Australian Broker Call

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February 19, 2021

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:10 PM

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

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

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

Today's Upgrades and Downgrades
CSL - CSL Downgrade to Neutral from Buy Citi
Downgrade to Neutral from Outperform Credit Suisse
CTD - Corporate Travel Downgrade to Neutral from Outperform Macquarie
CWN - Crown Resorts Upgrade to Outperform from Neutral Credit Suisse
MOC - Mortgage Choice Downgrade to Neutral from Buy Citi
ORA - Orora Upgrade to Buy from Neutral Citi
STO - Santos Downgrade to Accumulate from Buy Ord Minnett
SVW - Seven Group Upgrade to Accumulate from Hold Ord Minnett
UMG - United Malt Group Upgrade to Outperform from Neutral Credit Suisse
WSP - Whispir Upgrade to Buy from Hold Ord Minnett
ABP  ABACUS PROPERTY GROUP

REITs

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Overnight Price: $2.69

Citi rates ABP as Neutral (3) -

Abacus Property Group's first-half funds from operations (FFO) were at the top end of the 8.9-9.1c guidance.

While guidance for the entire year was not provided given the uncertainty around the timing of the deployment of the proceeds raised, management did reconfirm its prior comments about the second half FFO being higher than the first half.

FY21 dividend is expected to be 85-95% of FFO. Neutral rating with the target rising to $2.73 from $2.64.

Target price is $2.73 Current Price is $2.69 Difference: $0.04
If ABP meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 16.00 cents and EPS of 16.60 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 22.9%.

Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 16.50 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 7.4%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: 0.5

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


Credit Suisse rates ABP as Outperform (1) -

Abacus Property Group's first half did not come as a surprise given the company had provided guidance.

Funds from operations were down -14% versus last year to 9.06c versus Credit Suisse's estimated 9c. The decline over the last year was due to the winding-up of the development business.

The broker is of the view the core portfolio looks heatlhy and while the company offered no guidance, Credit Suisse believes redeployment of investment capacity is a key swing factor in the group's earnings outlook.

Outperform maintained. Target falls to $3.04 from $3.09.

Target price is $3.04 Current Price is $2.69 Difference: $0.35
If ABP meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 17.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 6.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 22.9%.

Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 18.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 6.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 7.4%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: 0.5

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


Macquarie rates ABP as Outperform (1) -

Abacus Property Group's 2021 first-half result dovetailed with Macquarie's forecast. The broker spies further room for an equity raising.

FFOps forecasts rise 1.6% for FY21 for FY21 to account for the December equity raising, but rise 3.5% and fall -0.4% in FY22 and FY23 respectively.

Pickings were slim on the acquisition front but the broker notes negotiations on the $130m self-storage acquisitions are advanced.

Target price eases -3.2% to $3.05 from $3.15 to reflect the December net debt figure. Outperform rating retained.

Target price is $3.05 Current Price is $2.69 Difference: $0.36
If ABP meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.90, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 15.40 cents and EPS of 16.30 cents.
At the last closing share price the estimated dividend yield is 5.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.2, implying annual growth of 22.9%.

Current consensus DPS estimate is 16.1, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 16.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.50 cents and EPS of 17.50 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 7.4%.

Current consensus DPS estimate is 16.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.3.

Market Sentiment: 0.5

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

ADI  APN INDUSTRIA REIT

REITs

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Overnight Price: $2.84

Macquarie rates ADI as Neutral (3) -

APN Industria REIT's 2021 first-half result outpaced Macquarie's forecasts by 6.9% and management reiterated FY21 earnings guidance of 2% to 3%. 

Dealys are forecast for the commencement of the Rhodes project to the first half of 2022 but the broker expects demand should hold, and expects balance sheet deployment could offset some of the impacts of the delay.

The broker upgrades FFOps forecasts 1% for FY21, but downgrades -2.1% for FY22 and -1.1% for FY23 to reflect an uptick in office vacancies and an increase in the SPP from $5m to $20m.

Neutral rating retained. Target price eases to $2.73 from $2.74.

Target price is $2.73 Current Price is $2.84 Difference: minus $0.11 (current price is over target).
If ADI meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 17.30 cents and EPS of 20.10 cents.
At the last closing share price the estimated dividend yield is 6.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.13.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.90 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 5.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

Market Sentiment: 0.5

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

AIA  AUCKLAND INTERNATIONAL AIRPORT LTD

Infrastructure & Utilities

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Overnight Price: $6.35

Citi rates AIA as Neutral (3) -

Auckland Airport's first-half loss of -$10.5m was below consensus but higher than the -$6m expected by Citi, primarily on slower international recovery. FY21 earnings has been guided to a loss of -$35-$55m and dividends remain suspended until December 2021.

Citi reduces its estimates over slower than expected passenger traffic recovery while its target price rises to NZ$7.17 from NZ$6.73.

Neutral rating.

Current Price is $6.35. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 241.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.7, implying annual growth of N/A.

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

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

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 7.04 cents and EPS of 10.51 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 90.9.

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

Market Sentiment: 0.0

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


Macquarie rates AIA as Outperform (1) -

Auckland International Airport's 2021 first-half result met previous guidance.

Macquarie describes the performance as solid all-covid considered, and notes the airport has strengthened its balance sheet and realigned its operating and capital expenditure profile. 

The broker notes the company is highly leveraged to a resumption of trans-Tasman travel. Macquarie increases FY21 EPS forecasts by 7% to reflect a one-off cost windfall in the first half. 

FY22 EPS jumps 34% in anticipation of an early resumption of trans Tasman travel. Target price rise to NZ$7.61 from NZ$7.06. Outperform rating retained. 

Current Price is $6.35. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 2.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 241.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.7, implying annual growth of N/A.

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

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

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.44 cents and EPS of 5.44 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 116.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 90.9.

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

Market Sentiment: 0.0

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


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

Auckland International Airport's loss was largely in line with expectation, as was full year guidance. Unsurprisingly, no dividend was declared, and the broker sees a cut to FY21 capex plans as prudent. Liquidity is down but still ample.

While the company is backing domestic reslience, a Trans-Tasman bubble will require sufficient vaccinations on both sides, which the broker doesn't see until 2022. Thereafter, it's all about a full border reopening and tourists flooding back, but the broker retains Equal-Weight on this unknown.

Target falls to NZ$7.17 from NZ$7.37. Industry view: Cautious.

Current Price is $6.35. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.09 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 6755.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.7, implying annual growth of N/A.

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

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

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 2.06 cents and EPS of 6.57 cents.
At the last closing share price the estimated dividend yield is 0.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 96.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 90.9.

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

Market Sentiment: 0.0

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


UBS rates AIA as Neutral (3) -

UBS has noted a recovery in the share price from the lows a year ago. As balance-sheet risks have been removed, the opportunity grows regarding a re-start of international travel, finds the broker. A faster-than-expect a recovery in domestic air travel is considered a positive sign.

While the broker can envisage upside over the medium term, the next 18 months are expected to be challenging. A Neutral rating is retained until there is a more attractive entry price. Target is NZ$7.30.

Current Price is $6.35. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 338.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.7, implying annual growth of N/A.

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

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

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 250.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 6.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 90.9.

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

Market Sentiment: 0.0

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $26.55

Credit Suisse rates ANZ as Outperform (1) -

ANZ Bank's first quarter cash earnings at $1,810m were well above Credit Suisse's run rate, driven by a higher-than-expected net interest margin with a CET1 of 11.7%. The bank saw market share gains in Australian home loans and volume growth in New Zealand.

The positive result leads the broker to upgrade its headline earnings by 40% in FY21 and by 13-16% in outer years. Underlying profit has been upgraded 4-6% through the forecast period.

The bank is Credit Suisse's preferred recovery play in the sector with balance sheet momentum and cost control likely to deliver greater operational leverage in the broker's view.

Target price rises to $29.50 from $28 with an Outperform rating.

Target price is $29.50 Current Price is $26.55 Difference: $2.95
If ANZ meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 148.00 cents and EPS of 228.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.6, implying annual growth of 48.2%.

Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 149.00 cents and EPS of 229.00 cents.
At the last closing share price the estimated dividend yield is 5.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 1.6%.

Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.9

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


Morgan Stanley rates ANZ as Overweight (1) -

ANZ Bank's quarterly update revealed revenues, loan loss levels and capital all materially better than the broker's forecast. The broker views revenue trends, margin outlook, ongoing cost control, lower loan losses and stronger capital as positives.

Overweight and $26.20 target retained. Industry view: In-Line.

Target price is $26.20 Current Price is $26.55 Difference: minus $0.35 (current price is over target).
If ANZ 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 $27.99, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 105.00 cents and EPS of 163.00 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.6, implying annual growth of 48.2%.

Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 115.00 cents and EPS of 176.00 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 1.6%.

Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.9

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


Morgans rates ANZ as Add (1) -

ANZ Bank has announced unaudited cash earnings of $1.810bn for the first quarter, which is 30% better than Morgans expectations on a run-rate basis.

The broker was prescient on the upside risk from potential provision releases that have now occurred. Positive revisions to consensus forecasts are now expected by the broker for both impairment charges and the net interest margin.

As a result the analyst is also expecting potential for capital management initiatives over the forecast period.

The bank’s share price has outperformed National Australia Bank ((NAB)) and Commonwealth Bank ((CBA)) over the last month and Morgans expects this to continue.  Add rating and target is increased to $31 from $28.50.

Target price is $31.00 Current Price is $26.55 Difference: $4.45
If ANZ meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 145.00 cents and EPS of 223.00 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.6, implying annual growth of 48.2%.

Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 161.00 cents and EPS of 230.00 cents.
At the last closing share price the estimated dividend yield is 6.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 1.6%.

Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.9

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


Ord Minnett rates ANZ as Accumulate (2) -

Ord Minnett observes ANZ Bank provided the strongest revenue performance of the majors in the current reporting season. Net interest margin in the quarter surprised to the upside. The main disappointment relates to costs, although cost savings rhetoric continues.

The bank has elected to write back some of its provisions which leads the broker to factor in $3bn in capital management in the second half of FY22. Ord Minnett maintains an Accumulate rating and raises the target to $28.20 from $26.20.

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

Target price is $28.20 Current Price is $26.55 Difference: $1.65
If ANZ meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 140.00 cents and EPS of 199.00 cents.
At the last closing share price the estimated dividend yield is 5.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.6, implying annual growth of 48.2%.

Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 145.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 5.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 1.6%.

Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.9

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


UBS rates ANZ as Buy (1) -

UBS observes the first quarter was the first time in a while where all the stars lined up for ANZ Bank. Australia continues to perform well, with market share gains in mortgages and the net interest margin supported by improved deposit pricing.

Meanwhile, New Zealand is benefiting from the housing boom and economic rebound. UBS retains a Buy rating and raises the target to $28.50 from $25.50.

Target price is $28.50 Current Price is $26.55 Difference: $1.95
If ANZ meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.99, suggesting upside of 5.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 135.00 cents and EPS of 235.00 cents.
At the last closing share price the estimated dividend yield is 5.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 196.6, implying annual growth of 48.2%.

Current consensus DPS estimate is 128.3, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 150.00 cents and EPS of 220.00 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.7, implying annual growth of 1.6%.

Current consensus DPS estimate is 140.0, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.9

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

APT  AFTERPAY LIMITED

Business & Consumer Credit

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Overnight Price: $149.99

Macquarie rates APT as Neutral (3) -

Maquarie's data scrape of Afterpay's merchant database suggests Australian attritions rose in the first two weeks of February but were in smaller brands and the broker doesn't consider them a threat.

Elsewhere, US merchant additions rose; and the UK business continues to post the fastest growth.

Neutral rating and $140 target price retained.

Target price is $140.00 Current Price is $149.99 Difference: minus $9.99 (current price is over target).
If APT meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.96, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3845.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 1062.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3749.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.3, implying annual growth of 209.8%.

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

Current consensus EPS estimate suggests the PER is 343.1.

Market Sentiment: 0.3

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


Morgan Stanley rates APT as Overweight (1) -

Despite rising competition, several BNPL players have reported December quarter results showing sales growth across the board and increased growth rates, the broker notes. This aligns with Afterpay's strong November trading update.

Afterpay drives peer-leading repeat customer usage, hence the broker believes this bodes well for future revenue growth. The company is only in the early stages of building out its ecosystem, with BNPL peers offering many product lines that Afterpay does not.

The broker thus sees untapped potential. Overweight retained, target rises to $170.10 from $136.00. Industry view: In-Line.

Target price is $170.10 Current Price is $149.99 Difference: $20.11
If APT meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $114.96, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 29.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 517.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.3, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 1062.9.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 71.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 211.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.3, implying annual growth of 209.8%.

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

Current consensus EPS estimate suggests the PER is 343.1.

Market Sentiment: 0.3

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

BGL  BELLEVUE GOLD LTD

Gold & Silver

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Overnight Price: $0.76

Macquarie rates BGL as Outperform (1) -

Bellevue Gold's Stage One Feasibility Study matches Macquarie's production estimates but inventory grades disappointed, sparking higher all-in sustaining costs (AISC) and capital expenditure.

The broker postpones first gold delivery estimates by 9 months and increases AISC and capital expenditure forecasts. 

This translates to a small negative EPS forecast in FY22; an -88% reduction in FY23; and a -57% reduction in FY24.

Target price falls -33% to $1. Outperform rating retained given production estimates were in line, the scale of the mineral system and the company's track record. 

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If BGL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 84.44.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.00.

Market Sentiment: 1.0

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

BLX  BEACON LIGHTING GROUP LIMITED

Furniture & Renovation

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Overnight Price: $1.84

Citi rates BLX as Buy (1) -

Beacon Lighting Group continues to outperform the broader discretionary retail sector, observes Citi, benefiting from housing sector tailwinds, growth opportunities in trade and industry consolidation.

The broker further believes that as a vertically integrated retailer, the group's gross margins are well placed to expand from the higher AUD. Net profit for the second half is forecast at $9m, 5% above the second half of 2018. 

Beacon Lighting upgraded its rollout target to 184 from 170 but the broker does not expect the group to reach its target and expects 140 stores by FY31 due to growing online sales and the risk of cannibalisation.

Citi reiterates a Buy rating with the target rising to $2.15 from $1.85.

Target price is $2.15 Current Price is $1.84 Difference: $0.31
If BLX meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 6.60 cents and EPS of 13.80 cents.
At the last closing share price the estimated dividend yield is 3.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.33.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 5.50 cents and EPS of 19.60 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.39.

Market Sentiment: 0.5

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


Morgans rates BLX as Hold (3) -

The pre-released first half result revealed few surprises for Morgans as continued top-line growth across all states led to a strong sales performance and meaningful operating leverage.

The broker highlights ongoing positives including redirection of spend (no offshore travel), rising house prices and a strong Australian dollar. Further upside is contemplated should trade and international sales gain serious traction.

Hold rating and target is increased to $1.81 from $1.66.

Target price is $1.81 Current Price is $1.84 Difference: minus $0.03 (current price is over target).
If BLX meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 9.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 4.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.27.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 7.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

Market Sentiment: 0.5

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

BOQ  BANK OF QUEENSLAND LIMITED

Banks

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Overnight Price: $8.41

Credit Suisse rates BOQ as Outperform (1) -

Bank of Queensland has asked for a trading halt for up to four consecutive days for considering and planning an equity capital raising comprising an entitlement offer and placement to institutional investors to fund a potential acquisition.

According to the Australian Financial Review, the bank wants to acquire ME Bank for $1.3bn. Credit Suisse notes a deal between the two would lead to the formation of the fifth-largest bank in Australia.

The broker advocates the need for consolidation in the banking sector and believes a larger base makes it easier to spread the technology cost burden facing the sector together with earnings diversification.

That said, the broker also believes acquisitions carry significant execution risk and awaits more information.

Outperform rating with a target of $7.60. 

Target price is $7.60 Current Price is $8.41 Difference: minus $0.81 (current price is over target).
If BOQ meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.93, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 22.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 2.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 53.1, implying annual growth of 102.7%.

Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 41.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 4.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.6, implying annual growth of 10.4%.

Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.1

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

CCL  COCA-COLA AMATIL LIMITED

Food, Beverages & Tobacco

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Overnight Price: $13.37

Macquarie rates CCL as No Rating (-1) -

Coca-Cola Amatil reported a -4.2% volume decline in FY20 but experienced a fourth-quarter rebound across all Cola variants.

Indonesia, Fiji and Samoa businesses were hit hard by the virus and economic downturn. The broker tinkers with earnings revisions.

 Macquarie cannot provide a rating or target at present.

Current Price is $13.37. Target price not assessed.

Current consensus price target is $12.52, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 39.00 cents and EPS of 52.40 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.1, implying annual growth of N/A.

Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 41.90 cents and EPS of 55.90 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.4, implying annual growth of 9.6%.

Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.2

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


Ord Minnett rates CCL as Hold (3) -

2020 earnings were in line with guidance and the trading update in January. A strong performance in the Pacific featured, while Indonesia and PNG earnings were negatively affected by volume declines.

The main driver of the share price is a recently-upgraded offer from Coca-Cola European Partners at $13.50 a share. As a result, Ord Minnett retains a Hold rating and $13.50 target.

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

Target price is $13.50 Current Price is $13.37 Difference: $0.13
If CCL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.52, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 58.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.1, implying annual growth of N/A.

Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 63.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.4, implying annual growth of 9.6%.

Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.2

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


UBS rates CCL as No Rating (-1) -

There were few surprises in the 2020 results, given the pre-announcement in January. Cash flow was the incremental positive with second-half trading commentary in line with UBS expectations.

The broker continues to expect a full recovery in earnings to pre-pandemic levels in 2021. UBS remains restricted and cannot provide a rating or target.

Current Price is $13.37. Target price not assessed.

Current consensus price target is $12.52, suggesting downside of -6.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 49.00 cents and EPS of 57.40 cents.
At the last closing share price the estimated dividend yield is 3.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.1, implying annual growth of N/A.

Current consensus DPS estimate is 44.6, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 53.00 cents and EPS of 62.20 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 60.4, implying annual growth of 9.6%.

Current consensus DPS estimate is 47.5, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.2

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

CDA  CODAN LIMITED

Hardware & Equipment

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Overnight Price: $14.42

Macquarie rates CDA as Outperform (1) -

Macquarie's initial response can be found in yesterday's Report. Today, the broker lauds the company's strong growth outlook, with acquisition DTC proving a good fit.

The financial performance itself proved better-than-expected, with record January sales and sales for the communication division equally perking up. Estimates have gone up by 7% and 20% respectively for FY21 and FY22.

Price target lifts to $16.20 from $11.20 prior. Macquarie sees further growth options stemming from monetising Minetec IP, leveraging the combined sales networks post integration of DTC, plus M&A. Outperform.

Target price is $16.20 Current Price is $14.42 Difference: $1.78
If CDA meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 24.00 cents and EPS of 48.30 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.86.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 29.00 cents and EPS of 57.60 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.03.

Market Sentiment: 1.0

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

COH  COCHLEAR LIMITED

Medical Equipment & Devices

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Overnight Price: $204.50

Citi rates COH as Neutral (3) -

Cochlear reported a first-half net profit of $125m, 48% above Citi's forecast. Sales revenue, down -4% over last year, was still 16% above Citi's estimate. The dividend was re-instated at $1.15.

In its initial response to the result, Citi notes the recovery in surgery has been much quicker than anticipated with the pace strong in developed markets like the US, Japan, Korea, but slower in most emerging markets except China. 

FY21 net profit guidance at $225-245m stands 8% above consensus. Sales in developed markets in the second half are expected to be in-line with the first half with few EU and US regions impacted by recent lockdowns. 

Neutral rating with a target price of $200.

Target price is $200.00 Current Price is $204.50 Difference: minus $4.5 (current price is over target).
If COH meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $206.48, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 267.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 76.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 326.1, implying annual growth of N/A.

Current consensus DPS estimate is 123.3, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 68.1.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 439.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 46.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 451.5, implying annual growth of 38.5%.

Current consensus DPS estimate is 263.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 49.2.

Market Sentiment: 0.1

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


Macquarie rates COH as Outperform (1) -

Macquarie's initial analysis of Cochlear's first-half numbers shows a result that beat the broker's expectations with in-line guidance for FY21.

Sales of cochlear implants grew 2% ahead of the broker's estimates, implying strong sequential improvement and positive momentum over the half. Key markets noted a recovery in volumes with senior recipient surgeries back to pre-covid levels in most countries.

FY21 net profit is expected to be $225-$245m implying a second-half net profit of $100-$120m. On balance, the broker considers this a better than expected earnings result.

Outperform rating and target of $241 are maintained.

Target price is $241.00 Current Price is $204.50 Difference: $36.5
If COH meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $206.48, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 158.00 cents and EPS of 355.00 cents.
At the last closing share price the estimated dividend yield is 0.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 326.1, implying annual growth of N/A.

Current consensus DPS estimate is 123.3, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 68.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 354.00 cents and EPS of 505.50 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 451.5, implying annual growth of 38.5%.

Current consensus DPS estimate is 263.1, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 49.2.

Market Sentiment: 0.1

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $289.00

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

Citi downgrades to Neutral from Buy with a target of $310.

The broker reduces its earnings forecasts for FY21-23 by -4-12% citing the subdued pace of the recovery in plasma collections.

CSL reported first-half net profit of US$1,810m, 30% above Citi's estimated $1,396m. The result was better than anticipated due to lower operating and R&D expenses but is expected to reverse in the second half.

Demand is expected to remain strong for Behring products while Seqirus is expected to incur losses in the second half. Behring margins are expected to be negatively impacted by the cost of plasma collected in the March to December period.

Target price is $310.00 Current Price is $289.00 Difference: $21
If CSL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 334.38 cents and EPS of 744.17 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 382.76 cents and EPS of 743.46 cents.
At the last closing share price the estimated dividend yield is 1.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


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

Credit Suisse downgrades to Neutral from Outperform with the target falling to $320 from $325. 

CSL's first half net profit of US$1,810m was up 44% versus last year and 24% above Credit Suisse's estimate led by a strong performance by Seqirus and cost management. Immunoglobulin (IG) growth was up 7% but slightly weaker-than-expected.

Despite a "stellar" first half, Credit Suisse notes CSL has kept its guidance intact hinting towards a weaker second half. With plasma collections down circa -20% versus pre-covid levels, the broker doesn't think collections are likely to recover to pre-covid levels until mid-2021.

Target price is $320.00 Current Price is $289.00 Difference: $31
If CSL meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 239.04 cents and EPS of 717.13 cents.
At the last closing share price the estimated dividend yield is 0.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 288.85 cents and EPS of 668.75 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


Macquarie rates CSL as Neutral (3) -

CSL's bottom line beat Macquarie by some 15% but its reported gross profit was only 2% better-than-expected, reports Macquarie. The problem, however, is with plasma collection remaining under pressure.

Macquarie explains persistent problems with plasma collection put a question mark on CSL's FY22 growth prospect. For now, lower operational costs helped the company beating forecasts over H1.

Only minimal adjustments have been made to forecasts. The Neutral rating remains in place (too much uncertainty) while the price target gains $3 to $293.

Target price is $293.00 Current Price is $289.00 Difference: $4
If CSL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 316.88 cents and EPS of 717.84 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 351.02 cents and EPS of 773.90 cents.
At the last closing share price the estimated dividend yield is 1.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


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

CSL's result beat the broker by 26% on surprisingly low costs. But even if costs were normal, it still would have been an 8% beat. Guidance is for a seasonal step-down in earnings in the second half.

The broker suggests it is challenging to see how FY21 guidance is not conservative unless there has been a material step-change in the outlook for plasma of which it is currently unaware, despite challenges in plasma collection.

The broker's base case is for a strong rebound in collections in FY23. Equal-weight retained. Target falls to $276 from $283 (not qualified). Industry view: In-Line.

Target price is $276.00 Current Price is $289.00 Difference: minus $13 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 761.24 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 673.02 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


Morgans rates CSL as Hold (3) -

Morgans assesses the near-term future for CSL revolves around plasma collections which dipped in January on government stimulus in the US, and are now impacted by inclement weather.

Coupled with increasing costs (plasma up 20% per litre and R&D circa 10-11% of sales), the broker sees increasing risk to outer year earnings.

The analyst sees the first half results as solid with beats on both the top and bottom lines and margins expanding to 41.1%, though much of these outcomes were driven by one-offs and lower expenditures.

Seqirus was the standout on pandemic-driven demand for influenza vaccines, while Behring gained from Albumin sales on the transition to direct China distribution and cost-outs. FY21 guidance was reiterated, indicating earnings are heavily skewed to the first half.

 Hold rating and target is lowered to $301.1 from $306.7.

Target price is $301.10 Current Price is $289.00 Difference: $12.1
If CSL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 304.50 cents and EPS of 687.25 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 325.84 cents and EPS of 732.78 cents.
At the last closing share price the estimated dividend yield is 1.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


Ord Minnett rates CSL as Hold (3) -

First half net profit was well ahead of Ord Minnett's forecasts amid significantly lower operating expenses.

Ord Minnett still believes it possible for the company to deliver earnings growth in FY22 but this will require the rest of the plasma business to perform, particularly if demand for flu vaccinations moderates post the roll-out of the coronavirus vaccine.

Ord Minnett retains a Hold rating and lowers the target to $284 from $294.

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

Target price is $284.00 Current Price is $289.00 Difference: minus $5 (current price is over target).
If CSL 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 $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 313.03 cents and EPS of 691.52 cents.
At the last closing share price the estimated dividend yield is 1.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 338.65 cents and EPS of 734.21 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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


UBS rates CSL as Buy (1) -

Despite a robust first half result , UBS expects a significantly lower second half net profit. UBS delays expectations for a recovery in plasma collections until the fourth quarter of 2021 as storms and pandemic-related stimulus are affecting centre attendance.

A roll-out of a coronavirus vaccine should assist in recovery but this is taking time based on the current rate of deployment. A higher Seqirus earnings base partially mitigates the protracted recovery in Behring. Buy rating retained. Target is reduced to $330 from $339.

Target price is $330.00 Current Price is $289.00 Difference: $41
If CSL meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $302.01, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 247.58 cents and EPS of 717.13 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 650.8, implying annual growth of N/A.

Current consensus DPS estimate is 264.6, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 42.3.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 278.88 cents and EPS of 682.98 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 647.3, implying annual growth of -0.5%.

Current consensus DPS estimate is 296.4, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 42.5.

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

Market Sentiment: 0.1

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

CTD  CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $18.07

Macquarie rates CTD as Downgrade to Neutral from Outperform (3) -

Macquarie thinks Corporate Travel delivered a "solid" performance in an otherwise tough market. Moreover, it sees the company as well-positioned for the pending recovery.

Thus far, the broker observes overall travel volumes are low in the company's key regions. Given the outlook is not without risks, the broker adopts the view the stock is fairly valued at present level.

Rating is downgraded to Neutral from Outperform, reversing the upgrade from September. Target price lifts to $18.65 from 16.40.

Target price is $18.65 Current Price is $18.07 Difference: $0.58
If CTD meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.15, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.00 cents and EPS of minus 20.20 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 89.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -23.2, implying annual growth of N/A.

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

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

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.10 cents and EPS of 33.50 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of N/A.

Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 30.2.

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) -

A soft result was expected in the first half as challenging conditions persisted. Nevertheless, there are several positives which have provided UBS with confidence in the recovery.

Revenue is expected to accelerate in the second half and the broker suspects Corporate Travel will be a major beneficiary of future market share gains. UBS retains a Buy rating and raises the target to $21.10 from $20.40.

Target price is $21.10 Current Price is $18.07 Difference: $3.03
If CTD meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $21.15, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 24.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 72.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -23.2, implying annual growth of N/A.

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

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

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 30.20 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.3, implying annual growth of N/A.

Current consensus DPS estimate is 22.9, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 30.2.

Market Sentiment: 0.8

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

CWN  CROWN RESORTS LIMITED

Gaming

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Overnight Price: $9.73

Citi rates CWN as Neutral (3) -

Citi has a Neutral rating on Crown Resorts with regulatory pressure largely offset by corporate interest. The target rises to $10 from $9.90.

Investors are likely looking through near-term earnings, suggests Citi, as little can be gauged from the first half result to determine Crown's underlying operating performance given restrictions and closures.

The broker notes the January trading update for Melbourne and Perth was encouraging but momentum was interrupted by unexpected lockdowns in February. 

Target price is $10.00 Current Price is $9.73 Difference: $0.27
If CWN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 8.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 113.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.2%.

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

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 18.00 cents and EPS of 34.60 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.5

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


Credit Suisse rates CWN as Upgrade to Outperform from Neutral (1) -

Credit Suisse upgrades to Outperform from Neutral with the target rising to $12 from 10.35.

Management indicated Sydney apartment sales could realise $1.1bn rather than $800m as estimated by Credit Suisse. New capex guidance from the company showed the broker had been overestimating the remaining capex by $100m.

The broker expects Crown Resorts to be in a net cash position at the end of FY22. 

Lastly, Credit Suisse has delayed the opening of Crown Sydney gaming to December 2021 in its model.

Target price is $12.00 Current Price is $9.73 Difference: $2.27
If CWN meets the Credit Suisse target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.97 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 493.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.2%.

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

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 60.00 cents and EPS of 38.28 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.5

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


Macquarie rates CWN as Neutral (3) -

It appears Crown Resorts reported well above expectations, but the outlook post-NSW inquiry remains filled with risks, acknowledges the broker.

Macquarie does comment it has become apparent the NSW regulator and Crown Resorts have a constructive relationship towards meeting suitability and opening Crown Sydney in a timely manner, suggesting risk is not as high as one might have initially assumed.

Also, the company's balance sheet is approaching a net cash position, leading Macquarie to speculate about capital management. Further out, the broker continues to see strong demand for gaming ("gambling").

On the back of a cheap looking valuation, not without risks near term, Macquarie holds on to its Neutral rating, accompanied by a fresh price target of $10.90, up from $8.30 previously.

Target price is $10.90 Current Price is $9.73 Difference: $1.17
If CWN meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 324.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.2%.

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

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 19.50 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.5

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


Ord Minnett rates CWN as Hold (3) -

The cost base is a critical issue in the first half results. Capacity constraints, specifically table games, are likely to remain a drag on the ability of casinos to recover to pre-pandemic earnings until FY23, in Ord Minnett's view.

With margins in both Perth and Melbourne supported by subsidy in the first half Ord Minnett expects a moderation in the second half. Hold maintained. Target rises to $9.50 from $8.80.

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

Target price is $9.50 Current Price is $9.73 Difference: minus $0.23 (current price is over target).
If CWN 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 $10.68, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 30.00 cents and EPS of minus 18.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 54.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.2%.

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

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 60.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.5

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


UBS rates CWN as Buy (1) -

First half results were heavily disrupted by the lockdowns in Melbourne. Underlying operating earnings, excluding closure costs, were ahead of UBS estimates. Perth was the highlight where domestic revenue grew.

UBS is becoming more confident that the company's properties can stay open from October when a large part of the population will have access to the vaccine. Buy rating retained. Target is raised to $11.20 from $10.00.

Target price is $11.20 Current Price is $9.73 Difference: $1.47
If CWN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 30.00 cents and EPS of minus 17.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 57.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -1.1, implying annual growth of N/A.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.2%.

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

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 60.00 cents and EPS of 41.00 cents.
At the last closing share price the estimated dividend yield is 6.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.0, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.5

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

DTL  DATA#3 LIMITED

IT & Support

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Overnight Price: $5.75

Morgans rates DTL as Hold (3) -

The pre-released first half result was largely in-line with Morgans estimates as revenue grew 19% year-on-year and profit (NPAT) increased 8% as opex reduced -1.5%.

The company declared a 5.5 cent fully franked interim dividend. The analyst sees a tailwind for the company from expected growth in the Australian information and communications technology (ICT) sector of 3.6% in 2021.

Hold rating and target is increased to $7.75 from $5.39, following forecast EPS upgrades of 6% in FY21 and 10% FY22.

Target price is $7.75 Current Price is $5.75 Difference: $2
If DTL meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 14.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 2.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.33.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 2.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.94.

Market Sentiment: 0.0

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

EBO  EBOS GROUP LIMITED

Healthcare services

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Overnight Price: $27.01

Macquarie rates EBO as Neutral (3) -

Ebos Group recorded a gross profit of $126m, up 16% versus Macquarie's estimate. Macquarie observes positive signals for the group's community pharmacy and institutional healthcare led by market share uplift and higher-margin medical devices revenue.

While momentum across the group is considered positive, Macquarie sees limited upside at the current level. Neutral rating with the target rising to NZ$29.53 from NZ$26.17.

Current Price is $27.01. Target price not assessed.

Current consensus price target is $28.20, suggesting upside of 5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 84.40 cents and EPS of 115.40 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.6, implying annual growth of 13.9%.

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

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 96.10 cents and EPS of 124.50 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 124.4, implying annual growth of 8.6%.

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

Current consensus EPS estimate suggests the PER is 21.4.

Market Sentiment: 0.6

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

EQT  EQT HOLDINGS LIMITED

Diversified Financials

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Overnight Price: $26.63

Ord Minnett rates EQT as Buy (1) -

First half results were in line with Ord Minnett's forecasts. The broker notes good progress in superannuation offset some of the disappointment in other areas.

The company remains leveraged to equity markets and provides a solid growth profile with a "handsome" dividend yield, in the broker's view.

There is upside risk in the event of a major contract win or M&A. Buy reiterated. Target is raised to $37 from $36.

Target price is $37.00 Current Price is $26.63 Difference: $10.37
If EQT meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 93.00 cents and EPS of 115.40 cents.
At the last closing share price the estimated dividend yield is 3.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.08.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 99.00 cents and EPS of 123.90 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.49.

Market Sentiment: 1.0

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

EVN  EVOLUTION MINING LIMITED

Gold & Silver

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Overnight Price: $4.23

Ord Minnett rates EVN as Hold (3) -

First half results were in line with Ord Minnett's expectations. The broker expects production in FY21 to be at the high end of guidance of 670-730,000 ounces.

At Red Lake the broker continues to model delivery of stage 1 by FY23. Red Lake was almost entirely responsible for the increase in both resources and reserves in the latest statement.

The Hold rating and $4.40 target are unchanged.

