Australian Broker Call
July 28, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 03:31 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
| FXJ - | FAIRFAX MEDIA | Upgrade to Buy from Hold | Deutsche Bank |
| GUD - | G.U.D. HOLDINGS | Upgrade to Neutral from Sell | Citi |
| RAN - | RANGE INTERNATIONAL | Downgrade to Hold from Add | Morgans |
Credit Suisse rates AZJ as Underperform (5) -
The company has announced a -$526m impairment of the bulk business. FY17 underlying operating earnings have been announced at $836m, below Credit Suisse estimates but within guidance.
The broker notes there is no outcome on the intermodal freight review. Underperform retained. Target falls to $4.70 from $5.10.
Target price is $4.70 Current Price is $5.06 Difference: minus $0.36 (current price is over target).
If AZJ 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 $4.84, suggesting downside of -2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 23.60 cents and EPS of 9.48 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 447.1%. Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 26.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 25.70 cents and EPS of 25.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of 42.5%. Current consensus DPS estimate is 26.5, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BAL as Hold (3) -
After the company said sales and profitability had improved, Morgans upgrades forecasts. Second half revenue is now expected to be $121m which will take full year revenue to around $239m, 2.3% above the broker's previous forecast.
Based on new guidance, FY17 underlying operating earnings will be down around -28% on FY16. Morgans retains a Hold rating and raises the target to $6.40 from $6.00.
In the short term the share price is expected to be volatile until there is greater certainty over the Camperdown licence.
The suspension highlights a sovereign risk and uncertainty involved in conducting business in China but also raises concerns about due diligence on behalf of the company, the broker contends.
Target price is $6.40 Current Price is $6.70 Difference: minus $0.3 (current price is over target).
If BAL meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.25, suggesting downside of -23.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.5, implying annual growth of -43.5%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 30.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 7.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.1, implying annual growth of -6.2%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 0.6%. Current consensus EPS estimate suggests the PER is 32.4. |
Market Sentiment: -0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BLD as Buy (1) -
Boral's US joint venture partner USG Corp posted a quarterly result ahead of the broker's expectations. An increase in forecast earnings flows through to a 1% increase for Boral.
Target rises to $7.96 from $7.94. Buy retained.
Target price is $7.96 Current Price is $6.92 Difference: $1.04
If BLD meets the Deutsche Bank target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $7.07, suggesting upside of 2.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 27.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of -8.8%. Current consensus DPS estimate is 24.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 22.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.4, implying annual growth of 13.5%. Current consensus DPS estimate is 24.4, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 19.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BPT as Outperform (1) -
The company posted a strong end to the June quarter with production growth of 9%. Credit Suisse observes, with over 10mmboe of production targeted out to FY20, Beach is set to further leverage cost discipline, drilling success and the options that come with a strong balance sheet.
Credit Suisse awaits more detail on the current reserves before changing its model. Outperform and 70c target retained.
Target price is $0.70 Current Price is $0.69 Difference: $0.015
If BPT meets the Credit Suisse target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.00 cents and EPS of 8.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.00 cents and EPS of 6.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -4.1%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BPT as Underperform (5) -
The company has announced record annual production for FY17 albeit below Macquarie's expectations because of the timing of the Bauer expansion and delays to artificial lift programs across the western flank.
The company has announced a significant increase in capital expenditure for FY18, rising to $220-260m. As production is expected to remain flat or softer, the broker expects a squeeze on free cash flow although there is upside potential to production based on exploration.
Underperform and $0.60 target retained.
Target price is $0.60 Current Price is $0.69 Difference: minus $0.085 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.69, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 2.00 cents and EPS of 9.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.10 cents and EPS of 6.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -4.1%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BPT as Equal-weight (3) -
The company has outlined aggressive investment plans for the Cooper Basin. Morgan Stanley believes this is sensible, given the improving economics across the basin.
The strategy is focused on replacing reserves and maintaining production at around 10mmboe to the end of the decade.
Morgan Stanley retains an Equal-weight rating and In-Line sector view. Target is $0.68.
Target price is $0.68 Current Price is $0.69 Difference: minus $0.005 (current price is over target).
If BPT meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.69, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 2.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -4.1%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BPT as Hold (3) -
June quarter production revealed an expanded capital expenditure program and strong guidance for FY18. Reserve replacement remains key, in Ord Minnett's view, and the release of June reserves should provide the catalyst.
