Australian Broker Call

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July 31, 2018

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COMPANIES DISCUSSED IN THIS ISSUE

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

THIS REPORT WILL BE UPDATED SHORTLY

Last Updated: 09:45 AM

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

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

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

Today's Upgrades and Downgrades
BRG - BREVILLE GROUP Downgrade to Neutral from Outperform Credit Suisse
HUB - HUB24 Downgrade to Neutral from Outperform Credit Suisse
NWL - NETWEALTH GROUP Downgrade to Underperform from Neutral Credit Suisse
AAD  ARDENT LEISURE GROUP

Travel, Leisure & Tourism

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Overnight Price: $1.95

Citi rates AAD as Buy (1) -

Sales momentum slowed at the end of FY18 at Main Event. Citi lowers FY19 forecasts but expects Main Event to deliver sales growth of 1%, supported by an improved US casual dining sector.

The broker suspects theme parks have likely found a base and earnings should improve, although the rate of recovery in the short term could be adversely affected by the ongoing coronal inquest, management changes and loss of share to Village Roadshow ((VRL)). Buy rating maintained. Target rises to $2.40 from $2.35.

Target price is $2.40 Current Price is $1.95 Difference: $0.45
If AAD meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 8.50 cents and EPS of minus 3.70 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 52.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 2.7%.

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

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 5.00 cents and EPS of 3.00 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of N/A.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 43.3.

Market Sentiment: 0.2

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


Deutsche Bank rates AAD as Hold (3) -

The company's trading update highlighted an improved second half at Main Event and a return to top-line growth. Recovery at Dreamworld continues to be challenging but Deutsche Bank expected this would take some time.

Deutsche Bank maintains a Hold rating and $1.95 target.

Target price is $1.95 Current Price is $1.95 Difference: $0
If AAD meets the Deutsche Bank target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is -0.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 2.7%.

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

Forecast for FY19:

Current consensus EPS estimate is 4.5, implying annual growth of N/A.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 43.3.

Market Sentiment: 0.2

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


Macquarie rates AAD as Neutral (3) -

The FY18 update was weaker than Macquarie expected with significant impairments being flagged. The broker believes downside risks continue, with Main Event momentum questionable and the recovery in theme parks elusive.

The broker acknowledges potential corporate appeal but evidence of an improved operating performance is required given the limited options for re-rating. Target is reduced to $1.90 from $2.05 and a Neutral rating is maintained.

Target price is $1.90 Current Price is $1.95 Difference: minus $0.05 (current price is over target).
If AAD 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 $2.02, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of minus 3.30 cents.
At the last closing share price the estimated dividend yield is 2.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 59.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, implying annual growth of N/A.

Current consensus DPS estimate is 5.3, implying a prospective dividend yield of 2.7%.

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

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 5.00 cents and EPS of 3.40 cents.
At the last closing share price the estimated dividend yield is 2.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 57.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.5, implying annual growth of N/A.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 43.3.

Market Sentiment: 0.2

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

AMP  AMP LIMITED

Insurance

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Overnight Price: $3.44

Credit Suisse rates AMP as Outperform (1) -

Around one third of AMP's earnings is derived from its platform business, the broker notes. MySuper is about 10% of assets under management and here AMP has significantly cut its fees. Outside of MySuper the broker sees fees as competitive already, and thus in less need of negative adjustment.

The broker has already cut its target to $4.50 following the restructure announcement. Outperform retained.

Target price is $4.50 Current Price is $3.44 Difference: $1.06
If AMP meets the Credit Suisse target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $4.00, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 24.00 cents and EPS of 30.00 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.8, implying annual growth of -5.1%.

Current consensus DPS estimate is 24.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 12.4.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 24.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 6.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.9, implying annual growth of 11.2%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.1.

Market Sentiment: 0.3

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

BRG  BREVILLE GROUP LIMITED

Household & Personal Products

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Overnight Price: $11.08

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

Breville is well positioned to benefit from omni-channel retailing and an increased focus on customer experience, Credit Suisse notes, but to achieve sales growth the company will need to increase share in a highly competitive market against a backdrop of weak discretionary spending.