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

Target price is $4.40 Current Price is $4.23 Difference: $0.17
If EVN meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of 44.0%.

Current consensus DPS estimate is 12.4, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 16.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.9, implying annual growth of 1.6%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.1

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

EXP  EXPERIENCE CO LIMITED

Travel, Leisure & Tourism

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Overnight Price: $0.22

Ord Minnett rates EXP as Buy (1) -

Ord Minnett believes the interim result reflects a business that has done the hard yards but is constrained by factors beyond its control. The business has been de-risked and there are further surplus asset sales to come.

This should provide a level of confidence once external conditions improve. The broker believes the bottom of the tourism cycle has been passed and the opening of domestic borders should come amid renewed confidence as coronavirus vaccinations are rolled out.

The broker assumes international travel re-starts in early 2022. Buy rating and $0.27 target maintained.

Target price is $0.27 Current Price is $0.22 Difference: $0.05
If EXP meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.33.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.00.

Market Sentiment: 1.0

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

FMG  FORTESCUE METALS GROUP LTD

Iron Ore

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Overnight Price: $24.88

Citi rates FMG as Neutral (3) -

Fortescue Metals Group's net profit of US$4.08bn was within its pre-released profit guidance of US$4.0-$4.1bn. An interim dividend of $1.47 was in line with Citi's forecast. 

With the initial iron bridge magnetite review complete, Citi expects first production expected in the second half of 2022. While FY21 capex guidance remains unchanged at $3-$3.4bn, the miner expects the final result to be toward the top end of this range.

Neutral rating with a $21 target price.

Target price is $21.00 Current Price is $24.88 Difference: minus $3.88 (current price is over target).
If FMG meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 348.61 cents and EPS of 435.40 cents.
At the last closing share price the estimated dividend yield is 14.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 266.08 cents and EPS of 334.38 cents.
At the last closing share price the estimated dividend yield is 10.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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


Credit Suisse rates FMG as Outperform (1) -

Fortescue Metals Group's first-half net profit (NPAT) was at the upper end of the guidance range with operating income in-line with consensus. The $1.47 dividend was a beat to Credit Suisse's estimate and equated to a payout of 80%.

Also, 10% of the miner's future net profit will be allocated to fund renewable energy growth through Fortescue Future Industries with another 10% to fund other resource growth opportunities.

Credit Suisse awaits more news on where this capital will ultimately be directed. Outperform rating with a target of $23.50.

Target price is $23.50 Current Price is $24.88 Difference: minus $1.38 (current price is over target).
If FMG meets the Credit Suisse target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 371.37 cents and EPS of 463.86 cents.
At the last closing share price the estimated dividend yield is 14.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 236.20 cents and EPS of 327.26 cents.
At the last closing share price the estimated dividend yield is 9.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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


Macquarie rates FMG as Outperform (1) -

Fortescue Metals Group's first-half earnings were in line with Macquarie's forecasts with an interim dividend of $1.47, 7% ahead of the broker's estimate. Iron Bridge capex is expected to be circa -US$3.0bn, again in line with Macquarie's expectations.

The group's first half earnings result was solid, assesses the broker, with most key metrics in line. Macquarie notes Fortescue's earnings upgrade momentum remains strong with a spot price scenario generating circa 20% higher earnings for FY21 and circa 115% higher for FY22. 

Outperform rating and $26.50 target retained.

Target price is $26.50 Current Price is $24.88 Difference: $1.62
If FMG meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 205.70 cents and EPS of 256.20 cents.
At the last closing share price the estimated dividend yield is 8.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 136.80 cents and EPS of 171.00 cents.
At the last closing share price the estimated dividend yield is 5.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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


Morgan Stanley rates FMG as Underweight (5) -

The broker does not qualify Fortescue Metals' result, rather focusing on the better than expected dividend. The payout was 80% when the broker had forecast 65%, in line with a track record of paying this level as an interim and then catching up in the final.

Iron Bridge will see a capex increase of 15% before another assessment in three months, and be delayed by six months. Estimates are preliminary in nature, the broker notes, with a 12 week technical and commercial assessment currently ongoing.

Underweight and $17.45 target retained. Industrry view: Attractive.

Target price is $17.45 Current Price is $24.88 Difference: minus $7.43 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 297.38 cents and EPS of 374.22 cents.
At the last closing share price the estimated dividend yield is 11.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 160.79 cents and EPS of 210.59 cents.
At the last closing share price the estimated dividend yield is 6.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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


Morgans rates FMG as Hold (3) -

The first half result was very close to recent guidance and Morgans forecasts, with the balance sheet now close to a net cash position.

The broker was bracing for worse news than eventuated when the company updated on the Iron Bridge magnetite project. There was a -US$400m increase in the capex budget to -US$3.0bn.

The interim dividend of $1.47 compares with consensus for $1.33, surprised Morgans.

Given a history of undersized returns from renewable energy projects, the analyst is concerned the company plans to invest up to 10% of underlying earnings each year in renewable projects within its new Fortescue Future Industries (FFI) business.

Hold rating and the target is decreased to $21.20 from $21.50.

Target price is $21.20 Current Price is $24.88 Difference: minus $3.68 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 335.80 cents and EPS of 419.75 cents.
At the last closing share price the estimated dividend yield is 13.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 213.43 cents and EPS of 284.58 cents.
At the last closing share price the estimated dividend yield is 8.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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


UBS rates FMG as Buy (1) -

First half earnings were in line with expectations while the dividend was ahead. The interim dividend of $1.47 implies an 80% payout-out ratio.

Fortescue Metals believes a failure in culture and management led to project costs increasing by -US$400m at Iron Bridge and a delayed start to production. The company has also flagged a cash shortfall from a joint venture partner that will have to be remedied.

A technical and commercial assessment of Iron Bridge is due in 12 weeks and UBS suspects there could be further risks to the schedule and final costs. UBS retains a Buy rating and $25 target.

Target price is $25.00 Current Price is $24.88 Difference: $0.12
If FMG meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $23.38, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 405.52 cents and EPS of 375.64 cents.
At the last closing share price the estimated dividend yield is 16.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 372.4, implying annual growth of N/A.

Current consensus DPS estimate is 286.3, implying a prospective dividend yield of 11.9%.

Current consensus EPS estimate suggests the PER is 6.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 274.62 cents and EPS of 263.23 cents.
At the last closing share price the estimated dividend yield is 11.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 261.5, implying annual growth of -29.8%.

Current consensus DPS estimate is 192.6, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 9.2.

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

Market Sentiment: 0.4

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

GMG  GOODMAN GROUP

Infra & Property Developers

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Overnight Price: $16.99

Macquarie rates GMG as Neutral (3) -

In its initial assessment of Goodman Group's first-half result, Macquarie notes a profit of $1,041.5m with operating income of $614.9m. Earnings per share at 33.1c is up 15% versus last year and 13% ahead of Macquarie's forecasts. 

FY21 guidance for operating earnings has been upgraded to 12% from 9% year on year and is ahead of the broker's 10.8%. Looking at the strength of the first half earnings and continued interest tailwinds, Macquarie feels the guidance could have been higher.

Neutral rating with a target of $18.77.

Target price is $18.77 Current Price is $16.99 Difference: $1.78
If GMG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 30.00 cents and EPS of 63.70 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of -22.6%.

Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 32.40 cents and EPS of 68.90 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 10.8%.

Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 24.3.

Market Sentiment: 0.2

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


Ord Minnett rates GMG as Hold (3) -

Ord Minnett is pleased with its initial assessment of Goodman Group's first-half result. The group reported half operating profit of $615m, well ahead of Ord Minnett's forecast of $569m, leading to another earnings beat driven by a 32% rise in development earnings.

Further, the broker notes development volumes of the group have risen rapidly, nearly doubling versus 12 months ago while maintaining margins. Development earnings are expected to rise further, in turn driving strong assets under management (AUM) growth, adds the broker.

Hold rating for Goodman Group is retained with a target of $19.

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

Target price is $19.00 Current Price is $16.99 Difference: $2.01
If GMG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 30.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.8, implying annual growth of -22.6%.

Current consensus DPS estimate is 30.0, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 27.0.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 34.00 cents and EPS of 73.00 cents.
At the last closing share price the estimated dividend yield is 2.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.7, implying annual growth of 10.8%.

Current consensus DPS estimate is 32.4, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 24.3.

Market Sentiment: 0.2

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

HPI  HOTEL PROPERTY INVESTMENTS

Infra & Property Developers

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Overnight Price: $3.03

Morgans rates HPI as Hold (3) -

Hotel Property Investments reported distributable earnings of $16.1m. Underlying rental income was up 5.2% on the pcp due to average rent increases of 2.3% and income from new acquisitions, explains Morgans. 

The portfolio is now valued at $872m across 48 hotel and accommodation assets. The first half distribution of 9.6 cents included a capital payment of 0.6 cents (paid on 5 March) and FY21 DPS guidance remains at 19.3 cents.

The Hold rating and target of $3.31 are unchanged.

Target price is $3.31 Current Price is $3.03 Difference: $0.28
If HPI meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 19.30 cents and EPS of 19.30 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.70.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 20.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.15.

Market Sentiment: 0.3

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

ING  INGHAMS GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $3.62

Citi rates ING as Buy (1) -

Upon initial glance, Inghams Group's interim report is reflecting good operating leverage, on top of core poultry volume growth in Australia and NZ, comment analysts at Citi.

Inghams Group reported 1H21 sales of $1.36bn, up 5% and earnings (EBITDA) of $101m, up 10%.

Inghams has not provided any quantitative guidance, but early signs of improved operating efficiency look to be showing through. With results suggesting conditions are set for even better growth in 2H21, Citi expects consensus upgrades likely in the order of 3%-5%.

While Inghams inventory rose by 11% to $308m (incl biological assets) year on year, the company noted a -$29m drop since June 2020.

At first sight, Citi noted Inghams has delivered a good first-half result, particularly given the disruptions that have been evident in some markets like Victoria in 1H21.

Citi suspects, quantifiable benefits from the company's operating efficiency program will support the share price. The Buy rating and target price of $3.70 are unchanged.

Target price is $3.70 Current Price is $3.62 Difference: $0.08
If ING meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 14.50 cents and EPS of 21.50 cents.
At the last closing share price the estimated dividend yield is 4.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.3, implying annual growth of 97.4%.

Current consensus DPS estimate is 14.1, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 18.00 cents and EPS of 26.80 cents.
At the last closing share price the estimated dividend yield is 4.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.3, implying annual growth of 18.8%.

Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.7

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

IPH  IPH LIMITED

Legal

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Overnight Price: $6.72

Macquarie rates IPH as Outperform (1) -

IPH's first-half operating income result was $61.7m versus Macquarie's expected $62m. The broker finds the result in-line with expectations with fx headwinds offset by synergies and recent acquisition contributions.

The result is solid considering the macro environment, suggests the broker, and highlights the resiliency of the business with its ability to execute on the delivery of synergies and logical bolt-ons.

Macquarie finds IPH attractive given the defensiveness of core filing volumes, organic growth in Asia and M&A opportunities.

Outperform retained with the target falling to $8 from $8.60.

Target price is $8.00 Current Price is $6.72 Difference: $1.28
If IPH meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 28.00 cents and EPS of 33.40 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.12.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 29.00 cents and EPS of 35.30 cents.
At the last closing share price the estimated dividend yield is 4.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.04.

Market Sentiment: 1.0

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


Morgans rates IPH as Add (1) -

Despite IPH’s first half result being marginally below Morgans expectations, it was considered commendable given the difficult operating environment facing the group.

There was flat revenue, a lift in earnings (EBITDA) and good cost control, according to the broker. An interim dividend of 14 cents (50% franked) was declared and the company repaid -$32.7m of debt during the half.

The earnings margin for the merged businesses of Griffith Hack (and Watermark) jumped to 28% from 18% (as two standalones), highlighting to the analyst managerial abilities.

Add rating and the target is decreased to $8.27 from $8.42.

Target price is $8.27 Current Price is $6.72 Difference: $1.55
If IPH meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 27.00 cents and EPS of 34.00 cents.
At the last closing share price the estimated dividend yield is 4.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.76.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 30.00 cents and EPS of 37.00 cents.
At the last closing share price the estimated dividend yield is 4.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.16.

Market Sentiment: 1.0

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

IRE  IRESS LIMITED

Wealth Management & Investments

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Overnight Price: $10.25

Macquarie rates IRE as Neutral (3) -

Iress reported its FY20 result which was slightly ahead of its guidance.

FY21 segment profit guidance has been set between $164-$168m, translating to net profit guidance of $56m-$63m and earnings of $28.7c-$32c. Macquarie views the timing of client projects (notably in the UK) to be the biggest swing factor to current guidance.

Covid disruptions resulted in a lengthening of the sales cycle but management saw some client activity despite the lockdowns. Near-term share price upside depends on easing of restrictions and positive news on the vaccine, adds the broker.

Neutral rating with a target of $10.50.

Target price is $10.50 Current Price is $10.25 Difference: $0.25
If IRE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 46.00 cents and EPS of 37.90 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.8, implying annual growth of -0.3%.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 46.00 cents and EPS of 44.40 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of 10.8%.

Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 23.8.

Market Sentiment: 0.1

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


Morgans rates IRE as Hold (3) -

Iress stated that pro-forma profit (NPAT) ex-acquisitions and constant currency, was up 7% on the pcp. An interim dividend of 46 cents was declared.

Management guidance for profit was for -5% to up 7% on the pcp and flat earnings (EPS) if the top-end of profit guidance is achieved.

Morgans warns investment for growth remains high and conversion of strong revenue growth to underlying EPS has not been delivered to-date. While the broker waits for operating leverage to materialise, the target is reduced to $10.95 from $11.70. Hold rating is maintained.

Target price is $10.95 Current Price is $10.25 Difference: $0.7
If IRE meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $10.93, suggesting upside of 9.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 46.00 cents and EPS of 39.00 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.8, implying annual growth of -0.3%.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 47.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 4.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.9, implying annual growth of 10.8%.

Current consensus DPS estimate is 45.8, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 23.8.

Market Sentiment: 0.1

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

IVC  INVOCARE LIMITED

Consumer Products & Services

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Overnight Price: $10.85

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

InvoCare pre-released a preliminary result ahead of next week's scheduled release. It was softer than the broker expected but the market had anticipated a tough second half, and focus is now on a strategic update from the new CEO at the official result release.

The broker is keeping an open mind with regard any turnaround but for now sticks with an Equal-weight rating and $10.30 target.

Industry view: In-Line.

Target price is $10.30 Current Price is $10.85 Difference: minus $0.55 (current price is over target).
If IVC meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.17, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 20.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.3, implying annual growth of -52.9%.

Current consensus DPS estimate is 23.8, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 42.0.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 43.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 3.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.14.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.5, implying annual growth of 46.4%.

Current consensus DPS estimate is 29.7, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 28.7.

Market Sentiment: 0.0

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

JMS  JUPITER MINES LIMITED

Industrial Metals

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Overnight Price: $0.36

Macquarie rates JMS as Neutral (3) -

The distribution of R1.1bn from Tshipi e Ntle mining was stronger than Macquarie expected in FY21. The broker considers Jupiter Mines' dividend yield attractive on its forecasts at 6-10% for FY21-24 with upside risk in a spot price scenario.

Neutral rating retained with the target rising to $0.33 from $0.30.

Target price is $0.33 Current Price is $0.36 Difference: minus $0.03 (current price is over target).
If JMS meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in February.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.00 cents and EPS of 2.20 cents.
At the last closing share price the estimated dividend yield is 8.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.36.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 2.10 cents and EPS of 2.10 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.14.

Market Sentiment: 0.0

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

LOV  LOVISA HOLDINGS LIMITED

Luxury

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Overnight Price: $11.00

Citi rates LOV as Neutral (3) -

Due largely to Northern Hemisphere Covid weakness, and slower recovery in Asia sales, Lovisa Holding's 1H21 net profit (NPAT) of $19.5m was around -18% below Citi’s forecast, but 7% above consensus.

In its initial thoughts, Citi notes Lovisa’s $42m of net cash and access to $50m of undrawn facilities should help the company navigate current challenges.

Citi also notes the positive surprise in Lovisa’s stronger than expected balance sheet, which has allowed the company to pay a 20cps interim dividend. Operating cash flow was also better than Citi had expected at $46m with cash conversion at 111% (1H20: 99%).

While rollout -a key driver of Lovisa’s long term growth- is slowing, Citi suspects it is likely to be masked by the Beeline acquisition, where integration risks are elevated.

Neutral, and price target of $11.45, unchanged.

Target price is $11.45 Current Price is $11.00 Difference: $0.45
If LOV meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $12.16, suggesting downside of -6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 7.50 cents and EPS of 29.20 cents.
At the last closing share price the estimated dividend yield is 0.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.8, implying annual growth of 105.7%.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 59.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 12.50 cents and EPS of 45.30 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 36.9, implying annual growth of 69.3%.

Current consensus DPS estimate is 23.5, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 35.3.

Market Sentiment: 0.5

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

M7T  MACH7 TECHNOLOGIES LIMITED

Healthcare services

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Overnight Price: $1.45

Morgans rates M7T as Add (1) -

Once Morgans looks through timing issues for both revenue and costs and extends the forecast period, the net effect is an increase in target price to $1.68 from $1.49 and the Add rating is retained.