Ord Minnett now assumes $480m for exploration based on $300m in capital expenditure over two years on projects yielding a 60% internal rate of return. Hold rating retained. Target rises to $0.68 from $0.61.
Target price is $0.68 Current Price is $0.69 Difference: minus $0.005 (current price is over target).
If BPT 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 $0.69, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 2.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -4.1%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BPT as Neutral (3) -
FY18 production guidance at 10-10.6mmboe is above UBS estimates. Capital expenditure is to lift 55%.
The broker suspects the company is taking advantage of lower rig rates, higher gas prices and a solid balance sheet to aggressively increase expenditure and unlock the potential in the Cooper Basin.
UBS retains a Neutral rating and raises the target to $0.70 from $0.65.
Target price is $0.70 Current Price is $0.69 Difference: $0.015
If BPT meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $0.69, suggesting upside of 2.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.3, implying annual growth of N/A. Current consensus DPS estimate is 1.8, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 9.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 2.00 cents and EPS of 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of -4.1%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 9.6. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CAR as Hold (3) -
On continuing growth in Australian online classifieds, and a corresponding reduction in the volatility of earnings, Deutsche Bank has reduced the discount it applies to its discounted cash flow valuations for relevant stocks.
Carsales' target rises to $13.20 from $11.45. Hold retained.
Target price is $13.20 Current Price is $12.50 Difference: $0.7
If CAR meets the Deutsche Bank target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $12.71, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 41.00 cents and EPS of 46.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 48.1, implying annual growth of 5.9%. Current consensus DPS estimate is 39.9, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 25.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 52.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.6, implying annual growth of 13.5%. Current consensus DPS estimate is 44.7, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 22.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CPU as Neutral (3) -
Citi analysts have made an effort trying to understand what exactly are the company's longer term profit drivers.
The end conclusion is a mix of management's ambitions in mortgage servicing in both the UK and the USA might prove too ambitious, but the sale of Wells Fargo’s registry business to Equiniti is likely to lessen price competition for large US registry accounts.
Shorter term, Citi is anticipating FY18 guidance in the order of "10-15% growth" and a big chunk of it will stem from cost reductions. Neutral rating retained. Target price $14.40 (unchanged).
Target price is $14.40 Current Price is $14.08 Difference: $0.32
If CPU meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.96, suggesting upside of 0.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 33.87 cents and EPS of 71.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 69.0, implying annual growth of N/A. Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.78 cents and EPS of 82.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.4, implying annual growth of 10.7%. Current consensus DPS estimate is 40.4, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CSL as Equal-weight (3) -
Morgan Stanley expects Haegarda to gain material market share. Haegarda received US FDA approval in June and was launched shortly after. Feedback from US-based physicians suggests adoption of the product could be rapid.
Morgan Stanley expects the company will achieve marginally above FY17 net profit guidance and expects solid 11% growth in earnings per share in FY18.
Equal-weight rating and In-Line industry view are retained. Target is $122.
Target price is $122.00 Current Price is $128.82 Difference: minus $6.82 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $139.03, suggesting upside of 10.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 194.47 cents and EPS of 390.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 375.2, implying annual growth of N/A. Current consensus DPS estimate is 170.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 33.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 226.22 cents and EPS of 435.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 452.2, implying annual growth of 20.5%. Current consensus DPS estimate is 203.0, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 27.8. |
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
Deutsche Bank rates CTX as Buy (1) -
Caltex has reported a refiner margin for June of US$13.55/bbl, up from US$9.94 in May and ahead of the broker's US$9.74 forecast.
The broker has lifted forecast earnings and its target to $35.35 from $35.30. Buy retained.
Target price is $35.35 Current Price is $31.08 Difference: $4.27
If CTX meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $33.12, suggesting upside of 7.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 EPS of 240.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 227.4, implying annual growth of -1.8%. Current consensus DPS estimate is 117.3, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 13.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 EPS of 247.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 220.2, implying annual growth of -3.2%. Current consensus DPS estimate is 113.7, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 14.0. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DCN as Buy (1) -
At its June Q report, Dacian reaffirmed a first gold target of March Q next year and noted construction at Mt Morgan is progressing well. Several high grade drill results from Beresford supports the broker's expectation of a further extension.