There is also a risk of higher costs in Europe as Breville transitions to a direct supplier model, and risks from potential US tariff extensions. Ahead of the company's earnings result the broker downgrades to Neutral from Outperform. Target falls to $11.60 from $13.50.

Target price is $11.60 Current Price is $11.08 Difference: $0.52
If BRG meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.09, suggesting upside of 18.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 31.80 cents and EPS of 46.20 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.6, implying annual growth of 10.1%.

Current consensus DPS estimate is 33.0, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 24.3.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 37.10 cents and EPS of 52.10 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 52.2, implying annual growth of 14.5%.

Current consensus DPS estimate is 37.1, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 21.2.

Market Sentiment: 0.3

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

CWN  CROWN RESORTS LIMITED

Gaming

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Overnight Price: $13.59

Macquarie rates CWN as Neutral (3) -

Macquarie believes Victorian EGM revenue growth in the second half should be considered a positive read for Crown Melbourne, given the main gaming floor exhibits a similar trajectory. The broker also believes the local market has benefited from recent reforms and is cycling a soft comparable period.

Macquarie has a Neutral rating and $14.30 target for Crown.

Target price is $14.30 Current Price is $13.59 Difference: $0.71
If CWN meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $13.37, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 60.00 cents and EPS of 52.30 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.9, implying annual growth of -78.6%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 24.8.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 60.00 cents and EPS of 61.40 cents.
At the last closing share price the estimated dividend yield is 4.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.3, implying annual growth of 11.7%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 22.2.

Market Sentiment: 0.1

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

CYB  CYBG PLC

Banks

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Overnight Price: $5.96

Credit Suisse rates CYB as Outperform (1) -

Clydesdale provided a "low surprise" trading update, the broker notes, with FY18 guidance reiterated. The broker expects a relatively benign market reaction with the Virgin Money acquisition to be the primary driver of share price movement.

Outperform and $6.00 target retained.

Target price is $6.00 Current Price is $5.96 Difference: $0.04
If CYB meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 3.46 cents and EPS of 44.93 cents.
At the last closing share price the estimated dividend yield is 0.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 20.74 cents and EPS of 55.30 cents.
At the last closing share price the estimated dividend yield is 3.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.7, implying annual growth of 11.9%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 10.9.

This company reports in GBP. 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


Morgans rates CYB as Hold (3) -

The bank's trading update was largely in line with expectations with the highlight for Morgans being the expectation of IRB accreditation for SME lending occurring much earlier than previously anticipated. The offer for Virgin Money continues to progress.

Morgans reduces underlying EPS forecasts for FY18 by -0.2%, largely because of the lower net interest margin forecast. The broker maintains an Add rating and $6.25 target.

Target price is $6.25 Current Price is $5.96 Difference: $0.29
If CYB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.25, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 1.73 cents and EPS of 50.12 cents.
At the last closing share price the estimated dividend yield is 0.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 48.9, implying annual growth of N/A.

Current consensus DPS estimate is 3.6, implying a prospective dividend yield of 0.6%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 43.63 cents and EPS of 54.10 cents.
At the last closing share price the estimated dividend yield is 7.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 54.7, implying annual growth of 11.9%.

Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 10.9.

This company reports in GBP. 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

DCN  DACIAN GOLD LIMITED

Gold & Silver

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Overnight Price: $2.86

Deutsche Bank rates DCN as Buy (1) -

Mount Morgans achieved gold production of 34,000 ounces in its first full operating quarter, in line with estimates. Deutsche Bank is impressed by the effort, given just a year ago the asset was still being constructed.

As operations ramp up the broker expects the free cash flow yield to lift to over 10% in FY19 and over 15% from FY20. Buy rating and $3.30 target maintained.

Target price is $3.30 Current Price is $2.86 Difference: $0.44
If DCN meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 26.00.

Forecast for FY19:

Deutsche Bank forecasts a full year FY19 dividend of 3.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.82.

