article 3 months old

Australian Broker Call *Extra* Edition – Jul 15, 2019

Daily Market Reports | Jul 15 2019

This story features APIAM ANIMAL HEALTH LIMITED, and other companies. For more info SHARE ANALYSIS: AHX

An additional news report on the recommendation, valuation, forecast and opinion changes for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, 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 of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

AHX   AMA   AS1   BRG   BSL   CCL   GEM   JLG   MFD   NBL   PTM   QMS   SGM  

AHX    APIAM ANIMAL HEALTH LTD

Medical Equipment & Devices – Overnight Price: $0.44

Shaw and Partners rates ((AHX)) as Buy (1) –

Apiam Animal Health has guided to lower-than-expected FY19 earnings, not long after publishing its third-quarter trading update, citing timing of Autumn rainfall, temperature changes, and a drier than expected fourth quarter.

Shaw and Partners downgrades FY19 earnings estimates accordingly. Target price falls to 80c.

The company has also increased its acquisition facility to $39m from $25m. The broker expects the company to resume purchasing mixed animal practices.

Shaw expects strong gross margins to persist in the long term and points to the Chinese sheep genetic project, and Apiam's US joint venture. The broker says the company has a strong platform in place which can now be leveraged to support more than 2x sales, and expects a re-rating of the stock.

The broker also expects an increase in domestic pig production given the impact of Swine fever in China and South East Asia. Buy rating retained.

This report was published on July 11, 2019.

Target price is $0.80 Current Price is $0.44 Difference: $0.36
If AHX meets the Shaw and Partners target it will return approximately 82% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Shaw and Partners forecasts a full year FY19 dividend of 1.60 cents and EPS of 4.10 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

Forecast for FY20:

Shaw and Partners forecasts a full year FY20 dividend of 1.80 cents and EPS of 6.10 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.21.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AMA    AMA GROUP LIMITED

Automobiles & Components – Overnight Price: $1.39

Moelis rates ((AMA)) as Initiation of coverage with Buy (1) –

Moelis Australia initiates coverage of Australia vehicle panel repairs, components and accessories provider AMA Group with a Buy rating.

The broker notes industry headwinds (more complex cars, lower margin business, and insurers shifting to preferred smash repairers) favour better capitalised players such as AMA Group, which is the largest smash repair provider in Australia.

Moelis points to the company's three-year compound average growth rate in earnings per share of 23% and believes the company is well positioned to lead an expected industry consolidation. Target price starts at $1.61.

This report was published on July 9, 2019.

Target price is $1.61 Current Price is $1.39 Difference: $0.22
If AMA meets the Moelis target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 2.50 cents and EPS of 5.30 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.23.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 2.50 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.75.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

AS1    ANGEL SEAFOOD HOLDINGS LTD

Aquaculture – Overnight Price: $0.18

CCZ Equities rates ((AS1)) as Initiation of coverage with Buy (1) –

CCZ Equities Research has initiated coverage of sustainable organic oyster producer Angel Seafood with a Buy rating.

Angel Seafood operates out of the pristine Eyre Peninsula in South Australia and will account for 20% of the state's oyster production in 2019.

The broker notes the company's investment in production facilities in Cowell (it also has facilities in Coffin Bay) has coincided with strong local supply of Oyster spat, de-risking supply; strong domestic and Asian market; and opportunities for acquisitions as generational ownership changes hands. 

The broker expects FY20 revenue to double on 2019 (the company listed in 2018). 

The 27c target price is a base-case scenario. The broker pegs a 34c bullish valuation.

This report was published on July 11, 2019.

Target price is $0.27 Current Price is $0.18 Difference: $0.09
If AS1 meets the CCZ Equities target it will return approximately 50% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

CCZ Equities forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.25.

Forecast for FY20:

CCZ Equities forecasts a full year FY20 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.00.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BRG    BREVILLE GROUP LIMITED

Household & Personal Products – Overnight Price: $18.06

Bell Potter rates ((BRG)) as Initiation of coverage with Hold (3) –

Bell Potter favours Breville Group but retains a Hold rating, believing the company is too expensive.

In the meantime, the broker increases the target price to $15.50 from $14.

The broker says the company has a strong growth profile and boasts return on investment capital of 27% (and rising), underpinned by solid organic growth.

Strong gross cash conversion and scope to enter an accretive acquisition are added bonuses. 

This report was published on July 8, 2019.

