FNArena Reporting Season Monitor

This story features GRANGE RESOURCES LIMITED, and other companies. For more info SHARE ANALYSIS: GRR

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Welcome to the last daily FNArena Reporting Season Monitor for the February result season 2014. Tomorrow the completed Monitor will be published as a feature story for ongoing reference. The Monitor takes the form of a constantly updated Excel table (attached) made available to subscribers on a daily basis. The table includes broker ratings and consensus target price changes and a brief commentary for each reporting company. For further information on the relevance of this information, please see the Guide below.

Today's Reports: Ausdrill ((ASL)), Aurora Oil & Gas ((AUT)), Grange Resources ((GRR)), Harvey Norman ((HVN)), James Hardie Industries ((JHX)), Medusa Mining ((MML)), Retail Food Group ((RFG)), Reva Medical ((RVA)), Virgin Australia ((VAH)), Woolworths ((WOW)), Yancoal ((YAL))

Yesterday's Reports: Austal ((ASB)), Helloworld ((HLO)), Independence Group ((IGO)), iSelect ((ISU)), Macquarie Atlas Roads ((MQA)), Nine Entertainment Co ((NEC)), Northern Star Resources ((NST)), NRW Holdings ((NWH)), NextDC ((NXT)), Oil Search ((OSH)), Panoramic Resources ((PAN)), Peet & Company ((PPC)), Perpetual ((PPT)), Qantas Airways ((QAN)), Reece Australia ((REH)), Sedgman ((SDM)), Sirius Resources ((SIR)), Starpharma Holdings ((SPL)), Seven Group Holdings ((SVW)), Transfield Services ((TSE)), UXC ((UXC)), Vocus Communications ((VOC))

Guide:

Each day of the Australian six-monthly reporting season, FNArena provides a summary of broker responses to the previous day's profit result releases from companies under coverage. Readers are reminded that it matters not what actual profit/loss result is posted by each company but by how much that result exceeded/fell short of stock analysts' consensus forecasts. Stock price movements on the day of release, and in many cases for the months following the release, will often be determined by the extent of "beats" and "misses" of underlying earnings as well as company guidance and analyst/management outlook.

A rolling summary table (Excel) is attached to each day's report and will build as the season progresses. Additions are made each day, consistent with releases dates, and stocks will then be listed in alphabetical order for ease of use until the full picture of the reporting season emerges.

Note that companies assessed include only those covered by the eight major stockbrokers in the FNArena database and that ratings changes and targets are those provided only by the database brokers.

Note also that "beat" and "miss" assessments are open to an element of subjectivity and not simply a result-versus-consensus-forecast comparison. Mitigating factors include one-off items, top line versus bottom line relevance, forward guidance as an important consideration and so forth. In many cases "profit" per se is not the most relevant performance indicator.

Disclaimer:

While FNArena's Reporting Season Monitor is being compiled with great care and our best endeavours, investors should note that we cannot guarantee that all data and information gathered and on display is 100% accurate at all times. FNArena does not accept any responsibility for errors and omissions that can occur. Investors should always do their own research and consult with a financial expert before making investment decisions. FNArena's Reporting Season Monitor is an informative tool, it does not not contain investment advice and should not be treated as such.

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