2.91 Difference: $0.49
If MTR meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 13.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of 18.3%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 15.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 9.5%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MTR as Buy (1) -
The broker will wait for Mantra's result release next week before factoring in the company's acquisition of the Art Series Hotel Group.
Buy and $3.15 target retained.
Target price is $3.15 Current Price is $2.91 Difference: $0.24
If MTR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.31, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 17.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of 18.3%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 17.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.50 cents and EPS of 19.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, implying annual growth of 9.5%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MYX as Neutral (3) -
Following the company's trading update, Credit Suisse adjusts model assumptions, downgrading net profit estimates by -30% over the forecast period.
Increased US generic price erosion over the short to medium term is reflected in the changes as well as decreased market opportunity value for products in development.
The broker notes a lack of commentary regarding the implications for second half cash flow and FY18 earnings. Neutral rating retained. Target is reduced to $0.92 from $1.55.
Target price is $0.92 Current Price is $0.81 Difference: $0.115
If MYX meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 6.57 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.36 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MYX as Buy (1) -
Mayne Pharma has pre-released its FY17 result, featuring trading profit -8% below consensus. The broker now expects additional weakness in FY18 on ongoing US price declines. Other divisions are performing well.
Mayne has not provided formal FY18 guidance. Target falls to $1.70 from $2.05. On an average -38% valuation discount to global peers, the broker retains Buy.
Target price is $1.70 Current Price is $0.81 Difference: $0.895
If MYX meets the UBS target it will return approximately 111% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 7.00 cents. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 7.00 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NST as Sell (5) -
Following Northern Star's strategy day the broker retains a Sell on valuation, noting that while an updated mine plan is yet to be consolidated into forecasts, the broker's valuation premium already takes extended mine life into consideration.
Target unchanged at $4.49.
Target price is $4.49 Current Price is $4.63 Difference: minus $0.14 (current price is over target).
If NST meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.76, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 11.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.2, implying annual growth of 31.7%. Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.5, implying annual growth of 31.0%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORA as Neutral (3) -
Citi analysts note how headwinds have translated into share price underperformance thus far in 2017. They don't think headwinds like AUD, electricity prices or rising domestic competition will feature prominently in the upcoming FY17 release.
Citi analysts are projecting continued double-digit EPS growth, albeit at a slower pace than in years past. FY17 underlying net profits are expected to be reported at $181m, implying growth of 11% year-on-year.
Regarding the currency, Citi analysts highlight each AUD1c rise negatively impacts net profits by -$0.9m, implying -$2.3m FX loss in FY17 and a further -$4.1m loss thus far in FY18. Neutral. Target $3.15.
Target price is $3.15 Current Price is $2.74 Difference: $0.41
If ORA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.15, suggesting upside of 14.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.50 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.9, implying annual growth of 5.7%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 11.50 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of 10.7%. Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PTM as Underperform (5) -
While fund flows may be turning around on the back of an improved performance, Credit Suisse remains cautious until there is further evidence of a sustained uplift.
The broker acknowledges its forecasts could prove to be a little conservative but believes the forecasts are captured in the current multiple.
Underperform and $4.40 target.
Target price is $4.40 Current Price is $5.64 Difference: minus $1.24 (current price is over target).
If PTM meets the Credit Suisse target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.08, suggesting downside of -28.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 30.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.9, implying annual growth of -9.8%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of -14.6%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PTM as Underperform (5) -
The company has reported funds under management grew 1.7% in July.
Macquarie makes no change to FY17 estimates for earnings per share and upgrades FY18 by 0.5%. Target is raised to $3.94 from $3.88. Underperform.
Target price is $3.94 Current Price is $5.64 Difference: minus $1.7 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.08, suggesting downside of -28.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 29.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.9, implying annual growth of -9.8%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of -14.6%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PTM as Underweight (5) -
Morgan Stanley estimates July inflows were around $200m and the first since August 2015. However, July usually has strong flows, given the reinvestment of June 30 retail distributions.
A large retail back book somewhat cushions the downside risk on flows, the broker observes, while the prospect of a buy-back could support the share price.
Underweight rating retained. In-Line sector view. Target unchanged at $3.90.
Target price is $3.90 Current Price is $5.64 Difference: minus $1.74 (current price is over target).
If PTM meets the Morgan Stanley target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.08, suggesting downside of -28.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 28.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.9, implying annual growth of -9.8%. Current consensus DPS estimate is 28.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 18.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 23.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of -14.6%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 21.6. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RIO as Outperform (1) -
The company has indicated that, with FY17 capital expenditure unlikely to be above guidance of US$5bn, the final dividend is likely to be higher than the interim dividend of US$1.10.
