Australian Broker Call
November 09, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 11:52 AM
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
| A2M - | THE A2 MILK CO | Upgrade to Outperform from Underperform | Credit Suisse |
| BWP - | BWP TRUST | Upgrade to Neutral from Sell | UBS |
| BXB - | BRAMBLES | Upgrade to Neutral from Underperform | Credit Suisse |
| CBA - | COMMBANK | Upgrade to Add from Hold | Morgans |
| DLX - | DULUX GROUP | Downgrade to Neutral from Buy | Citi |
| IPL - | INCITEC PIVOT | Upgrade to Buy from Neutral | UBS |
| REA - | REA GROUP | Upgrade to Hold from Sell | Deutsche Bank |
| Upgrade to Neutral from Sell | UBS | ||
| WSA - | WESTERN AREAS | Upgrade to Outperform from Neutral | Macquarie |
Credit Suisse rates A2M as Upgrade to Outperform from Underperform (1) -
Credit Suisse's assessment of A2's Sep Q numbers is that the company is handling the challenges much better than its peers. Revenue has stood out in the face of online issues in China and weaker sales in A&NZ.
A2 is proving more agile in its ability to expand channels locally and direct to China/HK, the broker suggests. The broker has increased its target to NZ$2.28 from NZ$1.87. This results in an upgrade to Outperform from Underperform.
Current Price is $2.04. Target price not assessed.
Current consensus price target is $1.50, suggesting downside of -25.4% (ex-dividends)
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 8.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 10.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 31.0%. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 21.6. |
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
UBS rates A2M as Neutral (3) -
The company has signalled strong first-quarter sales growth in infant formula and drinking milk products. UBS does not expect regulatory changes to materially impact FY17 trading but acknowledges close monitoring is required.
The broker slows its infant formula growth profile for FY17-19, which leads to 2-6% downgrades to earnings per share. A Neutral rating is maintained. Target is raised to NZ $2.30 from NZ$2.22.
Current Price is $2.04. Target price not assessed.
Current consensus price target is $1.50, suggesting downside of -25.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 7.36 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.1, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 28.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 9.04 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.3, implying annual growth of 31.0%. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 21.6. |
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
Ord Minnett rates AGL as Accumulate (2) -
Ord Minnett believes substantial price rises for wholesale electricity could actually delay, or even cancel, capacity closures following the withdrawal of Hazelwood from generation.
Yet, if Yallourn, Liddell and Loy Yang B are added to the closures this could lead to wholesale prices above $100 per megawatt hour by 2025.
The broker maintains an Accumulate rating and $23 target and views AGL as the biggest beneficiary of base load capacity closures. The broker upgrades forecasts for FY18-19 by 10%.
Target price is $23.00 Current Price is $19.69 Difference: $3.31
If AGL meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $21.55, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 87.00 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 116.8, implying annual growth of N/A. Current consensus DPS estimate is 83.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 101.00 cents and EPS of 134.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.7, implying annual growth of 13.6%. Current consensus DPS estimate is 97.7, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates APO as Outperform (1) -
APN Outdoor's guidance upgrade is one of the better ones, the broker suggests, as it does not reflect a market-wide pick-up but rather improved sales execution from the company and an accelerated roadside digitisation schedule.
The broker has made modest forecast upgrades, noting the market had expected a lot worse. Outperform and $6.70 target retained.
Target price is $6.70 Current Price is $5.42 Difference: $1.28
If APO meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 16.40 cents and EPS of 30.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of 16.5%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 18.30 cents and EPS of 32.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 18.2%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates APO as Overweight (1) -
The company now expects revenue and EBITDA to be above its prior downgraded guidance and has confirmed an intention to accelerate its digital billboard roll out in 2016 and beyond. 2016 revenue guidance is now for growth of 8.5-9%.
Morgan Stanley believes these announcements should provide the market with confidence that the company can benefit from structural growth in outdoor advertising in Australasia.
Overweight rating and $7.00 target retained. Industry view: Attractive
Target price is $7.00 Current Price is $5.42 Difference: $1.58
If APO meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 17.50 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of 16.5%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 20.40 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 18.2%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates APO as Buy (1) -
2016 guidance is upgraded, with EBITDA now expected to be $84-86m. The mid point is slightly above prior estimates and UBS upgrades earnings per share estimates for 2016 and 2017 by 2% and 3% respectively.
The broker concludes from the update that earnings downside is limited. Longer term the broker remains wary of the potential impact of higher rents, regulation, and cyclical ad markets. Buy rating and $6 target unchanged.
