Australian Broker Call
August 31, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 11:41 AM
Your daily news report on the latest recommendation, valuation, forecast and opinion changes.
This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.
For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE
Today's Upgrades and Downgrades
| ASL - | AUSDRILL | Downgrade to Hold from Buy | Deutsche Bank |
| BLD - | BORAL | Downgrade to Sell from Neutral | Citi |
| BTT - | BT INVEST MANAGEMENT | Upgrade to Neutral from Sell | UBS |
| GTY - | GATEWAY LIFESTYLE | Upgrade to Outperform from Neutral | Macquarie |
| IGO - | INDEPENDENCE GROUP | Downgrade to Neutral from Outperform | Credit Suisse |
| RHC - | RAMSAY HEALTH CARE | Downgrade to Hold from Add | Morgans |
| S32 - | SOUTH32 | Downgrade to Neutral from Outperform | Macquarie |
| TOX - | TOX FREE SOLUTIONS | Upgrade to Buy from Neutral | UBS |
Deutsche Bank rates ASL as Downgrade to Hold from Buy (3) -
After posting a solid FY17 result, Ausdrill has raised new capital though both equity and debt in order to capitilise on improving conditions domestically and a strong pipeline on offer in Africa. Deutsche Bank expects new contract wins over the next year.
Execution is critical, with several large projects ramping up over the next six months and contract renewals due. Deutsche sees strong earnings momentum ahead but also a full valuation, hence a downgrade to Hold. Target falls to $2.37 from $2.40.
Target price is $2.37 Current Price is $2.35 Difference: $0.02
If ASL meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $2.37, suggesting upside of 10.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.0, implying annual growth of 20.0%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 17.9. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 6.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.0, implying annual growth of 8.3%. Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 16.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BBG as Buy (1) -
FY17 reults were pleasing to the broker, with EBITDA margins improving significantly in the second half. Citi sees this as a start of a margin recovery, driven by better inventory management and product sourcing.
The broker expects further margin gains in FY18 and beyond. However, given a lower sales base, Citi reduces FY18 EBITDA forecast from $70m to $60m.
Buy with a high risk rating and target price reduced to $1.25 from $1.90.
Target price is $1.25 Current Price is $0.76 Difference: $0.495
If BBG meets the Citi target it will return approximately 66% (excluding dividends, fees and charges).
Current consensus price target is $1.18, suggesting upside of 54.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.0, 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 12.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.9, implying annual growth of -18.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 15.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BLD as Downgrade to Sell from Neutral (5) -
Boral's FY17 results were in line with Citi's expectations. FY18 guidance was disappointing, with the company expected to face $15m to $20m in energy headwinds and $15m less property profits.
Combined with elevated D&A guidance, mainly at Headwaters, Citi downgrades core EPS forecasts by -12% in FY18, -11% in FY19 and -9% in FY20.
Citi downgrades to Sell from Neutral and lowers the target price to $6.20 from $7.09.
Target price is $6.20 Current Price is $6.63 Difference: minus $0.43 (current price is over target).
If BLD meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 25.00 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 29.00 cents and EPS of 32.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BLD as Outperform (1) -
Credit Suisse found the FY17 results messy, characterised by the acquisition of Headwaters and discontinued businesses, as well as a number of one-offs. The broker downgrades FY18-19 underlying EBIT by -1-2%.
The broker expects investors to return their focus to emerging opportunities across the east coast of Australia and in the US. Outperform retained. Target is raised to $7.30 from $7.05.
Target price is $7.30 Current Price is $6.63 Difference: $0.67
If BLD meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 27.00 cents and EPS of 45.31 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 33.00 cents and EPS of 52.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BLD as Buy (1) -
Boral's result beat consensus by 9%, thanks to a stronger than expected performance in Aust and a lower tax rate. No FY18 guidance was provided other than an expectation for growth in all divisions.
The broker believes the growth numbers look conservative, as does the expected synergy number flowing form the Headwaters acquisition. On upside potential Buy retained. Target falls to $7.67 from $7.96.
Target price is $7.67 Current Price is $6.63 Difference: $1.04
If BLD meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 34.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BLD as Outperform (1) -
FY17 results were above Macquarie's expectations. The broker continues to like the investment case and the exposure to Australian infrastructure and US housing.
While there are risks in the integration of Headwaters the broker believes the supportive market environment will mitigate this. Outperform retained. Target is lowered to $7.50 from $7.65.
