Australian Broker Call
November 08, 2016
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 12:38 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
| AGL - | AGL ENERGY | Upgrade to Equal-weight from Underweight | Morgan Stanley |
| CAR - | CARSALES.COM | Upgrade to Add from Hold | Morgans |
| CTX - | CALTEX AUSTRALIA | Upgrade to Outperform from Neutral | Macquarie |
| DMP - | DOMINO'S PIZZA | Upgrade to Outperform from Neutral | Macquarie |
| OZL - | OZ MINERALS | Upgrade to Neutral from Underperform | Macquarie |
| SUN - | SUNCORP | Upgrade to Outperform from Neutral | Credit Suisse |
| UGL - | UGL | Downgrade to Hold from Buy | Deutsche Bank |
| WBC - | WESTPAC BANKING | Downgrade to Neutral from Outperform | Credit Suisse |
| XRO - | XERO | Downgrade to Accumulate from Buy | Ord Minnett |
Morgan Stanley rates AGL as Upgrade to Equal-weight from Underweight (3) -
The closure of Hazelwood has meant Victorian base load forward contract prices have squeezed higher for FY18, boosting Morgan Stanley's earnings estimates for AGL.
The broker expects pool prices to stay high on more frequent gas-fired price setting. Morgan Stanley upgrades to Equal-weight from Underweight. Target is raised to $21.02 from $18.80. Industry view: Cautious.
Target price is $21.02 Current Price is $19.93 Difference: $1.09
If AGL meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $21.55, suggesting upside of 8.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 88.00 cents and EPS of 118.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 117.0, implying annual growth of N/A. Current consensus DPS estimate is 83.4, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 100.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 131.3, implying annual growth of 12.2%. Current consensus DPS estimate is 96.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BSL as Outperform (1) -
Ahead of BlueScope's AGM, the broker has increased forecast earnings by 11-14% over FY17-18 to account for adjusted commodity price expectations. The broker expects the current pressure on steel spreads to moderate and the company to continue to execute cost cutting.
Outperform and $9.85 target retained.
Target price is $9.85 Current Price is $7.47 Difference: $2.38
If BSL meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).
Current consensus price target is $9.03, suggesting upside of 19.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 11.00 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 92.5, implying annual growth of 49.0%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 8.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 87.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 79.8, implying annual growth of -13.7%. Current consensus DPS estimate is 15.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 9.5. |
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CAR as Upgrade to Add from Hold (1) -
Stockbroker Morgans has come to the view the recently reported margin crunch being felt by the Stratton Finance division is but a temporary phenomenon. Morgans believes finance profits should stage a solid recovery from FY18 onwards.
On the principle this particular part of the operations is currently bruised, not broken, earnings estimates have been slightly lowered. This pulls back the price target to $12.03 from $13.01. Upgrade to Add from Hold on recent weakness.
Target price is $12.03 Current Price is $10.18 Difference: $1.85
If CAR meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $11.92, suggesting upside of 18.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 40.00 cents and EPS of 50.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.8, implying annual growth of 9.7%. Current consensus DPS estimate is 40.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 20.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 42.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.7, implying annual growth of 9.8%. Current consensus DPS estimate is 45.2, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CSL as Neutral (3) -
It appears flu vaccine sales in the US are not going CSL's way and one would now have to doubt the company's target of pulling sales for the ex-Novartis operations to $1bn within 3-5 years, Citi analysts suggest.
The analysts have left estimates unchanged, noting they continue to project strong growth in FY18, but there are downside risks emerging from the flu business in their opinion. Neutral rating and $110.73 target retained.
Target price is $110.73 Current Price is $99.77 Difference: $10.96
If CSL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $110.20, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 178.09 cents and EPS of 386.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 363.4, implying annual growth of N/A. Current consensus DPS estimate is 171.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 27.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 190.18 cents and EPS of 483.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 445.0, implying annual growth of 22.5%. Current consensus DPS estimate is 201.2, implying a prospective dividend yield of 2.0%. Current consensus EPS estimate suggests the PER is 22.4. |
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
Citi rates CTX as Buy (1) -
Caltex has announced the small acquisition of Milemaker’s retail fuel business which already operates under the Caltex brand and Citi analysts see this as yet more evidence the company doesn't need the Woolworths petrol stations to secure future growth.
Lining up all options, including buying (potentially) some spin-off stations from Woolworths, the analysts believe there's no less than 20% (or more) growth available for Caltex by 2018. Target rises to $34.81 from $34.44. Buy.
Target price is $34.81 Current Price is $29.84 Difference: $4.97
If CTX meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 108.00 cents and EPS of 194.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 131.00 cents and EPS of 218.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CTX as Outperform (1) -
Caltex will acquire Milemaker Petroleum for $95m. Caltex supplies the 46 sites being acquired. Hence, they are effectively, Credit Suisse believes, just buying the retail margin.