Target price is $6.00 Current Price is $5.42 Difference: $0.58
If APO meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.26, suggesting upside of 14.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 18.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.3, implying annual growth of 16.5%. Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 20.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 18.2%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates AWC as Sell (5) -
Citi analysts have been sceptical about Alumina ltd's share price potential/valuation for a while. In their latest piece of analysis, they argue the present share price doesn't make any sense since it implies a higher valuation for the 40% in AWAC than for the whole of partner Alcoa. Sell. Target $1.30.
Target price is $1.30 Current Price is $1.65 Difference: minus $0.345 (current price is over target).
If AWC meets the Citi target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.39, suggesting downside of -14.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 6.61 cents and EPS of 2.43 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.1, implying annual growth of N/A. Current consensus DPS estimate is 8.3, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 39.4. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 4.86 cents and EPS of 3.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.1, implying annual growth of 24.4%. Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 31.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BWP as Upgrade to Neutral from Sell (3) -
The stock has been the second worst performing A-REIT in the year to date and UBS believes the valuation can no longer justify a Sell rating, upgrading to Neutral.
The stock remains expensive versus the rest of the sector, the broker acknowledges, with the lowest growth in the sector after taking into account the potential down time as leases expire. Over the next three years 20% of the portfolio is expiring, reflecting 17 leases.
The broker's earnings estimates from FY20 take a vacancy factor into account. Target is revised down to $2.95 from $3.06.
Target price is $2.95 Current Price is $2.95 Difference: $0
If BWP meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.88, suggesting downside of -1.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.50 cents and EPS of 17.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.3, implying annual growth of -64.2%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 17.90 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of 3.5%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 16.3. |
Market Sentiment: -0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BXB as Upgrade to Neutral from Underperform (3) -
It beggars belief why no one thought of it earlier, but Brambles' initiative to use clinch nails to stop pallets falling apart with use appears to be working, reducing the capex requirement of pallet repair.
This addresses one of three issues Credit Suisse sees facing the company, the other two being mean reversion in emerging market pallets and a rebasing of earnings by new management.
On balance, the broker believes the fall in the share price has brought Brambles closer to risk/reward fair value. Upgrade to Neutral. Target unchanged at $11.30.
Target price is $11.30 Current Price is $11.13 Difference: $0.17
If BXB meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.31, suggesting upside of 18.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 40.87 cents and EPS of 56.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.7, implying annual growth of N/A. Current consensus DPS estimate is 35.4, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 43.57 cents and EPS of 61.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.5, implying annual growth of 13.3%. Current consensus DPS estimate is 39.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.8. |
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
Citi rates CBA as Neutral (3) -
Citi analysts suggest CBA's core profit was probably in-line with their own and with market consensus expectations. Bad and Doubtful Debts surprised to the downside. CBA’s CET 1 was 9.4%.
The analysts note capital generation remains strong, but there's pressure on the top line. The analysts now assume the interim report next year will show revenue decline to the tune of 2-3%.
Minor increases to estimates have been implemented, due to lower BDDs, but otherwise Neutral rating retained.
Target price is $75.00 Current Price is $72.07 Difference: $2.93
If CBA meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 420.00 cents and EPS of 537.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 357.00 cents and EPS of 534.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CBA as Outperform (1) -
CBA's Sep Q update was in line with forecasts but compositionally weaker than expected, given a softer net interest margin was masked by a lower bad debt charge and stronger market trading profits, the broker notes.
The broker has slightly trimmed forecast earnings but retains Outperform, noting CBA is trading at an 8% PE premium to peers when 14% is the four-year average. Target unchanged at $85.
Target price is $85.00 Current Price is $72.07 Difference: $12.93
If CBA meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 423.00 cents and EPS of 570.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 435.00 cents and EPS of 596.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CBA as Hold (3) -
First quarter cash profit implied around 3% growth is required to meet Deutsche Bank's first half forecasts and commentary indicated that revenue trends were sound.
Cash earnings forecasts are increased slightly and the target is reduced to $77.80 from $78.70. Hold rating is maintained.
Target price is $77.80 Current Price is $72.07 Difference: $5.73
If CBA meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 420.00 cents and EPS of 549.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 431.00 cents and EPS of 562.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Neutral (3) -
First quarter results were largely in line with Macquarie's expectations. The broker is cautious about reading too much into quarterly trends but still notes the underlying annualised earnings appear to be around 2% below forecasts.
The capital position is stronger than expected and credit metrics remain supportive. Macquarie retains a Neutral rating and $76.50 target.