Management has guided to a much stronger second half with positive earnings (EBITDA).

The company recorded annualised recurring revenues of $10.2m, while sales orders secured were $10.9m in the first half. For the six weeks into the new half sales are running at $12.0m.

Target price is $1.68 Current Price is $1.45 Difference: $0.23
If M7T meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 48.33.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

Market Sentiment: 1.0

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

MOC  MORTGAGE CHOICE LIMITED

Banks

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Overnight Price: $1.37

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

Citi notes Mortgage Choice's first-half cash net profit at $5.6m was just 1% higher than the first half despite 20% growth in settlements.

The loan book was flat with accelerating loan repayments impacting trail commissions although Citi believes this will normalise over the next 12-18 months.

Earnings forecasts have been lowered over FY21-23 by -5-7% primarily driven by lower net commissions as well as higher commission pay-away.

Citi downgrades to Neutral from Buy with the target reduced to $1.40 from $1.45.

Target price is $1.40 Current Price is $1.37 Difference: $0.03
If MOC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 8.00 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.30.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 8.00 cents and EPS of 8.10 cents.
At the last closing share price the estimated dividend yield is 5.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.91.

Market Sentiment: 0.0

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

NGI  NAVIGATOR GLOBAL INVESTMENTS LIMITED

Wealth Management & Investments

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Overnight Price: $1.76

Macquarie rates NGI as Outperform (1) -

Macquarie observes Navigator Global Investments' operating outlook commentary is positive with cash flow from the Dyal transaction above expectations.

The company's comments on flows are supported by a pipeline of opportunities and more possible acquisitions following the Dyal transaction. 

The timing of the Dyal acquisition and treatment of some cash flow as gains on acquisition impacted the first-half dividend of 3.5c versus Macquarie's forecast of 7.2c. 

Outperform rating with the target falling to $2.18 from $2.25.

Target price is $2.18 Current Price is $1.76 Difference: $0.42
If NGI meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 12.95 cents and EPS of 14.37 cents.
At the last closing share price the estimated dividend yield is 7.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.25.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.36 cents and EPS of 16.08 cents.
At the last closing share price the estimated dividend yield is 9.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.95.

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

Market Sentiment: 1.0

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


Ord Minnett rates NGI as Buy (1) -

First half results were slightly weaker than Ord Minnett expected. Nevertheless, the broker believes investors should focus on FY22 - when "things get interesting".

The stock may have been sold off post the result but with greater clarity around the cost base, Ord Minnett is comfortable the company can make up ground in the second half.

The lower contribution from Dyal was also a function of accounting and will revert to true cash generation from FY22. A buoyant outlook for Dyal, combined with an improved outlook for Lighthouse, means the broker reiterates a Buy rating. Target is unchanged at $2.40.

Target price is $2.40 Current Price is $1.76 Difference: $0.64
If NGI meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 13.52 cents and EPS of 14.23 cents.
At the last closing share price the estimated dividend yield is 7.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.37.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 16.36 cents and EPS of 19.07 cents.
At the last closing share price the estimated dividend yield is 9.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.23.

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

Market Sentiment: 1.0

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

NWH  NRW HOLDINGS LIMITED

Mining Sector Contracting

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Overnight Price: $2.32

UBS rates NWH as Buy (1) -

First half results were below UBS estimates, amid larger-than-expected impacts from the pandemic on staffing, which affected productivity.

The implied margin signals the performance, outside of pandemic-affected contracts, would have been tracking ahead of UBS estimates.

The broker envisages a significant opportunity over the medium term and retains a Buy rating. Target is reduced to $3.00 from $3.15.

Target price is $3.00 Current Price is $2.32 Difference: $0.68
If NWH meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 8.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.89.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 8.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.09.

Market Sentiment: 1.0

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

ORA  ORORA LIMITED

Paper & Packaging

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Overnight Price: $2.88

Citi rates ORA as Upgrade to Buy from Neutral (1) -

Orora reported 20% earnings growth in the first half and Citi expects 44% in the second half. The company has seen improving revenue trends across both divisions and cost savings have helped profit margins in North America.

Management is conservatively asuming the loss of all wine bottle sales to customers exporting to China which the broker sees as sensible, but the broker expects at least half that volume to be redirected to other markets.

With good margin recovery prospects over the medium term, and capital management potential, Citi is more positive on the stock. Upgrade to Buy from Neutral, target rises to $3.20 from $2.50.

Target price is $3.20 Current Price is $2.88 Difference: $0.32
If ORA meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 13.50 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 15.00 cents and EPS of 19.20 cents.
At the last closing share price the estimated dividend yield is 5.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Credit Suisse rates ORA as Neutral (3) -

Credit Suisse highlights beverage can volumes growth carried the day in the first half driven primarily by the beer category but also soft drinks.

Orora's guidance expects flat operating income for the division as China's import ban will impact Orora's wine’s glass operations in the second half. 

Orora expects the overall operating income in the second half to be above last year and Credit Suisse models a rise of 31% in operating income growth.

Neutral retained. Target is $2.80.

Target price is $2.80 Current Price is $2.88 Difference: minus $0.08 (current price is over target).
If ORA meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 12.00 cents and EPS of 16.52 cents.
At the last closing share price the estimated dividend yield is 4.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 13.30 cents and EPS of 18.53 cents.
At the last closing share price the estimated dividend yield is 4.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Macquarie rates ORA as Neutral (3) -

Macquarie retains its Neutral rating with the target rising to $3.05 from $2.71.

Orora reported a first-half net profit (pre significant items) of $91m, above Macquarie's $81m forecast with beats by both Australasia and North America. This is somewhat tempered by a weaker second-half outlook for Australasia, assesses the broker.

The broker believes the resumption of the buy-back is likely to be supportive in the near term with 5.6% of Orora's 10% buyback still remaining.

Target price is $3.05 Current Price is $2.88 Difference: $0.17
If ORA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 11.80 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 4.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 14.10 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 4.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


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

First half results were ahead of expectations. Morgan Stanley was pleased with the progress on the North American turnaround. Nevertheless, the outlook for wine bottle volumes is uncertain and makes the broker somewhat cautious.

A strong balance sheet, capital management support and a 4.5% yield are considered positives. Equal-weight retained. Target rises to $3.20 from $3.00. Industry view: Cautious.

Target price is $3.20 Current Price is $2.88 Difference: $0.32
If ORA meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 13.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 14.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


Morgans rates ORA as Hold (3) -

Orora's first half result was comfortably ahead of Morgans expectations and the broker increases underlying earnings forecasts by between 1-2% for FY21-23. Downgrades to Australasia earnings from lower wine volumes were more than offset by upgrades for North America.

North America looks to the broker like it is finally turning around (the first time in three years it recorded growth), though the higher Australian dollar is currently weighing.

Management has guided to higher earnings in FY21 with North America earnings (EBIT) to be higher and Australasia earnings (EBIT) to be broadly in-line with FY20 (the second half will be impacted by lower wine bottle exports to China and the smaller 2020 wine vintage).

Hold rating and the target is increased to $3 from $2.61.

Target price is $3.00 Current Price is $2.88 Difference: $0.12
If ORA meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 13.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 13.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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


UBS rates ORA as Neutral (3) -

First half earnings beat UBS' estimates. This was largely driven by stronger sales in both Australasian beverage and North American distribution. Orora has now completed 44% of its recently announced buyback.

UBS believes the balance sheet is very strong and there is capacity to support growth objectives. Neutral retained. Target rises to $2.90 from $2.65.

Target price is $2.90 Current Price is $2.88 Difference: $0.02
If ORA meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.00, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 13.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.4, implying annual growth of 465.5%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 13.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of 10.4%.

Current consensus DPS estimate is 13.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 16.3.

Market Sentiment: 0.1

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

ORG  ORIGIN ENERGY LIMITED

NatGas

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Overnight Price: $4.50

Citi rates ORG as Neutral (3) -

Origin Energy's first half result beat the broker by 5%, due to lower costs. As a result of higher free cash flow and a 34% payout ratio versus the broker's expectation of 30%, the dividend of 13c was well ahead of a 9c forecast.

Full year guidance implies notably lower earnings in the second half, reflecting recent regulatory decisions and lower wholesale electricity prices, the broker notes. On this basis the broker believes consensus FY22 forecasts are too high.

Lower wholesale electricity prices, retail regulation, declining Eraring utilisation, and higher gas procurement costs are expected to continue to weigh on Energy Markets' earnings and therefore capital return or capex growth capacity. Neutral and $4.76 target retained.

Target price is $4.76 Current Price is $4.50 Difference: $0.26
If ORG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 18.30 cents and EPS of 18.30 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 22.30 cents and EPS of 22.30 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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


Credit Suisse rates ORG as Neutral (3) -

Origin Energy's operating income was 12% above consensus but mostly non-recurring, observes Credit Suisse.

The broker notes most of the energy markets' beat was a one-off gain from a large-scale generation certificate shortfall strategy. For integrated gas, the beat was due to a larger fall in royalties.

A 12.5c dividend was above Credit Suisse's forecast of 10c.

Anticipating more downgrades to operating income consensus for energy markets, the broker retains its Neutral rating with the target price decreasing to $4.60 from $4.80  

Target price is $4.60 Current Price is $4.50 Difference: $0.1
If ORG meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 25.00 cents and EPS of 19.02 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 25.00 cents and EPS of 26.89 cents.
At the last closing share price the estimated dividend yield is 5.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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


Macquarie rates ORG as Neutral (3) -

Origin Energy's first-half operating income was $1.15bn against Macquarie's forecast of $0.99bn with net profit at $223m versus the broker's estimated $128m. Operating cash flow was up 110% to $607m and ahead of the broker's expectation.

Macquarie finds Origin energy "tempting" but notes uncertainty about long term energy price driven by lower input costs and government policy creates a material swing on value, exacerbated by the leverage. 

Neutral rating with a target of $5.44.

Target price is $5.35 Current Price is $4.50 Difference: $0.85
If ORG meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 20.00 cents and EPS of 16.90 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.00 cents and EPS of 17.60 cents.
At the last closing share price the estimated dividend yield is 4.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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


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

First half operating earnings were ahead of expectations. The company has pointed to continuing gross margin headwinds in energy markets, particularly for gas in the June quarter and electricity into FY22.

Origin Energy expects energy market earnings will decline in the second half owing in part to the re-pricing of the Victorian Default Offer from January 1 2021. The company will also run Eraring at lower capacity as pool prices decline.

Equal-weight retained. Target is reduced to $4.88 from $5.10. Industry view is Cautious.

Target price is $4.88 Current Price is $4.50 Difference: $0.38
If ORG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 22.80 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 5.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 20.60 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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


Morgans rates ORG as Add (1) -

Origin Energy's first half result surprised to the upside with underlying profit (NPAT) over 20% ahead of Morgans expectation, driven by the Integrated Gas division. Operating cashflow also exceeded forecasts though this is expected to reverse in the second half.

The company is maintaining its guidance for FY21, which points to a weaker second half for the Energy Markets business, suggests the broker. Management highlighted that conditions in the electricity market will remain challenging for at least the next 12-18 months.

While maintaining the dividend policy target of 30-50% of free cashflow, the company is toying with the prospect of diverting some of the cash toward buybacks.

The Add rating is unchanged and the target price is decreased to $5.91 from $6.06. Morgans notes international energy prices look to be a strong tailwind for the APLNG business in FY22 to buffer the weakness in electricity.

Target price is $5.91 Current Price is $4.50 Difference: $1.41
If ORG meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 16.40 cents and EPS of 17.10 cents.
At the last closing share price the estimated dividend yield is 3.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 12.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 2.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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


Ord Minnett rates ORG as Buy (1) -

First half underlying net profit was ahead of Ord Minnett's estimates. The contribution from APLNG was above forecasts while energy market operating earnings were in line.

The broker assesses consensus estimates are very high for FY22-23. A new base for energy markets operating earnings is anticipated in the current half, which will lead to market downgrades.

While this may be a near-term headwind, the broker notes Origin Energy continues to offer a free cash flow yield above 7% and maintains a Buy rating. Target rises to $5.35 from $5.30.

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

Target price is $5.35 Current Price is $4.50 Difference: $0.85
If ORG meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.2, implying annual growth of 266.0%.

Current consensus DPS estimate is 19.9, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 25.9.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 29.7%.

Current consensus DPS estimate is 20.7, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.4

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

ORI  ORICA LIMITED

Mining Sector Contracting

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Overnight Price: $15.19

Citi rates ORI as Buy (1) -

Wesfarmers' CSBP reported -3% lower ammonium nitrate (AN) volumes in the first half impacted by higher supply from a competitor plant in the Burrup. Citi believes this could suggest Orica's Burrup AN plant may be ramping up and gaining share in Western Australia.

While CSBP highlights stronger AN demand from the iron ore sector, sodium cyanide export demand was on the weaker side driven by covid related gold mine closures.

Citi has a cautious view of Orica's Latin America operations and expects -10% lower volumes in the first half. Orica is considered well placed to deliver medium-term earnings growth underpinned by a recovery in global mining activity,

Buy rating maintained with the target falling to $18.65 from $19.45.

Target price is $18.65 Current Price is $15.19 Difference: $3.46
If ORI meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.92, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 39.00 cents and EPS of 80.40 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 81.7, implying annual growth of 92.2%.

Current consensus DPS estimate is 42.9, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 18.3.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 44.00 cents and EPS of 95.50 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 95.6, implying annual growth of 17.0%.

Current consensus DPS estimate is 52.2, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.6

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

OZL  OZ MINERALS LIMITED

Copper

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Overnight Price: $21.84

Credit Suisse rates OZL as Underperform (5) -

OZ Minerals' net profit of $213m beat Credit Suisse's estimated $179m. Both operating income and dividend were higher than expected. 

The outlook for FY21 remains unchanged at 120-145kt of production and 90-215koz of gold. Management is increasingly bullish on nickel, suggesting a growing appetite for West Musgrave subject to study refinement.

While the broker likes OZ Minerals for its leverage to copper and portfolio quality, the broker doesn't like its price and retains its Underperform rating with the target rising to $16.15 from $14.80. 

Target price is $16.15 Current Price is $21.84 Difference: minus $5.69 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.91, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 25.00 cents and EPS of 112.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 23.00 cents and EPS of 144.00 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.1, implying annual growth of 16.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.0

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


Macquarie rates OZL as Outperform (1) -

Macquarie notes OZ Minerals' 2020 result was positive with headline financials largely in line while cash flow was a beat. A final dividend of $0.17 was announced.

The broker believes at spot prices, OZ Minerals can fund its impressive organic growth profile from its cash flows and deliver a 10% pa production CAGR (compounded annual growth rate) through to 2028.

Further, earnings upside momentum continue to be driven by rising copper and gold prices with earnings forecasts increasing by 65% and 130% in 2021-22 at spot prices.

Outperform rating with the target rising to $24 from $22.

Target price is $24.00 Current Price is $21.84 Difference: $2.16
If OZL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.91, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 21.00 cents and EPS of 87.70 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 12.00 cents and EPS of 97.30 cents.
At the last closing share price the estimated dividend yield is 0.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.1, implying annual growth of 16.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.0

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


Morgan Stanley rates OZL as Overweight (1) -

Morgan Stanley was pleased with the 2020 dividend. While underlying net profit was ahead of forecasts, free cash flow was weaker because of higher capital expenditure.

2021 depreciation guidance is ahead of Morgan Stanley's estimates while a lower drawdown of inventory at Prominent Hill is expected. Overweight rating. Target price is $20.30. Industry view: Attractive.

Target price is $20.30 Current Price is $21.84 Difference: minus $1.54 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.91, suggesting downside of -10.4% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 98.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY22:

Current consensus EPS estimate is 114.1, implying annual growth of 16.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.0

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


Morgans rates OZL as Hold (3) -

Morgans lifts the target price to $19 from $17 reflecting higher copper price assumptions, a lower weighted average cost of capital (WACC) and higher recognition of brownfields expansion options. A Hold rating is maintained on valuation versus the current share price.

The only real surprise emanating from 2020 financials was the larger-than-expected 17 cent final dividend, which, according to the broker, reflects confidence in robust multi-asset cash flows.

Target price is $19.00 Current Price is $21.84 Difference: minus $2.84 (current price is over target).
If OZL 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 $18.91, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 22.00 cents and EPS of 105.00 cents.
At the last closing share price the estimated dividend yield is 1.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 24.00 cents and EPS of 128.00 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.1, implying annual growth of 16.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.0

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


UBS rates OZL as Neutral (3) -

2020 net profit was in line with UBS estimates while the final dividend of $0.17 was marginally ahead. Copper production growth is robust, forecast to double to 200,000tpa by 2030.

The growth outlook is attractive but the broker notes significant capital expenditure is required at Carrapateena and Prominent Hill.

Moreover, the growth profile appears priced into the stock and UBS retains a Neutral rating and $19 target.

Target price is $19.00 Current Price is $21.84 Difference: minus $2.84 (current price is over target).
If OZL meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.91, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 25.00 cents and EPS of 91.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 98.2, implying annual growth of N/A.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 21.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 25.00 cents and EPS of 87.00 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 114.1, implying annual growth of 16.2%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 18.5.