Target price is $15.50 Current Price is $18.06 Difference: minus $2.56 (current price is over target).
If BRG meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $14.54, suggesting downside of -19.5%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 36.00 cents and EPS of 51.60 cents.
At the last closing share price the estimated dividend yield is 1.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.9, implying annual growth of 17.6%.
Current consensus DPS estimate is 36.3, implying a prospective dividend yield of 2.0%.
Current consensus EPS estimate suggests the PER is 34.1.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 41.20 cents and EPS of 58.80 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.1, implying annual growth of 11.7%.
Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 2.2%.
Current consensus EPS estimate suggests the PER is 30.6.

Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

BSL    BLUESCOPE STEEL LIMITED

Steel & Scrap – Overnight Price: $11.83

Goldman Sachs rates ((BSL)) as Buy (1) –

Goldman Sachs upgrades BlueScope Steel to Buy from Hold, believing the recent sharp correction in steel spreads in East Asian and US markets to be overdone, now tipping a near-term recovery in both markets.

The broker updates mark-to-market steel price and spread forecasts, and rolls forward its BlueScope Steel valuation. Target price is $13.52, the broker noting the company is trading at a -20% discount to global peers.

The broker's FY20 earnings estimate for the company is 19% ahead of Bloomberg consensus.

This report was published on July 10, 2019.

Target price is $13.52 Current Price is $11.83 Difference: $1.69
If BSL meets the Goldman Sachs target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $12.90, suggesting upside of 9.0%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

Goldman Sachs forecasts a full year FY19 dividend of 14.00 cents and EPS of 182.00 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 177.6, implying annual growth of 19.8%.
Current consensus DPS estimate is 14.2, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 6.7.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 14.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 1.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.6, implying annual growth of -42.8%.
Current consensus DPS estimate is 14.5, implying a prospective dividend yield of 1.2%.
Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

CCL    COCA-COLA AMATIL LIMITED

Food, Beverages & Tobacco – Overnight Price: $10.47

Goldman Sachs rates ((CCL)) as Sell (5) –

Goldman Sachs downgrades Coca-Cola Amatil to Sell from Neutral, believing the stock to be overvalued and lacking further wiggle room to cut costs.

Otherwise, the broker expects the company to meet its growth targets, and believes it will be able to focus on core operations following the sale of the SPC portfolio.

Target price is $8.50.

This report was published on July 4, 2019.

Target price is $8.50 Current Price is $10.47 Difference: minus $1.97 (current price is over target).
If CCL meets the Goldman Sachs target it will return approximately minus 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $8.41, suggesting downside of -19.7%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY19:

Goldman Sachs forecasts a full year FY19 dividend of 45.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.0, implying annual growth of 32.5%.
Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 4.3%.
Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 46.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.6, implying annual growth of 5.1%.
Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 4.4%.
Current consensus EPS estimate suggests the PER is 19.5.

Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

GEM    G8 EDUCATION LIMITED

Childcare – Overnight Price: $2.74

Moelis rates ((GEM)) as Hold (3) –

Moelis Australia reduces assumptions for G8 Education to reflect lower occupancy growth and a lower-than-expected incremental acquisition contribution.

The broker downgrades to Hold from Buy and the target price eases to $3.38 from $3.51.

The broker remains optimistic about the company, forecasting solid earnings growth in the medium term, but feels the price-earnings multiple is on the high side.

This report was published on July 8, 2019.

Target price is $3.38 Current Price is $2.74 Difference: $0.64
If GEM meets the Moelis target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $3.56, suggesting upside of 30.0%(ex-dividends)
The company's fiscal year ends in December.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 13.30 cents and EPS of 19.10 cents.
At the last closing share price the estimated dividend yield is 4.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.8, implying annual growth of 12.9%.
Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 5.1%.
Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 18.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 6.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.6, implying annual growth of 19.2%.
Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.1%.
Current consensus EPS estimate suggests the PER is 11.6.

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

JLG    JOHNS LYNG GROUP LIMITED

Building Products & Services – Overnight Price: $1.47

Moelis rates ((JLG)) as Initiation of coverage with Buy (1) –

Moelis Australia initiates coverage of Johns Lyng Group with a Buy rating.

The company is a long-standing market leader in insurance building and restoration services and the only ASX-listed integrated provider of these services.

The broker notes the company has a highly scaleable national platform with more than 5,500 sub-contractors nationwide and has been experiencing organic growth and stable margins.

The broker sees potential domestic and international expansion for the company, particularly in NSW and Queensland after entering an insurance deal with CHU, and expects the company's proprietary software will enhance contractor, supplier and client loyalty.