Target price is $76.50 Current Price is $72.07 Difference: $4.43
If CBA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 422.60 cents and EPS of 542.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 428.40 cents and EPS of 556.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
First quarter profit was in line with Morgan Stanley's forecasts, which suggests the bank is on track to meet first half expectations. Pre-provision profit growth is seen tracking at around 5%.
Morgan Stanley retains an Underweight rating, In-Line industry view and $68 target.
Target price is $68.00 Current Price is $72.07 Difference: minus $4.07 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 420.00 cents and EPS of 533.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 420.00 cents and EPS of 542.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CBA as Upgrade to Add from Hold (1) -
September quarter cash profits at $2.4bn were unchanged from the prior comparable quarter. Morgans observes life insurance claims continue to be a drag on income growth.
The broker expects the life insurance business will disadvantage CBA's financial performance in FY17 relative to other major banks.
Morgans upgrades to Add from Hold as a result of recent share price weakness. Target is reduced to $75.80 from $77.40.
Target price is $75.80 Current Price is $72.07 Difference: $3.73
If CBA meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 420.00 cents and EPS of 567.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 424.00 cents and EPS of 582.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CBA as Hold (3) -
Ord Minnett leaves FY17 earnings estimates unchanged after the flat first quarter results.The interest margin outcome was observed to be similar to the trend seen across the other major banks.
The broker maintains a Hold recommendation and $75 target price.
Target price is $75.00 Current Price is $72.07 Difference: $2.93
If CBA meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $76.01, suggesting upside of 4.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 420.00 cents and EPS of 541.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 548.9, implying annual growth of -1.1%. Current consensus DPS estimate is 420.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 544.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 559.1, implying annual growth of 1.9%. Current consensus DPS estimate is 416.5, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CHC as Underweight (5) -
The move by Shopping Centres Australasia ((SCP)) on the Charter Hall managed Charter Hall Retail ((CQR)) creates revenue uncertainty and puts the spotlight on management fees, Morgan Stanley asserts.
SCP has taken a small stake in CQR, but the broker observes its further intentions are as yet unknown.
Morgan Stanley envisages diminishing re-valuation gains for Charter Hall and a moderation from the peak in transaction and performance fees. The broker maintains an Underweight rating, Attractive sector view and reduces the target to $5.00 from $5.20.
Target price is $5.00 Current Price is $4.70 Difference: $0.3
If CHC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $5.18, suggesting upside of 11.9% (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 31.8, implying annual growth of -39.4%. Current consensus DPS estimate is 28.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 30.10 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of 3.5%. Current consensus DPS estimate is 29.4, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CLH as Lighten (4) -
Guidance for purchased debt ledger acquisitions and earnings is ahead of Ord Minnett's forecasts. The company expects new business and operational efficiencies to add $3.5-4.0m to profit in FY17.
The broker appreciates operational efficiencies could be achieved but, given the significant changes at management and board level over the last year, believes any turnaround in earnings will take longer than 12 months.
The broker maintains a Lighten recommendation and reduces the target to $1.20 from $1.25.
Target price is $1.20 Current Price is $1.36 Difference: minus $0.155 (current price is over target).
If CLH meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 8.00 cents and EPS of 14.00 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 15.00 cents. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
CLW CHARTER HALL LONG WALE REIT
Real Estate
Overnight Price: $3.96
Macquarie rates CLW as Initiation of coverage with Underperform (5) -
The Charter Hall Long WALE REIT business is essentially an externally-managed landlord with 66 investment properties spanning industrial, office and retail assets. The portfolio is characterised by long duration leases and annual rent reviews which are fixed or CPI linked.
Macquarie initiates coverage with an Underperform rating and $3.82 target. The broker notes, while the exposure is diluted to a degree by the long-term nature of the leases, the business does have a 26% exposure to Western Australia.
This is the highest exposure to that state in the stocks under the broker's coverage. WA is typically a more volatile real estate market compared with the eastern states.
Target price is $3.82 Current Price is $3.96 Difference: minus $0.14 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.30 cents and EPS of 17.10 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.50 cents and EPS of 28.30 cents. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DLX as Downgrade to Neutral from Buy (3) -
Citi analysts saw yet another solid and resilient performance, as has become the company's habit, and they point out leading indicators remain positive and existing housing resilient.
Yet, they have downgraded to Neutral from Buy on slightly lowered estimates, which pulls back the price target by -4% to $6.68. The Masters ((WOW)) stock liquidation could impact the market in 1H17, say the analysts, but otherwise no disasters expected.