The broker retains Buy and a $3.10 target, suggesting Dacian is on track to be Australia's next mid-cap gold producer.
Target price is $3.10 Current Price is $1.97 Difference: $1.13
If DCN meets the Deutsche Bank target it will return approximately 57% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 53.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Deutsche Bank 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 5.9, 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 33.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DCN as Outperform (1) -
Macquarie observes the company has made good progress with early stage construction activities at Mt Morgans and the underground development at Beresford. Mt Morgans is on track for first gold in the third quarter of FY18.
Exploration success, particularly at Cameron Well, will continue to provide a short term investment case for the company and the broker believes the prospect could deliver both near-term oxide ounces and, potentially, more significant mine life extensions from bedrock mineralisation.
Outperform rating and $3.00 target retained.
Target price is $3.00 Current Price is $1.97 Difference: $1.03
If DCN meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).
Current consensus price target is $3.05, suggesting upside of 53.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 10.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -9.5, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 11.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.9, 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 33.7. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates FBU as Outperform (1) -
The stock is trading at a -20-25% discount to regional peers and Credit Suisse does not believe this discount is sensible.
The discount is steep, given the implied future perpetual losses for the company's construction division but the broker believes earnings visibility should improve as the company draws closer to the completion of two major problematic projects.
Confirmation of a permanent CEO should also reduce uncertainties in the broker's opinion. Outperform rating. Target is NZ$9.40.
Current Price is $7.37. Target price not assessed.
Current consensus price target is $9.00, suggesting upside of 21.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 29.28 cents and EPS of 47.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.4, implying annual growth of N/A. Current consensus DPS estimate is 35.2, implying a prospective dividend yield of 4.7%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 43.44 cents and EPS of 92.83 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.6, implying annual growth of 52.4%. Current consensus DPS estimate is 39.4, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 11.5. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates FMG as Sell (5) -
It is Citi's view the company's June quarter production report was somewhat of a mixed bag. On one hand it showed better than expected shipments, but these were offset by higher than expected costs and a weaker price realisation, comment the analysts.
In the end, lower costs (as guided by management) won the day. Citi has lifted forecasts, pushed up its price target to $4.60 from $3.90, but left the rating unchanged at Sell.
In-house view on the direction of iron ore prices remains negative with Citi's price forecast remaining at US$50/tonne for FY18.
Target price is $4.60 Current Price is $5.24 Difference: minus $0.64 (current price is over target).
If FMG meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.40 cents and EPS of 89.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 9.26 cents and EPS of 20.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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
Credit Suisse rates FMG as Outperform (1) -
June quarter shipments were in line with Credit Suisse expectations. A clear highlight of the June quarter was the record low in costs. The broker expects headwinds to price realisation will continue in FY18 albeit weighted to the first half.
The broker expects that, with net debt, production, cost and capital expenditure guidance now provided, the focus at the August 21 result will probably be on the dividend. The broker assumes a $0.16 per share dividend.
Outperform rating and $6.50 target retained.
Target price is $6.50 Current Price is $5.24 Difference: $1.26
If FMG meets the Credit Suisse target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 40.76 cents and EPS of 94.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 35.61 cents and EPS of 71.23 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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
Deutsche Bank rates FMG as Hold (3) -
Fortescue achieved record shipments in the June Q, taking FY17 production to the top end of guidance. Price realisation was weak at 60% but in line with the broker's forecast. Reduced costs led to another surprisingly big drop in net debt.
It was a strong operational performance and the broker believes the pricing outlook is improving. Target rises to $5.50 from $4.80, Hold retained.
Target price is $5.50 Current Price is $5.24 Difference: $0.26
If FMG meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 35.72 cents and EPS of 89.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 19.84 cents and EPS of 48.95 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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
Macquarie rates FMG as Outperform (1) -
June quarter production was broadly in line with Macquarie's expectations. Lower realised prices were offset by lower costs and capital expenditure.
The broker observes the company leads the way in operating efficiency in the iron ore industry and FY18 cost guidance has set a new benchmark for Pilbara producers. Guidance for FY18 cash costs is an average of US$11-12/wmt.
Macquarie retains an Outperform rating and raises the target to $6.00 from $5.70.
