Australian Broker Call
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May 02, 2018
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COMPANIES DISCUSSED IN THIS ISSUE
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THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 11:53 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.
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Today's Upgrades and Downgrades
| XRO - | XERO | Upgrade to Neutral from Sell | UBS |
Overnight Price: $27.65
Citi rates ALL as Buy (1) -
Citi notes a positive outlook prevailed at the company's investor briefing. The strategy to increase share in the North American Class III and II markets through continued investment in design and development was reiterated, along with expansion into adjacent markets.
Management also emphasised the importance of scale in digital. No financial guidance was provided. Buy rating and $32.20 target maintained.
Target price is $32.20 Current Price is $27.65 Difference: $4.55
If ALL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 45.00 cents and EPS of 110.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 84.00 cents and EPS of 139.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ALL as Neutral (3) -
Following the investor briefing Credit Suisse makes modest upgrades to earnings and rolls forward its valuation to FY20. The broker notes management has confidently suggested new products and segments will carry it into a leadership position in land-based markets.
The broker upgrades the target to $28.00 from $25.30. Neutral maintained.
Target price is $28.00 Current Price is $27.65 Difference: $0.35
If ALL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 47.00 cents and EPS of 104.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 59.00 cents and EPS of 131.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ALL as Buy (1) -
The company's investor briefing was short on financial detail, Deutsche Bank observes, but overall positive as it highlighted ongoing strength in land-based gaming.
The company has also indicated that success in adjacent markets is being experienced earlier than anticipated and it is on track to integrate the digital acquisitions. The broker believes there is upside risk to market forecasts.
Buy rating. Target $33.90.
Target price is $33.90 Current Price is $27.65 Difference: $6.25
If ALL meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 49.00 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 58.00 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ALL as Equal-weight (3) -
Aristocrat's investor day was "pretty uneventful" in Morgan Stanley's view. No trading update was forthcoming.
Acquisitions remain on track and the company will target new social gaming genres. Whilst the broker believes the opportunities are exciting, execution will be the key risk.
Equal-weight and $26 target retained. Industry view: Cautious.
Target price is $26.00 Current Price is $27.65 Difference: minus $1.65 (current price is over target).
If ALL meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 44.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 74.00 cents and EPS of 123.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ALL as Accumulate (2) -
The company has clarified its digital strategy and reiterated core land-based opportunities.
These are the main positives, Ord Minnett suggests, with questions remaining around performance metrics in the digital portfolio, across promotional opportunities, and developing and publishing in Asia and eSports.
Accumulate rating and $27.50 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $27.50 Current Price is $27.65 Difference: minus $0.15 (current price is over target).
If ALL meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 42.00 cents and EPS of 90.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 49.00 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ALL as Buy (1) -
Aristocrat did not provide guidance at its investor day but rather focused on growth opportunities in its various segments. The broker conservatively values these opportunities.
The broker suggests the company is fully penetrated in Australia and Asia but growth potential exists elsewhere, including in digital platforms. Forecast earnings are upgraded and target rises to $30.50 from $25.50. Buy retained.
Target price is $30.50 Current Price is $27.65 Difference: $2.85
If ALL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $29.32, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 46.00 cents and EPS of 114.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 108.6, implying annual growth of 39.8%. Current consensus DPS estimate is 45.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 56.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 132.2, implying annual growth of 21.7%. Current consensus DPS estimate is 63.9, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 20.9. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $13.50
Macquarie rates AMC as Outperform (1) -
Amcor presented at the Macquarie Conference, including an update on Q3. The key take-away, suggest analysts at Macquarie, is that raw material input costs are still rising with operations in Emerging Markets key victims.
Also, North American beverage and closure volumes have remained weak for rigids. The analysts believe all-in-all this calls for a slightly worse outlook than the company suggested in February; to the tune of -2-3% EPS estimate for FY18.
While acknowledging headwinds remain longer in play than initially assumed, Macquarie nevertheless sticks to the view these headwinds are temporary, not structural. A weaker AUD should be a benefit, they add. Outperform rating retained. Price target $16.15.
Target price is $16.15 Current Price is $13.50 Difference: $2.65
If AMC meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $15.56, suggesting upside of 15.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 59.36 cents and EPS of 82.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 82.5, implying annual growth of N/A. Current consensus DPS estimate is 59.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 66.10 cents and EPS of 92.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 90.7, implying annual growth of 9.9%. Current consensus DPS estimate is 64.2, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 14.9. |
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
Deutsche Bank rates AMP as Hold (3) -
In the light of the revelations from the Royal Commission into financial services misconduct, the regulator has signalled it may follow up with civil and criminal charges. Deutsche Bank notes the CEO chairman and chief legal counsel have all resigned.
Given the revelations, the broker reduces earnings estimates by -10% for FY20 and lowers the target to $4.00 from $5.20. Hold maintained.
Target price is $4.00 Current Price is $4.05 Difference: minus $0.05 (current price is over target).
If AMP meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.26, suggesting upside of 29.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 33.7, implying annual growth of 15.0%. Current consensus DPS estimate is 29.2, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY19:
Current consensus EPS estimate is 35.9, implying annual growth of 6.5%. Current consensus DPS estimate is 30.6, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 11.3. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $27.35
Citi rates ANZ as Buy (1) -
Cash earnings in the first half were slightly above Citi's estimates. The broker notes a large number of one-off items relating to divestments obscured the underlying trends. The CET1 ratio is growing rapidly and now at 11%.
The buyback program has begun and Citi expects a combination of dividend increases and buybacks to continue from FY19. Buy rating maintained. Target is raised to $30.50 from $30.00.
Target price is $30.50 Current Price is $27.35 Difference: $3.15
If ANZ meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 163.00 cents and EPS of 210.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 170.00 cents and EPS of 224.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ANZ as Neutral (3) -
Following the first half result Credit Suisse downgrades FY18 estimates by -7% and lowers the target to $28.50 from $31.00. The broker suggests revenue growth is becoming incrementally more difficult amid intense competition. Neutral maintained.
The broker believes an underlying profit downgrade is only saved by a benign bad debt environment. While the bank has some specific levers to address costs and capital management should mean it is relatively well placed, Credit Suisse cannot help but believe the Royal Commission will swamp this in the short term.
Target price is $28.50 Current Price is $27.35 Difference: $1.15
If ANZ meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 160.00 cents and EPS of 238.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 164.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ANZ as Hold (3) -
First half cash net profit was weaker than Deutsche Bank expected. One of the main drivers of the weakness was the non-interest income line, with the market's contribution -7% lower. Operating metrics were more positive and in line with forecasts.