Target price is $6.68 Current Price is $6.19 Difference: $0.49
If DLX meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates DLX as Underperform (5) -
Dulux' underlying FY16 earnings growth in its core business painted a disappointing picture for the broker, underwhelming at a time when the housing cycle is providing a golden opportunity.
Operating cost controls and lower finance costs are supporting the bottom line but these won't be replicated for too much longer, the broker warns. Then the housing cycle will turn down. Underperform and $6.00 target retained.
Target price is $6.00 Current Price is $6.19 Difference: minus $0.19 (current price is over target).
If DLX meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.00 cents and EPS of 34.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 24.00 cents and EPS of 34.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DLX as Sell (5) -
FY16 results were broadly in line with Deutsche Bank's estimates. While FY17 guidance for underlying earnings growth is in line, the company is pointing to a flat margin outcome for paint in Australasia as well as increased investment in the UK.
Garage doors continue to disappoint. The company expects the renovation market to remain resilient and new housing to be relatively strong. Target is $5.20. Sell rating maintained as the stock is trading at a 19% premium to valuation.
Target price is $5.20 Current Price is $6.19 Difference: minus $0.99 (current price is over target).
If DLX meets the Deutsche Bank target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 24.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 25.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DLX as Neutral (3) -
FY16 results were in line with expectations. The company expects FY17 adjusted net profit will be higher than FY16, underpinned by growth in alterations and additions as well as strength in new building activity.
While the stock's relatively stable earnings profile is attractive, Macquarie finds the current valuation offers little incentive. Structural changes in the Australian paint market may play into the company's hands, but the broker does not think a one-way outcome in favour of Dulux can be discounted with certainty.
Neutral retained. Target rises to $6.30 from $6.20.
Target price is $6.30 Current Price is $6.19 Difference: $0.11
If DLX meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.00 cents and EPS of 35.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 24.00 cents and EPS of 33.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DLX as Underweight (5) -
The main disappointment in the FY16 result for Morgan Stanley was the weaker second half revenue in paints & coatings in Australasia.
Given limited medium-term earnings growth against a slowing domestic paint market, the broker believes a discount to the ASX100 industrials ex financials is justified. In addition,given the higher capex profile over FY17, free cash flow appears poor in the near term.
Underweight rating and In-Line sector view maintained. Target is $5.84.
Target price is $5.84 Current Price is $6.19 Difference: minus $0.35 (current price is over target).
If DLX meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.30 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 25.10 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DLX as Hold (3) -
FY16 results were largely in line with Morgans and management has guided to higher earnings in FY17.
Despite a neutral stance for the short-term, the broker is positive, for the longer term and would look to reconsider its view on any share price weakness. A Hold rating is retained. Target rises to $6.34 from $6.19.
Target price is $6.34 Current Price is $6.19 Difference: $0.15
If DLX meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 26.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 27.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DLX as Lighten (4) -
Ord Minnett suspects the company will enter a tougher period for earnings growth in FY17, as support for the macroeconomic environment fades.
The broker now expects Dulux to achieve a profit growth rate of 2.5% over FY16-19. The broker does not believe this dynamic is fully reflected in the share price which puts it at a risk of further de-rating.
Lighten rating retained. Target is reduced to $5.90 from $6.15.
Target price is $5.90 Current Price is $6.19 Difference: minus $0.29 (current price is over target).
If DLX 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 $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 25.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DLX as Neutral (3) -
FY16 results slightly missed UBS estimates. Paints and coatings division earnings were robust, up 5% because of better margins.
The garage doors division was notably weaker, with earnings declining around 6% on the back of cost increases and weakness in the higher margin renovation and repair segment.
UBS retains a Neutral rating. The broker notes upside potential to earnings from further gains in share of the decorative paints market and a turnaround in the non-paint business. Target is reduced to $6.50 from $6.60.
Target price is $6.50 Current Price is $6.19 Difference: $0.31
If DLX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.10, suggesting upside of 0.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 24.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of N/A. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.0, implying annual growth of 0.9%. Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 17.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IPL as Buy (1) -
Incitec Pivot released FY16 financials that were broadly in-line, comment analysts at Citi, with fertiliser slightly worse and explosives slightly better than expectations. One positive was lower debt.
Citi analysts stand by their view we are near the trough in market conditions for the company, with sentiment understandably cautious. But this is when the largest gains are to be made, they state. Buy rating retained.