Target price is $6.00 Current Price is $5.24 Difference: $0.76
If FMG meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 35.06 cents and EPS of 87.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.84 cents and EPS of 30.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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 FMG as Accumulate (2) -
June quarter production was mixed, as Ord Minnett notes cash costs beat estimates but the headline price discount of -40% was higher than expected.
The broker believes the stock screens attractively on valuation, dividend, operating reliability and high operating earnings margins.
Target is raised to $6.50 from $6.30. Accumulate rating retained.
Target price is $6.50 Current Price is $5.24 Difference: $1.26
If FMG meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 30.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 25.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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
UBS rates FMG as Neutral (3) -
June quarter production was in line with UBS. Price realisation was low and the broker expects realised prices to disappoint further.
The broker believes the market is right to be concerned about the level of discounting for low-grade iron ore. However, higher utilisation and the abundance of low-grade ore is in the market, with the absence of higher grades to blend, remains a structural issue.
FY18 guidance targets for further lowering of costs to US$11-12/t. Neutral and $5.60 target retained.
Target price is $5.60 Current Price is $5.24 Difference: $0.36
If FMG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.73, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 46.30 cents and EPS of 89.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 89.2, implying annual growth of N/A. Current consensus DPS estimate is 35.3, implying a prospective dividend yield of 6.5%. Current consensus EPS estimate suggests the PER is 6.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 39.69 cents and EPS of 58.21 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.3, implying annual growth of -44.7%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 11.0. |
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
Deutsche Bank rates FXJ as Upgrade to Buy from Hold (1) -
On continuing growth in Australian online classifieds, and a corresponding reduction in the volatility of earnings, Deutsche Bank has reduced the discount it applies to its discounted cash flow valuations for relevant stocks.
The revaluation for REA Group flows to a revaluation for competitor Domain. While concerns remain as to why two private equity firms walked away from their Fairfax bids, Deutsche suspects the returns available were just not juicy enough for private equity. And a pick-up in Syd-Melb real estate listing should provide a tailwind into FY18.
Fairfax upgraded to Buy. Target rises to $1.15 from $1.05.
Target price is $1.15 Current Price is $0.98 Difference: $0.17
If FXJ meets the Deutsche Bank target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $1.17, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 4.00 cents and EPS of 6.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.1, implying annual growth of N/A. Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOR as Outperform (1) -
The company sustained extensive exploration activities in the June quarter. The construction of the Gruyere processing plant and associated infrastructure is progressing.
Macquarie believes the company is uniquely placed as an explorer, with exposure to a significant development whilst retaining a large prospective holding.
Outperform and $1.00 target retained.
Target price is $1.00 Current Price is $0.68 Difference: $0.32
If GOR meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 20.40 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates GPT as Re-initiation of Coverage: Hold (3) -
GPT is a diversified property group with assets split over retail, office and logistics along with a funds management platform. The assets are high quality, the broker notes, but cap rates are amongst the lowest relative to peers.
The broker forecasts earnings upside in office and logistics, but notes GPT historical underperforms in a rising yield environment. Coverage initiated with a Hold rating and $4.81 target. (Note, Deutsche had been covering GPT as late as February.)
Target price is $4.81 Current Price is $4.84 Difference: minus $0.03 (current price is over target).
If GPT meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.12, suggesting upside of 7.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 25.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of -48.7%. Current consensus DPS estimate is 24.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 26.00 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 4.4%. Current consensus DPS estimate is 25.8, implying a prospective dividend yield of 5.4%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GUD as Upgrade to Neutral from Sell (3) -
Citi analysts observe the share price has deflated by some -13% since peaking. The FY17 result has triggered mild reductions to forecasts. The analysts point out no less than 81% of FY17 EBIT comes from the Automotive division.
Rolling forward the modeling leads to a new price target of $11.47, up from $11.29. Citi analysts suggest the share price is likely to consolidate for a while. They have upgraded to Neutral from Sell.
Target price is $11.44 Current Price is $11.91 Difference: minus $0.47 (current price is over target).
If GUD meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 57.00 cents and EPS of 72.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of N/A. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 64.00 cents and EPS of 80.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 8.8%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates GUD as Neutral (3) -
Underlying FY17 operating earnings were in line with prior guidance and expectations. Credit Suisse believes the current momentum and the range of earnings drivers for automotive should mean a similar result in FY18.