What is more significant, the broker asserts, is that, if it were Woolworths ((WOW)), it would be extremely worried that the mooted under-bidder for its petrol stations may no longer be there. The broker envisages the best outcome for Caltex would be that no one gets Woolworths petrol.
Outperform and $40 target retained.
Target price is $40.00 Current Price is $29.84 Difference: $10.16
If CTX meets the Credit Suisse target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 104.00 cents and EPS of 207.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 112.00 cents and EPS of 223.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CTX as Hold (3) -
Caltex will purchase Milemaker Petroleum's retail business in Victoria for $95m. Deutsche Bank notes Milemaker has been a Caltex branded re-seller for over 30 years. The purchase will be funded from existing facilities.
The broker expects the ACCC to review the acquisition. The complicating factor is that Caltex has acknowledged it made an offer for the retail sites of Woolworths ((WOW)) and may need to divest some sites to satisfy ACCC concerns. Target is raised to $33.90 from $33.65. A Hold rating is retained.
Target price is $33.90 Current Price is $29.84 Difference: $4.06
If CTX meets the Deutsche Bank target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Deutsche Bank forecasts a full year FY16 dividend of 99.00 cents and EPS of 199.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 115.00 cents and EPS of 220.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CTX as Upgrade to Outperform from Neutral (1) -
Having announced it may miss out on acquiring Woolworths' ((WOW)) petrol assets, Caltex has acquired Vic-based reseller Milemaker Petroleum. Macquarie considers the acquisition defensive as it defends volumes rather than expends scale.
Macquarie did not see value at $35 but at $30, having dropped on the Woolworths news, the stock's value credentials have improved, the broker suggests, and not winning the business is not the end of the world for Caltex. Upgrade to Outperform. Target unchanged at $32.97.
Target price is $32.97 Current Price is $29.84 Difference: $3.13
If CTX meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 110.00 cents and EPS of 204.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 120.00 cents and EPS of 229.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CTX as Equal-weight (3) -
Caltex will acquire Milemaker Petroleum, a Victoria based retail fuel business. Morgan Stanley considers the acquisition sensible and consistent with the company's strategy to expand further in retail.
While this may not necessarily mean the tilt at the Woolworths ((WOW)) petrol stations is over, the broker suspects so. Morgan Stanley does not believe Caltex would have executed this transaction if management was confident it was still in a good position to secure the Woolworths fuel retail business.
Equal-weight rating retained. In-Line industry view. Target is $32.60.
Target price is $32.60 Current Price is $29.84 Difference: $2.76
If CTX meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgan Stanley forecasts a full year FY16 dividend of 102.00 cents and EPS of 210.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 109.00 cents and EPS of 223.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CTX as Neutral (3) -
The company will purchase Milemaker Petroleum's retail fuel assets in Victoria for $95m. UBS does not anticipate any incremental sales volumes as a result of the transaction, as Milemaker is already a Caltex franchisee.
UBS does not envisage any link between the Woolworths ((WOW)) bid and this transaction, given the small scale of the Milemaker acquisition.
Target price of $33.90 and Neutral rating retained.
Target price is $33.90 Current Price is $29.84 Difference: $4.06
If CTX meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $35.17, suggesting upside of 19.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 103.00 cents and EPS of 206.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.6, implying annual growth of -12.2%. Current consensus DPS estimate is 103.7, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 14.4. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 107.00 cents and EPS of 219.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 221.0, implying annual growth of 8.0%. Current consensus DPS estimate is 116.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 13.4. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CWN as Buy (1) -
Melco Crown's third-quarter result was positive for Crown, Deutsche Bank asserts, as it indicated a stronger than expected ramp up at Studio City, margin improvement and a resilient performance from City of Dreams.
The broker reduces earnings forecasts slightly but increases the target to $14.00 from $13.75. Deutsche Bank retains a Buy rating.
Target price is $14.00 Current Price is $10.75 Difference: $3.25
If CWN meets the Deutsche Bank target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $13.58, suggesting upside of 26.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 51.00 cents and EPS of 58.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.6, implying annual growth of -51.9%. Current consensus DPS estimate is 46.7, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 17.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 55.00 cents and EPS of 64.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 61.5, implying annual growth of -1.8%. Current consensus DPS estimate is 53.3, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 17.5. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Hold (3) -
The AGM trading update was mixed, in Deutsche Bank's opinion. Sales for Australasia were strong while Europe has slowed and Japan has improved slightly.
EBITDA growth is now expected to be 30%, up from 25% previously, while net profit guidance is unchanged at 30% growth. The absence of profit upgrade disappointed the broker.
Deutsche Bank retains a $68 target and a Hold rating.
Target price is $68.00 Current Price is $68.22 Difference: minus $0.22 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 100.00 cents and EPS of 140.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 125.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Upgrade to Outperform from Neutral (1) -
Following a strong start to the year, Domino's has delivered upgraded FY17 earnings guidance. Macquarie's forecast remains 5% above. A&NZ stores booked their largest ever sales growth in October.
