Australian Broker Call

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August 20, 2020

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COMPANIES DISCUSSED IN THIS ISSUE

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

Last Updated: 05:00 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
A2M - a2 Milk Co Upgrade to Outperform from Neutral Credit Suisse
Downgrade to Sell from Buy Citi
CAR - Carsales.Com Downgrade to Hold from Add Morgans
CSL - CSL Downgrade to Neutral from Buy Citi
CTD - Corporate Travel Downgrade to Hold from Add Morgans
DXS - Dexus Property Upgrade to Accumulate from Hold Ord Minnett
IVC - Invocare Downgrade to Neutral from Buy Citi
SIQ - Smartgroup Downgrade to Hold from Add Morgans
TAH - Tabcorp Holdings Upgrade to Outperform from Neutral Credit Suisse
WTC - Wisetech Global Downgrade to Neutral from Outperform Credit Suisse
A2M  THE A2 MILK COMPANY LIMITED

Dairy

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Overnight Price: $18.25

Citi rates A2M as Downgrade to Sell from Buy (5) -

Citi believes the best days are behind the company and downgrades to Sell from Buy. A substantial path for growth continues but the outlook is considered increasingly risky amid a resurgence of Chinese brands and increasing geopolitical risks.

The broker acknowledges use of the cash balance for acquisitions and/or capital management remains the biggest risk to the view.

Citi reduces FY21 and FY22 net profit estimates by -3% to reflect the lower sales and earnings outlook for China along with pressure on Australasian earnings from FY22 amid structural decline in the daigou channel. Target is reduced to $17.20 from $21.50.

Target price is $17.20 Current Price is $18.25 Difference: minus $1.05 (current price is over target).
If A2M meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of 59.71 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, 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 36.1.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of 65.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 29.2%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 27.9.

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

Market Sentiment: 0.0

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


Credit Suisse rates A2M as Upgrade to Outperform from Neutral (1) -

Credit Suisse notes a2 Milk's FY20 result was solid and broadly on expected lines. The company expects strong revenue growth to continue in FY21 along with some capex into milk processing and IT.

The company clarified it will continue to prioritise growth over return to shareholders.

Driven by attractive growth prospects and strong valuation support, Credit Suisse upgrades its rating to Outperform from Neutral with the target price increasing to NZ$22.55 from NZ$17.65.

Current Price is $18.25. Target price not assessed.

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 58.29 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.31.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, 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 36.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 69.15 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 29.2%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 27.9.

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

Market Sentiment: 0.0

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


Macquarie rates A2M as Outperform (1) -

a2 Milk's 32% profit increase came in towards the top end of the guidance range. The company continues to execute strongly with accelerating revenue addition and strengthening margins, the broker notes.

Macquarie sees scope for upside from new products/markets and capital deployment.

The broker believes outlook commentary was conservative and sees avenues for material upside. Outperform and $21.25 target retained.

Target price is $21.25 Current Price is $18.25 Difference: $3
If A2M meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 58.67 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, 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 36.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 68.21 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 29.2%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 27.9.

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

Market Sentiment: 0.0

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


Morgans rates A2M as Hold (3) -

While the 22 Milk company reported a very strong result, it fell short of high expectations, according to Morgans.

The broker notes the balance sheet is in a very strong position with NZ$854.2m net cash position. Total infant formula (IF) sales rose 33.8% with strong growth in China label sales.

The company expects continued strong revenue growth and an earnings (EBITDA) margin of 30-31% in FY21.

Given the softer-than expected result, higher depreciation and amortisation and lower net interest income, the analyst has reduced profit (NPAT) estimates by around -2% for FY21-FY23.

The Hold rating is maintained. The target price is decreased to $18.35 from $18.41.

Target price is $18.35 Current Price is $18.25 Difference: $0.1
If A2M meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 58.57 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, 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 36.1.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 67.08 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 29.2%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 27.9.

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

Market Sentiment: 0.0

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


UBS rates A2M as Buy (1) -

Results for FY20 support UBS' belief in the company's ability to produce strong growth in FY21. Key infant formula growth drivers are intact and this underpins a three-year earnings growth rate of 17%.

UBS reiterates a Buy rating and raises the target to NZ$22.70 from NZ$22.00.

Current Price is $18.25. Target price not assessed.

Current consensus price target is $17.35, suggesting downside of -5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 57.91 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.6, 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 36.1.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 19.84 cents and EPS of 68.02 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.4, implying annual growth of 29.2%.

Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 27.9.

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

Market Sentiment: 0.0

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

ABP  ABACUS PROPERTY GROUP

REITs

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Overnight Price: $2.62

Ord Minnett rates ABP as Accumulate (2) -

Abacus Property Group's FY20 funds from operations were slightly below Ord Minnett's forecast led by lower depreciation and amortisation add-backs. The broker considers the REIT attractively priced with a balance sheet that is in good shape.

The REIT did not provide any FY21 guidance due to the pandemic and the broker expects the lockdowns in Melbourne and New Zealand will weigh on FY21.

Ord Minnett maintains its Accumulate rating with the target price lowered to $3 from $3.10.

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

Target price is $3.00 Current Price is $2.62 Difference: $0.38
If ABP meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 16.00 cents and EPS of 18.00 cents.
At the last closing share price the estimated dividend yield is 6.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.2, implying annual growth of 38.1%.

Current consensus DPS estimate is 17.2, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 18.00 cents and EPS of 20.00 cents.
At the last closing share price the estimated dividend yield is 6.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of 6.0%.

Current consensus DPS estimate is 18.1, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.6

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

ADI  APN INDUSTRIA REIT

REITs

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Overnight Price: $2.42

Macquarie rates ADI as Neutral (3) -

APN Industria REIT's funds fom operations fell short of expectation due to higher than expected rent relief. Guidance to flat growth in FY21 is also below forecast. At 96%, cash collection was a positive but leasing risk persists and uncertainty remains, the broker warns.

There is upside on offer from leasing, deployment and the buyback, but on the balance of uncertainties the broker retains Neutral. Target falls to $2.64 from $2.77.

Target price is $2.64 Current Price is $2.42 Difference: $0.22
If ADI meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.62, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 17.20 cents and EPS of 17.80 cents.
At the last closing share price the estimated dividend yield is 7.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of -35.4%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 16.70 cents and EPS of 17.20 cents.
At the last closing share price the estimated dividend yield is 6.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -2.7%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.5

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


Morgans rates ADI as Add (1) -

The FY20 result for APN Industria REIT was in-line with Morgans forecasts. FY21 guidance for funds from operations (FFO) and DPS is to be broadly in-line with FY20.

Morgans states near term uncertainty is focused around the impacts from the code of conduct/covid-19 on earnings and distributions and the likely tougher leasing market.

The Add rating is maintained. The target price is decreased to $2.60 from $2.68.

Target price is $2.60 Current Price is $2.42 Difference: $0.18
If ADI meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.62, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 17.30 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 7.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of -35.4%.

Current consensus DPS estimate is 17.3, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 17.30 cents and EPS of 18.90 cents.
At the last closing share price the estimated dividend yield is 7.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.1, implying annual growth of -2.7%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.9%.

Current consensus EPS estimate suggests the PER is 13.5.

Market Sentiment: 0.5

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

AIA  AUCKLAND INTERNATIONAL AIRPORT LTD

Infrastructure & Utilities

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Overnight Price: $5.81

Macquarie rates AIA as Outperform (1) -

Upon initial assessment, Macquarie believes the FY20 performance is broadly in-line. No final dividend was announced.

No guidance was forthcoming either; too much uncertainty. Macquarie notes the balance sheet is strong, with closing net debt of NZ$1.38bn, down -36% on pcp, supported by recent NZ$1.2bn equity raising.

Current Price is $5.81. Target price not assessed.

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

Market Sentiment: 1.0

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

AMC  AMCOR LIMITED

Paper & Packaging

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Overnight Price: $15.76

Citi rates AMC as Buy (1) -

Free cash flow beat estimates in FY20. Citi observes Amcor has benefited from a benign raw material environment and executed well over FY20.

Demand has been weak in Latin America although trends in July/August appear to be improving.

Guidance in FY21 for growth of 5-10% implies more than a 5% increase in Bemis synergies. The broker assesses more buybacks could occur in FY21, either that or Amcor becomes more active in M&A. Buy rating maintained. Target rises to $17.25 from $15.50.

Target price is $17.25 Current Price is $15.76 Difference: $1.49
If AMC meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $16.84, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 68.25 cents and EPS of 102.37 cents.
At the last closing share price the estimated dividend yield is 4.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.3, implying annual growth of N/A.

Current consensus DPS estimate is 67.0, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY22:

Citi forecasts a full year FY22 EPS of 124.63 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.5, implying annual growth of 9.6%.

Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: 0.6

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


UBS rates AMC as Neutral (3) -

FY20 results were slightly ahead of UBS estimates. Growth was largely underpinned by Bemis synergies, low interest rates and buyback accretion.

Amcor has guided to 5-10% constant currency growth in FY21. UBS suspects the company will continue to prioritise dividends as a key component of its capital return strategy. Target is raised to $15.90 from $14.60. Neutral retained.

Target price is $15.90 Current Price is $15.76 Difference: $0.14
If AMC meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.84, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 71.22 cents and EPS of 102.37 cents.
At the last closing share price the estimated dividend yield is 4.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 96.3, implying annual growth of N/A.

Current consensus DPS estimate is 67.0, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 74.18 cents and EPS of 109.79 cents.
At the last closing share price the estimated dividend yield is 4.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.5, implying annual growth of 9.6%.

Current consensus DPS estimate is 71.6, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.9.

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

Market Sentiment: 0.6

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

ANZ  AUSTRALIA & NEW ZEALAND BANKING GROUP

Banks

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Overnight Price: $18.68

Citi rates ANZ as Buy (1) -

Cash earnings were materially ahead of estimates in the third quarter and the bank has declared a deferred $0.25 interim dividend will now be paid.

Market revenue was exceptionally strong in the quarter but elsewhere earnings were weak, led by a sharp decline in institutional lending. Citi upgrades FY20 estimates by 9% but downgrades FY21-22 by -13-11%.

Citi suspects the market may have under appreciated the implications for FY21 profitability as lending declines. Buy rating retained. Target is reduced to $23.75 from $24.75.

Target price is $23.75 Current Price is $18.68 Difference: $5.07
If ANZ meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 70.00 cents and EPS of 138.70 cents.
At the last closing share price the estimated dividend yield is 3.75%.
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 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 82.00 cents and EPS of 151.20 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


Credit Suisse rates ANZ as Outperform (1) -

ANZ Banking Group’s third-quarter update has been received positively by the market, observes Credit Suisse, which appears to be paying for headline capital and declaration of the interim dividend. 

The broker still feels there is material provision build ahead. Even then, the bank is expected to be strongly profitable and Credit Suisse increases its earnings growth forecast for FY20 by 5%.

The broker retains its Outperform rating with a target price of $26.20.

Target price is $26.20 Current Price is $18.68 Difference: $7.52
If ANZ meets the Credit Suisse target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 65.00 cents and EPS of 131.00 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 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 84.00 cents and EPS of 167.00 cents.
At the last closing share price the estimated dividend yield is 4.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


Macquarie rates ANZ as Neutral (3) -

ANZ Bank's quarterly numbers looked terrific -- robust revenue growth, a low impairment charge, an actual dividend, reiterated cost
control -- but revenue growth was entirely driven by proprietary trading in a surging market, the broker notes, and this element is highly volatile and thus low quality.

Outside of market trading, revenue fell -15%. Given ongoing revenue pressures and uncertainty stemming from rising provisions, the broker sees limited scope for a near-term re-rating and retains Neutral. Target falls to $18.00 from $18.25.

Target price is $18.00 Current Price is $18.68 Difference: minus $0.68 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 55.00 cents and EPS of 131.00 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 14.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 65.00 cents and EPS of 125.00 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 14.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


Morgan Stanley rates ANZ as Overweight (1) -

Third quarter cash profit was well ahead of Morgan Stanley's estimates. Markets income and lower loan losses offset a large margin decline.

An interim dividend of 25c will be paid which equates to around 46% of first half statutory profit, on the broker's calculations.

Overweight. Target is increased to $20 from $19.90. Industry view is In-Line.

Target price is $20.00 Current Price is $18.68 Difference: $1.32
If ANZ meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 40.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 105.00 cents and EPS of 159.00 cents.
At the last closing share price the estimated dividend yield is 5.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


Morgans rates ANZ as Add (1) -

ANZ Bank announced third quarter unaudited cash earnings of $1.597bn. As Morgans expected, an interim dividend of 25cps fully franked was declared.

The broker notes an exceptionally strong performance for Markets income, but the net interest margin (NIM) was dragged down by a build-up of liquid assets, a lower interest rate environment, competition and retention pricing, and a reduction in unsecured personal lending.

The bank's credit impairment charge of - $500m was lower than the analyst expected.

Morgans makes minor revisions down for EPS forecasts and emphasises there are downside risks to earnings and dividend forecasts as a result of covid-19.

The Add rating is maintained. The target price is unchanged at $21.

Target price is $21.00 Current Price is $18.68 Difference: $2.32
If ANZ meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 65.00 cents and EPS of 138.00 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 13.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 97.00 cents and EPS of 194.00 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


Ord Minnett rates ANZ as Hold (3) -

ANZ Bank's June quarter cash net profit was well ahead of the numbers required to achieve Ord Minnett's second-half cash earnings of $2.123bn. An interim dividend was declared which the broker considers an unexpected positive.

Revenue growth excluding one-offs was 4% but if the contribution from the markets business is also excluded, there would have been a fall of -4%, points out the broker.

Due to concerns about the bank's revenue and return on equity outlook, Ord Minnett maintains its Hold rating with the target price falling to $19.50 from $20.

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

Target price is $19.50 Current Price is $18.68 Difference: $0.82
If ANZ meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 60.00 cents and EPS of 132.00 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 85.00 cents and EPS of 137.00 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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


UBS rates ANZ as Buy (1) -

Third quarter cash net profit was ahead of expectations. ANZ Bank will pay a belated interim dividend of $0.25 for the first half after deferring this in May.

UBS questions whether this is a prudent move as Australia enters the deepest recession in a lifetime and 12% of mortgages and 14% of business loans remain on repayment deferrals.

The broker asserts shareholders should not necessarily expect dividends to be paid during recessions or times of elevated uncertainty. The broker also questions whether being overweight institutional is an advantage for ANZ Bank.

UBS maintains its Buy rating with a target price of $21.

Target price is $21.00 Current Price is $18.68 Difference: $2.32
If ANZ meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $21.35, suggesting upside of 15.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 40.00 cents and EPS of 136.00 cents.
At the last closing share price the estimated dividend yield is 2.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 134.1, implying annual growth of -36.1%.

Current consensus DPS estimate is 56.4, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.7.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 80.00 cents and EPS of 133.00 cents.
At the last closing share price the estimated dividend yield is 4.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 152.3, implying annual growth of 13.6%.

Current consensus DPS estimate is 85.4, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.7

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

APT  AFTERPAY LIMITED

Business & Consumer Credit

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Overnight Price: $74.90

Morgan Stanley rates APT as Overweight (1) -

Afterpay has revised up FY20 guidance, expecting underlying operating earnings of $44m because of lower credit losses. Morgan Stanley expects a positive reaction in the share price.

The broker suspects the company was running the business with conservative credit settings or a margin for error in the June half and could have produced even higher revenue growth if economic conditions were more certain.

Morgan Stanley retains its Overweight rating with a target price of $101. Industry view: In-line.

Target price is $101.00 Current Price is $74.90 Difference: $26.1
If APT meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $67.92, suggesting downside of -15.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 440.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.0, 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 FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1070.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -3.2, implying annual growth of N/A.

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

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

Market Sentiment: 0.2

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

ARB  ARB CORPORATION LIMITED

Automobiles & Components

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Overnight Price: $23.99

Ord Minnett rates ARB as Hold (3) -

ARB Corp's FY20 net profit is ahead of Ord Minnett's forecast. A fully franked final dividend of 21c was announced which too was ahead of the broker's estimated 19c.

The market liked the result, observes the broker, and with international travel likely to be delayed more, demand for the company's products is expected to increase.

ARB Corp is considered a high-quality business led by seasoned management but the broker does not see a material upside to the share price at current valuation levels.

Ord Minnett retains its Hold rating with the target price increasing to $20.50 from $17.50.

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

Target price is $20.50 Current Price is $23.99 Difference: minus $3.49 (current price is over target).
If ARB meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.45, suggesting downside of -8.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 71.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 78.5, implying annual growth of 9.3%.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 31.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 80.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.4, implying annual growth of 8.8%.

Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 28.6.

Market Sentiment: 0.0

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

BAP  BAPCOR LIMITED

Automobiles & Components

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Overnight Price: $6.90

Citi rates BAP as Buy (1) -

FY20 results were ahead of expectations. Citi observes Bapcor is a key beneficiary of changes in consumer behaviour as a result of the pandemic.

Like-for-like sales momentum has continued strongly during July but Citi expects this will slow over the next five months. The broker upgrades FY21 and FY22 estimates by 13% and 6%, respectively. Buy rating retained. Target rises to $7.76 from $6.85.

Target price is $7.76 Current Price is $6.90 Difference: $0.86
If BAP meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 19.50 cents and EPS of 30.60 cents.
At the last closing share price the estimated dividend yield is 2.83%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 13.1%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 16.10 cents and EPS of 32.10 cents.
At the last closing share price the estimated dividend yield is 2.33%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 1.0

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


Credit Suisse rates BAP as Outperform (1) -

Bapcor's FY20 operating income was 3% ahead of Credit Suisse's estimate with strong cash flows. Credit Suisse believes Bapcor incorporates both quality and momentum at a discount to the market.

The broker finds it hard to find faults with the result. Led by key demand drivers, it appears Bapcor can sustain above-trend sales more than its small-cap retail peers which, the broker indicates, points towards a strong FY21. 

Outperform rating maintained. Target rises to $8.40 from $7.20.

Target price is $8.40 Current Price is $6.90 Difference: $1.5
If BAP meets the Credit Suisse target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 16.51 cents and EPS of 31.21 cents.
At the last closing share price the estimated dividend yield is 2.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 13.1%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 17.98 cents and EPS of 34.88 cents.
At the last closing share price the estimated dividend yield is 2.61%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 1.0

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


Morgan Stanley rates BAP as Overweight (1) -

FY20 results, in particular net profit, were ahead of recent guidance and the broker's estimates, and the July trading update shows high growth rates from May/June were sustained.

