Australian Broker Call

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February 18, 2021

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:13 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
BAP - Bapcor Limited Downgrade to Hold from Add Morgans
CAR - Carsales.Com Upgrade to Buy from Neutral UBS
COL - Coles Group Downgrade to Neutral from Buy Citi
Downgrade to Neutral from Outperform Credit Suisse
NWL - Netwealth Group Upgrade to Hold from Sell Ord Minnett
PGH - Pact Group Upgrade to Buy from Hold Ord Minnett
PME - PRO Medicus Downgrade to Hold from Add Morgans
TAH - Tabcorp Holdings Upgrade to Buy from Neutral Citi
Upgrade to Hold from Lighten Ord Minnett
TWE - Treasury Wine Estates Upgrade to Accumulate from Lighten Ord Minnett
VCX - Vicinity Centres Downgrade to Neutral from Outperform Credit Suisse
ADI  APN INDUSTRIA REIT

REITs

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Overnight Price: $2.83

Morgans rates ADI as Add (1) -

APN Industria REIT reported a rise in first half funds from operations (FFO), driven by new acquisitions during the period, explains Morgans, while rent collections remain strong at 99.3%.

Management re-iterated FY21 guidance comprising FFO of 19.7-19.9c and DPS guidance of 17.3c, which represents an attractive distribution yield, notes the analyst.

The Add rating and $3.17 target are maintained.

Target price is $3.17 Current Price is $2.83 Difference: $0.34
If ADI meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 17.30 cents and EPS of 19.80 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.29.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 17.70 cents and EPS of 19.50 cents.
At the last closing share price the estimated dividend yield is 6.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.51.

Market Sentiment: 0.5

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

AHY  ASALEO CARE LIMITED

Household & Personal Products

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Overnight Price: $1.43

Citi rates AHY as Neutral (3) -

Asaleo Care reported a FY20 underlying earnings (EBITDA) of $87.2 million, up on the pre-announcement guidance range of $84m to $87m. Net profit (NPAT) increased by 46.2% to $32.3m, and the company reduced its net debt, down $94.9m from $139.2m.

Asaleo announced it has received a revised proposal from Essity to acquire the shares at $1.40 in cash and a dividend of 5 cents, which is a 15% improvement in the proposal, and one that has support of the Asaleo Board.

Given there are still some uncertainties about the demand outlook and competitive environment, Citi expects this deal to proceed.

Broadly in-line with Citi ($92m), Asaleo reiterated its expected $90-94m in earnings (EBITDA) for FY21, and expects the benefits of COVID-19 impacts unwinding, acquisitions and organic growth to more than offset in $8 million headwind from pulp and currency rate movements.

Citi notes that with freight cost headwinds uncertain, and if spot freight rates persist, there is downside risk to earnings.

The Neutral rating and $1.40 target are maintained.

Target price is $1.40 Current Price is $1.43 Difference: minus $0.03 (current price is over target).
If AHY meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.33, suggesting downside of -6.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 2.50 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 1.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.1, implying annual growth of 73.2%.

Current consensus DPS estimate is 2.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 5.00 cents and EPS of 7.70 cents.
At the last closing share price the estimated dividend yield is 3.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.5, implying annual growth of 5.6%.

Current consensus DPS estimate is 5.0, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 19.1.

Market Sentiment: 0.0

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

AND  ANSARADA GROUP LIMITED

Software & Services

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Overnight Price: $1.40

Morgans rates AND as Initiation of coverage with Add (1) -

Morgans initiates coverage on Ansarada Group with an Add rating and $1.55 target price.

The company is a SaaS global provider of cloud-based AI-powered virtual data rooms and material information platforms for secure end-to-end document and process management. 

The company’s portfolio consists of Deals (virtual data rooms for M&A, capital raisings etc) and Governance (compliance and audits). Additionally, their is  Board (secure digital board management) and Tenders (governance and probity for high value events).

Three key benefits for customers are risk management, efficiency and accurate decision making.

The broker highlights directors, founders and senior management own around 20% of stock, providing meaningful shareholder alignment.

Target price is $1.55 Current Price is $1.40 Difference: $0.15
If AND meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.14 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1000.00.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.13 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1076.92.

Market Sentiment: 1.0

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

BAP  BAPCOR LIMITED

Automobiles & Components

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Overnight Price: $7.88

Citi rates BAP as Buy (1) -

Bapcor delivered a 1H21 net profit of $70.1m, 3% ahead of Citi and consensus estimates.

Citi observes that while Bapcor’s sales have grown from consumer mobility changes, the company also has numerous longer-term growth strategies, including international expansion, procurement efficiencies and private label, and as such remains the broker’s pick in the small cap auto sector.

Given that it implies 2H21 net profit will be only 1% above 2H19 levels, Citi regards the FY21 net profit guidance of $122m as deeply conservative, especially given the favourable changes in consumer mobility, around 12% more trade stores, 37% more company-owned Autobarn stores and acquisitions.

Due to a stronger-than-expected Trade rollout, and better-than-expected earnings (EBITDA) margins in Specialist Wholesale, Citi has upgraded its FY21 to FY23 net profit estimate by 2% to 7%.

Buy rating is unchanged, target price increases to $9.30 from $8.85.

Target price is $9.30 Current Price is $7.88 Difference: $1.42
If BAP meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 21.50 cents and EPS of 34.90 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 20.80 cents and EPS of 34.50 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


Credit Suisse rates BAP as Outperform (1) -

Credit Suisse, pleased with Bapcor's result and believing more will come in the second half, is perplexed with the hard to please share market.

The broker notes 85% of revenue relates to trade/servicing which can positively impact FY21 given the step-up in second-hand vehicles in use along with an undergeared balance sheet that provides the opportunity to supplement the growth profile.

The broker is of the view Bapcor's demand profile is more sustainable than peers.

Due to lower comps, the target falls to $8.50 from $8.60. Outperform rating.

Target price is $8.50 Current Price is $7.88 Difference: $0.62
If BAP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 15.96 cents and EPS of 36.23 cents.
At the last closing share price the estimated dividend yield is 2.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 18.02 cents and EPS of 36.96 cents.
At the last closing share price the estimated dividend yield is 2.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


Macquarie rates BAP as Outperform (1) -

Bapcor's first-half produced record revenues and earnings, in line with the company's trading update in December. Strong growth was delivered across all segments, the broker notes.

February has proven slightly softer due to snap lockdowns in Victoria and NZ, but management expects some second half moderation anyway, balanced by growth in trade business. 

Bapcor is well placed to accelerate its organic growth and operational performance initiatives, the broker suggests, and has balance sheet capacity to pursue M&A opportunities as they arise. Outperform and $8.75 target retained.

Target price is $8.75 Current Price is $7.88 Difference: $0.87
If BAP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 18.00 cents and EPS of 25.90 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 30.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 18.00 cents and EPS of 40.30 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 19.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


Morgan Stanley rates BAP as Overweight (1) -

First half results were slightly ahead of Morgan Stanley's estimates. The broker notes strong growth continued in January but February was affected by lockdowns.

Nevertheless, the fundamentals underpinning the vehicle industry remain strong. Consensus net profit forecasts for FY21 of around $122m appear reasonable to the broker and imply second half growth of 18%.

Overweight retained. Target is $9.50. Industry view: In-Line.

Target price is $9.50 Current Price is $7.88 Difference: $1.62
If BAP meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 9.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 19.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


Morgans rates BAP as Downgrade to Hold from Add (3) -

Bapcor’s first half result was slightly above December guidance and Morgans estimates as strong sales trends continued into January, though recent Melbourne lockdowns have seen momentum slow.

The company is comfortable with FY21 consensus pro-forma profit (NPAT) of $122m.

The dynamics buoying aftermarket demand look set to continue, according to the broker, albeit perhaps at a lower rate of growth versus the first half.

The analyst warns the electric vehicle conversation will continue to get louder which has implications for the aftermarket channel in time.

As the share price is trading within 10% of a new target price, the rating is lowered to Hold from Add, while the target price falls to $8.42 from $8.57 on higher capex assumptions.

Target price is $8.42 Current Price is $7.88 Difference: $0.54
If BAP meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 18.00 cents and EPS of 30.00 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 26.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 23.00 cents and EPS of 38.00 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


Ord Minnett rates BAP as Buy (1) -

Bapcor reported a 54% increase in underlying profit (NPAT) to $70.2m in the first half, which was 1.6% ahead of Ord Minnett's expectations. And an interim dividend of 9.0c was declared.

The broker highlights all business segments reported increased revenue and improved operating earnings during the period, capitalising on increased demand for automotive parts and accessories.

While gross profit margins declined slightly in the first half, an improved cost performance led to a 130 basis point improvement in operating margins to 16.5%.

The Buy rating and target of $9.20 are unchanged.

Target price is $9.20 Current Price is $7.88 Difference: $1.32
If BAP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 19.50 cents and EPS of 37.60 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 22.50 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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


UBS rates BAP as Buy (1) -

First half results were slightly ahead of expectations. UBS believes the business is executing well amid a supportive backdrop. Same-store sales momentum is expected to moderate in the second half and incremental costs will reduce margins.

Nevertheless, the broker lifts net profit estimates for FY21 by 3% and believes there is upside risk if current momentum persists. Buy rating retained. Target is raised to $8.80 from $8.55.

Target price is $8.80 Current Price is $7.88 Difference: $0.92
If BAP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 17.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 19.00 cents and EPS of 36.50 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 25.7%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 22.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 20.00 cents and EPS of 38.60 cents.
At the last closing share price the estimated dividend yield is 2.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 12.7%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 19.9.

Market Sentiment: 0.9

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

BLX  BEACON LIGHTING GROUP LIMITED

Furniture & Renovation

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Overnight Price: $1.82

Citi rates BLX as Buy (1) -

An initial analysis of Beacon Lighting Group's first-half result shows the net profit at $22.2m was up 8% above Citi estimates. Gross margins rose to 68.5% due to lower discounting while trade club sales grew 51% over the last year.

Citi sees trade sales presenting an opportunity for Beacon to derive significant growth utilising much of its existing fixed asset base. The group has upgraded its roll-out target to 184 from 170, implying Beacon is currently only 63% of the way through its roll-out.

The broker notes like for like sales growth has continued at a higher level going into the second half. Also, the group will likely get better rental deals now on account of being a landlord, suggests Citi and considers Beacon as one of its top picks in small-cap retail.

Citi reiterates a Buy rating with a target of $1.85.

Target price is $1.85 Current Price is $1.82 Difference: $0.03
If BLX meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 5.90 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 3.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.44.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 5.50 cents and EPS of 9.40 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.36.

Market Sentiment: 0.5

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

BXB  BRAMBLES LIMITED

Transportation & Logistics

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Overnight Price: $10.58

Citi rates BXB as Buy (1) -

Benefiting from strong volumes in consumer staples, with global at-home consumption at increased levels, Brambles Ltd’s 1H21 underlying operating profit (beating consensus) was up 7% to US$465m, while profit after tax lifted 6% to US295.2m.

Despite the slight moderation of growth, Citi expects both volumes and prices to remain at elevated levels, and is optimistic Brambles can sustain its growth outlook, given the result was achieved without any like for like volume growth in the Europe, Middle East and Africa (EMEA) region.

While Brambles delivered a flat US margin outcome in 1H21, Citi expects three announced initiatives (including pricing), to lead to higher margins and returns in the region.

While Citi remains cautious on the future of plastic pallets, it is comfortable Brambles holds enough market power to implement a solution at an appropriate return.

Earnings (EBIT) guidance was upgraded from 3-5% growth to 5-7%.

Buy rating is retained, and the price target has dropped to $12.89 from $12.90.

Target price is $12.89 Current Price is $10.58 Difference: $2.31
If BXB meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.10, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 34.60 cents and EPS of 53.97 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.7, implying annual growth of N/A.

Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 39.87 cents and EPS of 62.22 cents.
At the last closing share price the estimated dividend yield is 3.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.3, implying annual growth of 11.0%.

Current consensus DPS estimate is 32.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 18.7.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.8

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

CAR  CARSALES.COM LIMITED

Automobiles & Components

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Overnight Price: $21.75

Credit Suisse rates CAR as Neutral (3) -

Carsales beat Credit Suisse's estimate for first-half earnings although revenue at $209.5m fell short of the broker's $220.9m forecast. The earnings beat was driven by lower costs.

Management expects solid growth in FY21 operating income with second-half opex expected to be higher due to the absence of $6m in wage subsidies, higher domestic marketing costs and increased investment in key growth initiatives in Korea.

Neutral retained. Target rises to $20.20 from $18.80.

Target price is $20.20 Current Price is $21.75 Difference: minus $1.55 (current price is over target).
If CAR meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 53.50 cents and EPS of 58.96 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 55.80 cents and EPS of 64.52 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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


Macquarie rates CAR as Neutral (3) -

After deducting dealer support, Carsales' earnings slightly beat the broker. Auto market trends remain positive and management has reiterated demand for cars remains strong, hampered only by low inventory levels.

Pre-empting the end of JobKeeper, Carsales will now step up its marketing spend, which leads to earnings downgrades from the broker given the cost of investment. The broker is curious as to why this is needed given the company's elevated penetration.

Korea is going well, and may provide a near term supplement to growth, the broker suggests, but otherwise the broker sees the stock as fully valued. Neutral retained, target rises to $23.00 from $19.30 on a valuation roll-forward.

Target price is $23.00 Current Price is $21.75 Difference: $1.25
If CAR meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 46.30 cents and EPS of 55.70 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 50.30 cents and EPS of 60.50 cents.
At the last closing share price the estimated dividend yield is 2.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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


Morgan Stanley rates CAR as Overweight (1) -

First half numbers were better than Morgan Stanley expected amid positive momentum. The broker expects top-line growth will accelerate across most divisions in the second half.

The company has guided to moderate revenue growth in FY21. Overweight rating and the target price is $21. Industry view: Attractive.

Target price is $21.00 Current Price is $21.75 Difference: minus $0.75 (current price is over target).
If CAR meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 61.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 70.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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


Morgans rates CAR as Hold (3) -

Morgans considers Carsales.com has produced a quality first half result, with dealer revenue growth of 10% on the pcp, in a reasonably buoyant (but also difficult) environment for the car market.

The broker suspects strong margins seen in the first half do not appear sustainable and costs will increase into the second half.

Good growth in dealer revenues has helped offset a much weaker private listings result explains the analyst, and recent dealer price increases and private listing volumes recoveries to pre covid levels should support the second half.

Management has flagged an intention to become more involved in the wider car buying transaction.

The rating of Hold is maintained. Despite a strong first half, Morgans slightly lowers near-term forecasts and the target price falls to $19.45 from $20.01.

Target price is $19.45 Current Price is $21.75 Difference: minus $2.3 (current price is over target).
If CAR meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 51.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 59.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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


Ord Minnett rates CAR as Hold (3) -

First half earnings beat Ord Minnett's estimates. The broker observes dealer volumes were resilient as the used car market remains buoyant. Encar stood out internationally, growing revenue 19% and benefiting from the online migration forced by the pandemic.

The broker found the outlook commentary favourable but the run-up in the share price provides limited upside to valuation. Hold retained. Target rises to $22.58 from $20.26.

Target price is $22.58 Current Price is $21.75 Difference: $0.83
If CAR meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 49.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 53.00 cents and EPS of 63.00 cents.
At the last closing share price the estimated dividend yield is 2.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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


UBS rates CAR as Upgrade to Buy from Neutral (1) -

UBS believes Carsales.com is on track for EBITDA of $240m in FY21. Encar is expected to contribute around $50m to this number

 In terms of long-term upside UBS considers the main drivers of the domestic business are digital car buying, instant offer, depth and dealer finance. The broker upgrades to Buy from Neutral and raises the target to $24.50 from $19.50.

Target price is $24.50 Current Price is $21.75 Difference: $2.75
If CAR meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $21.79, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 45.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 2.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.0, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.3.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 50.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.8, implying annual growth of 12.5%.

Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 33.2.

Market Sentiment: 0.3

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

CDA  CODAN LIMITED

Hardware & Equipment

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Overnight Price: $13.01

Macquarie rates CDA as Outperform (1) -

In a preliminary review of first half results for Codan, Macquarie relays profit (NPAT) of $41.3m was slightly ahead of recent guidance for around $40m. An interim dividend of 10.5 cents was declared.