European integration is ahead of schedule and while Japan is subdued, it's performing in line with expectations. Put it all together and the broker feels a 49x forward PE can be justified if long term targets are met. Upgrade to Outperform. Target rises to $75.00 from $70.16.
Target price is $75.00 Current Price is $68.22 Difference: $6.78
If DMP meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 100.00 cents and EPS of 139.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 130.00 cents and EPS of 181.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates DMP as Overweight (1) -
The company has upgraded near-term earnings forecasts as well as its long-term margin target. EBITDA guidance is lifted to growth of 30% from 25%. The Australasian long-term EBITDA margin target is lifted to 45% from 38%.This is only the start of the upgrade cycle, in Morgan Stanley's view.
While Europe has slowed, the broker believes this can be explained by an unusually warm late summer, where the impact on sales could be as much as 4-5%. Price target is $95. Overweight. Sector view is In-Line.
Target price is $95.00 Current Price is $68.22 Difference: $26.78
If DMP meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 105.00 cents and EPS of 146.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 163.00 cents and EPS of 200.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Add (1) -
Morgans was impressed with the AGM update, which indicates the company is taking share in its category.
The persistence of strong sales and earnings growth in Australasia augurs well for Europe and Japan in future years, the broker believes, as these territories start to benefit from the digital platforms which have been at the heart of the local market success.
Target price jumps to $84.37 from $82.01. Add rating retained.
Target price is $84.37 Current Price is $68.22 Difference: $16.15
If DMP meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 101.00 cents and EPS of 145.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 133.00 cents and EPS of 191.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Hold (3) -
The company has upgraded its guidance for growth in operating earnings in FY17 to 30% from 25%, resulting from strong sales and increased long-term margin and store network targets. Ord Minnett observes multiple drivers for growth, being enabled by technology and product innovation.
The broker considers the valuation is elevated and earnings expectations already high, leaving limited room for error or any tolerance for a performance that does not exceed market expectations rather than guidance. The broker maintains a Hold rating and raises the target to $73 from $70.
Target price is $73.00 Current Price is $68.22 Difference: $4.78
If DMP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 102.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 136.00 cents and EPS of 188.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Neutral (3) -
The company provided a positive trading update, upgrading FY17 guidance for EBITDA growth of over 30%. UBS estimates the new guidance implies only modest 0.9% upside to its forecasts.
The broker envisages scope for further upgrades in the near future. Neutral rating and $56 target retained.
Target price is $56.00 Current Price is $68.22 Difference: minus $12.22 (current price is over target).
If DMP meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $75.23, suggesting upside of 3.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 93.00 cents and EPS of 142.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 140.7, implying annual growth of 49.0%. Current consensus DPS estimate is 100.2, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 51.6. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 179.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 186.1, implying annual growth of 32.3%. Current consensus DPS estimate is 137.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 39.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates FLT as Underperform (5) -
The broker had assumed Flight Centre was set for disappointment in FY17 and the company's downgraded guidance provides confirmation. The broker still thinks second half hopes implicit in the guidance are unrealistic.
The company suffers from the structural shift to online from bricks & mortar, and by its own admission it is offering a substandard online service. The broker believes it's a bit late now to address that as the horse has already bolted. Underperform retained, target falls to $27.20 from $28.31.
Target price is $27.20 Current Price is $30.28 Difference: minus $3.08 (current price is over target).
If FLT meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $32.88, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 138.00 cents and EPS of 231.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.9, implying annual growth of -4.7%. Current consensus DPS estimate is 139.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 151.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.3, implying annual growth of 4.9%. Current consensus DPS estimate is 147.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates FLT as Equal-weight (3) -
The downgrade to profit expectations for FY17 means Morgan Stanley is again questioning the sustainability of the company's business model. It is clear to the broker there are plenty of external issues affecting the stock.
With a recent history of profit declines, despite accretive acquisitions, the broker takes little comfort in the implied second half growth expectations, especially given this centres on significant easing of international yields.
Equal-weight rating maintained. Industry view is In-Line. Target is reduced to $30 from $32.
Target price is $30.00 Current Price is $30.28 Difference: minus $0.28 (current price is over target).
If FLT meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $32.88, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 141.00 cents and EPS of 229.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.9, implying annual growth of -4.7%. Current consensus DPS estimate is 139.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 139.00 cents and EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.3, implying annual growth of 4.9%. Current consensus DPS estimate is 147.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates FLT as Hold (3) -
With growth in the second half of 4-14% implied to reach the $320-355m pre-tax profit guidance range, Ord Minnett believes the top end will be difficult to achieve.
The broker retains a Hold rating, despite upside to the price target, preferring to witness airfares stabilising, cost growth rates easing and conditions improving in the US and UK.
The broker reduces the target to $33.58 from $37.85.