Target price is $7.50 Current Price is $6.63 Difference: $0.87
If BLD meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 23.00 cents and EPS of 41.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 25.00 cents and EPS of 47.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLD as Hold (3) -
FY17 net profit was above Ord Minnett forecast. The broker believes it has been a transformational year, featuring the completion of Headwaters acquisition and the formation of the Meridian Brick joint venture.
The earnings outlook appears promising and the broker factors in in FY17/20 compound annual growth rate of 11.2%. Hold rating retained, given the full valuation. Target is lowered to $6.60 from $6.65.
Target price is $6.60 Current Price is $6.63 Difference: minus $0.03 (current price is over target).
If BLD meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.00 cents and EPS of 39.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BLD as Buy (1) -
Boral's FY17 results were in line with the broker's estimates, underpinned by a 7% lift in domestic earnings and a part contribution from the Headwaters acquisition.
UBS has reduced FY18 EBIT by -4%, mainly reflecting lower property sales for Boral Australia and higher D&A for Boral North America. The broker expects 10% underlying growth in Australia, ex property, partly offset by additional electricity costs.
Buy rating and $7.50 target retained.
Target price is $7.50 Current Price is $6.63 Difference: $0.87
If BLD meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $6.91, suggesting upside of 4.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.20 cents and EPS of 38.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 36.0, implying annual growth of N/A. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 26.10 cents and EPS of 43.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.4, implying annual growth of 23.3%. Current consensus DPS estimate is 29.0, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BSL as Outperform (1) -
The company has advised of a claim for a loss of opportunity to make trading profits by a consortium of small private investors. This is in connection with the NZ Taharoa iron sands export business, which the company wrote down to zero and then paid an acquirer to take ownership after a protracted sale period.
Credit Suisse understands the company's conservative approach is providing oxygen to the consortium. In the broker's opinion the worst case for BlueScope will be a minor short-term impact to the share price that would provide the company with an opportunity to buy back shares more cheaply.
The broker retains an Outperform rating and $12.75 target.
Target price is $12.75 Current Price is $10.97 Difference: $1.78
If BSL meets the Credit Suisse target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $13.12, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 13.00 cents and EPS of 88.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.1, implying annual growth of -22.5%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 13.00 cents and EPS of 96.79 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.5, implying annual growth of 4.5%. Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 10.8. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BTT as Neutral (3) -
The company will internalise Hambro's research costs. The cost of research would be around GBP5m per annum, which has an annualised impact of -3% on net profit.
The company will only adopt the policy for its offshore business. Credit Suisse downgrades earnings for FY18-19 by -2-3% to reflect this. Neutral maintained. Target is $11.20.
Target price is $11.20 Current Price is $10.43 Difference: $0.77
If BTT meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 47.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of 3.1%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 55.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.4, implying annual growth of 14.8%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BTT as Overweight (1) -
The company will internalise JO Hambro research costs. The estimated annual cost is around $8m. This is greater than Morgan Stanley expected but notes JO Hambro is a high conviction active equities manager.
Overweight and $13.50 target retained. Industry view In-Line.
Target price is $13.50 Current Price is $10.43 Difference: $3.07
If BTT meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 49.50 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of 3.1%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 61.50 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.4, implying annual growth of 14.8%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BTT as Upgrade to Neutral from Sell (3) -
While JOHambro's FY18 performance fee outlook has improved slightly over the past two months, further slippage in underperforming funds continues to impede medium term prospects and suggest downside impact to EPS forecasts.
UBS sees only 3% growth in FY18, although this is expected to improve to 8% over FY19 and FY20.
UBS upgrades to Neutral from Sell and target reduced to $11.00 from $11.15.
Target price is $11.00 Current Price is $10.43 Difference: $0.57
If BTT meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.80, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 45.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 56.1, implying annual growth of 3.1%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 19.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 47.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.4, implying annual growth of 14.8%. Current consensus DPS estimate is 53.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GTY as Upgrade to Outperform from Neutral (1) -
FY17 results were in line with Macquarie and FY18 guidance is below expectations. The company experienced a difficult FY17 on the development side, downgrading expectations twice. FY18 guidance appears conservative and the broker suspects the rental side is under appreciated.
Macquarie envisages long-term growth in the manufactured home sector driven by positive trends such as an ageing population, financial pressure on retirees and housing affordability. Rating is upgraded to Outperform from Neutral. Target is $2.08.
Target price is $2.08 Current Price is $1.95 Difference: $0.13
If GTY meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.80 cents and EPS of 14.00 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.00 cents and EPS of 14.30 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GTY as Buy (1) -
FY17 results were in line with UBS forecasts. FY18 guidance was also as expected by the broker.