Hold rating maintained. Target is $29.50.
Target price is $29.50 Current Price is $27.35 Difference: $2.15
If ANZ meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ANZ as Outperform (1) -
Cash earnings in the first half were around 2% ahead of Macquarie's forecasts, largely supported by a lower impairment charge. While the FY19 cash earnings outlook appears weak, the broker notes a capital surplus offers scope for buybacks.
The broker continues to envisage longer-term value as the bank simplifies its business and manages expenses better than peers. Outperform rating and $30 target maintained.
Target price is $30.00 Current Price is $27.35 Difference: $2.65
If ANZ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 160.00 cents and EPS of 225.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 163.00 cents and EPS of 232.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ANZ as Equal-weight (3) -
ANZ's first half results were pleasing to Morgan Stanley, reinforcing the broker's view that the bank's strong capital position, business mix and strategy provides more scope than peers to navigate the challenges facing Australian banks.
The bank remains the broker's top pick in the sector, however, revenue headwinds drive a -1%-2% drop in earnings estimates beyond FY18.
Rating is Equal-weight. Target is raised to $29 from $28.90. Sector view is In-Line.
Target price is $29.00 Current Price is $27.35 Difference: $1.65
If ANZ meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 160.00 cents and EPS of 242.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 163.00 cents and EPS of 244.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ANZ as Accumulate (2) -
First half cash earnings were -3% below Ord Minnett's forecasts. The broker believes the bank is making good progress on the factors that support a positive view on the stock, such as cost controls and improvement in risk-adjusted returns.
Accumulate maintained. Target is $31.20.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $31.20 Current Price is $27.35 Difference: $3.85
If ANZ meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 163.00 cents and EPS of 243.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 251.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ANZ as Neutral (3) -
ANZ's simplification process is progressing but this is making it difficult for the analyst to compare like for like in the bank's earnings result. The conclusion is underlying flat profit.
The broker believes ANZ is being more realistic than peers in declaring the "golden period" to be over. Credit standards are tightening and credit growth is slowing. The broker expects revenue growth to be very subdued going forward and hence the bank will focus on cost reductions and capital management.
Target falls to $28 from $29. Neutral retained.
Target price is $28.00 Current Price is $27.35 Difference: $0.65
If ANZ meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $29.59, suggesting upside of 8.2% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 160.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 231.2, implying annual growth of 5.0%. Current consensus DPS estimate is 160.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 11.8. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 163.00 cents and EPS of 222.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 238.4, implying annual growth of 3.1%. Current consensus DPS estimate is 163.8, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 11.5. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $60.46
Citi rates ASX as Neutral (3) -
March quarter results were stronger than expected and Citi nudges up estimates by 1%. While the business remains solid and disappointment risk appears very low, the broker still considers the stock is expensive.
Neutral rating maintained and the target is raised to $57.85 from $56.75. Citi still believes the introduction of DLT technology to replace CHESS is the most exciting growth option.
Target price is $57.85 Current Price is $60.46 Difference: minus $2.61 (current price is over target).
If ASX 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 $55.42, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 217.10 cents and EPS of 241.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of 6.8%. Current consensus DPS estimate is 215.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 229.50 cents and EPS of 255.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.4, implying annual growth of 4.4%. Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ASX as Underperform (5) -
Macquarie observes the March quarter was unseasonably strong, aided by increased market volatility and improved equity market volumes.
The company has updated capital expenditure guidance, expected to be around $70m in FY19. The increase - FY18 capital expenditure is unchanged at $50m - is driven by an additional $20-25m over two years from the secondary data centre upgrade and an acceleration of the existing program.
Underperform maintained. Target rises to $54.00 from $52.67.
Target price is $54.00 Current Price is $60.46 Difference: minus $6.46 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $55.42, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 214.10 cents and EPS of 238.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of 6.8%. Current consensus DPS estimate is 215.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 221.30 cents and EPS of 245.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.4, implying annual growth of 4.4%. Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ASX as Reduce (5) -
The company's market update indicated a strong performance in the March quarter. Management has announced plans to accelerate investment in systems and infrastructure.
Morgans believes the stock is performing well and slowly improving the market's perception of long-term revenue growth. Nevertheless, the broker is cautious believing the current multiple is unwarranted by the growth profile.
Reduce maintained. Target is lowered to $52.56 from $52.67.
Target price is $52.56 Current Price is $60.46 Difference: minus $7.9 (current price is over target).
If ASX meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $55.42, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 217.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of 6.8%. Current consensus DPS estimate is 215.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 224.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.4, implying annual growth of 4.4%. Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ASX as Hold (3) -
The company updated its outlook for capital expenditure and growth. A large increase in capital expenditure, to $70m, in FY19 has been flagged in order to fund the second data centre, the DLT replacement project and net connectivity.
While Ord Minnett likes the initiatives it considers the stock fairly valued and maintains a Hold rating. Target is raised to $59.26 from $58.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $59.26 Current Price is $60.46 Difference: minus $1.2 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $55.42, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 211.00 cents and EPS of 239.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of 6.8%. Current consensus DPS estimate is 215.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 222.00 cents and EPS of 251.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.4, implying annual growth of 4.4%. Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ASX as Sell (5) -
ASX enjoyed a solid March Q due to a return to volatility in markets combined with slower cost growth. The broker expects cost growth to normalise in the June Q. FY19 capex guidance has been raised to support the blockchain build.
Target rises to $54.25 from $53.25. The broker continues to see the stock as overpriced and prefers Link Administration ((LNK)) and Computershare ((CPU)) in the space. Sell retained.
Target price is $54.25 Current Price is $60.46 Difference: minus $6.21 (current price is over target).
If ASX meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $55.42, suggesting downside of -8.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 217.00 cents and EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 239.8, implying annual growth of 6.8%. Current consensus DPS estimate is 215.2, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 25.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 224.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 250.4, implying annual growth of 4.4%. Current consensus DPS estimate is 224.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 24.1. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.08
Citi rates BDR as Buy (1) -
March quarter production was soft, with Citi noting cash fell to $11m. A capital raising is in progress, with details to be confirmed, and this could help the business until the Tucano mill upgrade is completed early in the September quarter.
This should allow processing of a greater percentage of sulphide ore. Citi retains a Buy rating and $0.15 target.