No FY21 guidance was provided. A further update is expected at the AGM in October. Overweight. Target is increased to $8.45 from $7.50. Industry view: In-line.

Target price is $8.45 Current Price is $6.90 Difference: $1.55
If BAP meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 13.1%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 34.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 1.0

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


Morgans rates BAP as Add (1) -

Bapcor’s FY20 profit result was circa 3% above Morgans estimates.

No FY21 guidance was given, however, a strong trading update was provided for July, which management expects has been driven by increased consumer cash availability, reports the broker.

The analyst expects FY21 to be a strong year of growth for the company and forecasts 18.4% profit (NPAT) growth.

Morgans views the company as a stock for all seasons with defensive attributes, but also currently enjoying a strong demand uptick from pandemic related trends that may endure for longer than some expect.

The Add rating is maintained. The target price is increased to $7.47 from $6.38.

Target price is $7.47 Current Price is $6.90 Difference: $0.57
If BAP meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 19.00 cents and EPS of 31.00 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 13.1%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 20.00 cents and EPS of 33.00 cents.
At the last closing share price the estimated dividend yield is 2.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 1.0

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


UBS rates BAP as Buy (1) -

FY20 results were ahead of UBS estimates. Five-year growth targets have been reiterated. Same-store sales accelerated in May-June, with momentum carrying into July.

UBS expects growth rates will moderate from now on but remains positive on the automotive aftermarket relative to the broader economy.

FY21-23 estimates are lifted by 2-4%. Buy rating retained. Target rises to $7.50 from $7.00.

Target price is $7.50 Current Price is $6.90 Difference: $0.6
If BAP meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.75, suggesting upside of 10.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 17.00 cents and EPS of 30.20 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of 13.1%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 23.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 20.00 cents and EPS of 33.90 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 20.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.6, implying annual growth of 10.2%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 20.8.

Market Sentiment: 1.0

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

BXB  BRAMBLES LIMITED

Transportation & Logistics

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Overnight Price: $11.26

Citi rates BXB as Buy (1) -

Citi takes a more cautious view on the CHEP EMEA business, which is likely to continue to experience pandemic-related disruptions. The outlook for CHEP Americas and Asia Pacific is more positive.

Revenue growth of 2.1% is forecast in FY21. The most critical component of the outlook is cost control, in the broker's view. Buy rating retained. Target is reduced to $12.90 from $13.15.

Target price is $12.90 Current Price is $11.26 Difference: $1.64
If BXB meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 35.91 cents and EPS of 56.08 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of N/A.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 41.69 cents and EPS of 65.13 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.29.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 11.3%.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.9.

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

Market Sentiment: 0.7

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


Macquarie rates BXB as Outperform (1) -

Brambles' numbers for actual profit growth (+4%) and constant currency profit growth were roughly in line with forecasts and within guidance, finds Macquarie.

The broker forecasts 2% profit growth in FY21, in line with guidance. The company is well placed to deliver growth even
through a recession, the broker notes, given it is largely exposed to consumable products.

The broker forecasts a three-year compound growth rate of 5% and notes the stock is trading in line with its average PE. Capital management is ongoing, and Brambles is one of few companies offering actual guidance. Outperform and $12.35 target retained.

Target price is $12.35 Current Price is $11.26 Difference: $1.09
If BXB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 28.19 cents and EPS of 53.71 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of N/A.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 31.01 cents and EPS of 59.20 cents.
At the last closing share price the estimated dividend yield is 2.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 11.3%.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.9.

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

Market Sentiment: 0.7

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


Morgan Stanley rates BXB as Overweight (1) -

FY20 results were in line with guidance. Morgan Stanley notes cash flow has substantially improved and the buyback is to resume.

In an uncertain environment the broker believes Brambles is well situated. The company has guided to improved underlying margins and underlying earnings growth of 0-5% in FY21.

Overweight. Target is $13. Industry view is In-Line.

Target price is $13.00 Current Price is $11.26 Difference: $1.74
If BXB meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 29.67 cents and EPS of 54.90 cents.
At the last closing share price the estimated dividend yield is 2.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.51.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of N/A.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 34.13 cents and EPS of 62.32 cents.
At the last closing share price the estimated dividend yield is 3.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.07.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 11.3%.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.9.

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

Market Sentiment: 0.7

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


Morgans rates BXB as Hold (3) -

The FY20 result was broadly in-line with Morgans expectations.

The broker notes key positives were strong cashflow, the balance sheet remains healthy and US margins remain on track to meet the target for FY22. The negative was that return on invested capital (ROIC) was lower in all regions.

Management has guided to FY21 constant currency growth of 0-4% and underlying earnings (EBIT) growth of 0-5%.

The Hold rating is maintained. The target price is increased to $12.05 from $12.04.

Target price is $12.05 Current Price is $11.26 Difference: $0.79
If BXB meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 26.71 cents and EPS of 51.93 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of N/A.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 28.19 cents and EPS of 56.38 cents.
At the last closing share price the estimated dividend yield is 2.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 11.3%.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.9.

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

Market Sentiment: 0.7

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


UBS rates BXB as Neutral (3) -

Earnings growth in FY20 of 4% was in line with forecasts and recent guidance. The highlight was an improvement in cash flow.

Guidance for FY21 has been set for 0-5% growth, with the wide range reflecting extreme volatility and customer demand, UBS assesses.

The broker notes, in particular, a significant increase in lumber costs and a lack of relief from wage inflation as possible headwinds.

Neutral rating retained. UBS would prefer a cheaper entry price. Target is reduced to $11.00 from $11.10.

Target price is $11.00 Current Price is $11.26 Difference: minus $0.26 (current price is over target).
If BXB meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.30, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 43.03 cents and EPS of 77.15 cents.
At the last closing share price the estimated dividend yield is 3.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 55.0, implying annual growth of N/A.

Current consensus DPS estimate is 34.6, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 44.51 cents and EPS of 83.09 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 61.2, implying annual growth of 11.3%.

Current consensus DPS estimate is 33.7, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 17.9.

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

Market Sentiment: 0.7

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

CAR  CARSALES.COM LIMITED

Automobiles & Components

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Overnight Price: $20.23

Credit Suisse rates CAR as Neutral (3) -

Carsales.com's FY20 result was in-line with its guidance and just ahead of Credit Suisse's forecast. The broker points out dealer leads continue to track well into FY21 and are growing strongly in all states except Victoria.

Melbourne restrictions will impact the company's FY21 numbers but won't be as severe as FY20, believes the broker.

Neutral maintained. Target rises to $18.80 from $16.60. 

Target price is $18.80 Current Price is $20.23 Difference: minus $1.43 (current price is over target).
If CAR 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 $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 51.80 cents and EPS of 57.18 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 35.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 55.80 cents and EPS of 64.53 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 31.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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


Macquarie rates CAR as Neutral (3) -

Carsales' -6.2% fall in earnings is considered by the broker to be a solid result under the circumstances. The company remains a core and dominant platform for driving used car sales for dealers, the broker suggests, believing this will continue to be the case as auto markets recover.

But, as is a theme of this result season, when? The outlook is robust but it all depends on the duration of the virus. To that end no guidance was provided. The broker retains Neutral, lifting its target to $19.30 from $18.00 on increased latter year earnings forecasts.

Target price is $19.30 Current Price is $20.23 Difference: minus $0.93 (current price is over target).
If CAR meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 50.00 cents and EPS of 60.40 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 58.00 cents and EPS of 70.00 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 28.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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


Morgan Stanley rates CAR as Overweight (1) -

Morgan Stanley observes the pandemic is changing consumer behaviour and car ownership has increased. If this persists for some time, or becomes permanent, then the broker suspects the market is underestimating Carsales.com's revenue inflation and profit leverage.

FY20 numbers were in line and there was no specific guidance, although July dealer lead volumes were noted as strong. Overweight rating and the target price is increased to $19 from $17. Industry view: Attractive.

Target price is $19.00 Current Price is $20.23 Difference: minus $1.23 (current price is over target).
If CAR meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 58.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 66.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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


Morgans rates CAR as Downgrade to Hold from Add (3) -

Morgans describes the Carsales.com FY20 result as good in challenging times and FY21 should show continued growth on a normalised basis.

A strong end of year and July trading confirms to the analyst used car conditions are buoyant.

The broker highlights international businesses now represent 24% of 'look through' revenue for the company, with these businesses being the dominant portals in their geographies.

The rating is lowered to Hold from Add. The target price is increased to $19.17 from $14.58.

Target price is $19.17 Current Price is $20.23 Difference: minus $1.06 (current price is over target).
If CAR meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 52.00 cents and EPS of 61.00 cents.
At the last closing share price the estimated dividend yield is 2.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 60.00 cents and EPS of 72.00 cents.
At the last closing share price the estimated dividend yield is 2.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.10.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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


Ord Minnett rates CAR as Hold (3) -

Carsales' FY20 result was ahead of Ord Minnett's forecast and highlights the resilience of the company and its ability to deal with the pandemic. Tailwinds in the form of a reluctance to use public transport and government stimulus also helped, reports the broker.

Revenue forecasts for FY21-23 have been reduced slightly while operating margin forecasts have been increased to account for reduced costs.

While acknowledging the company deserves a premium valuation, the broker maintains its Hold rating due to the prevailing uncertainty. Target price rises to $20.26 from $17.06.

Target price is $20.26 Current Price is $20.23 Difference: $0.03
If CAR meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 48.00 cents and EPS of 56.50 cents.
At the last closing share price the estimated dividend yield is 2.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 55.00 cents and EPS of 64.60 cents.
At the last closing share price the estimated dividend yield is 2.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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


UBS rates CAR as Neutral (3) -

FY20 results were in line with guidance. UBS upgrades FY21 forecasts slightly and makes more material upgrades to FY22. The latter is driven by a combination of higher SK Encar growth, higher lead growth assumptions and contributions from new products.

The pandemic has arguably put the company in a better structural position, the broker asserts, with domestic audience metrics improving compared with competitors. Neutral retained. Target is raised to $19.50 from $16.00.

Target price is $19.50 Current Price is $20.23 Difference: minus $0.73 (current price is over target).
If CAR meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 44.00 cents and EPS of 58.00 cents.
At the last closing share price the estimated dividend yield is 2.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.88.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.5, implying annual growth of 27.7%.

Current consensus DPS estimate is 49.2, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 35.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 50.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.2, implying annual growth of 14.9%.

Current consensus DPS estimate is 55.8, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 30.7.

Market Sentiment: 0.2

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

CCL  COCA-COLA AMATIL LIMITED

Food, Beverages & Tobacco

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Overnight Price: $8.87

Citi rates CCL as Buy (1) -

Coca-Cola Amatil today released H1 financials and Citi, upon initial assessment, reports EBIT is -7% below its own forecast, while better revenue and improved volumes in 2H20 should result in small consensus upgrades post release.

High costs, depreciation and amortisation; they all impacted on the interim financials, report the analysts.

Target price is $9.85 Current Price is $8.87 Difference: $0.98
If CCL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.25, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 25.00 cents and EPS of 46.90 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.4, implying annual growth of -18.0%.

Current consensus DPS estimate is 25.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 21.8.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 44.00 cents and EPS of 53.10 cents.
At the last closing share price the estimated dividend yield is 4.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 49.0, implying annual growth of 15.6%.

Current consensus DPS estimate is 40.3, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 18.9.

Market Sentiment: 0.1

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

CHC  CHARTER HALL GROUP

REITs

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Overnight Price: $11.25

Ord Minnett rates CHC as Accumulate (2) -

Initial assessment by Ord Minnett of Charter Hall's FY20, released today, shows the numbers are better-than-expected. Guidance for the year ahead looks a lot better than the broker's estimate, and slightly better than market consensus.

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

Target price is $11.50 Current Price is $11.25 Difference: $0.25
If CHC meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.95, suggesting downside of -8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 36.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 3.20%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 67.3, implying annual growth of 33.3%.

Current consensus DPS estimate is 35.8, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 17.8.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 28.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 2.49%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.1, implying annual growth of -24.1%.

Current consensus DPS estimate is 35.7, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 23.4.

Market Sentiment: 0.9

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

COL  COLES GROUP LIMITED

Food, Beverages & Tobacco

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Overnight Price: $18.95

UBS rates COL as Neutral (3) -

FY20 results were in line with expectations. The main positive was -$250m in cost reductions with a further -$250m expected in FY21.

Offsetting this was up to $75m of supply chain implementation costs in FY22. UBS upgrades FY21-23 estimates by 1-4%.

The broker remains positive on the sector but retains a Neutral rating, preferring Woolworths ((WOW)). Target is raised to $17.90 from $15.00. Neutral maintained.

Target price is $17.90 Current Price is $18.95 Difference: minus $1.05 (current price is over target).
If COL meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.47, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 61.00 cents and EPS of 75.00 cents.
At the last closing share price the estimated dividend yield is 3.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 74.9, implying annual growth of 2.2%.

Current consensus DPS estimate is 61.7, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 25.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 72.00 cents and EPS of 82.00 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 23.11.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 79.7, implying annual growth of 6.4%.

Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 23.7.

Market Sentiment: 0.4

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

CRN  CORONADO GLOBAL RESOURCES

Coal

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Overnight Price: $0.69

Credit Suisse rates CRN as Outperform (1) -

Coronado Global Resources' capital raising took place at the bottom of the coal cycle, comments Credit Suisse. But the broker thinks this will remove the immediate risk to the company's balance sheet and lift the free float to circa 44% from circa 20%.

For investors willing to have pure-play coal exposure, this stock is worth considering, suggests the broker. Met coal prices are not expected to recover until the first half of FY21 and in such a scenario, cash preservation will be the key for Coronado, according to the broker.

Outperform rating retained. Target reduced to $1.60 from $1.90.

Target price is $1.60 Current Price is $0.69 Difference: $0.91
If CRN meets the Credit Suisse target it will return approximately 132% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 118.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 19.51 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 3.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.8, implying annual growth of N/A.

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

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

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 17.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of N/A.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 23.8.

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

Market Sentiment: 1.0

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


UBS rates CRN as Buy (1) -

First half earnings dropped -158% amid a weak metallurgical coal market. In order to pay down debt and improve the balance sheet the company has announced a fully underwritten $250m equity raising.

Following the capital raising the banking syndicate has agreed to extend the covenant waiver until September 30, 2021.

However, the facility will reduce in size to US$475m. UBS retains a Buy rating but reduces the target to $1.30 from $1.60.

Target price is $1.30 Current Price is $0.69 Difference: $0.61
If CRN meets the UBS target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 118.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 0.00 cents and EPS of minus 13.35 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 5.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -15.8, implying annual growth of N/A.

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

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

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 5.94 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.9, implying annual growth of N/A.

Current consensus DPS estimate is 0.5, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 23.8.

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

Market Sentiment: 1.0

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

CSL  CSL LIMITED

Pharmaceuticals & Biotech/Lifesciences

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Overnight Price: $312.05

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

FY20 net profit was in line with Citi's estimates. The broker considers the FY21 net profit forecasts ($2.1-2.27bn) are achievable only of plasma collections improve over the course of the year.

Still, the broker remains positive about the control of the pandemic globally and sets its net profit estimates near the top of the range. Citi downgrades to Neutral from Buy and reduces the target to $320 from $334.

Target price is $320.00 Current Price is $312.05 Difference: $7.95
If CSL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 360.53 cents and EPS of 758.31 cents.
At the last closing share price the estimated dividend yield is 1.16%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 399.11 cents and EPS of 887.24 cents.
At the last closing share price the estimated dividend yield is 1.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 35.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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 CSL as Outperform (1) -

CSL's FY20 net profit was 2% above Credit Suisse's estimate with an in-line operating income (EBIT). The broker considers the result to demonstrate robust demand and resilience in all business lines despite the pandemic.

Plasma collections declined by -5% in FY20 and while the broker notes some improvement since June-end, a quick recovery is not expected. The first half of FY21 will see collections down -17%, forecasts the broker. 

CSL guided towards a net profit of US$2,100-2,265m versus the broker's US$2,248m in FY21.

Credit Suisse believes the company remains a high-quality defensive stock commanding a dominant position in a niche industry and retains its Outperform rating. Target is raised to $333 from $320.

Target price is $333.00 Current Price is $312.05 Difference: $20.95
If CSL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 313.06 cents and EPS of 729.97 cents.
At the last closing share price the estimated dividend yield is 1.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 359.05 cents and EPS of 817.51 cents.
At the last closing share price the estimated dividend yield is 1.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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 CSL as Neutral (3) -

CSL's FY20 result was largely in line with the broker but FY21 guidance fell short. The broker sees a continuation of solid growth for Seqirus over its forecast period, and a recovery for CSL Behring in FY22.

However in the near term, plasma collection provides uncertainty as the virus persists.

The broker also sees several catalysts for competitor pipeline products expected over the balance of 2020-21. Neutral retained, target rises to $295.00 from $293.50.

Target price is $295.00 Current Price is $312.05 Difference: minus $17.05 (current price is over target).
If CSL meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 329.38 cents and EPS of 734.42 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 385.76 cents and EPS of 860.53 cents.
At the last closing share price the estimated dividend yield is 1.24%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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


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

FY21 guidance is for growth of 0-8% in net profit and 6-10% in revenue. Plasma collections were down -5% over FY20 and Morgan Stanley suspects collections were down at least -50% in the June quarter.

The broker notes CSL has built inventory which may meet any shortfall but there is still some risk depending on the duration of reduced collections.

Equal-weight rating. The target price is increased to $282 from $265. Industry view: In-line.

Target price is $282.00 Current Price is $312.05 Difference: minus $30.05 (current price is over target).
If CSL meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 704.75 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 775.96 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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


Morgans rates CSL as Hold (3) -

CSL's FY20 results were solid and roughly in-line, with better-than-guided (NPAT) profit (which was helped by lower tax), strong sales across key products and good operating leverage, reports Morgans.

A final dividend of US$1.07 was declared.

The broker believes the company faces challenges in plasma collections due to the evolving pandemic and soft guidance by the company reflects the plasma supply/demand imbalance.

This imbalance may persist longer than the market anticipates as donor behaviour isn't easily swayed, notes the analyst. Morgans FY21-22 NPAT estimates decrease up to -4.1%.

The Hold rating is maintained. The target price is increased to $306.74 from $299.70.