Assuming no change in market conditions, and no further acquisitions, Gateway is targeting distributable earnings growth of 7% in FY18. The company also plans to acquire 200 to 300 LT occupied sites per annum and develop 250 sites per annum.
Buy rating and $2.18 target retained.
Target price is $2.18 Current Price is $1.95 Difference: $0.23
If GTY meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 9.00 cents and EPS of 14.20 cents. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 10.00 cents and EPS of 15.10 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GXY as Outperform (1) -
First half loss of $6.5m compares with Macquarie's expectations for break-even. The result represented two months of commercial production from Mount Cattlin.
The broker expects the company's earnings to strengthen over the remainder of 2017. Pricing and production increases are likely to be the key catalysts.
Outperform rating retained. Target is $2.10.
Target price is $2.10 Current Price is $1.76 Difference: $0.34
If GXY meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 3.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of -84.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 27.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 287.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GXY as Neutral (3) -
Galaxy Resources' two month results were treated as half yearly by the broker, and were not up to expectations due to higher depreciation costs.
UBS has lifted depreciation forecasts across future periods leading to downgrades in profit estimates. The broker looks to Mt Cattlin to successfully reach and maintain production capacity of 1.6mtpa.
The broker is also awaiting progress on Sal de Vida in regards to whether the company can secure a joint venture partner. Neutral and $1.95 target maintained.
Target price is $1.95 Current Price is $1.76 Difference: $0.19
If GXY meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.25, suggesting upside of 25.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of -84.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 28.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.4, implying annual growth of 287.3%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates HLO as Hold (3) -
FY17 results were largely in line with expectations. Improvements were made across each of the company's key operating metrics. FY18 guidance is for operating earnings growth of 14-21%.
This appears conservative to the broker, although management has a track record of upgrading expectations as the year progresses.
The broker considers the stock fully priced for the short-term but,, with a management team that is highly incentivised, recommends shareholders hold on for the ride. Hold retained. Target rises to $4.60 from $4.40.
Target price is $4.60 Current Price is $4.45 Difference: $0.15
If HLO meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.76, suggesting upside of 7.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 18.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 41.0%. Current consensus DPS estimate is 11.7, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 21.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 17.0%. Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IGO as Buy (1) -
FY17 results held no surprises for the broker , having been flagged with the June quarter production report. FY18 production guidance was reaffirmed, with Nova expected to add around 200% EPS growth into FY18/19 as the mine reaches full production in the December quarter of 2017.
Citi has trimmed throughput assumptions at Nova for the September quarter, ahead of a full ramp up, leading to a reduction of -5% in FY18 earnings forecast. This is balanced by a roll forward of estimates.
Buy rating and $3.82 target retained.
Target price is $3.82 Current Price is $3.42 Difference: $0.4
If IGO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $3.50, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 11.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 36.6%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IGO as Downgrade to Neutral from Outperform (3) -
FY17 results were in line with prior guidance. Credit Suisse had hoped for an update on the grade performance at Nova to learn whether the positive reconciliation relative to the downgraded resource has been maintained.
The broker also suspects management has little idea of the outlook for Tropicana. FY18 is expected to be a transformational year. Rating is downgraded to Neutral from Outperform. Target is raised to $3.35 from $3.30.
Target price is $3.35 Current Price is $3.42 Difference: minus $0.07 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.50, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 8.90 cents and EPS of 29.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.95 cents and EPS of 43.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 36.6%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IGO as Buy (1) -
Independence' result had been pre-released so no surprises. Better than expected operating cash flow was offset by higher development costs at Nova, the broker notes.
FY18 production guidance is unchanged, with Nova expected to reach nameplate next month. The broker retains Buy and a $3.80 target, highlighting the quality of the Tropicana and Nova assets.
Target price is $3.80 Current Price is $3.42 Difference: $0.38
If IGO meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.50, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 6.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 10.00 cents and EPS of 34.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 36.6%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IGO as Underperform (5) -
FY17 earnings presented no surprises to Macquarie. Guidance is unchanged and the broker notes the aggressive second half FY18 ramping up of production at Nova remains the key catalyst.
Macquarie retains the view that there is heightened risk for a miss to guidance. Underperform retained. Target edges up to $3.20.
Target price is $3.20 Current Price is $3.42 Difference: minus $0.22 (current price is over target).
If IGO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.50, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 10.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.2, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 12.00 cents and EPS of 29.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.8, implying annual growth of 36.6%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MTO as Add (1) -
FY17 results were slightly ahead of Morgans. The broker incorporates the expected insurance impact from FY18 which means forecasts for earnings per share for by -7.8%.