The broker expects further divestments, possibly Oates, are more likely than not in the next 12 months.
Neutral rating retained. Target rises to $12.50 from $10.45.
Target price is $12.50 Current Price is $11.91 Difference: $0.59
If GUD meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $11.40, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 49.98 cents and EPS of 66.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of N/A. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 54.33 cents and EPS of 72.29 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 8.8%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GUD as Neutral (3) -
A net loss of -$7.3m was reported for FY17. Underlying net profit was up 16% and largely in line with Macquarie's expectations. The automotive division stood out, offset by the expected softer performance from Davey and Oates.
The broker believes the automotive business is an attractive asset in the current environment but the stock has re-rated over the past year and is now trading at a premium of around 14% to the emerging leaders index, suggesting it is fairly valued.
The broker retains a Neutral rating and raises the target to $10.75 from $10.40.
Target price is $10.75 Current Price is $11.91 Difference: minus $1.16 (current price is over target).
If GUD meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 52.00 cents and EPS of 65.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of N/A. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 67.00 cents and EPS of 70.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 8.8%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GUD as Hold (3) -
FY17 results were largely in line with Ord Minnett's forecasts. Management has guided to FY18 growth across all divisions.
The broker believes the automotive business is high-quality and has a sustainable growth outlook and defensive market position, with further accretive acquisitions expected.
Any additional divestments of non-core divisions would be considered a positive. Hold rating and $11 target retained.
Target price is $11.00 Current Price is $11.91 Difference: minus $0.91 (current price is over target).
If GUD meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 52.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of N/A. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 dividend of 58.00 cents and EPS of 76.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 8.8%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GUD as Sell (5) -
FY17 underlying operating earnings were slightly below UBS estimates. The broker observes the results were messy, given the sale of non-core assets and cash flow was relatively weak.
UBS observes the automotive business remains in good shape with solid top-line growth and resilient margins. Meanwhile, consumer related businesses continue to drag.
The broker retains a Sell rating and $11.30 target.
Target price is $11.30 Current Price is $11.91 Difference: minus $0.61 (current price is over target).
If GUD meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $11.40, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 48.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.5, implying annual growth of N/A. Current consensus DPS estimate is 51.8, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.5. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 51.00 cents and EPS of 73.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.5, implying annual growth of 8.8%. Current consensus DPS estimate is 58.9, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
Citi saw IOOF publishing a bumper June quarter performance, noting at least 17 of the more than 50 advisors that have committed to joining the group are yet to make the transfer.
Estimates have been lifted. Price target is now $9.70 instead of $9.40. With only two weeks left before the release of FY17 financials, the broker prefers to stick with its Neutral rating.
Target price is $9.70 Current Price is $9.86 Difference: minus $0.16 (current price is over target).
If IFL meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.34, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 53.00 cents and EPS of 53.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of -17.0%. Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 58.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.9, implying annual growth of 8.1%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Neutral (3) -
Funds under management at the end of the June quarter were ahead of expectations, driven primarily by strong flows in advice. The company noted that over 50 new advisers have committed to join one of its licenses since December.
FY17 marks a return of a meaningful contribution of flows to funds under management, Credit Suisse observes, and this is expected to continue in FY18. The stock also offers potential upside from further cost reductions, mergers and/or leverage of its under-utilised balance sheet.
Neutral retained. Target is upgraded to $10.00 from $9.75.
Target price is $10.00 Current Price is $9.86 Difference: $0.14
If IFL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $9.34, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 52.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of -17.0%. Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 57.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.9, implying annual growth of 8.1%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Neutral (3) -
Net flows were up $2bn in the June quarter, boosted by new adviser flows. Over fifty new advisers have committed to join the company since December.
Macquarie believes improvement in organic net flow is required to drive performance and the boost from new advisers and superannuation changes is likely to moderate in FY18.
The broker retains a Neutral rating. Target is raised to $9.60 from $8.70.
Target price is $9.60 Current Price is $9.86 Difference: minus $0.26 (current price is over target).
If IFL 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 $9.34, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 50.40 cents and EPS of 53.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of -17.0%. Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 50.10 cents and EPS of 55.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.9, implying annual growth of 8.1%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IFL as Equal-weight (3) -
June quarter organic advice flow was solid and Morgan Stanley was surprised at the number of planners joining the company's licenses. The broker believes platform capability, advice solutions and price positioning remain key to the sector.