Market Sentiment: 1.0

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

ELO  ELMO SOFTWARE LIMITED

Software & Services

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Overnight Price: $6.40

ADDED

Morgan Stanley rates ELO as Overweight (1) -

Fourth quarter receipts exceeded Morgan Stanley's expectations, up 86%. FY18 receipts were up 55%.

Given the level of detail in the disclosure and the fact the company is in its prospectus period, the broker envisages reduced scope for disappointment in FY18.

Overweight rating, In-Line industry view and $6.30 target maintained.

Target price is $6.30 Current Price is $6.40 Difference: minus $0.1 (current price is over target).
If ELO meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 320.00.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 128.00.

Market Sentiment: 1.0

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

GPT  GPT

Infra & Property Developers

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Overnight Price: $5.14

Deutsche Bank rates GPT as Hold (3) -

GPT has revalued 52 properties with gains driven by the office segment. The revaluation results in an uplift of $457m, or a 3.7% increase from the December 31 2017 book value.

Hold rating retained. Price target is raised to $5.19 from $5.04.

Target price is $5.19 Current Price is $5.14 Difference: $0.05
If GPT meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 1.7% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 30.9, implying annual growth of -55.4%.

Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.6.

Forecast for FY19:

Current consensus EPS estimate is 32.4, implying annual growth of 4.9%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 15.9.

Market Sentiment: 0.3

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

GWA  GWA GROUP LIMITED

Furniture & Renovation

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Overnight Price: $3.34

Morgans rates GWA as Hold (3) -

Morgans expects FY18 EBIT to be up 3% when the company reports on August 16. GWA has traditionally been strong in the residential, multi-residential and commercial new building segments. The company envisages the renovations market as a growth opportunity and there are a number of initiatives underway.

Morgans believes the sole focus on bathrooms and kitchens will bring longer-term benefits but in the short term there are risks around housing market sentiment. Hold rating is maintained. Target is reduced to $3.30 from $3.62.

Target price is $3.30 Current Price is $3.34 Difference: minus $0.04 (current price is over target).
If GWA 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 $3.48, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 21.00 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.9, implying annual growth of 2.8%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 15.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 4.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.0, implying annual growth of -4.3%.

Current consensus DPS estimate is 16.7, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 16.7.

Market Sentiment: 0.0

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

HSO  HEALTHSCOPE LIMITED

Healthcare services

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Overnight Price: $2.21

Citi rates HSO as Neutral (3) -

Healthscope has sold its Asian pathology business for $279m. Citi notes net debt will reduce in FY19 resulting in net debt/EBITDA of around 2.8x, which is a far more comfortable position for the company after several years of high capital expenditure.

After the divestment, Australian hospitals will contribute around 86% of operating earnings and NZ pathology around 14%. Healthscope is also completing a strategic review of the hospital property portfolio. Neutral rating and $2.20 target.

Target price is $2.20 Current Price is $2.21 Difference: minus $0.01 (current price is over target).
If HSO meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 6.50 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 2.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 1.1%.

Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 6.10 cents and EPS of 10.00 cents.
At the last closing share price the estimated dividend yield is 2.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 5.3%.

Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.1

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


ADDED

Credit Suisse rates HSO as Neutral (3) -

Healthscope has sold its Asian pathology business to private equity for what the broker considers a reasonable price. The company expects to book a gain of sale of ~$165m in FY19. The money will be used to pay down debt and fund brownfield expansion.

The broker reduces forecasts by -5% to account for lost earnings. Neutral and $2.36 target retained.

Target price is $2.36 Current Price is $2.21 Difference: $0.15
If HSO meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 6.42 cents and EPS of 9.23 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 1.1%.

Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 6.42 cents and EPS of 9.43 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 5.3%.

Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.1

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


Deutsche Bank rates HSO as Hold (3) -

Healthscope will sell its Asian pathology operations for $279m. The transaction is expected to generate a pre-tax gain of $165m and be completed by August 18.

Proceeds will be used to pay down debt and fund expansion. Deutsche Bank maintains a Hold rating and $2.30 target.