This does not change the big picture and the broker believes the company is well-placed to consolidate a highly fragmented industry. Add retained. Target rises to $4.37 from $4.23.
Target price is $4.37 Current Price is $4.10 Difference: $0.27
If MTO meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.00 cents and EPS of 26.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 17.00 cents and EPS of 28.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NXT as Buy (1) -
In an initial response, Citi analysts note reported FY17 financials are in-line with company's guidance and market consensus forecasts. While guidance for FY18 looks a little below consensus, the analysts do note the ramp up of new assets and higher energy prices are to blame.
Citi analysts suggest investors are likely to welcome capacity upgrades and confirmation of B2 and M2 openings. They also note management at NextDC typically provides cautious guidance for the year ahead.
Target price is $5.18 Current Price is $4.25 Difference: $0.93
If NXT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.83, suggesting upside of 11.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 9.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, 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 68.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.0, implying annual growth of -20.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 86.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates OZL as Sell (5) -
BHP ((BHP)) has pulled the plug on Prominent Hill. Currently the Hill piggy backs off the power supply to Olympic Dam, with OZ owning the extension lead. BHP will terminate the deal in 2020.
BHP's power is supplied by ElectraNet, with which OZ has an agreement to supply Carrapateena. As to whether the change in supply agreement with BHP will affect this agreement is unclear. Either way, the broker already had a Sell rating, and $7.30 target.
Target price is $7.30 Current Price is $8.35 Difference: minus $1.05 (current price is over target).
If OZL meets the Deutsche Bank target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.59, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 2.00 cents and EPS of 47.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.1, implying annual growth of 45.9%. Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.1, implying annual growth of -34.5%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 23.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PGH as Neutral (3) -
Pact's FY17 result was in line with the broker. However operating EBITDA missed forecasts by 6%, highlighting UBS concerns over further volume pressure in end markets in the core rigid plastic business.
Pact taking lower returns on contracts for duration now provides an added layer of concern for the broker. FY18 and FY19 earnings forecasts have been reduced by -9%. UBS now sees the company delivering 10% EPS growth in FY18, down from 20%.
Target falls to $5.30 from $6.60 and Neutral retained.
Target price is $5.30 Current Price is $5.25 Difference: $0.05
If PGH meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $5.83, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 26.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of 23.3%. Current consensus DPS estimate is 24.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 29.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.7, implying annual growth of 7.3%. Current consensus DPS estimate is 26.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates PRU as Neutral (3) -
The company's FY17 loss was lower than the broker had expected, mainly due to improved production at Edikan.
The new Sissingue gold operation is expecting production in the March quarter of 2018 and a feasibility study for the Yaoure project is due in December. If the company can meet FY18 guidance for higher production at lower cost the company could reach break-even in the second half and then return to profit.
Neutral rating and 36c target retained.
Target price is $0.36 Current Price is $0.31 Difference: $0.05
If PRU meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $0.44, suggesting upside of 41.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.0, 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 15.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 110.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PRU as Outperform (1) -
The FY17 net loss was greater than Credit Suisse expected. FY17 is considered a pivotal point for Edikan as it iis now expected to generate cash after previously being a cash consumer.
Outperform rating retained. Target is reduced to $0.78 from $0.80.
Target price is $0.78 Current Price is $0.31 Difference: $0.47
If PRU meets the Credit Suisse target it will return approximately 152% (excluding dividends, fees and charges).
Current consensus price target is $0.44, suggesting upside of 41.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.0, 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 15.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 7.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 110.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates PRU as Outperform (1) -
The FY17 loss far exceeded Macquarie's forecast and was driven by around -$63m in non-cash items and negatively affected by the -$24.5m settlement of a legal claim.
Improved cash flow in the second half highlights improvements made at Edikan and this provides encouragement for future earnings. The broker also observes Sissingue is progressing well.
Outperform maintained. Target is $0.40.
Target price is $0.40 Current Price is $0.31 Difference: $0.09
If PRU meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $0.44, suggesting upside of 41.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 4.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.0, 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 15.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 110.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PRU as Neutral (3) -
Perseus Mining's FY17 EBITDA result was better than the broker had expected, although the bottom line was impacted by a series of one-off events.
Edikan is guiding to FY18 group production of 250-285koz with all in costs of US$950oz to US$1110oz. UBS has cut FY18 profit forecast by -78% and FY19 profit forecast by -25%.
Neutral rating and 30c target retained.
Target price is $0.30 Current Price is $0.31 Difference: minus $0.01 (current price is over target).