Target price is $0.15 Current Price is $0.08 Difference: $0.07
If BDR meets the Citi target it will return approximately 87% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.00 cents. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 0.00 cents and EPS of 2.20 cents. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.64
Citi rates BLD as Neutral (3) -
The March quarter performance disappointed Citi because of poor weather and operating issues. Still, the company has flagged a strong finish to FY18.
Management has clarified that operating earnings are expected to be at the high end of guidance. Citi raises FY18 estimates for earnings per share by 1% but trims FY19 estimates by -4%.
Neutral rating maintained. Target is reduced to $7.23 from $7.32.
Target price is $7.23 Current Price is $6.64 Difference: $0.59
If BLD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.77, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.50 cents and EPS of 38.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 33.6%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 32.00 cents and EPS of 43.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 17.9%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BLD as Outperform (1) -
Macquarie continues to envisage an opportunity following the sell-off in the stock. The company's briefing has calmed fears that there is a fundamental deterioration in Australia and the US. The realisation of synergies at Headwaters continues to track ahead of plan.
Macquarie considers the current valuation attractive and maintains an Outperform rating. Target is $8.45.
Target price is $8.45 Current Price is $6.64 Difference: $1.81
If BLD meets the Macquarie target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $7.77, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.50 cents and EPS of 41.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 33.6%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 28.00 cents and EPS of 49.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 17.9%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BLD as Overweight (1) -
Boral's investor day provided Morgan Stanley with confidence that the US operational issues will be contained within FY18 and underlying market fundamentals remain supportive.
Queensland weather, soft WA performance and the Berrima outage were the drivers of the updated guidance. Management estimates the Berrima outage will have slightly less than a -$4-5m impact on earnings while QLD rain and WA softness will have a greater impact.
Overweight rating. Target is $8.00 and Industry view is Cautious.
Target price is $8.00 Current Price is $6.64 Difference: $1.36
If BLD meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $7.77, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 26.00 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 33.6%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 28.00 cents and EPS of 43.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 17.9%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLD as Accumulate (2) -
The company has provided further clarity around the first quarter operating performance, although Ord Minnett remains uncertain as to the profile for fly ash margins in the US and for Boral Australia.
Wet weather significantly affected the Queensland operations while there were delays in major projects in Perth. Accumulate rating maintained. Target is $7.90.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $7.90 Current Price is $6.64 Difference: $1.26
If BLD meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $7.77, suggesting upside of 17.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 26.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.0, implying annual growth of 33.6%. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 27.00 cents and EPS of 40.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 46.0, implying annual growth of 17.9%. Current consensus DPS estimate is 29.5, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BRG BREVILLE GROUP LIMITED
Household & Personal Products
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Overnight Price: $11.44
Macquarie rates BRG as Neutral (3) -
At the Macquarie conference the CEO has reiterated FY18 guidance, confirming growth of 10% with EBIT margin of 12-13%. Macquarie maintains a Neutral rating and $12.40 target, believing Breville is continuing to execute well.
Target price is $12.40 Current Price is $11.44 Difference: $0.96
If BRG meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $13.56, suggesting upside of 18.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 34.50 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.6, implying annual growth of 10.1%. Current consensus DPS estimate is 32.6, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 25.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 37.60 cents and EPS of 50.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 15.1%. Current consensus DPS estimate is 37.0, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 21.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $73.02
Citi rates CBA as Sell (5) -
The final report from APRA has been released and CBA has signed an enforceable undertaking to ensure remedial actions are taken. The report is critical of board and executive management and found remuneration structures to be deficient.
Citi believes the regulatory and profitability challenges remain larger at CBA yet it continues to trade at a premium to its peers. The broker retains a Sell rating and $72 target.
Target price is $72.00 Current Price is $73.02 Difference: minus $1.02 (current price is over target).
If CBA meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $76.81, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 432.00 cents and EPS of 545.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.4, implying annual growth of -3.7%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 433.00 cents and EPS of 557.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.3, implying annual growth of 3.2%. Current consensus DPS estimate is 447.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CBA as Neutral (3) -
APRA has released its final report into governance at CBA and concluded that accountability frameworks are in need of considerable improvement.
Credit Suisse considers the outcome of the report relatively minor as APRA had scope to impose materially higher capital costs and the bank is well able to manage the enforceable undertaking.
The broker incorporates around $15bn of additional operating risk within forecasts. Neutral retained. Target is $75.
Target price is $75.00 Current Price is $73.02 Difference: $1.98
If CBA meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $76.81, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 435.00 cents and EPS of 573.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.4, implying annual growth of -3.7%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 450.00 cents and EPS of 592.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.3, implying annual growth of 3.2%. Current consensus DPS estimate is 447.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Neutral (3) -
APRA has released the final report of its inquiry into CBA. CBA has provided an enforceable undertaking to submit a remedial action plan within 60 days to bolster governance and upgrade operational risk management and compliance.
Macquarie considers CBA's compliance expenditure is elevated relative to recent history and its peers, partly driven by remediation relating to wealth management and AUSTRAC.
The broker envisages increasing risk that expenses remain elevated in FY19-20. Neutral rating and $77.50 target.
Target price is $77.50 Current Price is $73.02 Difference: $4.48
If CBA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $76.81, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 436.50 cents and EPS of 545.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.4, implying annual growth of -3.7%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 480.90 cents and EPS of 568.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.3, implying annual growth of 3.2%. Current consensus DPS estimate is 447.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
APRA has released the final report of its inquiry into CBA's governance, culture and accountability. The report was critical of the board and senior executives for failing to recognise the deteriorating risk profile.
CBA has accepted an enforceable undertaking to modify its behaviour and added $12.5bn to operational risk. The increase is equivalent to 29bp of CET1 and supports Morgan Stanley's view that uncertainty over regulatory outcomes means a buyback is unlikely in FY19.
Underweight rating retained. Target is $72 and Industry view: In line.
Target price is $72.00 Current Price is $73.02 Difference: minus $1.02 (current price is over target).
If CBA 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 $76.81, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 430.00 cents and EPS of 534.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.4, implying annual growth of -3.7%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 430.00 cents and EPS of 546.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.3, implying annual growth of 3.2%. Current consensus DPS estimate is 447.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CBA as Hold (3) -
APRA has released a final report from its inquiry into CBA and was critical of the risk culture and level of complacency within the organisation. CBA has agreed to an enforceable undertaking and will take a provision at the FY18 result.