Target price is $2.30 Current Price is $2.21 Difference: $0.09
If HSO meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is 9.5, implying annual growth of 1.1%.

Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY19:

Current consensus EPS estimate is 10.0, implying annual growth of 5.3%.

Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.1

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


ADDED

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

The sale of the Asian pathology operations ameliorates the risks to the balance sheet, in Morgan Stanley's view. The broker still expects challenges to earnings in the private hospital segment in FY19.

The broker suggests near-term fundamentals will take a back seat to the reorganising of assets, and a premium is likely to remain in the shares. Equal-weight. Target is $2.23. Industry view is In-Line.

Target price is $2.23 Current Price is $2.21 Difference: $0.02
If HSO meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 6.90 cents and EPS of 8.90 cents.
At the last closing share price the estimated dividend yield is 3.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.5, implying annual growth of 1.1%.

Current consensus DPS estimate is 6.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 23.3.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 7.50 cents and EPS of 9.20 cents.
At the last closing share price the estimated dividend yield is 3.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.0, implying annual growth of 5.3%.

Current consensus DPS estimate is 7.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 22.1.

Market Sentiment: 0.1

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

HUB  HUB24 LIMITED

Wealth Management & Investments

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Overnight Price: $11.44

UPDATED

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

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

The broker has reduced earnings forecasts for Hub24 and cut its target to $13.20 from $14.10. Downgrade to Neutral from Outperform.

Target price is $13.20 Current Price is $11.44 Difference: $1.76
If HUB meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).

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 9.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 127.11.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 60.21.

Market Sentiment: 0.5

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

IFL  IOOF HOLDINGS LIMITED

Wealth Management & Investments

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Overnight Price: $9.16

Credit Suisse rates IFL as Outperform (1) -

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

Platform only accounts for some 40% of IOOF's earnings, but another 40% from Advice is also at risk, the broker suggests. Target falls to $10.90 from $12.00, Outperform retained.

Target price is $10.90 Current Price is $9.16 Difference: $1.74
If IFL meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $10.90, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 54.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 5.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.4, implying annual growth of 48.3%.

Current consensus DPS estimate is 54.0, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 16.0.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 61.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 6.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of 22.8%.

Current consensus DPS estimate is 63.5, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 13.0.

Market Sentiment: 0.8

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

IGO  INDEPENDENCE GROUP NL

Nickel

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Overnight Price: $4.47

UPDATED

Citi rates IGO as Neutral (3) -

The reserve grade at Nova has been trimmed, which reduces valuation and Citi's target to $5.00 from $5.20. On the positive side, the broker asserts Nova remains a high-margin operation with excellent exploration potential. Independence Group will spend $47-54m on exploration in FY19, focusing on Nova.

Citi notes reports that major shareholder Mark Creasy has made a nickel/copper discovery around 25km from Nova and, if this stacks up, expects Independence would very much like to treat ore through its mill. Citi maintains a Neutral rating on valuation.

Target price is $5.00 Current Price is $4.47 Difference: $0.53
If IGO meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 7.00 cents and EPS of 8.40 cents.
At the last closing share price the estimated dividend yield is 1.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 53.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 231.1%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 46.1.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 12.00 cents and EPS of 40.60 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 293.8%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 11.7.

Market Sentiment: -0.1

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


Macquarie rates IGO as Underperform (5) -

Macquarie was surprised by the downgrade to the Nova reserve grade and lowers its medium-term production outlook for nickel and copper by -17% and -20% respectively. Macquarie had expected a reduction in grade at Nova but the magnitude was greater than anticipated.

The broker maintains an Underperform rating and reduces the target to $4.50 from $5.00.

Target price is $4.50 Current Price is $4.47 Difference: $0.03
If IGO meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 0.89%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 49.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 231.1%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 46.1.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 12.00 cents and EPS of 34.80 cents.
At the last closing share price the estimated dividend yield is 2.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 293.8%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 11.7.

Market Sentiment: -0.1

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


ADDED

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

The company's production report signals costs in FY18 were higher while guidance for Nova in FY19 is lower. This follows the reserve update showing reduced grades. Production beyond FY19 is likely to be flat, Morgan Stanley estimates.