Revenue and earnings (EBITDA) were also ahead of estimates due to strong metal detector sales and segment contribution.

Outlook commentary included immediate earnings accretion from the Domo Tactical Solutions acquisition and metal detection demand remains strong.

Target of $11.20 and Outperform rating. Estimates are now under review.

Target price is $11.20 Current Price is $13.01 Difference: minus $1.81 (current price is over target).
If CDA meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 21.50 cents and EPS of 43.00 cents.
At the last closing share price the estimated dividend yield is 1.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.26.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 23.50 cents and EPS of 46.70 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.86.

Market Sentiment: 1.0

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

CHC  CHARTER HALL GROUP

REITs

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Overnight Price: $12.82

Citi rates CHC as Buy (1) -

As Citi had expected, Charter Hall Group's 1H21 EPS of 27.8c was around 2% ahead of consensus.

During its initial glance, Citi noted that the guidance upgrade appears conservative, especially with FY21 EPS guidance wording as “no less than 55c, excluding any accrued performance fees” (+4% vs prior guidance of 53c, which also excluded performance fees).

Citi also noted that Charter Hall Group has also flagged a potential accrual of FY22 performance fees in FY21, over and above the 55c earnings guidance.

Citi interpreted the announcement as indicating strong performance fees in FY22 which it had been flagging, given its ingoing FY22 estimate was 10% ahead of consensus. The broker sees potential for consensus upgrades near term, and forecast FY21 EPS of 56.8c, +3% above guidance, assuming no performance fee accrual.

The Buy rating is unchanged and target price has increased to $17 from $16.50

Target price is $14.75 Current Price is $12.82 Difference: $1.93
If CHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 37.90 cents and EPS of 54.30 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 40.10 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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


Credit Suisse rates CHC as Neutral (3) -

Charter Hall Group posted a better than expected result, observes Credit Suisse, in that earnings per share fell -43% versus last year but remained above the broker's forecast.

The group has upgraded its FY21 operating earnings to 55c which compares to previous guidance of 53c and the broker's pre-result estimate of 53.6c.

With Charter Hall continuing to attract capital partners, Credit Suisse believes further activity cannot be ruled out in the second half.

Credit Suisse retains its Neutral rating with the target increased to $14.14 from $13.96.

Target price is $14.14 Current Price is $12.82 Difference: $1.32
If CHC meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 38.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 40.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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


Macquarie rates CHC as Outperform (1) -

Charter Hall Group reported operating earnings -5% below the broker. FY21 guidance has been upgraded by 4%, but still short of the broker's forecast. However this is due to a reduction in transaction fees which should normalise going forward, the broker suggests.

Margins in funds management were otherwise the highlight of the result, driven up on cost reductions. Management expects 32% earnings growth in FY22 and given resilient inflows and Charter Hall's track record, the broker has no reason to doubt the forecast.

Outperform retained, target falls to $15.78 from $15.96.

Target price is $15.78 Current Price is $12.82 Difference: $2.96
If CHC meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 37.90 cents and EPS of 55.80 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 40.10 cents and EPS of 73.50 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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


Morgan Stanley rates CHC as Overweight (1) -

First half earnings per security were in line with Morgan Stanley's estimates. Upgraded FY21 guidance of $0.55 appears conservative to the broker as it implies a weaker second half.

As guidance excludes any accrued performance fees this implies FY22 could be a solid year for performance fees. The disclosure indicates seven funds are due for fee reviews.

Morgan Stanley retains an Overweight rating and $16.88 target. Industry view is In-Line.

Target price is $16.88 Current Price is $12.82 Difference: $4.06
If CHC meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 37.80 cents and EPS of 54.30 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 40.10 cents and EPS of 62.40 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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


Ord Minnett rates CHC as Accumulate (2) -

First half operating earnings were ahead of Ord Minnett's forecasts. The broker considers this a high-quality result with strong growth in assets under management and underlying funds management.

There is zero net debt and the business continues to have strong access to capital. Ord Minnett considers the current share price a good buying opportunity and retains an Accumulate rating. Target is raised to $16.50 from $16.20.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $16.50 Current Price is $12.82 Difference: $3.68
If CHC meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 38.00 cents and EPS of 56.00 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 40.00 cents and EPS of 74.00 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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


UBS rates CHC as Buy (1) -

First half results were below UBS estimates. Guidance has been slightly increased to $0.55 per security from $0.53.

Despite guidance not including accrual of performance fees, UBS notes Charter Hall's share of performance fee was $7.8m in the half-year, accrued across three funds.

The broker considers the share price reaction overdone and this reflects a buying opportunity. Buy rating and $16.10 target retained.

Target price is $16.10 Current Price is $12.82 Difference: $3.28
If CHC meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $15.69, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 37.90 cents and EPS of 58.30 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.6, implying annual growth of -25.2%.

Current consensus DPS estimate is 37.9, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 22.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 40.10 cents and EPS of 63.70 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.4, implying annual growth of 23.0%.

Current consensus DPS estimate is 40.1, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.8

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

COE  COOPER ENERGY LIMITED

Crude Oil

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Overnight Price: $0.32

Morgan Stanley rates COE as Equal-weight (3) -

Production guidance for FY21 is lower than Morgan Stanley expected, amid ongoing works at Orbost. The broker assumes nameplate capacity by the second half of FY22 but concedes this may be optimistic.

FY21 capital expenditure has been lowered to -$45-50m, which Morgan Stanley considers appropriate given lower free cash flow from ongoing works at Sole and with asset abandonment costs on the horizon.

Equal-weight retained. Target is 38c. Industry view: Attractive.

Target price is $0.38 Current Price is $0.32 Difference: $0.06
If COE meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $0.38, suggesting upside of 19.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.6, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1.2, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 26.7.

Market Sentiment: 0.4

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

COL  COLES GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $17.20

Citi rates COL as Downgrade to Neutral from Buy (3) -

Driven by Convenience, and with Supermarkets and Liquor broadly in line, Coles delivered 1H21 earnings (EBIT) of $1,020m and EPS of 42cps, around 2% ahead of Citi. A dividend of 33cps was declared, in line with Citi (32cps).

However, Citi is expecting consensus 2H21 downgrades, following elevated operating costs, the slowing top-line growth and guidance for negative earnings growth.

In light of sales declines, and with Coles having entered a period of elevated investment, which is expected to continue post-covid, plus ongoing competition online, the broker has downgraded earnings by -3% in FY21 and -5% in FY22.

Buy recommendation has been downgraded to Neutral, and price target has reduced to $19.00 from $21.20.

Target price is $19.00 Current Price is $17.20 Difference: $1.8
If COL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 63.50 cents and EPS of 75.40 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 66.50 cents and EPS of 78.70 cents.
At the last closing share price the estimated dividend yield is 3.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


Credit Suisse rates COL as Downgrade to Neutral from Outperform (3) -

Coles Group's strong result was overshadowed by debates on its loss of market share, observes Credit Suisse. The broker highlights the need for a higher level of opex so as to support the development of e-commerce.

The broker expects the factors that contributed to the market share loss will continue into the second half and has reduced its forecasts for supermarkets for the second half. 

Credit Suisse downgrades its rating to Neutral from Outperform. Target price falls to $19.04 from $21.04.  

Target price is $19.04 Current Price is $17.20 Difference: $1.84
If COL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 63.47 cents and EPS of 77.82 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 69.10 cents and EPS of 83.86 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


Macquarie rates COL as Neutral (3) -

Coles has been exceptional over 2020, the broker suggests, maintaining food supply, managing safety and delivering profit growth, and making investments that will benefit for years. A first half earnings increase of 12% year on year was in line with forecasts.

But supermarket sales growth has since begun to slow as the economy normalises. With restaurants and bars back open, at-home consumption is falling (and presumably many have enough toilet paper to last through the year).

Management suggested the industry could see a sales decline in the second half and into FY22. The broker retains Neutral. Target falls to $18.20 from $18.50.

Target price is $18.20 Current Price is $17.20 Difference: $1
If COL meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 60.40 cents and EPS of 75.50 cents.
At the last closing share price the estimated dividend yield is 3.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 61.80 cents and EPS of 77.20 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


Morgan Stanley rates COL as Overweight (1) -

Morgan Stanley believes the reaction in the share price to the first half result was caused by the slowdown in food like-for-like momentum. Nevertheless, the results were in line with the broker's expectations.

The update has signalled to Morgan Stanley that the peak in growth associated with the pandemic has passed. Coles has underperformed in the second quarter and this has potentially continued into the third quarter.

Morgan Stanley lowers earnings forecasts for FY21-23 by -2%. Slightly softer sales growth expectations in food are partially offset by an increase to convenience earnings.

Overweight rating. Target is $20.25. Industry view: Attractive.

Target price is $20.25 Current Price is $17.20 Difference: $3.05
If COL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 57.00 cents and EPS of 71.00 cents.
At the last closing share price the estimated dividend yield is 3.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 62.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


Morgans rates COL as Add (1) -

Coles Group reported first half earnings growth that was comfortably ahead of Morgans forecast, with underlying earnings (EBIT) up 12% and underlying profit (NPAT) rising by 15%.

However, like-for-like sales growth in Supermarkets and Liquor was a bit softer than the broker’s estimates and management noted growth may moderate significantly or even decline in the second half and into FY22.

Morgans maintains an Add rating and the target is raised only slightly to $19.45 from $19.40, as the broker prefers to keep conservative estimates given the uncertain outlook.

Target price is $19.45 Current Price is $17.20 Difference: $2.25
If COL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 62.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 3.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 66.00 cents and EPS of 79.00 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 21.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


Ord Minnett rates COL as Hold (3) -

First half net profit was ahead of Ord Minnett's forecasts yet food like-for-like sales growth was below. Coles has signalled a loss of market share stemmed from store location as it has less exposure to local and more skew to Victoria.

The main positives, in the broker's view, were the cost savings from the Smarter Selling program and cash conversion. This was reinvested back into the business which raises questions as how investment will be funded without such support.

Ord Minnett maintains a Hold rating and reduces the target to $18 from $19.

Target price is $18.00 Current Price is $17.20 Difference: $0.8
If COL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 59.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 59.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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


UBS rates COL as Neutral (3) -

First half results were in line with expectations although reaffirmed the need for a more cautious view, UBS asserts. The company has indicated local shopping was key and the broker notes online underperformed.

UBS reduces like-for-like growth estimates and now forecasts 3-4% two-year average growth over the next 12 months.

Nevertheless, the broker remains positive on the grocery sector and expects it will exit the pandemic in a structurally stronger position. Neutral maintained. Target is reduced to $17.50 from $17.90.

Target price is $17.50 Current Price is $17.20 Difference: $0.3
If COL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.78, suggesting upside of 15.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 60.00 cents and EPS of 76.00 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 75.0, implying annual growth of 2.3%.

Current consensus DPS estimate is 60.8, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 21.7.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 68.00 cents and EPS of 78.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.1, implying annual growth of 4.1%.

Current consensus DPS estimate is 64.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 0.3

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $281.17

Citi rates CSL as Buy (1) -

Judging from Citi's initial response, CSL delivered an absolute cracker of an interim result, but with guidance that is implying a heavy skew to the first half, keeping questions about FY22 alive.

On the company's own admission, plasma collection volumes were down -20% in December last year from a year ago.

The main risk, suggest the analysts, is that plasma collection could remain hampered for longer. Having said so, there is equally the chance that FY guidance could prove conservative, they add.

Target price is $310.00 Current Price is $281.17 Difference: $28.83
If CSL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $306.81, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 346.01 cents and EPS of 716.22 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 637.0, implying annual growth of N/A.

Current consensus DPS estimate is 279.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 45.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 383.03 cents and EPS of 844.37 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 700.3, implying annual growth of 9.9%.

Current consensus DPS estimate is 311.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 41.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Ord Minnett rates CSL as Hold (3) -

Ord Minnett had expected CSL to deliver a solid first half result and it appears, upon first glance, the company has well and truly delivered just that.

This morning the broker is talking about "a very strong result", some 25% ahead of its own forecast, but with the added commentary CSL management has left the full year guidance unchanged meaning the FY21 result will be heavily weighted to the first half, implying risk to FY22.

The key driver underpinning the strong performance was the flu division, Seqirus, where earnings doubled with the division's performance no less than 60% ahead of Ord Minnett's estimate.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $294.00 Current Price is $281.17 Difference: $12.83
If CSL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $306.81, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 313.26 cents and EPS of 709.10 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 637.0, implying annual growth of N/A.

Current consensus DPS estimate is 279.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 45.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 338.89 cents and EPS of 751.82 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 700.3, implying annual growth of 9.9%.

Current consensus DPS estimate is 311.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 41.3.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

CTD  CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $18.90

Credit Suisse rates CTD as Outperform (1) -

Corporate Travel Management's first-half revenue at $74.2m fell -67% over last year and included $13.7m in government assistance. Operating income loss was -$15.7m despite a positive $3m contribution from Australia and New Zealand.

For the entire year, the broker expects more loss with operating loss in the second half pegged at -$4.6m from roughly breakeven previously. From 2022 onwards, Credit Suisse forecasts a material rise in the group's total transaction value to 110% of pre-covid levels.

Credit Suisse retains its Outperform rating with a target of $22.

Target price is $22.00 Current Price is $18.90 Difference: $3.1
If CTD meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.66, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 33.39 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.9, implying annual growth of N/A.

Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 12.26 cents and EPS of 66.21 cents.
At the last closing share price the estimated dividend yield is 0.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of N/A.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Market Sentiment: 1.0

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


Morgan Stanley rates CTD as Overweight (1) -

Corporate Travel beat Morgan Stanley's estimates in the first half. There was a positive operating earnings contribution from Australasia and Europe is expected to be positive in terms of EBITDA in FY21.

Losses appear to be moderating although the broker suggests any material issues regarding the pandemic will bring liquidity concerns and cash burn quickly back into focus.

Target is $21.50. Overweight rating reiterated. Industry view is In-Line.

Target price is $21.50 Current Price is $18.90 Difference: $2.6
If CTD meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $20.66, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 82.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.9, implying annual growth of N/A.

Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 20.00 cents and EPS of 60.00 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of N/A.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Market Sentiment: 1.0

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


Morgans rates CTD as Add (1) -

In Morgans opinion, Corporate Travel Management posted a commendable first half result (slightly weaker than expectations) in light of travel restrictions and importantly, the balance sheet is strong and by far the strongest in the sector.

There are expectations by the broker that recent significant client wins support an acceleration in a second half revenue recovery, while Asia is to remain challenging and the extent of the US recovery is dependent on the success of the vaccine rollout. 

When activity does fully return, the company will be materially more profitable due to the client wins, the benefit of the T&T acquisition and a structurally lower cost base.

Add rating and the target price is increased to $21.75 from $20.50, after a rise in peer multiples and longer-term forecasts.

Target price is $21.75 Current Price is $18.90 Difference: $2.85
If CTD meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.66, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 99.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.9, implying annual growth of N/A.

Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 24.00 cents and EPS of 53.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of N/A.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Market Sentiment: 1.0

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


Ord Minnett rates CTD as Buy (1) -

Ord Minnett found the interim result a distraction from the larger picture unfolding across the travel industry. The success of the UK vaccination and hard lockdown has provided some relief to the outlook.

Vaccines are providing a way forward and appear to be combined with other measures to instigate a ramp up in business travel. While the trajectory remains unclear, Ord Minnett believes Corporate Travel is well-positioned.

FY21 assumptions are downgraded amid a tough outlook while FY22/23 estimates are unchanged. Buy retained. Target is reduced to $21.90 from $22.11.

Target price is $21.90 Current Price is $18.90 Difference: $3
If CTD meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.66, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 99.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.9, implying annual growth of N/A.

Current consensus DPS estimate is 1.7, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 31.00 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.5, implying annual growth of N/A.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.9.

Market Sentiment: 1.0

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

CWP  CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers

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Overnight Price: $7.18

Morgans rates CWP as Hold (3) -

Cedar Woods Properties delivered a rise in first half profit (NPAT) of 120% on the pcp, while revenue was up 31% on the pcp as the  development gross margin (gm) improved by 33%. The gm is expected to fall to circa 30% in the second half (changes in product mix).