The CFO's briefing has signalled that out-of-cycle special dividends remain possible but unlikely, with any additional capital return from the Coal & Allied divestment likely to be announced with the final year results. Dividends rather than buy-backs remain the company's preferred method of shareholder returns.
Outperform rating and $78 target retained.
Target price is $78.00 Current Price is $66.05 Difference: $11.95
If RIO meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $71.50, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 314.40 cents and EPS of 533.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 527.0, implying annual growth of N/A. Current consensus DPS estimate is 307.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 216.65 cents and EPS of 367.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 470.1, implying annual growth of -10.8%. Current consensus DPS estimate is 271.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.1. |
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
Ord Minnett rates RIO as Accumulate (2) -
Ord Minnett observes the company is likely to continue with on-market purchases of the London-listed plc shares as a form of buy-back. The dividend remains weighted to the second half and the company has no intention of pushing gearing back to 20%.
The company has also indicated it would be unlikely to do an out-of-cycle buy-back. Accumulate retained. Target is $71.
Target price is $71.00 Current Price is $66.05 Difference: $4.95
If RIO meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $71.50, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 310.44 cents and EPS of 516.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 527.0, implying annual growth of N/A. Current consensus DPS estimate is 307.8, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 334.21 cents and EPS of 556.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 470.1, implying annual growth of -10.8%. Current consensus DPS estimate is 271.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 14.1. |
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
Macquarie rates RKN as Neutral (3) -
First half results were slightly below Macquarie's estimates. The broker is concerned that the competitive environment in accounting software remains acute.
Operating earnings margins in continuing businesses contracted to 39.9% from 41.4%, partly reflecting lower one-off, higher-margin revenue coupled with increased marketing spending.
At current levels, Macquarie believes the stock is appropriately valued. Neutral retained. Target is lowered to $1.51 from $1.77.
Target price is $1.51 Current Price is $1.38 Difference: $0.135
If RKN meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.51, 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 3.20 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 6.1%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.40 cents and EPS of 10.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of -5.8%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RKN as Equal-weight (3) -
Morgan Stanley factors in low single-digit organic growth in 2017-19. The broker reduces forecasts for earnings per share by -28% for FY18 and -32% for FY19 to reflect a flat operating performance and more muted growth outlook.
Equal-weight rating and In-Line sector view retained. Target is reduced to $1.42 from $1.80.
Target price is $1.42 Current Price is $1.38 Difference: $0.045
If RKN meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 2.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 6.1%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 2.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of -5.8%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RKN as Hold (3) -
First half results were broadly in line with Ord Minnett's forecasts. Nevertheless, the broker would like to see more evidence of a return to sustainable growth and normalising investment levels before contemplating a more positive view.
The broker acknowledges that the company has some strategic assets, particularly APS, which would be attractive to other industry players.
Hold retained. Target is reduced to $1.40 from $1.68.
Target price is $1.40 Current Price is $1.38 Difference: $0.025
If RKN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $1.51, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 3.00 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 6.1%. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.20 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of -5.8%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SCP as Underperform (5) -
Distributable earnings were largely in line with Macquarie's expectations, at 14.7 cents per security. The company has suggested it is happy with the current 4.9% investment in Charter Hall Retail ((CQR)).
Given the higher return achievable versus acquiring assets in the direct market and the capital loss to date, Macquarie suggests the company may look to increase its holding.
Elsewhere, the sales performance was supported by a strong contribution from supermarkets. Underperform retained. Target is $2.21.
Target price is $2.21 Current Price is $2.20 Difference: $0.01
If SCP meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.70 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 14.00 cents and EPS of 15.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SCP as Underweight (5) -
FY17 results were in line with Morgan Stanley's estimates. Results reflected an 89% pay-out on the 13.1c distribution and were supported by stabilising net operating income growth.
Underweight rating retained. Target remains at $2.15. Sector view: Attractive.
Target price is $2.15 Current Price is $2.20 Difference: minus $0.05 (current price is over target).
If SCP meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.21, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 13.90 cents and EPS of 15.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 14.20 cents and EPS of 15.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SCP as Hold (3) -
The company's portfolio continues to be stable and near full occupancy. Average sales growth for specialty stores was 3.8% and net operating income growth 3%.
Ord Minnett likes the defensive portfolio, which is skewed towards food and services in predominantly regional locations.