Target price is $33.58 Current Price is $30.28 Difference: $3.3
If FLT meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $32.88, suggesting upside of 9.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 142.20 cents and EPS of 252.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 230.9, implying annual growth of -4.7%. Current consensus DPS estimate is 139.5, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 150.60 cents and EPS of 267.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 242.3, implying annual growth of 4.9%. Current consensus DPS estimate is 147.8, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 12.4. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates GBT as Add (1) -
The company has signed a new client, Mainstream, for its Composer wealth management administration system.
Under the deal, the fund administrator will gradually convert most of its $88bn in funds under administration to run on the GBST Composer platform.
While the deal is a major win, Morgans does not consider it enough to offset the impact of the falling GBP. Earnings forecasts are reduced.
Target falls to $4.72 from $4.95. Add recommendation retained.
Target price is $4.72 Current Price is $3.80 Difference: $0.92
If GBT meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $4.74, suggesting upside of 26.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 12.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.5, implying annual growth of 48.3%. Current consensus DPS estimate is 10.7, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 14.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.3, implying annual growth of 23.4%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 14.8. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GMG as Outperform (1) -
Goodman's quarterly update saw a reiteration of FY17 guidance, in line with the broker's forecast. The broker nevertheless believes management is being conservative due to the earnings dilution from asset sales in the rotation strategy given a rising asset value environment.
The broker sees several tailwinds and believes the earnings outlook remains resilient. Outperform and $7.47 target retained.
Target price is $7.47 Current Price is $6.83 Difference: $0.64
If GMG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $7.52, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 25.60 cents and EPS of 42.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of -40.8%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.00 cents and EPS of 45.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 5.6%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates GMG as Overweight (1) -
The company has reiterated guidance for 6% growth in earnings per share in 2017. Morgan Stanley continues to envisage risk to earnings on the upside, given the underlying trend.
The broker believes 6-7% growth is sustainable, as dilution from asset sales and an inefficient capital structure will disappear over the next few years.
Overweight rating, Attractive industry view retained. Target is $8.30.
Target price is $8.30 Current Price is $6.83 Difference: $1.47
If GMG meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $7.52, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 25.60 cents and EPS of 42.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of -40.8%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 27.20 cents and EPS of 45.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 5.6%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GMG as Hold (3) -
The company has guided to growth in earnings per share of 6% in FY17. Ord Minnett believes the company is in good shape, with the challenge in the medium term to maintain earnings growth when yield compression no longer underpins the above-trend development margins.
Hold retained. Price target rises to $7.50 from $7.40.
Target price is $7.50 Current Price is $6.83 Difference: $0.67
If GMG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $7.52, suggesting upside of 9.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 25.00 cents and EPS of 42.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 42.6, implying annual growth of -40.8%. Current consensus DPS estimate is 25.5, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 26.00 cents and EPS of 44.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.0, implying annual growth of 5.6%. Current consensus DPS estimate is 26.7, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 15.3. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GOR as Outperform (1) -
Gold Road has entered into a 50/50 JV with Gold Fields (South Africa) to develop Gruyere. The deal will put Gold Road in a very strong position to pursue its exploration program and the company's 50% share of Gruyere capex will be fully funded, the broker notes, with a significant interest still retained.
The drop to 50% ownership nevertheless means a drop in target to $1.00 from $1.20 but Outperform retained.
Target price is $1.00 Current Price is $0.63 Difference: $0.37
If GOR meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 0.00 cents and EPS of minus 0.60 cents. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.40 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates HVN as Sell (5) -
Citi analysts are now focused on potential downside risks as they remain of the view Harvey Norman is approaching the final stages of a multi-year upswing that has benefited shareholders to date.
According to the analysts, industry contacts are reporting overall conditions in the electronics industry are softening. Sell rating retained. Target $4.60.
Target price is $4.60 Current Price is $4.92 Difference: minus $0.32 (current price is over target).
If HVN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.19, suggesting upside of 4.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 27.00 cents and EPS of 32.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of 7.8%. Current consensus DPS estimate is 30.7, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 27.00 cents and EPS of 33.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 35.5, implying annual growth of 5.0%. Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 13.9. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MQA as Outperform (1) -
Macquarie Atlas has announced the indirect acquisition of 46.1% of ADELAC via Eiffage/MAF2 for E130m.
Stockbroker Macquarie explains Eiffarie is essentially financing the transaction in what seems like a convoluted financing construction, necessary, however, to avoid having to reduce dividends to shareholders.
Note there is no change to dividend guidance from the company. Target rises to $5.90 from $5.72. Outperform retained.
Target price is $5.90 Current Price is $4.58 Difference: $1.32
If MQA meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).