Equal-weight retained. Target is raised to $9.00 from $8.50. Industry view: In-line.
Target price is $9.00 Current Price is $9.86 Difference: minus $0.86 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.34, suggesting downside of -6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 52.50 cents and EPS of 55.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.5, implying annual growth of -17.0%. Current consensus DPS estimate is 52.8, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 54.50 cents and EPS of 60.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.9, implying annual growth of 8.1%. Current consensus DPS estimate is 53.1, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates MQG as Neutral (3) -
At the AGM the bank has re-affirmed FY18 guidance. Credit Suisse suggests the underlying business may be performing slightly better than originally expected, given that FY18 earnings now face headwinds from the bank levy as well as the potential of earnings attrition from appreciation of the Australian dollar.
The broker retains a Neutral rating. Target is $100.
Target price is $100.00 Current Price is $87.37 Difference: $12.63
If MQG meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $88.29, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 475.00 cents and EPS of 672.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 647.6, implying annual growth of -1.5%. Current consensus DPS estimate is 471.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 490.00 cents and EPS of 688.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 657.4, implying annual growth of 1.5%. Current consensus DPS estimate is 473.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MQG as Equal-weight (3) -
Morgan Stanley believes an encouraging first quarter performance should support the share price in the near term. Nevertheless, the growth outlook for asset management is considered more modest.
Management has confirmed guidance for FY18 profit to be broadly in line with FY17 and stated its operating businesses are performing in line with expectations.
Equal-weight rating and In-Line industry view retained. Target is $85.
Target price is $85.00 Current Price is $87.37 Difference: minus $2.37 (current price is over target).
If MQG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $88.29, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 470.00 cents and EPS of 656.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 647.6, implying annual growth of -1.5%. Current consensus DPS estimate is 471.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 475.00 cents and EPS of 664.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 657.4, implying annual growth of 1.5%. Current consensus DPS estimate is 473.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MQG as Hold (3) -
The bank has reaffirmed guidance for FY18 to be broadly in line with FY17. Ord Minnett notes this guidance is within reach of consensus forecasts, which are currently factoring in single digit percentage growth.
The broker expects the bank's earnings profile will increasingly become dependent on transactions, with the sale of assets supporting earnings.
Hold rating retained. Target is $87.
Target price is $87.00 Current Price is $87.37 Difference: minus $0.37 (current price is over target).
If MQG meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $88.29, suggesting upside of 3.4% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 645.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 647.6, implying annual growth of -1.5%. Current consensus DPS estimate is 471.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Ord Minnett forecasts a full year FY19 EPS of 672.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 657.4, implying annual growth of 1.5%. Current consensus DPS estimate is 473.0, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates NCM as Sell (5) -
UBS questions whether the record production at Lihir is sustainable. The company cited improved operating consistency but the broker offers a more sceptical view that the asset was worked harder during the quarter to offset weak production at Cadia.
The Lihir open pit is a complex operation on a constrained site and pinning down exact production is difficult. Nevertheless, UBS expects the turnaround in operations means the mine is likely to continue to surprise to the upside for now.
Sell rating retained. Target is raised to $13.50 from $13.00
Target price is $13.50 Current Price is $20.28 Difference: minus $6.78 (current price is over target).
If NCM meets the UBS target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $19.78, suggesting upside of 0.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 13.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.7, implying annual growth of 7.5%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 31.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 74.4, implying annual growth of 18.7%. Current consensus DPS estimate is 21.1, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 26.5. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NXT as Outperform (1) -
The company has announced a takeover proposal for Asia-Pacific Data Centre ((AJD)) at $1.85 per security. This is in response to 360 Capital's ((TGP)) $1.80 bid.
Credit Suisse suggests, if the offer proceeds, there is likely to be value destruction in offering above the net tangible assets to acquire a yield that is less than the company's funding costs.
However, the deal makes strategic sense in the context of providing the business with greater certainty in dealing with its customers. Outperform maintained. Target is $4.70.
Target price is $4.70 Current Price is $4.17 Difference: $0.53
If NXT meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.83, suggesting upside of 15.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 6.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 66.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.99 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 5.0, implying annual growth of -20.6%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 83.5. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OGC as Outperform (1) -
June quarter production was softer than Credit Suisse expected.