Market Sentiment: 0.0

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $31.40

Citi rates PPT as Neutral (3) -

Following Perpetual's result the broker has increased FY21-23 forecast earnings, largely due to a lower tax rate. The dividend was better than expected, leading the broker to suggest the stock now looks more reasonable value, although franking will reduce.

The main issues are an elevated cost base and poor flow momentum. Management has further increased cost guidance in the second half, although an accounting change means the starting point is actually reduced, so it's not as bad as it seems, the broker notes.

Costs also reflect investment for the future. But until the International fund can turn its flows around, the broker cannot warm to the story. Neutral retained, target rises to $33.50 from $32.80.

Target price is $33.50 Current Price is $31.40 Difference: $2.1
If PPT meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $35.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 175.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 20.8%.

Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 190.00 cents and EPS of 244.00 cents.
At the last closing share price the estimated dividend yield is 6.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.6, implying annual growth of 13.4%.

Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.3

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


Credit Suisse rates PPT as Outperform (1) -

Perpetual reports in line with consensus but -5% shy of Credit Suisse, as sharply higher costs offset a slim revenue beat.

The company has guided to a roughly -$20m increase in expenses for FY21, reflecting accelerated investment in distribution opportunities in EU and Asia. As an aside, Credit Suisse has guided to a deregulation-driven supercycle in Chinese equities, starting this calendar year.

The expense rise also reflects higher variables costs relating to business growth, which the broker perceives as a "permanent uplift", and higher accrual for variable remuneration in PAMA given improved fund performance; and accounting policy changes to the Barrow Hanley minorities which will now be expensed.

Forecast EPS falls -2% to -3% across FY21 to FY23 to reflect these expenses. The broker retains an Outperform rating believing the investment reflects on management's confidence in the opportunities ahead for 2021.

Target price eases to $37 from $37.50.

Target price is $37.00 Current Price is $31.40 Difference: $5.6
If PPT meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $35.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 171.00 cents and EPS of 203.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 20.8%.

Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 181.00 cents and EPS of 232.00 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.6, implying annual growth of 13.4%.

Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.3

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


Macquarie rates PPT as Neutral (3) -

Perpetual's first-half result was noisy, observes Macquarie, due to recent acquisitions and newly defined underlying profit. While at the top end of the range, the dividend wasn't enough to offset the surprise uplift in costs, which were previously guided lower.

The broker is pleased that circa 90% of funds in Perpetual Asset Management Australia (PAMA) delivered higher than expected returns in the December half. If this level is maintained, the broker believes the negative flow momentum from recent years could be reversed.

Neutral rating with the target falling to $31.75 from $32.50.

Target price is $31.75 Current Price is $31.40 Difference: $0.35
If PPT meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $35.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 175.00 cents and EPS of 207.20 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 20.8%.

Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 205.00 cents and EPS of 240.10 cents.
At the last closing share price the estimated dividend yield is 6.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.6, implying annual growth of 13.4%.

Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.3

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


Morgan Stanley rates PPT as Overweight (1) -

Morgan Stanley suspects investors are struggling with the accelerated investment in distribution against a backdrop of soft inflows. This situation should improve, as the broker points out there is a natural lag between making the investment and the resultant inflow.

Morgan Stanley was pleased with the revenue growth in the first half, which beat forecasts, and believes the stock offers compelling value. Overweight retained. Target is raised to $40.60 from $39.00. Industry view: In-line.

Target price is $40.60 Current Price is $31.40 Difference: $9.2
If PPT meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $35.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 171.00 cents and EPS of 216.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 20.8%.

Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 188.00 cents and EPS of 265.00 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.6, implying annual growth of 13.4%.

Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.3

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


Morgans rates PPT as Hold (3) -

Morgans summarises the first half result as a good Corporate Trust performance with some earnings benefit from recent acquisitions. This was considered offset by softer performances in Australian Wealth Management and the Perpetual Private businesses.

Overall first half underlying profit (NPAT) was around 5% above Morgans estimates and up 33% on the second half FY20.

The broker feels the recent acquisitions of Barrow Hanley and Trillium are solid foundations that will support the fund manager’s global asset management aspirations.

While Morgans lifts FY21 EPS estimates by around 7%, FY22 is lowered by -1% on more conservatism. Add rating and the target is decreased to $38.11 from $39.76.

Target price is $38.11 Current Price is $31.40 Difference: $6.71
If PPT meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $35.66, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 183.00 cents and EPS of 222.90 cents.
At the last closing share price the estimated dividend yield is 5.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 213.0, implying annual growth of 20.8%.

Current consensus DPS estimate is 175.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 14.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 209.70 cents and EPS of 238.20 cents.
At the last closing share price the estimated dividend yield is 6.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 241.6, implying annual growth of 13.4%.

Current consensus DPS estimate is 194.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.3

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

QBE  QBE INSURANCE GROUP LIMITED

Insurance

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Overnight Price: $8.72

Citi rates QBE as Buy (1) -

Upon initial glance, QBE Insurance’s FY20 reported loss of -$1,517m was -US$30m worse than Citi’s -US$1,487m forecast, with reported combined operating ratio (COR) of 107.4%, slightly worse than Citi’s 106.2%.

Citi believes the extent of attritional loss ratio improvement and new 13% expense ratio target, supported by solid pricing momentum should be enough to support the stock.

Citi notes that while falling short of issuing guidance, QBE "expects margin expansion" from what it says is its exit rate COR of around 95%, broadly consistent with the brokers 94% estimate (including 1.2% for extra covid claims).

QBE has already achieved around US$125m of the US$130m net savings targeted by 2021, and is now targeting a 13% expense ratio by FY23.

Premium rate momentum increased further to 12.6% in 4Q20. QBE expects to resume dividends in 1H21 of up to 65% of adjusted cash profits.

Citi analysts retain their Buy rating and price target of $10.40.

Target price is $10.40 Current Price is $8.72 Difference: $1.68
If QBE meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.11, suggesting upside of 12.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 8.68 cents and EPS of minus 84.09 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -71.8, implying annual growth of N/A.

Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 0.8%.

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

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 37.85 cents and EPS of 59.19 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 56.6, implying annual growth of N/A.

Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 15.8.

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

Market Sentiment: 0.5

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $127.50

Credit Suisse rates RIO as Outperform (1) -

Riio Tinto's first-half result outpaced Visible Alpha consensus by -2% but fell shy of Credit Suisse's estimates. 

Rio Tinto surprised the market with its second biggest dividend in Credit Suisse's coverage of the company, taking the annualised dividend yield to 9.2%.

Credit Suisse retains an Outperform rating, expecting strong steel production to continue supporting the iron ore price.

The broker eases the target price to $124 from $125.

Target price is $124.00 Current Price is $127.50 Difference: minus $3.5 (current price is over target).
If RIO meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $127.71, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 1023.05 cents and EPS of 1745.87 cents.
At the last closing share price the estimated dividend yield is 8.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1350.9, implying annual growth of N/A.

Current consensus DPS estimate is 1029.6, implying a prospective dividend yield of 8.4%.

Current consensus EPS estimate suggests the PER is 9.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 798.24 cents and EPS of 1328.97 cents.
At the last closing share price the estimated dividend yield is 6.26%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 1056.5, implying annual growth of -21.8%.

Current consensus DPS estimate is 821.7, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 11.7.

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

Market Sentiment: 0.6

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

S32  SOUTH32 LIMITED

Mining

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Overnight Price: $2.70

Citi rates S32 as Buy (1) -

South32's earnings missed the broker by -6% and a dividend of 1.4c fell short of the broker's 2c forecast. The buyback was nevertheless increased.

The broker is bullish base metals, and forecast prices increases flow through to earnings forecasts upgrades. Buy and $3.00 target retained.

Target price is $3.00 Current Price is $2.70 Difference: $0.3
If S32 meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 9.96 cents and EPS of 19.07 cents.
At the last closing share price the estimated dividend yield is 3.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 18.50 cents and EPS of 35.71 cents.
At the last closing share price the estimated dividend yield is 6.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


Credit Suisse rates S32 as Outperform (1) -

South32's first-half result met consensus on nearly all metrics, and outpaced forecasts at Credit Suisse.

Outperform rating retained, the broker believing its forecasts to be conservative and expecting catalysts in the near term, including a bubyback and a continued run in commodities. 

Target price rises to $2.90 from $2.70. 

Target price is $2.90 Current Price is $2.70 Difference: $0.2
If S32 meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 5.56 cents and EPS of 12.99 cents.
At the last closing share price the estimated dividend yield is 2.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 4.99 cents and EPS of 12.76 cents.
At the last closing share price the estimated dividend yield is 1.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


Macquarie rates S32 as Neutral (3) -

South32 reported 1HFY21 earnings (EBITDA) of US$633m, 18% better than Macquarie’s expectations on beats at Cannington, Cerro Matoso and Alumar, resulting in an interim dividend of US¢1.4, 40% better than the broker’s forecasts.

Underlying earnings of US$136m were 53% higher than Macquarie’s forecasts, with variations largely due to lower unit costs and lower than expected tax, depreciation and amortisation charges.

In its initial glance, Macquarie notes the Australian assets, Worsley (US$70m), GEMCO (US$147m), and Cannington (US$104m) combined accounted for more than 80% of asset earnings (EBIT), dragged down by the loss at Illawarra.

With stabilising operations having delivered improved costs, Macquarie has upgraded its earnings outlook by 3-7%.

After accounting for changes to production and cost guidance, and asset cost trends outlined in the past six months performance, Macquarie’s FY21 and FY22 EPS estimates increase by 6%, while the FY23 estimate rises 5%.

The broker also expects the longer-term impacts of slightly lower costs, mainly at Worsley and Cannington, to drive 3-4% upgrades to FY24-FY26 forecast earnings.

The Neutral rating is unchanged, and the target price increases to $2.90 from $2.70.

Target price is $2.90 Current Price is $2.70 Difference: $0.2
If S32 meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 4.27 cents and EPS of 9.82 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 6.69 cents and EPS of 16.93 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


Morgan Stanley rates S32 as Overweight (1) -

First half earnings were slightly below Morgan Stanley's estimates. No special dividend was declared but this was more than offset by a US$250m buyback, ahead of expectations.

The broker notes Taylor is on track while the Clark scoping study has been delayed six months. Illawarra thermal coal production is now expected to be 9% higher than prior guidance while South African Energy Coal production is downgraded by around -3%

Overweight rating and target price of $3 retained. Industry view: Attractive.

Target price is $3.00 Current Price is $2.70 Difference: $0.3
If S32 meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 6.12 cents and EPS of 14.23 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 6.12 cents and EPS of 15.65 cents.
At the last closing share price the estimated dividend yield is 2.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


Morgans rates S32 as Hold (3) -

South32 reported a first half with metrics comfortably ahead of Morgans' estimates.

Management's top priority is completing the divestment of the South African Energy Coal (SAEC) business. The project continues to have a material drag on the company’s overall fundamentals, explains the broker.

The company flexed its payout ratio to deliver an interim dividend of 1.4 cents, in excess of the 1 cent estimated by Morgans.

Hold rating and the target price rises to $2.65 from $2.60.

Target price is $2.65 Current Price is $2.70 Difference: minus $0.05 (current price is over target).
If S32 meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 2.70 cents and EPS of 9.39 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 2.70 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


Ord Minnett rates S32 as Buy (1) -

South32 first half results were well ahead of Ord Minnett's forecasts. The company made a US$250m addition to the buyback, which was unexpected. Production guidance is unchanged.

Ord Minnett is now more confident on the cost outcomes for FY21 and FY22 and continues to believe the disposal of South African Energy Coal is a potential catalyst. Buy rating retained. Target price rises to $3.60 from $3.30.

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

Target price is $3.60 Current Price is $2.70 Difference: $0.9
If S32 meets the Ord Minnett target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 14.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 25.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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


UBS rates S32 as Buy (1) -

Interim results were ahead of UBS estimates. A sequential improvement in net profit was predominantly from stronger commodity prices and reductions in the cost base.

The buyback has been expanded to US$259m as the company continues to envisage value in the current share price. UBS expects this will be well received by the market. Buy rating retained. Target rises to $3.05 from $3.00.

Target price is $3.05 Current Price is $2.70 Difference: $0.35
If S32 meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 7.11 cents and EPS of 15.65 cents.
At the last closing share price the estimated dividend yield is 2.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 8.54 cents and EPS of 21.34 cents.
At the last closing share price the estimated dividend yield is 3.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.0, implying annual growth of 46.3%.

Current consensus DPS estimate is 7.2, implying a prospective dividend yield of 2.7%.

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: 0.7

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

SBM  ST BARBARA LIMITED

Gold & Silver

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Overnight Price: $2.09

Ord Minnett rates SBM as Accumulate (2) -

First half results were in line with estimates. The interim dividend was higher than Ord Minnett expected albeit in line with the prior corresponding half.

The broker awaits project news at Gwalia and Simberi in the current quarter. Accumulate rating retained. Target is reduced to $3.30 from $3.40.

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

Target price is $3.30 Current Price is $2.09 Difference: $1.21
If SBM meets the Ord Minnett target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 50.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 4.31%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 32.2%.

Current consensus DPS estimate is 7.6, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 8.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 12.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 5.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.2, implying annual growth of 22.7%.

Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 6.9.

Market Sentiment: 0.5

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

SGR  THE STAR ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $3.69

Citi rates SGR as Neutral (3) -

Star Entertainment reported broadly in line with consensus. The focus now, the broker notes, is on the path back to normalised earnings and balance sheet position, with costs reductions in the frame.

The result showed the relience of the Treasury casino in Brisbane, which is currently more profitable than the casino in the tourist-impacted Gold Coast. The new Queen's Wharf Brisbane casino will have greater scale when it opens to replace Treasury, the broker notes.

Star repaid $150m of debt in the half, and is focused on its asset recycling program. The catalyst ahead is the reopening of the international border. Meanwhile, the broker retains Neutral, target rises to $4.10 from $4.00.

Target price is $4.10 Current Price is $3.69 Difference: $0.41
If SGR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 12.00 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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


Credit Suisse rates SGR as Neutral (3) -

Star Entertainment  Group's first-half result met Credit Suisse's expectations and the broker retains a Neutral rating and $3.85 target price.

Credit Suisse's FY22/FY24 revenue forecasts are half that of consensus, the broker believing regulation and cross-border control issues with China will continue to discourage junket operators and high rollers.

The broker expects Star Entertainment will benefit from delays to the opening of Crown Casino and notes opportunities for debt reduction, and a recovery in domestic revenues. 

Target price is $3.85 Current Price is $3.69 Difference: $0.16
If SGR meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.45 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 12.00 cents and EPS of 17.55 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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


Macquarie rates SGR as Outperform (1) -

Due to covid-19 related impacts, Star Entertainment reported $226m 1H FY21 normalised earnings (EBITDA), down -27% year on year, and -4% below Macquarie’s $235m estimate (2% above consensus).

Due to strong demand for gaming product, seen in recent casino results, local markets and within wagering, Macquarie expects the overall domestic business to be at 90% of pre-covid-19 levels in 2H FY21.

While the broker expects to see domestic revenues sustainably above pre-pandemic levels in FY23, it expects the earnings (EBITDA) recovery to lag, impacted by lower VIP volumes.

The broker is now forecasting $433m earnings (EBITDA) in FY21, which is at 78% of pre-covid levels, but this remains subject to virus-related policies.

Outperform rating remains, with target price increasing to $4.50 from $4.05.

Target price is $4.50 Current Price is $3.69 Difference: $0.81
If SGR meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 18.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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


Morgans rates SGR as Add (1) -

Morgans assesses The Star Entertainment Group's focus on costs resulted in a better-than-expected operating performance despite revenues being impacted by visitation caps and limited domestic tourism.

The broker expects asset sales, deleveraging and the end to equity contributions at Queens’ Wharf Brisbane will see the company de-lever the balance sheet ahead of benefits from the vaccine roll-out.

Morgans adjusts FY21-23 normalised profit forecasts by around 40%, -3% and 3%, respectively. The target price is increased to $4.14 from $3.71 and the Add rating is maintained.

Target price is $4.14 Current Price is $3.69 Difference: $0.45
If SGR meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 6.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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


Ord Minnett rates SGR as Accumulate (2) -

The cost base is a critical issue in the first half results. Capacity constraints, specifically table games, are likely to remain a drag on the ability of casinos to recover to pre-pandemic earnings until FY23, in Ord Minnett's view.

Ord Minnett assesses the run of cost savings at The Star Entertainment will be completed in FY22 and forecasts a dividend from the first half, based on asset sales and cash flow. The broker retains an Accumulate rating and $4.10 target.

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

Target price is $4.10 Current Price is $3.69 Difference: $0.41
If SGR meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 11.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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


UBS rates SGR as Buy (1) -

Normalised operating earnings were ahead of UBS forecasts. The Brisbane property was a highlight, where domestic revenue was flat, supported by a lack of closures and a local player base.

The broker envisages little risk around the balance sheet, given a sharp drop off in capital expenditure from FY22 and strong demand for the company's gaming products.

UBS likes the exposure to discretionary expenditure in the second half of the year and positive correlation to property prices. Buy retained. Target is raised to $4.30 from $4.00.

Target price is $4.30 Current Price is $3.69 Difference: $0.61
If SGR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 13.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, 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 30.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.3, implying annual growth of 53.8%.