Target price is $3.20 Current Price is $2.96 Difference: $0.24
If IPL meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.00 cents and EPS of 18.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 12.00 cents and EPS of 22.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IPL as Neutral (3) -
Incitec's result was in line with the broker. Lower than expected net debt leads to a target price increase to $3.28 from $3.10.
Where the stock goes from here is dependent on the price outlook for urea and ammonia, the broker suggests. Moranbah is running at full capacity so there's no volume upside to look forward to from the coal industry's revival.
Urea appears to have stabilised and ammonia may be close to a bottom but there's no certainty and thus earnings are hard to forecast, the broker admits. Neutral retained.
Target price is $3.28 Current Price is $2.96 Difference: $0.32
If IPL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 6.70 cents and EPS of 13.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 9.10 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPL as Buy (1) -
FY16 results were positive in Deutsche Bank's view and slightly above, albeit depressed, expectations.
The company continues to benefit from the $80m cost reduction program and the ramp up of the WALA ammonia plant, but the cyclical reduction in global fertiliser prices is expected to continue into 2017.
Deutsche Bank reduces earnings forecasts by 4%. A Buy rating is maintained as the stock is trading at a 25% discount to valuation. Target is reduced to $3.95 from $4.10.
Target price is $3.95 Current Price is $2.96 Difference: $0.99
If IPL meets the Deutsche Bank target it will return approximately 33% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 10.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 14.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IPL as Outperform (1) -
FY16 profit beat Macquarie's expectations. The broker notes the company's language is softer regarding near-term prospects of capital management, the timing of which is heavily dependent on the fertiliser price and a reliably-running Louisiana plant.
The broker continues to find the stock is attractive but believes the extent of a recovery remains to be seen. Outperform retained. Target is raised to $3.55 from $3.52.
Target price is $3.55 Current Price is $2.96 Difference: $0.59
If IPL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 10.40 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 13.60 cents and EPS of 22.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IPL as Underweight (5) -
The earnings outlook for the company continues to deteriorate, Morgan Stanley believes. While investors remain hopeful of a cyclical recovery the broker expects the first half may test their resolve.
Recent improvements in urea prices have been met with some optimism and the broker cannot discount that this could be a turning point. Nevertheless, DAP, ammonia and soft commodity prices continue to show negative momentum.
Moreover, significant new low-cost capacity is still to enter the market and this could push prices lower, Morgan Stanley contends.The broker retains a Underweight rating and Cautious industry view. The target is raised to $2.36 from $2.30.
Target price is $2.36 Current Price is $2.96 Difference: minus $0.6 (current price is over target).
If IPL meets the Morgan Stanley target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 9.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 12.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates IPL as Hold (3) -
FY16 results were better than Morgans expected because of lower quality items. Challenging end markets are expected to persist and may worsen in FY17. The broker suspects consensus estimates are too high.
Based on the broker's forecasts the stock is considered fairly valued. A Hold rating is retained. Target rises to $3.00 from $2.85.
Target price is $3.00 Current Price is $2.96 Difference: $0.04
If IPL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 8.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates IPL as Hold (3) -
FY16 results exceeded Ord Minnett's forecasts. The company has acted swiftly to make deeper cuts to its cost base as macro conditions deteriorate.
The broker is now more confident that the full $100m in cash benefits will be delivered from the business improvement program. Ord Minnett maintains a Hold recommendation and raises the target to $3.30 from $3.20.
Target price is $3.30 Current Price is $2.96 Difference: $0.34
If IPL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IPL as Upgrade to Buy from Neutral (1) -
Net profit was ahead of expectations but EBIT was in line. UBS reduces FY17 forecasts for earnings per share by 7%, which reflects lower average fertiliser price assumptions. This is partly offset by the realisation of additional cost reductions.
The broker upgrades to Buy from Neutral because fertiliser prices are forecast to bottom. Also, the company's cash flow outlook suggests a moderation of gearing metrics. Target is raised to $3.40 from $2.95.
Target price is $3.40 Current Price is $2.96 Difference: $0.44
If IPL meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $3.26, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 9.00 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of N/A. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.7, implying annual growth of 28.4%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates KGL as Add (1) -
There has been significant drilling success at Jervois since mid 2015 and Morgans believes a larger resource will have a positive impact on the project value.
The broker revises the target up to 35c from 28c to take account of some of the upside from better copper prices and market sentiment towards the resources sector. Add rating retained.