FY21 NPAT guidance was provided for around $29m, up 39% on the pcp though still materially below peak earnings of $48.6m, explains the broker.

The current pre-sales level secures solid visibility for the earnings recovery to continue into FY22/23, predicts the analyst.

The Hold rating is maintained. The target price is increased to $6.77 from $5.60, as sector conditions remain buoyant across most core markets, supported by low interest rates, stimulus packages and broadly low levels of supply, notes Morgans.

Target price is $6.77 Current Price is $7.18 Difference: minus $0.41 (current price is over target).
If CWP meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 26.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.41.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 29.00 cents and EPS of 48.00 cents.
At the last closing share price the estimated dividend yield is 4.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.96.

Market Sentiment: 0.0

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $105.00

Credit Suisse rates DMP as Underperform (5) -

Domino's Pizza Enterprises produced the strongest result and outlook in many years, notes Credit Suisse, led by higher delivery food consumption in the lockdown.

But the broker also notes this is temporary and the company would do better by focusing on new store openings. The outlook for the second half is positive with all regions likely to achieve growth above medium-term targets.

Target rises to $71.11 from $63.58. Underperform retained.

Target price is $71.11 Current Price is $105.00 Difference: minus $33.89 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $92.96, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 159.00 cents and EPS of 212.00 cents.
At the last closing share price the estimated dividend yield is 1.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.8, implying annual growth of 33.5%.

Current consensus DPS estimate is 154.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 167.00 cents and EPS of 238.00 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 247.6, implying annual growth of 15.3%.

Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 44.9.

Market Sentiment: 0.1

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


Macquarie rates DMP as Outperform (1) -

Domino's Pizza posted a strong result in all regions, the broker notes, particularly in Japan and Germany. A good start to the second half underpins a solid 12-18 month outlook, featuring strong sales growth, store rollouts and margin expansion.

The business is going from strength to strength, the broker suggests, and while vaccinations may impact on delivery and carry-out, the broker retains Outperform despite a 35x PE given expectations of growth in excess of double-digits per annum.

Further accretive acquisitions are also possible, if not probable, the broker notes. Target rises to $120.20 from $90.30.

Target price is $120.20 Current Price is $105.00 Difference: $15.2
If DMP meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $92.96, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 161.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.8, implying annual growth of 33.5%.

Current consensus DPS estimate is 154.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 224.00 cents and EPS of 312.00 cents.
At the last closing share price the estimated dividend yield is 2.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 247.6, implying annual growth of 15.3%.

Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 44.9.

Market Sentiment: 0.1

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


Morgans rates DMP as Add (1) -

Domino's Pizza Enterprises' first half profit (NPAT) result was 14% above Morgans forecast with 23% revenue growth converting to 33% NPAT growth. Japan is considered a key driver of the beat although sales were also above expectations in ANZ and Europe. 

Franchise unit economics/profitability was up in all regions (record levels in Germany and France) which is critical for engagement and store opening momentum, explains the broker. Second half openings are expected to accelerate, assisted by a strong balance sheet.

The analyst increases forecasts by 12-20% in FY21-23.  Add rating and target is raised to $119 from $82.96.

Target price is $119.00 Current Price is $105.00 Difference: $14
If DMP meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $92.96, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 157.00 cents and EPS of 220.00 cents.
At the last closing share price the estimated dividend yield is 1.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.8, implying annual growth of 33.5%.

Current consensus DPS estimate is 154.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 185.00 cents and EPS of 260.00 cents.
At the last closing share price the estimated dividend yield is 1.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 247.6, implying annual growth of 15.3%.

Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 44.9.

Market Sentiment: 0.1

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


UBS rates DMP as Neutral (3) -

First half results were ahead of expectations and UBS notes cash flow was solid. Japan drove the improvement. UBS upgrades FY21-23 estimates by 6-11%.

The broker considers Domino's Pizza a structural beneficiary of the pandemic via the accelerating shift to online ordering and consolidation amid the potential closure of restaurants. Neutral retained. Target rises to $103 from $72.

Target price is $103.00 Current Price is $105.00 Difference: minus $2 (current price is over target).
If DMP meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $92.96, suggesting downside of -16.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 161.10 cents and EPS of 222.70 cents.
At the last closing share price the estimated dividend yield is 1.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 214.8, implying annual growth of 33.5%.

Current consensus DPS estimate is 154.0, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 51.7.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 171.80 cents and EPS of 243.40 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 247.6, implying annual growth of 15.3%.

Current consensus DPS estimate is 175.5, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 44.9.

Market Sentiment: 0.1

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

EBO  EBOS GROUP LIMITED

Healthcare services

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Overnight Price: $27.57

Citi rates EBO as Neutral (3) -

Highlighting the operational leverage of the business in times of elevated growth, Ebos Group 1H21 revenue, earnings (EBIT of $148m), net profit and EPS grew 6.3%, 11.5%, 14.1%, and 12.8% respectively.

While corporate costs increased by $4m (up 50% yoy), Covid had a positive impact of around 2% on earnings (EBIT), implying that excluding Covid, group earnings growth would have been around 9.5%.

Citi’s FY21-23 EPS estimates changed by around 1%.

Increasing to $27.50 from $27.00, the target price excludes any contribution from potential future M&A, and implies that Ebos should trade at a FY22 PE of circa 22x, around 10% above its 5 years average.

Citi questions whether the elevated level of growth witnessed in the Healthcare segment is sustainable. The broker also expects very strong growth in Animal Care to weaken and is forecasting 2H21 revenue growth (for this division) of 15%, and 6% growth in FY22.

Neutral rating remains unchanged.

Target price is $27.50 Current Price is $27.57 Difference: minus $0.07 (current price is over target).
If EBO meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.20, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 72.74 cents and EPS of 109.70 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.6, implying annual growth of 12.9%.

Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 79.68 cents and EPS of 119.70 cents.
At the last closing share price the estimated dividend yield is 2.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.1, implying annual growth of 8.4%.

Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


Morgans rates EBO as Add (1) -

The Ebos Group's first half result exceeded Morgans expectations as revenue grew by 6.3% to $4.7bn and underlying earnings (EBITDA) were up 9.3% to $184.1m. All divisions improved except for consumer products.

Two acquisitions were made during the period totaling $23m and management noted the acquisition pipeline remains active with a focus on medical devices.

The analyst increases forecast profit (NPAT) for FY21-23 by 3.2%, 6.1% and 9.2%, respectively, and lifts the target to $28.90 from $25.94. The Add rating is maintained.

Target price is $28.90 Current Price is $27.57 Difference: $1.33
If EBO meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $28.20, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 74.00 cents and EPS of 114.00 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.6, implying annual growth of 12.9%.

Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 76.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.1, implying annual growth of 8.4%.

Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


UBS rates EBO as Buy (1) -

First half results were in line with expectations. Animal care was the standout division, with earnings growth of 26%. At face value, UBS acknowledges net profit margin of 2% is low albeit reflective of the core distribution businesses within the group.

The only weakness UBS notes is in the consumer segment, amid previously-flagged issues. The broker makes few changes to forecasts and retains a Buy rating and NZ$32.70 target.

Current Price is $27.57. Target price not assessed.

Current consensus price target is $28.20, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 80.00 cents and EPS of 114.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.6, implying annual growth of 12.9%.

Current consensus DPS estimate is 72.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 87.00 cents and EPS of 124.00 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 123.1, implying annual growth of 8.4%.

Current consensus DPS estimate is 79.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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

EML  EML PAYMENTS LIMITED

Business & Consumer Credit

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Overnight Price: $4.90

Macquarie rates EML as Outperform (1) -

EML Payments' result was underpinned by better than expected revenues and strong cash conversion, the broker notes, partially offset by higher costs. The result met the top end of the guidance range.

The broker sees the top end of full year guidance as merely the starting point. EML needs only to deliver the same first quarter result to reach the midpoint.

After only nine months, PFS is proving to be a great acquisition, the broker suggests, driving diversification away from malls. The only risk all up is further lockdowns. Outperform retained, target rises to $5.70 from $4.20.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If EML meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 8.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.68.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 15.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.82.

Market Sentiment: 1.0

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


UBS rates EML as Buy (1) -

The first half update revealed the gift card business in shopping centres was less affected by the pandemic than UBS had anticipated and the recovery outlook is better.

Underlying organic growth has also impressed the broker, despite softer multi-currency contributions.

UBS is confident of further upgrade and re-rating potential, as the market becomes increasingly comfortable about the growth profile. Buy rating retained. Target rises to $5.70 from $5.00.

Target price is $5.70 Current Price is $4.90 Difference: $0.8
If EML meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.00.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.69.

Market Sentiment: 1.0

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

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Overnight Price: $4.21

Citi rates EVN as Neutral (3) -

The first half result was in-line with Citi's estimates with revenue of $982m and earnings (EBITDA) of $515m. It's expected the company will reach net cash in the first half. An interim fully franked dividend of 7cents was considered in-line.

Though only bringing the broker in-line with consensus, forecast ounces for Red Lake are lifted in FY22/23, assuming stockpiles are fed through Red Lake mill.

Rating of Neutral is maintained and the target price decreased to $4.80 from $4.90.

Target price is $4.80 Current Price is $4.21 Difference: $0.59
If EVN meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 12.00 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 9.00 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Credit Suisse rates EVN as Outperform (1) -

Evolution Mining's first-half underlying net profit at $234m is ahead of Credit Suisse's expected $214m. Also, cash flows were strong at a 6.8% yield. FY21 production and cost budgets remain unchanged.

Gold reserves were up 49% to 9.09moz thanks to its Cowal operations but Red Lake operations disappointed the broker. 

Credit Suisse maintains its Outperform rating with the target falling to $5.10 from $5.50.

Target price is $5.10 Current Price is $4.21 Difference: $0.89
If EVN meets the Credit Suisse target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 11.51 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 2.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 19.93 cents and EPS of 39.48 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Macquarie rates EVN as Outperform (1) -

Evolution Mining's first half earnings came in 9% of the broker. Strong earnings carried through to a beat on cash flow. The 7c dividend was below both the broker's forecast and the company's 50% payout policy, but still the highest payout in the sector.

The broker forecasts a 5c final but notes this is based on a much lower gold price forecast.

A substantial reserve reported at Red Lake underpins Evolution’s aspirations at the mine, the broker suggests, with first ore from the Upper Campbell zone expected in the March quarter FY22. Outperform and $5.40 target retained.

Target price is $5.40 Current Price is $4.21 Difference: $1.19
If EVN meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 11.00 cents and EPS of 23.60 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 7.00 cents and EPS of 14.60 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Morgan Stanley rates EVN as Equal-weight (3) -

Lower costs led to net profit being better than Morgan Stanley expected in the first half.

As anticipated, Red Lake has produced a sizeable maiden reserve. The broker expects the approval of an underground decline will assist the site reaching 300-500,000ozpa.

Morgan Stanley retains its Equal-weight rating. Target is $4.60. Industry view: Attractive.

Target price is $4.60 Current Price is $4.21 Difference: $0.39
If EVN meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 12.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 11.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Morgans rates EVN as Hold (3) -

Evolution Mining released first half results for FY21, with a record profit (NPAT) and declared a 7 cent fully franked dividend.

Guidance for FY21 was restated and the company is on track to meet mid-point production (700koz) and come out below guidance on costs. 

Morgans highlights a substantial increase in group ore reserves to 9.9moz, with Red Lake’s first JORC ore reserve of 2.9moz from an 11moz resource.

The Hold rating is maintained and the target price is decreased to $4.40 from $4.85.

Target price is $4.40 Current Price is $4.21 Difference: $0.19
If EVN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 16.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 16.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


UBS rates EVN as Sell (5) -

Results were in line with expectations while the main news of importance centred on Red Lake, with a commitment to a decline to access high-grade ore along with a maiden reserve.

As the grade is lower than expected, UBS suspects a new mill will be required to meet management's aspirations. The broker downgrades the valuation of Red Lake to reflect lower grades.

Sell rating is maintained based on valuation and the target is lowered to $3.90 from $4.20.

Target price is $3.90 Current Price is $4.21 Difference: minus $0.31 (current price is over target).
If EVN meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.66, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 12.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.7, implying annual growth of 45.1%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 9.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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

FBU  FLETCHER BUILDING LIMITED

Building Products & Services

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Overnight Price: $6.05

Macquarie rates FBU as Neutral (3) -

Fletcher Building's result came in slightly ahead of the broker, and maiden full year guidance is 4% ahead of forecast. The broker suggests the market is pricing in a more flattish earnings trajectory than guidance predicts.

With the 2-3 year cost-out program now winding down, the broker awaits news of the company's growth plans in the May briefing. The resumption of the dividend is nonetheless a sign of confidence. Neutral retained, target rises to NZ$6.40 from NZ$6.20.

Current Price is $6.05. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 24.40 cents and EPS of 36.60 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 25.34 cents and EPS of 33.41 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 5.8%.

Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 16.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

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


Morgan Stanley rates FBU as Overweight (1) -

First half results were ahead of Morgan Stanley's expectations. There is further evidence Fletcher Building has made meaningful changes to its cost base and the broker expects this will deliver sustained benefits.

Management expects "broadly stable" second half activity. The broker retains an Overweight rating and NZ$7 target. Industry view is In-Line.

Current Price is $6.05. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 24.40 cents and EPS of 32.85 cents.
At the last closing share price the estimated dividend yield is 4.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 32.85 cents and EPS of 43.17 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 5.8%.

Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 16.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

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


UBS rates FBU as Neutral (3) -

First half underlying EBIT was ahead of UBS estimates and NZ building products outperformed as did concrete. This was partially countered by a miss in residential and development along with Australia.

At current levels, UBS struggles to envisage immediate upside, although the scope for further momentum into FY22 reflects higher construction activity across Australasia.

Neutral rating is under review with the target rising to NZ$6.55 from NZ$6.00.

Current Price is $6.05. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 22.52 cents and EPS of 41.85 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 35.9, implying annual growth of N/A.

Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 26.28 cents and EPS of 46.83 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.0, implying annual growth of 5.8%.

Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 16.0.

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.2

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

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Overnight Price: $24.41

Macquarie rates FMG as Outperform (1) -

The first assessment of Fortescue Metals Group's first-half result shows earnings to be in-line with Macquarie's forecasts. An interim dividend of $1.47 was 7% ahead of the broker's forecast. Capex on the iron bridge project is expected to be circa -US$3bn, in line with expectations.

The group's first-half earnings result was solid, assesses the broker, with Fortescue's earnings upgrade momentum strong and indicating higher earnings for FY21-22.

Outperform rating and $26.50 target retained.

Target price is $26.50 Current Price is $24.41 Difference: $2.09
If FMG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $23.42, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 204.10 cents and EPS of 255.20 cents.
At the last closing share price the estimated dividend yield is 8.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 365.0, implying annual growth of N/A.

Current consensus DPS estimate is 268.8, implying a prospective dividend yield of 10.8%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 136.30 cents and EPS of 170.30 cents.
At the last closing share price the estimated dividend yield is 5.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.2, implying annual growth of -28.4%.

Current consensus DPS estimate is 193.7, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Morgans rates FMG as Hold (3) -

Fortescue Metals Group reports on February 18. Morgans hopes for further clarification on culture and communication issues at the Iron Bridge magnetite project resulting in key management exiting.

In the meantime, the analyst assumes a -20% capex blowout to the US$2.6bn budget based on a combination of a higher Australian dollar and inflation.

The Hold rating is maintained and the target price is decreased to $21.50 from $21.60.

Target price is $21.50 Current Price is $24.41 Difference: minus $2.91 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.42, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 330.91 cents and EPS of 414.35 cents.
At the last closing share price the estimated dividend yield is 13.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 365.0, implying annual growth of N/A.

Current consensus DPS estimate is 268.8, implying a prospective dividend yield of 10.8%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 209.88 cents and EPS of 280.51 cents.
At the last closing share price the estimated dividend yield is 8.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.2, implying annual growth of -28.4%.

Current consensus DPS estimate is 193.7, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Ord Minnett rates FMG as Buy (1) -

Ord Minnett notes in an initial analysis of Fortescue Metals Group's interim report, the key unknown -the dividend- came in at $1.47 and was ahead of its $1.26 estimate.