In addition, APRA has applied a $1bn increase in the bank's operational risk capital requirement. Ord Minnett does not believe CBA will find it difficult to build the capital organically. Hold rating and $78 target maintained.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $78.00 Current Price is $73.02 Difference: $4.98
If CBA meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $76.81, suggesting upside of 5.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 542.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 556.4, implying annual growth of -3.7%. Current consensus DPS estimate is 433.5, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 569.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 574.3, implying annual growth of 3.2%. Current consensus DPS estimate is 447.8, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.53
Morgans rates CIP as Add (1) -
The company has agreed terms on a further 7.7% of the portfolio's lettable area in the March quarter. FY18 guidance comprises a distribution per security of 19.4c.
Morgans notes, in the near term, the focus is on de-leveraging the balance sheet and leasing. Despite some challenges, the broker backs management's capabilities to deliver improved occupancy over the medium term. Add. Target is $2.59.
Target price is $2.59 Current Price is $2.53 Difference: $0.06
If CIP meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 19.40 cents and EPS of 19.80 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.60 cents and EPS of 20.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.93
Macquarie rates CLQ as Outperform (1) -
A capital raising has enabled the company to accelerate the development of the Sunrise project, with the ordering of the remainder of long-lead time items and completion of an infill drilling program.
Securing additional offtake agreements could reduce the remaining equity funding requirement, Macquarie suggests. The broker resumes coverage with an Outperform rating and $1.80 target and initiates coverage of the stock on the TSX.
Target price is $1.80 Current Price is $0.93 Difference: $0.87
If CLQ meets the Macquarie target it will return approximately 94% (excluding dividends, fees and charges).
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 minus 2.20 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.60 cents. |
Market Sentiment: 1.0
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: $25.17
Macquarie rates CTD as Neutral (3) -
At the Macquarie conference the company upgraded FY18 operating earnings guidance to $125m, at the top end of the prior guidance range.
Macquarie suggests the company is executing well and delivering impressive results in Australasia. The company continues to assess M&A opportunities in international geographies to further accelerate growth. Neutral rating and $24.10 target maintained.
Target price is $24.10 Current Price is $25.17 Difference: minus $1.07 (current price is over target).
If CTD meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $25.49, suggesting upside of 1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 39.10 cents and EPS of 78.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.0, implying annual growth of 51.4%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 51.70 cents and EPS of 86.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.5, implying annual growth of 15.4%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTD as Buy (1) -
Corporate Travel provided a positive update, effectively raising FY18 earnings guidance to "approximately $125m" from a prior $120-125m range. This would represent 27% year on year growth, the broker notes, and implies strong organic growth.
The company also announced a small, bolt-on acquisition. Target rises to $27.50 from $25.85, Buy retained.
Target price is $27.50 Current Price is $25.17 Difference: $2.33
If CTD meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $25.49, suggesting upside of 1.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 32.20 cents and EPS of 79.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 81.0, implying annual growth of 51.4%. Current consensus DPS estimate is 37.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 31.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 37.60 cents and EPS of 92.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 93.5, implying annual growth of 15.4%. Current consensus DPS estimate is 47.7, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 26.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.70
Deutsche Bank rates DXS as Hold (3) -
The company has reaffirmed FY18 guidance for distribution growth of 4.5-5.0% and trading profits of $35-40m. Deutsche Bank retains a Hold rating and $9.35 target.
Target price is $9.35 Current Price is $9.70 Difference: minus $0.35 (current price is over target).
If DXS meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.81, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 48.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -55.3%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 48.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of 1.4%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DXS as Accumulate (2) -
The company's update has prompted Ord Minnett to raise estimates by around 1% from FY20. The broker also lifts trading trust estimates to around $125m of post-tax trading trust profits from the second half of FY18 to FY21.
The broker continues to forecast modest downward pressure on earnings per share in FY19. Accumulate rating and $10.30 target.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.30 Current Price is $9.70 Difference: $0.6
If DXS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $9.81, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 48.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of -55.3%. Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.6. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 49.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 59.1, implying annual growth of 1.4%. Current consensus DPS estimate is 48.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FAR as Outperform (1) -
At the end of the March quarter Credit Suisse notes the company is closing in on the next catalyst. The SNE field valuation report is to be submitted by the end of June and The Gambia farm-out approval is expected.
Given a strong oil price environment and exploration targets outside of SNE, the broker believes the share price is not reflecting the value opportunity in the portfolio.
Outperform rating and $0.14 target maintained.
Target price is $0.14 Current Price is $0.09 Difference: $0.05
If FAR meets the Credit Suisse target it will return approximately 56% (excluding dividends, fees and charges).
Current consensus price target is $0.13, suggesting upside of 44.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.5, 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 FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -6.8, 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. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
FDV FRONTIER DIGITAL VENTURES LIMITED
Online media & mobile platforms
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Overnight Price: $0.64
Morgans rates FDV as Add (1) -
Revenue was ahead of expectations in the March quarter and Morgans upgrades forecasts to reflect the performance. Revenue for the first quarter grew 71% and three portfolio companies broke even on cash flow.
While the forecasts have been upgraded, the broker's valuation is asset driven and remains unchanged. Slower rates of revenue growth for the full year for some businesses are assumed.
The broker maintains an Add rating and $0.92 target.
Target price is $0.92 Current Price is $0.64 Difference: $0.28
If FDV meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.40 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.20 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.16
Macquarie rates GMG as Outperform (1) -
Macquarie observes the strong appreciation in the share price over the last few months has resulted in a diminished value proposition.
However, Goodman Group continues to deliver sector-leading growth and has the balance sheet capacity to drive a step change in earnings. Hence, Macquarie maintains an Outperform rating and $8.79 target.
Target price is $8.79 Current Price is $9.16 Difference: minus $0.37 (current price is over target).
If GMG meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.58, suggesting downside of -6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 28.00 cents and EPS of 46.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.6, implying annual growth of 9.4%. Current consensus DPS estimate is 27.9, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 19.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 30.10 cents and EPS of 50.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.6, implying annual growth of 4.2%. Current consensus DPS estimate is 29.8, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IDR as Neutral (3) -
The company has indicated at the Macquarie conference that it is not only looking to resolve some of the vacancy, currently 20%, at the Brisbane Technology Park through introducing new tenants such as child care but is also working with the local government to create a significant precinct over the long-term.
Macquarie notes Growthpoint ((GOZ)) holds an 18.2% stake in the business and there was no update in relation to its intentions. There is downside risk to occupancy at the Brisbane Technology Park until FY20, in the broker's opinion, and a Neutral rating is maintained. Target is $2.41.