Target price is $306.74 Current Price is $312.05 Difference: minus $5.31 (current price is over target).
If CSL meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 299.70 cents and EPS of 721.07 cents.
At the last closing share price the estimated dividend yield is 0.96%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 330.86 cents and EPS of 786.35 cents.
At the last closing share price the estimated dividend yield is 1.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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 CSL as Hold (3) -

Ord Minnett reports CSL's FY20 result was below its forecast, noting a final dividend of US$1.07 (unfranked) was declared. This takes the full-year payout to US$2.02 per share.

The broker points out the dip in plasma collections since the pandemic will affect supply by early 2021. Additionally, FY22 earnings could also be affected due to impact of the pandemic on collections.

The company's FY21 net profit guidance range at 8% is higher than its usual 2-5% which, the broker adds, reflects uncertainty over short term collections.  

Ord Minnett maintains its Hold recommendation with the target price increasing to $285m from $280m.

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

Target price is $285.00 Current Price is $312.05 Difference: minus $27.05 (current price is over target).
If CSL meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 326.41 cents and EPS of 734.42 cents.
At the last closing share price the estimated dividend yield is 1.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 356.08 cents and EPS of 784.87 cents.
At the last closing share price the estimated dividend yield is 1.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.76.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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 CSL as Buy (1) -

FY20 results were in line with expectations. FY21 net profit guidance reflects uncertainty regarding the pace of recovery in plasma collections, UBS observes.

Revenue growth of 7% and net profit growth of 4% is forecast. The broker retains a Buy rating and raises the target to $346 from $320.

Target price is $346.00 Current Price is $312.05 Difference: $33.95
If CSL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $309.68, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 307.12 cents and EPS of 718.10 cents.
At the last closing share price the estimated dividend yield is 0.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 683.6, implying annual growth of N/A.

Current consensus DPS estimate is 302.7, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 43.8.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 366.47 cents and EPS of 824.93 cents.
At the last closing share price the estimated dividend yield is 1.17%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 769.1, implying annual growth of 12.5%.

Current consensus DPS estimate is 343.6, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 39.0.

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

CTD  CORPORATE TRAVEL MANAGEMENT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $13.43

Credit Suisse rates CTD as Neutral (3) -

Corporate Travel Management's FY20 result is strong amid challenging conditions, observes Credit Suisse. The broker is pleased with the sequential improvement in the June quarter trends.

Pursuing accretive acquisitions makes for a sensible strategy, believes the broker, given momentum is in the company's favour.   

Credit Suisse maintains its Neutral rating with the target price increasing to $14 from $12.

Target price is $14.00 Current Price is $13.43 Difference: $0.57
If CTD meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 19.28 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 69.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 71.61 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 144.1%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.5

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


Macquarie rates CTD as Neutral (3) -

The highlight of Corporate Travel Management's result was a much better than feared June quarter compared to the update management provided on May 7, the broker notes.

The earnings loss was only -$3m per month against -$5-10m guidance, revenue was up $11.5m/m against $2-5m/m and the cash balance was $60m compared to $30m on May 7.

July has seen further improvement, driven by domestic travel and market share gains, and Europe has also begun to pick up, the broker observes.

Government wage support nevertheless helped, and from here on significant uncertainty remains with regard FY-21-22 corporate travel. Target rises to $14.40 from $9.00, Neutral retained.

Target price is $14.40 Current Price is $13.43 Difference: $0.97
If CTD meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.00 cents and EPS of 9.60 cents.
At the last closing share price the estimated dividend yield is 0.74%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 139.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 41.20 cents and EPS of 68.70 cents.
At the last closing share price the estimated dividend yield is 3.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 144.1%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.5

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


Morgan Stanley rates CTD as Overweight (1) -

The cash balance at the end of FY20 was well ahead of expectations. Morgan Stanley notes the stock is up more than 50% in August as investors obtain clarity on liquidity and cash burn metrics.

To date, it appears to the broker the company has weathered conditions not only better than the market expected but also better than peers.

Corporate Travel remains well-positioned to achieve profitability in terms of free cash flow and, despite the rally in the stock, the broker still envisages upside.

Target is raised to $15.00 from $13.50. Overweight rating reiterated. Industry view is In-Line.

Target price is $15.00 Current Price is $13.43 Difference: $1.57
If CTD meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 5.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 268.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 144.1%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.5

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


Morgans rates CTD as Downgrade to Hold from Add (3) -

The FY20 result of Corporate Travel Management beat Morgans forecasts on most key metrics, particularly cashflow and balance sheet strength.

The fourth quarter was materially stronger, according to the broker, with Europe and the US the strongest contributors to group revenue.

The broker expects earnings may not return to FY19 levels until FY23.

The rating is downgraded to Hold from Add, as the stock has rallied 64% since being upgraded to an Add in early August. The target price is increased to $14.20 from $12.85.

Target price is $14.20 Current Price is $13.43 Difference: $0.77
If CTD meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 89.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 0.00 cents and EPS of 66.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 144.1%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.5

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


Ord Minnett rates CTD as Buy (1) -

Corporate Travel Management’s FY20 result was ahead of Ord Minnett's estimates. The broker highlights the company's strategy of going hard and early, on realising the pandemic posed a serious threat, worked well, says the broker.

After the initial period of pent up demand, the broker expects the recovery to be slow. Investors should take the opportunity to build a stake in anticipation of positive catalysts in the next 6-12 months, the broker suggests.

Ord Minnett maintains its Buy rating with the target price increasing to $15.51 from $12.97.

Target price is $15.51 Current Price is $13.43 Difference: $2.08
If CTD meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 5.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 231.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 24.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 53.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 10.60 cents and EPS of 41.80 cents.
At the last closing share price the estimated dividend yield is 0.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.13.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 59.8, implying annual growth of 144.1%.

Current consensus DPS estimate is 13.0, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 22.0.

Market Sentiment: 0.5

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

CWN  CROWN RESORTS LIMITED

Gaming

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Overnight Price: $9.80

Citi rates CWN as Neutral (3) -

Peering through near-term volatility Citi concludes operating risks remain high, with the closure of Crown Melbourne and the opening of Sydney amid closed borders.

With FY23 earnings in view, Citi believes the stock is appealing in a more normal environment. As a result, a Neutral rating is retained despite a -24% downgrade to FY21 operating earnings estimates. Target is reduced to $9.90 from $10.00.

Target price is $9.90 Current Price is $9.80 Difference: $0.1
If CWN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 30.00 cents and EPS of 5.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 196.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 60.00 cents and EPS of 35.80 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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


Credit Suisse rates CWN as Outperform (1) -

Credit Suisse suspects Crown's recovery will extend to FY23 driven by the lockdown in Melbourne and the economic impact of the pandemic. 

On the bright side, the broker notes the company has well-positioned casino properties to capture a consumer recovery. Also, the cash burn from capex in FY21 will be offset by proceeds from the apartment sale.

The broker forecasts no debt in FY22. 

Mostly driven by its balance sheet, the broker continues to rate the stock Outperform with the target price increased to $11.20 from $10.80.

Target price is $11.20 Current Price is $9.80 Difference: $1.4
If CWN meets the Credit Suisse target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 11.56 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 84.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 60.00 cents and EPS of 38.65 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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


Macquarie rates CWN as Outperform (1) -

Crown Resorts' result was in line with recent guidance and significantly impacted by the virus. FY21-22 remains too uncertain for the broker to be in any way confident about forecasts, but there is no reason any structural damage has been done.

To that end, when the recovery comes, it will be swift, first domestically and then internationally as borders reopen.

It is management's strategy and approach to capital allocation which underpins the broker's investment thesis, not near-term earnings.

On an attractive valuation, the broker retains Outperform. Target falls to $11.00 from $11.40.

Target price is $11.00 Current Price is $9.80 Difference: $1.2
If CWN meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 306.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 26.50 cents and EPS of 37.20 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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


Morgan Stanley rates CWN as Overweight (1) -

FY20 results were in line with expectations. Morgan Stanley is not surprised there was no final dividend. Mass revenue was down -27% and VIP -47% because of travel restrictions.

No outlook was provided, as usual. Melbourne remains challenged. Still, with no remaining project risk once Sydney opens in December Morgan Stanley remains Overweight. Target is $12. Industry view: Cautious.

Target price is $12.00 Current Price is $9.80 Difference: $2.2
If CWN meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 52.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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


Ord Minnett rates CWN as Hold (3) -

Crown Resorts reported normalised net profit of $161m which is above Ord Minnett's forecast of $143m. No final dividend was announced which the broker thinks will continue till the second half of FY21.

Operating income (EBITDA) is predicted to decline by -31.2% due to Melbourne closures. The broker considers the Barangaroo opening in December a key catalyst.

Hold reiterated with target price increased to $8.60 from $8.50.

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

Target price is $8.60 Current Price is $9.80 Difference: minus $1.2 (current price is over target).
If CWN meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 30.00 cents and EPS of minus 5.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 196.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 60.00 cents and EPS of 65.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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


UBS rates CWN as Buy (1) -

Operating earnings in FY22 were in line with UBS forecasts. The broker observes FY21 has started well for Perth with the main gaming floor revenue up 18%

 However, an earnings recovery largely depends on the pandemic situation in Victoria and the timing around a re-opening of Crown Melbourne, which the broker expects in November.

Buy rating retained. Target is raised to $10.65 from $9.90.

Target price is $10.65 Current Price is $9.80 Difference: $0.85
If CWN meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $10.56, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 30.00 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 3.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.4, implying annual growth of -19.9%.

Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 100.7.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 60.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 6.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 46.6, implying annual growth of 395.7%.

Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 20.3.

Market Sentiment: 0.7

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

DMP  DOMINO'S PIZZA ENTERPRISES LIMITED

Food, Beverages & Tobacco

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Overnight Price: $83.70

Citi rates DMP as Sell (5) -

FY20 results revealed impressive growth in Japan. While there was a boost to demand from Covid-19 restrictions there were also higher costs.

Same-store sales growth was 11% in the first seven weeks of FY21 and is expected to slow to 5% by the December quarter.

However, a lack of operating leverage raises questions for Citi, given the stock's lofty 44x PE ratio. Target is increased to $59.60 from $55.20. Sell retained.

Target price is $59.60 Current Price is $83.70 Difference: minus $24.1 (current price is over target).
If DMP meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 132.40 cents and EPS of 192.40 cents.
At the last closing share price the estimated dividend yield is 1.58%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 139.40 cents and EPS of 201.90 cents.
At the last closing share price the estimated dividend yield is 1.67%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.46.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


Credit Suisse rates DMP as Underperform (5) -

The highlight of Domino's Pizza Enterprises' FY20 result was the lack of operating leverage, which has also left Credit Suisse somewhat puzzled. Apart from this, the broker feels there was a lot to like in the result.

Strong tailwind is expected in FY21 as the company continues to benefit from store openings and the substitution of dine-in. Even then, the broker struggles to match the share price with valuation and notes no clear catalysts that could be driving the price.

Credit Suisse retains its Underperform rating with the target raised to $60.21 from $53.19.

Target price is $60.21 Current Price is $83.70 Difference: minus $23.49 (current price is over target).
If DMP meets the Credit Suisse target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 139.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 151.00 cents and EPS of 215.00 cents.
At the last closing share price the estimated dividend yield is 1.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


Macquarie rates DMP as Neutral (3) -

The FY20 result from Domino's Pizza was all about the second half. Restrictions drove significant sales growth across all regions that were able to remain trading, the broker notes, but while revenues benefited, the cost of doing business in a covid world and the need to support locked down franchisees crunched margins and led to an actual earnings loss.

A bullish outlook from management overshadows the soft result, but the broker sees the outlook as more beholden to uncertainty. All up the business has been a virus winner, but on a 38x forward PE "flawless execution" of the company's strategy will be required to justify the price, the broker warns.

Neutral and $77.30 target retained.

Target price is $77.30 Current Price is $83.70 Difference: minus $6.4 (current price is over target).
If DMP meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 133.00 cents and EPS of 188.00 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 44.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 150.00 cents and EPS of 212.00 cents.
At the last closing share price the estimated dividend yield is 1.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 39.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


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

FY20 net profit and operating earnings were in line with expectations. The stock has outperformed the market since the peak in February and against this backdrop Morgan Stanley expects the momentum into FY21 should be well received.

Equal-weight rating. Target is $55. Industry view is Cautious.

Target price is $55.00 Current Price is $83.70 Difference: minus $28.7 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 34% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


Morgans rates DMP as Hold (3) -

The FY20 result for Domino’s Pizza was a 2% beat on Morgans profit (NPAT) forecast, with the performance of Japan largely offsetting covid-19 disruptions in Australia, New Zealand and Europe.

Japan was clearly the strongest division with 26% network sales translating to around 42% earnings (EBITDA) growth, notes the broker.

The analyst explains operating cashflow was strong, with around 113% cash conversion, which saw net debt reduce and a dividend of 52.6cps declared.

Recent strong growth trends have continued into FY21 and Morgans forecasts around 15% earnings (EBIT) growth in FY21.

The Hold rating is maintained. The target price is increased to $81.29 from $63.22.

Target price is $81.29 Current Price is $83.70 Difference: minus $2.41 (current price is over target).
If DMP meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 137.00 cents and EPS of 195.00 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 42.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 156.00 cents and EPS of 222.00 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


Ord Minnett rates DMP as Hold (3) -

Domino’s Pizza Enterprises' FY20 net profit was up 3.2% and in-line with Ord Minnett's forecast. A final dividend of 52.6c (fully franked) was declared, below the broker's estimated 55c.

The broker is confident operating income (EBITDA) will grow due to the pandemic attracting more customers and drive operating income margin expansion.

Ord Minnet maintains its Hold rating with the target price increasing to $77.50 from $70.

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

Target price is $77.50 Current Price is $83.70 Difference: minus $6.2 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 165.00 cents and EPS of 229.00 cents.
At the last closing share price the estimated dividend yield is 1.97%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 180.00 cents and EPS of 251.00 cents.
At the last closing share price the estimated dividend yield is 2.15%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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


UBS rates DMP as Sell (5) -

FY20 results were softer than expected. However, the outlook is considered positive. UBS estimates second half underlying operating earnings grew 7%.

Estimates are broadly unchanged. The broker considers the positive aspects have been priced into the stock and retains a Sell rating, noting a lack of catalysts over the short term. Target is raised to $70 from $64.

Target price is $70.00 Current Price is $83.70 Difference: minus $13.7 (current price is over target).
If DMP meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $68.70, suggesting downside of -20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 141.50 cents and EPS of 200.60 cents.
At the last closing share price the estimated dividend yield is 1.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 200.5, implying annual growth of 24.6%.

Current consensus DPS estimate is 141.3, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 42.9.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 160.20 cents and EPS of 227.80 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 221.6, implying annual growth of 10.5%.

Current consensus DPS estimate is 156.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 38.8.

Market Sentiment: -0.4

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

DTL  DATA#3 LIMITED

IT & Support

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Overnight Price: $5.35

Morgans rates DTL as Hold (3) -

There were no surprises for Morgans in the Data#3 FY20 results, as they were pre-released. The second half dividend of 8.8cps was in-line with the broker’s forecast.

The company didn’t provide tangible guidance for FY21 and the broker assumes 9% EPS growth year on year, with a stronger than usual skew to the second half.

The Hold rating is maintained. The target price is increased to $5.39 from $5.04.

Target price is $5.39 Current Price is $5.35 Difference: $0.04
If DTL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 15.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 2.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.47.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 17.00 cents and EPS of 19.00 cents.
At the last closing share price the estimated dividend yield is 3.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.16.

Market Sentiment: 0.0

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

DXS  DEXUS PROPERTY GROUP

REITs

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Overnight Price: $8.48

Citi rates DXS as Neutral (3) -

FY20 results were below Citi's estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.

The stock has underperformed the sector and is trading below long-term averages given the uncertain outlook.

Declining office asset values and potential structural change are the broker's main concerns. Neutral retained. Target is reduced to $9.11 from $9.44.

Target price is $9.11 Current Price is $8.48 Difference: $0.63
If DXS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 48.80 cents and EPS of 65.90 cents.
At the last closing share price the estimated dividend yield is 5.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 52.80 cents and EPS of 69.80 cents.
At the last closing share price the estimated dividend yield is 6.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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


Credit Suisse rates DXS as Outperform (1) -

Dexus Property Group's FY20 result was in-line with Credit Suisse's forecasts even though covid-19 related rent relief and provisions dragged down growth by -4.7%. The broker thinks the true impact of the pandemic will be felt in FY21.

The company expects vacancy levels will rise with rents declining in the Sydney and Melbourne markets but management remains confident in the long term fundamentals of its office portfolio.

Despite short term uncertainties, the broker is of the view Dexus's low gearing gives it the capacity to withstand a slowdown.

Outperform maintained. Target is reduced to $9.92 from $10.37.

Target price is $9.92 Current Price is $8.48 Difference: $1.44
If DXS meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 50.00 cents and EPS of 67.00 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 12.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 50.00 cents and EPS of 68.00 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 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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


Macquarie rates DXS as Neutral (3) -

Dexus Property's FY20 funds from operations fell -2.3% short of the broker's forecast due to rent relief. No FY21 guidance was offered.

Operationally the result was solid, the broker suggests, but leasing completed in the June quarter was minimal and early signs in FY21 suggest it's getting hard out there for landlords. 

Cyclical and structural headwinds persist and asset sales have diluted earnings, but the balance is asset value support and capital management potential. Neutral retained, target falls to $8.80 from $9.23.

Target price is $8.80 Current Price is $8.48 Difference: $0.32
If DXS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 47.90 cents and EPS of 56.50 cents.
At the last closing share price the estimated dividend yield is 5.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 42.50 cents and EPS of 51.50 cents.
At the last closing share price the estimated dividend yield is 5.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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


Morgan Stanley rates DXS as Overweight (1) -

FY20 results were in line and the company collected 92% of the June quarter rent. Morgan Stanley notes the strong balance sheet and the trading profits already secured.

The broker was disappointed no FY21 guidance was provided and the unknowns include the potential for further asset recycling and the 25% of Melbourne exposures that expire in FY21.

At least the business is still collecting rent and converting billing to cash so Morgan Stanley retains an Overweight rating. Target is reduced to $10.20 from $11.00. Industry view is In-Line.

Target price is $10.20 Current Price is $8.48 Difference: $1.72
If DXS meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 49.00 cents and EPS of 66.00 cents.
At the last closing share price the estimated dividend yield is 5.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 53.30 cents and EPS of 69.10 cents.
At the last closing share price the estimated dividend yield is 6.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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


Ord Minnett rates DXS as Upgrade to Accumulate from Hold (2) -

Dexus Property Group’s FY20 underlying funds from operations were slightly below Ord Minnett's forecast. A dividend of 23c (20% franked) was declared, taking the full-year payout to 50.3c.

