Australian Broker Call
November 09, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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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
| CBA - | COMMBANK | Upgrade to Neutral from Sell | Citi |
| Downgrade to Hold from Add | Morgans | ||
| COH - | COCHLEAR | Downgrade to Sell from Neutral | Citi |
| ECX - | ECLIPX GROUP | Upgrade to Buy from Neutral | Citi |
| MQA - | MACQUARIE ATLAS ROADS | Downgrade to Hold from Add | Morgans |
| VAH - | VIRGIN AUSTRALIA | Upgrade to Outperform from Neutral | Credit Suisse |
Citi rates AAD as Sell (5) -
Citi analysts seem happy to stick with their Sell rating in the wake of yet another CEO resignation at Ardent Leisure. The third in three years, the analysts point out.
Recently appointed Interim CFO Geoff Richardson is now in the role of Interim CEO. Main Event's growth has effectively come to a stand still and Citi finds the outlook "concerning".
Price target falls to $1.25 from $1.30 on reduced estimates.
Target price is $1.25 Current Price is $1.82 Difference: minus $0.57 (current price is over target).
If AAD meets the Citi target it will return approximately minus 31% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.76, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.50 cents and EPS of 2.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 55.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 5.50 cents and EPS of 5.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 93.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AAD as Sell (5) -
CEO Simon Kelly has resigned and Geoff Richardson, the CFO, will assume the role of interim CEO. UBS observes the trading update was mixed.
A number of the centres that were opened as Main Event in FY17 and the acquired Latitude centres continue to be challenged. Dreamworld appears to be trading above break even ahead of the peak season over the summer months while there is solid growth in bowling.
The company has indicated it is trading broadly in line with FY18 earnings expectations. The broker maintains a Sell rating and reduces the target to $1.45 from $1.60.
Target price is $1.45 Current Price is $1.82 Difference: minus $0.37 (current price is over target).
If AAD meets the UBS target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.76, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 3.00 cents and EPS of 2.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.3, implying annual growth of N/A. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 55.2. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 6.60 cents and EPS of 6.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.4, implying annual growth of 93.9%. Current consensus DPS estimate is 6.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 28.4. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AGL as Accumulate (2) -
AGL Energy has published its 2017 rehabilitation report with total remediation costs across the four thermal plants estimated at $307m.
Remediation will occur between 2018 and 2075 with increased costs in 2022-28 and 2035-40 coincident with the expected closure of the plants.
Commentary in the report suggests the likelihood of extending the Liddell plant remains low. Accumulate retained and target is raised to $30.15 from $29.40.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $30.15 Current Price is $25.46 Difference: $4.69
If AGL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $27.48, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 119.00 cents and EPS of 160.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 154.9, implying annual growth of 92.4%. Current consensus DPS estimate is 117.7, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 142.00 cents and EPS of 189.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 180.6, implying annual growth of 16.6%. Current consensus DPS estimate is 136.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ANN as Neutral (3) -
Citi's price target has lifted to $24 from $21 as the modeling has been updated to incorporate share buybacks and the latest FX projections. Rating remains Neutral.
The analysts remain sceptical about further acquisitions, as well as the current restructuring program, which they see as largely normal operation of business (not that special, thus).
Citi prefers that surplus cash is directed back towards shareholders, instead of using it for acquisitions, estimating every $100m in buybacks increases EPS growth by 2-3c per share.
Target price is $24.00 Current Price is $24.19 Difference: minus $0.19 (current price is over target).
If ANN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $23.34, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.65 cents and EPS of 135.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 175.3, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 57.65 cents and EPS of 155.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.8, implying annual growth of -18.5%. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 16.9. |
This company reports in USD. 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
Ord Minnett rates ANN as Accumulate (2) -
Following a detailed review of the capital markets day presentation, Ord Minnett has more understanding of the challenges facing Ansell over recent years. Given the three year earnings stagnation, the broker is cautiously optimistic the business is positioned for a period of solid growth.
Improvement in earnings will take longer due to the rise in raw material costs, but Ord Minnett expects this to become evident in FY19 as the restructuring savings emerge.
Accumulate retained and target is raised to $26.70 from $25.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $26.70 Current Price is $24.19 Difference: $2.51
If ANN meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $23.34, suggesting downside of -3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 58.96 cents and EPS of 444.18 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 175.3, implying annual growth of N/A. Current consensus DPS estimate is 60.4, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 65.51 cents and EPS of 136.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 142.8, implying annual growth of -18.5%. Current consensus DPS estimate is 60.3, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 16.9. |
This company reports in USD. 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
Citi rates BLY as Neutral (3) -
Citi updates FY17-19 estimates for earnings per share to reflect the dilution from the recent re-capitalisation process. This results in a -94% reduction, on average, to FY17-19.