Hold retained. Target is $2.30.
Target price is $2.30 Current Price is $2.20 Difference: $0.1
If SCP meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 14.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCP as Neutral (3) -
Shopping Centres' result was in line with the broker. While retail sales remain resilient, the broker believes growth in funds from operations has peaked.
The broker's FY18 forecast nevertheless remains 2% above what the broker considers to be conservative guidance, which includes no acquisitions. Neutral retained. Target falls to $2.25 from $2.32.
Target price is $2.25 Current Price is $2.20 Difference: $0.05
If SCP meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.21, suggesting upside of 1.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.10 cents and EPS of 14.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of N/A. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 14.00 cents and EPS of 15.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of 2.6%. Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TAH as No Rating (-1) -
Tabcorp's result was in line with the broker's forecast. As the broker is advising on the proposed merger, it is currently under research restriction.
Current Price is $4.28. Target price not assessed.
Current consensus price target is $4.51, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.50 cents and EPS of 22.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.4, implying annual growth of N/A. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 26.50 cents and EPS of 25.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of 8.5%. Current consensus DPS estimate is 26.9, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TCL as Downgrade to Neutral from Buy (3) -
It appears underlying financial performance in FY17 slightly missed Citi's expectation. Dividend guidance for FY18 (56c) is also slightly below the anticipated 57c but Citi analysts are not worried, arguing management has a habit of upgrading as the year progresses.
Equally important, Citi analysts note management remains confident current growth options can be funded by existing reserves. This statement is excluding the West Gate Tunnel Project (WGTP), which could require some raising.
All in all, there's enough growth in the pipeline to withstand higher bond yields, argue the analysts. They thus see further upside in the share price towards the revised 12 month valuation/target of $12.62 (was $12.25).
Additional upside of $0.86 will be received upon successfully achieving financial close for WGTP, the analysts add. Rating nevertheless downgraded to Neutral from Buy.
Target price is $12.62 Current Price is $11.72 Difference: $0.9
If TCL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 21.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 63.50 cents and EPS of 25.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TCL as Outperform (1) -
FY17 operating earnings were below Credit Suisse estimates, because of higher costs. The broker expects corporate costs to remain at a high level in FY18 as the company bids for WestConnex and maintains a focus on initiatives to deliver customer value.
Outperform rating retained. Target is lowered to $12.90 from $13.40.
Target price is $12.90 Current Price is $11.72 Difference: $1.18
If TCL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 57.00 cents and EPS of 14.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 64.00 cents and EPS of 23.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TCL as Outperform (1) -
FY17 results were a little lower than Macquarie's estimates. Operationally, the broker observes the underlying assets are performing well.
The broker observes this is a growing toll road operator extending its concession life through expansion and winning new concessions. The theme for the next 4-5 years, in Macquarie's view, is the valuation, centred on the internal rate of return of around 8.6%, rather than the distribution yield.
Outperform retained. Target is $12.90.
Target price is $12.90 Current Price is $11.72 Difference: $1.18
If TCL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 56.00 cents and EPS of 58.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 62.00 cents and EPS of 65.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TCL as Equal-weight (3) -
FY18 distribution guidance missed estimates but Morgan Stanley believes the investment in systems on the growth strategy remains attractive.
The broker remains constructive on the portfolio traffic outlook. The network of intra-urban roads remains a strong platform for growth with increasing opportunity, and the balance sheet provides significant flexibility to fund this growth, in the broker's opinion.
Equal-weight rating and Cautious industry view retained. Target is raised to $11.99 from $11.70.
Target price is $11.99 Current Price is $11.72 Difference: $0.27
If TCL meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 57.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 62.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TCL as Hold (3) -
FY17 results were marginally below Morgans expectations, mainly because of cost growth. FY18 guidance on distributions is in line with forecasts.
The broker retains a Hold rating, given a 4.8% cash yield on FY18 guidance and effectively no upside at the current share price to the target, which is revised down to $11.77 from $11.97.
Target price is $11.77 Current Price is $11.72 Difference: $0.05
If TCL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 61.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TCL as Buy (1) -
The broker considered Transurban's result to be solid, featuring 8% earnings growth and 15% free cash flow growth. Distribution growth guidance of 9% nevertheless falls short of the 13.5% average of the last four years, reflecting the cost of developments.
There remains an event risk around WestConnex, but the broker is happy to retain Buy and a $13.30 target on assumed 10%pa medium term cash flow growth and a 230 basis point yield premium over the bond rate.