The broker also highlights the iron bridge project budget has been increased to $3bn from $2.6bn with the first production expected in the second half of 2022. 

Fortescue announced 10% of net profit will be used to fund renewable energy growth through Fortescue Future Industries. Ord Minnett is pleased with the announcement given the low commitment which won’t compromise the dividend in the near term. 

Buy rating. Target is unchanged at $29.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $29.00 Current Price is $24.41 Difference: $4.59
If FMG meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $23.42, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 381.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 365.0, implying annual growth of N/A.

Current consensus DPS estimate is 268.8, implying a prospective dividend yield of 10.8%.

Current consensus EPS estimate suggests the PER is 6.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 294.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.2, implying annual growth of -28.4%.

Current consensus DPS estimate is 193.7, implying a prospective dividend yield of 7.8%.

Current consensus EPS estimate suggests the PER is 9.5.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

GOR  GOLD ROAD RESOURCES LIMITED

Gold & Silver

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Overnight Price: $1.18

Ord Minnett rates GOR as Buy (1) -

Ord Minnett provides feedback on a strategy presentation by Gold Road Resources detailing a three-year mine outlook and the company's growth strategy. 

Despite management flagging 35% growth in production the outlook was marginally below Ord Minnett's expectations.

The company guided for 130-150,000oz of gold at costs of $1,225-1,350/oz (Gold road Resources 50%). With volume rather than grade the story in 2021, the analyst reduces the 2021 production forecast by -6% and increases costs by -9%.

The broker sees an opportunity for a reserve update in the second half of 2021, which will likely see life-extension as more resource is converted to reserve.

Buy rating retained with the target falling to $2.10 from $2.20.

Target price is $2.10 Current Price is $1.18 Difference: $0.92
If GOR meets the Ord Minnett target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.75.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.86.

Market Sentiment: 1.0

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

HDN  HOMECO DAILY NEEDS REIT

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Overnight Price: $1.36

Macquarie rates HDN as Outperform (1) -

Homeco Daily Needs' maiden funds from operations result smashed the prospectus forecast, and full year guidance has been upgraded to be 9% above prospectus, albeit in line with the broker. The upgrade was driven by subsequent acquisitions.

Cash collection of 99% was achieved over November through January and with only 4% of leases expiring by the end of FY22, The REIT’s cashflows should be resilient, the broker suggests. Management also provided a positive development update.

Target trimmed to $1.40 from $1.42 for reasons unstated, but Outperform retained.

Target price is $1.40 Current Price is $1.36 Difference: $0.04
If HDN meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 4.20 cents and EPS of 3.90 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.87.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 8.00 cents and EPS of 7.80 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.44.

Market Sentiment: 1.0

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


Morgans rates HDN as Add (1) -

The maiden first half result for HomeCo Daily Needs REIT delivered funds from operations (FFO) of  $3.1m which was ahead of the $2.5m prospectus forecast due to the early settlement of IPO properties and some income from acquisitions.

FY21 FFO guidance is tracking over 9% above prospectus forecasts at $20.5m. DPS guidance has been reiterated with a maiden distribution of 2.4 cents declared.

Management continues to target assets under management (AUM) of $3bn (currently $978m) over the medium term via organic growth, development projects and acquisitions.

The Add rating is maintained and the target price is increased to $1.45 from $1.44, after small upgrades by Morgans to FY21 FFO in-line with guidance. These also incorporate further growth regarding the brownfield pipeline, which will contribute income fully from FY23.

Target price is $1.45 Current Price is $1.36 Difference: $0.09
If HDN meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 4.20 cents and EPS of 4.20 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.38.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 8.00 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 5.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.19.

Market Sentiment: 1.0

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

IGO  IGO LIMITED

Nickel

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Overnight Price: $6.95

Citi rates IGO as Neutral (3) -

Citi maintains its view that IGO is a unique way to play the electric vehicles theme, and has upgraded forecasts across the metals suite, with copper up 17% to US$4.15/lb, Nickel up 16% to US$7.88/lb, and around 8% upgrades to lithium in FY22.

As a result, Citi is forecasting earnings upgrades of 9%, 18%, and 10% (to EBITDA) in FY21, FY22, and FY23 respectively.

IGO has flagged a strategic review of its stake in the Tropicana gold mine which could include a demerger, or sale with an update due in March quarter 21.

IGO plans to sustain cash flow for multiple decades and move towards a battery metals focused company by acquiring a US$1.4bn stake in a lithium mine and processing plant in WA, with deal completion expected in the June 21 quarter, subject to approvals.

The broker retains Neutral and increases the target price to $7.10 from $6.80.

Target price is $7.10 Current Price is $6.95 Difference: $0.15
If IGO meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting downside of -10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 22.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.0, implying annual growth of -16.2%.

Current consensus DPS estimate is 5.7, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 31.2.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 7.00 cents and EPS of 19.70 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.4, implying annual growth of -2.7%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 32.1.

Market Sentiment: 0.0

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

IRE  IRESS LIMITED

Wealth Management & Investments

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Overnight Price: $9.80

Ord Minnett rates IRE as Accumulate (2) -

First impressions of Iress's FY20 result show revenue was in-line with Ord Minnett's forecast and rose 7% over last year. Segment profit rose 1% and was ahead of guidance as well as broker forecast. A final dividend of 30c was in-line with expectations.

The company expects to deliver a segment profit of $164-$168m and is targeting a return on invested capital of 9-10%. Growth in Australian financial advice and super is expected to be in low single digits.

Accumulate rating with a target of $11.20.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $11.20 Current Price is $9.80 Difference: $1.4
If IRE meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 46.00 cents and EPS of 35.70 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.7, implying annual growth of 2.1%.

Current consensus DPS estimate is 43.5, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 26.5.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 47.00 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 4.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.9, implying annual growth of 5.7%.

Current consensus DPS estimate is 45.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 25.1.

Market Sentiment: 0.2

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

IVC  INVOCARE LIMITED

Consumer Products & Services

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Overnight Price: $10.83

Citi rates IVC as Neutral (3) -

Ahead of a full year result due on Wednesday, 24 February, InvoCare pre-released adjusted Operating earnings (EBITDA) of
$107-$112m, largely in-line with Citi's estimate. The reported net loss after tax attributable to shareholders is expected between -$7-12m.

The broker expects investors’ focus to be on new management and strategy, in particular regarding the network and brand optimisation program's (NBO) $200m capex program.

Neutral rated and target of $11.50.

Target price is $11.50 Current Price is $10.83 Difference: $0.67
If IVC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.17, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 24.50 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 2.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of -50.0%.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 38.7.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 22.70 cents and EPS of 32.40 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 41.2%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 27.4.

Market Sentiment: 0.0

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


Ord Minnett rates IVC as Hold (3) -

In a guidance update prior to the 2020 result on Wednesday, 24 February, InvoCare now expects operating earnings (EBITDA) of
$105–110m. Excluding significant items the underlying earnings are expected to be $107–112m.

Given this update, Citi now expects more focus on results day on strategy and the outlook for the business.

The rating remains Hold with a $11.50 price target.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $11.50 Current Price is $10.83 Difference: $0.67
If IVC meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.17, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.9, implying annual growth of -50.0%.

Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 38.7.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 40.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.4, implying annual growth of 41.2%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 27.4.

Market Sentiment: 0.0

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

MCP  MCPHERSON'S LIMITED

Health & Nutrition

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Overnight Price: $1.21

Ord Minnett rates MCP as Buy (1) -

First half profit was within guidance. Ord Minnett notes, excluding Dr LeWinn's, the portfolio produced a strong sales outcome.

Guidance for the second half is materially below the first half. This is predicated on an uncertain outlook for key sales events in China combined with existing system inventory.

Ord Minnett suspects McPherson's may attract third-party interest at current levels. A Buy rating is retained, given the valuation discount to peers and the high yield. Target is reduced to $1.45 from $1.79.

Target price is $1.45 Current Price is $1.21 Difference: $0.24
If MCP meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.50 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 7.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.92.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 10.00 cents and EPS of 14.40 cents.
At the last closing share price the estimated dividend yield is 8.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.40.

Market Sentiment: 1.0

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

MOE  MOELIS AUSTRALIA LIMITED

Wealth Management & Investments

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Overnight Price: $4.75

Ord Minnett rates MOE as Buy (1) -

2020 operating earnings were ahead of Ord Minnett's estimates. Assets under management now stand at $5.4bn, with growth from an accelerating international inflow. The broker expects this to continue.

Furthermore, this should be augmented by the launch of retail credit products. Ord Minnett assesses a considerable investment platform has been established with maturing distribution capability. Buy retained. Target rise to $5.53 from $5.17.

Target price is $5.53 Current Price is $4.75 Difference: $0.78
If MOE meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 12.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 2.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.38.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 12.90 cents and EPS of 33.80 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.05.

Market Sentiment: 1.0

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

NEC  NINE ENTERTAINMENT CO. HOLDINGS LIMITED

Print, Radio & TV

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Overnight Price: $2.79

Macquarie rates NEC as Outperform (1) -

After assessing the results of rival Seven West Media ((SWM)) and majority-owned Domain Group ((DGH)), the broker has significantly upgraded its earnings forecasts for Nine Entertainment ahead of next week's result release.

The recovery in free-to-air means revenues are almost back to pre-covid levels, and Nine will retain market share in the near term thanks to the Australian Open, the broker suggests.

The stock offers exposure to a cyclical recovery in both ad markets and the residential market through Domain, the broker notes. Early stage growth businesses (Stan Sport, Drive) remain a largely free option, and valuation is attractive. Outperform retained.

Target rises to $3.80 from $2.90.

Target price is $3.80 Current Price is $2.79 Difference: $1.01
If NEC meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 12.40 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.6, implying annual growth of N/A.

Current consensus DPS estimate is 8.5, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.30 cents and EPS of 20.30 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of 6.6%.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: 0.8

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

NWL  NETWEALTH GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $16.28

Citi rates NWL as Neutral (3) -

After a 'solid' first half result, Citi expects earnings (EBITDA) margins to decline in the second half as Netwealth Group continues to
invest in the platform and revenue growth slows.

The result highlighted to the broker the various revenue levers (trading, foreign exchange, manager fees etc.) and operating leverage within the business.

Citi calculates it has been a strong start to the year given January is typically a slow month and continues to see the FY21 guidance of $8.5bn to $9.0bn of net flows as conservative.

Neutral rating. Target rises to $16.95 from $16.10. 

Target price is $16.95 Current Price is $16.28 Difference: $0.67
If NWL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.68, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 18.10 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 71.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 24.1%.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 68.2.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 21.70 cents and EPS of 27.20 cents.
At the last closing share price the estimated dividend yield is 1.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 59.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 16.7%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 58.4.

Market Sentiment: 0.0

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


Credit Suisse rates NWL as Neutral (3) -

Netwealth Group's first-half net profit was up 35%, 10% above Credit Suisse's estimates. The beat was largely driven by revenues and supported by a cost beat.

The broker expects revenue margin to contract by about -5bps in the second half due to fee cuts and lower cash admin fees. Beyond the second half, Credit Suisse expects the pace of this contraction to slow down with the easing of front book pricing pressures.

With the investment platform attracting significant flows and growing market share, expected to continue ahead, the broker cannot fault Netwealth's strategy or execution.

Even so, with the stock trading roughly in line with the broker's valuation,  Credit Suisse retains its Neutral rating with the target rising to $17.50 from $17.

Target price is $17.50 Current Price is $16.28 Difference: $1.22
If NWL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.68, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 18.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 24.1%.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 68.2.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 22.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 16.7%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 58.4.

Market Sentiment: 0.0

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


Macquarie rates NWL as Neutral (3) -

Netwealth Group's result beat at the headline, but that's where the good news ends. Administration fee guidance was a source of disappointment.

The broker suspects the market underestimated the ultimate impact of the final cohort of clients transitioning to lower pricing announced this time last year. Admin fee income is not expected to increase significantly in the second half, and strong margins should normalise.

While the broker expects margin pressure to ease in FY22, the big risk is financier ANZ Bank negotiates a lower cash deposit rate from the current 95bps, the broker warns. Neutral retained on "lofty" valuation. Target falls to $17.75 from $18.25.

Target price is $17.75 Current Price is $16.28 Difference: $1.47
If NWL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.68, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 17.10 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 74.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 24.1%.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 68.2.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 19.50 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 1.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 16.7%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 58.4.

Market Sentiment: 0.0

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


Morgans rates NWL as Hold (3) -

Netwealth Group reported first half profit (NPAT) up 34.3% on the pcp and ahead of Morgans expectations.

Outlook statements highlighted second half revenue headwinds from the impact of new pricing and lower margin on cash though the broker sees these impacts as largely transitory.

Management stated the pipeline of new business is strong and in January guided to funds under administration (FUA) net inflow of around $8.5-9bn.

Despite subdued second half revenue growth expectations, the analyst believes the company’s opportunity to deliver consistently strong long-term earnings growth remains in-tact.

Target is raised to $16.20 from $16.15..

Target price is $16.20 Current Price is $16.28 Difference: minus $0.08 (current price is over target).
If NWL meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.68, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 18.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 24.1%.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 68.2.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 21.00 cents and EPS of 27.00 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 60.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 16.7%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 58.4.

Market Sentiment: 0.0

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


Ord Minnett rates NWL as Upgrade to Hold from Sell (3) -

First half results were ahead of expectations, supported by operating margin expansion. Nevertheless, the company has guided to ongoing margin pressure. Netwealth is guiding to $8.5-9bn in net flows, implying $4-4.5bn in the second half.

Ord Minnett balances its view on the revenue margin headwinds with the substantial market opportunity. Following a change in analyst, the broker upgrades to Hold from Sell. Target is raised to $15.00 from $9.99.

Target price is $15.00 Current Price is $16.28 Difference: minus $1.28 (current price is over target).
If NWL meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.68, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 18.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.8, implying annual growth of 24.1%.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 68.2.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 22.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 1.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.6, implying annual growth of 16.7%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 58.4.

Market Sentiment: 0.0

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

ORA  ORORA LIMITED

Paper & Packaging

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Overnight Price: $2.73

Citi rates ORA as Neutral (3) -

Orora Limited reported 1H21 sales of $1.81bn, down -1% and earnings (EBIT) of $140m, up 5%.

Within its initial take, Citi noted that the result was characterised by good revenue growth in Australia and good margin expansion in North America, with the buyback helping earnings per share to rise 20%.

Orora Packaging Solutions (OPS) contributed largely to USD revenue growth of 2% and EBIT growth of 13%, while Capex more than halved in 1H21 to $21m.

While Australian earnings (EBIT) rose 4%, there are concerns for wine bottle earnings, with the company mindful of the impact from smaller 2020 vintage, and reduced China demand.

The company indicated earnings (EBIT) would be up in FY21 on FY20, and consensus is at 4% earnings (EBIT) growth, the broker reports.

Citi believes the swing factor will be North America where fixed cost leverage could result in upside risk, given the company is lapping low sales from 2H20.

Target price is $2.50 Current Price is $2.73 Difference: minus $0.23 (current price is over target).
If ORA meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.73, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 12.00 cents and EPS of 15.20 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.2, implying annual growth of 424.1%.

Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 19.0.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 12.00 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 4.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.9, implying annual growth of 11.2%.

Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 17.1.

Market Sentiment: 0.0

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

ORG  ORIGIN ENERGY LIMITED

NatGas

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Overnight Price: $4.60

UBS rates ORG as Buy (1) -

Despite the pressures from lower electricity and oil prices, UBS regards the 14% beat to its expected 1H20 $1,009m underlying earnings (EBITDA) as positive for Origin Energy, with free cash flow generation ($655m over the half), down only -4% on the previous corresponding period.

Origin Energy delivered underlying net profit (NPAT) of $224m, well ahead of UBS ($151m) and consensus ($155m) estimates.

The company reaffirmed its FY21 Energy Markets earnings (EBITDA) guidance of $1,000-1,140m (UBS $1,033m).

In its initial snapshot of the result, UBS noted a higher interim dividend (12.5cps unfranked) than the market expected (9cps) and better than expected underlying EBITDA ($1,154) characterised a positive 1H21 result.

Buy rating and price target of $5.75 remain unchanged.

Target price is $5.75 Current Price is $4.60 Difference: $1.15
If ORG meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.41, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 17.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 280.9%.

Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 24.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 5.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of 36.9%.

Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 18.4.

Market Sentiment: 0.4

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

PGH  PACT GROUP HOLDINGS LTD

Paper & Packaging

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Overnight Price: $2.80

Credit Suisse rates PGH as Outperform (1) -

Post delivering a "solid" first half result, Credit Suisse upgrades earnings per share for Pact Group Holdings by 5-18% over the forecast period.

Packaging volumes were stable, observes the broker, a positive sign. Now expanding capacity for recycled resin, Credit Suisse believes the group should be able to win market share as end-users of packaging drive toward sustainability goals.

Recent contract wins in materials handling drove volume with most of the step-up expected to be delivered in FY21. 

Outperform retained with a target of $2.95.

Target price is $2.95 Current Price is $2.80 Difference: $0.15
If PGH meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 8.00 cents and EPS of 23.05 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of -6.2%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 18.00 cents and EPS of 23.44 cents.
At the last closing share price the estimated dividend yield is 6.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.2

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


Macquarie rates PGH as Neutral (3) -

Pact Group's underlying profit beat the broker by 31%, driven by higher margins and lower interest cost. It was a pleasing result compositionally, the broker suggests, featuring stabilisation in Packaging & Sustainability and growth in Materials Handling.

Management is expecting lower covid-driven hygiene demand in the second half, and the base business is also skewed to the first half. The sale of Contract Manufacturing is ongoing, with no new news.

The company is making good progress on its turnaround strategy, the broker believes. Neutral retained, target rises to $3.00 from $2.70.

Target price is $3.00 Current Price is $2.80 Difference: $0.2
If PGH meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 9.60 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of -6.2%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 11.20 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.2

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


Morgan Stanley rates PGH as Underweight (5) -

First half results beat Morgan Stanley's estimates because of strong margin growth. Still, the broker anticipates a reversal of one-offs will weigh on short-term earnings and retains an Underweight rating.

FY21 earnings (EBIT) estimates are upgraded by 5% because of the improved outlook for margins and revenue growth in materials handling & pooling.

Pact Group has reiterated a commitment to the "circular economy" and announced potential investments of -$13m in plastics recycling facilities in Western Australia and Victoria. Target is raised to $2.70 from $2.60. Industry view: In-Line.

Target price is $2.70 Current Price is $2.80 Difference: minus $0.1 (current price is over target).
If PGH meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.87, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 10.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of -6.2%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 10.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.2

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


Ord Minnett rates PGH as Upgrade to Buy from Hold (1) -

First half results beat Ord Minnett's forecasts. The main concern over the years has been poor organic earnings, the broker points out, as these appear to have eroded when excluding M&A.

The trend appears to have come to an end and the broker estimates EBIT from the core business rose 14.5%. Forecasts are upgraded and modest earnings growth is assumed.

Ord Minnett upgrades to Buy from Hold and raises the target to $3.20 from $2.70. The broker also believes the strategy to lead plastics recycling in Australasia is an exciting opportunity.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $3.20 Current Price is $2.80 Difference: $0.4
If PGH meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.00 cents and EPS of 25.00 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.2, implying annual growth of -6.2%.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 10.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 3.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.9, implying annual growth of 2.9%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 11.8.

Market Sentiment: 0.2

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

PME  PRO MEDICUS LIMITED

Medical Equipment & Devices

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Overnight Price: $44.69

Morgans rates PME as Downgrade to Hold from Add (3) -

In the wake of first half results, Morgans increases the price target for Pro Medicus to $41.30 from $35.02 and due to the recent strength in the share price moves to a Hold recommendation from Add.

The broker rates the result as strong given volumes are starting to recover from covid issues and new client contracts come online. The five year contracted revenue base has risen to $305m from $195m in the pcp.

No guidance was provided though expectations for a strong second half and beyond have been set, believes the analyst.

Morgans hesitates to roll the recent run-rate of winning contracts through long-term forecasts and instead opts to model these as one-off extraordinary contracts in FY21.

Target price is $41.30 Current Price is $44.69 Difference: minus $3.39 (current price is over target).
If PME meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 16.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 0.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 135.42.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 19.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 106.40.

Market Sentiment: 0.0

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


UBS rates PME as Neutral (3) -

First half results were in line with expectations. UBS homes in on the accelerating momentum in contracts, with $155m awarded in FY21 to date compared with $37m in FY20.

Pro Medicus has highlighted it has won all six of the last major awards in North America. UBS believes this validates the company's market-leading product and considers it significantly ahead of peers with its native cloud capability. Neutral retained. Target rises to $46 from $32.

Target price is $46.00 Current Price is $44.69 Difference: $1.31
If PME meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 15.00 cents and EPS of 28.00 cents.
At the last closing share price the estimated dividend yield is 0.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 159.61.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 20.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 0.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 120.78.

Market Sentiment: 0.0

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $33.48

Macquarie rates PPT as Neutral (3) -

Perpetual reported its first-half result. In its initial assessment, Macquarie notes operating income was circa 3m ahead of forecast, but was circa -$6m below consensus.

Perpetual expects its expenses to be 1-3% higher versus last year with Trillium and Barrow Hanley costs expected to add 28-30% to the cost base.  

Perpetual Asset Management's operating income at $35.9m beat the broker's expected $34.4m. On the flip side, Macquarie notes revenues were impacted by outflows and lower margins partially offset by market movements and better performance fees.

Neutral rating with a target of $32.50.

Target price is $32.50 Current Price is $33.48 Difference: minus $0.98 (current price is over target).
If PPT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.76, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 165.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.5, implying annual growth of 16.6%.

Current consensus DPS estimate is 152.6, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 15.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 200.00 cents and EPS of 236.00 cents.
At the last closing share price the estimated dividend yield is 5.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 238.1, implying annual growth of 15.9%.

Current consensus DPS estimate is 180.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.3

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

PSQ  PACIFIC SMILES GROUP LIMITED

Healthcare services

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Overnight Price: $2.72

Morgan Stanley rates PSQ as Overweight (1) -

Morgan Stanley finds a more compelling risk/reward outlook as Pacific Smiles executes on a faster roll-out.

Guidance presents an undemanding second half hurdle although for the broker the real attraction is the longevity of the growth cycle.

First half results were well ahead of estimates. Management intends to accelerate the roll-out to potentially 20-25 centres per annum. Morgan Stanley is seeking a better understanding of start-up losses and how much the unit economics have improved.

This could mean higher sales but also margin compression. Overweight retained. Target rises to $3.20 from $3.00. Industry view: In-line.

Target price is $3.20 Current Price is $2.72 Difference: $0.48
If PSQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 5.00 cents and EPS of 10.40 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.15.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 7.00 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.76.

Market Sentiment: 1.0

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

RDC  REDCAPE HOTEL GROUP

Travel, Leisure & Tourism

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Overnight Price: $0.95

Ord Minnett rates RDC as Buy (1) -

Redcape Hotel Group has reported first half operating earnings (EBITDA) of $40.9m. This indicated to Ord Minnett strength in gaming and bottle shop sales, which helped offset on-premise food and beveridge (fundamentally impacted covid restrictions).

The result included a 7.5% increase in revenue on the pcp, a 4.4% beat on the broker's estimate due to stronger trading conditions
throughout the half. DPS was in-line with expectations at 3.7c for the half year.

Ord Minnett reiterates a Buy rating and raises the target to $1.22 from $1.08. Despite performance remaining strong, Ord Minnett moderates expectations for the second half and beyond.

Target price is $1.22 Current Price is $0.95 Difference: $0.27
If RDC meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 7.30 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 7.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 7.70 cents and EPS of 6.90 cents.
At the last closing share price the estimated dividend yield is 8.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.77.

Market Sentiment: 1.0

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

RDY  READYTECH HOLDINGS LTD

Software & Services

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Overnight Price: $1.90

Macquarie rates RDY as Outperform (1) -

ReadyTech's earnings beat the broker by 5%, featuring strong growoth in both Education and Workforce Solutions. While revenues grew 13% year on year, earnings were flat due to further investment in marketing and sales roles. Full year guidance is unchanged.

With a "decent" growth outlook, ReadyTech's 19x forward PE is undemanding, the broker suggests, and the stock should re-rate as it continues to execute against its growth strategy, including winning larger value clients. Outperform retained.

Target falls to $2.75 from $2.85 on enterprise valuation.

Target price is $2.75 Current Price is $1.90 Difference: $0.85
If RDY meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 2.30 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.00.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.80 cents and EPS of 12.60 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.08.

Market Sentiment: 1.0

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $127.47

Citi rates RIO as Buy (1) -

Rio Tinto's operating income at US$23.9bn was in line with consensus while net profit was 6% ahead of consensus. Net earnings were $9.8bn.

Production guidance for 2021 remains intact with Pilbara iron ore shipments expected to be 325-340mt. Cost guidance for Pilbara is higher than Citi expected.

Citi expects the market for iron ore concentrate/pellets to be strong in 2021 and is looking for a recovery in titanium dioxide pigments. Aluminium demand is also expected to rebound in 2021.

Buy rating retained. Target price is $127.

Target price is $127.00 Current Price is $127.47 Difference: minus $0.47 (current price is over target).
If RIO meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 1768.48 cents and EPS of 1861.60 cents.
At the last closing share price the estimated dividend yield is 13.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 1480.85 cents and EPS of 1558.31 cents.
At the last closing share price the estimated dividend yield is 11.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Macquarie rates RIO as Outperform (1) -

The Rio Tinto result story has played out very similarly to its major rival, but for Rio's earnings being in line with forecast and its rival falling a little short. The beat came in cash flow, allowing a big special dividend, adding up to a 72% payout ratio.

Going forward, the rising currency is increasing costs, the broker notes, and capex is expected to remain elevated through to 2023. However ongoing strength in iron ore prices more than offsets.

Were the broker to input spot iron ore prices into its model, earnings forecast would rise by 95% in FY21 and 180% in 2022. Outperform retained, target rises to $135 from $125.

Target price is $135.00 Current Price is $127.47 Difference: $7.53
If RIO meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 905.60 cents and EPS of 1208.89 cents.
At the last closing share price the estimated dividend yield is 7.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 682.05 cents and EPS of 908.44 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Morgan Stanley rates RIO as Equal-weight (3) -

2020 results and the final dividend were in line with Morgan Stanley's estimates. The broker notes iron ore costs have been guided higher and could have an impact on operating earnings in 2021.

Capital expenditure guidance has increased for 2021 and 2022 to US$7.5bn, amid a higher Australian dollar as 50% of costs are attributed to the currency.

The company has confirmed aspirations to reach net zero emissions from shipping of product by 2050.

Equal-weight rating retained, alongside an Attractive industry view. Target price is $114.

Target price is $114.00 Current Price is $127.47 Difference: minus $13.47 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Morgans rates RIO as Hold (3) -

Morgans assesses the Rio Tinto FY20 result as solid with underlying earnings (EBITDA) of US$23,902m slightly under the broker's estimate, while underlying profit (NPAT) of US$12,448m was ahead. 

With a strong balance sheet and an undemanding capex profile, the company is paying out all of its free cash flow generated in 2020 in ordinary and special dividends, explains the broker.

The analyst warns of a difficult outlook for the iron ore business, with risks to 2021 reserve replacement from the new Heritage Act, and dynamics around Simandou. The broker, however, is impressed with measures the company is taking to improve its ESG profile.

Hold and target is increased to $114 from $113.

Target price is $114.00 Current Price is $127.47 Difference: minus $13.47 (current price is over target).
If RIO meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 697.71 cents and EPS of 1032.32 cents.
At the last closing share price the estimated dividend yield is 5.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 590.92 cents and EPS of 805.92 cents.
At the last closing share price the estimated dividend yield is 4.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Ord Minnett rates RIO as Buy (1) -

2020 earnings were in line with Ord Minnett's forecasts. The dividend represents a 72% pay-out ratio and the broker expects consensus upgrades will be forthcoming.

The balance sheet is completely ungeared and project expenditure remains modest which means the returns will feature throughout the next couple of years. Ord Minnett retains a Buy rating and raises the target to $154 from $153.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $154.00 Current Price is $127.47 Difference: $26.53
If RIO meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 1411.08 cents and EPS of 1660.26 cents.
At the last closing share price the estimated dividend yield is 11.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 1174.71 cents and EPS of 1381.18 cents.
At the last closing share price the estimated dividend yield is 9.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


UBS rates RIO as Neutral (3) -

Rio Tinto finished 2020 strongly, with underlying operating earnings (EBITDA) ahead of expectations. Again, a big miner has caught the market by surprise with its dividend, which at $4.02 represents a 72% full-new pay-out ratio.

As with BHP Group ((BHP)) Rio Tinto paid out almost 100% of free cash flow and reiterated its dividend policy.

UBS notes there are a number of challenges across the business in 2021, including ongoing implications from the Juukan Gorge incident and mixed progress on Oyu Tolgoi. There are also cost pressures in Western Australia. Neutral retained. Target rises to $126 from $115.

Target price is $126.00 Current Price is $127.47 Difference: minus $1.47 (current price is over target).
If RIO meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.86, suggesting upside of 0.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 1032.32 cents and EPS of 1462.34 cents.
At the last closing share price the estimated dividend yield is 8.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1353.9, implying annual growth of N/A.

Current consensus DPS estimate is 1048.9, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 9.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 730.46 cents and EPS of 1033.75 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1030.1, implying annual growth of -23.9%.

Current consensus DPS estimate is 843.8, implying a prospective dividend yield of 6.6%.

Current consensus EPS estimate suggests the PER is 12.4.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

SBM  ST BARBARA LIMITED

Gold & Silver

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Overnight Price: $2.19

Credit Suisse rates SBM as Outperform (1) -

St Barbara's net profit beat Credit Suisse's forecast of $32m with a dividend of 4c. The outlook remains unchanged at 370-410koz of production. The broker expects 385koz, noting St Barbara is one of the few gold companies with growth opportunities across its portfolio.

Credit Suisse retains its Outperform rating with a target of $3.30.

Target price is $3.30 Current Price is $2.19 Difference: $1.11
If SBM meets the Credit Suisse target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 44.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 4.00 cents and EPS of 25.74 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 33.3%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 4.00 cents and EPS of 46.81 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 22.5%.

Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.5

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


Macquarie rates SBM as Neutral (3) -

While St Barbara's result beat at the headline, the underlying result was weaker net of forex gains, the broker notes. The miner nevertheless retained its 4c dividend, representing a 100% payout of better than expected cash flow.

St Barbara still needs to complete a number of significant milestones to ensure its medium-term production profile, but in the broker's
view the first quarter should have represented the low point and production metrics should improve from here.

Neutral retained, target falls to $2.30 from $2.40.

Target price is $2.30 Current Price is $2.19 Difference: $0.11
If SBM meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 44.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 6.00 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 2.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 33.3%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.00 cents and EPS of 12.20 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 22.5%.

Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.5

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


Morgan Stanley rates SBM as Overweight (1) -

Net profit in the first half was ahead of Morgan Stanley's estimates while the dividend was in line.

There was no announcement regarding the Simberi sulphide feasibility study but this is expected shortly, along with an update on the mining plan at Gwalia.

Morgan Stanley anticipates the latter could include details regarding shallower mining and potential satellite pit mining.

Overweight rating with a target of $3.50. Industry view is Attractive.

Target price is $3.50 Current Price is $2.19 Difference: $1.31
If SBM meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 44.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 9.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 4.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 33.3%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 8.8.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 11.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.4, implying annual growth of 22.5%.

Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 7.1.

Market Sentiment: 0.5

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

SGM  SIMS LIMITED

Steel & Scrap

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Overnight Price: $13.63

Macquarie rates SGM as Outperform (1) -

Sims' result materially beat the broker's forecast and the 12c dividend came as a surprise. Better than expected sales volumes, combined with cost-out benefits, drove stronger operating leverage.

The broker believes improving momentum in the global economy, and global steel market particularly, should continue to support the trading environment, backed by global infrastructure stimulus. Cost reduction has also meaningfully lifted operating leverage.

Outperform retained, target rises to $16.50 from $16.40.

Target price is $16.50 Current Price is $13.63 Difference: $2.87
If SGM meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $14.76, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 22.00 cents and EPS of 50.60 cents.
At the last closing share price the estimated dividend yield is 1.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.1, implying annual growth of N/A.

Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 27.00 cents and EPS of 92.50 cents.
At the last closing share price the estimated dividend yield is 1.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.7, implying annual growth of 49.1%.

Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 18.1.

Market Sentiment: 0.3

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

SGR  THE STAR ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $3.68

Citi rates SGR as Neutral (3) -

Citi retains its Neutral rating with a target price of $4.

In an early response, Citi notes Star Entertainment Group's first-half operating income was 8% ahead of the broker's forecast driven by better than expected cost control. Also, strong cost management coupled with JobKeeper benefits led to better margins.

Operating cash flow was also well ahead of Citi's estimates driven by lower gaming taxes and JobKeeper. 

Going into the second half, Citi notes positive domestic demand conditions and operating costs continued to be well-managed in January.

Regulation and corporate activity remain Citi's focus across the casino sector, as operating restrictions make near term earnings less representative of the outlook.

Target price is $4.00 Current Price is $3.68 Difference: $0.32
If SGR meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 34.6.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 8.00 cents and EPS of 18.70 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 71.0%.

Current consensus DPS estimate is 6.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.5

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

SHL  SONIC HEALTHCARE LIMITED

Healthcare services

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Overnight Price: $33.58

Citi rates SHL as Buy (1) -

An initial analysis of Sonic Healthcare's result shows first-half earnings were circa 4% above Citi's forecast. Relative to Citi's forecasts, revenue was -10% below broker forecast while operating income was 8% ahead due to elevated covid testing.

On a segment level, operating income from pathology was 10% more than expected while radiology beat estimate by 16% somewhat offset by higher corporate costs.

Citi expects a strong second half based on revenue growth trends but notes the company refrained from giving any guidance for FY21 citing heightened unpredictability.

Buy rating with a target of $38.50.

Target price is $38.50 Current Price is $33.58 Difference: $4.92
If SHL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $37.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 102.00 cents and EPS of 258.00 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.1, implying annual growth of 121.5%.

Current consensus DPS estimate is 158.1, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 102.00 cents and EPS of 168.10 cents.
At the last closing share price the estimated dividend yield is 3.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.2, implying annual growth of -38.6%.

Current consensus DPS estimate is 109.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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


Ord Minnett rates SHL as Hold (3) -

Sonic Healthcare's interim report, released today, contained multiple surprises but the stand-out negative was a lower-than-expected dividend, or so it seems at first glance by analysts at Ord Minnett.

Management provided no guidance and the broker responds with "as expected", while also pointing out Sonic Healthcare does anticipate another strong second half performance.

Apparently, normalised profit (NPAT) of $677.6m marks a -5% miss compared to Ord Minnett's forecast with higher tax to blame (as a result of geographic mix) but the broker still believes it beat market consensus by no less than 29%.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $35.50 Current Price is $33.58 Difference: $1.92
If SHL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $37.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 276.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 246.1, implying annual growth of 121.5%.

Current consensus DPS estimate is 158.1, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 127.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 151.2, implying annual growth of -38.6%.

Current consensus DPS estimate is 109.3, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.4.

Market Sentiment: 0.6

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

SUL  SUPER RETAIL GROUP LIMITED

Automobiles & Components

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Overnight Price: $11.81

Citi rates SUL as Buy (1) -

Super Retail Group's trading update was strong, observes Citi, with elevated demand across Auto, Rebel and BCF and an improving inventory position. The broker upgrades the sales outlook for each business, leading to a jump of 4% in earnings forecasts for FY21-22.

As opposed to most retailers seeing the sales momentum reduce in 2021, Super Retail saw like-for-like sales growth improve to 30.5% from 23.8% in the first half's first 7 weeks.

Citi notes this was driven by improvement in inventory levels and very robust demand. The broker expects this strong demand to continue through 2021.

The Buy rating and price target of $14 remain unchanged.

Target price is $14.00 Current Price is $11.81 Difference: $2.19
If SUL meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 73.50 cents and EPS of 129.90 cents.
At the last closing share price the estimated dividend yield is 6.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 62.00 cents and EPS of 89.20 cents.
At the last closing share price the estimated dividend yield is 5.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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


Credit Suisse rates SUL as Outperform (1) -

Super Retail Group's first half result was at the top end of guidance. The group is materially net cash, observes Credit Suisse, with not enough investment requirements to make full use of the surplus.

The broker finds it hard to find issues with the result with profit leverage to sales growth exceptional in the first half. This is expected to revert to more normal levels in the second half.

Credit Suisse maintains an Outperform rating. Target rises to $14.64 from $13.19.

Target price is $14.64 Current Price is $11.81 Difference: $2.83
If SUL meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 64.18 cents and EPS of 125.00 cents.
At the last closing share price the estimated dividend yield is 5.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 49.59 cents and EPS of 92.00 cents.
At the last closing share price the estimated dividend yield is 4.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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


Macquarie rates SUL as Neutral (3) -

It was a super strong result from Super Retail, the broker suggests, with 122% earnings growth hitting the top of the recent guidance range. Strong revenue growth across key brands has translated to material operating leverage and expanding margins, the broker notes.

Online sales grew by 87% to represent 13.3% of total which presents an opportunity, the broker believes, to sustainably take market share from smaller independents with weak online offerings and no genuine loyalty programs.

This suggests upside risk at a time the market is wary of growth having peaked as covid impacts recede. Neutral and $11.70 target retained.

Target price is $11.70 Current Price is $11.81 Difference: minus $0.11 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 78.00 cents and EPS of 119.30 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 57.50 cents and EPS of 84.20 cents.
At the last closing share price the estimated dividend yield is 4.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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


Morgan Stanley rates SUL as Overweight (1) -

Morgan Stanley believes Super Retail is in a strong position. Inventory levels have improved although remain a constraint on sales.

The broker believes international travel will be the main catalyst for normalisation among discretionary retailers and this will only partially resume in FY22. Prospects for capital management in FY22 are considered strong and will support the share price.

Overweight rating maintained. Target is $13.30. Industry View: Attractive.

Target price is $13.30 Current Price is $11.81 Difference: $1.49
If SUL meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 77.00 cents and EPS of 125.00 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 59.00 cents and EPS of 93.00 cents.
At the last closing share price the estimated dividend yield is 5.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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


Morgans rates SUL as Hold (3) -

The first half result for Super Retail Group was at the top-end of the range for recently provided guidance. Morgans highlights strong trading has continued into the early second half with like-for-like sales up by 30.5%.

Consequently the analyst upgrades forecasts though assumes that a portion of these wins are invested into opex/growth projects.

Earnings (EBIT) margins lifted by 642 basis points (bp) comprising Auto 532bp, Rebel 607bp, BCF 1023bp and Macpac by 208bp.

The Hold rating is maintained and the target price is increased to $12.60 from $12.57.

Target price is $12.60 Current Price is $11.81 Difference: $0.79
If SUL meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 81.00 cents and EPS of 120.00 cents.
At the last closing share price the estimated dividend yield is 6.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 57.00 cents and EPS of 85.00 cents.
At the last closing share price the estimated dividend yield is 4.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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


UBS rates SUL as Buy (1) -

First half results were in line with guidance and UBS notes cash flow was strong. Despite the $417m net cash balance, the interim dividend disappointed the broker, with commentary suggesting further capital management is not imminent.

Still, the valuation remains attractive and UBS retains a Buy rating. Target is raised to $12.80 from $12.60.

Target price is $12.80 Current Price is $11.81 Difference: $0.99
If SUL meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.11, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 71.00 cents and EPS of 123.80 cents.
At the last closing share price the estimated dividend yield is 6.01%.
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 122.9, implying annual growth of 120.3%.

Current consensus DPS estimate is 69.7, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 9.7.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 54.50 cents and EPS of 80.30 cents.
At the last closing share price the estimated dividend yield is 4.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.7, implying annual growth of -29.5%.

Current consensus DPS estimate is 56.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 13.8.

Market Sentiment: 0.6

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

SVW  SEVEN GROUP HOLDINGS LIMITED

Diversified Financials

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Overnight Price: $23.11

Macquarie rates SVW as Outperform (1) -

In an initial assessment, Macquarie notes Seven Group Holdings first-half operating income was 10% more than the broker expected and formed 53% of Macquarie's total forecast for FY21. Revenue was in-line with Macquarie's estimate.

Macquarie considers the result strong led by core industrial businesses. WesTrac, Coates and Energy are expected to deliver a stronger second half. 

Outperform retained with a target of $25.90.

Target price is $25.90 Current Price is $23.11 Difference: $2.79
If SVW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $25.10, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 42.00 cents and EPS of 131.20 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.7, implying annual growth of 296.2%.

Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 17.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 42.00 cents and EPS of 145.60 cents.
At the last closing share price the estimated dividend yield is 1.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 158.2, implying annual growth of 17.4%.

Current consensus DPS estimate is 42.0, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 14.5.

Market Sentiment: 0.8

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

TAH  TABCORP HOLDINGS LIMITED

Gaming

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Overnight Price: $4.41

Citi rates TAH as Upgrade to Buy from Neutral (1) -

Tabcorp delivered solid first half number, observes Citi, with operating income of $560m led by a great performance from lotteries. Citi has upgraded its group operating income forecasts by 4-5% for FY21-22.

While no update was provided on the sale process for wagering and media segment, the broker notes interest from multiple bidders for the business and expects bids of at least around $3bn. 

Led by the strong lotteries earnings outlook and increased likelihood of a wagering and media and gaming services sale, Citi upgrades Tabcorp to Buy from Neutral with the target rising to $5.30 from $4.40.

Target price is $5.30 Current Price is $4.41 Difference: $0.89
If TAH meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 13.50 cents and EPS of 18.40 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.97.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 15.00 cents and EPS of 20.80 cents.
At the last closing share price the estimated dividend yield is 3.40%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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


Credit Suisse rates TAH as Neutral (3) -

Revenue and operating income were in line although racing/sports performance was weaker than expected. With more retail venues re-opening post-shutdown, the broker expects 9% revenue growth in the second half driven by full restoration of media fees and improved race/sports wagering. 

Tabcorp Holdings has upgraded its lottery operating income forecasts by about 5% across the forecast period led by a strong keno performance.

Credit Suisse believes more upgrades may be possible in future and models a 10% lottery revenue growth in the second half. 

Neutral rating with the target rising to $4.60 from $4.50.

Target price is $4.60 Current Price is $4.41 Difference: $0.19
If TAH meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 13.50 cents and EPS of 16.61 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.55.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 16.00 cents and EPS of 19.79 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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


Macquarie rates TAH as No Rating (-1) -

Tabcorp's -6% fall in year on year earnings was a 4% better performance than the broker forecast. The broker now forecasts 11% full year earnings growth.

Offers to acquire the company's Wagering business are being considered and as the broker is advising, research restrictions apply.

Current Price is $4.41. Target price not assessed.

Current consensus price target is $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 14.50 cents and EPS of 18.20 cents.
At the last closing share price the estimated dividend yield is 3.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.23.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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


Morgans rates TAH as Hold (3) -

Tabcorp Holdings first half result was better than Morgans expected for top-line growth and a strong focus on costs. 

Management commented annual cost synergies of -$95m from the end of FY21 are on-track to be achieved.

Despite retaining a Hold rating, the analyst raises the target price to $4.04 from $3.65 on ongoing unsolicited corporate interest.

Target price is $4.04 Current Price is $4.41 Difference: minus $0.37 (current price is over target).
If TAH meets the Morgans target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 13.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.94.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 16.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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


Ord Minnett rates TAH as Upgrade to Hold from Lighten (3) -

First half underlying net profit was well ahead of Ord Minnett's forecast. Operating earnings were also better because of improved margins with a strong mix towards digital.

Ord Minnett considers turnover will remain buoyant throughout the closure of borders but forecasts a decline of -6.9% in the second half compared with the first because of seasonality and skew.

Given expectations of a sale of the wagering business the broker assesses the prior Lighten rating has no merit at current levels. Hence, an upgrade to Hold. The target is raised to $4.20 from $4.00.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $4.20 Current Price is $4.41 Difference: minus $0.21 (current price is over target).
If TAH 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 $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 14.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.94.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 14.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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


UBS rates TAH as No Rating (-1) -

First half operating earnings were ahead of forecasts. UBS upgrades estimates by 3-4% for FY21-23. Digital penetration continues to surprise on the upside, up 5% to 32% of total sales.

While the equity raising was less than a year ago, UBS assesses gearing will fall below the target range by FY23. The broker is restricted on rating and target at present.

Current Price is $4.41. Target price not assessed.

Current consensus price target is $4.33, suggesting downside of -7.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 13.00 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.64.

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 13.6, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 17.50 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 3.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.9, implying annual growth of 11.8%.

Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.4%.

Current consensus EPS estimate suggests the PER is 24.7.

Market Sentiment: 0.2

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

TRS  THE REJECT SHOP LIMITED

Household & Personal Products

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Overnight Price: $7.56

Morgan Stanley rates TRS as Overweight (1) -

First half results suggest the company is executing on its cost reduction strategy, having reached 5.4% in EBIT margins.

Revenue was slightly lower than Morgan Stanley anticipated while comparable sales were flat.

The broker notes the balance sheet is very strong with $108m net cash. No trading update or guidance was provided.

Overweight with a target price of $10. Industry view: In-line.

Target price is $10.00 Current Price is $7.56 Difference: $2.44
If TRS meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 20.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 508.3%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 68.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 1.0

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


Morgans rates TRS as Add (1) -

The first half result for The Reject Shop slightly exceeded Morgans forecasts due to lower costs as well as depreciation and amortisation charges.

The broker highlights gross margins were impacted by the write-down of hand sanitiser, while covid-19 impacted some stock availability and logistics costs. Despite this, it was considered strong growth with a number of internal improvements flowing through.

Management highlighted expectations for nine new stores in the fourth quarter, and for the second half covid is continuing to impact sales and increased freight costs are also expected to continue.

Add rating and the price target is increased to $8.91 from $8.89.

Target price is $8.91 Current Price is $7.56 Difference: $1.35
If TRS meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 508.3%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 35.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 68.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 1.0

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


Ord Minnett rates TRS as Buy (1) -

First half underlying earnings (EBITDA) of 31m by The Reject Shop exceeded Ord Minnett's estimate due to ongoing cost-outs in store.

The broker notes the gross profit margin was lower than one year ago due to increased shipping charges and a one-off write-down of hand sanitiser.

The cost of doing business (CODB) margin improved circa 230 basis points with store labour costs down to 13.6% of sales from 14.9% in the first half.  Management expects the second half to suffer continued impacts from covid related issues.

Buy rating and the target is increased to $10.34 from $10.13.

Target price is $10.34 Current Price is $7.56 Difference: $2.78
If TRS meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 34.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 22.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.9, implying annual growth of 508.3%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 42.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.0, implying annual growth of 68.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 19.6.

Market Sentiment: 1.0

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

TWE  TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $10.14

Citi rates TWE as Sell (5) -

Treasury Wines Estates reported first-half operating income of $284m, down -23%. Citi considers the result surprisingly strong in Asia given China's tariffs. An interim dividend of 15c was announced.

The company announced a separate divisional focus split between Penfolds, Treasury Premium Brands and Treasury Americas. The company expects similar second-half trading conditions with minimal operating income from China.

Treasury Wines is confident in reallocating its luxury wines and expects benefits to flow in FY22. 

Sell rating with the target rising to $8.60 from $8.20.

Target price is $8.60 Current Price is $10.14 Difference: minus $1.54 (current price is over target).
If TWE meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.21, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 23.00 cents and EPS of 38.90 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 8.6%.

Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 26.00 cents and EPS of 41.20 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 4.8%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 28.7.

Market Sentiment: 0.1

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


Morgan Stanley rates TWE as Equal-weight (3) -

First half earnings were slightly weaker than Morgan Stanley anticipated. Outside of China the recovery is tracking ahead of expectations.

The broker acknowledges the company's commentary regarding reallocation and Australian business is encouraging but notes these are as yet early days.

Morgan Stanley considers the valuation cheap compared with global peers and the company's history but the significant disruption to the business from China's tariffs and the pandemic as well as restructuring in the Americas means uncertainty is heightened.