If PRU meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.44, suggesting upside of 41.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 2.0, 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 15.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 0.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 4.2, implying annual growth of 110.0%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 7.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RAN as Hold (3) -
First half results were broadly in line with Morgans. The company has announced a US$10.7m equity raising, which management expects will fund the business until it reaches break-even on operating cash flow.
Morgans considers the outlook more positive but prefers to wait for more evidence of sales momentum before changing its view. Hold maintained. Target rises to $0.35 from $0.32.
Target price is $0.35 Current Price is $0.33 Difference: $0.02
If RAN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 12.39 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.32 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RFG as Sell (5) -
The company's weak FY17 result was in line with the recent downgrade, although there was support from the Hudson acquisition.
Donut King was the stand-out with LFL sales increasing 4.7%, while most of the remaining brands had negative LFL sales. FY18 guidance was for 6% NPAT growth, but UBS sees this as closer to 1.5%. The broker has cut medium term EPS by -7% to -17%.
Sell rating retained and target reduced to $4.55 from $4.70.
Target price is $4.55 Current Price is $5.00 Difference: minus $0.45 (current price is over target).
If RFG meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.55, suggesting downside of -9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 30.00 cents and EPS of 41.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.3, implying annual growth of 13.1%. Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 30.00 cents and EPS of 41.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.9, implying annual growth of 8.5%. Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 10.9. |
Market Sentiment: -1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RHC as Neutral (3) -
FY17 results were a miss for the broker, although core EPS was helped by a lower interest expense and one-off tax benefit. Declines in both France and the UK's EBITDA are an ongoing drag on the company's earnings in Citi's opinion.
FY18 to FY20 EPS forecasts fall by -1% to -2% on lower profit from these regions, combined with slower contribution than previously assumed from the ramp up of the company's Australian pharmacy strategy. Citi believes the diversification into pharmacy is accretive in the short term, but lowers the quality of future growth.
Neutral and $74.50 target maintained.
Target price is $74.50 Current Price is $68.10 Difference: $6.4
If RHC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 157.00 cents and EPS of 282.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 176.00 cents and EPS of 312.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates RHC as Neutral (3) -
FY17 net profit was in line with Credit Suisse. The company's Australian hospitals are in a strong position to deliver growth above system, although Credit Suisse does not envisage improvement in industry dynamics until there are meaningful reforms of the sector.
There are a number of reviews into the private health insurance sector but how long it takes for recommendations to be delivered to government and whether the government acts is unclear.
As a result, in the interim, the broker suspects private health insurance participants will continue to vote with their feet, given there remains a viable public hospital system.
Neutral retained. Target is reduced to $71.60 from $73.00.
Target price is $71.60 Current Price is $68.10 Difference: $3.5
If RHC meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 147.00 cents and EPS of 286.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 159.00 cents and EPS of 310.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RHC as Equal-weight (3) -
FY17 results were below Morgan Stanley's estimates. France missed the broker's forecast, with operating earnings margins around -50 basis points below estimates, largely because of tariff reductions. UK was in line with expectations.
Morgan Stanley expects flat offshore business in FY18. The broker does not find the valuation compelling. Equal-weight retained. In-Line sector view. Price target is raised to $67.70 from $64.60.
Target price is $67.70 Current Price is $68.10 Difference: minus $0.4 (current price is over target).
If RHC 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 $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 173.80 cents and EPS of 282.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 186.90 cents and EPS of 307.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RHC as Downgrade to Hold from Add (3) -
FY17 underlying profit was in line with estimates. Morgans observes the domestic business has shown resilience despite industry volatility.
Regardless of the fundamentals and domestic business, headwinds are intensifying in the rest of the world and the broker expects this may handicap the near-term performance.
Morgans downgrades to Hold from Add. Target price is reduced to $74.51 from $85.81.
Target price is $74.51 Current Price is $68.10 Difference: $6.41
If RHC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 146.00 cents and EPS of 288.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 160.00 cents and EPS of 316.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates RHC as Accumulate (2) -
FY17 results were slightly short of Ord Minnett forecasts. FY18 guidance equates to growth in earnings per share of 12% and the broker expects this will require another double-digit lift in domestic earnings. Ord Minnett remains comfortable this can be achieved.
Beyond FY18 the broker expects offshore operations to return to growth. Accumulate rating retained. Target is reduced to $80 from $83.
Target price is $80.00 Current Price is $68.10 Difference: $11.9
If RHC meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 144.00 cents and EPS of 290.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 159.00 cents and EPS of 323.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RHC as Neutral (3) -
FY17 results were better than UBS had expected. FY18 outlook slows to 8% to 10% EPS growth as the company expects tariff cuts to lead to an EU EBITDA decline.