Citi no longer puts forward a price target for this company. Neutral.
Current Price is $0.01. Target price not assessed.
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.92 cents. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.13 cents. |
This company reports in USD. 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
Credit Suisse rates BTT as Neutral (3) -
Credit Suisse upgrades FY18 estimates by 3% to account for higher performance fees. FY19-20 estimates are unchanged.
The broker notes higher cost growth and lower flows are offset by recent markets and a weaker Australian dollar. Given a double-digit earnings growth profile the broker envisages valuation support but several issues, such as the UK investigation, could weigh.
Neutral maintained. Target is $11.00.
Target price is $11.00 Current Price is $10.60 Difference: $0.4
If BTT meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 51.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 62.00 cents and EPS of 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BTT as Outperform (1) -
Cash net profit beat Macquarie's estimates in FY17 and was 11% ahead of FY16. Operating metrics are meeting the broker's fund manager criteria.
The company has also flagged the UK regulator is investigating the $8.6m in dealing commission payments. The outcome is not able to be estimated at this time.
Outperform. Target rises to $12.30 from $12.05.
Target price is $12.30 Current Price is $10.60 Difference: $1.7
If BTT meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 49.00 cents and EPS of 61.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 53.00 cents and EPS of 66.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BTT as Overweight (1) -
Morgan Stanley notes, while increasing risks around FY18 are envisaged in terms of cost growth, the Westpac ((WBC)) relationship and UK investigation, the business is well-placed to grow revenue.
Moreover, the price/earnings ratio is undemanding versus peers. Overweight. Industry view In-Line.Target is reduced to $12.20 from $12.70.
Target price is $12.20 Current Price is $10.60 Difference: $1.6
If BTT meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 50.50 cents and EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 58.50 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BTT as Add (1) -
BT's 11% profit increase was in line with expectations. Growth in management fee revenue supported the result to offset a material reduction in performance fees, the broker notes.
There is some uncertainty regarding a UK regulatory investigation into JOHCM commissions, but the broker does not expect an outcome that is materially detrimental. Trading below its historical PE, BT is offering solid value, the broker suggests.
Add retained, target falls to $11.60 from $11.96.
Target price is $11.60 Current Price is $10.60 Difference: $1
If BTT meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 49.00 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 54.00 cents and EPS of 67.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BTT as Hold (3) -
FY17 cash net profit was up 10.9% but below Ord Minnett's estimates. Given the near-term uncertainty regarding the outlook for flows and fixed cost growth the broker retains a Hold rating. Target is reduced to $10.50 from $11.00.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $10.50 Current Price is $10.60 Difference: minus $0.1 (current price is over target).
If BTT meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 50.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 57.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BTT as Neutral (3) -
FY17 results contained few surprises as fund flows and performance fees had been pre-announced. JO Hambro performance fee accrual is tracking ahead of UBS estimates.
Yet, the one-off benefit here is seen offset by more recurring impacts from lower near-term net flow prospects and higher fixed cost growth guidance.
UBS maintains a Neutral rating. Target is reduced to $11.00 from $11.20.
Target price is $11.00 Current Price is $10.60 Difference: $0.4
If BTT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $11.43, suggesting upside of 7.9% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 45.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 60.4, implying annual growth of N/A. Current consensus DPS estimate is 49.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 49.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of 13.7%. Current consensus DPS estimate is 55.6, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CBA as Upgrade to Neutral from Sell (3) -
The Q1 update was better than expected and Citi has pushed up its rating to Neutral from Sell. Target is raised to $76.75 from $76.50.
The analysts are now of the view Australia's number one bank looks to be in good shape, with enough capital momentum to absorb any likely penalty.
Target price is $76.75 Current Price is $80.94 Difference: minus $4.19 (current price is over target).
If CBA meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 435.00 cents and EPS of 565.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 435.00 cents and EPS of 555.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CBA as Neutral (3) -
Credit Suisse upgrades FY18 estimates by 2% following the first quarter update. The broker observes the bank has carried its strong business momentum into the current quarter although there appears to be some erosion of market share.
Downside risk is envisaged to regulatory & compliance provisions. Neutral retained. Target is $75.