Equal-weight rating and $4.45 target maintained. Industry view is: In-Line.

Target price is $4.45 Current Price is $4.47 Difference: minus $0.02 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.71, suggesting upside of 5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 5.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of 231.1%.

Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 46.1.

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 dividend of 17.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 38.2, implying annual growth of 293.8%.

Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 11.7.

Market Sentiment: -0.1

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

KLL  KALIUM LAKES LIMITED

Mining

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Overnight Price: $0.50

Macquarie rates KLL as Outperform (1) -

The company has updated on the Beyondie bankable feasibility study, which remains on track for the September quarter.

Macquarie suspects there could be upside risk to its base case assumptions, given the work completed to date on recovery rates and bore flow rates. Outperform and 60c target retained.

Target price is $0.60 Current Price is $0.50 Difference: $0.1
If KLL meets the Macquarie target it will return approximately 20% (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 6.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 7.94.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of minus 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 18.52.

Market Sentiment: 1.0

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

NWL  NETWEALTH GROUP LIMITED

Wealth Management & Investments

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Overnight Price: $7.55

UPDATED

Credit Suisse rates NWL as Downgrade to Underperform from Neutral (5) -

Competition in the advised platform market was always going to emerge, Credit Suisse suggests, but BT Panorama's ((WBC)) price cuts came sooner and are larger than expected, followed by AMP ((AMP)) for MySuper. While the broker still sees significant growth for emerging platforms, price competition will lead to churn and margin compression.

The broker has reduced earnings forecasts for Netwealth and cut its target to $7.35 from $7.90. Downgrade to Underperform from Neutral.

Target price is $7.35 Current Price is $7.55 Difference: minus $0.2 (current price is over target).
If NWL meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.78, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 5.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 0.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of -79.5%.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 70.6.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 1.59%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 50.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of 45.8%.

Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 48.4.

Market Sentiment: -0.7

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

PLS  PILBARA MINERALS LIMITED

New Battery Elements

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Overnight Price: $0.91

UPDATED

Citi rates PLS as Buy (1) -

Post the June quarter operations update, Citi analysts make minor changes to forecasts, because of changes in FX forecasts. Pilgangoora stage 1 is on track and FID for stage 2 is expected in the September quarter. Citi's main assumptions for the project are unchanged.

All in all, the analysts seem to have adopted a "she'll be right mate" view. Buy/High Risk rating and $1.05 price target retained.

Target price is $1.05 Current Price is $0.91 Difference: $0.14
If PLS meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 20.9% (ex-dividends)

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 91.00.

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 N/A.

Forecast for FY19:

Citi forecasts a full year FY19 dividend of 2.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 2.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of N/A.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: 0.8

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


ADDED

Credit Suisse rates PLS as Outperform (1) -

Pilbara Minerals June Q report confirmed that which was already known, the broker notes, being a material resource upgrade and first concentrate production. The focus is now on the Sep Q. A decision on the funding and investment of the stage 2 expansion is expected in the quarter.

Outperform and $1.15 target retained.

Target price is $1.15 Current Price is $0.91 Difference: $0.24
If PLS meets the Credit Suisse target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 20.9% (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 1.23 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 73.98.

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 N/A.

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 5.25 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.2, implying annual growth of N/A.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 21.7.

Market Sentiment: 0.8

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

PWH  PWR HOLDINGS LIMITED

Automobiles & Components

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Overnight Price: $2.82

Morgans rates PWH as Add (1) -

Morgans expects FY18 results on August 27 will be driven by further growth in motor sports, automotive aftermarket and emerging technologies.

The broker expects FY18 net profit of $11.3m, implying 21% growth. Add rating maintained. Target is raised to $3.40 from $3.10.

Target price is $3.40 Current Price is $2.82 Difference: $0.58
If PWH meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 6.80 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 2.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.64.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 8.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 2.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.69.