Commissioning challenges at Haile extend beyond the CIL liner issue but should be resolved by year end. Selective high grading of Didipio stockpiles brings forward 35,000 ounces to 2017 from 2018, sustaining 2017 guidance.
Outperform and $4.35 target retained.
Target price is $4.35 Current Price is $3.57 Difference: $0.78
If OGC meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting upside of 40.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.65 cents and EPS of 49.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.4, implying annual growth of N/A. Current consensus DPS estimate is 3.3, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 2.65 cents and EPS of 39.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 37.0, implying annual growth of -1.1%. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates RAN as Downgrade to Hold from Add (3) -
June quarter updates were disappointing for Morgans. Cash receipts were up 35% on the prior quarter but the broker had hoped for a stronger uplift, given the introduction of the new product range at the end of April.
While current management is working to preserve cash, the broker believes the key is improving sales and this continues to be a work in progress.
With uncertainty around sales and the prospect of a capital raising increasing, the broker becomes more cautious and downgrades to Hold from Add. Target is reduced to $0.32 from $0.75.
Target price is $0.32 Current Price is $0.30 Difference: $0.02
If RAN meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.76 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.59 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates REA as Hold (3) -
On continuing growth in Australian online classifieds, and a corresponding reduction in the volatility of earnings, Deutsche Bank has reduced the discount it applies to its discounted cash flow valuations for relevant stocks.
REA's target rises to $65.50 from $56.75. Hold retained.
Target price is $65.50 Current Price is $69.19 Difference: minus $3.69 (current price is over target).
If REA meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $67.03, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 100.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 181.0, implying annual growth of -5.7%. Current consensus DPS estimate is 91.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 38.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 120.00 cents and EPS of 216.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 226.5, implying annual growth of 25.1%. Current consensus DPS estimate is 117.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 30.5. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates RSG as Buy (1) -
Citi had already retained its Buy/High Risk rating with the company delivering a "beat" on FY17 guidance, two weeks ago, accompanied by strong FY18 guidance.
Now that more details have been released, the analysts have finetuned their modeling. Due to the focus on Mali, the analysts feel compelled to maintain the High Risk label attached to their positive view.
Major swings have occurred in core EPS and DPS forecasts.
Target price is $1.90 Current Price is $1.07 Difference: $0.835
If RSG meets the Citi target it will return approximately 78% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 72.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 2.00 cents and EPS of 35.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.2, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 3.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 3.00 cents and EPS of 7.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of -43.0%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates RSG as Outperform (1) -
June quarter production was confirmed at 70,654 ounces at all-in sustainable costs of $1472/oz.
Macquarie observes FY18 is the beginning of a transition period for the company as it develops a Syama sub-level cave and returns to open pit operations at Ravenswood.
Outperform retained. Target is lowered to $1.50.
Target price is $1.50 Current Price is $1.07 Difference: $0.435
If RSG meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).
Current consensus price target is $1.77, suggesting upside of 72.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 19.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.2, implying annual growth of N/A. Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 3.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 1.40 cents and EPS of 16.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.5, implying annual growth of -43.0%. Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 6.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SEK as Hold (3) -
On continuing growth in Australian online classifieds, and a corresponding reduction in the volatility of earnings, Deutsche Bank has reduced the discount it applies to its discounted cash flow valuations for relevant stocks.
Seek's target rises to $16.60 from $15.30. Hold retained.
Target price is $16.60 Current Price is $17.56 Difference: minus $0.96 (current price is over target).
If SEK meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $16.11, suggesting downside of -6.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 42.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.8, implying annual growth of -44.3%. Current consensus DPS estimate is 42.3, implying a prospective dividend yield of 2.5%. Current consensus EPS estimate suggests the PER is 29.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 46.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.0, implying annual growth of 14.2%. Current consensus DPS estimate is 45.7, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 26.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WSA as Hold (3) -
Western Areas' June Q nickel production was broadly in line with the broker, and the top end of FY17 guidance has been met. FY costs came in lower than guidance.
The company is well placed to cash in on a rise in the nickel price but valuation already implies a flat US$6.50/lb (spot US$4.56), the broker calculates, hence Hold retained. Target steady at $2.20.
Target price is $2.20 Current Price is $2.37 Difference: minus $0.17 (current price is over target).