Target price is $75.00 Current Price is $80.94 Difference: minus $5.94 (current price is over target).
If CBA meets the Credit Suisse target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 435.00 cents and EPS of 593.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 457.00 cents and EPS of 602.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CBA as Hold (3) -
Cash net profit of $2.65bn for the September quarter implies upbeat to expectations for the first half. Deutsche Bank notes part of the strength was driven by low bad debt charges but the underlying trend appears very solid.
While the valuation premium to peers has reduced in recent months the broker still envisages significant conduct risk. Should the outcome of ongoing regulatory action be unfavourable there is a risk to the assumption that the bank conducts buybacks in FY19-20.
Hold retained. Target raised to $83.00 from $80.00.
Target price is $83.00 Current Price is $80.94 Difference: $2.06
If CBA meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 442.00 cents and EPS of 597.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 451.00 cents and EPS of 589.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Neutral (3) -
First quarter results were underpinned by improving margins and a lower impairment charge. Macquarie had expected a solid September quarter as banks have benefited from mortgage re-pricing and more favourable funding costs.
The broker considers the current valuation reflects the near-term risks associated with disruptions to operations or larger-than-expected fines.
Neutral. Target is raised to $81.50 from $78.00.
Target price is $81.50 Current Price is $80.94 Difference: $0.56
If CBA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 444.30 cents and EPS of 577.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 447.20 cents and EPS of 570.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
First quarter cash profit was ahead of forecasts and Morgan Stanley upgrades estimates by around 2.5% in FY18.
The broker remains concerned about declining returns on equity, less strategic clarity and slower home loan growth as well as conduct issues.
Underweight. Target is raised to $72 from $70. Industry view is In-Line.
Target price is $72.00 Current Price is $80.94 Difference: minus $8.94 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 435.00 cents and EPS of 566.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 435.00 cents and EPS of 549.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CBA as Downgrade to Hold from Add (3) -
CBA's result showed an expansion in net interest margin despite the drag from the levy. Morgans has nevertheless reduced forecast earnings due to subdued loan growth.
Capital stood at 10.1% at the end of the period. The sale of the life business will provide a boost but as the bank faces a possibly hefty fine post the Austrac investigation, "a cynic might suggest", to use the broker's words, the bank is deliberately slowing loan growth in order to reach APRA's 10.5% requirement.
$80 target retained, downgrade to Hold.
Target price is $80.00 Current Price is $80.94 Difference: minus $0.94 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 434.00 cents and EPS of 599.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 438.00 cents and EPS of 604.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CBA as Hold (3) -
Commonwealth Bank delivered a strong first quarter FY18 trading update in the broker's opinion, ahead of the required run-rate to reach first half consensus earnings of $5.09bn.
The result was aided by low impairment charges but Ord Minnett estimates pre-provision profit is running ahead of consensus.
Hold rating retained and target raised to $77.00 from $76.50.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $77.00 Current Price is $80.94 Difference: minus $3.94 (current price is over target).
If CBA meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 572.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 571.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CBA as Neutral (3) -
The bank's first quarter trading update was broadly in line with UBS expectations. The broker remains cautious about lending share losses. In the past the bank has responded to market share losses by using price and it remains a price maker in the market.
The broker suggests the share price is likely to be capped until there is more certainty around the incoming CEO. Neutral and $83 target retained.
Target price is $83.00 Current Price is $80.94 Difference: $2.06
If CBA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $78.53, suggesting downside of -3.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 440.00 cents and EPS of 571.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 580.1, implying annual growth of 0.4%. Current consensus DPS estimate is 437.9, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 14.0. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 449.00 cents and EPS of 565.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 575.7, implying annual growth of -0.8%. Current consensus DPS estimate is 444.6, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 14.1. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CLQ as Outperform (1) -
The company has plans for a secondary listing on the Toronto Stock Exchange. To support the listing a technical report on the Syerston project, renamed CleanTeq Sunrise, has been released.
Macquarie incorporates modest changes to earnings forecasts, noting estimates for earnings per share rise 9% in FY21 and 5-6% in FY22, to reflect reduced dilution under the funding scenario.
Target also rises 5% to $2.20, because of lower equity dilution. Outperform retained.
Target price is $2.20 Current Price is $1.66 Difference: $0.54
If CLQ meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.60 cents. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 1.90 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates COH as Downgrade to Sell from Neutral (5) -
Citi analysts agree with the market's view there is ongoing upside bias to this year's profit outlook, but the share price is simply too high.