No dividend guidance has been given for FY21 due to uncertainty on rent collections. Even so, the broker expects dividends to stabilise at 50-52c in FY22.

Taking a contrarian view of the group following its FY20 results, Ord Minnett upgrades its rating to Accumulate from Hold with the target price increasing to $9.65 from $9.10.

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

Target price is $9.65 Current Price is $8.48 Difference: $1.17
If DXS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 51.00 cents and EPS of 67.00 cents.
At the last closing share price the estimated dividend yield is 6.01%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 52.00 cents and EPS of 68.00 cents.
At the last closing share price the estimated dividend yield is 6.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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


UBS rates DXS as Buy (1) -

FY20 results were in line with expectations. Office portfolio metrics deteriorated marginally, as expected. FY21 guidance was not provided, given the prevailing uncertainty.

UBS observes the listed market is becoming increasingly cautious about the "working from home" idea amid a rapidly deteriorating economic backdrop.

The broker estimates a sale of Grosvenor Place at book value would dilute free funds from operations by -3%. Using $550m of the proceeds for a buyback would add back 4% but UBS suspects investors may prefer to preserve capital at the current time.

UBS retains a Buy rating and reduces the target to $10.47 from $10.77.

Target price is $10.47 Current Price is $8.48 Difference: $1.99
If DXS meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 50.20 cents and EPS of 66.70 cents.
At the last closing share price the estimated dividend yield is 5.92%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 64.9, implying annual growth of -27.7%.

Current consensus DPS estimate is 49.5, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 45.30 cents and EPS of 65.20 cents.
At the last closing share price the estimated dividend yield is 5.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 65.3, implying annual growth of 0.6%.

Current consensus DPS estimate is 49.3, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 13.3.

Market Sentiment: 0.6

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

EHE  ESTIA HEALTH LIMITED

Aged Care & Seniors

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Overnight Price: $1.49

Macquarie rates EHE as Neutral (3) -

Estia Health's earnings would have fallen -24% in the second half FY20 from the first were it not for government support. Headwinds will continue into FY21, the broker notes, given occupancy issues in Victoria.

Aged care is one of the most challenged sectors dealing with the virus. Financial viability of the sector is concerning to the broker, but Estia’s scale and balance sheet provide means to weather the implications.

Estia Health remains the broker's preference in the space and hope is for pragmatic outcomes from the Royal Commission. Target rises to $1.70 from $1.57, Neutral retained.

Target price is $1.70 Current Price is $1.49 Difference: $0.21
If EHE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.54, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 2.70 cents and EPS of 5.80 cents.
At the last closing share price the estimated dividend yield is 1.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.69.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of N/A.

Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 10.80 cents and EPS of 10.80 cents.
At the last closing share price the estimated dividend yield is 7.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.80.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 23.8%.

Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.0

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


Ord Minnett rates EHE as Hold (3) -

Estia Health reported a contraction in earnings in FY20. This did not surprise Ord Minnett who expects the decline to continue in FY21.

Even with a poor short term outlook, the broker believes the pandemic has increased the chances of the Royal Commission calling for significant reforms along with the necessary increase in funding.

For now, Ord Minnett prefers to wait on the sidelines due to the potential for more deterioration if the pandemic flares up again.

Hold rating retained. Target is lowered to $1.40 from $1.65.

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

Target price is $1.40 Current Price is $1.49 Difference: minus $0.09 (current price is over target).
If EHE meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.54, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 7.00 cents and EPS of 9.00 cents.
At the last closing share price the estimated dividend yield is 4.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 8.0, implying annual growth of N/A.

Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 18.8.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 11.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 23.8%.

Current consensus DPS estimate is 9.4, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 15.2.

Market Sentiment: 0.0

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

FBU  FLETCHER BUILDING LIMITED

Building Products & Services

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Overnight Price: $3.13

Citi rates FBU as Neutral (3) -

Citi forecasts FY21 earnings (EBIT) growth of 9%, assuming 9% of overall cost savings are retained. Commercial construction is expected to slow further.

The broker retains a Neutral rating with an NZ$3.70 target and believes, given the lack of a near-term catalysts, better market conditions will be required for a re-rating.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 17.1, implying annual growth of N/A.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Current consensus EPS estimate is 22.3, implying annual growth of 30.4%.

Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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


Credit Suisse rates FBU as Neutral (3) -

Fletcher Building reported FY20 operating income (EBIT) of NZ$310m which is in-line with its revised guidance. No dividend was announced, which the broker feels highlights the lack of confidence of the company in the outlook.

Credit Suisse notes FY21 relies on an aggressive group-wide cost-out program to achieve an operating income close to the broker's estimated NZ$362m. A modest rebound is expected in FY22 with management seeing some success in the Australian market. 

Neutral maintained. Target is increased to NZ$3.81 from NZ$3.78.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 9.45 cents and EPS of 18.23 cents.
At the last closing share price the estimated dividend yield is 3.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of N/A.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 11.34 cents and EPS of 22.86 cents.
At the last closing share price the estimated dividend yield is 3.62%.
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 22.3, implying annual growth of 30.4%.

Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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


Macquarie rates FBU as Neutral (3) -

Fletcher Building's result was in line with pre-released numbers. No dividend declared as expected and no guidance before the AGM. NZ manufacturing revenue held up reasonably well in the second half, the broker notes, but Australia suffered from sustained revenue headwinds.

The company is acting to preserve its balance sheet and FY21-22 volume forecasts for A&NZ are lower than the broker had pencilled in. While FY22 should see an infrastructure pick-up, uncertainty around immigration levels will persist. Target falls to NZ$3.67 from NZ$3.93, Neutral retained.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.39 cents and EPS of 17.19 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of N/A.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 12.75 cents and EPS of 21.16 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 30.4%.

Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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


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

Morgan Stanley expects FY20 to be a trough year but is not convinced of a sharp rebound. Underlying earnings were in line with estimates and no final dividend was provided.

Steel, Australia and the construction segments all fared worse than the broker expected and initiatives designed to improve profitability are yet to yield benefits.

Equal-weight rating. Target is reduced to $3.66 from $3.68. Industry view is Cautious.

Target price is $3.66 Current Price is $3.13 Difference: $0.53
If FBU meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 10.39 cents and EPS of 16.82 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of N/A.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 17.95 cents and EPS of 22.77 cents.
At the last closing share price the estimated dividend yield is 5.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 30.4%.

Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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


UBS rates FBU as Neutral (3) -

FY20 underlying earnings (EBIT) were slightly ahead of UBS estimates, underpinned by the stronger performance in NZ building products and concrete divisions. These were supported by pent-up demand as NZ lockdown restrictions eased.

Residential, development and construction are expected to recover in FY21. However, project delays in Australia are a lingering issue. Neutral rating is under review and the target is reduced to NZ$3.50 from NZ$3.55.

Current Price is $3.13. Target price not assessed.

Current consensus price target is $3.66, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 11.34 cents and EPS of 18.61 cents.
At the last closing share price the estimated dividend yield is 3.62%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.1, implying annual growth of N/A.

Current consensus DPS estimate is 10.0, implying a prospective dividend yield of 3.2%.

Current consensus EPS estimate suggests the PER is 18.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 18.90 cents and EPS of 25.51 cents.
At the last closing share price the estimated dividend yield is 6.04%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 22.3, implying annual growth of 30.4%.

Current consensus DPS estimate is 14.7, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 13.8.

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

Market Sentiment: 0.0

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

IEL  IDP EDUCATION LIMITED

Education & Tuition

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Overnight Price: $14.92

Macquarie rates IEL as Outperform (1) -

Upon first assessment, it turns out IDP Education's business is more resilient than thought at Macquarie, with the broker reporting FY20 is a "beat".

Cost discipline and the variable cost structure for the business feature prominently, according to the analysts.

There remains plenty of cash on the balance sheet and the company announced a dividend. Macquarie thinks the market is likely to respond positively, given negative sentiment prior to today.

Target price is $15.05 Current Price is $14.92 Difference: $0.13
If IEL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $16.46, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 16.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 1.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 80.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of -36.0%.

Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 1.0%.

Current consensus EPS estimate suggests the PER is 114.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 15.90 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 1.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 70.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 21.2, implying annual growth of 26.2%.

Current consensus DPS estimate is 15.5, implying a prospective dividend yield of 0.8%.

Current consensus EPS estimate suggests the PER is 90.9.

Market Sentiment: 1.0

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

IVC  INVOCARE LIMITED

Consumer Products & Services

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Overnight Price: $9.94

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

Citi reduces 2020-22 operating earnings forecasts to account for the lower volume in case averages that is expected over the foreseeable future.

The broker also assumes gathering restrictions will affect the business and the multiple will re-rate higher as social distancing measures are eased and there is clarity on the new senior management strategy.

First half net profit was -17% below forecasts and there is no 2020 guidance. However, the 5.5c interim dividend was unexpected. Rating is downgraded to Neutral from Buy. Target is lowered to $11.00 from $12.75.

Target price is $11.00 Current Price is $9.94 Difference: $1.06
If IVC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 24.50 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 2.46%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 44.18.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of -47.1%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 22.70 cents and EPS of 32.40 cents.
At the last closing share price the estimated dividend yield is 2.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of 28.5%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.0

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


Macquarie rates IVC as Underperform (5) -

InvoCare's underlying earnings fell -23% in H1, -14% worse than the broker's forecast.

Headwinds of funeral restrictions and changes to consumer behaviour in 1H20 are likely to persist, the broker notes, but should be captured in -38% and -35% cuts to forecast FY20-21 earnings.

The company's Protect & Grow initiative is yet to have an impact because the virus and the broker sees a re-rating as unlikely until delivery is evident. Underperform retained, target falls to $9.00 from $10.20.

Target price is $9.00 Current Price is $9.94 Difference: minus $0.94 (current price is over target).
If IVC meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 16.20 cents and EPS of 23.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of -47.1%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 22.00 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 2.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of 28.5%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.0

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


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

First half earnings were below estimates. Morgan Stanley notes few outlook comments other than that the second half remains uncertain.

Equal-weight rating. Target is $12. In-Line industry view.

Target price is $12.00 Current Price is $9.94 Difference: $2.06
If IVC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 29.5, implying annual growth of -47.1%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY21:

Current consensus EPS estimate is 37.9, implying annual growth of 28.5%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.0

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


Morgans rates IVC as Add (1) -

InvoCare's first half result was weaker than Morgans had expected, with operating earnings down -23% to $48.6m.

The analyst notes the result was driven by a decline in the number of deaths, government restrictions on the number of funeral attendees and a largely fixed cost base.

The company declared a 5.5cps dividend and announced the deferred 2H19 dividend will be paid in October.

Morgans states the long-term fundamentals remain strong with further opportunities from regional acquisitions and pet cremations.

The Add rating is maintained. The target price is decreased to $11 from $13.10.

Target price is $11.00 Current Price is $9.94 Difference: $1.06
If IVC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.14, suggesting upside of 14.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 44.00 cents and EPS of 29.00 cents.
At the last closing share price the estimated dividend yield is 4.43%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 29.5, implying annual growth of -47.1%.

Current consensus DPS estimate is 21.2, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 32.9.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 28.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 2.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.9, implying annual growth of 28.5%.

Current consensus DPS estimate is 27.7, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 25.6.

Market Sentiment: 0.0

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

MCP  MCPHERSON'S LIMITED

Health & Nutrition

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Overnight Price: $2.94

Ord Minnett rates MCP as Buy (1) -

FY20 results were pre-reported. Ord Minnett was impressed with the 59% sales growth in personal care products, underpinned by Dr LeWinn's. The broker assesses the brand is on track to generate more than $75m in sales in FY21.

A total of 200 new products were launched by McPherson's in FY20 and the broker notes FY21 trading to date has been positive with the Victorian lockdown not materially affecting volumes. Buy rating and $3.40 target maintained.

Target price is $3.40 Current Price is $2.94 Difference: $0.46
If MCP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 11.50 cents and EPS of 18.50 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.89.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 12.50 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 4.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

Market Sentiment: 1.0

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

MGX  MOUNT GIBSON IRON LIMITED

Iron Ore

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Overnight Price: $0.75

Macquarie rates MGX as Outperform (1) -

Mt Gibson's FY20 revenue, earnings and free cash flow were all around 5% ahead of the broker's forecast. Accelerated waste stripping at Koolan Island is expected to continue over FY21, the broker notes, after which ore production increases and cash costs decline significantly.

The company's cash balance is currently worth 36cps and the stock offers significant leverage to iron ore prices. Outperform and $1.00 target retained.

Target price is $1.00 Current Price is $0.75 Difference: $0.25
If MGX meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $0.88, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.00 cents and EPS of 6.40 cents.
At the last closing share price the estimated dividend yield is 4.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.0, implying annual growth of -4.8%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 10.7.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 6.00 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 8.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 5.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.9, implying annual growth of 84.3%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 8.0%.

Current consensus EPS estimate suggests the PER is 5.8.

Market Sentiment: 0.5

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

MHJ  MICHAEL HILL INTERNATIONAL LIMITED

Luxury

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Overnight Price: $0.32

Credit Suisse rates MHJ as Outperform (1) -

Michael Hill International reported a covid-19 disrupted FY20 result which, Credit Suisse comments, was not unexpected. The company's interim dividend has been deferred to September 2021 while there was no final dividend.

The broker admits there is no catalyst to drive a re-rate for the stock in the short term as the company continues to right-size its store footprint.

Outperform rating maintained. Target is lowered to NZ$0.69 from NZ$1.00.

Current Price is $0.32. Target price not assessed.

Current consensus price target is $0.61, suggesting upside of 83.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of 419.0%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 1.50 cents and EPS of 1.80 cents.
At the last closing share price the estimated dividend yield is 4.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of 26.8%.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 6.3.

Market Sentiment: 0.8

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


Macquarie rates MHJ as Outperform (1) -

Michael Hill International's FY20 results pleased the broker, Macquarie noting the first nine months prior to covid were very strong and kicked in again after lock down in July as the company leveraged its new growth strategy, post-lockdown cost base and digital platform.

The broker expects covid is likely to continue to dog the company in the near term, but the pre-wave-2 opening suggests demand is firm, suggesting a strong recovery when stores reopen. No final dividend was declared and the first-half dividend has been deferred.

The company boasts a strong balance sheet and management guided to a recovery in profitability in FY21.

EPS forecasts are cut -4.5% for FY21 and increase 1% and 5% for FY22/FY23. Target price steady at 75c. Outperform rating retained.

Target price is $0.75 Current Price is $0.32 Difference: $0.43
If MHJ meets the Macquarie target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $0.61, suggesting upside of 83.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 9.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 4.1, implying annual growth of 419.0%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 6.4%.

Current consensus EPS estimate suggests the PER is 8.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 4.70 cents and EPS of 8.60 cents.
At the last closing share price the estimated dividend yield is 14.69%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 3.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.2, implying annual growth of 26.8%.

Current consensus DPS estimate is 3.1, implying a prospective dividend yield of 9.4%.

Current consensus EPS estimate suggests the PER is 6.3.

Market Sentiment: 0.8

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

MIN  MINERAL RESOURCES LIMITED

Iron Ore

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Overnight Price: $27.42

Macquarie rates MIN as Outperform (1) -

Mineral Resources FY20 result met Macquarie's forecasts, and a strong cash performance boosted the dividend (full-year payout was $1).

Strong iron ore volumes and contract wins spurred growth in Mining Services earnings and management guided to a very strong FY21, and the broker upgrades shipment forecasts 18% accordingly. Mining Services earnings forecasts are upgraded by 29%.

The miner expects to return updates on the West Pilbara and Marillana iron-ore projects within six months, the former having the potential to double the company's iron-ore production. Add to that buoyant iron-ore prices and the broker expects an earnings upgrade of 80% in FY21 and 300% in FY22 based on spot prices.

EPS forecasts rise 29% in FY21, 34% in FY22, 33% in FY23 and 38% in FY24.

Target price rises to $32 from $26.5 to reflect the material rise in earnings. Outperform retained to reflect strong performance, guidance, contract growth in Mining Services and iron-ore prices.

Target price is $32.00 Current Price is $27.42 Difference: $4.58
If MIN meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $24.80, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 125.00 cents and EPS of 281.50 cents.
At the last closing share price the estimated dividend yield is 4.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 282.8, implying annual growth of N/A.

Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 58.00 cents and EPS of 130.60 cents.
At the last closing share price the estimated dividend yield is 2.12%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.3, implying annual growth of -64.2%.

Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 27.9.

Market Sentiment: 0.0

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


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

The FY20 result for Mineral Resources came in ahead on dividend and cash generation, but earnings (EBITDA) were around -7% lower than Morgan Stanley's forecast.

The FY21 guide is operationally strong across assets, offset by significantly higher capex, which will lower cashflow gains, notes the broker.

The analyst explains the dividend was 26% ahead of the broker's estimate, due to a higher payout ratio than expected.

Morgan Stanley reaffirms its Equal-weight rating. The target price is increased to $21 from $20.20.Industry view: Attractive.

Target price is $21.00 Current Price is $27.42 Difference: minus $6.42 (current price is over target).
If MIN meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.80, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 184.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 282.8, implying annual growth of N/A.

Current consensus DPS estimate is 110.5, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 72.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 38.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 101.3, implying annual growth of -64.2%.

Current consensus DPS estimate is 58.0, implying a prospective dividend yield of 2.1%.

Current consensus EPS estimate suggests the PER is 27.9.

Market Sentiment: 0.0

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

MMS  MCMILLAN SHAKESPEARE LIMITED

Vehicle Leasing & Salary Packaging

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Overnight Price: $8.72

Macquarie rates MMS as Neutral (3) -

McMillan Shakespeare's FY20 result met Macquarie's expectations but fell short of guidance.

Impairments totalled -$58m as expected; and the company logged a $10m JobKeeper windfall and another $10m is expected in the first quarter of FY21, allowing the company to retain 100% of its workforce.

The company reports a rise in novated lease activity in the first two months of FY21, but management spies lower major client renewals in the FY21 wings.

From a capital viewpoint, McMillan Shakespeare completed its $140m buyback, paid dividends, completed the $8m purchase of Plan Partners and generated respectable free cash flow across divisions and boasted net cash of $66.7m, excluding fleet-funded debt.

Target rises to $9.11 from $7.87. Neutral rating retained.