Current consensus price target is $5.93, suggesting upside of 29.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 18.00 cents and EPS of 27.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 62.6%. Current consensus DPS estimate is 18.0, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 24.9. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 62.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.7, implying annual growth of 87.6%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.4%. Current consensus EPS estimate suggests the PER is 13.3. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates NST as Underperform (5) -
The FY18 Jundee production target has been increased to 250,000 ounces per year because of ongoing exploration success. The current mill rate is increased to an assumed 1.55mtpa.
Credit Suisse assumes this increased rate will deliver some cost synergies as well. The broker welcomes the targets, as it underlines confidence in Jundee, although does not feel sufficiently informed to support further attribution of future exploration success.
The broker retains a $3.75 target and Underperform rating.
Target price is $3.75 Current Price is $4.26 Difference: minus $0.51 (current price is over target).
If NST meets the Credit Suisse target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.43, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 11.97 cents and EPS of 39.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 39.6, implying annual growth of 57.1%. Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 10.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.48 cents and EPS of 51.61 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 49.1, implying annual growth of 24.0%. Current consensus DPS estimate is 11.9, implying a prospective dividend yield of 2.8%. Current consensus EPS estimate suggests the PER is 8.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OZL as Buy (1) -
Citi agrees with the positive projections underpinning the positive outlook for the Carrapateena project. Citi's in-house forecasts for the copper price are actually higher than those used in the Pre-Feasibility Study.
Target $7.20. Buy. The analysts note the company thinks it can fund the project from cash and cash flow and doesn't require a development partner. The implication for shareholders is the likely loss of dividends.
Target price is $7.20 Current Price is $7.13 Difference: $0.07
If OZL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 10.00 cents and EPS of 35.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of -21.2%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 44.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of -2.7%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OZL as Neutral (3) -
The company has revised its operations strategy which improves the pre-feasibility for Carrapateena. First production is still expected in 2019, but slower ramp up is projected on a reduced dilution approach.
Neutral and $5.80 target retained.
Target price is $5.80 Current Price is $7.13 Difference: minus $1.33 (current price is over target).
If OZL meets the Credit Suisse target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.31, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 12.00 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of -21.2%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 12.00 cents and EPS of 26.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of -2.7%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OZL as Upgrade to Neutral from Underperform (3) -
Macquarie has long dismissed Carrapateena as not offering a sufficient potential return on the investment required. However the pre-feasibility study has delivered a materially better outcome than the broker had assumed, suggesting slightly higher operating costs but a larger initial reserve.
The broker still believes a copper price of $3/lb is needed to justify the project but outside of a copper price plunge, the broker can no longer see a near term negative catalyst for OZ. Upgrade to Neutral. Target rises to $7.20 from $5.00.
Target price is $7.20 Current Price is $7.13 Difference: $0.07
If OZL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 11.00 cents and EPS of 40.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of -21.2%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.00 cents and EPS of 38.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of -2.7%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates OZL as Hold (3) -
The pre-feasibility study has revealed improved life-of-mine production on increased grades. First production is on track for the second half of 2019.
Despite lifting its valuation on the Carrapateena project, Ord Minnett maintains a Hold rating following the recent run up in the share price. Target is raised to $7.50 from $6.50.
Target price is $7.50 Current Price is $7.13 Difference: $0.37
If OZL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $6.31, suggesting downside of -16.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Ord Minnett forecasts a full year FY16 dividend of 10.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.8, implying annual growth of -21.2%. Current consensus DPS estimate is 9.9, implying a prospective dividend yield of 1.3%. Current consensus EPS estimate suggests the PER is 22.5. |
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 16.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.9, implying annual growth of -2.7%. Current consensus DPS estimate is 11.0, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 23.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SCP as Neutral (3) -
The company has acquired a 4.9% interest in Charter Hall Retail ((CQR)) for $83.4m and purchased Lillybrook shopping village in Brisbane for $25.5m.
UBS believes the main investment rationale is to redeploy capital quickly as opposed to corporate activity. Were the company to go down the latter road on CQR, the broker notes it could take over the management rights or make a full takeover offer.
The broker's base case scenario assumes that the company holds onto the stake in CQR as a passive investment at least for the next 6 months. Neutral rating and $2.18 target price retained.
Target price is $2.18 Current Price is $2.18 Difference: $0
If SCP meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $2.12, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 12.70 cents and EPS of 14.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.4, implying annual growth of -43.3%. Current consensus DPS estimate is 12.9, implying a prospective dividend yield of 5.9%. Current consensus EPS estimate suggests the PER is 15.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 13.60 cents and EPS of 15.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.1, implying annual growth of 4.9%. Current consensus DPS estimate is 13.4, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.5. |
Market Sentiment: -0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SDA as Add (1) -
The company has announced it will virtually double its EBITDA after the acquisition of Harris CapRock, a global satellite communications provider to the energy and cruise markets.
Morgans believes the deal is attractively priced and puts Speedcast into the number one position as a telecoms provider to these fast-growing sectors. The broker upgrades forecasts to include the acquisition, assuming regulatory approval and a March settlement.