Hence the downgrade to Sell from Neutral, justified as "due to sky high valuation". Citi highlights there are some risks still, and these are currently not accounted for in the share price rally.
Price target lifts to $160 from $155.
Target price is $160.00 Current Price is $180.13 Difference: minus $20.13 (current price is over target).
If COH meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $143.80, suggesting downside of -20.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 313.00 cents and EPS of 452.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 442.7, implying annual growth of 13.6%. Current consensus DPS estimate is 305.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 40.7. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 363.00 cents and EPS of 525.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 501.2, implying annual growth of 13.2%. Current consensus DPS estimate is 351.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 35.9. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CSL as Buy (1) -
US Medicare has issued a final rule to cut the reimbursement for discounted drugs purchased under the 340B program.
UBS understands IVIG reimbursement to these hospitals is affected and, while the margins will be reduced, IVIG will remain profitable but 340B expansion will likely slow.
The broker applies a lower demand outlook for the US business. Buy and $141.00 target maintained.
Target price is $141.00 Current Price is $145.78 Difference: minus $4.78 (current price is over target).
If CSL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $140.77, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 186.06 cents and EPS of 446.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 447.8, implying annual growth of N/A. Current consensus DPS estimate is 196.6, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 32.6. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 200.47 cents and EPS of 501.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 504.1, implying annual growth of 12.6%. Current consensus DPS estimate is 216.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 28.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DMP as Sell (5) -
Citi observes sales conditions have slowed markedly from a high base in Australia while Europe remains solid and Japan is now positive. The company has reiterated net profit growth expectations of 20% for FY18.
Citi retains a Sell rating and raises the target to $41.60 from $40.95. The broker remains cautious about long-term margins in Australia and the store roll-out in Europe.
Target price is $41.60 Current Price is $46.43 Difference: minus $4.83 (current price is over target).
If DMP meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 109.50 cents and EPS of 164.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 133.80 cents and EPS of 196.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates DMP as Neutral (3) -
Credit Suisse does not read too much into the slowing growth in Australasia, given the cycling of an exceptional prior period.
The more pertinent aspects of the company's update are considered to be the solid growth in Europe and improvement in Japan. Credit Suisse retains a Neutral rating and reduces the target to $50.10 from $51.53.
Target price is $50.10 Current Price is $46.43 Difference: $3.67
If DMP meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 117.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 142.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Sell (5) -
Deutsche Bank found the AGM update slightly negative. Australasian sales growth has slowed a little more than expected although offset by lift to the guidance for Europe.
There was a warning that first half profit growth would be appreciably lower than the subsequent second half. While accepting that Australasian comparables become easier in the second half, Deutsche Bank believes second half weightings are rarely a good sign.
No significant changes are made to estimates. Sell and $36 target retained.
Target price is $36.00 Current Price is $46.43 Difference: minus $10.43 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 93.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 115.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Neutral (3) -
The company has reaffirmed FY18 net profit growth guidance of 20% at its AGM. Macquarie upgrades estimates in line with guidance and on the back of better-than-expected trading in Europe.
Near-term benefits from recent acquisitions will take time to realise and with the stock trading in line with the target the broker retains a Neutral rating. Target is raised to $45.11 from $44.17.
Target price is $45.11 Current Price is $46.43 Difference: minus $1.32 (current price is over target).
If DMP 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 $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 113.30 cents and EPS of 157.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 139.10 cents and EPS of 193.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DMP as Overweight (1) -
The AGM trading update was marginally ahead of Morgan Stanley's expectations. The broker believes investors will start to fully appreciate the long-term outlook and re-rate the shares.
The broker considers guidance conservative and will likely be raised at the February results.
Overweight rating, $53 price target and Cautious industry view.
Target price is $53.00 Current Price is $46.43 Difference: $6.57
If DMP meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 121.00 cents and EPS of 164.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 146.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Hold (3) -
Domino's trading update held no surprises. A&NZ's sales slowdown was no worse than feared, the broker notes, cycling a very strong period last year. Strong momentum continues in Europe.
Management reiterated FY18 profit growth guidance of 20%, while the broker is forecasting 24.5%. Target rises to $48.98 from $48.82, Hold retained.
Target price is $48.98 Current Price is $46.43 Difference: $2.55
If DMP meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 119.00 cents and EPS of 170.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 145.00 cents and EPS of 208.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Hold (3) -
The company has re-affirmed FY18 net profit guidance for growth of 20% but noted the first half should be appreciably lower than the second.