Target price is $9.11 Current Price is $8.72 Difference: $0.39
If MMS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 58.90 cents and EPS of 90.10 cents.
At the last closing share price the estimated dividend yield is 6.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.68.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 46.80 cents and EPS of 93.60 cents.
At the last closing share price the estimated dividend yield is 5.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.3, implying annual growth of 4.7%.

Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.2.

Market Sentiment: 0.3

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


Morgan Stanley rates MMS as Overweight (1) -

McMillan Shakespeare delivered a FY20 result with profit (UNPATA) of $69m, within revised guidance, and described as solid by Morgan Stanley.

Group remuneration services (GRS) was within expectations and resilient, notes the broker.

The company reiterated the asset management (AM) segment UK restructure, but no strategic guidance was provided for the retail financial services (RFS) segment

Morgan Stanley maintains its Overweight rating with a target price of $11.50. Industry view: In-line.

Target price is $11.50 Current Price is $8.72 Difference: $2.78
If MMS meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 73.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 85.3, implying annual growth of 10.8%.

Current consensus DPS estimate is 60.0, implying a prospective dividend yield of 6.0%.

Current consensus EPS estimate suggests the PER is 11.7.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 75.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 89.3, implying annual growth of 4.7%.

Current consensus DPS estimate is 56.8, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.2.

Market Sentiment: 0.3

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

MND  MONADELPHOUS GROUP LIMITED

Mining Sector Contracting

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Overnight Price: $10.43

UBS rates MND as Neutral (3) -

FY20 sales growth was ahead of expectations. Deferrals and delays to maintenance/construction activity were less severe than UBS expected.

No guidance was provided for FY21 while the broker expects revenue indications will be outlined at the November AGM. Neutral rating retained. Target rises to $10.00 from $8.45.

Target price is $10.00 Current Price is $10.43 Difference: minus $0.43 (current price is over target).
If MND meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.93, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 44.00 cents and EPS of 51.00 cents.
At the last closing share price the estimated dividend yield is 4.22%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.45.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.0, implying annual growth of 47.5%.

Current consensus DPS estimate is 41.9, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 19.2.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 48.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 4.60%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.0, implying annual growth of 10.5%.

Current consensus DPS estimate is 45.6, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 17.4.

Market Sentiment: 0.3

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

MOE  MOELIS AUSTRALIA LIMITED

Wealth Management & Investments

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Overnight Price: $3.61

Ord Minnett rates MOE as Buy (1) -

First half results were in line with Ord Minnett's estimates. Asset management had net inflows of $150m with minimal redemptions. Ord Minnett observes activity levels are high, ensuring the business is well-placed to capitalise on opportunities.

A strong rebound is expected in 2021 and 2022, delivering 20% growth in earnings per share before the deployment of cash. Buy maintained. Target is raised to $5.17 from $4.65.

Target price is $5.17 Current Price is $3.61 Difference: $1.56
If MOE meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 11.00 cents and EPS of 20.40 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.70.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 12.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.37.

Market Sentiment: 1.0

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

MP1  MEGAPORT LIMITED

Cloud services

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Overnight Price: $15.54

UBS rates MP1 as Neutral (3) -

FY20 revenue was pre-reported. Management has noted an improving trend in the first quarter. Cost investment was pulled forward into the second half of FY20 and UBS observes FY21 is now likely to yield the benefit from data centre expansions.

The broker remains positive on the business but retains a Neutral rating pending further analysis of the SD-WAN opportunity. Neutral rating retained. Target rises to $16.00 from $13.85.

Target price is $16.00 Current Price is $15.54 Difference: $0.46
If MP1 meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $14.35, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 18.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 82.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -18.6, implying annual growth of N/A.

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

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

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 0.00 cents and EPS of 2.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 575.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 585.2.

Market Sentiment: 0.0

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

MPL  MEDIBANK PRIVATE LIMITED

Insurance

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Overnight Price: $2.86

Macquarie rates MPL as Neutral (3) -

Medibank Private has released FY20 financials today and on initial impression, Macquarie suggests the result looks in line with consensus.

DPS was a slight beat, and the outlook for policyholder growth is strong, but the broker reminds investors underlying claims growth has not gone away.

Target price is $2.70 Current Price is $2.86 Difference: minus $0.16 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting downside of -0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 13.30 cents and EPS of 12.70 cents.
At the last closing share price the estimated dividend yield is 4.65%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.4, implying annual growth of -25.7%.

Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 23.1.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 13.50 cents and EPS of 15.40 cents.
At the last closing share price the estimated dividend yield is 4.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.2, implying annual growth of 14.5%.

Current consensus DPS estimate is 12.1, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.1

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

NEA  NEARMAP LTD

Software & Services

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Overnight Price: $2.37

Citi rates NEA as Buy (1) -

Citi upgrades FY21 operating earnings estimates by 11% to reflect operating leverage from stronger annualised contract value (ACV) growth in FY20, the results of which were in line. The company has reiterated a goal to break even on cash flow over the year.

Citi is cautious about the short-term outlook but acknowledges a better-than-expected start to the year. Buy rating retained. Target rises to $3.00 from $2.75.

Target price is $3.00 Current Price is $2.37 Difference: $0.63
If NEA meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 4.20 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 56.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.6, implying annual growth of N/A.

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

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

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 2.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 98.75.

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.

Market Sentiment: 1.0

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


Macquarie rates NEA as Outperform (1) -

Nearmap's FY20 EBITDA result outpaced consensus by double digits, but the more important annualised contract value (ACV) was in-line, towards the top of management's guidance.

The broker also notes churn rates were elevated and new business slowed marginally in the second half, courtesy of covid.

The company exited FY20 on a cash flow breakeven run-rate basis and is aiming for the same in FY21 after accounting for temporary salary cuts of -20% and permanent headcount cuts.

EPS forecasts are shaved -9% in FY21 and FY22. Target price rises to $2.75 from $2.47 on a roll-forward basis.

Outperform rating retained, the broker noting the in-line result, a narrowing of annualised contract value, sales momentume, stabilising of key operating metrics and continued growth in key verticals post covid.

Target price is $2.75 Current Price is $2.37 Difference: $0.38
If NEA meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 3.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 64.05.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.6, implying annual growth of N/A.

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

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

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 790.00.

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.

Market Sentiment: 1.0

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


Morgan Stanley rates NEA as Overweight (1) -

Nearmap reported FY20 results within guidance and slightly better than Morgan Stanley forecasts.

No FY21 annualised contract value (ACV) guidance was given, but the first seven weeks were consistent with the growth for the previous corresponding period, observes the broker.

The analyst notes the company is seeing tailwinds and growth in insurance, government and roofing verticals, with dedicated sales teams targeting deeper penetration.

The broker is overweight on the stock with a target price of $2.30. Industry view: In-line.

Target price is $2.30 Current Price is $2.37 Difference: minus $0.07 (current price is over target).
If NEA 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 $2.68, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 0.00 cents.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.6, implying annual growth of N/A.

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

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

Forecast for FY22:

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

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -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.

Market Sentiment: 1.0

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

NST  NORTHERN STAR RESOURCES LTD

Gold & Silver

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Overnight Price: $14.45

Macquarie rates NST as Underperform (5) -

Northern Star Resources FY20 result fell well short of consensus and the broker; and the company offered a placatory special dividend of 10c, says the broker. This was in addition to the 9.5c final dividend.

Earnings missed consensus by -10% and underlying net profit after tax missed by -28%, as revenue fell shy of forecasts. 

The broker says the year's highlight was the purchase of the KCGM Superpit with Saracen, which increased group reserves and improved prospects in the near term and long term.

Target price is steady at $13.30. Underperform retained.

Target price is $13.30 Current Price is $14.45 Difference: minus $1.15 (current price is over target).
If NST meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.83, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 20.00 cents and EPS of 62.90 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 105.4%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 20.00 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 1.38%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.49.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.3, implying annual growth of 0.9%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: -0.5

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


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

Earnings were in-line with Morgan Stanley forecasts, but free cashflow was lower, driven by higher capital expenditure.

The 27cps dividend beat the 18cps estimate of the broker, with the company including a 10cps special dividend, given the healthy operating and financial position, explains the broker.

Equal-weight rating. Target is decreased to $12.45 from $12.70. Industry view: Attractive.

Target price is $12.45 Current Price is $14.45 Difference: minus $2 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.83, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 105.4%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 63.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.94.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.3, implying annual growth of 0.9%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: -0.5

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


UBS rates NST as Sell (5) -

FY20 results were weaker than UBS estimated because of higher corporate costs and inventory accounting. A surprise special dividend was announced that reflected stronger cash flow stemming from a record high Australian dollar gold price.

The update on the Super Pit is considered of more consequence, with UBS noting production in the short term is lower than the market expected, but the new mine plan has more potential open pit duration. This could ultimately lift FY25-27 guidance.

UBS retains a Sell rating on valuation. Target is $14.

Target price is $14.00 Current Price is $14.45 Difference: minus $0.45 (current price is over target).
If NST meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.83, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 21.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 1.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 76.6, implying annual growth of 105.4%.

Current consensus DPS estimate is 26.1, implying a prospective dividend yield of 1.8%.

Current consensus EPS estimate suggests the PER is 18.4.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 22.00 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 1.52%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 77.3, implying annual growth of 0.9%.

Current consensus DPS estimate is 22.7, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 18.3.

Market Sentiment: -0.5

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

NWH  NRW HOLDINGS LIMITED

Mining Sector Contracting

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Overnight Price: $2.05

UBS rates NWH as Buy (1) -

The company delivered a strong result and earnings beat UBS estimates. The company does not foresee a coal volume downturn and expects growth opportunities will present in FY21. Still, UBS assesses negative coal sentiment will remain in the short term.

The valuation is attractive and the broker highlights upside risks in civil contracts and mining technologies. Buy rating and $3.15 target maintained.

Target price is $3.15 Current Price is $2.05 Difference: $1.1
If NWH meets the UBS target it will return approximately 54% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 8.00 cents and EPS of 24.00 cents.
At the last closing share price the estimated dividend yield is 3.90%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.54.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 9.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.88.

Market Sentiment: 1.0

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

ORG  ORIGIN ENERGY LIMITED

NatGas

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Overnight Price: $5.90

Macquarie rates ORG as No Rating (-1) -

It is Macquarie's initial assessment that today's FY20 release by Origin Energy showed a result in-line with a better-than-anticipated dividend, but also with a tough looking FY21 outlook.

The broker has placed its rating under review, arguing the stock looks attractive in the long term but the next 12 months will be a challenge.

Target price is $6.62 Current Price is $5.90 Difference: $0.72
If ORG meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 21.00 cents and EPS of 57.00 cents.
At the last closing share price the estimated dividend yield is 3.56%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.35.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.5, implying annual growth of -16.4%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 18.00 cents and EPS of 26.30 cents.
At the last closing share price the estimated dividend yield is 3.05%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -47.0%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.6

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


Ord Minnett rates ORG as Accumulate (2) -

It appears, from initial Ord Minnett judgment, that Origin Energy released better-than-anticipated FY20 performance today, labeled as a "reasonable performance".

A better than expected contribution from Energy Markets proved the positive factor. The analysts note the final dividend was slightly below forecast but so was net debt (a positive).

Ord Minnett reports FY21 guidance is in line, with Energy Markets EBITDA expected to decline ~11-21% which compares to a decline of -15% projected by the broker.

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

Target price is $7.70 Current Price is $5.90 Difference: $1.8
If ORG meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $6.80, suggesting upside of 22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 24.00 cents and EPS of 55.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 57.5, implying annual growth of -16.4%.

Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 9.6.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 24.00 cents and EPS of 32.00 cents.
At the last closing share price the estimated dividend yield is 4.07%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.44.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 30.5, implying annual growth of -47.0%.

Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 18.2.

Market Sentiment: 0.6

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

OZL  OZ MINERALS LIMITED

Copper

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Overnight Price: $14.65

Credit Suisse rates OZL as Underperform (5) -

OZ Minerals' first-half net profit (NPAT) at $80m was below Credit Suisse's estimated $98m. Interim dividend was 8c (franked). The broker notes the result was mostly in-line except for Prominent Hill's non-cash D&A.

The company's 2020 production/ cost guidance remains unchanged while capex guidance has increased led by mine development and recommencement of deferred exploration.  

Underperform rating retained with the target rising to $11.15 from $10.7. OZ Minerals is considered the go-to stock for investors seeking copper exposure.

Target price is $11.15 Current Price is $14.65 Difference: minus $3.5 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 23.00 cents and EPS of 55.11 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 26.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of -11.8%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 23.00 cents and EPS of 93.49 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 15.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.0, implying annual growth of 92.4%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5

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


Macquarie rates OZL as Outperform (1) -

OZ Minerals' first-half 2020 result met the broker, although the capital position disappointed as higher lease costs hit cash flow and net debt.

Management guides to increased 2020 production of 5% for copper and 8% for gold, and a lower average incremental financial cost (-37%).

Add to that accelerated development at Prominent Hill and strong copper and gold prices, and the broker retains an Outperform rating, increasing 2023, 2024 and 2025 EPS estimates 6%, 3% and 4%,

However, after incorporating higher lease charges from the first half, the broker cuts EPS forecasts -6% in 2021 and 2022. Target price rises to $15.80 as medium-term upgrades offset near-term cuts.

Target price is $15.80 Current Price is $14.65 Difference: $1.15
If OZL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 20.00 cents and EPS of 64.70 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of -11.8%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 27.00 cents and EPS of 113.60 cents.
At the last closing share price the estimated dividend yield is 1.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.0, implying annual growth of 92.4%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5

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


Morgan Stanley rates OZL as Overweight (1) -

Profit (NPAT) and the dividend of 8cps for Oz Minerals were in-line with Morgan Stanley forecasts for the first half.

Prominent Hill's annualised mining rates exceeded the expectation of the broker, while capital expenditure of -$29m was greater than expected, causing free cashflow to be -22% below the analyst's forecast.

Morgan Stanley maintains its Overweight rating. The target price is increased to $14.40 from $14.30. Industry view: Attractive.

Target price is $14.40 Current Price is $14.65 Difference: minus $0.25 (current price is over target).
If OZL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 EPS of 51.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of -11.8%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 71.00 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 86.0, implying annual growth of 92.4%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5

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


Morgans rates OZL as Hold (3) -

There were no surprises for Morgans in the OZ Minerals strong first half financials. An interim dividend of 8cps fully franked was declared.

The analyst notes the company is now re-accelerating its pro-growth agenda by stepping up capital spending at Prominent Hill and in Brazil.

Morgans raises the valuation forecast, largely driven by upgrades to the gold price assumption and the ongoing de-risking of Carrapateena.

The Hold rating is maintained. The target price is increased to $13.24 from $12.05.

Target price is $13.24 Current Price is $14.65 Difference: minus $1.41 (current price is over target).
If OZL meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 18.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 1.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of -11.8%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 20.00 cents and EPS of 86.00 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.03.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.0, implying annual growth of 92.4%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5

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


UBS rates OZL as Buy (1) -

Net profit was ahead of UBS estimates in the first half, as a result of inventory accounting. The main news is that the productivity of the underground at Prominent Hill is improving.

Management now estimates 4-5mtpa can be trucked out for 2022 and this drives an upgrade to the broker's production forecasts.

The end result is investors are gaining greater exposure to an uplift in copper and gold prices. UBS retains a Buy rating and $15 target.

Target price is $15.00 Current Price is $14.65 Difference: $0.35
If OZL meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.50, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 23.00 cents and EPS of 40.00 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 36.63.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 44.7, implying annual growth of -11.8%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 33.2.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 23.00 cents and EPS of 66.00 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 22.20.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 86.0, implying annual growth of 92.4%.

Current consensus DPS estimate is 18.8, implying a prospective dividend yield of 1.3%.

Current consensus EPS estimate suggests the PER is 17.3.

Market Sentiment: 0.5

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

PGH  PACT GROUP HOLDINGS LTD

Paper & Packaging

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Overnight Price: $2.42

Macquarie rates PGH as Neutral (3) -

Pact Group's FY20 result romped in 20% ahead of Macquarie's forecast thanks to a 97% lift in earnings from Contract Manufacturing. The company surprised the market by resuming the dividend.

Elsewhere, Jalco benefited from strong at-home consumption and Pact Group was quick to expand equipment and supply lines to meet demand for hand sanitiser and hygiene products. The broker doubts demand will remain as elevated in the next half.

Macquarie notes improved cash conversion and net-debt.

Pact Group is resuming the sale for Contract Manufacturing, and the business's strong performance should boost the sale price, says the broker.

EPS forecasts rise 7% and 5% for FY21 and FY22. Target price rises to $2.70 from $2.60. Neutral rating retained as management advised the company's turnaround will take time.

Target price is $2.70 Current Price is $2.42 Difference: $0.28
If PGH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.52, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 0.00 cents and EPS of 17.80 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 18.6, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 13.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 5.40 cents and EPS of 22.60 cents.
At the last closing share price the estimated dividend yield is 2.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 20.6, implying annual growth of 10.8%.

Current consensus DPS estimate is 5.4, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 12.1.

Market Sentiment: 0.3

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

PPT  PERPETUAL LIMITED

Wealth Management & Investments

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Overnight Price: $30.97

Macquarie rates PPT as Neutral (3) -

Perpetual's FY20, released today, proved in-line with the pre-released numbers, but the dividend declared proved a noticeabkle "miss", reports Macquarie.

Apparently, the difference is old methodology versus new. One-offs are impacting on today's announcement.

Target price is $33.50 Current Price is $30.97 Difference: $2.53
If PPT meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.13, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 180.00 cents and EPS of 198.00 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.64.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.6, implying annual growth of -22.4%.

Current consensus DPS estimate is 174.5, implying a prospective dividend yield of 5.5%.

Current consensus EPS estimate suggests the PER is 16.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 180.00 cents and EPS of 202.00 cents.
At the last closing share price the estimated dividend yield is 5.81%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 199.1, implying annual growth of 2.3%.

Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 4.9%.

Current consensus EPS estimate suggests the PER is 16.0.

Market Sentiment: 0.1

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

QAN  QANTAS AIRWAYS LIMITED

Transportation & Logistics

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Overnight Price: $3.76

Ord Minnett rates QAN as Hold (3) -

Some scrutiny is required when Ord Minnett reports today's FY20 release proved broadly in-line. Looking into the details, underlying Profit Before Tax (PBT) recorded $124m, while the broker's forecast stands at $142m.