Target price is $13.30 Current Price is $11.72 Difference: $1.58
If TCL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $12.22, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 56.00 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of N/A. Current consensus DPS estimate is 56.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 45.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 61.00 cents and EPS of 18.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.5, implying annual growth of 28.5%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 35.7. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AIZ - | AIR NEW ZEALAND | Downgrade to Sell from Hold - Deutsche Bank | Overnight Price $3.13 |
| BAL - | BELLAMY'S AUSTRALIA | Sell - Citi | Overnight Price $7.88 |
| CBA - | COMMBANK | Underperform - Macquarie | Overnight Price $80.65 |
| Downgrade to Hold from Add - Morgans | Overnight Price $80.65 | ||
| Neutral - UBS | Overnight Price $80.65 | ||
| CSV - | CSG | Neutral - Macquarie | Overnight Price $0.49 |
| DMP - | DOMINO'S PIZZA | Buy - UBS | Overnight Price $53.12 |
| FBU - | FLETCHER BUILDING | Buy - UBS | Overnight Price $7.40 |
| GXY - | GALAXY RESOURCES | Buy - Citi | Overnight Price $1.98 |
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $10.70 |
| Neutral - Credit Suisse | Overnight Price $10.70 | ||
| Neutral - Macquarie | Overnight Price $10.70 | ||
| Equal-weight - Morgan Stanley | Overnight Price $10.70 | ||
| Sell - UBS | Overnight Price $10.70 | ||
| JHG - | JANUS HENDERSON GROUP | Outperform - Macquarie | Overnight Price $43.08 |
| Overweight - Morgan Stanley | Overnight Price $43.08 | ||
| JHX - | JAMES HARDIE | Sell - Citi | Overnight Price $17.90 |
| Outperform - Credit Suisse | Overnight Price $17.90 | ||
| Buy - Deutsche Bank | Overnight Price $17.90 | ||
| Outperform - Macquarie | Overnight Price $17.90 | ||
| Hold - Ord Minnett | Overnight Price $17.90 | ||
| Buy - UBS | Overnight Price $17.90 | ||
| LEP - | ALE PROPERTY GROUP | Lighten - Ord Minnett | Overnight Price $4.77 |
| MTR - | MANTRA GROUP | Outperform - Macquarie | Overnight Price $2.91 |
| Upgrade to Overweight from Equal-weight - Morgan Stanley | Overnight Price $2.91 | ||
| Buy - UBS | Overnight Price $2.91 | ||
| MYX - | MAYNE PHARMA GROUP | Neutral - Credit Suisse | Overnight Price $0.81 |
| Buy - UBS | Overnight Price $0.81 | ||
| NST - | NORTHERN STAR | Sell - UBS | Overnight Price $4.63 |
| ORA - | ORORA | Neutral - Citi | Overnight Price $2.74 |
| PTM - | PLATINUM | Underperform - Credit Suisse | Overnight Price $5.64 |
| Underperform - Macquarie | Overnight Price $5.64 | ||
| Underweight - Morgan Stanley | Overnight Price $5.64 | ||
| RIO - | RIO TINTO | Outperform - Macquarie | Overnight Price $66.05 |
| Accumulate - Ord Minnett | Overnight Price $66.05 | ||
| RKN - | RECKON | Neutral - Macquarie | Overnight Price $1.38 |
| Equal-weight - Morgan Stanley | Overnight Price $1.38 | ||
| Hold - Ord Minnett | Overnight Price $1.38 | ||
| SCP - | SHOPPING CENTRES AUS | Underperform - Macquarie | Overnight Price $2.20 |
| Underweight - Morgan Stanley | Overnight Price $2.20 | ||
| Hold - Ord Minnett | Overnight Price $2.20 | ||
| Neutral - UBS | Overnight Price $2.20 | ||
| TAH - | TABCORP HOLDINGS | No Rating - UBS | Overnight Price $4.28 |
| TCL - | TRANSURBAN GROUP | Downgrade to Neutral from Buy - Citi | Overnight Price $11.72 |
| Outperform - Credit Suisse | Overnight Price $11.72 | ||
| Outperform - Macquarie | Overnight Price $11.72 | ||
| Equal-weight - Morgan Stanley | Overnight Price $11.72 | ||
| Hold - Morgans | Overnight Price $11.72 | ||
| Buy - UBS | Overnight Price $11.72 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 17 |
| 2. Accumulate | 1 |
| 3. Hold | 18 |
| 4. Reduce | 1 |
| 5. Sell | 11 |
Wednesday 09 August 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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