Ord Minnett suggests this stems from a focus on the rolling out of the OneDigital platform, causing some near-term disruption, and an improved performance is expected in the second half.
Hold retained. Target is $43.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $43.00 Current Price is $46.43 Difference: minus $3.43 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 112.00 cents and EPS of 158.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 140.00 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
The company's FY18 trading update is mixed, UBS observes. Europe is ahead of expectations, Japan in line and Australasia is below.
UBS reduces FY18 estimates of earnings per share by -1% and, overall, technological innovation, menu expansion and the rolling out of stores provides confidence in growth estimates.
Buy rating and $60 target retained.
Target price is $60.00 Current Price is $46.43 Difference: $13.57
If DMP meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $47.22, suggesting upside of 1.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 115.80 cents and EPS of 165.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 163.4, implying annual growth of 40.9%. Current consensus DPS estimate is 112.6, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 28.4. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 143.00 cents and EPS of 202.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 200.8, implying annual growth of 22.9%. Current consensus DPS estimate is 138.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ECX as Upgrade to Buy from Neutral (1) -
Citi notes the company continues to transform into a diversified financial services business, growing its B2B and B2C platforms.
One lingering concern is that the diversification impresses complexity and reduced visibility. The broker upgrades to Buy from Neutral and increases the target to $4.82 from $4.25.
Target price is $4.82 Current Price is $4.32 Difference: $0.5
If ECX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 17.00 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 19.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 11.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ECX as Outperform (1) -
While aided by acquisitions, Credit Suisse observes organic growth was still solid in FY17. The broker considers FY18 guidance relatively low risk, acknowledging an increased skew to the second half.
Outperform rating retained. Target is raised to $4.50 from $4.25.
Target price is $4.50 Current Price is $4.32 Difference: $0.18
If ECX meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 17.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 18.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 11.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ECX as Buy (1) -
FY17 results were at the top end of guidance and in line with Deutsche Bank's estimates. Strong cost control is evident to the broker although new business growth shows signs of slowing.
The broker believes FY18 will be a test of management's ability to execute on its strategy and there is upside risk from new revenue channels.
Buy rating and $4.50 target retained.
Target price is $4.50 Current Price is $4.32 Difference: $0.18
If ECX meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 24.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 11.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ECX as Overweight (1) -
FY17 results were strong, while guidance for FY18 is slightly below Morgan Stanley's expectations. The broker attributes this to a track record of being conservative.
The solid core business and high growth adjacencies in Right2Drive ensures an Overweight rating. $4.90 target. Sector view is In-Line.
Target price is $4.90 Current Price is $4.32 Difference: $0.58
If ECX meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.30 cents and EPS of 26.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 19.30 cents and EPS of 30.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 11.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ECX as Buy (1) -
FY17 results were broadly in line with UBS. EOL income was higher than expected and offset higher operating costs. The company has guided to FY18 net profit growth of 27-30%.
UBS observes fleet market conditions remain competitive but the company's low-cost funding model is a key differentiator. This is particularly so in light of favourable funding conditions. By rating retained. Target rises to $4.55 from $4.20.
Target price is $4.55 Current Price is $4.32 Difference: $0.23
If ECX meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $4.61, suggesting upside of 6.8% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 18.30 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.9, implying annual growth of N/A. Current consensus DPS estimate is 17.7, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 15.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 21.80 cents and EPS of 33.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.0, implying annual growth of 11.1%. Current consensus DPS estimate is 20.4, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FMG as Outperform (1) -
The board has given formal approval to undertake the feasibility study on developing the Western Hub. The feasibility studies is expected to be completed at the end of FY18.
Macquarie observes the company continues to be a cost leader in the global iron ore industry, with the outgoing CEO reaffirming the FY18 C1 cash cost guidance of US$11-12/wmt.
Outperform retained. Target is $6.00.
Target price is $6.00 Current Price is $4.88 Difference: $1.12
If FMG meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $5.50, suggesting upside of 12.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 30.66 cents and EPS of 52.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 51.7, implying annual growth of N/A. Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 9.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 29.35 cents and EPS of 44.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 47.4, implying annual growth of -8.3%. Current consensus DPS estimate is 28.2, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 10.3. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JHX as Buy (1) -
The company intends to acquire Germany-based XI Holdings and subsidiaries. There is limited information about the acquisition at this stage and the broker expects more detail at the imminent results briefing.