However, this may be offset by Australian growth through higher new bed opens, pharmacy acquisitions and $30m in additional savings.
Neutral retained and target reduced to $70 from $72.
Target price is $70.00 Current Price is $68.10 Difference: $1.9
If RHC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $73.05, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 163.00 cents and EPS of 299.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 289.0, implying annual growth of N/A. Current consensus DPS estimate is 155.3, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 177.00 cents and EPS of 323.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 315.3, implying annual growth of 9.1%. Current consensus DPS estimate is 169.7, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 22.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Downgrade to Neutral from Outperform (3) -
Macquarie upgrades near-term base metal and bulk commodity price forecasts. The most significant change is the iron ore price and FY18 estimates rise 27% to US$63/t.
The broker finds there is now a clear gap with larger rivals Rio Tinto ((RIO)) and BHP Billiton ((BHP)) and downgrades South32 to Neutral from Outperform. Target is reduced to $3.10 from $3.20.
Target price is $3.10 Current Price is $2.90 Difference: $0.2
If S32 meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.10 cents and EPS of 22.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.2, implying annual growth of N/A. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.37 cents and EPS of 23.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.0, implying annual growth of -0.9%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SDG as Add (1) -
FY17 results in line with guidance and slightly ahead of Morgans. The broker updates forecasts for new assumptions regarding the timing of expected settlements, particularly multi-storeys,, given some projects have been pushed out.
The quality of the portfolio and product should underpin future sales,, in the broker's opinion, with the company focusing on specific geographic areas. Add retained. Target is raised to $2.08 from $2.00.
Target price is $2.08 Current Price is $1.85 Difference: $0.23
If SDG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.40 cents and EPS of 26.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 10.30 cents and EPS of 25.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SFR as Neutral (3) -
FY17 results were in line with Citi's forecasts. The increased dividend payout shows the company is considering shareholders along with exploration and growth.
Prior FY18 guidance was maintained, with the Monty mine on track for December quarter 2018 production. Citi expects DeGrussa and Monty ore to exhaust at the end of FY21, but the company is looking to extend life with the recently acquired Thaduna/Green Dragon project and potentially processing oxide stockpiles.
Neutral/High Risk rating retained and target raised to $6.90 from $6.20.
Target price is $6.90 Current Price is $5.78 Difference: $1.12
If SFR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.00 cents and EPS of 49.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 30.00 cents and EPS of 86.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SFR as Underperform (5) -
FY17 net profit was below Credit Suisse estimates. The broker's earnings and valuation are affected by depressed medium-term copper price assumptions.
Credit Suisse retains an Underperform rating and $4.90 target.
Target price is $4.90 Current Price is $5.78 Difference: minus $0.88 (current price is over target).
If SFR meets the Credit Suisse target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.18 cents and EPS of 49.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 5.94 cents and EPS of 16.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SFR as Buy (1) -
Sandfire had already pre-released strong cash flow numbers. Its profit result was slightly short on higher interest payments. A 13c dividend beat the broker's 11c forecast.
On strong copper prices, Sandfire should be able to continue generate solid cash flows and thus maintain its payout ratio, the broker suggests, even as it funds Monty and progresses Black Butte. Buy and $8.20 target retained.
Target price is $8.20 Current Price is $5.78 Difference: $2.42
If SFR meets the Deutsche Bank target it will return approximately 42% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 17.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 33.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SFR as Neutral (3) -
FY17 results were marginally weaker than Macquarie expected. As mine life at DeGrussa is now just four years, achieving further exploration success is critical.
Macquarie believes the company can deliver further profit and cash flow growth in FY18, particularly if current spot prices are maintained. Progressing the Black Butte project offers upside to the broker's base case. Neutral retained. Target reduced 3% to $6.20.
Target price is $6.20 Current Price is $5.78 Difference: $0.42
If SFR meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.00 cents and EPS of 47.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 23.00 cents and EPS of 69.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SFR as Hold (3) -
FY17 results were in line with expectations. Morgans is impressed with the accumulation of cash but notes investor attention is increasingly on exploration success and the progress at Black Butte.
Morgans is becoming increasingly nervous about the limited reserve life at DeGrussa and exploration potential remains the key source of upside and risk. Hold retained. Target is reduced to $6.35 from $6.44.
Target price is $6.35 Current Price is $5.78 Difference: $0.57
If SFR meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 21.00 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SFR as Hold (3) -
FY17 results were broadly in line with Ord Minnett. The broker considers the short mine life at DeGrussa the main impediment to the company gaining broad investment appeal.