Target price is $0.35 Current Price is $0.22 Difference: $0.13
If KGL meets the Morgans target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 58.00 cents. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 72.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NST as Outperform (1) -
The company has committed to an incremental expansion program at Jundee. The initial target will be a 15% increase in production in FY18 to 250,000 ozs/pa. Later, a larger increase to 300,000 ozs/pa is also being considered.
Macquarie believes the company has a wide range of organic growth options available and these should be worked up over the coming quarters in tandem with aggressive, and so far successful, drilling campaigns.
Outperform rating retained. Target increases to $5.20 from $4.90.
Target price is $5.20 Current Price is $4.20 Difference: $1
If NST meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.49, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 12.00 cents and EPS of 35.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.8, implying annual growth of 57.9%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 10.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 15.00 cents and EPS of 57.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.0, implying annual growth of 25.6%. Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 8.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NWS as Neutral (3) -
News Corp has posted its first quarterly loss since it demerged 21st Century Fox. The main loss was in News & Info, the broker notes, where cost cutting is being stepped up.
The REA Group stake remains the primary earnings driver despite weaker listings growth, while the Move stake saw slowing growth. The broker has trimmed forecast earnings and adjusted for the lower REA share price in dropping its target to $16.50 from $18.60. Neutral retained.
Target price is $16.50 Current Price is $16.11 Difference: $0.39
If NWS meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $18.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 24.00 cents and EPS of 40.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.9, implying annual growth of 27.4%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 28.00 cents and EPS of 47.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 19.5%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 24.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NWS as Buy (1) -
First quarter results were lower than Deutsche Bank expected at the EBITDA level. While the September quarter was clearly tough, the broker notes the outlook for the remainder of the year is generally positive.
Management expects costs to moderate at Fox Sports and easier comparables in book publishing. Yet, the broker suspects a lot may ultimately hinge on the success of cost reduction initiatives in news and information services. Target is steady at $23.50. Buy rating retained.
Target price is $23.50 Current Price is $16.11 Difference: $7.39
If NWS meets the Deutsche Bank target it will return approximately 46% (excluding dividends, fees and charges).
Current consensus price target is $18.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 29.68 cents and EPS of 70.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.9, implying annual growth of 27.4%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 32.39 cents and EPS of 71.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 19.5%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 24.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NWS as Outperform (1) -
First quarter results were mixed but generally weak, with Macquarie observing weak advertising revenue and a number of one-off costs meant news and information services was once again the division to drag on the broader group.
The broker remains most concerned about the advertising trends In news and information services, which management is seeking to offset through new and more aggressive cost initiatives. Outperform retained. Target reduced to $20.77 from $21.08.
Target price is $20.77 Current Price is $16.11 Difference: $4.66
If NWS meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $18.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.9, implying annual growth of 27.4%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 19.5%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 24.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NWS as Equal-weight (3) -
First quarter results were broadly in line with expectations and the established trends continue.
Morgan Stanley observes the positive momentum continues for digital real estate assets but this was eroded by negative FX movements and declines in the print operations.
The broker retains a Equal-weight rating and Attractive industry view. Target is US$15.
Current Price is $16.11. Target price not assessed.
Current consensus price target is $18.69, suggesting upside of 20.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 13.68 cents and EPS of 69.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.9, implying annual growth of 27.4%. Current consensus DPS estimate is 21.3, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 29.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 15.05 cents and EPS of 75.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 63.2, implying annual growth of 19.5%. Current consensus DPS estimate is 23.9, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 24.6. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PTM as Neutral (3) -
Funds under management were down 1.6% in October. Macquarie reduces earnings per share forecasts by 2% for FY17 and 4.5% for FY18. Target is lowered to $4.86 from $5.07.
The broker retains a Neutral rating. Macquarie retains a preference for Magellan Financial ((MFG)), BT Investment ((BTT)) and Henderson ((HGG)), ahead of Platinum Asset Management.
Target price is $4.86 Current Price is $4.97 Difference: minus $0.11 (current price is over target).
If PTM meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.93, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 27.00 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.8, implying annual growth of -13.0%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.00 cents and EPS of 29.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 4.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: -0.3
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 that net outflows have continued for three consecutive months. The prospect of a buy-back could support the share price but an improvement in flows will take time.
The company is exploring a broader channel mix which should help to increase its below-peer gross inflows and the broker expects an update on this at the AGM.
The broker does not consider the trading multiples cheap and an.Underweight rating is retained. Target is $4.50. In-Line sector view retained.
Target price is $4.50 Current Price is $4.97 Difference: minus $0.47 (current price is over target).