Part of the acquisition, Fermacell, is Europe's number one fibre gypsum board manufacturer with a 70% category share. James Hardie believes the acquisition will provide an opportunity to expand the business into the large and affluent European market.
A Buy rating is retained. Target is $20.67.
Target price is $20.67 Current Price is $20.39 Difference: $0.28
If JHX meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $20.45, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 55.05 cents and EPS of 79.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.2, implying annual growth of N/A. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.1. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 66.82 cents and EPS of 95.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 18.3%. Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.0. |
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
Morgan Stanley rates JHX as Equal-weight (3) -
The European acquisition of gypsum board manufacture Fermacell raises more questions than answers in Morgan Stanley's opinion.
The broker is yet to be convinced that this platform will materially assist with the rolling out of fibre cement in Europe.
Equal-weight rating and $20 target. Cautious industry view.
Target price is $20.00 Current Price is $20.39 Difference: minus $0.39 (current price is over target).
If JHX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $20.45, suggesting upside of 0.3% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 49.79 cents and EPS of 82.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 78.2, implying annual growth of N/A. Current consensus DPS estimate is 50.5, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 26.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 53.73 cents and EPS of 100.77 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 18.3%. Current consensus DPS estimate is 58.2, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 22.0. |
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
Macquarie rates MFG as Neutral (3) -
Macquarie observes the company's unit prices have moved into performance fees territory for the first half in both the Global Fund and Infrastructure Fund. All other performance fees hurdles are currently being met.
The broker upgrades FY18 estimates for earnings per share by 11.6% and FY19 by 12.1%.
Neutral rating. Target is raised to $28.41 from $25.23.
Target price is $28.41 Current Price is $26.00 Difference: $2.41
If MFG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $27.89, suggesting upside of 7.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 91.80 cents and EPS of 126.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.5, implying annual growth of 0.5%. Current consensus DPS estimate is 98.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 22.1. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 100.50 cents and EPS of 138.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 151.0, implying annual growth of 28.5%. Current consensus DPS estimate is 111.5, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGX as Outperform (1) -
The company has confirmed guidance for FY18 and that Koolan Island is on track for shipment in 2019.
Macquarie observes the company is well-placed to complete the re-start of Koolan Island and continue operations at Iron Hill while assessing acquisition opportunities.
The broker believes deploying some of the large cash balance on an acquisition to unlock value remains the most material catalyst for the stock.
Outperform rating. Target is $0.50.
Target price is $0.50 Current Price is $0.42 Difference: $0.08
If MGX meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $0.44, suggesting upside of 4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of minus 0.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is N/A, implying annual growth of -100.0%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of minus 1.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.2, implying annual growth of N/A. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MQA as Downgrade to Hold from Add (3) -
Following Mac Atlas' solid share price run, Morgans now pulls back to Hold, while noting this week's APRR bond issue suggests the fund will be able to continue to access cheaper funding through to 2019.
The next catalyst will be the French CPI result, which determines APRR toll increases. Target rises to $6.27 from $6.13.
Target price is $6.27 Current Price is $6.14 Difference: $0.13
If MQA meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $5.94, suggesting downside of -3.3% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.3, implying annual growth of 218.2%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 9.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 23.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of -44.3%. Current consensus DPS estimate is 23.4, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 17.7. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates NUF as Neutral (3) -
Citi observes the acquisition of the FMC herbicide portfolio is highly complimentary to the recent acquisition of Century products. The company's European market relevance will be significantly boosted by these two acquisitions.
At this stage the broker considers the stock fairly valued. Neutral rating retained. Target price is $9.07.
Target price is $9.07 Current Price is $9.17 Difference: minus $0.1 (current price is over target).
If NUF meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 15.00 cents and EPS of 52.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 16.00 cents and EPS of 57.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NUF as Neutral (3) -
The acquisition of a portfolio from FMC appears to Credit Suisse to be accretive with some growth.
This will allow a further broadening of the company's cereal broadleaf herbicide portfolio and increase geographic exposure to major European markets.
Neutral rating retained. Target is raised to $9.29 from $9.24.
Target price is $9.29 Current Price is $9.17 Difference: $0.12
If NUF meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 18.00 cents and EPS of 59.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 19.00 cents and EPS of 62.76 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates NUF as Sell (5) -
The company has acquired a European herbicide product portfolio for US$90m, a minor positive in Deutsche Bank's view.
This is considered a good strategic fit for the company's existing European business and should be accretive to earnings by 1% in FY19.
Sell rating retained. Target is raised to $6.85 from $6.75.