Current consensus DPS estimate is 9.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.0.

Market Sentiment: 0.5

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

SHL  SONIC HEALTHCARE LIMITED

Healthcare services

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Overnight Price: $33.97

Citi rates SHL as Buy (1) -

Sonic Healthcare's result came in ahead of the broker, driven by covid testing. No guidance was offered because, as the broker agrees, no one can predict covid's path.

Based on January-February trends, another strong result is expected in the second half, and a strong rebound should be evident in the base business after cycling a locked down second half FY20.

As a result of elevated pandemic earnings the balance sheet is under-geared and the company is actively seeking M&A/JV opportunities, although the broker includes nothing yet in its forecast. Buy retained, target falls to $37.50 from $38.50.

Target price is $37.50 Current Price is $33.97 Difference: $3.53
If SHL meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 131.00 cents and EPS of 270.00 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 140.00 cents and EPS of 180.00 cents.
At the last closing share price the estimated dividend yield is 4.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


Credit Suisse rates SHL as Outperform (1) -

Sonic Healthcare's first-half 2021 result outpaced the broker by 4%, thanks to covid testing and a broad-based domestic market recovery. The US business fell -8%.

Credit Suisse points to pent-up demand for heath care services given forced pandemic delays and forecasts above historical growth rates as economies recover globally.

Mangement has guided to increased acquisition appetite, and are eyeing Alberta, Canada. The broker expects one medium-sized acquisition of $250m per year over multiple years would yield 11% EPS accretion.

EPS estimates rise 4% in FY21/22 to reflect a margin uplift. Outperform rating retained. Target price rises to $40 form $39.

Target price is $40.00 Current Price is $33.97 Difference: $6.03
If SHL meets the Credit Suisse target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 92.00 cents and EPS of 233.00 cents.
At the last closing share price the estimated dividend yield is 2.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 96.00 cents and EPS of 156.00 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


Macquarie rates SHL as Neutral (3) -

Sonic Healthcare delivered 1H21 earnings (EBITDA) of $1,307m (+86% YoY), around -1% below Macquarie’s forecasts, (13% ahead of consensus), and net profit of $678, -5% below the broker’s forecast.

While no FY21 guidance was provided, management expects a ‘strong’ 2H21 result, given revenue growth over Jan/Feb-21 to date.

Pathology revenues rose +39% (CC) YoY, due largely to covid-19 testing volumes, and Macquarie’s forecasts assume a continuation of robust covid-related revenues in 2H21.

However, Macquarie notes that while it expects a substantial revenue contribution from virus testing in FY21, the medium-term outlook for these volumes and reimbursement rates is uncertain.

Neutral retained, and price target decreases to $36.90 from $37.20.

Target price is $36.90 Current Price is $33.97 Difference: $2.93
If SHL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 185.00 cents and EPS of 260.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 104.00 cents and EPS of 146.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


Morgan Stanley rates SHL as Overweight (1) -

First half operating earnings were slightly below Morgan Stanley's estimates. All segments were strong except the US business where base revenue fell -8%.

No formal FY21 guidance was provided although the company expects a strong second half based on trends in January and February to date.

Overweight rating. Target is $40.10. Industry view: In-line.

Target price is $40.10 Current Price is $33.97 Difference: $6.13
If SHL meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 213.60 cents and EPS of 283.00 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 122.80 cents and EPS of 163.00 cents.
At the last closing share price the estimated dividend yield is 3.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


Morgans rates SHL as Add (1) -

First half results were better than Morgans expected across the board, with profit (NPAT) of $678m versus consensus of $525m on revenues of $4,432m versus consensus of $4,136m. Covid testing drove upside across all laboratory businesses, explains the broker.

The analyst highlights the base testing business showed increasing resilience, down only marginally, and Imaging posted double-digit growth and market share gains, offsetting softness in pandemic impacted Clinical Services.

Add rating and target decreased to $36.15 from $37.32 though Morgans points to a continued strong outlook.

Target price is $36.15 Current Price is $33.97 Difference: $2.18
If SHL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 97.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 107.00 cents and EPS of 153.00 cents.
At the last closing share price the estimated dividend yield is 3.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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


UBS rates SHL as Neutral (3) -

First half revenue was ahead of UBS estimates amid a robust contribution from coronavirus testing that offset a more modest decline in base business. The broker was also surprised by the strength in imaging, with revenue growth of 14%.

UBS factors in declines in test prices across the regions in 2021 and believes, longer term, diagnostic services could be viewed more favourably, given their role in managing the pandemic. Neutral maintained. Target rises to $35.30 from $34.75.

Target price is $35.30 Current Price is $33.97 Difference: $1.33
If SHL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $37.35, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 98.00 cents and EPS of 253.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 252.7, implying annual growth of 127.5%.

Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 105.00 cents and EPS of 167.00 cents.
At the last closing share price the estimated dividend yield is 3.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 156.0, implying annual growth of -38.3%.

Current consensus DPS estimate is 112.5, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.9.

Market Sentiment: 0.6

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

SKC  SKY CITY ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $2.70

Macquarie rates SKC as Outperform (1) -

SkyCity Entertainment's interim performance was heavily impacted by covid-19, but Macquarie reports the bottom line proved no less than 12% ahead of its own forecast.

The broker agrees with management's focus on tackling the pandemic first, and improving earnings before zooming in on capital discipline.

Macquarie also believes the shares are undervalued, by some -25% to the stock's own three-year average. Recent trading proves the resilience of the business, says the broker.

Outperform rating retained with the price target gaining NZ10c to NZ$3.55.

Current Price is $2.70. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.28 cents and EPS of 9.38 cents.
At the last closing share price the estimated dividend yield is 1.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.2, implying annual growth of N/A.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 29.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 11.73 cents and EPS of 14.64 cents.
At the last closing share price the estimated dividend yield is 4.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 54.3%.

Current consensus DPS estimate is 11.2, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 18.8.

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

Market Sentiment: 0.3

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

SSR  SSR MINING INC

Gold & Silver

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Overnight Price: $19.87

UBS rates SSR as Buy (1) -

While 2020 results appeared well below expectations UBS notes a large lag in sales. This resulted in less revenue being booked in the fourth quarter. Underlying cash flow, nonetheless, was strong.

Cash flow remains the driver of the broker's investment thesis, and the Buy rating. Target is $28.

Target price is $28.00 Current Price is $19.87 Difference: $8.13
If SSR meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 74.00 cents and EPS of 202.00 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 84.00 cents and EPS of 167.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.90.

Market Sentiment: 1.0

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

STO  SANTOS LIMITED

NatGas

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Overnight Price: $7.06

Citi rates STO as Neutral (3) -

A "very clean" result from Santos, the broker suggests, without qualifying it against forecasts. A 61% increase in 2021 forecast earnings, on lower production costs, lower movement in stocks and higher "other income", may offer a clue.

The broker is attracted to de-risking prospects for growth projects in the period. Not only can growth be funded from the balance sheet, the broker sees the greatest earnings upside and return on investment potential in the sector.

But so does everyone else. Despite Santos being the broker's top pick in the space, Neutral retained. Target rises to $7.35 from $7.32.

Target price is $7.35 Current Price is $7.06 Difference: $0.29
If STO meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 14.23 cents and EPS of 43.83 cents.
At the last closing share price the estimated dividend yield is 2.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 20.35 cents and EPS of 44.68 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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


Credit Suisse rates STO as Neutral (3) -

Santos's first-half result met consensus and recent guidance and the dividend has recovered.

Credit Suisse doubts the need for an equity raising, but says one might be desirable.

Meanwhile, the CEO Kevin Gallagher has not denied a switch to Woodside Petroleum, and the broker counts this as a risk.

Target price edges up to $7.01 from $6.96. Netural rating retained.

Target price is $7.01 Current Price is $7.06 Difference: minus $0.05 (current price is over target).
If STO meets the Credit Suisse target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 13.92 cents and EPS of 50.87 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 15.15 cents and EPS of 64.22 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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


Macquarie rates STO as Neutral (3) -

Santos’s 2020 earnings (EBITDAX) of US$1,898m were in line with Macquarie's estimate, with the final dividend of US5c slightly above the broker’s forecast (20% payout of free cash flow), which Macquarie takes as a signal of more confidence in the outlook.

LNG market conditions have improved, with Barossa FID on track for 1H21 following the Mitsubishi contract, followed by Dorado oil in 2022.

Due to slightly higher operational expenditure and higher interest expense, Macquarie’s earnings per share (EPS) estimates are -8%, -1%, -3% in 2021, 2022, and 2023 respectively, verses prior estimates.

The Neutral rating is unchanged and the target price lifted to $6.85 from $6.60.

Target price is $6.85 Current Price is $7.06 Difference: minus $0.21 (current price is over target).
If STO meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 9.96 cents and EPS of 38.56 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.27 cents and EPS of 36.57 cents.
At the last closing share price the estimated dividend yield is 0.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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


Morgan Stanley rates STO as Overweight (1) -

2020 results were in line with Morgan Stanley's expectations. Confidence in Barossa is high and, importantly, the broker notes this was the first year in some time that GLNG reserves were upgraded.

Morgan Stanley finds the leverage to oil attractive, at a time when energy companies are trading at a material discount to spot oil prices. Overweight rating is retained. Target is $7.90. Industry view: Attractive.

Target price is $7.90 Current Price is $7.06 Difference: $0.84
If STO meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 14.80 cents and EPS of 52.65 cents.
At the last closing share price the estimated dividend yield is 2.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 17.50 cents and EPS of 51.22 cents.
At the last closing share price the estimated dividend yield is 2.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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


Morgans rates STO as Add (1) -

Given that Santos has control over most of its core assets, Morgans assesses the company was able to conserve capital over 2020 and generate impressive free cash flow of US$740m.

The company delivered a 2020 result in-line with the broker's expectations and declared a final dividend of 2.9c.

Management guidance is for flat to higher production costs, with guidance of US$8.00-$8.50/boe retained and production range of 84-91mmboe which is lower at the mid-point.

Morgans decreases the target price to $8.10 from $8.20 after increasing production cost assumptions for 2021 in-line with management guidance and maintains the Add rating.

Target price is $8.10 Current Price is $7.06 Difference: $1.04
If STO meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 9.96 cents and EPS of 25.61 cents.
At the last closing share price the estimated dividend yield is 1.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 21.34 cents and EPS of 28.46 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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


Ord Minnett rates STO as Downgrade to Accumulate from Buy (2) -

2020 underlying net profit was down -60% but broadly in line with Ord Minnett's estimates. Positives included cost control along with growth projects remaining on track.

Ord Minnett notes Santos offers a far more diverse product suite and asset base compared with peers. Given recent share price strength, the broker downgrades to Accumulate from Buy and lowers the target to $7.50 from $7.65.

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

Target price is $7.50 Current Price is $7.06 Difference: $0.44
If STO meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.49, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 45.53 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.9, implying annual growth of N/A.

Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 17.6.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 46.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.04.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.0, implying annual growth of 8.0%.

Current consensus DPS estimate is 13.1, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 16.3.

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

Market Sentiment: 0.5

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

SVW  SEVEN GROUP HOLDINGS LIMITED

Diversified Financials

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Overnight Price: $22.89

Credit Suisse rates SVW as Outperform (1) -

Seven Group Holdings's first-half result beat consensus by 3%, while Industrials earnings outpaced Credit Suisse's estimate by 5%.

Credit Suisses believes the market's pessimistic view over Westrac is hard to fathom given the company's strong delivery pipeline, customer production profiles and labour market dynamics.

The broker upgrades earnings forecasts 1% to 6% across FY21/FY23, giving the dividend receives a bump.

Outperform rating retained. Target price is steady at $25.40.

Target price is $25.40 Current Price is $22.89 Difference: $2.51
If SVW meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $26.21, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 46.00 cents and EPS of 152.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of 319.7%.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 46.00 cents and EPS of 175.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.1, implying annual growth of 12.9%.

Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: 0.9

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


Macquarie rates SVW as Outperform (1) -

First half earnings (EBIT) and profit (NPAT) for Seven Group Holdings exceeded Macquarie's estimates by 10% and 16%. This drives 7% EPS forecast upgrades by the broker for FY21 and FY22 and sees the target increased to $26.95 from $25.90. Outperform rating retained. 

The analyst highlights WesTrac was the standout, underpinned by a growing backlog of capital sales and ongoing demand for parts and maintenance work. Coates Hire is considered performing well against some headwinds and growth is expected in the second half. 

WesTrac/Coates guidance was unchanged albeit management is confident with the position of its businesses in the second half.

Target price is $26.95 Current Price is $22.89 Difference: $4.06
If SVW meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $26.21, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 42.00 cents and EPS of 139.90 cents.
At the last closing share price the estimated dividend yield is 1.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of 319.7%.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 46.00 cents and EPS of 155.20 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.1, implying annual growth of 12.9%.

Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: 0.9

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


Ord Minnett rates SVW as Upgrade to Accumulate from Hold (2) -

First half results were strong and ahead of Ord Minnett's forecast. The broker believes the focus on cost efficiencies in the core operated businesses has created a solid platform for a multi-year growth story.

The rating is upgraded to Accumulate from Hold. Although presently delayed, east coast projects are expected to come on line and could lead to a period of "near-perfect" operating conditions, in the broker's view. Target is raised to $26 from $23.

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

Target price is $26.00 Current Price is $22.89 Difference: $3.11
If SVW meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.21, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 143.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of 319.7%.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 156.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.1, implying annual growth of 12.9%.

Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: 0.9

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


UBS rates SVW as Buy (1) -

First half results were ahead of UBS estimates. This was driven by stronger input from media and WesTrac. Coates Hire also delivered, demonstrating sustained cost control for a flat outcome and despite a -7% fall in sales.

Seven Group has reiterated guidance for growth in industrial services for FY21. UBS retains a positive view on the main value drivers and a Buy rating. Target is raised to $26.50 from $25.50.

Target price is $26.50 Current Price is $22.89 Difference: $3.61
If SVW meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.21, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 46.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 142.7, implying annual growth of 319.7%.

Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 46.00 cents and EPS of 158.00 cents.
At the last closing share price the estimated dividend yield is 2.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 161.1, implying annual growth of 12.9%.

Current consensus DPS estimate is 46.0, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Market Sentiment: 0.9

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

TWE  TREASURY WINE ESTATES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $11.91

Macquarie rates TWE as Neutral (3) -

Treasury Wine Estates released first half results with profit (NPAT) and earnings (EBITS) down -24% and -23% on the pcp. The report showed strong volume growth in Europe, offset by Asia, Americas and A&NZ.

The result was negatively impacted by import restrictions from China, with total volumes down -3% to 17m cases and revenue down -8% to $1.4bn, details the broker.

The analyst sees significant upside risk if China trade resumes though downside risk to margins in A&NZ if broader Chinese volumes get reallocated domestically.

Macquarie maintains a Neutral rating and lowers the target to $10.50 from $10.60.

Target price is $10.50 Current Price is $11.91 Difference: minus $1.41 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.40, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 30.00 cents and EPS of 42.80 cents.
At the last closing share price the estimated dividend yield is 2.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.4, implying annual growth of 11.6%.

Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 24.30 cents and EPS of 39.90 cents.
At the last closing share price the estimated dividend yield is 2.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 2.2%.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.3.

Market Sentiment: 0.1

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


UBS rates TWE as Neutral (3) -

First half earnings were 15% ahead of UBS estimates. While uncertainty is at a high level, the broker is incrementally more confident in the balance sheet, the Americas and the reallocation of wine from China.

The broker envisages potential upside should supply/demand re-balance at current rates. Despite this, the valuation reflects the earnings recovery and UBS retains a Neutral rating, which remains under review. Target is raised to $10.60 from $9.20.

Target price is $10.60 Current Price is $11.91 Difference: minus $1.31 (current price is over target).
If TWE meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.40, suggesting downside of -7.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 23.40 cents and EPS of 40.50 cents.
At the last closing share price the estimated dividend yield is 1.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 40.4, implying annual growth of 11.6%.

Current consensus DPS estimate is 21.4, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 22.60 cents and EPS of 39.70 cents.
At the last closing share price the estimated dividend yield is 1.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.3, implying annual growth of 2.2%.

Current consensus DPS estimate is 22.2, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.3.

Market Sentiment: 0.1

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

UMG  UNITED MALT GROUP LIMITED

Agriculture

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Overnight Price: $3.68

Credit Suisse rates UMG as Upgrade to Outperform from Neutral (1) -

United Malt Group's first-half AGM guidance fell sharply short of consensus and Credit Suisse.

But the broker notes the hit reflects temporary factors such as a restructuring cost, the transformation program, costs arising from the closure of the Grantham Plant, seasonal factors, and a delay in the recovery in shipping containers.

Credit Suisse tips a strong recovery in the second half, albeit tempered by a currency headwind. The broker reckons the market can scratch the first-half dividend. 

The company is upgraded to Outperform from Neutral. Target price rises to $4.21 from $4.18.

Target price is $4.21 Current Price is $3.68 Difference: $0.53
If UMG meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 6.67 cents and EPS of 13.97 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -19.6%.

Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 14.63 cents and EPS of 24.37 cents.
At the last closing share price the estimated dividend yield is 3.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.8

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


Macquarie rates UMG as Outperform (1) -

First half earnings (EBITDA) guidance by United Malt Group was -31% lower than forecast by Macquarie as the impact from a product mix change drove margins lower. Covid effects in the US, Canada and UK continued to disrupt demand, supply chains and operations.

Management is seeing signs of recovery in some markets and is cautiously optimistic for a recovery in malt demand given seasonally stronger conditions in the second half and the roll-out of vaccines in key markets.

The broker highlights the company is laying the foundation for a transformation of the business. This includes accelerating simplification and efficiency initiatives relating to technology, organisational design, plant optimisation and  freight sourcing, explains the analyst.

Macquarie lowers EPS forecasts for FY21-23 by -42%, -19% and -14%, respectively, and the target falls to $4.31 from $4.92. Outperform retained.

Target price is $4.31 Current Price is $3.68 Difference: $0.63
If UMG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 6.50 cents and EPS of 11.70 cents.
At the last closing share price the estimated dividend yield is 1.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -19.6%.

Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 14.20 cents and EPS of 23.10 cents.
At the last closing share price the estimated dividend yield is 3.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.8

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


Morgans rates UMG as Hold (3) -

Following weaker than expected first half guidance, Morgans reduces FY21 earnings (EBITDA) forecasts by -15.6%.

While management’s outlook comments were cautious, an improvement in trading is expected based on a gradual easing of covid restrictions in the group’s key markets of the US, Canada and UK.

Hold rating and the target is decreased to $4.12 from $4.82, allowing for the challenging operating conditions, foreign exchange headwinds, increased costs and the delay in the new Scottish expansion projects.

Target price is $4.12 Current Price is $3.68 Difference: $0.44
If UMG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 8.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -19.6%.

Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 15.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 4.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.8

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


UBS rates UMG as Buy (1) -

United Malt has guided to first half operating earnings (EBITDA) of $47-50m, which is -14-19% below UBS estimates. The disappointment is caused by lower margins and larger declines in malt volumes.

The company is also investing -$5m in business transformation initiatives.

The magnitude of the downgrade to expectations surprised the broker, although the stock is now trading at an all-time low and there is compelling value ahead. As a result, UBS retains a Buy rating. Target is reduced to $5.00 from $5.05.

Target price is $5.00 Current Price is $3.68 Difference: $1.32
If UMG meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 17.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 8.60 cents and EPS of 14.30 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 13.5, implying annual growth of -19.6%.

Current consensus DPS estimate is 7.4, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 27.9.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 14.70 cents and EPS of 24.50 cents.
At the last closing share price the estimated dividend yield is 3.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.0, implying annual growth of 77.8%.

Current consensus DPS estimate is 14.6, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 15.7.

Market Sentiment: 0.8

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

VCX  VICINITY CENTRES

REITs

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Overnight Price: $1.56

Ord Minnett rates VCX as Buy (1) -

First half results were well ahead of Ord Minnett's forecasts because of lower-than-expected provisions. The broker suspects the worst is now behind Vicinity Centres.

Conditions are expected to improve as infection rates of coronavirus remain low and workers return to offices. Ord Minnett perceives the stock is trading at a -27% discount to net tangible assets and retains a Buy rating with a $1.80 target.

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

Target price is $1.80 Current Price is $1.56 Difference: $0.24
If VCX meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.62, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 10.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 6.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.2, implying annual growth of N/A.

Current consensus DPS estimate is 9.1, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 13.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 11.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 7.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.1, implying annual growth of 8.0%.

Current consensus DPS estimate is 10.1, implying a prospective dividend yield of 6.5%.

Current consensus EPS estimate suggests the PER is 12.8.

Market Sentiment: -0.2

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

WEB  WEBJET LIMITED

Travel, Leisure & Tourism

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Overnight Price: $5.12

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

Morgan Stanley observes industry sentiment is improving. There is significant leverage for a rebound in WebBeds although the broker is less sure about the prospects for Online Republic.

A strong rebound in earnings is expected, although the lasting and meaningful dilution from FY20 limits the upside in the broker's opinion.

Webjet will change to a March 31 year end, which means the second half will effectively be a three-month period. Morgan Stanley adjusts estimates accordingly. Equal-weight retained. Target rises to $4.50 from $3.40. Industry view: In-Line.

Target price is $4.50 Current Price is $5.12 Difference: minus $0.62 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.28, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of -1.30 cents and EPS of minus 19.00 cents.
At the last closing share price the estimated dividend yield is - 0.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -25.9, implying annual growth of N/A.

Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.

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

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of -1.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is - 0.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 56.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 50.7.

Market Sentiment: 0.6

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


Morgans rates WEB as Hold (3) -

The interim result was largely in-line with Morgans estimates and the highlight was the Webjet online travel agency (OTA ) being profitable. Operating cash flow was also better than expected.

Online Republic delivered a modest earnings (EBITDA) loss and WebBeds remained materially impacted by ongoing travel restrictions, explains the broker.

The analyst believes there is sufficient liquidity to operate through a low-revenue environment to 2022 as cash burn continued to moderate during the first half.

 Hold rating and the target is increased to $4.92 from $3.26.

Target price is $4.92 Current Price is $5.12 Difference: minus $0.2 (current price is over target).
If WEB meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.28, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -25.9, implying annual growth of N/A.

Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.

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

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 256.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 50.7.

Market Sentiment: 0.6

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


UBS rates WEB as Buy (1) -

First half results were soft, as expected. Commentary has provided further confidence for UBS regarding pent-up demand for leisure travel and the business remains leveraged to a market recovery amid a lean cost base.

There are market share gains potentially in both B2B and B2C, in the broker's view. UBS retains a Buy rating and raises the target to $5.75 from $5.40.

Target price is $5.75 Current Price is $5.12 Difference: $0.63
If WEB meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.28, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 24.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 21.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -25.9, implying annual growth of N/A.

Current consensus DPS estimate is -0.3, implying a prospective dividend yield of -0.1%.

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

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 7.80 cents and EPS of 15.70 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of N/A.

Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 50.7.

Market Sentiment: 0.6

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

WES  WESFARMERS LIMITED

Apparel & Footwear

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Overnight Price: $54.49

Citi rates WES as Sell (5) -

It is Citi's view that Wesfarmers delivered a strong result in a buoyant retail environment, with K-Mart providing a beat.

The broker does not see conditions changing in the second half and expects ongoing consensus upgrades. The sticking point is a lack of capital management.

Over twelve months the company has swung from $2.3bn net debt to $0.9bn net cash but is yet to do anything with it, which, the broker suspects, is due to a lack of high return options. The broker expects acquisitions, but asset prices are elevated due to low interest rates.

With both ongoing retail strength and capital management expectations already factored into the share price, the broker retains Sell. Target rises to $45 from $44.

Target price is $45.00 Current Price is $54.49 Difference: minus $9.49 (current price is over target).
If WES meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 183.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 3.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 174.00 cents and EPS of 195.00 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


Credit Suisse rates WES as Neutral (3) -

Wesfarmer's first-half result pleased Credit Suisse.

While the dividend disappointed, the broker sees this as a precursor to a tax-effective capital return to shareholders in the second half.

Target, Bunnings and Blackwood, and the Mt Holland Lithium Project all performed well and the broker expects operating expenditure should pay off in improved sales on the retail front.

Target priced edges up to $57.04 from $56.49. Neutral rating retained.

Target price is $57.04 Current Price is $54.49 Difference: $2.55
If WES meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 168.00 cents and EPS of 205.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 181.00 cents and EPS of 201.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


Macquarie rates WES as Outperform (1) -

With Bunnings showing no signs of slowing, Macquarie was impressed by first half results showing strong trading in retail businesses. Gross transaction value (GTV) grew materially with brands now including Target and Kmart products, explains the broker.

As momentum continued in January and February, the analyst believes stronger housing turnover in 2021 should drive growth in home retail categories. Management cautions sales and earnings may moderate from March as covid impacts lessen.

Macquarie revises EPS forecasts for FY21-23 by 7.3%, -3.5% and -3.6%, respectively, and as a result the target falls to $59.30 from $60. The Outperform rating is maintained.

Target price is $59.30 Current Price is $54.49 Difference: $4.81
If WES meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 150.50 cents and EPS of 188.10 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 159.90 cents and EPS of 199.80 cents.
At the last closing share price the estimated dividend yield is 2.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


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

First half underlying net profit was in line with estimates. While sales growth will moderate, the company has signalled demand is likely to remain elevated for longer.

Strong Bunnings trading did not translate to the level of earnings growth Morgan Stanley had expected and margin expansion disappointed.

In contrast, the department stores delivered significant earnings leverage amid benefits from reduced clearance/discounting.

Morgan Stanley retains an Equal-weight rating and reduces the target to $52 from $53. Industry view is Attractive.

Target price is $52.00 Current Price is $54.49 Difference: minus $2.49 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 158.00 cents and EPS of 210.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 157.00 cents and EPS of 196.00 cents.
At the last closing share price the estimated dividend yield is 2.88%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


Morgans rates WES as Hold (3) -

Wesfarmers' first half result was well above Morgans expectation as all divisions delivered earnings growth ahead of expectations. Earnings (EBIT) for Bunnings and Officeworks rose 36% and 22%, respectively.

Kmart Group performance was also robust as earnings increased 42% reflecting higher sales, while Target’s profitability improved significantly during the half, explains the broker.

Management expects retail sales growth to moderate from March as the businesses begin to cycle the initial impacts of covid-19 in the prior year.

Hold rating as Morgans sees a full valuation and would look to be more positive on share price weakness. The target is increased to $56.10 from $49.20.

Target price is $56.10 Current Price is $54.49 Difference: $1.61
If WES meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 177.00 cents and EPS of 210.00 cents.
At the last closing share price the estimated dividend yield is 3.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 187.00 cents and EPS of 213.00 cents.
At the last closing share price the estimated dividend yield is 3.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


Ord Minnett rates WES as Lighten (4) -

First half results were ahead of Ord Minnett's forecasts. Ord Minnett assesses Bunnings is well-positioned in most trading environments and increased home investment will be a positive way of cycling tough comparables.

Moreover, Catch is proving to be a prescient acquisition, in the broker's view. Nevertheless, the valuation of Wesfarmers remains problematic for Ord Minnett, with a lack of support on a discounted cash flow and PE multiple basis.

The broker maintains a Lighten rating and increases the target to $50 from $45. Underlying estimates for earnings per share are raised by 12% and 10% for FY21 and FY22, respectively.

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

Target price is $50.00 Current Price is $54.49 Difference: minus $4.49 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 151.00 cents and EPS of 211.00 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 163.00 cents and EPS of 207.00 cents.
At the last closing share price the estimated dividend yield is 2.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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


UBS rates WES as Neutral (3) -

First half earnings were ahead of UBS estimates and cash flow was strong. The broker believes strong like-for-like sales in November/December and the lack of discounting drove the results. These benefit should partially moderate by FY22.

The broker does not believe capital management is imminent as Wesfarmers is comfortable holding a large net cash balance, given uncertainty and lack of franking credits. Neutral maintained. Target is raised to $51.74 from $46.50.

Target price is $51.70 Current Price is $54.49 Difference: minus $2.79 (current price is over target).
If WES meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $53.02, suggesting downside of -1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 169.00 cents and EPS of 200.00 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 204.4, implying annual growth of 42.5%.

Current consensus DPS estimate is 165.2, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 26.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 168.00 cents and EPS of 189.00 cents.
At the last closing share price the estimated dividend yield is 3.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.1, implying annual growth of -2.1%.

Current consensus DPS estimate is 170.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 27.0.

Market Sentiment: -0.1

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

WHC  WHITEHAVEN COAL LIMITED

Coal

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Overnight Price: $1.54

Morgan Stanley rates WHC as Overweight (1) -

Operating earnings in the first half were ahead of Morgan Stanley's estimates. Sustaining capital expenditure has been lowered to $55-65m and growth expenditure reduced by -$22m.

Morgan Stanley updates estimates to incorporate the numbers. Overweight rating maintained. Industry view: Attractive. Target is raised to $2.30 from $2.15.

Target price is $2.30 Current Price is $1.54 Difference: $0.76
If WHC meets the Morgan Stanley target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.8, 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.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 40.0.

Market Sentiment: 0.8

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


Ord Minnett rates WHC as Accumulate (2) -

First half results were slightly weaker than Ord Minnett expected. The main change to the full year outlook appears to be a -20% reduction in capital expenditure guidance to $100m.

The broker notes several headwinds confront the business including issues at Newcastle port and a low-quality growth pipeline. Still, Ord Minnett considers the risk/reward attractive and retains an Accumulate rating and $2 target.

Target price is $2.00 Current Price is $1.54 Difference: $0.46
If WHC meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 36.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of 3.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 51.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.8, 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.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 6.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 3.8, implying annual growth of N/A.

Current consensus DPS estimate is 1.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 40.0.

Market Sentiment: 0.8

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

WPL  WOODSIDE PETROLEUM LIMITED

NatGas

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Overnight Price: $25.34

Citi rates WPL as Neutral (3) -

Operationally, Woodside Petroleum's result was only a minor miss according to the broker. Citi trims 2022-23 profit forecasts on higher operating expenses, partially offset by mid term LNG cargoes being ahead of benchmark pricing.

Woodside is determined to defend its credit rating, but is yet to sell down Pluto-2, let alone Scarborough. If Scarborough can't be sold down, the risk is farm-outs below intrinsic value, lower dividends or a capital raise, the broker warns.

Neutral retained, target falls to $25.91 from $26.01.

Target price is $25.91 Current Price is $25.34 Difference: $0.57
If WPL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 125.00 cents and EPS of 221.54 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 75.00 cents and EPS of 133.32 cents.
At the last closing share price the estimated dividend yield is 2.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


Credit Suisse rates WPL as Outperform (1) -

Credit Suisse describes Woodside's 2020 numbers as "messy".

The broker is sceptical of joint venture speculation, and notes the dividend payout is under review to fund Scarborough (a minimum 50% remains policy).

Credit Suisse expects that when final costs are revealed in May, costs should fall short of guidance. Outperform rating retained, the broker believing the market has already priced in downside risk.

Target price eases to $27.57 from $27.83. 

Target price is $27.57 Current Price is $25.34 Difference: $2.23
If WPL meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 136.38 cents and EPS of 1596.47 cents.
At the last closing share price the estimated dividend yield is 5.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 117.76 cents and EPS of 1377.35 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


UPDATED

Macquarie rates WPL as Outperform (1) -

Woodside Petroleum's 2020 underlying profit (NPAT) and final dividend were below Macquarie's expectations. The former was considered due to higher second half costs from operating expenses, shipping and marketing, and inventory movement though these appear largely temporary.

The broker sees an improving environment for Woodside to execute on partial sell-downs of Senegal and Pluto Train 2 infrastructure, albeit with the possibility the company might also bid for FAR ((FAR)).

Outperform and target is decreased to $28.25 from $28.65.

Target price is $28.25 Current Price is $25.34 Difference: $2.91
If WPL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 75.41 cents and EPS of 127.49 cents.
At the last closing share price the estimated dividend yield is 2.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 71.14 cents and EPS of 145.85 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


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

2020 results were below Morgan Stanley's estimates. The board maintained an 80% pay-out ratio, although management has noted dividend policy is under review.

Woodside Petroleum will explore an upstream equity sale of Scarborough again and is committed to the 50% sale of the Pluto train-2 infrastructure prior to FID.

Morgan Stanley retains an Equal-weight rating and reduces the target to $27.20 from $27.50. Industry view: Attractive. 

Target price is $27.20 Current Price is $25.34 Difference: $1.86
If WPL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 73.85 cents and EPS of 122.37 cents.
At the last closing share price the estimated dividend yield is 2.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 34.43 cents and EPS of 118.10 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


Morgans rates WPL as Add (1) -

Morgans was surprised by a halving of Woodside Petroleum’s profitability in the second half versus the first. A rapid turnaround in earnings in 2021 is however expected as spot LNG and oil-linked prices are both improving.

The dividend came in ahead of the broker’s estimate at US$38 cents maintaining an 80% payout ratio trend. As current gearing is 24%, management is considering returning back towards its dividend policy of at least a 50% payout of underlying earnings.

The Add rating is maintained and the target price is decreased to $28.10 from $28.90.

Target price is $28.10 Current Price is $25.34 Difference: $2.76
If WPL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 73.99 cents and EPS of 147.98 cents.
At the last closing share price the estimated dividend yield is 2.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 71.14 cents and EPS of 142.29 cents.
At the last closing share price the estimated dividend yield is 2.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


Ord Minnett rates WPL as Hold (3) -

2020 results beat Ord Minnett's estimates at the revenue and operating earnings (EBITDA) lines. Underlying net profit was lower than anticipated because of higher depreciation.

The broker assesses the results reflect the weakness in prices in 2020 and a recovery in Brent and LNG should mean earnings materially improve now.

The broker also considers the review of the current dividend policy important ahead of materially higher capital costs. Hold retained. Target is reduced to $26.80 from $27.20.

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

Target price is $26.80 Current Price is $25.34 Difference: $1.46
If WPL meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 135.17 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 140.87 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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


UBS rates WPL as Neutral (3) -

The 2020 result was softer than UBS expected with operating earnings in the second half -8% below forecasts.