If PTM 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 $4.93, suggesting downside of -2.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 26.00 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.8, implying annual growth of -13.0%. Current consensus DPS estimate is 28.0, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.00 cents and EPS of 31.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.1, implying annual growth of 4.4%. Current consensus DPS estimate is 28.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates REA as Outperform (1) -
Sep Q revenue growth of 16% was a solid result for REA, the broker suggests, given listing volume headwinds in the period. Earnings growth fell a little short due to marketing spend and the iProperty investment.
The broker has not changed FY17 forecasts and believes the longer term growth outlook remains strong. Outperform and $61 target retained.
Target price is $61.00 Current Price is $51.09 Difference: $9.91
If REA meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $56.04, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 95.00 cents and EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.7, implying annual growth of -2.2%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 120.00 cents and EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.8, implying annual growth of 21.4%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates REA as Upgrade to Hold from Sell (3) -
First quarter results were solid with revenue growth of 16% and EBITDA growth of 9%, Deutsche Bank observes.
Guidance for the remainder of the first half is viewed as somewhat subdued, as management indicates it does not expect an improvement in the listings environment.
Operating expenditure growth is expected to continue at a similar rate in the second quarter, leading to minor downgrades to the broker's forecast.
In the absence of any near-term negative catalysts Deutsche Bank upgrades to Hold from Sell. Target is $49.50.
Target price is $49.50 Current Price is $51.09 Difference: minus $1.59 (current price is over target).
If REA meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $56.04, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 104.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.7, implying annual growth of -2.2%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 124.00 cents and EPS of 216.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.8, implying annual growth of 21.4%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates REA as Overweight (1) -
The first-quarter trading update highlights continued softness in Australian volumes, offset by growth in the uptake of the company's premium product.
Morgan Stanley believes REA has had a decent start to the fiscal year and remains positive about the long-term online real estate opportunity.
The broker retains an Overweight rating and $65 target. Attractive industry view retained.
Target price is $65.00 Current Price is $51.09 Difference: $13.91
If REA meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $56.04, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 100.20 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.7, implying annual growth of -2.2%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 120.10 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.8, implying annual growth of 21.4%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Add (1) -
The first quarter was slightly better than Morgans expected. The broker notes the company is tightening its belt in anticipation of a listings drought which will continue through FY17, but remains confident of further margin expansion.
Morgans believes the company still has several years of double-digit revenue and earnings growth ahead. Morgans maintains an Add recommendation and $56.59 target.
Target price is $56.59 Current Price is $51.09 Difference: $5.5
If REA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $56.04, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 96.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.7, implying annual growth of -2.2%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 135.00 cents and EPS of 210.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.8, implying annual growth of 21.4%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates REA as Upgrade to Neutral from Sell (3) -
UBS believes the growth trajectories for the three main Australian revenue drivers are unlikely to change materially in the second quarter. The company flagged the fact that the lower listing volume environment is expected to continue over the first half.
Assuming both commercial and developer revenue growth is robust, this suggests that Australian revenue growth in aggregate is likely in the range of 12-14%.
UBS upgrades to Neutral from Sell after the recent underperformance in the price. Target is steady at $52.
Target price is $52.00 Current Price is $51.09 Difference: $0.91
If REA meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $56.04, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 102.00 cents and EPS of 192.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 187.7, implying annual growth of -2.2%. Current consensus DPS estimate is 97.9, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 123.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.8, implying annual growth of 21.4%. Current consensus DPS estimate is 122.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WFD as Accumulate (2) -
Ord Minnett visited nine of the flagship assets in the US and UK and believes active developments are on track and should be highly accretive. The broker expects the developments will drive material asset growth from the second half of 2016.
The broker maintains an Accumulate recommendation and reduces the target to $11.10 from $11.40.
Target price is $11.10 Current Price is $8.78 Difference: $2.32
If WFD meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $10.73, suggesting upside of 22.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 25.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.3, implying annual growth of -78.6%. Current consensus DPS estimate is 29.1, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 26.3. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 25.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of 8.1%. Current consensus DPS estimate is 31.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 24.3. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WSA as Upgrade to Outperform from Neutral (1) -
The business offers the greatest leverage to nickel in Macquarie's coverage, as a 10% rise in nickel prices would drive around 30% increases to forward earnings estimates and 20% increases in valuation.
The broker observes a strong history of exploration success as the company has developed its core operating assets, Flying Fox and Spotted Quoll. The exploration potential at Cosmos is also significant for extending known resources and also for the region.
Macquarie upgrades to Outperform from Neutral. Target rises to $3.50 from $2.60.