Add to that low gross debt, population growth and coastal migration, and the fact that the company generated return on equity of 53% in FY18 (not likely to be sustained in FY19), and the picture is complete.

Target price kicks off at $1.67.

This report was published on July 10, 2019.

Target price is $1.67 Current Price is $1.47 Difference: $0.2
If JLG meets the Moelis target it will return approximately 14% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Moelis forecasts a full year FY19 dividend of 1.90 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.40.

Forecast for FY20:

Moelis forecasts a full year FY20 dividend of 3.90 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 2.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.85.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

MFD    MAYFIELD CHILDCARE LIMITED

Childcare – Overnight Price: $0.97

Canaccord Genuity rates ((MFD)) as Initiation of coverage with Buy (1) –

Cannaccord Genuity initiates coverage of Mayfield Childcare with a Buy rating, believing recent guidance may be conservative.

The broker notes the company is the only childcare operator with 21 centres located in Melbourne's growth corridors, and is forecasting earnings per share growth of 10% and 12% over calendar years 2019 and 2020. 

The company is trading at a -50% discount to peers and the broker believes the weakness is overdone given the company trades at an attractive yield and offers low-risk growth.

The broker likes Mayfield Childcare's alternative strategy of purchasing existing businesses, which offers lower risk organic growth; and its contained Victorian profile. Target price is $1.40.

This report was published on July 11, 2019.

Target price is $1.40 Current Price is $0.97 Difference: $0.43
If MFD meets the Canaccord Genuity target it will return approximately 44% (excluding dividends, fees and charges).

Forecast for FY19:

Canaccord Genuity forecasts a full year FY19 dividend of 6.70 cents and EPS of 12.10 cents.
At the last closing share price the estimated dividend yield is 6.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.02.

Forecast for FY20:

Canaccord Genuity forecasts a full year FY20 dividend of 7.50 cents and EPS of 13.50 cents.
At the last closing share price the estimated dividend yield is 7.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.19.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

NBL    NONI B LIMITED

Apparel & Footwear – Overnight Price: $2.71

Wilsons rates ((NBL)) as Buy (1) –

Noni B's trading update, released on Friday, has triggered reductions to forecasts but Wilsons remains undeterred in its positive outlook, arguing it has been further "encouraged", thus retaining the Buy rating.

This company remains well-placed for continued earnings growth, suggest the analysts. Projected EPS growth for FY20 is no less than 105% (after a negative year in FY19) while estimated dividend yield on FY20 forecasts is 8.2%.

Price target drops to $3.92.

This report was released on July 15, 2019.

Target price is $3.92 Current Price is $2.71 Difference: $1.21
If NBL meets the Wilsons target it will return approximately 45% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY19:

Wilsons forecasts a full year FY19 dividend of 14.60 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 5.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.31.

Forecast for FY20:

Wilsons forecasts a full year FY20 dividend of 22.00 cents and EPS of 36.20 cents.
At the last closing share price the estimated dividend yield is 8.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.49.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

PTM    PLATINUM ASSET MANAGEMENT LIMITED

Wealth Management & Investments – Overnight Price: $4.81

Bell Potter rates ((PTM)) as Downgrade to Sell from Hold (5) –

Bell Potter has downgraded Platinum Asset Management to Sell from Hold, noting markets continue to value growth stocks over value investing, which is resulting in a decline in net-flows (-$544m in the past quarter alone).

The MSCI Global Index gained about 16% in the second half of the financial year, but the company's funds under management rose less than 3% during that period due to relative underperformance, negative outflows and distributions.

While the tide will eventually turn in Platinum Asset Management's favour, the broker believes the company's trading multiple is too high to justify waiting.

Earnings-per-share forecasts fall -1.5%, -10% and -13% across FY19, FY20 and FY21.

Target price falls to $4.22 from $4.72.

This report was published on July 10, 2019.

Target price is $4.22 Current Price is $4.81 Difference: minus $0.59 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $4.38, suggesting downside of -8.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

Bell Potter forecasts a full year FY19 dividend of 26.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.1, implying annual growth of -17.7%.
Current consensus DPS estimate is 27.0, implying a prospective dividend yield of 5.6%.
Current consensus EPS estimate suggests the PER is 17.7.

Forecast for FY20:

Bell Potter forecasts a full year FY20 dividend of 25.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 28.2, implying annual growth of 4.1%.
Current consensus DPS estimate is 27.4, implying a prospective dividend yield of 5.7%.
Current consensus EPS estimate suggests the PER is 17.1.

Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

QMS    QMS MEDIA LIMITED

Out of Home Advertising – Overnight Price: $0.85

E.L. & C Baillieu rates ((QMS)) as Buy (1) –

Analysts at Baillieu have updated their modeling, while still not incorporating the proposed deal with MediaWorks in New Zealand. Baillieu remains positive as company management has been busy of late and industry conditions remain favourable.

The company has changed its financial year. Baillieu predicts strong growth for the six months to June 30th, largely because of the inclusion of the TGI acquisition. One secondary reason to stick with the Buy rating is because the shares are trading at a sizeable discount to peer oOh!media ((OML)).

This report was released on July 15, 2019.

Target price is $1.00 Current Price is $0.85 Difference: $0.15
If QMS meets the E.L. & C Baillieu target it will return approximately 18% (excluding dividends, fees and charges).
The company's fiscal year ends in December.

Forecast for FY19:

E.L. & C Baillieu forecasts a full year FY19 dividend of 2.20 cents and EPS of 4.50 cents.
At the last closing share price the estimated dividend yield is 2.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.89.

Forecast for FY20:

E.L. & C Baillieu forecasts a full year FY20 dividend of 2.40 cents and EPS of 5.90 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.41.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

SGM    SIMS METAL MANAGEMENT LIMITED

Steel & Scrap – Overnight Price: $10.16

Goldman Sachs rates ((SGM)) as Neutral (3) –

Goldman Sachs increases its target price for Sims Metal Management by 6.7% to $11.03, to reflect changes to its steel price and spread forecasts.

The broker expects steel prices to recover, believing the recent retreat to be overdone.

However, the broker expects continued weakness in the scrap metal market, and suspects either a negative trading update may be in the wings, or a disappointing August result.

The broker's FY19 earnings estimate for the company is -7% below consensus. Neutral rating retained.

This report was published on July 10, 2019.

Target price is $11.03 Current Price is $10.16 Difference: $0.87
If SGM meets the Goldman Sachs target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $11.36, suggesting upside of 11.8%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY19:

Goldman Sachs forecasts a full year FY19 dividend of 43.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 80.6, implying annual growth of -25.5%.
Current consensus DPS estimate is 43.0, implying a prospective dividend yield of 4.2%.
Current consensus EPS estimate suggests the PER is 12.6.

Forecast for FY20:

Goldman Sachs forecasts a full year FY20 dividend of 39.00 cents and EPS of 83.00 cents.
At the last closing share price the estimated dividend yield is 3.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 90.2, implying annual growth of 11.9%.
Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 3.9%.
Current consensus EPS estimate suggests the PER is 11.3.

Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources


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.

As part of emerging new trends overseas, The Australian Broker Call *Extra* Edition also includes providers of sponsored research. Readers should bear in mind, sponsored research, while not necessarily of lower quality, has the embedded complication that the company that is the subject of the research has paid for this research. Providers of sponsored research that can potentially be included in this Report are Breakaway Research, Edison Investment Research, Independent Investment Research, NDF Research, Pitt Street Research, and TMT Analytics.

Decisions about inclusions in this Report are made independently of the providers of stock market research and at full discretion of the team of journalists responsible for content at FNArena. Inclusion does not equal endorsement, in any way, shape or form. This Report is provided for informational purposes only.

Share on FacebookTweet about this on TwitterShare on LinkedIn

Click to view our Glossary of Financial Terms

CHARTS

AHX AMA AS1 BRG BSL CCL GEM JLG MFD OML PTM SGM

For more info SHARE ANALYSIS: AHX - APIAM ANIMAL HEALTH LIMITED

For more info SHARE ANALYSIS: AMA - AMA GROUP LIMITED

For more info SHARE ANALYSIS: AS1 - ANGEL SEAFOOD HOLDINGS LIMITED

For more info SHARE ANALYSIS: BRG - BREVILLE GROUP LIMITED

For more info SHARE ANALYSIS: BSL - BLUESCOPE STEEL LIMITED

For more info SHARE ANALYSIS: CCL - COCA-COLA AMATIL LIMITED

For more info SHARE ANALYSIS: GEM - G8 EDUCATION LIMITED

For more info SHARE ANALYSIS: JLG - JOHNS LYNG GROUP LIMITED

For more info SHARE ANALYSIS: MFD - MAYFIELD CHILDCARE LIMITED

For more info SHARE ANALYSIS: OML - OOH!MEDIA LIMITED

For more info SHARE ANALYSIS: PTM - PLATINUM ASSET MANAGEMENT LIMITED

For more info SHARE ANALYSIS: SGM - SIMS LIMITED