With improving macro conditions, UBS believes the company will test market appetite for some of its upstream interest in Scarborough while planning to sell down Sangomar to 40-50%.

There are numerous sell-down processes to coordinate and a new CEO towards the end of the year so UBS suspects Scarborough FID could slip into 2022 and require additional equity. Neutral maintained. Target is reduced to $26.05 from $26.10.

Target price is $26.05 Current Price is $25.34 Difference: $0.71
If WPL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.13, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 106.72 cents and EPS of 133.75 cents.
At the last closing share price the estimated dividend yield is 4.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 321.1, implying annual growth of N/A.

Current consensus DPS estimate is 84.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 7.5.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 129.48 cents and EPS of 160.79 cents.
At the last closing share price the estimated dividend yield is 5.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 286.7, implying annual growth of -10.7%.

Current consensus DPS estimate is 76.7, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 8.4.

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

Market Sentiment: 0.4

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

WSP  WHISPIR LIMITED

Cloud services

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Overnight Price: $3.92

Ord Minnett rates WSP as Upgrade to Buy from Hold (1) -

First half results were in line with expectations. The company is at the forefront of the digital transformation that has only accelerated with the advent of the pandemic.

There is a track record of new customers growing usage over time and, hence, Ord Minnett is confident this will result in revenue growth that can be sustained at more than 20% over the medium term.

The broker is satisfied with management's explanation regarding the contraction in margin. Rating is upgraded to Buy from Hold and the target is raised to $4.53 from $4.40.

Target price is $4.53 Current Price is $3.92 Difference: $0.61
If WSP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 62.22.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 560.00.

Market Sentiment: 1.0

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
ABP Abacus Property Group $2.67 Citi 2.73 2.53 7.91%
Credit Suisse 3.04 3.09 -1.62%
Macquarie 3.05 3.15 -3.17%
ADI APN Industria Reit $2.83 Macquarie 2.73 2.74 -0.36%
ANZ ANZ Banking Group $26.60 Credit Suisse 29.50 28.00 5.36%
Morgans 31.00 28.50 8.77%
Ord Minnett 28.20 26.20 7.63%
UBS 28.50 21.00 35.71%
APT Afterpay $152.00 Morgan Stanley 170.10 136.00 25.07%
BGL Bellevue Gold $0.72 Macquarie 1.00 1.50 -33.33%
BLX Beacon Lighting $1.88 Citi 2.15 1.85 16.22%
Morgans 1.81 1.66 9.04%
CDA Codan $15.03 Macquarie 16.20 11.20 44.64%
COH Cochlear $222.12 Citi 200.00 184.00 8.70%
CSL CSL $275.34 Credit Suisse 320.00 325.00 -1.54%
Macquarie 293.00 290.00 1.03%
Morgan Stanley 276.00 283.00 -2.47%
Morgans 301.10 306.70 -1.83%
Ord Minnett 284.00 294.00 -3.40%
UBS 330.00 339.00 -2.65%
CTD Corporate Travel $17.62 Macquarie 18.65 16.40 13.72%
UBS 21.10 20.40 3.43%
CWN Crown Resorts $10.25 Citi 10.00 9.90 1.01%
Credit Suisse 12.00 10.35 15.94%
Macquarie 10.90 8.30 31.33%
Ord Minnett 9.50 8.80 7.95%
UBS 11.20 10.00 12.00%
DTL Data#3 $5.68 Morgans 7.75 5.39 43.78%
EQT Eqt Holdings Limited $26.60 Ord Minnett 37.00 36.00 2.78%
FMG Fortescue $23.99 Morgans 21.20 21.50 -1.40%
HPI Hotel Property Investments $2.98 Morgans 3.31 3.15 5.08%
IPH IPH Limited $6.29 Macquarie 8.00 8.60 -6.98%
Morgans 8.27 8.42 -1.78%
IRE Iress $9.98 Macquarie 10.50 N/A -
Morgans 10.95 11.70 -6.41%
Ord Minnett 11.27 11.20 0.63%
JMS JUPITER MINES $0.35 Macquarie 0.33 0.30 10.00%
M7T Mach7 Technologies $1.49 Morgans 1.68 1.49 12.75%
MOC Mortgage Choice $1.23 Citi 1.40 1.45 -3.45%
NGI Navigator Global Investments $1.88 Macquarie 2.18 2.25 -3.11%
NWH NRW Holdings $2.27 UBS 3.00 3.15 -4.76%
ORA Orora $2.95 Citi 3.20 2.50 28.00%
Macquarie 3.05 2.71 12.55%
Morgan Stanley 3.20 3.00 6.67%
Morgans 3.00 2.61 14.94%
UBS 2.90 2.65 9.43%
ORG Origin Energy $4.46 Credit Suisse 4.60 4.80 -4.17%
Morgan Stanley 4.88 5.83 -16.30%
Morgans 5.91 6.06 -2.48%
Ord Minnett 5.35 5.30 0.94%
OZL Oz Minerals $21.10 Credit Suisse 16.15 14.80 9.12%
Macquarie 24.00 22.00 9.09%
Morgan Stanley 20.30 20.50 -0.98%
Morgans 19.00 17.00 11.76%
PPT Perpetual $30.80 Citi 33.50 32.80 2.13%
Credit Suisse 37.00 37.50 -1.33%
Macquarie 31.75 32.50 -2.31%
Morgan Stanley 40.60 39.00 4.10%
Morgans 38.11 39.76 -4.15%
RIO Rio Tinto $123.12 Credit Suisse 124.00 125.00 -0.80%
S32 South32 $2.68 Macquarie 2.90 2.70 7.41%
Morgans 2.65 2.60 1.92%
Ord Minnett 3.60 3.30 9.09%
UBS 3.05 3.00 1.67%
SBM St Barbara $2.01 Ord Minnett 3.30 3.40 -2.94%
SGR Star Entertainment $3.66 Citi 4.10 4.00 2.50%
Macquarie 4.50 4.05 11.11%
Morgans 4.14 3.71 11.59%
UBS 4.30 4.00 7.50%
SHL Sonic Healthcare $34.16 Citi 37.50 38.50 -2.60%
Credit Suisse 40.00 39.00 2.56%
Macquarie 36.90 37.20 -0.81%
Morgans 36.15 37.32 -3.14%
UBS 35.30 34.75 1.58%
STO Santos $6.83 Citi 7.35 7.32 0.41%
Credit Suisse 7.01 6.96 0.72%
Macquarie 6.85 6.60 3.79%
Morgans 8.10 8.20 -1.22%
Ord Minnett 7.50 7.65 -1.96%
SVW Seven Group $22.47 Credit Suisse 25.40 26.00 -2.31%
Macquarie 26.95 25.90 4.05%
Ord Minnett 26.00 23.00 13.04%
UBS 26.50 25.50 3.92%
TWE Treasury Wine Estates $11.29 Macquarie 10.50 10.60 -0.94%
UBS 10.60 9.20 15.22%
UMG United Malt Group $3.76 Credit Suisse 4.21 4.18 0.72%
Macquarie 4.31 4.92 -12.40%
Morgans 4.12 4.82 -14.52%
UBS 5.00 5.05 -0.99%
WEB Webjet $4.92 Morgan Stanley 4.50 3.40 32.35%
Morgans 4.92 3.26 50.92%
UBS 5.75 5.40 6.48%
WES Wesfarmers $53.96 Citi 45.00 44.00 2.27%
Credit Suisse 57.04 56.79 0.44%
Macquarie 59.30 60.00 -1.17%
Morgan Stanley 52.00 53.00 -1.89%
Morgans 56.10 49.20 14.02%
Ord Minnett 50.00 45.00 11.11%
UBS 51.70 46.50 11.18%
WHC Whitehaven Coal $1.52 Morgan Stanley 2.30 2.15 6.98%
WPL Woodside Petroleum $23.97 Citi 25.91 26.01 -0.38%
Credit Suisse 27.57 27.83 -0.93%
Macquarie 28.25 28.65 -1.40%
Morgan Stanley 27.20 27.50 -1.09%
Morgans 28.10 28.90 -2.77%
Ord Minnett 26.80 27.20 -1.47%
UBS 26.05 26.10 -0.19%
WSP Whispir $4.15 Ord Minnett 4.53 4.40 2.95%
Summaries
ABP Abacus Property Group Neutral - Citi Overnight Price $2.69
Outperform - Credit Suisse Overnight Price $2.69
Outperform - Macquarie Overnight Price $2.69
ADI APN Industria Reit Neutral - Macquarie Overnight Price $2.84
AIA Auckland International Neutral - Citi Overnight Price $6.35
Outperform - Macquarie Overnight Price $6.35
Equal-weight - Morgan Stanley Overnight Price $6.35
Neutral - UBS Overnight Price $6.35
ANZ ANZ Banking Group Outperform - Credit Suisse Overnight Price $26.55
Overweight - Morgan Stanley Overnight Price $26.55
Add - Morgans Overnight Price $26.55
Accumulate - Ord Minnett Overnight Price $26.55
Buy - UBS Overnight Price $26.55
APT Afterpay Neutral - Macquarie Overnight Price $149.99
Overweight - Morgan Stanley Overnight Price $149.99
BGL Bellevue Gold Outperform - Macquarie Overnight Price $0.76
BLX Beacon Lighting Buy - Citi Overnight Price $1.84
Hold - Morgans Overnight Price $1.84
BOQ Bank Of Queensland Outperform - Credit Suisse Overnight Price $8.41
CCL Coca-Cola Amatil No Rating - Macquarie Overnight Price $13.37
Hold - Ord Minnett Overnight Price $13.37
No Rating - UBS Overnight Price $13.37
CDA Codan Outperform - Macquarie Overnight Price $14.42
COH Cochlear Neutral - Citi Overnight Price $204.50
Outperform - Macquarie Overnight Price $204.50
CSL CSL Downgrade to Neutral from Buy - Citi Overnight Price $289.00
Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $289.00
Neutral - Macquarie Overnight Price $289.00
Equal-weight - Morgan Stanley Overnight Price $289.00
Hold - Morgans Overnight Price $289.00
Hold - Ord Minnett Overnight Price $289.00
Buy - UBS Overnight Price $289.00
CTD Corporate Travel Downgrade to Neutral from Outperform - Macquarie Overnight Price $18.07
Buy - UBS Overnight Price $18.07
CWN Crown Resorts Neutral - Citi Overnight Price $9.73
Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $9.73
Neutral - Macquarie Overnight Price $9.73
Hold - Ord Minnett Overnight Price $9.73
Buy - UBS Overnight Price $9.73
DTL Data#3 Hold - Morgans Overnight Price $5.75
EBO EBOS Group Neutral - Macquarie Overnight Price $27.01
EQT Eqt Holdings Limited Buy - Ord Minnett Overnight Price $26.63
EVN Evolution Mining Hold - Ord Minnett Overnight Price $4.23
EXP Experience Co Buy - Ord Minnett Overnight Price $0.22
FMG Fortescue Neutral - Citi Overnight Price $24.88
Outperform - Credit Suisse Overnight Price $24.88
Outperform - Macquarie Overnight Price $24.88
Underweight - Morgan Stanley Overnight Price $24.88
Hold - Morgans Overnight Price $24.88
Buy - UBS Overnight Price $24.88
GMG Goodman Grp Neutral - Macquarie Overnight Price $16.99
Hold - Ord Minnett Overnight Price $16.99
HPI Hotel Property Investments Hold - Morgans Overnight Price $3.03
ING Inghams Group Buy - Citi Overnight Price $3.62
IPH IPH Limited Outperform - Macquarie Overnight Price $6.72
Add - Morgans Overnight Price $6.72
IRE Iress Neutral - Macquarie Overnight Price $10.25
Hold - Morgans Overnight Price $10.25
IVC Invocare Equal-weight - Morgan Stanley Overnight Price $10.85
JMS JUPITER MINES Neutral - Macquarie Overnight Price $0.36
LOV Lovisa Holdings Neutral - Citi Overnight Price $11.00
M7T Mach7 Technologies Add - Morgans Overnight Price $1.45
MOC Mortgage Choice Downgrade to Neutral from Buy - Citi Overnight Price $1.37
NGI Navigator Global Investments Outperform - Macquarie Overnight Price $1.76
Buy - Ord Minnett Overnight Price $1.76
NWH NRW Holdings Buy - UBS Overnight Price $2.32
ORA Orora Upgrade to Buy from Neutral - Citi Overnight Price $2.88
Neutral - Credit Suisse Overnight Price $2.88
Neutral - Macquarie Overnight Price $2.88
Equal-weight - Morgan Stanley Overnight Price $2.88
Hold - Morgans Overnight Price $2.88
Neutral - UBS Overnight Price $2.88
ORG Origin Energy Neutral - Citi Overnight Price $4.50
Neutral - Credit Suisse Overnight Price $4.50
Neutral - Macquarie Overnight Price $4.50
Equal-weight - Morgan Stanley Overnight Price $4.50
Add - Morgans Overnight Price $4.50
Buy - Ord Minnett Overnight Price $4.50
ORI Orica Buy - Citi Overnight Price $15.19
OZL Oz Minerals Underperform - Credit Suisse Overnight Price $21.84
Outperform - Macquarie Overnight Price $21.84
Overweight - Morgan Stanley Overnight Price $21.84
Hold - Morgans Overnight Price $21.84
Neutral - UBS Overnight Price $21.84
PPT Perpetual Neutral - Citi Overnight Price $31.40
Outperform - Credit Suisse Overnight Price $31.40
Neutral - Macquarie Overnight Price $31.40
Overweight - Morgan Stanley Overnight Price $31.40
Hold - Morgans Overnight Price $31.40
QBE QBE Insurance Buy - Citi Overnight Price $8.72
RIO Rio Tinto Outperform - Credit Suisse Overnight Price $127.50
S32 South32 Buy - Citi Overnight Price $2.70
Outperform - Credit Suisse Overnight Price $2.70
Neutral - Macquarie Overnight Price $2.70
Overweight - Morgan Stanley Overnight Price $2.70
Hold - Morgans Overnight Price $2.70
Buy - Ord Minnett Overnight Price $2.70
Buy - UBS Overnight Price $2.70
SBM St Barbara Accumulate - Ord Minnett Overnight Price $2.09
SGR Star Entertainment Neutral - Citi Overnight Price $3.69
Neutral - Credit Suisse Overnight Price $3.69
Outperform - Macquarie Overnight Price $3.69
Add - Morgans Overnight Price $3.69
Accumulate - Ord Minnett Overnight Price $3.69
Buy - UBS Overnight Price $3.69
SHL Sonic Healthcare Buy - Citi Overnight Price $33.97
Outperform - Credit Suisse Overnight Price $33.97
Neutral - Macquarie Overnight Price $33.97
Overweight - Morgan Stanley Overnight Price $33.97
Add - Morgans Overnight Price $33.97
Neutral - UBS Overnight Price $33.97
SKC SKYCITY ENTERTAINMENT Outperform - Macquarie Overnight Price $2.70
SSR SSR MINING Buy - UBS Overnight Price $19.87
STO Santos Neutral - Citi Overnight Price $7.06
Neutral - Credit Suisse Overnight Price $7.06
Neutral - Macquarie Overnight Price $7.06
Overweight - Morgan Stanley Overnight Price $7.06
Add - Morgans Overnight Price $7.06
Downgrade to Accumulate from Buy - Ord Minnett Overnight Price $7.06
SVW Seven Group Outperform - Credit Suisse Overnight Price $22.89
Outperform - Macquarie Overnight Price $22.89
Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $22.89
Buy - UBS Overnight Price $22.89
TWE Treasury Wine Estates Neutral - Macquarie Overnight Price $11.91
Neutral - UBS Overnight Price $11.91
UMG United Malt Group Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $3.68
Outperform - Macquarie Overnight Price $3.68
Hold - Morgans Overnight Price $3.68
Buy - UBS Overnight Price $3.68
VCX Vicinity Centres Buy - Ord Minnett Overnight Price $1.56
WEB Webjet Equal-weight - Morgan Stanley Overnight Price $5.12
Hold - Morgans Overnight Price $5.12
Buy - UBS Overnight Price $5.12
WES Wesfarmers Sell - Citi Overnight Price $54.49
Neutral - Credit Suisse Overnight Price $54.49
Outperform - Macquarie Overnight Price $54.49
Equal-weight - Morgan Stanley Overnight Price $54.49
Hold - Morgans Overnight Price $54.49
Lighten - Ord Minnett Overnight Price $54.49
Neutral - UBS Overnight Price $54.49
WHC Whitehaven Coal Overweight - Morgan Stanley Overnight Price $1.54
Accumulate - Ord Minnett Overnight Price $1.54
WPL Woodside Petroleum Neutral - Citi Overnight Price $25.34
Outperform - Credit Suisse Overnight Price $25.34
Outperform - Macquarie Overnight Price $25.34
Equal-weight - Morgan Stanley Overnight Price $25.34
Add - Morgans Overnight Price $25.34
Hold - Ord Minnett Overnight Price $25.34
Neutral - UBS Overnight Price $25.34
WSP Whispir Upgrade to Buy from Hold - Ord Minnett Overnight Price $3.92
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

69

2. Accumulate

6

3. Hold

69

4. Reduce

1

5. Sell

3

Friday 19 February 2021

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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.