Morgans retains an Add rating and raises the target to $4.58 from $4.50.
Target price is $4.58 Current Price is $3.43 Difference: $1.15
If SDA meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).
Current consensus price target is $4.33, suggesting upside of 25.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 6.75 cents and EPS of 18.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.6, implying annual growth of N/A. Current consensus DPS estimate is 7.1, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 8.50 cents and EPS of 25.63 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.9, implying annual growth of 50.0%. Current consensus DPS estimate is 11.1, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 13.8. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SGM as Buy (1) -
Looking forward to the company's AGM on Wednesday 9 December, Citi analysts expect a somewhat cautious demand outlook from the company. If volume is not likely to surprise in H1, the analysts suggest controllable cost improvements could do. Buy.
Target price is $11.20 Current Price is $10.80 Difference: $0.4
If SGM meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $9.88, suggesting downside of -9.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 32.00 cents and EPS of 59.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 50.3, implying annual growth of -6.3%. Current consensus DPS estimate is 26.2, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 21.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 40.00 cents and EPS of 75.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.8, implying annual growth of 28.8%. Current consensus DPS estimate is 32.9, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 16.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
The company has acquired the Staber Laboratory group, based in Munich, Germany, for EUR120m.
Morgans revises FY17-19 estimates, increasing German sales projections on the back of the acquisition. The broker notes the company has been performing well in Germany, gaining share across all market segments and this acquisition could sustain its momentum.
Add rating is retained. Target rises to $25.75 from $25.35.
Target price is $25.75 Current Price is $21.57 Difference: $4.18
If SHL meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $22.69, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 79.00 cents and EPS of 119.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.1, implying annual growth of -0.8%. Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 87.00 cents and EPS of 132.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 120.1, implying annual growth of 10.1%. Current consensus DPS estimate is 84.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Accumulate (2) -
The acquisition of The Staber laboratories replicates a well-established strategy for the company and Ord Minnett believes this enhances its market leading position in Germany.
Solid earnings accretion is expected over the next three years and the company expects rapid savings to be at hand from procurement arrangements and the rationalisation of customer service functions. The broker remains confident the company will extract material synergies from the integration of the overlapping operations.
Accumulate rating retained. Target falls to $24.30 from $26.00.
Target price is $24.30 Current Price is $21.57 Difference: $2.73
If SHL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $22.69, suggesting upside of 5.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 78.00 cents and EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 109.1, implying annual growth of -0.8%. Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 19.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 90.00 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 120.1, implying annual growth of 10.1%. Current consensus DPS estimate is 84.5, implying a prospective dividend yield of 3.9%. Current consensus EPS estimate suggests the PER is 17.9. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SUN as Upgrade to Outperform from Neutral (1) -
Suncorp does not offer compelling earnings growth, Credit Suisse acknowledges, but it does have a relatively simple strategy which offers less earnings risk. The broker believes the current share price is attractive as an entry point.
The main risks are a deterioration in the insurance pricing market, reserving issues and bad debts in the bank. The broker upgrades to Outperform from Neutral. Target is $13.60.
Target price is $13.60 Current Price is $11.85 Difference: $1.75
If SUN meets the Credit Suisse target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $13.24, suggesting upside of 11.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 72.00 cents and EPS of 96.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 94.0, implying annual growth of 15.5%. Current consensus DPS estimate is 75.3, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 12.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 71.00 cents and EPS of 95.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 96.7, implying annual growth of 2.9%. Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 12.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates UGL as Downgrade to Hold from Buy (3) -
The majority of the board has recommended shareholders accept the offer from Cimic ((CIM)) at $3.15 a share.
Deutsche Bank observes the offer represents an attractive premium to the historical trading price and acquisition multiples, and provides relative certainty given no superior proposal has emerged.
The broker downgrades to Hold from Buy. Target is raised to $2.40 from $2.36.
Target price is $2.40 Current Price is $3.15 Difference: minus $0.75 (current price is over target).
If UGL meets the Deutsche Bank target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.39, suggesting downside of -24.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.5, implying annual growth of N/A. Current consensus DPS estimate is 3.5, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 10.7. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 15.3%. Current consensus DPS estimate is 11.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 9.3. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates WBC as Neutral (3) -
Citi analysts spotted a "credible" result that met market expectations. They also believe the result's key metrics are unlikely to be sustainable and express some surprise Westpac didn't guide towards a lower dividend payout than the 80% on display now.
Target price reduced to $31 from $32 with the analysts commenting the bank's overweight positions in Retail and Institutional Banking will "continue to make life more challenging than once was". Neutral rating retained.
Note on Citi's forecasts the dividend will be reduced to 160c in FY18 and then maintained at that level for years after.