Target price is $2.41 Current Price is $2.51 Difference: minus $0.1 (current price is over target).
If IDR meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.51, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.70 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -73.0%. Current consensus DPS estimate is 16.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 17.10 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of 2.8%. Current consensus DPS estimate is 17.1, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
IFL IOOF HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $9.44
Citi rates IFL as Buy (1) -
While Citi believes the Royal Commission has increased the risk profile for the business it still believes the market will be increasingly comfortable with the accretion associated with the ANZ Wealth acquisition.
On the back of ANZ's ((ANZ)) first half results, the broker lifts FY18 estimates by 1% and FY19 by 2%. Buy rating and $10.90 target maintained.
Target price is $10.90 Current Price is $9.44 Difference: $1.46
If IFL meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 26.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 54.00 cents and EPS of 57.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 47.5%. Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 63.50 cents and EPS of 69.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 20.7%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Outperform (1) -
Macquarie notes the business is now trading at a -23% discount to industrials ex banks versus the five-year average discount of around -7% as the share price reflects the risks associated with the Royal Commission.
While recognising emerging risks for the sector, the broker finds it difficult to quantify the fundamental impact in its recommendations.
Outperform rating is maintained and the target rises to $12.20 from $12.10, reflecting a better-than-expected starting point for the acquired ANZ Wealth business.
Target price is $12.20 Current Price is $9.44 Difference: $2.76
If IFL meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 26.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 54.00 cents and EPS of 56.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 47.5%. Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 64.00 cents and EPS of 70.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.9, implying annual growth of 20.7%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Buy (1) -
ANZ's ((ANZ)) disclosures in its earnings report with regard to its wealth business, being acquired by IOOF, suggest that after three years of declining revenues, gross margins stablised and operating expenses declined, the broker notes. Net outflows remain an area in which stability is required.
Buy and $11.50 target retained.
Target price is $11.50 Current Price is $9.44 Difference: $2.06
If IFL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 26.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 54.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.1, implying annual growth of 47.5%. Current consensus DPS estimate is 53.6, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 16.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 59.00 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 20.7%. Current consensus DPS estimate is 62.3, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 13.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.87
Citi rates IGO as Neutral (3) -
Citi notes, while most mines missed expectations in the March quarter, the balance sheet improved.
The ramp up at Nova continues and Citi considers the pace is not critical as long as the operation reaches nameplate, as the mine is already profitable.
Neutral. Target is raised to $5.10 from $5.00.
Target price is $5.10 Current Price is $4.87 Difference: $0.23
If IGO meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 7.00 cents and EPS of 4.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of 371.0%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 12.00 cents and EPS of 38.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.9, implying annual growth of 189.1%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IGO as Underperform (5) -
Production was soft in the March quarter and Credit Suisse was a little disappointed after a robust first half.
Importantly, the broker observes the outlook for Nova and Tropicana remains intact and modest improvements in the June quarter should lead to strong growth in FY19.
Underperform maintained. Target is $4.45.
Target price is $4.45 Current Price is $4.87 Difference: minus $0.42 (current price is over target).
If IGO meets the Credit Suisse target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.73, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.58 cents and EPS of 15.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of 371.0%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 13.45 cents and EPS of 44.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.9, implying annual growth of 189.1%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IGO as Hold (3) -
March quarter production was below Deutsche Bank's expectations across all operations. The company now expects metal production at Nova to be at the lower end of prior guidance.
Deutsche Bank reduces FY18 net profit by -41% to $52m on the softer result and higher costs. Hold rating maintained. Target is $4.40.
Target price is $4.40 Current Price is $4.87 Difference: minus $0.47 (current price is over target).
If IGO meets the Deutsche Bank target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.73, suggesting downside of -2.8% (ex-dividends)
Forecast for FY18:
Current consensus EPS estimate is 13.8, implying annual growth of 371.0%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
Current consensus EPS estimate is 39.9, implying annual growth of 189.1%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IGO as Neutral (3) -
Independence has reported weak production at Nova, Tropicana and Jaguar in the March Q, leading the broker to suggest, at best, only the low end of the FY18 guidance range will be reached. Of particular note was a steeper than expected decline in Tropicana grades.
FY18 guidance is unchanged but the broker believes market caution will rise. Independence has to demonstrate operational efficiency to justify its premium. A bullish outlook on exploration and nickel prices keeps the broker on Neutral. Target unchanged at $5.10.
Target price is $5.10 Current Price is $4.87 Difference: $0.23
If IGO meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 4.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 13.8, implying annual growth of 371.0%. Current consensus DPS estimate is 6.1, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 35.3. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 9.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.9, implying annual growth of 189.1%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
LNK LINK ADMINISTRATION HOLDINGS LIMITED
Wealth Management & Investments
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Overnight Price: $8.30
Ord Minnett rates LNK as Initiation of coverage with Hold (3) -
Ord Minnett expects reasonable earnings growth of around 7.5% per annum over the next three years, driven by cost savings. Yet the broker believes valuation metrics are full and there is better value elsewhere in the wealth management and general insurance sectors.
The broker initiates coverage with a Hold rating and $8.17 target. Nevertheless, Ord Minnett prefers Link to ASX ((ASX)) and Computershare ((CPU)).
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $8.17 Current Price is $8.30 Difference: minus $0.13 (current price is over target).
If LNK meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.00, suggesting upside of 8.5% (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 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.3, implying annual growth of 69.2%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 21.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 21.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.6, implying annual growth of 16.4%. Current consensus DPS estimate is 23.2, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.6. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $19.04
Deutsche Bank rates MIN as Hold (3) -
March quarter shipments were softer across most assets. Wodgina was affected by weather and port congestion while the iron ore business was impacted by heavier low-grade fines discounts.
The company has announced a formal sale process for a minority stake in Wodgina. Deutsche Bank values the asset at $2bn, including a downstream carbonate plant.
The company has maintained guidance. Hold rating maintained. Target is reduced to $19.00 from $19.50.
Target price is $19.00 Current Price is $19.04 Difference: minus $0.04 (current price is over target).
If MIN meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.00, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 60.00 cents and EPS of 167.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 179.0, implying annual growth of 66.3%. Current consensus DPS estimate is 68.1, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 113.00 cents and EPS of 226.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 37.7%. Current consensus DPS estimate is 110.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MIN as Overweight (1) -
The Wodgina lithium resource has increased by 20% and the company has indicated plans to sell up to 49% of the project. March quarter lithium shipments missed Morgan Stanley's estimates but volumes are expected to recover.