The stock offers leverage to the currently buoyant copper market and there is potential upside to reserves through exploration success. Ord Minnett maintains a Hold rating and lowers the target to $6.30 from $6.70.
Target price is $6.30 Current Price is $5.78 Difference: $0.52
If SFR meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.38, suggesting upside of 8.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 17.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.8, implying annual growth of N/A. Current consensus DPS estimate is 17.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 20.00 cents and EPS of 65.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 25.7%. Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 8.6. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SYR as Outperform (1) -
The company has received the mining approval from Mozambique for the Balama project. Conditions are in line with what was previously disclosed by the company.
The delay in signing the agreement has no effect on the project other than being a necessary condition for the $50m in working capital that is required by year end.
Target is $7.45. Outperform retained.
Target price is $7.45 Current Price is $2.97 Difference: $4.48
If SYR meets the Credit Suisse target it will return approximately 151% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 56.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 10.25 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.0, 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 FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 20.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, 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 55.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SYR as Buy (1) -
Syrah's mining agreement for the Balama graphite project has been approved by the government of Mozambique.
The agreement must now be gazetted and signed by Syrah's wholly owned subsidiary, Twigg Exploration & Mining and the minister of mineral resources and energy. Final approval is not required for production to begin in October 2017.
First full year production guidance remains set at 140kt to 160kt. UBS retains the Buy rating and $3.80 target.
Target price is $3.80 Current Price is $2.97 Difference: $0.83
If SYR meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 56.8% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.0, 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 FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.3, 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 55.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TLS as Sell (5) -
Telstra has announced that NBN Co has rejected the proposal to monetise its long term NBN payments. Citi now views the prospect of a share buy-back at Telstra to be unlikely.
Telstra has guided to a 22c dividend payment in FY18, including a special dividend. Citi expects ordinary dividends will likely decline to a low point of 13c in FY19 with scope to grow from that point.
Sell rating and $3.60 target retained.
Target price is $3.60 Current Price is $3.60 Difference: $0
If TLS meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 22.00 cents and EPS of 21.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of -5.5%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 21.00 cents and EPS of 18.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TLS as Buy (1) -
Telstra's plan to monetise its recurring NBN income, effectively bringing payments forward to repay debt and support capital management, has been knocked back by the NBN.
The broker sees it as only a slight negative given (a) the broker knew consent from all the relevant parties, aside from NBN, was a stretch anyway and (b), Telstra's gearing level is not so high as to be a problem. Buy and $4.00 target retained on what is still an attractive dividend yield.
Target price is $4.00 Current Price is $3.60 Difference: $0.4
If TLS meets the Deutsche Bank target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.92, suggesting upside of 9.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 22.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.7, implying annual growth of -5.5%. Current consensus DPS estimate is 22.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of -1.0%. Current consensus DPS estimate is 22.1, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 11.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TOX as Neutral (3) -
FY17 results were broadly in line with Macquarie. The broker is encouraged by the winning of contracts in the core business but requires earnings estimates to stabilise in order to put a floor under the share price.
Neutral retained. Target is reduced to $2.15 from $2.45.The company is forecasting FY18 underlying EBITDA growth of up to 4%.
Target price is $2.15 Current Price is $2.27 Difference: minus $0.12 (current price is over target).
If TOX meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.26, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 9.00 cents and EPS of 13.80 cents. 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 8.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 9.50 cents and EPS of 14.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TOX as Hold (3) -
FY17 results were broadly in line with Ord Minnett. The broker was disappointed as more one-offs were taken below the line and notes returns in the business have faded over the past five years as the company acquired earnings to offset the rolling off of highly lucrative contracts.
Although the FY18 outlook is relatively weak the broker expects more normal organic growth in FY19. Hold retained. Target is lowered to $2.15 from $2.25.
Target price is $2.15 Current Price is $2.27 Difference: minus $0.12 (current price is over target).
If TOX 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 $2.26, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 8.00 cents and EPS of 14.00 cents. 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 8.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 9.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TOX as Upgrade to Buy from Neutral (1) -
FY17 results were broadly in line with UBS estimates. FY18 should conclude the transition away from more volatile, low quality resource construction earnings, to be replaced by the full year contribution from the health waste business.
The broker recognises essentially flat NPAT growth in FY18, but sees three year EPS CAGR of +10% through FY19 to FY21.
UBS upgrades to Buy from Neutral and lowers the target price to $2.50 from $2.55.