Market Sentiment: 1.0

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

QBE  QBE INSURANCE GROUP LIMITED

Insurance

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Overnight Price: $10.12

Macquarie rates QBE as Outperform (1) -

Macquarie reviews the first week of offshore results ahead of the company's first half result on August 16. Feedback is mixed, with mid-sized US peril claims and lower crop pricing balanced by an improvement in premium rates and running yields.

The broker maintains an Outperform rating, given portfolio remediation has begun and the buyback continues. Target is raised to $11.80 from $11.70.

Target price is $11.80 Current Price is $10.12 Difference: $1.68
If QBE meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.11, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 51.02 cents and EPS of 67.60 cents.
At the last closing share price the estimated dividend yield is 5.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 71.9, implying annual growth of N/A.

Current consensus DPS estimate is 55.1, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 14.1.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 54.13 cents and EPS of 83.92 cents.
At the last closing share price the estimated dividend yield is 5.35%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 88.7, implying annual growth of 23.4%.

Current consensus DPS estimate is 72.6, implying a prospective dividend yield of 7.2%.

Current consensus EPS estimate suggests the PER is 11.4.

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

RIO  RIO TINTO LIMITED

Bulks

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Overnight Price: $80.45

Macquarie rates RIO as Outperform (1) -

Macquarie expects first half underlying earnings of US$4.8bn and iron ore is expected to account for around 60%. Net debt is expected to remain around US$4bn and, as cash from asset sales is still pending, an increase in the buyback is considered unlikely.

Rio Tinto will release its first half results on August 1. Target price of $94 and Outperform rating maintained.

Target price is $94.00 Current Price is $80.45 Difference: $13.55
If RIO meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $89.44, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 445.48 cents and EPS of 742.81 cents.
At the last closing share price the estimated dividend yield is 5.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 728.9, implying annual growth of N/A.

Current consensus DPS estimate is 419.7, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 350.95 cents and EPS of 587.67 cents.
At the last closing share price the estimated dividend yield is 4.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 644.8, implying annual growth of -11.5%.

Current consensus DPS estimate is 386.9, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 12.5.

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

SIL  SMILES INCLUSIVE LIMITED

Healthcare services

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Overnight Price: $0.93

Morgans rates SIL as Add (1) -

The company's business update showed margins, working capital and acquisitions are in line with expectations. Morgans observes there is significant progress being made since the company listed, and despite some timing issues around settlement it remains on track to achieve forecasts.

FY19 guidance is for net profit of at least $6m, excluding any contributions from acquisitions. Add rating and $1.40 target maintained.

Target price is $1.40 Current Price is $0.93 Difference: $0.47
If SIL meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.30.

Forecast for FY19:

Morgans forecasts a full year FY19 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.75.

Market Sentiment: 1.0

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

SYR  SYRAH RESOURCES LIMITED

New Battery Elements

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Overnight Price: $2.93

ADDED

Credit Suisse rates SYR as Outperform (1) -

Syrah's June Q production met the bottom end of the lowered guidance range. FY guidance has been downgraded, pushing the company's expected cash breakeven timing to late in the second half rather than mid, the broker notes.

Outperform and $6.60 target retained.

Target price is $6.60 Current Price is $2.93 Difference: $3.67
If SYR meets the Credit Suisse target it will return approximately 125% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 5.31 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 55.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.3, implying annual growth of N/A.

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

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

Forecast for FY19:

Credit Suisse forecasts a full year FY19 dividend of 0.00 cents and EPS of 20.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 18.8.

Market Sentiment: 0.8

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


Deutsche Bank rates SYR as Buy (1) -

Syrah produced 21,000t of graphite in the June quarter, slightly below estimates. Guidance for 2018 is downgraded to 135-145,000t. The company now expects to be positive on cash flow in late 2018.

Deutsche Bank's valuation is -6% lower after updating the 2018-20 production profile and realised price assumptions. Buy rating maintained and target is $4.20.

Target price is $4.20 Current Price is $2.93 Difference: $1.27
If SYR meets the Deutsche Bank target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

Forecast for FY18:

Current consensus EPS estimate is -4.3, implying annual growth of N/A.