That'll be a miss in anyone else's book. EBIT at $395m missed the broker's forecast by -10%. Qantas is expecting a significant underlying loss in FY21.

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

Target price is $3.50 Current Price is $3.76 Difference: minus $0.26 (current price is over target).
If QAN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 0.00 cents and EPS of 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 1253.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -2.0, implying annual growth of N/A.

Current consensus DPS estimate is 2.3, implying a prospective dividend yield of 0.6%.

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

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 35.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 10.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.6, implying annual growth of N/A.

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

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

Market Sentiment: 0.5

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

RDC  REDCAPE HOTEL GROUP

Travel, Leisure & Tourism

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Overnight Price: $0.80

Ord Minnett rates RDC as Buy (1) -

FY20 results beat expectations. Ord Minnett welcomes the quality result, considering significant levels of disruption were experienced because of the pandemic.

Asset revaluations were modest and there is only a marginal decline in net asset value. This demonstrates the resilience of the business, in the broker's opinion. Ord Minnett reiterates a Buy rating and raises the target to $1.08 from $0.92.

Target price is $1.08 Current Price is $0.80 Difference: $0.28
If RDC meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 6.30 cents and EPS of 6.70 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.94.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 9.00 cents and EPS of 7.20 cents.
At the last closing share price the estimated dividend yield is 11.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.11.

Market Sentiment: 1.0

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: $101.67

Macquarie rates RIO as Outperform (1) -

Rio Tinto downgrades refined copper guidance -15% to -18%, in line with Macquarie's expectations, thanks to delays in the restart of the Kennecott coper smelter.

Mined copper guidance is steady and strong iron ore prices continue to spur earnings momentum. Based on the spot price, the broker forecasts a 28% and 102% boost to earnings in 2020 and 2021.

Target price is steady at $110.00 and Outperform rating is retained.

Target price is $110.00 Current Price is $101.67 Difference: $8.33
If RIO meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $103.08, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 586.05 cents and EPS of 943.47 cents.
At the last closing share price the estimated dividend yield is 5.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.78.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 827.2, implying annual growth of N/A.

Current consensus DPS estimate is 480.6, implying a prospective dividend yield of 4.8%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 480.71 cents and EPS of 811.57 cents.
At the last closing share price the estimated dividend yield is 4.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 760.0, implying annual growth of -8.1%.

Current consensus DPS estimate is 450.8, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 13.3.

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

S32  SOUTH32 LIMITED

Mining

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Overnight Price: $2.15

Macquarie rates S32 as Underperform (5) -

In initial response to today's FY20 release, Macquarie finds South32 released a rather mixed report card.

Underlying EBITDA and EBIT were -3% and -5% lower than expected, report the analysts, while underlying earnings were 19% higher due to a lower tax charge (considered a low quality beat).

The Australian assets performed best and the final dividend of US$0.01 was higher than forecast, lifting the full-year payout to US$0.032.

Target price is $1.80 Current Price is $2.15 Difference: minus $0.35 (current price is over target).
If S32 meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.53, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 3.71 cents and EPS of 4.90 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 43.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 39.1.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 6.23 cents and EPS of 15.73 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 13.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 80.0%.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 21.7.

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

Market Sentiment: 0.6

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


Ord Minnett rates S32 as Accumulate (2) -

Judging from Ord Minnett's initial response to today's FY20 release, South32's underlying profit met expectations, while beating market consensus by 7%.

The analysts believe today's release proved better than consensus on most metrics, though the production guidance contained a disappointment for the Illawara.

Ord Minnet thinks the Illawara disappointment is likely to be offset by a 10% upgrade at Cannington, while the company has equally guided for lower costs.

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

Target price is $2.80 Current Price is $2.15 Difference: $0.65
If S32 meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 4.47 cents and EPS of 5.96 cents.
At the last closing share price the estimated dividend yield is 2.08%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 36.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 5.5, implying annual growth of N/A.

Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 2.0%.

Current consensus EPS estimate suggests the PER is 39.1.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 5.94 cents and EPS of 5.94 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 36.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.9, implying annual growth of 80.0%.

Current consensus DPS estimate is 5.1, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 21.7.

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

Market Sentiment: 0.6

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

SAR  SARACEN MINERAL HOLDINGS LIMITED

Gold & Silver

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Overnight Price: $5.52

Macquarie rates SAR as Underperform (5) -

Saracen Mineral Holdings' FY20 result met Macquarie's forecasts, and the company amends its dividend policy to target a payout ratio between 20% and 40%.

Operating cash disappointed by -4%, biting free cash flow and triggering slight downgrades to EPS forecasts.

Target price is steady at $4.90 and Underperform rating is retained given the company is entering a heavy capital phase.

The broker expects a dividend by 2023.

Target price is $4.70 Current Price is $5.52 Difference: minus $0.82 (current price is over target).
If SAR meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.53, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 17.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.28.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 41.4%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 20.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of -5.6%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: -0.2

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


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

The FY20 result of Saracen Mineral Holdings was positive with underlying profit (NPAT) beating the Morgan Stanley forecasts by 8%.

The broker explains no maiden dividend was declared, with a conservative change to dividend policy, which now requires $150m net cash, not absolute cash. The $400m of debt borrowed for the KCGM transaction has led to that change.

Morgan Stanley reaffirms its Equal-weight rating with a target price of $5.50. Industry view: Attractive.

Target price is $5.50 Current Price is $5.52 Difference: minus $0.02 (current price is over target).
If SAR 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 $5.53, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 31.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 41.4%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of -5.6%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: -0.2

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


UBS rates SAR as Buy (1) -

FY20 results were in line with pre-reported numbers. The company has announced a new dividend policy, requiring net cash to reach $150m before considering a dividend. The pay-out policy of 20-40% of net profit remains.

This removes the dividend forecast for FY21 and UBS now forecasts a return for the dividend in FY22. The valuation appears attractive to the broker and a Buy rating and $6.75 target are maintained.

Target price is $6.75 Current Price is $5.52 Difference: $1.23
If SAR meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $5.53, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 23.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 27.0, implying annual growth of 41.4%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 1.1%.

Current consensus EPS estimate suggests the PER is 20.3.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 6.00 cents and EPS of 26.00 cents.
At the last closing share price the estimated dividend yield is 1.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 25.5, implying annual growth of -5.6%.

Current consensus DPS estimate is 3.0, implying a prospective dividend yield of 0.5%.

Current consensus EPS estimate suggests the PER is 21.5.

Market Sentiment: -0.2

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

SGR  THE STAR ENTERTAINMENT GROUP LIMITED

Gaming

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Overnight Price: $2.83

Ord Minnett rates SGR as Hold (3) -

Today's FY20 release confirmed a big step back in profits for the Star Entertainment Group, with Ord Minnett declaring it was all pretty much in-line.

Understandably, the focus is on costs, with no dividend declared. The analysts suggest that if management's focus to delever the balance sheet in FY21 proves successful, this would be taken as a positive by investors (it removes gearing concerns).

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

Target price is $2.70 Current Price is $2.83 Difference: minus $0.13 (current price is over target).
If SGR meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.43, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 10.50 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 3.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 10.7, implying annual growth of -50.5%.

Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 27.6.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 7.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 9.7, implying annual growth of -9.3%.

Current consensus DPS estimate is 2.1, implying a prospective dividend yield of 0.7%.

Current consensus EPS estimate suggests the PER is 30.4.

Market Sentiment: 0.6

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

SIQ  SMARTGROUP CORPORATION LTD

Vehicle Leasing & Salary Packaging

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Overnight Price: $6.28

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

First half revenue and operating earnings were in line with Morgan Stanley's estimates. The broker notes salary packaging and novated leasing are resilient.

Yields are lower but the drivers are mostly cyclical and both novated volumes and mix were improving into July, says the analyst.

Equal-weight rating. Target is $6.70. Industry view: In Line.

Target price is $6.70 Current Price is $6.28 Difference: $0.42
If SIQ meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgan Stanley forecasts a full year FY20 dividend of 0.00 cents and EPS of 44.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.27.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.8, implying annual growth of -4.0%.

Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 53.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of 13.1%.

Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.4

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


Morgans rates SIQ as Downgrade to Hold from Add (3) -

First half profit (NPATA) of $32.1m was in-line with recent guidance with the balance sheet net debt figure of around $12m a key positive, notes Morgans.

Novated lease volumes showed further recovery into June/July, but not to the same extent as competitors, according to the broker.

Morgans expects a relatively low organic growth profile and capital will likely need to be deployed (acquisitions) for growth.

The rating is lowered to Hold from Add. The target price is decreased to $6.75 from $7.20.

Target price is $6.75 Current Price is $6.28 Difference: $0.47
If SIQ meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.92, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY20:

Morgans forecasts a full year FY20 dividend of 34.00 cents and EPS of 45.00 cents.
At the last closing share price the estimated dividend yield is 5.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.96.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 45.8, implying annual growth of -4.0%.

Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 13.9.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 35.00 cents and EPS of 46.00 cents.
At the last closing share price the estimated dividend yield is 5.57%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 51.8, implying annual growth of 13.1%.

Current consensus DPS estimate is 28.7, implying a prospective dividend yield of 4.5%.

Current consensus EPS estimate suggests the PER is 12.3.

Market Sentiment: 0.4

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

SLR  SILVER LAKE RESOURCES LIMITED

Gold & Silver

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Overnight Price: $2.27

Macquarie rates SLR as Outperform (1) -

Silver Lake Resources' FY20 result met Macquarie's forecasts on an operational level while a $124m tax windfall boosted net profit after tax.

The company's debt-free balance sheet continued to strengthen, with cash and bullion standing at $269m.

Group reserves grew year on year by 37%, inclusive of mine depletion. The broker raises EPS forecasts 8% in FY22 and 11% in FY23.

Outperform rating retained, the broker expecting the strong operational performance will continue to strengthen the company's capital positions as reserves continue to grow. Target price is steady at $2.60.

Target price is $2.60 Current Price is $2.27 Difference: $0.33
If SLR meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 19.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.76.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of 22.40 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.13.

Market Sentiment: 1.0

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

SSM  SERVICE STREAM LIMITED

Industrial Sector Contractors & Engineers

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Overnight Price: $1.87

Macquarie rates SSM as Outperform (1) -

Service Stream's earnings fell shy of the broker and Macquarie expects FY21 earnings will skew to the second half.

On the upside, the company returned to a positive cash position, posting strong cash flow in the June half despite covid, allowing a 5c dividend and boosting options for inorganic growth.

Service Stream has a strong tender pipeline but covid is obscuring visibility on both this and the M&A front, comments the broker. EPS forecasts are downgraded -11%, -9% and -8% for FY21 to FY23. Target price falls to $2.72 from $2.88.

The company did not receive JobKeeper or other assistance packages. Given these challenges, the broker considers the unaided performance proves the company's resilience and defensive strength. Outperform rating retained but hard to time.

Target price is $2.72 Current Price is $1.87 Difference: $0.85
If SSM meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 8.90 cents and EPS of 14.20 cents.
At the last closing share price the estimated dividend yield is 4.76%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.17.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 10.20 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 5.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.69.

Market Sentiment: 1.0

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

TAH  TABCORP HOLDINGS LIMITED

Gaming

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Overnight Price: $3.67

Citi rates TAH as Neutral (3) -

Citi observes two issues have weighed on the share price, a highly geared balance sheet and an unsustainably high pay-out ratio. The stock now offers a 3.5% FY22 dividend yield which is considered more sustainable.

However, a re-set of wagering and the exit of gaming services are still required for a more sustainable growth path, in the broker's opinion. Neutral rating retained. Target is reduced to $3.60 from $3.70.

Target price is $3.60 Current Price is $3.67 Difference: minus $0.07 (current price is over target).
If TAH 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 $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 12.00 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 3.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.08.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Citi forecasts a full year FY22 dividend of 13.00 cents and EPS of 16.80 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.85.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


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

Tabcorp Holdings announced a lower payout to 75% of net profit while also stating dividends will resume "when appropriate". 

Credit Suisse assumes lottery will increase revenue by 1% in FY21 for Tabcorp versus -3% assumed previously. The broker notes the first half will be cycling a period of exceptionally strong jackpots and the business might grow.

Earnings growth forecasts for FY21-22 have been revised upwards.

Credit Suisse upgrades its rating to Outperform from Neutral with the target price increasing to $4.30 from $3.65.

Target price is $4.30 Current Price is $3.67 Difference: $0.63
If TAH meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 7.00 cents and EPS of 14.83 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 15.00 cents and EPS of 17.27 cents.
At the last closing share price the estimated dividend yield is 4.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


Macquarie rates TAH as Neutral (3) -

Tabcorp's FY20 result met Macquarie, consensus and its pre-released upgrade.

The capital position is shaping up, the company announcing a $600m (-3% dilutive) entitlement offer, but the broker says uncertainty around structural issues within the Wagering and Media business as the migration to digital continues, remains a concern, as does poor covid visibility.

On the flipside, the digital migration (now 29%) should continue to support earnings as costs fall, depending on management of street retail.

EPS forecasts are shaved between -2% and -3% across FY21 and FY22 to account for dilution and net interest benefits. Neutral rating retained. Target price rises to $4.15 from $4.

Target price is $4.15 Current Price is $3.67 Difference: $0.48
If TAH meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 10.50 cents and EPS of 13.90 cents.
At the last closing share price the estimated dividend yield is 2.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.40.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 13.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


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

FY20 results were previously announced. The company has announced a $600m entitlement offer which Morgan Stanley estimates is -1.5-3% dilutive to FY21 earnings per share. No outlook was provided.

The broker observes, with change in management, a recapitalised balance sheet and continued strength in lotteries, Tabcorp Holdings is in a better position to navigate the cyclical uncertainty during the pandemic as well as structural challenges in wagering.

Morgan Stanley maintains its Equal-weight rating and $3.40 target. Industry view: Cautious.

Target price is $3.40 Current Price is $3.67 Difference: minus $0.27 (current price is over target).
If TAH meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


Morgans rates TAH as Hold (3) -

Tabcorp Holdings's FY20 result was in-line with recently provided guidance, notes Morgans.

The company also announced a $600m renounceable entitlement offer at $3.25 per share. The proceeds of the offer will be applied against debt.

No final dividend was declared. Morgans reduces FY21-FY22 earnings (EBITDA) estimates by -3%. The Hold rating is maintained. The target price is increased to $3.65 from $3.45.

Target price is $3.65 Current Price is $3.67 Difference: minus $0.02 (current price is over target).
If TAH 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 $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 7.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 1.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.21.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Morgans forecasts a full year FY22 dividend of 13.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


Ord Minnett rates TAH as Lighten (4) -

Tabcorp Holdings' FY20 net profit was in-line with Ord Minnett's forecast and its own guidance. No dividend was declared.

The lottery division performed well but the broker reckons the company's wagering result calls into question the company's product and execution.

The broker feels Tabcorp Holdings is exposed to declining wagering and competitive pressures. Moreover, a reduced dividend yield points towards future concerns.

Ord Minnett reiterates its Lighten recommendation with the target price increasing to $3.10 from $2.60.

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

Target price is $3.10 Current Price is $3.67 Difference: minus $0.57 (current price is over target).
If TAH meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 6.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 1.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 16.00 cents and EPS of 19.00 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 19.32.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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


UBS rates TAH as Buy (1) -

FY20 operating earnings were down -12% and in line with recent guidance. UBS highlights another stellar performance from the lotteries division. Tabcorp Holdings also announced a $600m equity raising.

The new dividend pay-out ratio is 70-80%, which reduces the dividend yield back to 4%, the broker calculates. The broker assumes dividends will resume in the second half of FY21.

Management has disclosed that retail wagering has returned to pre-pandemic levels. UBS retains a Buy rating and reduces the target to $4.70 from $5.00.

Target price is $4.70 Current Price is $3.67 Difference: $1.03
If TAH meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 5.00 cents and EPS of 15.30 cents.
At the last closing share price the estimated dividend yield is 1.36%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.99.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.6, implying annual growth of N/A.

Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 2.2%.

Current consensus EPS estimate suggests the PER is 25.1.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 14.50 cents and EPS of 17.70 cents.
At the last closing share price the estimated dividend yield is 3.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.4, implying annual growth of 19.2%.

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

Current consensus EPS estimate suggests the PER is 21.1.

Market Sentiment: 0.1

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

TRS  THE REJECT SHOP LIMITED

Household & Personal Products

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Overnight Price: $6.68

Morgan Stanley rates TRS as Overweight (1) -

The Reject Shop reported its FY20 results and Morgan Stanley believes the market will be focused on the balance sheet (very strong), early FY21 trading (less pandemic tailwind than in Feb/March) and the operational outlook (as opposed to financial guidance).

The broker notes free cash flow was very strong at $61.6m versus profit (NPAT) of $2.7m, on a -36% inventory reduction.

Morgan Stanley rates the stock as Overweight with a target price of $10. Industry view: In-line.

Target price is $10.00 Current Price is $6.68 Difference: $3.32
If TRS meets the Morgan Stanley target it will return approximately 50% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 14.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 47.71.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 30.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.27.

Market Sentiment: 1.0

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


Ord Minnett rates TRS as Buy (1) -

FY20 results were in line with expectations. A reduced inventory burden has unlocked efficiency gains across the business, comments the analyst, demonstrated by a reduction in store labour costs to 14.5%.

More savings are achievable in store and throughout the supply chain, Ord Minnett suggests, while rental renegotiations have potential for additional gains. Buy rating retained. Target is raised to $10.13 from $10.11.

Target price is $10.13 Current Price is $6.68 Difference: $3.45
If TRS meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 22.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.56.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 EPS of 42.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.79.

Market Sentiment: 1.0

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

VCX  VICINITY CENTRES

REITs

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Overnight Price: $1.27

Citi rates VCX as Neutral (3) -

Free funds from operations were down -24% in FY20 but in line with expectations. No FY21 guidance was provided.

Citi observes management has taken a conservative approach to accounting for the impact of the pandemic but the medium-term outlook is uncertain.

The broker retains a Neutral rating. Target is $1.51.

Target price is $1.51 Current Price is $1.27 Difference: $0.24
If VCX meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 20.9% (ex-dividends)

Forecast for FY21:

Current consensus EPS estimate is 11.5, implying annual growth of N/A.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY22:

Current consensus EPS estimate is 12.6, implying annual growth of 9.6%.

Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.0

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


Morgan Stanley rates VCX as Underweight (5) -

FY20 results were in line, and while rent collections were low this was not unexpected. No guidance was provided for FY21 and Morgan Stanley expects earnings will continue to be affected by rent relief deals, with certain tourist and CBD assets getting extended waivers.