If WSA meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.19, suggesting downside of -5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is N/A, implying annual growth of N/A. Current consensus DPS estimate is 0.3, implying a prospective dividend yield of 0.1%. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.0, implying annual growth of N/A. Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 33.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AZJ - | AURIZON HOLDINGS | Underperform - Credit Suisse | Overnight Price $5.06 |
| BAL - | BELLAMY'S AUSTRALIA | Hold - Morgans | Overnight Price $6.70 |
| BLD - | BORAL | Buy - Deutsche Bank | Overnight Price $6.92 |
| BPT - | BEACH ENERGY | Outperform - Credit Suisse | Overnight Price $0.69 |
| Underperform - Macquarie | Overnight Price $0.69 | ||
| Equal-weight - Morgan Stanley | Overnight Price $0.69 | ||
| Hold - Ord Minnett | Overnight Price $0.69 | ||
| Neutral - UBS | Overnight Price $0.69 | ||
| CAR - | CARSALES.COM | Hold - Deutsche Bank | Overnight Price $12.50 |
| CPU - | COMPUTERSHARE | Neutral - Citi | Overnight Price $14.08 |
| CSL - | CSL | Equal-weight - Morgan Stanley | Overnight Price $128.82 |
| CTX - | CALTEX AUSTRALIA | Buy - Deutsche Bank | Overnight Price $31.08 |
| DCN - | DACIAN GOLD | Buy - Deutsche Bank | Overnight Price $1.97 |
| Outperform - Macquarie | Overnight Price $1.97 | ||
| FBU - | FLETCHER BUILDING | Outperform - Credit Suisse | Overnight Price $7.37 |
| FMG - | FORTESCUE | Sell - Citi | Overnight Price $5.24 |
| Outperform - Credit Suisse | Overnight Price $5.24 | ||
| Hold - Deutsche Bank | Overnight Price $5.24 | ||
| Outperform - Macquarie | Overnight Price $5.24 | ||
| Accumulate - Ord Minnett | Overnight Price $5.24 | ||
| Neutral - UBS | Overnight Price $5.24 | ||
| FXJ - | FAIRFAX MEDIA | Upgrade to Buy from Hold - Deutsche Bank | Overnight Price $0.98 |
| GOR - | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.68 |
| GPT - | GPT | Re-initiation of Coverage: Hold - Deutsche Bank | Overnight Price $4.84 |
| GUD - | G.U.D. HOLDINGS | Upgrade to Neutral from Sell - Citi | Overnight Price $11.91 |
| Neutral - Credit Suisse | Overnight Price $11.91 | ||
| Neutral - Macquarie | Overnight Price $11.91 | ||
| Hold - Ord Minnett | Overnight Price $11.91 | ||
| Sell - UBS | Overnight Price $11.91 | ||
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $9.86 |
| Neutral - Credit Suisse | Overnight Price $9.86 | ||
| Neutral - Macquarie | Overnight Price $9.86 | ||
| Equal-weight - Morgan Stanley | Overnight Price $9.86 | ||
| MQG - | MACQUARIE GROUP | Neutral - Credit Suisse | Overnight Price $87.37 |
| Equal-weight - Morgan Stanley | Overnight Price $87.37 | ||
| Hold - Ord Minnett | Overnight Price $87.37 | ||
| NCM - | NEWCREST MINING | Sell - UBS | Overnight Price $20.28 |
| NXT - | NEXTDC | Outperform - Credit Suisse | Overnight Price $4.17 |
| OGC - | OCEANAGOLD | Outperform - Credit Suisse | Overnight Price $3.57 |
| RAN - | RANGE INTERNATIONAL | Downgrade to Hold from Add - Morgans | Overnight Price $0.30 |
| REA - | REA GROUP | Hold - Deutsche Bank | Overnight Price $69.19 |
| RSG - | RESOLUTE MINING | Buy - Citi | Overnight Price $1.07 |
| Outperform - Macquarie | Overnight Price $1.07 | ||
| SEK - | SEEK | Hold - Deutsche Bank | Overnight Price $17.56 |
| WSA - | WESTERN AREAS | Hold - Deutsche Bank | Overnight Price $2.37 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 14 |
| 2. Accumulate | 1 |
| 3. Hold | 25 |
| 5. Sell | 5 |
Friday 28 July 2017
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