As iron ore grade discounts persist, the broker sees heightened risk of a miss to iron ore guidance. Should the June quarter ore production and sales be in line with March the broker's FY18 sales estimate would fall -13% to 9.4mt, decreasing EBITDA and EPS by -3%.
Target is $22.50. Overweight retained. Industry view: Attractive.
Target price is $22.50 Current Price is $19.04 Difference: $3.46
If MIN meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $21.00, suggesting upside of 10.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 59.20 cents and EPS of 180.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 179.0, implying annual growth of 66.3%. Current consensus DPS estimate is 68.1, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 116.00 cents and EPS of 277.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 246.5, implying annual growth of 37.7%. Current consensus DPS estimate is 110.8, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 7.7. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $3.03
Citi rates MPL as Neutral (3) -
The company's latest outlook statement suggests to Citi that operating momentum is slightly better than previously expected and there may be modest upside risk to forecasts.
For the first time in a long while policy holder numbers stayed steady throughout the quarter. The broker retains a Neutral rating and $3.25 target.
Target price is $3.25 Current Price is $3.03 Difference: $0.22
If MPL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $3.04, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.00 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.2, implying annual growth of -0.6%. Current consensus DPS estimate is 12.7, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 18.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 13.00 cents and EPS of 16.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.9, implying annual growth of -1.9%. Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 19.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
MTO MOTORCYCLE HOLDINGS LIMITED
Automobiles & Components
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Overnight Price: $3.30
Morgans rates MTO as Add (1) -
First quarter industry data showed an improved performance, although Morgans notes growth remains slightly negative. New road motorcycle sales volumes fell -2.6%. This compares to the -10-20% declines experienced across 2017.
Going forward the broker expects a rebound in FY19 as the business should benefit from cycling a weak base, cost reductions and the annualisation of recent acquisitions. A significant insurance impact will also be cycled.
Add rating maintained. Target is reduced to $4.49 from $5.17.
Target price is $4.49 Current Price is $3.30 Difference: $1.19
If MTO meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 25.00 cents. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 19.00 cents and EPS of 31.00 cents. |
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: $2.32
Macquarie rates NEC as Outperform (1) -
The company has guided to FY18 operating earnings of $250-260m, at the high-end of prior guidance. Macquarie suggests management is upbeat on the impact of securing tennis rights at an investment of $65-68m per annum.
Macquarie makes modest earnings upgrades and raises the target to $2.50 from $2.20. Outperform.
Target price is $2.50 Current Price is $2.32 Difference: $0.18
If NEC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $1.94, suggesting downside of -16.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of N/A. Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 13.40 cents and EPS of 20.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of -0.6%. Current consensus DPS estimate is 10.9, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.57
UBS rates NHF as Sell (5) -
Nib reiterated key FY18 guidance metrics at its update. Commentary around the company's capital position suggest to the broker a gradual approach to meeting APRA's new requirements will be taken, rather than an FY19 capital raising.
The broker understands but wonders why nib would wait when stocks requiring capital injections typically trade a deep discounts until the overhang is removed. The need to ultimately raise, and a bearish view on margins beyond FY18, keep the broker on Sell.
Target unchanged at $5.70.
Target price is $5.70 Current Price is $5.57 Difference: $0.13
If NHF meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $6.30, suggesting upside of 13.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, implying annual growth of 7.4%. Current consensus DPS estimate is 19.6, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 20.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 6.8%. Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.63
Macquarie rates ORG as Outperform (1) -
Macquarie observes the business is benefiting from strengthening oil prices and balance sheet. The broker's revised oil price assumptions generate a 21% uplift in FY19 estimates.
March quarter production was in line. Outperform rating maintained and the target edges up 1.3% to $10.02.
Target price is $10.02 Current Price is $9.63 Difference: $0.39
If ORG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.84, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 57.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.6, implying annual growth of N/A. Current consensus DPS estimate is 4.4, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 44.00 cents and EPS of 74.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.0, implying annual growth of 39.9%. Current consensus DPS estimate is 24.6, implying a prospective dividend yield of 2.6%. Current consensus EPS estimate suggests the PER is 12.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $81.50
Citi rates REA as Buy (1) -
The company has announced the acquisition of Hometrack Australia for $130m. Citi believes Hometrack is a logical fit for the business, expanding its data offering into a property-related field.
Hometrack is predominantly focused on providing services to lenders and related industries but does have a product targeted to real estate agents, and the broker expects REA to look for opportunities to integrate this into the realestate.com.au website.
Buy rating and $90 target maintained.
Target price is $90.00 Current Price is $81.50 Difference: $8.5
If REA meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $76.61, suggesting downside of -6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 97.80 cents and EPS of 215.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 213.4, implying annual growth of 23.1%. Current consensus DPS estimate is 107.2, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 38.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 126.80 cents and EPS of 264.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 256.9, implying annual growth of 20.4%. Current consensus DPS estimate is 133.4, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 31.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $14.05
Citi rates SUN as Buy (1) -
Citi makes upgrades to estimates to reflect that, while loan book growth slowed in the March quarter, impairments fell significantly.
The broker continues to believe Suncorp is the cheaper way to play the domestic general insurance margin expansion and retains a Buy rating. Target is raised to $15.35 from $15.00.
The broker's estimates are now just shy of the cash earnings implied by the company's FY19 returns target of 10%.
Target price is $15.35 Current Price is $14.05 Difference: $1.3
If SUN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 77.00 cents and EPS of 81.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 82.00 cents and EPS of 106.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUN as Outperform (1) -
The March quarter update shows a slowing in growth, Credit Suisse observes, while impairment losses remain below the through-the-cycle operating range of 10-20 basis points.
Overall lending growth is slightly weaker than expected. The broker maintains an Outperform rating and $14.50 target.
Target price is $14.50 Current Price is $14.05 Difference: $0.45
If SUN meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 67.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 75.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUN as Underperform (5) -
The company has reaffirmed FY19 guidance at the Macquarie conference, advising that impairment losses are likely to be at, or below, the lower end of the operating range of 10-20 basis points.
Macquarie remains cautious about the stock given the low growth in premiums and the underlying margin outlook. Underperform rating and $13.15 target maintained.
Target price is $13.15 Current Price is $14.05 Difference: minus $0.9 (current price is over target).