Target price is $6.85 Current Price is $9.17 Difference: minus $2.32 (current price is over target).
If NUF meets the Deutsche Bank target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 41.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Deutsche Bank forecasts a full year FY19 dividend of 14.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates NUF as Outperform (1) -
The company has entered a binding agreement to acquire a portfolio of herbicide products. This portfolio potentially offers an attractive growth profile, Macquarie suggests, supported by a number of formulation launches.
The transaction should broaden the company's footprint in Europe and fits the strategy of focusing on core crops.
Outperform rating retained. Target is raised to $10.70 from $10.44.
Target price is $10.70 Current Price is $9.17 Difference: $1.53
If NUF meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.80 cents and EPS of 56.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.00 cents and EPS of 73.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NUF as Overweight (1) -
The company has acquired a European herbicide portfolio, to be funded by existing debt facilities. Morgan Stanley estimates earnings accretion of around 2%.
The broker considers this a relatively small, low-risk transaction which has been well flagged and is consistent with strategy.
Overweight rating and Cautious industry view. Target is $11.20.
Target price is $11.20 Current Price is $9.17 Difference: $2.03
If NUF meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 17.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 20.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates NUF as Add (1) -
Given attractive margins, a strong growth profile and solid cash flow conversion, the broker considers Nufarm has paid a reasonable price for its European bolt-on acquisition of FMC Corp's herbicide portfolio.
The broker has increased forecast earnings in line with accretion expectations, and retains Add on a PE discount to peers. Target rises to $10.30 from $10.00.
Target price is $10.30 Current Price is $9.17 Difference: $1.13
If NUF meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $9.49, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 15.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.3, implying annual growth of 14.1%. Current consensus DPS estimate is 15.3, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 17.00 cents and EPS of 70.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.9, implying annual growth of 18.0%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 14.6. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SGM as Neutral (3) -
Credit Suisse is disappointed the AGM provided no definitive first half earnings guidance, with less than two months left in the half.
This raises questions about whether the outlook is soft to the extent the company needs to buy time to achieve its FY18 returns target of 10%.
Neutral retained. Target is $14.00.
Target price is $14.00 Current Price is $14.24 Difference: minus $0.24 (current price is over target).
If SGM meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $14.72, suggesting upside of 3.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 40.73 cents and EPS of 81.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 84.3, implying annual growth of -18.2%. Current consensus DPS estimate is 44.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.9. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 43.85 cents and EPS of 87.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 88.8, implying annual growth of 5.3%. Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates VAH as Upgrade to Outperform from Neutral (1) -
Credit Suisse observes capacity discipline appears to be resuming in the domestic airline market. The broker expects a rational approach to continue until the Virgin Australia balance sheet is solid.
No decision on privatisation has been reached. The broker ascribes a two third probability to a privatisation outcome and upgrades to Outperform from Neutral. Target is raised to $0.26 from $0.20.
Target price is $0.26 Current Price is $0.24 Difference: $0.02
If VAH meets the Credit Suisse target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $0.19, suggesting downside of -21.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.9, 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 26.7. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 0.19 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -22.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 34.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VAH as Lighten (4) -
The company has reported a turnaround to an underlying pre-tax profit in the first quarter, which Ord Minnett considers important as it builds on the earnings momentum witnessed in the fourth quarter of FY17.
This is expected to provide investors with more confidence that the long-awaited recovery is underway.
Lighten retained. Target is $0.15.
This stock is not covered in-house by Ord Minnett. Instead, the broker whitelabels research by JP Morgan.
Target price is $0.15 Current Price is $0.24 Difference: minus $0.09 (current price is over target).
If VAH meets the Ord Minnett target it will return approximately minus 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.19, suggesting downside of -21.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.9, 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 26.7. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -22.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 34.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VAH as Sell (5) -
The company has announced a pre-tax profit of $14m for the first quarter versus a loss of -$4m in the prior corresponding quarter. The highlight was a 9% increase in the Virgin brand domestic unit revenue, UBS observes.
Nevertheless, the broker does note that momentum has slowed relative to the June quarter and, together with a higher fuel price and lack of cost containment, this leads to a reduction in forecasts.
Sell rating retained. Target is $0.18.
Target price is $0.18 Current Price is $0.24 Difference: minus $0.06 (current price is over target).