Target price is $31.00 Current Price is $30.50 Difference: $0.5
If WBC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 188.00 cents and EPS of 224.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 160.00 cents and EPS of 226.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates WBC as Downgrade to Neutral from Outperform (3) -
Following the FY16 result, Credit Suisse downgrades estimates by 3-4%. The result was compositionally softer than expected, but the analysts note there was no reduction to the dividend.
The broker downgrades to Neutral from Outperform and reduces the target to $31.50 from $33.00. The downgraded rating reflects the fact the broker believes the stock to be fair value and the cost out story to be less compelling.
Target price is $31.50 Current Price is $30.50 Difference: $1
If WBC meets the Credit Suisse target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 188.00 cents and EPS of 244.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 188.00 cents and EPS of 254.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WBC as Buy (1) -
The FY16 result was slightly softer than expected. While the focus was on a reduced return-on-equity target - to 13-14% from 15% - Deutsche Bank believes the previous target was unrealistic anyway, and the reduction reflects industry-wide, rather company-specific, factors.
Although continuing to expect elevated competition in housing, the broker believes the bank is well positioned to address this pressure. The broker retains a Buy rating and reduces the target to $33.10 from $34.10.
Target price is $33.10 Current Price is $30.50 Difference: $2.6
If WBC meets the Deutsche Bank target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 188.00 cents and EPS of 234.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 188.00 cents and EPS of 242.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates WBC as Outperform (1) -
Westpac's result was roughly in line with consensus and in the context of the current environment, flat underlying earnings growth was a reasonable outcome, in the broker's view.
It appears the bank took steps to strengthen its balance sheet but in order to maintain its dividend, risk weighted assets will need to be better managed relative to earnings, the broker believes.
The broker is Overweight the banks sector and on an FY17 PE of 13x and a 6% yield, Outperform and a $32.50 target are maintained for Westpac.
Target price is $32.50 Current Price is $30.50 Difference: $2
If WBC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 188.00 cents and EPS of 236.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 188.00 cents and EPS of 238.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates WBC as Equal-weight (3) -
Revenue growth was subdued in FY16 and Morgan Stanley expects around 3.5% growth in FY17, but believes there is downside risk to margin forecasts if the recent improvement in term deposit pricing and home-loan discounting does not continue.
The broker factors in a capital build up of $3.5bn over the next 18 months to reach a CET1 ratio of over 10% by FY18.
Equal-weight rating and In-Line industry view maintained. Target rises to $30.10 from $29.60.
Target price is $30.10 Current Price is $30.50 Difference: minus $0.4 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 168.00 cents and EPS of 227.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 172.00 cents and EPS of 236.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates WBC as Add (1) -
Morgans believes FY16 is a good quality result because there were no dubious "below the line" items and no specified items. As well, investment spending was not compromised in order to contain costs.
The broker reduces cash forecasts for earnings per share by 1.2% in both FY17 and FY18, largely from lower net interest margin forecasts and lower non-interest income forecasts.
Add rating retained. Target rises to $31.50 from $31.00.
Target price is $31.50 Current Price is $30.50 Difference: $1
If WBC meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 189.00 cents and EPS of 250.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 191.00 cents and EPS of 261.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates WBC as Hold (3) -
Ord Minnett found little to get excited about in the results. Expectations have come down significantly over the course of the year to the point where the stock is performing in line with the broader banking index.
The broker finds the valuation relatively undemanding and a Hold rating is retained with a $32.50 target.
Target price is $32.50 Current Price is $30.50 Difference: $2
If WBC meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 188.00 cents and EPS of 236.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 EPS of 241.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates WBC as Buy (1) -
UBS found the result in line. There were few areas which surprised positively in FY16 and even fewer areas which disappointed the broker.
While the broker understands the arguments around franking credits and waiting for news on regulatory capital, maintenance of the second half dividend at an 80% pay-out appears unsustainable.
The broker was also surprised that the bank continues with a return-on-equity target, at 13-14%, given nearly every bank in the world that has provided these targets has eventually walked away from them.
A Buy rating is retained. Target is reduced to $33 from $34.
Target price is $33.00 Current Price is $30.50 Difference: $2.5
If WBC meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $31.90, suggesting upside of 5.4% (ex-dividends)
The company's fiscal year ends in September.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 193.00 cents and EPS of 228.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 235.1, implying annual growth of N/A. Current consensus DPS estimate is 186.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 12.9. |
Forecast for FY18:
UBS forecasts a full year FY18 EPS of 232.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 241.4, implying annual growth of 2.7%. Current consensus DPS estimate is 181.2, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates XRO as Downgrade to Accumulate from Buy (2) -
First half results were in line with forecasts. Ord Minnett continues to envisage considerable opportunities for the company, especially in the US and UK markets where cloud penetration remains relatively low.
The broker expects the restructuring of the North American business, combined with its migration to Amazon Web Services, to ease cost pressures.
Ord Minnett downgrades to Accumulate from Buy as the share price has had a strong run. Target is lowered to $17.50 from $18.00.