Equal-weight maintained. Target is $10. Industry view is Attractive.

Target price is $10.00 Current Price is $10.14 Difference: minus $0.14 (current price is over target).
If TWE meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.21, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 27.50 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 8.6%.

Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 30.50 cents and EPS of 47.00 cents.
At the last closing share price the estimated dividend yield is 3.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 4.8%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 28.7.

Market Sentiment: 0.1

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


Morgans rates TWE as Hold (3) -

The first half result for Treasury Wines Estates was better than Morgans feared due to stronger results from ANZ and Asia as well as better cashflow and gearing metrics. The broker now has greater confidence and would be a buyer of the stock on any material price weakness.

While earnings recovered strongly across all regions versus the second half, the company’s higher margin and luxury focused sales channels remained adversely impacted by covid restrictions.

Management expects conditions in each of its markets (ex China) to be consistent with the first half.

The Hold rating is unchanged and the target price is increased to $11.10 from $9.

Target price is $11.10 Current Price is $10.14 Difference: $0.96
If TWE meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 8.6%.

Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 41.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 4.8%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 28.7.

Market Sentiment: 0.1

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


Ord Minnett rates TWE as Upgrade to Accumulate from Lighten (2) -

First half net profit was down -23.5% but ahead of Ord Minnett's forecasts. The broker upgrades to Accumulate from Lighten because of greater confidence in the reallocation of the Penfolds bin and Icon range from China amid leverage to a recovery.

The $300m in proceeds from brand and asset sales in the US is greater and the timing sooner than the broker expected. Treasury Wine is now considered a more balanced business. Target is raised to $11 from $8.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $11.00 Current Price is $10.14 Difference: $0.86
If TWE meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.21, suggesting downside of -13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 27.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 39.3, implying annual growth of 8.6%.

Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 30.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 33.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.2, implying annual growth of 4.8%.

Current consensus DPS estimate is 22.3, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 28.7.

Market Sentiment: 0.1

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

VCX  VICINITY CENTRES

REITs

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Overnight Price: $1.58

Citi rates VCX as Neutral (3) -

Vicinity Centres reported first-half funds from operations (FFO) of $5.87c, almost 30% ahead of consensus and Citi's estimate. No guidance was provided for FY21 as expected although Vicinity Centres will target a 95-100% adjusted FFO payout ratio.

Citi highlights the first half also benefited from a one-off swap restructure that does not appear to have been fully captured in consensus.

The large first half beat and absence of guidance highlight the uncertain backdrop, asserts the broker. As a result, Citi sees ongoing pressure on rental income for retail landlords.

The broker retains a Neutral rating. Target rises to $1.51 from $1.49.

Target price is $1.51 Current Price is $1.58 Difference: minus $0.07 (current price is over target).
If VCX meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 7.80 cents and EPS of 11.40 cents.
At the last closing share price the estimated dividend yield is 4.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.

Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 9.30 cents and EPS of 11.20 cents.
At the last closing share price the estimated dividend yield is 5.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: -0.2

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


Credit Suisse rates VCX as Downgrade to Neutral from Outperform (3) -

Vicinity Centres posted a stronger-than-expected first half result, observes Credit Suisse, largely due to one-offs.

Funds from operations were down -34.4% versus last year at 5.87c versus Credit Suisse's expected 4.6c. The decline was due to -$147m of covid-related rent relief.

Full-year guidance remains withdrawn with Vicinity indicating a target 95-100% adjusted funds from operations payout.

Rating is downgraded to Neutral from Outperform. Target rises to $1.69 from $1.61.

Target price is $1.69 Current Price is $1.58 Difference: $0.11
If VCX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 9.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.

Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 10.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 6.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: -0.2

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


Macquarie rates VCX as Neutral (3) -

Vicinity Centres' result beat the broker by 23% but was of low quality, driven by surrender payments and a greater than expected write-back of covid provisions.

The REIT has booked a similarly large level of relief in the first half but the outlook for a similar write-back is more limited, the broker notes, given almost all of the waivers have already been agreed upon leaving the provision the only source of upside.

Improving cash collection, visitation rates and the balance sheet are positives but leasing headwinds are unlikely to abate in the
short term, the broker warns, particularly for CBD-based assets. Neutral retained, target falls to $1.65 from $1.70.

Target price is $1.65 Current Price is $1.58 Difference: $0.07
If VCX meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.30 cents and EPS of 9.90 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.

Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 10.20 cents and EPS of 11.50 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: -0.2

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


Morgan Stanley rates VCX as Underweight (5) -

First half results beat Morgan Stanley's estimates. The broker notes operating challenges continue with the cessation of government subsidies and possible increases in vacancies.

There was no FY21 guidance. While all metrics were better excluding CBD and Victoria the broker points out these two segments make up around 60% of the portfolio.

The Underweight rating and $1.57 target price are unchanged. Industry view: In-line.

Target price is $1.57 Current Price is $1.58 Difference: minus $0.01 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 10.30 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 6.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.

Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 11.30 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 7.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: -0.2

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


UBS rates VCX as Sell (5) -

Adjusting for provisions, the first half results were below UBS estimates. The broker notes the first half included the benefit of many one-off items and was, therefore, low quality.

Nevertheless, operating metrics were marginally better than its bearish expectations, UBS acknowledges. The company remains cautious because of the expiry of government subsidies and possible increases in retailer administration from the low levels of 2020.

UBS anticipates leasing conditions will deteriorate further and retains a Sell rating. Target rises to $1.48 from $1.46.

Target price is $1.48 Current Price is $1.58 Difference: minus $0.1 (current price is over target).
If VCX meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 7.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.1, implying annual growth of N/A.

Current consensus DPS estimate is 8.9, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 9.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 5.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.6.

Market Sentiment: -0.2

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

WBC  WESTPAC BANKING CORPORATION

Banks

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Overnight Price: $23.54

Credit Suisse rates WBC as Outperform (1) -

Westpac Banking Corp reported first-quarter cash earnings of $1,971m, well above Credit Suisse's market’s run rate driven by large provision write-backs together with better-than-expected margins.

The outlook is positive with growth in the mortgage book expected to resume. The broker likes Westpac as a recovery story and has become more confident that balance sheet momentum will be restored.

Credit Suisse raises the target price for Westpac Bank to $25.50 from $22.50 and maintains the Outperform rating.

Target price is $25.50 Current Price is $23.54 Difference: $1.96
If WBC meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 123.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 5.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 130.00 cents and EPS of 186.00 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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


Macquarie rates WBC as Outperform (1) -

Westpac appears to have turned the corner, the broker suggests. While a solid quarterly was driven by a write-back of impairment provisions, improved margins supported revenue performance. The key positive is a materially improved capital position.

The next key catalyst is management’s update on its Cost Reset plan, offering further upside, but the key risk is a large
restructuring charge accompanying cost-out initiatives.

The longer term risk is in addressing legacy technology issues, but the broker sees near term catalysts as providing valuation upside. Outperform retained, target rises to $25.50 from $23.00.

Target price is $25.50 Current Price is $23.54 Difference: $1.96
If WBC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 100.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 105.00 cents and EPS of 138.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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


Morgan Stanley rates WBC as Overweight (1) -

The first quarter update has signalled early signs of a turnaround. Given the improving franchise performance and an imminent plan to reset costs, Morgan Stanley retains an Overweight rating.

Cash profit was supported by $612m provision release but revenue, expenses and capital were all better than the broker forecast.

The CET1 ratio increased by 75 basis points and implies excess capital of at least $4bn, with potential for further capital release from non-core asset sales. Morgan Stanley raises the target to $25.30 from $24.60. Industry view: In-line.

Target price is $25.30 Current Price is $23.54 Difference: $1.76
If WBC meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 110.00 cents and EPS of 161.00 cents.
At the last closing share price the estimated dividend yield is 4.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 115.00 cents and EPS of 168.00 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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


Morgans rates WBC as Add (1) -

Westpac Bank’s unaudited cash earnings of $1.971bn for the first quarter, on a run-rate basis, are 23% better than Morgans expected and around 43% up on consensus. This is considered largely the result of an impairment benefit of $501m due to provision release.

A highlight for the analyst was a net interest margin (NIM) of 2.06% for the first quarter, up by 3 basis points (bp) from the second half. An improved contribution from Treasury accounted for 1bp of this NIM expansion. 

Add rating and target price is increased to $27.50 from $25.50 after Morgans increases the FY21 cash EPS forecast by 6.9% with no material changes for outer years.

The bank remains the broker's preferred major bank and the outperformance against Commonwealth Bank ((CBA)) is expected to continue.

Target price is $27.50 Current Price is $23.54 Difference: $3.96
If WBC meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 132.00 cents and EPS of 189.00 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 143.00 cents and EPS of 191.00 cents.
At the last closing share price the estimated dividend yield is 6.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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


Ord Minnett rates WBC as Hold (3) -

Ord Minnett found the December quarter results solid with capital ahead of estimates and a more resilient revenue outcome. The bank is now in a good position to consider capital management at some stage.

The broker assesses the recent run up in the share price has closed the valuation gap to peers and more evidence of genuine turnaround is required for further outperformance.

Hold retained. Target is raised to $24.50 from $22.40. Ord Minnett upgrades cash earnings forecasts for FY21 by 23% because of lower bad debts.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $24.50 Current Price is $23.54 Difference: $0.96
If WBC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 120.00 cents and EPS of 167.00 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 130.00 cents and EPS of 164.00 cents.
At the last closing share price the estimated dividend yield is 5.52%.
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 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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


UBS rates WBC as Buy (1) -

UBS suggests the tide has turned at Westpac and the first quarter trading update was much more upbeat. The decision to release 10% of credit provisions was explained by better economic outlook and improvements in asset quality across the book.

The CET1 ratio was above expectations at 11.9%. The broker considers Westpac is on a multi-year turnaround with attention now on the three-year cost reduction plan that will be announced at the May results. Buy rating retained. Target rises to $25.50 from $23.50.

Target price is $25.50 Current Price is $23.54 Difference: $1.96
If WBC meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $25.69, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 125.00 cents and EPS of 178.00 cents.
At the last closing share price the estimated dividend yield is 5.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.0, implying annual growth of 131.7%.

Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 130.00 cents and EPS of 176.00 cents.
At the last closing share price the estimated dividend yield is 5.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 171.1, implying annual growth of 1.8%.

Current consensus DPS estimate is 126.1, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 14.2.

Market Sentiment: 0.9

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

WEB  WEBJET LIMITED

Travel, Leisure & Tourism

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Overnight Price: $5.02

Credit Suisse rates WEB as Outperform (1) -

Webjet's first-half revenue of $22.6m declined by -90% over last year. Operating income loss was -$42.1m, an improvement from -$60m loss in the second half of FY20.

The group's transformation strategy is on track to deliver at least 20% greater cost efficiencies at scale, states the broker, and is skewed towards B2B. The rest of FY21 is expected to be in line with the first half. 

Outperform rating with a target price of $5.40.

Target price is $5.40 Current Price is $5.02 Difference: $0.38
If WEB meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 31.37 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.4, implying annual growth of N/A.

Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 2.16 cents and EPS of 6.58 cents.
At the last closing share price the estimated dividend yield is 0.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 76.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 38.1.

Market Sentiment: 0.6

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


Ord Minnett rates WEB as Buy (1) -

Ord Minnett believes the roll out of vaccines will assist in putting an end to the stop/start nature of domestic air travel. Webjet has demonstrated it has material earnings leverage to this event.

The business is now sitting on $283m in cash and burning cash at a rate of around $5m per month after working capital improvements. While appreciating the fact a highly dilutive capital raising has occurred Ord Minnett considers the investment thesis remains strong.

Estimates are updated to account for higher revenue assumptions for the European B2B business in FY22/23. Buy retained. Target rises to $5.85 from $5.65.

Target price is $5.85 Current Price is $5.02 Difference: $0.83
If WEB meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 20.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.4, implying annual growth of N/A.

Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 4.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 0.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.4, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 38.1.

Market Sentiment: 0.6

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

WES  WESFARMERS LIMITED

Apparel & Footwear

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Overnight Price: $54.15

Citi rates WES as Sell (5) -

Wesfarmers delivered a first half net profit of $1,414m, up 26% over last year but circa -1.9% below Citi's forecast. An 88c dividend was declared, -5% below consensus.

An initial analysis reveals Kmart's earnings rose by 32% despite the -$15 million loss in Catch driven by better gross margins and strong sales trends. Bunnings' operating income grew 34% with margins expanding by 150bps. 

No guidance was provided but Citi highlights retail trading in January and February was consistent with the first-half trends.

Sell rating retained with a target of $44.

Target price is $44.00 Current Price is $54.15 Difference: minus $10.15 (current price is over target).
If WES meets the Citi target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $50.64, suggesting downside of -6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 176.00 cents and EPS of 204.70 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.9, implying annual growth of 33.8%.

Current consensus DPS estimate is 169.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 28.3.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 172.00 cents and EPS of 194.80 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.8, implying annual growth of -0.1%.

Current consensus DPS estimate is 168.3, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 28.4.

Market Sentiment: -0.1

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $1.57

UPDATED

Credit Suisse rates WHC as Outperform (1) -

Whitehaven Coal's first-half result was soft but this had already been anticipated by Credit Suisse. No interim dividend was declared with a first-half net loss. The broker expects to see Whitehaven return to profitability in the second half.

The company's unit cost guidance remains unchanged at $69-72/t. 

Whitehaven Coal continues to trade at a decent discount to the broker's valuation and the broker thinks the December half will mark the trough in earnings for the company. The Outperform rating and $1.95 target price are unchanged.

Target price is $1.95 Current Price is $1.57 Difference: $0.38
If WHC meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.98 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 39.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 1.79 cents and EPS of 8.94 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 67.0.

Market Sentiment: 0.8

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


Macquarie rates WHC as Neutral (3) -

Whitehaven Coal's first half earnings missed the broker on weaker production and lower coal prices, although cash flow beat. No dividend was declared nonetheless.

FY21 total capex guidance has been trimmed by -20% from slowing expenses on growth projects and lowering sustaining capex. The second half should benefit from stronger coal prices.

The broker remains cautious on the outlook for thermal coal, but notes upside to forecasts at current spot prices. Neutral retained, target falls to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.57 Difference: $0.13
If WHC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 7.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 3.00 cents and EPS of 12.30 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 67.0.

Market Sentiment: 0.8

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


Morgan Stanley rates WHC as Overweight (1) -

Morgan Stanley expects the strong cost performance in the first half could be bettered with higher volumes in the second half. Operating earnings (EBITDA) beat the broker's forecasts.

FY21 guidance metrics related to production and costs are unchanged. Whitehaven Coal expects metallurgical sales volumes in 2021 will return to pre-pandemic levels.

Overweight rating maintained. Industry view: Attractive. Target is $2.15.

Target price is $2.15 Current Price is $1.57 Difference: $0.58
If WHC meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 15.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 1570.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 67.0.

Market Sentiment: 0.8

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


Morgans rates WHC as Add (1) -

After first half results, Morgans sees upside of over 40% to the broker's conservative valuation (forecast price decline, no value for growth projects) which looks compelling against the improving energy market outlook as the global covid recovery unfolds.

The results largely met expectations though the broker suspects that initially the market was spooked by an increase in net debt. It’s considered temporary headwinds will now unwind with around 500kt of sales slippage on-track for recovery by March (inventory unwind).

Higher coal prices support an uplift in Morgans valuation to $2.23 from $2.15. The Add rating is maintained.

Target price is $2.23 Current Price is $1.57 Difference: $0.66
If WHC meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 2.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 67.0.

Market Sentiment: 0.8

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


UBS rates WHC as Buy (1) -

FY21 interim results were weaker than UBS estimated although the loss was expected. Costs were better at $70/t and down from $76/t. Total capital expenditure for FY21 has been lowered, with sustaining capital revised to $58-68m.

With Vickery receiving the necessary state approvals to progress and an improving outlook for the coal market, UBS expects Whitehaven Coal will increasingly focus on the options for selling down. Buy rating retained. Target rises to $2.30 from $2.10.

Target price is $2.30 Current Price is $1.57 Difference: $0.73
If WHC meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 32.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 2.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 1.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 52.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.3, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 67.0.