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

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

Forecast for FY19:

Current consensus EPS estimate is 15.6, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 18.8.

Market Sentiment: 0.8

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


Macquarie rates SYR as Outperform (1) -

Processing at Balama continues to be difficult, although the June quarter production of 21,200t of graphite concentrate beat Macquarie's expectations. Syrah has revised down 2018 production guidance to 135-145,000t.

Macquarie builds more conservatism into long-term forecasts but still believes Balama will generate cash early in 2019. Target is reduced to $4.40 from $5.00. Outperform maintained.

Target price is $4.40 Current Price is $2.93 Difference: $1.47
If SYR meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.3, implying annual growth of N/A.

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

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

Forecast for FY19:

Macquarie forecasts a full year FY19 dividend of 0.00 cents and EPS of 14.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 18.8.

Market Sentiment: 0.8

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


ADDED

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

Production in the first half was -18% below Morgan Stanley's estimates. Guidance for FY18 has been revised down to 135-145,000t. C1 costs are forecast to reach US$430-450/t by the end of 2018.

Morgan Stanley continues to expect that achieved prices are likely to be lower in order to gain market share. Equal-weight retained for Syrah Resources. Target is $3.15. Industry view is In-Line.

Target price is $3.15 Current Price is $2.93 Difference: $0.22
If SYR meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 53.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 3.89 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 75.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -4.3, implying annual growth of N/A.

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

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

Forecast for FY19:

Morgan Stanley forecasts a full year FY19 EPS of 10.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.6, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 18.8.

Market Sentiment: 0.8

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

Summaries
AAD ARDENT LEISURE Buy - Citi Overnight Price $1.95
Hold - Deutsche Bank Overnight Price $1.95
Neutral - Macquarie Overnight Price $1.95
AMP AMP Outperform - Credit Suisse Overnight Price $3.44
BRG BREVILLE GROUP Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $11.08
CWN CROWN RESORTS Neutral - Macquarie Overnight Price $13.59
CYB CYBG Outperform - Credit Suisse Overnight Price $5.96
Hold - Morgans Overnight Price $5.96
DCN DACIAN GOLD Buy - Deutsche Bank Overnight Price $2.86
ELO ELMO SOFTWARE Overweight - Morgan Stanley Overnight Price $6.40
GPT GPT Hold - Deutsche Bank Overnight Price $5.14
GWA GWA GROUP Hold - Morgans Overnight Price $3.34
HSO HEALTHSCOPE Neutral - Citi Overnight Price $2.21
Neutral - Credit Suisse Overnight Price $2.21
Hold - Deutsche Bank Overnight Price $2.21
Equal-weight - Morgan Stanley Overnight Price $2.21
HUB HUB24 Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $11.44
IFL IOOF HOLDINGS Outperform - Credit Suisse Overnight Price $9.16
IGO INDEPENDENCE GROUP Neutral - Citi Overnight Price $4.47
Underperform - Macquarie Overnight Price $4.47
Equal-weight - Morgan Stanley Overnight Price $4.47
KLL KALIUM LAKES Outperform - Macquarie Overnight Price $0.50
NWL NETWEALTH GROUP Downgrade to Underperform from Neutral - Credit Suisse Overnight Price $7.55
PLS PILBARA MINERALS Buy - Citi Overnight Price $0.91
Outperform - Credit Suisse Overnight Price $0.91
PWH PWR HOLDINGS Add - Morgans Overnight Price $2.82
QBE QBE INSURANCE Outperform - Macquarie Overnight Price $10.12
RIO RIO TINTO Outperform - Macquarie Overnight Price $80.45
SIL SMILES INCLUSIVE Add - Morgans Overnight Price $0.93
SYR SYRAH RESOURCES Outperform - Credit Suisse Overnight Price $2.93
Buy - Deutsche Bank Overnight Price $2.93
Outperform - Macquarie Overnight Price $2.93
Equal-weight - Morgan Stanley Overnight Price $2.93
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

16

3. Hold

15

5. Sell

2

Tuesday 31 July 2018

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