Target price is $3.50 Current Price is $2.77 Difference: $0.73
If WSA meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $2.51, suggesting downside of -15.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie 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 -1.0, implying annual growth of N/A. Current consensus DPS estimate is 0.6, implying a prospective dividend yield of 0.2%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.00 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of N/A. Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 27.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M - | THE A2 MILK CO | Upgrade to Outperform from Underperform - Credit Suisse | Overnight Price $2.04 |
| Neutral - UBS | Overnight Price $2.04 | ||
| AGL - | AGL ENERGY | Accumulate - Ord Minnett | Overnight Price $19.69 |
| APO - | APN OUTDOOR | Outperform - Credit Suisse | Overnight Price $5.42 |
| Overweight - Morgan Stanley | Overnight Price $5.42 | ||
| Buy - UBS | Overnight Price $5.42 | ||
| AWC - | ALUMINA | Sell - Citi | Overnight Price $1.65 |
| BWP - | BWP TRUST | Upgrade to Neutral from Sell - UBS | Overnight Price $2.95 |
| BXB - | BRAMBLES | Upgrade to Neutral from Underperform - Credit Suisse | Overnight Price $11.13 |
| CBA - | COMMBANK | Neutral - Citi | Overnight Price $72.07 |
| Outperform - Credit Suisse | Overnight Price $72.07 | ||
| Hold - Deutsche Bank | Overnight Price $72.07 | ||
| Neutral - Macquarie | Overnight Price $72.07 | ||
| Underweight - Morgan Stanley | Overnight Price $72.07 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $72.07 | ||
| Hold - Ord Minnett | Overnight Price $72.07 | ||
| CHC - | CHARTER HALL | Underweight - Morgan Stanley | Overnight Price $4.70 |
| CLH - | COLLECTION HOUSE | Lighten - Ord Minnett | Overnight Price $1.36 |
| CLW - | CHARTER HALL LONG WALE REIT | Initiation of coverage with Underperform - Macquarie | Overnight Price $3.96 |
| DLX - | DULUX GROUP | Downgrade to Neutral from Buy - Citi | Overnight Price $6.19 |
| Underperform - Credit Suisse | Overnight Price $6.19 | ||
| Sell - Deutsche Bank | Overnight Price $6.19 | ||
| Neutral - Macquarie | Overnight Price $6.19 | ||
| Underweight - Morgan Stanley | Overnight Price $6.19 | ||
| Hold - Morgans | Overnight Price $6.19 | ||
| Lighten - Ord Minnett | Overnight Price $6.19 | ||
| Neutral - UBS | Overnight Price $6.19 | ||
| IPL - | INCITEC PIVOT | Buy - Citi | Overnight Price $2.96 |
| Neutral - Credit Suisse | Overnight Price $2.96 | ||
| Buy - Deutsche Bank | Overnight Price $2.96 | ||
| Outperform - Macquarie | Overnight Price $2.96 | ||
| Underweight - Morgan Stanley | Overnight Price $2.96 | ||
| Hold - Morgans | Overnight Price $2.96 | ||
| Hold - Ord Minnett | Overnight Price $2.96 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $2.96 | ||
| KGL - | KGL RESOURCES | Add - Morgans | Overnight Price $0.22 |
| NST - | NORTHERN STAR | Outperform - Macquarie | Overnight Price $4.20 |
| NWS - | NEWS CORP | Neutral - Credit Suisse | Overnight Price $16.11 |
| Buy - Deutsche Bank | Overnight Price $16.11 | ||
| Outperform - Macquarie | Overnight Price $16.11 | ||
| Equal-weight - Morgan Stanley | Overnight Price $16.11 | ||
| PTM - | PLATINUM | Neutral - Macquarie | Overnight Price $4.97 |
| Underweight - Morgan Stanley | Overnight Price $4.97 | ||
| REA - | REA GROUP | Outperform - Credit Suisse | Overnight Price $51.09 |
| Upgrade to Hold from Sell - Deutsche Bank | Overnight Price $51.09 | ||
| Overweight - Morgan Stanley | Overnight Price $51.09 | ||
| Add - Morgans | Overnight Price $51.09 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $51.09 | ||
| WFD - | WESTFIELD CORP | Accumulate - Ord Minnett | Overnight Price $8.78 |
| WSA - | WESTERN AREAS | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $2.77 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 18 |
| 2. Accumulate | 2 |
| 3. Hold | 19 |
| 4. Reduce | 2 |
| 5. Sell | 9 |
Wednesday 09 November 2016
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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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