Target price is $2.50 Current Price is $2.27 Difference: $0.23
If TOX meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.26, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 9.10 cents and EPS of 14.10 cents. 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 8.0, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 9.70 cents and EPS of 14.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.3, implying annual growth of 5.1%. Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ASL - | AUSDRILL | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $2.35 |
| BBG - | BILLABONG INT | Buy - Citi | Overnight Price $0.76 |
| BLD - | BORAL | Downgrade to Sell from Neutral - Citi | Overnight Price $6.63 |
| Outperform - Credit Suisse | Overnight Price $6.63 | ||
| Buy - Deutsche Bank | Overnight Price $6.63 | ||
| Outperform - Macquarie | Overnight Price $6.63 | ||
| Hold - Ord Minnett | Overnight Price $6.63 | ||
| Buy - UBS | Overnight Price $6.63 | ||
| BSL - | BLUESCOPE STEEL | Outperform - Credit Suisse | Overnight Price $10.97 |
| BTT - | BT INVEST MANAGEMENT | Neutral - Credit Suisse | Overnight Price $10.43 |
| Overweight - Morgan Stanley | Overnight Price $10.43 | ||
| Upgrade to Neutral from Sell - UBS | Overnight Price $10.43 | ||
| GTY - | GATEWAY LIFESTYLE | Upgrade to Outperform from Neutral - Macquarie | Overnight Price $1.95 |
| Buy - UBS | Overnight Price $1.95 | ||
| GXY - | GALAXY RESOURCES | Outperform - Macquarie | Overnight Price $1.76 |
| Neutral - UBS | Overnight Price $1.76 | ||
| HLO - | HELLOWORLD | Hold - Morgans | Overnight Price $4.45 |
| IGO - | INDEPENDENCE GROUP | Buy - Citi | Overnight Price $3.42 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $3.42 | ||
| Buy - Deutsche Bank | Overnight Price $3.42 | ||
| Underperform - Macquarie | Overnight Price $3.42 | ||
| MTO - | MOTORCYCLE HOLDINGS | Add - Morgans | Overnight Price $4.10 |
| NXT - | NEXTDC | Buy - Citi | Overnight Price $4.25 |
| OZL - | OZ MINERALS | Sell - Deutsche Bank | Overnight Price $8.35 |
| PGH - | PACT GROUP | Neutral - UBS | Overnight Price $5.25 |
| PRU - | PERSEUS MINING | Neutral - Citi | Overnight Price $0.31 |
| Outperform - Credit Suisse | Overnight Price $0.31 | ||
| Outperform - Macquarie | Overnight Price $0.31 | ||
| Neutral - UBS | Overnight Price $0.31 | ||
| RAN - | RANGE INTERNATIONAL | Hold - Morgans | Overnight Price $0.33 |
| RFG - | RETAIL FOOD GROUP | Sell - UBS | Overnight Price $5.00 |
| RHC - | RAMSAY HEALTH CARE | Neutral - Citi | Overnight Price $68.10 |
| Neutral - Credit Suisse | Overnight Price $68.10 | ||
| Equal-weight - Morgan Stanley | Overnight Price $68.10 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $68.10 | ||
| Accumulate - Ord Minnett | Overnight Price $68.10 | ||
| Neutral - UBS | Overnight Price $68.10 | ||
| S32 - | SOUTH32 | Downgrade to Neutral from Outperform - Macquarie | Overnight Price $2.90 |
| SDG - | SUNLAND GROUP | Add - Morgans | Overnight Price $1.85 |
| SFR - | SANDFIRE | Neutral - Citi | Overnight Price $5.78 |
| Underperform - Credit Suisse | Overnight Price $5.78 | ||
| Buy - Deutsche Bank | Overnight Price $5.78 | ||
| Neutral - Macquarie | Overnight Price $5.78 | ||
| Hold - Morgans | Overnight Price $5.78 | ||
| Hold - Ord Minnett | Overnight Price $5.78 | ||
| SYR - | SYRAH RESOURCES | Outperform - Credit Suisse | Overnight Price $2.97 |
| Buy - UBS | Overnight Price $2.97 | ||
| TLS - | TELSTRA CORP | Sell - Citi | Overnight Price $3.60 |
| Buy - Deutsche Bank | Overnight Price $3.60 | ||
| TOX - | TOX FREE SOLUTIONS | Neutral - Macquarie | Overnight Price $2.27 |
| Hold - Ord Minnett | Overnight Price $2.27 | ||
| Upgrade to Buy from Neutral - UBS | Overnight Price $2.27 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 22 |
| 2. Accumulate | 1 |
| 3. Hold | 23 |
| 5. Sell | 6 |
Thursday 31 August 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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