Target price is $17.50 Current Price is $16.89 Difference: $0.61
If XRO meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $17.50, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 53.13 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -52.3, 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 FY18:
Ord Minnett forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 23.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -29.3, 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. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates XRO as Neutral (3) -
The company has highlighted strong subscriber and revenue momentum in Australasia, where it believes it is pulling away from its competition.
Outside of Australasia, UBS observes the UK market is the next most developed, noting the company believes it is now 2-2.5 times Sage on a revenue basis.
Neutral rating retained. Target is NZ$19.00.
Current Price is $16.89. Target price not assessed.
Current consensus price target is $17.50, suggesting upside of 1.2% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 52.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -52.3, 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 FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 39.15 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -29.3, 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. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AGL - | AGL ENERGY | Upgrade to Equal-weight from Underweight - Morgan Stanley | Overnight Price $19.93 |
| BSL - | BLUESCOPE STEEL | Outperform - Macquarie | Overnight Price $7.47 |
| CAR - | CARSALES.COM | Upgrade to Add from Hold - Morgans | Overnight Price $10.18 |
| CSL - | CSL | Neutral - Citi | Overnight Price $99.77 |
| CTX - | CALTEX AUSTRALIA | Buy - Citi | Overnight Price $29.84 |
| Outperform - Credit Suisse | Overnight Price $29.84 | ||
| Hold - Deutsche Bank | Overnight Price $29.84 | ||
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $29.84 | ||
| Equal-weight - Morgan Stanley | Overnight Price $29.84 | ||
| Neutral - UBS | Overnight Price $29.84 | ||
| CWN - | CROWN RESORTS | Buy - Deutsche Bank | Overnight Price $10.75 |
| DMP - | DOMINO'S PIZZA | Hold - Deutsche Bank | Overnight Price $68.22 |
| Upgrade to Outperform from Neutral - Macquarie | Overnight Price $68.22 | ||
| Overweight - Morgan Stanley | Overnight Price $68.22 | ||
| Add - Morgans | Overnight Price $68.22 | ||
| Hold - Ord Minnett | Overnight Price $68.22 | ||
| Neutral - UBS | Overnight Price $68.22 | ||
| FLT - | FLIGHT CENTRE | Underperform - Macquarie | Overnight Price $30.28 |
| Equal-weight - Morgan Stanley | Overnight Price $30.28 | ||
| Hold - Ord Minnett | Overnight Price $30.28 | ||
| GBT - | GBST HOLDINGS | Add - Morgans | Overnight Price $3.80 |
| GMG - | GOODMAN GRP | Outperform - Macquarie | Overnight Price $6.83 |
| Overweight - Morgan Stanley | Overnight Price $6.83 | ||
| Hold - Ord Minnett | Overnight Price $6.83 | ||
| GOR - | GOLD ROAD RESOURCES | Outperform - Macquarie | Overnight Price $0.63 |
| HVN - | HARVEY NORMAN HOLDINGS | Sell - Citi | Overnight Price $4.92 |
| MQA - | MACQUARIE ATLAS ROADS | Outperform - Macquarie | Overnight Price $4.58 |
| NST - | NORTHERN STAR | Underperform - Credit Suisse | Overnight Price $4.26 |
| OZL - | OZ MINERALS | Buy - Citi | Overnight Price $7.13 |
| Neutral - Credit Suisse | Overnight Price $7.13 | ||
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $7.13 | ||
| Hold - Ord Minnett | Overnight Price $7.13 | ||
| SCP - | SHOPPING CENTRES AUS | Neutral - UBS | Overnight Price $2.18 |
| SDA - | SPEEDCAST INTERN | Add - Morgans | Overnight Price $3.43 |
| SGM - | SIMS METAL MANAGEMENT | Buy - Citi | Overnight Price $10.80 |
| SHL - | SONIC HEALTHCARE | Add - Morgans | Overnight Price $21.57 |
| Accumulate - Ord Minnett | Overnight Price $21.57 | ||
| SUN - | SUNCORP | Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $11.85 |
| UGL - | UGL | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $3.15 |
| WBC - | WESTPAC BANKING | Neutral - Citi | Overnight Price $30.50 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $30.50 | ||
| Buy - Deutsche Bank | Overnight Price $30.50 | ||
| Outperform - Macquarie | Overnight Price $30.50 | ||
| Equal-weight - Morgan Stanley | Overnight Price $30.50 | ||
| Add - Morgans | Overnight Price $30.50 | ||
| Hold - Ord Minnett | Overnight Price $30.50 | ||
| Buy - UBS | Overnight Price $30.50 | ||
| XRO - | XERO | Downgrade to Accumulate from Buy - Ord Minnett | Overnight Price $16.89 |
| Neutral - UBS | Overnight Price $16.89 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 23 |
| 2. Accumulate | 2 |
| 3. Hold | 21 |
| 5. Sell | 3 |
Tuesday 08 November 2016
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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