If VAH meets the UBS target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.19, suggesting downside of -21.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.9, 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 26.7. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 0.00 cents and EPS of 1.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 0.7, implying annual growth of -22.2%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 34.3. |
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AAD | ARDENT LEISURE | Sell - Citi | Overnight Price $1.82 |
| Sell - UBS | Overnight Price $1.82 | ||
| AGL | AGL ENERGY | Accumulate - Ord Minnett | Overnight Price $25.46 |
| ANN | ANSELL | Neutral - Citi | Overnight Price $24.19 |
| Accumulate - Ord Minnett | Overnight Price $24.19 | ||
| BLY | BOART LONGYEAR | Neutral - Citi | Overnight Price $0.01 |
| BTT | BT INVEST MANAGEMENT | Neutral - Credit Suisse | Overnight Price $10.60 |
| Outperform - Macquarie | Overnight Price $10.60 | ||
| Overweight - Morgan Stanley | Overnight Price $10.60 | ||
| Add - Morgans | Overnight Price $10.60 | ||
| Hold - Ord Minnett | Overnight Price $10.60 | ||
| Neutral - UBS | Overnight Price $10.60 | ||
| CBA | COMMBANK | Upgrade to Neutral from Sell - Citi | Overnight Price $80.94 |
| Neutral - Credit Suisse | Overnight Price $80.94 | ||
| Hold - Deutsche Bank | Overnight Price $80.94 | ||
| Neutral - Macquarie | Overnight Price $80.94 | ||
| Underweight - Morgan Stanley | Overnight Price $80.94 | ||
| Downgrade to Hold from Add - Morgans | Overnight Price $80.94 | ||
| Hold - Ord Minnett | Overnight Price $80.94 | ||
| Neutral - UBS | Overnight Price $80.94 | ||
| CLQ | CLEAN TEQ HOLDINGS | Outperform - Macquarie | Overnight Price $1.66 |
| COH | COCHLEAR | Downgrade to Sell from Neutral - Citi | Overnight Price $180.13 |
| CSL | CSL | Buy - UBS | Overnight Price $145.78 |
| DMP | DOMINO'S PIZZA | Sell - Citi | Overnight Price $46.43 |
| Neutral - Credit Suisse | Overnight Price $46.43 | ||
| Sell - Deutsche Bank | Overnight Price $46.43 | ||
| Neutral - Macquarie | Overnight Price $46.43 | ||
| Overweight - Morgan Stanley | Overnight Price $46.43 | ||
| Hold - Morgans | Overnight Price $46.43 | ||
| Hold - Ord Minnett | Overnight Price $46.43 | ||
| Buy - UBS | Overnight Price $46.43 | ||
| ECX | ECLIPX GROUP | Upgrade to Buy from Neutral - Citi | Overnight Price $4.32 |
| Outperform - Credit Suisse | Overnight Price $4.32 | ||
| Buy - Deutsche Bank | Overnight Price $4.32 | ||
| Overweight - Morgan Stanley | Overnight Price $4.32 | ||
| Buy - UBS | Overnight Price $4.32 | ||
| FMG | FORTESCUE | Outperform - Macquarie | Overnight Price $4.88 |
| JHX | JAMES HARDIE | Buy - Deutsche Bank | Overnight Price $20.39 |
| Equal-weight - Morgan Stanley | Overnight Price $20.39 | ||
| MFG | MAGELLAN FINANCIAL GROUP | Neutral - Macquarie | Overnight Price $26.00 |
| MGX | MOUNT GIBSON IRON | Outperform - Macquarie | Overnight Price $0.42 |
| MQA | MACQUARIE ATLAS ROADS | Downgrade to Hold from Add - Morgans | Overnight Price $6.14 |
| NUF | NUFARM | Neutral - Citi | Overnight Price $9.17 |
| Neutral - Credit Suisse | Overnight Price $9.17 | ||
| Sell - Deutsche Bank | Overnight Price $9.17 | ||
| Outperform - Macquarie | Overnight Price $9.17 | ||
| Overweight - Morgan Stanley | Overnight Price $9.17 | ||
| Add - Morgans | Overnight Price $9.17 | ||
| SGM | SIMS METAL MANAGEMENT | Neutral - Credit Suisse | Overnight Price $14.24 |
| VAH | VIRGIN AUSTRALIA | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $0.24 |
| Lighten - Ord Minnett | Overnight Price $0.24 | ||
| Sell - UBS | Overnight Price $0.24 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 19 |
| 2. Accumulate | 2 |
| 3. Hold | 22 |
| 4. Reduce | 1 |
| 5. Sell | 8 |
Thursday 09 November 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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