The broker's forecasts for rent collection are at 65% of pre-pandemic levels by December 2020 and 85% by June 2021.

Morgan Stanley retains its Underweight rating. Target is reduced to $1.25 from $1.28. Industry view: In-line.

Target price is $1.25 Current Price is $1.27 Difference: minus $0.02 (current price is over target).
If VCX meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 9.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of N/A.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 dividend of 10.80 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 8.50%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 9.6%.

Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.0

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


Ord Minnett rates VCX as Hold (3) -

Ord Minnett notes Vicinity Centres' FY20 funds from operations at $520.3m was down -25% versus last year and well below the broker's forecast of $570m.

The broker considers earnings visibility low for FY21 due to the ongoing disruption and tenant negotiations. No FY21 guidance was given. The broker is of the view the share price will bounce around depending on factors like restrictions and covid-19 vaccine. 

Hold rating maintained with the target price reduced to $1.60 from $1.70.

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

Target price is $1.60 Current Price is $1.27 Difference: $0.33
If VCX meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 9.00 cents and EPS of 11.00 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of N/A.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 10.00 cents and EPS of 12.00 cents.
At the last closing share price the estimated dividend yield is 7.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 9.6%.

Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.0

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


UBS rates VCX as Neutral (3) -

FY20 results were materially lower than UBS estimated. This reflects a higher impact from the pandemic on the results. The company was able to offset a portion of the income reduction with lower overheads and interest expense savings.

The broker assesses the outlook is challenging, with a prolonged recovery for assets exposed to international visitors/CBD shoppers and Melbourne. The Neutral rating is under review and the target is reduced to $1.38 from $1.48.

Target price is $1.38 Current Price is $1.27 Difference: $0.11
If VCX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 7.60 cents and EPS of 10.90 cents.
At the last closing share price the estimated dividend yield is 5.98%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.5, implying annual growth of N/A.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 7.6%.

Current consensus EPS estimate suggests the PER is 11.0.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 9.00 cents and EPS of 12.90 cents.
At the last closing share price the estimated dividend yield is 7.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 12.6, implying annual growth of 9.6%.

Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 7.9%.

Current consensus EPS estimate suggests the PER is 10.0.

Market Sentiment: 0.0

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

VOC  VOCUS GROUP LIMITED

Telecommunication

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Overnight Price: $3.07

Credit Suisse rates VOC as Neutral (3) -

Vocus Group's FY20 results came out just below Credit Suisse's estimates.

FY21 guidance for the vocus network services (VNS) business was higher than expected. This, suggests the broker, implies weakness will continue in retail.

Capex guidance was well below the broker's estimates but this is considered temporary. Neutral maintained with a target price of $3.40.

Target price is $3.40 Current Price is $3.07 Difference: $0.33
If VOC meets the Credit Suisse target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of 15.86 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 9.20 cents and EPS of 18.04 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.02.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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


Macquarie rates VOC as Neutral (3) -

Vocus Group delivered an FY20 result at the lower end of guidance and in-line with expectations; and management guided towards the lower end of expectations for FY21.

Highlights include a $20m rise in earnings before interest, tax, depreciation and amortisation despite a -$12m revenue loss related to the Vodafone backhaul. Capital expenditure guidance fell.

On the downside, retail earnings slumped -22%. While management guides to a recovery in the second half, business earnings are expected to drag, leaving Vocus with zero annual earnings growth,. Gearing remains high but the broker believes it is manageable.

EPS forecasts are cut -2.8% in FY21, are raised 3.3% in FY22 and are shaved -1.6% in FY23.

Target price falls -7% to $3.40 from $3.65. Neutral rating retained.

Target price is $3.40 Current Price is $3.07 Difference: $0.33
If VOC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 0.00 cents and EPS of 17.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.70 cents and EPS of 21.10 cents.
At the last closing share price the estimated dividend yield is 1.86%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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


Morgan Stanley rates VOC as Overweight (1) -

At first glance, FY20 numbers appear in line. Operating earnings guidance (underlying EBITDA) for FY21 of $382-$397m is ahead of expectations.

Morgan Stanley suggests guidance should be well received against a backdrop where other telcos are downgrading forecasts.

Overweight rating retained. Target price is decreased to $3.40 from 3.50. Industry view: In-line.

Target price is $3.40 Current Price is $3.07 Difference: $0.33
If VOC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 17.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.16.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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


Morgans rates VOC as Hold (3) -

Vocus Group's reported a FY20 result in-line with the midpoint of earlier guidance, and the highlight was the much stronger free cashflow figure, according to Morgans.

The FY21 outlook is for mild earnings (EBITDA) growth, estimates the broker. This comprises around 10% in Vocus Networks, some organic growth in New Zealand and retail improving off a difficult FY20.

Management said the result shows the three year turnaround is firmly on-track.

The Hold rating is maintained. The target price is increased to $3.35 from $3.33.

Target price is $3.35 Current Price is $3.07 Difference: $0.28
If VOC meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgans forecasts a full year FY21 dividend of 0.00 cents and EPS of 12.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Morgans forecasts a full year FY22 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 25.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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


Ord Minnett rates VOC as Buy (1) -

Vocus Group's FY20 results are in-line with guidance at the operating income level but missed the mark at net profit owing to higher D&A charges, according to the broker.

Ord Minnett expressed surprise at the write-down of the retail segment. Growth in the main network segment is expected to be 8-12%.

The broker reaffirms its Buy rating with the target price raised to $3.74 to $3.71.

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

Target price is $3.74 Current Price is $3.07 Difference: $0.67
If VOC meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 EPS of 16.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.83.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 10.60 cents and EPS of 21.20 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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


UBS rates VOC as Buy (1) -

Vocus Group delivered on expectations in FY20 and UBS welcomes guidance, which signals flat or slight growth in FY21.

The broker was somewhat surprised that the pandemic appears to have been a net positive for the company, as cost scrutiny benefited Vocus at the expense of incumbents.

The company believes it is now in a better position to consider strategic options for NZ/retail and an update will be provided before February 2021. Buy rating and $3.60 target maintained.

Target price is $3.60 Current Price is $3.07 Difference: $0.53
If VOC meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 0.00 cents and EPS of 15.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.7, implying annual growth of N/A.

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

Current consensus EPS estimate suggests the PER is 20.1.

Forecast for FY22:

UBS forecasts a full year FY22 dividend of 4.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 1.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.9, implying annual growth of 14.0%.

Current consensus DPS estimate is 5.9, implying a prospective dividend yield of 1.9%.

Current consensus EPS estimate suggests the PER is 17.6.

Market Sentiment: 0.5

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

WEB  WEBJET LIMITED

Travel, Leisure & Tourism

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Overnight Price: $3.68

Credit Suisse rates WEB as Neutral (3) -

Webject's FY20 result missed Credit Suisse's forecast by -8% at revenue and materially at operating income. No FY21 guidance was provided.

Credit Suisse highlights travel restrictions in Australia are delaying online travel agencies' recovery. The broker has reduced its FY21 revenue and operating income forecasts by -10% and -39%.

Considering the business as appropriately valued, Credit Suisse maintains its Neutral rating with the target price reducing to $3.70 from $3.80.

Target price is $3.70 Current Price is $3.68 Difference: $0.02
If WEB meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 10.73 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.30.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, 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 FY22:

Credit Suisse forecasts a full year FY22 dividend of 0.00 cents and EPS of 10.54 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 34.91.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of N/A.

Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.2

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


Morgan Stanley rates WEB as Underweight (5) -

Morgan Stanley notes a -$42m operating earnings loss in the second half translates to cash flow burn of -$255.8m. Moreover, commentary on the year-to-date suggests "a more protracted recovery".

Morgan Stanley agrees the horizon for recovery is much longer for Webjet than it is for Corporate Travel ((CTD)). The broker also highlights, in a move to "make this less simple", the company will move its year end to March from June.

Underweight with a target price of $3.30. Industry view: In-line.

Target price is $3.30 Current Price is $3.68 Difference: minus $0.38 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.02, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 dividend of 0.00 cents and EPS of 4.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, 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 FY22:

Morgan Stanley forecasts a full year FY22 dividend of 0.00 cents and EPS of 25.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.72.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of N/A.

Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.2

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


Ord Minnett rates WEB as Buy (1) -

Webjet's final result was a case of two halves, observes Ord Minnett, with a strong performance in the first half while seeing demand collapse in the second half.

After the working capital unwind that had an adverse impact, the broker considers the capital raising has positioned the company for a "bright future".

The broker has updated its earnings forecasts to take into account the delay in domestic travel resumption in Australia and offshore. Earnings growth forecast has increased slightly for FY21, while fallen for FY22-23. 

Considering the company well-positioned to thrive post covid, the broker retains its Buy rating. Target is reduced to $4.36 from $4.51.

Target price is $4.36 Current Price is $3.68 Difference: $0.68
If WEB meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.02, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 0.00 cents and EPS of minus 19.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 19.37.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -8.3, 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 FY22:

Ord Minnett forecasts a full year FY22 dividend of 3.00 cents and EPS of 15.00 cents.
At the last closing share price the estimated dividend yield is 0.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 16.8, implying annual growth of N/A.

Current consensus DPS estimate is 1.0, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 19.3.

Market Sentiment: 0.2

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

WES  WESFARMERS LIMITED

Apparel & Footwear

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Overnight Price: $48.88

Citi rates WES as Sell (5) -

It is Citi's initial assessment that Wesfarmers' FY20 report, released today, marks a slight beat on expectations, to the tune of 3-4%.

Apart from declaring a dividend in-line with expectations, a special dividend has been declared as well, financed from the sale of equity in Coles.

While small upgrades to market consensus forecasts should follow, the analysts also believe this is already in the share price.

Target price is $38.20 Current Price is $48.88 Difference: minus $10.68 (current price is over target).
If WES meets the Citi target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.65, suggesting downside of -14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Citi forecasts a full year FY20 dividend of 153.00 cents and EPS of 173.20 cents.
At the last closing share price the estimated dividend yield is 3.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.7, implying annual growth of -1.3%.

Current consensus DPS estimate is 143.3, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY21:

Citi forecasts a full year FY21 dividend of 157.00 cents and EPS of 173.10 cents.
At the last closing share price the estimated dividend yield is 3.21%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.9, implying annual growth of -5.2%.

Current consensus DPS estimate is 146.3, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 30.5.

Market Sentiment: -0.3

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


Ord Minnett rates WES as Lighten (4) -

According to Ord Minnet's early assessment, today's released FY20 financials proved a slight beat as far as continuing operations are concerned.

While the dividend was in-line, the broker notes shareholders will also receive an additional special dividend from the proceeds of selling more equity in Coles.

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

Target price is $41.00 Current Price is $48.88 Difference: minus $7.88 (current price is over target).
If WES meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.65, suggesting downside of -14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Ord Minnett forecasts a full year FY20 dividend of 152.00 cents and EPS of 172.00 cents.
At the last closing share price the estimated dividend yield is 3.11%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 168.7, implying annual growth of -1.3%.

Current consensus DPS estimate is 143.3, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 28.9.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 144.00 cents and EPS of 165.00 cents.
At the last closing share price the estimated dividend yield is 2.95%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 159.9, implying annual growth of -5.2%.

Current consensus DPS estimate is 146.3, implying a prospective dividend yield of 3.0%.

Current consensus EPS estimate suggests the PER is 30.5.

Market Sentiment: -0.3

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

WOW  WOOLWORTHS LIMITED

Food, Beverages & Tobacco

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Overnight Price: $40.58

Citi rates WOW as Neutral (3) -

Woolworths has acquired 65% of PFD Food Services and 26 of its distribution centres for a combined $708m. Citi finds the strategic move interesting and likely to be a growth opportunity.

The ability to localise ranges is a key potential revenue synergy for the company, suggests the analyst.

Woolworths is planning to operate PFD separately from its core supermarkets business and therefore the risk of customer loss is a concern to the broker. Neutral rating and $41.50 target.

Target price is $41.50 Current Price is $40.58 Difference: $0.92
If WOW meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $38.53, suggesting downside of -3.8% (ex-dividends)

Forecast for FY20:

Current consensus EPS estimate is 131.7, implying annual growth of -36.1%.

Current consensus DPS estimate is 94.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 30.4.

Forecast for FY21:

Current consensus EPS estimate is 144.3, implying annual growth of 9.6%.

Current consensus DPS estimate is 105.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.3

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


Credit Suisse rates WOW as Neutral (3) -

Woolworths will be acquiring the Australian food service distributor PFD Food Services to boost its food offering for its business segment. The retailer will be acquiring 65% equity interest, considered manageable by the broker.

The retailer unveiled its vision of an ‘everyday needs ecosystem’, which impressed Credit Suisse who feels food services needs a very different capability as compared with supermarket retail.

The retailer's food strategy includes four customer segments of which three are being developed through Woolworths' existing capabilities. The acquisition of PFD Food Services will provide access to pubs, cafes and restaurant segments, the broker highlights.

Credti Suisse reaffirms its Neutral rating with a target price of $37.18.

Target price is $37.18 Current Price is $40.58 Difference: minus $3.4 (current price is over target).
If WOW meets the Credit Suisse target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.53, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Credit Suisse forecasts a full year FY20 dividend of 93.49 cents and EPS of 131.00 cents.
At the last closing share price the estimated dividend yield is 2.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 30.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of -36.1%.

Current consensus DPS estimate is 94.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 30.4.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 109.64 cents and EPS of 148.00 cents.
At the last closing share price the estimated dividend yield is 2.70%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.42.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.3, implying annual growth of 9.6%.

Current consensus DPS estimate is 105.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.3

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


Macquarie rates WOW as Outperform (1) -

Woolworths Group has purchased a 65% stake in PFD Food Services and its freehold properties for $552m, plus put and call options granted to the Smith family, exercisable on the third anniversary of completion.

The purchase will be funded through existing cash and debt facilities. 

PFD owns an 11% share of the market and is the No. 2 brand. While the food services sector is struggling under covid, Woolworths perceives it to be a strong long-term opportunitiy. Macquarie agrees, although the broker notes other suppliers have approached the competition watchdog, signalling a delay in the transaction.

Target price is steady at $42. Outperform rating retained.

Target price is $42.00 Current Price is $40.58 Difference: $1.42
If WOW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $38.53, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

Macquarie forecasts a full year FY20 dividend of 95.10 cents and EPS of 136.30 cents.
At the last closing share price the estimated dividend yield is 2.34%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 29.77.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of -36.1%.

Current consensus DPS estimate is 94.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 30.4.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 101.90 cents and EPS of 145.90 cents.
At the last closing share price the estimated dividend yield is 2.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.81.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.3, implying annual growth of 9.6%.

Current consensus DPS estimate is 105.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.3

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


UBS rates WOW as Buy (1) -

Woolworths will acquire a 65% equity interest in PFD Food Services for $302m and 100% of PDF's 26 freehold distribution centres for $249m.

While immaterial in the short term, UBS believes the acquisition will accelerate Woolworths' transformation of supermarkets and extend the mix of alternative profit streams.

The broker expects Woolworths will exit the pandemic with higher share, richer data and an opportunity to expand the percentage of customer wallets in the long-term.

UBS retains a Buy rating and $39.10 target. The next catalyst will be the FY20 result on August 27.

Target price is $39.10 Current Price is $40.58 Difference: minus $1.48 (current price is over target).
If WOW meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $38.53, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY20:

UBS forecasts a full year FY20 dividend of 94.00 cents and EPS of 130.00 cents.
At the last closing share price the estimated dividend yield is 2.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.22.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 131.7, implying annual growth of -36.1%.

Current consensus DPS estimate is 94.9, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 30.4.

Forecast for FY21:

UBS forecasts a full year FY21 dividend of 112.00 cents and EPS of 147.00 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 27.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 144.3, implying annual growth of 9.6%.

Current consensus DPS estimate is 105.9, implying a prospective dividend yield of 2.6%.

Current consensus EPS estimate suggests the PER is 27.7.

Market Sentiment: 0.3

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

WTC  WISETECH GLOBAL LIMITED

Cloud services

More Research Tools In Stock Analysis - click HERE

Overnight Price: $27.87

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

Wisetech Global's FY20 result was slightly ahead of Credit Suisse's forecast and at the lower end of company management's guidance. The company's FY21 guidance points towards operating income of $155-$180m supported by an increased focus on costs.

The broker believes the foundation is set for attractive long term growth, amplified at profit given the scalability of the software and operating model. Long term investors are expected to be in for surprises to the upside.

Overall, the broker struggles to bridge the strong share price performance with the news in the FY20 result and downgrades its rating to Neutral from Outperform. The target price increases to $28 from $23.6

Target price is $28.00 Current Price is $27.87 Difference: $0.13
If WTC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $24.03, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Credit Suisse forecasts a full year FY21 dividend of 5.12 cents and EPS of 30.09 cents.
At the last closing share price the estimated dividend yield is 0.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 92.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of -46.5%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 102.1.

Forecast for FY22:

Credit Suisse forecasts a full year FY22 dividend of 7.56 cents and EPS of 44.47 cents.
At the last closing share price the estimated dividend yield is 0.27%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 62.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 54.3%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 66.2.

Market Sentiment: -0.2

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


Macquarie rates WTC as Neutral (3) -

WiseTech Global's result impressed Macquarie, and management guided to a better-than-expected FY21.

The company finished the year strongly, and July volumes surpassed pre-covid levels. The broker expects this will drive a strong top-line performance in FY21 (14% at the midpoint of guidance).

Metrics appear good, with customer acquisitions strong and spending from existing customers rising. The company is expected to deliver $10m in operating efficiencies, boosting operating leverage and the supply chain appears to be recovering.

On the downside, R&D continued to rise, reaching 37% of sales in FY20, up from 32% in FY19.

Macquarie cuts EPS forecasts -6.5% in FY21; -14.5% in FY22 and -11.4% in FY23, largely to reflect higher depreciation and amortisation estimates. Price target rises to $28 from $23 as the covid discount is removed. Neutral rating retained on a valuation basis.

Target price is $23.00 Current Price is $27.87 Difference: minus $4.87 (current price is over target).
If WTC meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.03, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Macquarie forecasts a full year FY21 dividend of 3.90 cents and EPS of 29.30 cents.
At the last closing share price the estimated dividend yield is 0.14%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 95.12.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of -46.5%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 102.1.

Forecast for FY22:

Macquarie forecasts a full year FY22 dividend of 5.30 cents and EPS of 38.40 cents.
At the last closing share price the estimated dividend yield is 0.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 72.58.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 54.3%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 66.2.