Market Sentiment: 0.8

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

WPL  WOODSIDE PETROLEUM LIMITED

NatGas

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Overnight Price: $25.96

Macquarie rates WPL as Outperform (1) -

FAR ((FAR)) has received a takeover from Russia's SOE Lukoil. FAR's key asset is a 13.7% stake in the Woodside-managed Sangomar oil project.

If Woodside Petroleum decides to keep Lukoil out of the joint venture to again avoid sanctions, the only option may be a counter-offer for FAR, the broker notes.

Outperform and $28.65 target retained ahead of the company's result release.

Target price is $28.65 Current Price is $25.96 Difference: $2.69
If WPL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 74.04 cents and EPS of 91.98 cents.
At the last closing share price the estimated dividend yield is 2.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of N/A.

Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.2.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 102.52 cents and EPS of 131.28 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.3, implying annual growth of 104.9%.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 18.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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


Ord Minnett rates WPL as Hold (3) -

Woodside Petroleum’s full year results were slightly better than expected, notes Ord Minnett in an initial analysis of the numbers. The operating income at 3% beat the broker's estimate with net profit missing the forecast by -27% due to higher-than-expected costs.

The company did not announce any changes to its development project timeframes. A final dividend of US12c was declared, bringing the total to US38c and implying a circa 82% payout ratio.

FY21 guidance was reiterated including 90-105mmboe of total production and capex of -US$2,900-$3,200m, most of which is associated with the Sangomar Phase 1 and Scarborough projects.

Hold rating with a target of $27.20.

This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.

Target price is $27.20 Current Price is $25.96 Difference: $1.24
If WPL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $27.46, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 EPS of 92.55 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 68.0, implying annual growth of N/A.

Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 37.2.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 133.85 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 139.3, implying annual growth of 104.9%.

Current consensus DPS estimate is 98.7, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 18.2.

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.4

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
BAP Bapcor Limited $7.60 Citi 9.30 8.85 5.08%
Credit Suisse 8.50 8.60 -1.16%
Morgan Stanley 9.50 9.00 5.56%
Morgans 8.42 8.57 -1.75%
UBS 8.80 8.55 2.92%
BXB Brambles $10.53 Citi 12.89 12.90 -0.08%
CAR Carsales.Com $21.83 Credit Suisse 20.20 18.80 7.45%
Macquarie 23.00 19.30 19.17%
Morgans 19.45 19.17 1.46%
Ord Minnett 22.58 20.26 11.45%
UBS 24.50 19.50 25.64%
CHC Charter Hall $12.67 Credit Suisse 14.14 13.96 1.29%
Macquarie 15.78 15.96 -1.13%
Ord Minnett 16.50 16.20 1.85%
COL Coles Group $16.27 Citi 19.00 21.20 -10.38%
Credit Suisse 19.04 21.04 -9.51%
Macquarie 18.20 18.50 -1.62%
Morgans 19.45 19.40 0.26%
Ord Minnett 18.00 19.00 -5.26%
UBS 17.50 17.90 -2.23%
CTD Corporate Travel $18.08 Morgans 21.75 20.50 6.10%
Ord Minnett 21.90 22.11 -0.95%
CWP Cedar Woods Properties $6.83 Morgans 6.77 5.60 20.89%
DMP Domino's Pizza $111.08 Credit Suisse 71.11 63.58 11.84%
Macquarie 120.20 90.30 33.11%
Morgans 119.00 82.96 43.44%
UBS 103.00 72.00 43.06%
EBO EBOS Group $27.01 Citi 27.50 27.00 1.85%
Morgans 28.90 25.94 11.41%
EML Eml Payments $5.20 Macquarie 5.70 4.20 35.71%
UBS 5.70 5.00 14.00%
EVN Evolution Mining $4.23 Citi 4.80 4.90 -2.04%
Credit Suisse 5.10 5.50 -7.27%
Morgans 4.40 4.85 -9.28%
UBS 3.90 4.20 -7.14%
FMG Fortescue $24.91 Morgans 21.50 21.60 -0.46%
GOR Gold Road Resources $1.18 Ord Minnett 2.10 2.20 -4.55%
HDN HOMECO DAILY NEEDS REIT $1.35 Macquarie 1.40 1.42 -1.41%
Morgans 1.45 1.44 0.69%
IGO IGO $6.86 Citi 7.10 6.80 4.41%
IVC Invocare $10.81 Citi 11.50 11.00 4.55%
MCP Mcpherson'S $1.22 Ord Minnett 1.45 1.79 -18.99%
MOE Moelis Australia $4.65 Ord Minnett 5.53 5.17 6.96%
NEC Nine Entertainment $2.65 Macquarie 3.80 2.90 31.03%
NWL Netwealth Group $15.54 Citi 16.95 16.10 5.28%
Credit Suisse 17.50 17.00 2.94%
Macquarie 17.75 18.25 -2.74%
Morgans 16.20 16.15 0.31%
Ord Minnett 15.00 9.99 50.15%
PGH Pact Group $2.95 Macquarie 3.00 2.70 11.11%
Morgan Stanley 2.70 2.60 3.85%
Ord Minnett 3.20 2.70 18.52%
PME PRO Medicus $45.27 Morgans 41.30 35.02 17.93%
UBS 46.00 32.00 43.75%
PSQ Pacific Smiles Group $2.75 Morgan Stanley 3.20 3.00 6.67%
RDC Redcape Hotel $0.96 Ord Minnett 1.22 1.08 12.96%
RDY Readytech Holdings $1.88 Macquarie 2.75 2.85 -3.51%
RIO Rio Tinto $127.49 Macquarie 135.00 125.00 8.00%
Morgan Stanley 114.00 114.50 -0.44%
Morgans 114.00 113.00 0.88%
Ord Minnett 154.00 153.00 0.65%
UBS 126.00 115.00 9.57%
SBM St Barbara $2.10 Macquarie 2.30 2.40 -4.17%
Morgan Stanley 3.50 3.70 -5.41%
SGM Sims $13.54 Macquarie 16.50 16.40 0.61%
SUL Super Retail $11.98 Credit Suisse 14.64 13.19 10.99%
Morgan Stanley 13.30 12.90 3.10%
Morgans 12.60 12.57 0.24%
UBS 12.80 12.60 1.59%
TAH Tabcorp Holdings $4.66 Citi 5.30 4.40 20.45%
Credit Suisse 4.60 4.50 2.22%
Macquarie N/A 4.40 -100.00%
Morgans 4.04 3.65 10.68%
Ord Minnett 4.20 4.00 5.00%
UBS N/A 4.70 -100.00%
TRS The Reject Shop $7.27 Morgans 8.91 8.89 0.22%
Ord Minnett 10.34 10.13 2.07%
TWE Treasury Wine Estates $11.84 Citi 8.60 8.20 4.88%
Morgans 11.10 9.00 23.33%
Ord Minnett 11.00 8.00 37.50%
VCX Vicinity Centres $1.55 Credit Suisse 1.69 1.61 4.97%
Macquarie 1.65 1.70 -2.94%
UBS 1.48 1.46 1.37%
WBC Westpac Banking $24.28 Credit Suisse 25.50 22.50 13.33%
Macquarie 25.50 23.00 10.87%
Morgan Stanley 25.30 24.60 2.85%
Morgans 27.50 25.50 7.84%
Ord Minnett 24.50 22.40 9.38%
UBS 25.50 22.00 15.91%
WEB Webjet $5.11 Ord Minnett 5.85 4.65 25.81%
WHC Whitehaven Coal $1.54 Macquarie 1.70 1.80 -5.56%
Morgans 2.23 2.15 3.72%
UBS 2.30 2.10 9.52%
Summaries
ADI APN Industria Reit Add - Morgans Overnight Price $2.83
AHY Asaleo Care Neutral - Citi Overnight Price $1.43
AND ANSARADA GROUP Initiation of coverage with Add - Morgans Overnight Price $1.40
BAP Bapcor Limited Buy - Citi Overnight Price $7.88
Outperform - Credit Suisse Overnight Price $7.88
Outperform - Macquarie Overnight Price $7.88
Overweight - Morgan Stanley Overnight Price $7.88
Downgrade to Hold from Add - Morgans Overnight Price $7.88
Buy - Ord Minnett Overnight Price $7.88
Buy - UBS Overnight Price $7.88
BLX Beacon Lighting Buy - Citi Overnight Price $1.82
BXB Brambles Buy - Citi Overnight Price $10.58
CAR Carsales.Com Neutral - Credit Suisse Overnight Price $21.75
Neutral - Macquarie Overnight Price $21.75
Overweight - Morgan Stanley Overnight Price $21.75
Hold - Morgans Overnight Price $21.75
Hold - Ord Minnett Overnight Price $21.75
Upgrade to Buy from Neutral - UBS Overnight Price $21.75
CDA Codan Outperform - Macquarie Overnight Price $13.01
CHC Charter Hall Buy - Citi Overnight Price $12.82
Neutral - Credit Suisse Overnight Price $12.82
Outperform - Macquarie Overnight Price $12.82
Overweight - Morgan Stanley Overnight Price $12.82
Accumulate - Ord Minnett Overnight Price $12.82
Buy - UBS Overnight Price $12.82
COE Cooper Energy Equal-weight - Morgan Stanley Overnight Price $0.32
COL Coles Group Downgrade to Neutral from Buy - Citi Overnight Price $17.20
Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $17.20
Neutral - Macquarie Overnight Price $17.20
Overweight - Morgan Stanley Overnight Price $17.20
Add - Morgans Overnight Price $17.20
Hold - Ord Minnett Overnight Price $17.20
Neutral - UBS Overnight Price $17.20
CSL CSL Buy - Citi Overnight Price $281.17
Hold - Ord Minnett Overnight Price $281.17
CTD Corporate Travel Outperform - Credit Suisse Overnight Price $18.90
Overweight - Morgan Stanley Overnight Price $18.90
Add - Morgans Overnight Price $18.90
Buy - Ord Minnett Overnight Price $18.90
CWP Cedar Woods Properties Hold - Morgans Overnight Price $7.18
DMP Domino's Pizza Underperform - Credit Suisse Overnight Price $105.00
Outperform - Macquarie Overnight Price $105.00
Add - Morgans Overnight Price $105.00
Neutral - UBS Overnight Price $105.00
EBO EBOS Group Neutral - Citi Overnight Price $27.57
Add - Morgans Overnight Price $27.57
Buy - UBS Overnight Price $27.57
EML Eml Payments Outperform - Macquarie Overnight Price $4.90
Buy - UBS Overnight Price $4.90
EVN Evolution Mining Neutral - Citi Overnight Price $4.21
Outperform - Credit Suisse Overnight Price $4.21
Outperform - Macquarie Overnight Price $4.21
Equal-weight - Morgan Stanley Overnight Price $4.21
Hold - Morgans Overnight Price $4.21
Sell - UBS Overnight Price $4.21
FBU Fletcher Building Neutral - Macquarie Overnight Price $6.05
Overweight - Morgan Stanley Overnight Price $6.05
Neutral - UBS Overnight Price $6.05
FMG Fortescue Outperform - Macquarie Overnight Price $24.41
Hold - Morgans Overnight Price $24.41
Buy - Ord Minnett Overnight Price $24.41
GOR Gold Road Resources Buy - Ord Minnett Overnight Price $1.18
HDN HOMECO DAILY NEEDS REIT Outperform - Macquarie Overnight Price $1.36
Add - Morgans Overnight Price $1.36
IGO IGO Neutral - Citi Overnight Price $6.95
IRE Iress Accumulate - Ord Minnett Overnight Price $9.80
IVC Invocare Neutral - Citi Overnight Price $10.83
Hold - Ord Minnett Overnight Price $10.83
MCP Mcpherson'S Buy - Ord Minnett Overnight Price $1.21
MOE Moelis Australia Buy - Ord Minnett Overnight Price $4.75
NEC Nine Entertainment Outperform - Macquarie Overnight Price $2.79
NWL Netwealth Group Neutral - Citi Overnight Price $16.28
Neutral - Credit Suisse Overnight Price $16.28
Neutral - Macquarie Overnight Price $16.28
Hold - Morgans Overnight Price $16.28
Upgrade to Hold from Sell - Ord Minnett Overnight Price $16.28
ORA Orora Neutral - Citi Overnight Price $2.73
ORG Origin Energy Buy - UBS Overnight Price $4.60
PGH Pact Group Outperform - Credit Suisse Overnight Price $2.80
Neutral - Macquarie Overnight Price $2.80
Underweight - Morgan Stanley Overnight Price $2.80
Upgrade to Buy from Hold - Ord Minnett Overnight Price $2.80
PME PRO Medicus Downgrade to Hold from Add - Morgans Overnight Price $44.69
Neutral - UBS Overnight Price $44.69
PPT Perpetual Neutral - Macquarie Overnight Price $33.48
PSQ Pacific Smiles Group Overweight - Morgan Stanley Overnight Price $2.72
RDC Redcape Hotel Buy - Ord Minnett Overnight Price $0.95
RDY Readytech Holdings Outperform - Macquarie Overnight Price $1.90
RIO Rio Tinto Buy - Citi Overnight Price $127.47
Outperform - Macquarie Overnight Price $127.47
Equal-weight - Morgan Stanley Overnight Price $127.47
Hold - Morgans Overnight Price $127.47
Buy - Ord Minnett Overnight Price $127.47
Neutral - UBS Overnight Price $127.47
SBM St Barbara Outperform - Credit Suisse Overnight Price $2.19
Neutral - Macquarie Overnight Price $2.19
Overweight - Morgan Stanley Overnight Price $2.19
SGM Sims Outperform - Macquarie Overnight Price $13.63
SGR Star Entertainment Neutral - Citi Overnight Price $3.68
SHL Sonic Healthcare Buy - Citi Overnight Price $33.58
Hold - Ord Minnett Overnight Price $33.58
SUL Super Retail Buy - Citi Overnight Price $11.81
Outperform - Credit Suisse Overnight Price $11.81
Neutral - Macquarie Overnight Price $11.81
Overweight - Morgan Stanley Overnight Price $11.81
Hold - Morgans Overnight Price $11.81
Buy - UBS Overnight Price $11.81
SVW Seven Group Outperform - Macquarie Overnight Price $23.11
TAH Tabcorp Holdings Upgrade to Buy from Neutral - Citi Overnight Price $4.41
Neutral - Credit Suisse Overnight Price $4.41
No Rating - Macquarie Overnight Price $4.41
Hold - Morgans Overnight Price $4.41
Upgrade to Hold from Lighten - Ord Minnett Overnight Price $4.41
No Rating - UBS Overnight Price $4.41
TRS The Reject Shop Overweight - Morgan Stanley Overnight Price $7.56
Add - Morgans Overnight Price $7.56
Buy - Ord Minnett Overnight Price $7.56
TWE Treasury Wine Estates Sell - Citi Overnight Price $10.14
Equal-weight - Morgan Stanley Overnight Price $10.14
Hold - Morgans Overnight Price $10.14
Upgrade to Accumulate from Lighten - Ord Minnett Overnight Price $10.14
VCX Vicinity Centres Neutral - Citi Overnight Price $1.58
Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $1.58
Neutral - Macquarie Overnight Price $1.58
Underweight - Morgan Stanley Overnight Price $1.58
Sell - UBS Overnight Price $1.58
WBC Westpac Banking Outperform - Credit Suisse Overnight Price $23.54
Outperform - Macquarie Overnight Price $23.54
Overweight - Morgan Stanley Overnight Price $23.54
Add - Morgans Overnight Price $23.54
Hold - Ord Minnett Overnight Price $23.54
Buy - UBS Overnight Price $23.54
WEB Webjet Outperform - Credit Suisse Overnight Price $5.02
Buy - Ord Minnett Overnight Price $5.02
WES Wesfarmers Sell - Citi Overnight Price $54.15
WHC Whitehaven Coal Outperform - Credit Suisse Overnight Price $1.57
Neutral - Macquarie Overnight Price $1.57
Overweight - Morgan Stanley Overnight Price $1.57
Add - Morgans Overnight Price $1.57
Buy - UBS Overnight Price $1.57
WPL Woodside Petroleum Outperform - Macquarie Overnight Price $25.96
Hold - Ord Minnett Overnight Price $25.96
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

75

2. Accumulate

3

3. Hold

55

5. Sell

7

Thursday 18 February 2021

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