If SUN 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 $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 73.00 cents and EPS of 78.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 77.00 cents and EPS of 97.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUN as Add (1) -
The company has reiterated FY19 financial targets, such as a group insurance margin of at least 12%. Suncorp has also noted that banking credit growth was experiencing increased headwinds from mortgage re-pricing and a lift in funding costs.
Morgans believes the update was fairly stable and expects a solid second half result, assisted by strong reinsurance protections. Add rating maintained. Target rises to $14.65 from $14.31.
Target price is $14.65 Current Price is $14.05 Difference: $0.6
If SUN meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 67.50 cents and EPS of 79.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 76.70 cents and EPS of 99.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SUN as Accumulate (2) -
Suncorp has updated on its banking business, signalling top-line growth of 3-4%, a net interest margin in the 1.8-1.9% range and cash return on equity of 10%.
Suncorp expects its bank lending growth to remain above system growth rates for FY18. Accumulate rating maintained. Target is trimmed to $14.29 from $14.34.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $14.29 Current Price is $14.05 Difference: $0.24
If SUN meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 70.00 cents and EPS of 75.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 70.00 cents and EPS of 91.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SUN as Buy (1) -
Suncorp's bank division quarterly update suggested the business is on track and there are no new material developments. The numbers are tracking in line with estimates, although the broker notes a "remarkably benign environment for credit losses".
Buy and $14.60 target retained.
Target price is $14.60 Current Price is $14.05 Difference: $0.55
If SUN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $14.26, suggesting upside of 1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 71.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.3, implying annual growth of -5.4%. Current consensus DPS estimate is 71.4, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 81.00 cents and EPS of 98.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 97.8, implying annual growth of 23.3%. Current consensus DPS estimate is 76.2, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.60
Macquarie rates SWM as Neutral (3) -
The company has narrowed guidance for FY18 operating earnings to the mid point of the prior guidance range of $220-240m, down -11.9% at the mid point.
The company, in its update at the Macquarie conference, provided more detail about profitability of its global content production and distribution footprint. It will look to exit its JV with Oath by August.
Seven remains upbeat about the opportunity from its cricket deal. Neutral rating and $0.65 target maintained.
Target price is $0.65 Current Price is $0.60 Difference: $0.05
If SWM meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $0.61, suggesting upside of 0.8% (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 9.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.8, implying annual growth of N/A. Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 7.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 5.40 cents and EPS of 10.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.7, implying annual growth of 24.4%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 6.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.14
Credit Suisse rates SXL as Outperform (1) -
Credit Suisse found the trading update disappointing as the top-line trend was softer than anticipated. The main culprit appears to be metro radio. The softer second half revenue outlook leads the broker to reduce FY18 estimates for operating earnings by -5%.
Credit Suisse now expects earnings to be down -8% on an underlying basis for the full year. The broker concedes that the ratings bounce for radio at the start of the June quarter has meant momentum has improved, and if this can be maintained it should flow through to revenue in coming months.
Outperform maintained. Target is reduced to $1.25 from $1.30.
Target price is $1.25 Current Price is $1.14 Difference: $0.11
If SXL meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 7.25 cents and EPS of 9.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -28.5%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 8.00 cents and EPS of 10.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 1.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SXL as Hold (3) -
The company has guided to revenue growth of 2.5-3.5% after excluding the impact of the northern NSW TV sale.
Deutsche Bank observes the growth rate is lower than the 5% run rate in January and February, primarily because metro radio was weaker than expected at the end of the third quarter.
Hold rating and $1.10 target maintained.
Target price is $1.10 Current Price is $1.14 Difference: minus $0.04 (current price is over target).
If SXL meets the Deutsche Bank target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.11, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 8.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -28.5%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 9.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 1.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SXL as Outperform (1) -
Macquarie remains comfortable with the outlook and believes the March quarter softness in metro radio was related to timing while there are good opportunities for monetising ratings into FY19.
The broker believes upside risk to its numbers exist if the business can improve in metro radio and also harness potential cost reductions. Outperform rating and target of $1.18 unchanged.
Target price is $1.18 Current Price is $1.14 Difference: $0.04
If SXL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $1.11, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 7.50 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.1, implying annual growth of -28.5%. Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 6.3%. Current consensus EPS estimate suggests the PER is 11.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 7.20 cents and EPS of 9.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.2, implying annual growth of 1.0%. Current consensus DPS estimate is 7.7, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 11.2. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
SYD SYDNEY AIRPORT HOLDINGS LIMITED
Infrastructure & Utilities
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Overnight Price: $7.20
Macquarie rates SYD as Outperform (1) -
The company's latest presentation focused on macro changes within the airline industry and the international opportunities that should deliver future growth. The presentation has reconfirmed Macquarie's view that momentum in the international business will drive value.
Outperform rating and $6.85 target maintained.
Target price is $6.85 Current Price is $7.20 Difference: minus $0.35 (current price is over target).
If SYD 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 $7.32, suggesting upside of 1.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.50 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.0, implying annual growth of 15.8%. Current consensus DPS estimate is 37.4, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 40.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 42.00 cents and EPS of 20.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 12.8%. Current consensus DPS estimate is 40.6, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 35.5. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.09
Macquarie rates WTC as Neutral (3) -
At the Macquarie conference the company has increased FY18 revenue guidance to $210-220m while retaining EBITDA guidance at $71-75m.
Macquarie suggests the business is high quality and capable of driving long-term value via organic growth and acquisitions. Neutral rating and $11.39 target maintained.
Target price is $11.39 Current Price is $11.09 Difference: $0.3
If WTC meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $10.75, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.60 cents and EPS of 13.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.4, implying annual growth of 32.1%. Current consensus DPS estimate is 2.8, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 77.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 3.70 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 41.7%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.4%. Current consensus EPS estimate suggests the PER is 54.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $39.54
UBS rates XRO as Upgrade to Neutral from Sell (3) -
UBS has transferred coverage to a new analyst, resulting in an upgrade to Neutral for Xero and a target increase (and currency switch) to A$42.50 from NZ$26.50.
Xero is towards the end of its transition from loss-making start-up to self-funding business, the new analyst notes, and offers a proven business model and significant structural growth opportunities. FY19 has the potential to be an industry-changing year in the UK due to new regulatory requirements.
Target price is $42.50 Current Price is $39.54 Difference: $2.96
If XRO meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $42.50, suggesting upside of 7.5% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 17.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -18.6, 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 FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 17.58 cents. 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 N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 356.2. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $0.86
Ord Minnett rates Z1P as Accumulate (2) -
The March quarter report was broadly in line with Ord Minnett's estimates. A strong run rate in March bodes well for underlying sales in the June quarter, in the broker's view.