Market Sentiment: -0.2

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


Morgan Stanley rates WTC as Overweight (1) -

FY20 results were in line. Morgan Stanley assesses the business model depends on volumes so providing FY21 guidance is significant, and this is slightly ahead of expectations.

Also important, it is confirmation WiseTech Global is experiencing a step-up in demand for its software from global freight forwarders.

The price target is increased to $26 from $23. Overweight rating. Industry view is Attractive.

Target price is $26.00 Current Price is $27.87 Difference: minus $1.87 (current price is over target).
If WTC meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.03, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Morgan Stanley forecasts a full year FY21 EPS of 26.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 107.19.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of -46.5%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 102.1.

Forecast for FY22:

Morgan Stanley forecasts a full year FY22 EPS of 41.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 67.98.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 54.3%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 66.2.

Market Sentiment: -0.2

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


Ord Minnett rates WTC as Lighten (4) -

FY20 results were ahead of expectations, driven by lower costs. The company has guided to FY21 revenue of $470-510m, implying growth of 9-19%.

While the mid point is below consensus forecasts, Ord Minnett suggests the added detail on transaction leverage and new products helps explain the difference.

The broker welcomes the company's more measured approach to cost growth but after a sharp move up in the share price retains a Lighten rating. Target is raised to $24.75 from $19.60.

Target price is $24.75 Current Price is $27.87 Difference: minus $3.12 (current price is over target).
If WTC meets the Ord Minnett target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.03, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY21:

Ord Minnett forecasts a full year FY21 dividend of 3.70 cents and EPS of 26.50 cents.
At the last closing share price the estimated dividend yield is 0.13%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 105.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of -46.5%.

Current consensus DPS estimate is 4.1, implying a prospective dividend yield of 0.1%.

Current consensus EPS estimate suggests the PER is 102.1.

Forecast for FY22:

Ord Minnett forecasts a full year FY22 dividend of 5.10 cents and EPS of 42.30 cents.
At the last closing share price the estimated dividend yield is 0.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 65.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 41.5, implying annual growth of 54.3%.

Current consensus DPS estimate is 6.0, implying a prospective dividend yield of 0.2%.

Current consensus EPS estimate suggests the PER is 66.2.

Market Sentiment: -0.2

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
A2M a2 Milk Co $18.25 Citi 17.20 21.50 -20.00%
Morgans 18.35 18.41 -0.33%
ABP Abacus Property Group $2.71 Ord Minnett 3.00 3.10 -3.23%
ADI APN Industria Reit $2.45 Macquarie 2.64 2.77 -4.69%
Morgans 2.60 2.68 -2.99%
AMC Amcor $15.73 Citi 17.25 15.50 11.29%
UBS 15.90 14.60 8.90%
ANZ ANZ Banking Group $18.42 Citi 23.75 24.75 -4.04%
Macquarie 18.00 18.25 -1.37%
Morgan Stanley 20.00 20.10 -0.50%
Ord Minnett 19.50 20.00 -2.50%
ARB ARB Corp $24.39 Ord Minnett 20.50 17.50 17.14%
BAP Bapcor Limited $7.00 Citi 7.76 6.85 13.28%
Credit Suisse 8.40 7.20 16.67%
Morgan Stanley 8.45 7.50 12.67%
Morgans 7.47 6.38 17.08%
UBS 7.50 7.00 7.14%
BXB Brambles $10.98 Citi 12.90 13.80 -6.52%
Morgans 12.05 12.04 0.08%
UBS 11.00 11.10 -0.90%
CAR Carsales.Com $20.62 Credit Suisse 18.80 16.60 13.25%
Macquarie 19.30 18.00 7.22%
Morgan Stanley 19.00 17.00 11.76%
Morgans 19.17 14.58 31.48%
Ord Minnett 20.26 17.06 18.76%
UBS 19.50 16.00 21.88%
COL Coles Group $18.85 UBS 17.90 15.00 19.33%
CRN Coronado Global Resources $0.69 Credit Suisse 1.60 1.90 -15.79%
UBS 1.30 1.60 -18.75%
CSL CSL $299.75 Citi 320.00 334.00 -4.19%
Credit Suisse 333.00 320.00 4.06%
Macquarie 295.00 293.50 0.51%
Morgan Stanley 282.00 265.00 6.42%
Morgans 306.74 299.70 2.35%
Ord Minnett 285.00 280.00 1.79%
UBS 346.00 320.00 8.13%
CTD Corporate Travel $13.16 Credit Suisse 14.00 12.00 16.67%
Macquarie 14.40 9.00 60.00%
Morgans 14.20 12.85 10.51%
Ord Minnett 15.51 12.97 19.58%
CWN Crown Resorts $9.47 Citi 9.90 10.00 -1.00%
Credit Suisse 11.20 10.80 3.70%
Macquarie 11.00 11.40 -3.51%
Ord Minnett 8.60 8.50 1.18%
UBS 10.65 9.90 7.58%
DMP Domino's Pizza $86.06 Citi 59.60 47.80 24.69%
Credit Suisse 60.21 53.19 13.20%
Morgans 81.29 63.22 28.58%
Ord Minnett 77.50 70.00 10.71%
UBS 70.00 64.00 9.38%
DTL Data#3 $5.45 Morgans 5.39 5.04 6.94%
DXS Dexus Property $8.67 Citi 9.11 9.44 -3.50%
Credit Suisse 9.92 10.37 -4.34%
Macquarie 8.80 9.23 -4.66%
Morgan Stanley 10.20 11.00 -7.27%
Ord Minnett 9.65 9.10 6.04%
UBS 10.47 10.77 -2.79%
EHE Estia Health $1.50 Macquarie 1.70 1.83 -7.10%
Ord Minnett 1.40 1.65 -15.15%
FBU Fletcher Building $3.08 Morgan Stanley 3.66 3.68 -0.54%
IVC Invocare $9.71 Citi 11.00 12.75 -13.73%
Macquarie 9.00 10.20 -11.76%
Morgans 11.00 13.10 -16.03%
MIN Mineral Resources $28.25 Macquarie 32.00 26.50 20.75%
Morgan Stanley 21.00 20.10 4.48%
MMS Mcmillan Shakespeare $10.02 Macquarie 9.11 8.87 2.71%
MND Monadelphous Group $10.94 UBS 10.00 8.45 18.34%
MOE Moelis Australia $3.78 Ord Minnett 5.17 4.65 11.18%
MP1 Megaport $15.80 UBS 16.00 13.85 15.52%
NEA Nearmap $2.44 Citi 3.00 2.75 9.09%
Macquarie 2.75 2.47 11.34%
Morgan Stanley 2.30 2.30 0.00%
NST Northern Star $14.13 Morgan Stanley 12.45 12.25 1.63%
Ord Minnett 11.40 12.20 -6.56%
OZL Oz Minerals $14.86 Credit Suisse 11.15 10.70 4.21%
Macquarie 15.80 15.00 5.33%
Morgan Stanley 14.40 14.30 0.70%
Morgans 13.24 12.05 9.88%
PGH Pact Group $2.49 Macquarie 2.70 2.60 3.85%
RDC Redcape Hotel $0.84 Ord Minnett 1.08 0.92 17.39%
SAR Saracen Mineral $5.47 Morgan Stanley 5.50 5.25 4.76%
Ord Minnett 4.70 4.90 -4.08%
SIQ Smartgroup $6.38 Morgans 6.75 7.20 -6.25%
SSM Service Stream $1.85 Macquarie 2.72 2.88 -5.56%
TAH Tabcorp Holdings $3.67 Citi 3.60 3.70 -2.70%
Credit Suisse 4.30 3.65 17.81%
Macquarie 4.15 4.00 3.75%
Morgans 3.65 3.45 5.80%
Ord Minnett 3.10 2.60 19.23%
UBS 4.70 5.00 -6.00%
TRS The Reject Shop $7.04 Ord Minnett 10.13 10.11 0.20%
VCX Vicinity Centres $1.26 Morgan Stanley 1.25 1.28 -2.34%
Ord Minnett 1.60 1.70 -5.88%
UBS 1.38 1.48 -6.76%
VOC Vocus Group $3.15 Macquarie 3.40 3.65 -6.85%
Morgan Stanley 3.40 3.50 -2.86%
Morgans 3.35 3.33 0.60%
Ord Minnett 3.74 3.71 0.81%
WEB Webjet $3.24 Credit Suisse 3.70 3.80 -2.63%
Ord Minnett 4.36 4.51 -3.33%
WTC Wisetech Global $27.46 Credit Suisse 28.00 23.60 18.64%
Morgan Stanley 26.00 23.00 13.04%
Ord Minnett 24.75 19.60 26.28%
Summaries
A2M a2 Milk Co Downgrade to Sell from Buy - Citi Overnight Price $18.25
Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $18.25
Outperform - Macquarie Overnight Price $18.25
Hold - Morgans Overnight Price $18.25
Buy - UBS Overnight Price $18.25
ABP Abacus Property Group Accumulate - Ord Minnett Overnight Price $2.62
ADI APN Industria Reit Neutral - Macquarie Overnight Price $2.42
Add - Morgans Overnight Price $2.42
AIA Auckland International Outperform - Macquarie Overnight Price $5.81
AMC Amcor Buy - Citi Overnight Price $15.76
Neutral - UBS Overnight Price $15.76
ANZ ANZ Banking Group Buy - Citi Overnight Price $18.68
Outperform - Credit Suisse Overnight Price $18.68
Neutral - Macquarie Overnight Price $18.68
Overweight - Morgan Stanley Overnight Price $18.68
Add - Morgans Overnight Price $18.68
Hold - Ord Minnett Overnight Price $18.68
Buy - UBS Overnight Price $18.68
APT Afterpay Overweight - Morgan Stanley Overnight Price $74.90
ARB ARB Corp Hold - Ord Minnett Overnight Price $23.99
BAP Bapcor Limited Buy - Citi Overnight Price $6.90
Outperform - Credit Suisse Overnight Price $6.90
Overweight - Morgan Stanley Overnight Price $6.90
Add - Morgans Overnight Price $6.90
Buy - UBS Overnight Price $6.90
BXB Brambles Buy - Citi Overnight Price $11.26
Outperform - Macquarie Overnight Price $11.26
Overweight - Morgan Stanley Overnight Price $11.26
Hold - Morgans Overnight Price $11.26
Neutral - UBS Overnight Price $11.26
CAR Carsales.Com Neutral - Credit Suisse Overnight Price $20.23
Neutral - Macquarie Overnight Price $20.23
Overweight - Morgan Stanley Overnight Price $20.23
Downgrade to Hold from Add - Morgans Overnight Price $20.23
Hold - Ord Minnett Overnight Price $20.23
Neutral - UBS Overnight Price $20.23
CCL Coca-Cola Amatil Buy - Citi Overnight Price $8.87
CHC Charter Hall Accumulate - Ord Minnett Overnight Price $11.25
COL Coles Group Neutral - UBS Overnight Price $18.95
CRN Coronado Global Resources Outperform - Credit Suisse Overnight Price $0.69
Buy - UBS Overnight Price $0.69
CSL CSL Downgrade to Neutral from Buy - Citi Overnight Price $312.05
Outperform - Credit Suisse Overnight Price $312.05
Neutral - Macquarie Overnight Price $312.05
Equal-weight - Morgan Stanley Overnight Price $312.05
Hold - Morgans Overnight Price $312.05
Hold - Ord Minnett Overnight Price $312.05
Buy - UBS Overnight Price $312.05
CTD Corporate Travel Neutral - Credit Suisse Overnight Price $13.43
Neutral - Macquarie Overnight Price $13.43
Overweight - Morgan Stanley Overnight Price $13.43
Downgrade to Hold from Add - Morgans Overnight Price $13.43
Buy - Ord Minnett Overnight Price $13.43
CWN Crown Resorts Neutral - Citi Overnight Price $9.80
Outperform - Credit Suisse Overnight Price $9.80
Outperform - Macquarie Overnight Price $9.80
Overweight - Morgan Stanley Overnight Price $9.80
Hold - Ord Minnett Overnight Price $9.80
Buy - UBS Overnight Price $9.80
DMP Domino's Pizza Sell - Citi Overnight Price $83.70
Underperform - Credit Suisse Overnight Price $83.70
Neutral - Macquarie Overnight Price $83.70
Equal-weight - Morgan Stanley Overnight Price $83.70
Hold - Morgans Overnight Price $83.70
Hold - Ord Minnett Overnight Price $83.70
Sell - UBS Overnight Price $83.70
DTL Data#3 Hold - Morgans Overnight Price $5.35
DXS Dexus Property Neutral - Citi Overnight Price $8.48
Outperform - Credit Suisse Overnight Price $8.48
Neutral - Macquarie Overnight Price $8.48
Overweight - Morgan Stanley Overnight Price $8.48
Upgrade to Accumulate from Hold - Ord Minnett Overnight Price $8.48
Buy - UBS Overnight Price $8.48
EHE Estia Health Neutral - Macquarie Overnight Price $1.49
Hold - Ord Minnett Overnight Price $1.49
FBU Fletcher Building Neutral - Citi Overnight Price $3.13
Neutral - Credit Suisse Overnight Price $3.13
Neutral - Macquarie Overnight Price $3.13
Equal-weight - Morgan Stanley Overnight Price $3.13
Neutral - UBS Overnight Price $3.13
IEL IDP Education Outperform - Macquarie Overnight Price $14.92
IVC Invocare Downgrade to Neutral from Buy - Citi Overnight Price $9.94
Underperform - Macquarie Overnight Price $9.94
Equal-weight - Morgan Stanley Overnight Price $9.94
Add - Morgans Overnight Price $9.94
MCP Mcpherson'S Buy - Ord Minnett Overnight Price $2.94
MGX Mount Gibson Iron Outperform - Macquarie Overnight Price $0.75
MHJ Michael Hill Outperform - Credit Suisse Overnight Price $0.32
Outperform - Macquarie Overnight Price $0.32
MIN Mineral Resources Outperform - Macquarie Overnight Price $27.42
Equal-weight - Morgan Stanley Overnight Price $27.42
MMS Mcmillan Shakespeare Neutral - Macquarie Overnight Price $8.72
Overweight - Morgan Stanley Overnight Price $8.72
MND Monadelphous Group Neutral - UBS Overnight Price $10.43
MOE Moelis Australia Buy - Ord Minnett Overnight Price $3.61
MP1 Megaport Neutral - UBS Overnight Price $15.54
MPL Medibank Private Neutral - Macquarie Overnight Price $2.86
NEA Nearmap Buy - Citi Overnight Price $2.37
Outperform - Macquarie Overnight Price $2.37
Overweight - Morgan Stanley Overnight Price $2.37
NST Northern Star Underperform - Macquarie Overnight Price $14.45
Equal-weight - Morgan Stanley Overnight Price $14.45
Sell - UBS Overnight Price $14.45
NWH NRW Holdings Buy - UBS Overnight Price $2.05
ORG Origin Energy No Rating - Macquarie Overnight Price $5.90
Accumulate - Ord Minnett Overnight Price $5.90
OZL Oz Minerals Underperform - Credit Suisse Overnight Price $14.65
Outperform - Macquarie Overnight Price $14.65
Overweight - Morgan Stanley Overnight Price $14.65
Hold - Morgans Overnight Price $14.65
Buy - UBS Overnight Price $14.65
PGH Pact Group Neutral - Macquarie Overnight Price $2.42
PPT Perpetual Neutral - Macquarie Overnight Price $30.97
QAN Qantas Airways Hold - Ord Minnett Overnight Price $3.76
RDC Redcape Hotel Buy - Ord Minnett Overnight Price $0.80
RIO Rio Tinto Outperform - Macquarie Overnight Price $101.67
S32 South32 Underperform - Macquarie Overnight Price $2.15
Accumulate - Ord Minnett Overnight Price $2.15
SAR Saracen Mineral Underperform - Macquarie Overnight Price $5.52
Equal-weight - Morgan Stanley Overnight Price $5.52
Buy - UBS Overnight Price $5.52
SGR Star Entertainment Hold - Ord Minnett Overnight Price $2.83
SIQ Smartgroup Equal-weight - Morgan Stanley Overnight Price $6.28
Downgrade to Hold from Add - Morgans Overnight Price $6.28
SLR Silver Lake Resources Outperform - Macquarie Overnight Price $2.27
SSM Service Stream Outperform - Macquarie Overnight Price $1.87
TAH Tabcorp Holdings Neutral - Citi Overnight Price $3.67
Upgrade to Outperform from Neutral - Credit Suisse Overnight Price $3.67
Neutral - Macquarie Overnight Price $3.67
Equal-weight - Morgan Stanley Overnight Price $3.67
Hold - Morgans Overnight Price $3.67
Lighten - Ord Minnett Overnight Price $3.67
Buy - UBS Overnight Price $3.67
TRS The Reject Shop Overweight - Morgan Stanley Overnight Price $6.68
Buy - Ord Minnett Overnight Price $6.68
VCX Vicinity Centres Neutral - Citi Overnight Price $1.27
Underweight - Morgan Stanley Overnight Price $1.27
Hold - Ord Minnett Overnight Price $1.27
Neutral - UBS Overnight Price $1.27
VOC Vocus Group Neutral - Credit Suisse Overnight Price $3.07
Neutral - Macquarie Overnight Price $3.07
Overweight - Morgan Stanley Overnight Price $3.07
Hold - Morgans Overnight Price $3.07
Buy - Ord Minnett Overnight Price $3.07
Buy - UBS Overnight Price $3.07
WEB Webjet Neutral - Credit Suisse Overnight Price $3.68
Underweight - Morgan Stanley Overnight Price $3.68
Buy - Ord Minnett Overnight Price $3.68
WES Wesfarmers Sell - Citi Overnight Price $48.88
Lighten - Ord Minnett Overnight Price $48.88
WOW Woolworths Neutral - Citi Overnight Price $40.58
Neutral - Credit Suisse Overnight Price $40.58
Outperform - Macquarie Overnight Price $40.58
Buy - UBS Overnight Price $40.58
WTC Wisetech Global Downgrade to Neutral from Outperform - Credit Suisse Overnight Price $27.87
Neutral - Macquarie Overnight Price $27.87
Overweight - Morgan Stanley Overnight Price $27.87
Lighten - Ord Minnett Overnight Price $27.87
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

67

2. Accumulate

5

3. Hold

69

4. Reduce

3

5. Sell

13

Thursday 20 August 2020

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.