Ord Minnett maintains an Accumulate rating and raises the target to $0.90 from $0.88.
Target price is $0.90 Current Price is $0.86 Difference: $0.04
If Z1P meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 6.90 cents. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.30 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| ALL | ARISTOCRAT LEISURE | Buy - Citi | Overnight Price $27.65 |
| Neutral - Credit Suisse | Overnight Price $27.65 | ||
| Buy - Deutsche Bank | Overnight Price $27.65 | ||
| Equal-weight - Morgan Stanley | Overnight Price $27.65 | ||
| Accumulate - Ord Minnett | Overnight Price $27.65 | ||
| Buy - UBS | Overnight Price $27.65 | ||
| AMC | AMCOR | Outperform - Macquarie | Overnight Price $13.50 |
| AMP | AMP | Hold - Deutsche Bank | Overnight Price $4.05 |
| ANZ | ANZ BANKING GROUP | Buy - Citi | Overnight Price $27.35 |
| Neutral - Credit Suisse | Overnight Price $27.35 | ||
| Hold - Deutsche Bank | Overnight Price $27.35 | ||
| Outperform - Macquarie | Overnight Price $27.35 | ||
| Equal-weight - Morgan Stanley | Overnight Price $27.35 | ||
| Accumulate - Ord Minnett | Overnight Price $27.35 | ||
| Neutral - UBS | Overnight Price $27.35 | ||
| ASX | ASX | Neutral - Citi | Overnight Price $60.46 |
| Underperform - Macquarie | Overnight Price $60.46 | ||
| Reduce - Morgans | Overnight Price $60.46 | ||
| Hold - Ord Minnett | Overnight Price $60.46 | ||
| Sell - UBS | Overnight Price $60.46 | ||
| BDR | BEADELL RESOURCES | Buy - Citi | Overnight Price $0.08 |
| BLD | BORAL | Neutral - Citi | Overnight Price $6.64 |
| Outperform - Macquarie | Overnight Price $6.64 | ||
| Overweight - Morgan Stanley | Overnight Price $6.64 | ||
| Accumulate - Ord Minnett | Overnight Price $6.64 | ||
| BRG | BREVILLE GROUP | Neutral - Macquarie | Overnight Price $11.44 |
| CBA | COMMBANK | Sell - Citi | Overnight Price $73.02 |
| Neutral - Credit Suisse | Overnight Price $73.02 | ||
| Neutral - Macquarie | Overnight Price $73.02 | ||
| Underweight - Morgan Stanley | Overnight Price $73.02 | ||
| Hold - Ord Minnett | Overnight Price $73.02 | ||
| CIP | CENTURIA INDUSTRIAL REIT | Add - Morgans | Overnight Price $2.53 |
| CLQ | CLEAN TEQ HOLDINGS | Outperform - Macquarie | Overnight Price $0.93 |
| CTD | CORPORATE TRAVEL | Neutral - Macquarie | Overnight Price $25.17 |
| Buy - UBS | Overnight Price $25.17 | ||
| DXS | DEXUS PROPERTY | Hold - Deutsche Bank | Overnight Price $9.70 |
| Accumulate - Ord Minnett | Overnight Price $9.70 | ||
| FAR | FAR LTD | Outperform - Credit Suisse | Overnight Price $0.09 |
| FDV | FRONTIER DIGITAL VENTURES | Add - Morgans | Overnight Price $0.64 |
| GMG | GOODMAN GRP | Outperform - Macquarie | Overnight Price $9.16 |
| IDR | INDUSTRIA REIT | Neutral - Macquarie | Overnight Price $2.51 |
| IFL | IOOF HOLDINGS | Buy - Citi | Overnight Price $9.44 |
| Outperform - Macquarie | Overnight Price $9.44 | ||
| Buy - UBS | Overnight Price $9.44 | ||
| IGO | INDEPENDENCE GROUP | Neutral - Citi | Overnight Price $4.87 |
| Underperform - Credit Suisse | Overnight Price $4.87 | ||
| Hold - Deutsche Bank | Overnight Price $4.87 | ||
| Neutral - UBS | Overnight Price $4.87 | ||
| LNK | LINK ADMINISTRATION | Initiation of coverage with Hold - Ord Minnett | Overnight Price $8.30 |
| MIN | MINERAL RESOURCES | Hold - Deutsche Bank | Overnight Price $19.04 |
| Overweight - Morgan Stanley | Overnight Price $19.04 | ||
| MPL | MEDIBANK PRIVATE | Neutral - Citi | Overnight Price $3.03 |
| MTO | MOTORCYCLE HOLDINGS | Add - Morgans | Overnight Price $3.30 |
| NEC | NINE ENTERTAINMENT | Outperform - Macquarie | Overnight Price $2.32 |
| NHF | NIB HOLDINGS | Sell - UBS | Overnight Price $5.57 |
| ORG | ORIGIN ENERGY | Outperform - Macquarie | Overnight Price $9.63 |
| REA | REA GROUP | Buy - Citi | Overnight Price $81.50 |
| SUN | SUNCORP | Buy - Citi | Overnight Price $14.05 |
| Outperform - Credit Suisse | Overnight Price $14.05 | ||
| Underperform - Macquarie | Overnight Price $14.05 | ||
| Add - Morgans | Overnight Price $14.05 | ||
| Accumulate - Ord Minnett | Overnight Price $14.05 | ||
| Buy - UBS | Overnight Price $14.05 | ||
| SWM | SEVEN WEST MEDIA | Neutral - Macquarie | Overnight Price $0.60 |
| SXL | SOUTHERN CROSS MEDIA | Outperform - Credit Suisse | Overnight Price $1.14 |
| Hold - Deutsche Bank | Overnight Price $1.14 | ||
| Outperform - Macquarie | Overnight Price $1.14 | ||
| SYD | SYDNEY AIRPORT | Outperform - Macquarie | Overnight Price $7.20 |
| WTC | WISETECH GLOBAL | Neutral - Macquarie | Overnight Price $11.09 |
| XRO | XERO | Upgrade to Neutral from Sell - UBS | Overnight Price $39.54 |
| Z1P | ZIP CO | Accumulate - Ord Minnett | Overnight Price $0.86 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 30 |
| 2. Accumulate | 6 |
| 3. Hold | 27 |
| 5. Sell | 8 |
Wednesday 02 May 2018
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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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