Australian Broker Call
February 16, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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Last Updated: 02:58 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
| CPU - | COMPUTERSHARE | Downgrade to Neutral from Buy | Citi |
| CSL - | CSL | Upgrade to Buy from Neutral | Citi |
| IFL - | IOOF HOLDINGS | Downgrade to Neutral from Outperform | Credit Suisse |
| Downgrade to Neutral from Outperform | Macquarie | ||
| SGM - | SIMS METAL MANAGEMENT | Upgrade to Outperform from Underperform | Macquarie |
| VCX - | VICINITY CENTRES | Upgrade to Buy from Neutral | Citi |
Citi rates A2M as Sell (5) -
Citi analysts are not wavering in light of a solid, market beating interim performance; their rating remains Sell. The analysts acknowledge management has to be commended for delivering under challenging circumstances.
Bottom line: errors made at Bellamy's ((BAL)) have contributed to a2 Milk's gains, but this is not to be repeated, in Citi's view. It is the analysts assessment that guidance implies a further slowing in infant formula sales growth.
Target lifts to $2.05 from $1.80 on meaty increases to forecasts. Citi remains of the view downward risks continue to outweigh positives on a 12-month view.
Target price is $2.05 Current Price is $2.36 Difference: minus $0.31 (current price is over target).
If A2M meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.05, suggesting downside of -11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.55 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.2, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 4.70 cents and EPS of 9.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 26.8%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in NZD. 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 A2M as Outperform (1) -
First half earnings beat Credit Suisse estimates. Factoring in the company's infant formula sales growth and margins, and plans for higher marketing spending, the broker raises forecasts for earnings in FY17-19 by 5-7%.
The formula registration process in China remains the key catalyst in the next 12 months. Outperform rating retained. Target is raised to NZ$2.85 from NZ$2.57.
Current Price is $2.36. Target price not assessed.
Current consensus price target is $2.05, suggesting downside of -11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.64 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.2, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 11.08 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 26.8%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in NZD. 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 A2M as Buy (1) -
A2 delivered another very strong result, once again driven by formula sales to China, the broker notes. The broker expects lower margins in the second half as US investment ramps up.
Surveys suggest growing brand awareness in China. Target rises to NZ$2.95 from NZ$2.75, Buy retained.
Current Price is $2.36. Target price not assessed.
Current consensus price target is $2.05, suggesting downside of -11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.92 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.2, implying annual growth of N/A. Current consensus DPS estimate is 0.7, implying a prospective dividend yield of 0.3%. Current consensus EPS estimate suggests the PER is 28.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 7.51 cents and EPS of 11.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of 26.8%. Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 22.3. |
This company reports in NZD. 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 AOG as Outperform (1) -
First half results were in line with Macquarie. The Freedom business model shows significant promise, in the broker's view. Progress has been made in selling down the non-retirement developments.
Macquarie finds it easy to make a positive investment case for the business as it is trading at a significant discount to the target and at a modest premium to net tangible assets.
Outperform retained with a $4.35 target.
Target price is $4.35 Current Price is $3.32 Difference: $1.03
If AOG meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 9.00 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -14.5%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.30 cents and EPS of 20.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 7.9%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates AOG as Overweight (1) -
First half results were above forecasts. Morgan Stanley believes the company is well positioned to achieve its full year and FY18 guidance as the development division is delivering beyond expectations.
The conversion of serviced apartments to the Freedom retirement portfolio holds the potential for upgrades to the stock, in the broker's view, should this succeed.
The broker retains an Overweight rating and In-Line industry view. The target is raised to $4.20 from $4.00.
Target price is $4.20 Current Price is $3.32 Difference: $0.88
If AOG meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 9.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -14.5%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.10 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 7.9%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AOG as Add (1) -
First half results were ahead of expectations, with strong earnings from both the core retirement and non-retirement businesses. FY17 and FY18 guidance was reiterated.
The broker notes construction is underway for around 60% of AOG's FY18 development pipeline, providing greater comfort around FY18 earnings. Morgans is forecasting EPS growth of 10.2% in FY17 and 7.4% in FY18.
AOG remains the broker's preferred sector pick and the Add rating is retained. Target rises to $4.03 from $4.01.
Target price is $4.03 Current Price is $3.32 Difference: $0.71
If AOG meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 9.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -14.5%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.90 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 7.9%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates AOG as Hold (3) -
First half profit was ahead of forecasts. Ord Minnett expects the company will beat FY17 guidance and factors in 10% growth in earnings per share, driven by the acquisitions of RVG and Freedom.
The stock is trading broadly in line with the broker's price target and a Hold is maintained. Target slips to $3.40 from $3.50.
Target price is $3.40 Current Price is $3.32 Difference: $0.08
If AOG meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.00, suggesting upside of 19.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 9.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.9, implying annual growth of -14.5%. Current consensus DPS estimate is 9.0, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 17.7. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.4, implying annual growth of 7.9%. Current consensus DPS estimate is 10.6, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates AVN as Outperform (1) -
First half net operating income was in line with Macquarie's forecasts and the underlying growth profile is observed to have improved.
The expiry of the Bunnings tenancy at Sunshine has largely been resolved with two tenants prepared to commit to around 85% of the capacity.
Macquarie retains an Outperform rating and reduces the target to $2.39 from $2.41.
Target price is $2.39 Current Price is $2.30 Difference: $0.09
If AVN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.46, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.80 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -4.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 16.60 cents and EPS of 18.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 4.5%. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates AVN as Add (1) -
Aventus Retail Fund's half year results were in line with expectations. FY17 guidance was reiterated.
Morgans notes the portfolio has no exposure to turnover-based leases, with 85% of leases on fixed or CPI-based structures. The tenant base also remains diversified, with national retailers representing 84% of the portfolio.
Target price of $2.53 and Add rating retained.
Target price is $2.53 Current Price is $2.30 Difference: $0.23
If AVN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $2.46, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 16.00 cents and EPS of 17.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -4.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 4.5%. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AVN as Neutral (3) -
Aventus posted a slight miss against the broker. The fund's intensive asset management and consistent strategy was evident, the broker suggests, but it was a much quieter half than the previous one.
Given Aventus only recently listed, there are few comps to go by. This suggests to the broker the fund may be under-appreciated by the market. A downturn in the housing market remains a risk. Neutral rating and $2.46 target retained.
Target price is $2.46 Current Price is $2.30 Difference: $0.16
If AVN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $2.46, suggesting upside of 6.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 15.90 cents and EPS of 17.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.8, implying annual growth of -4.3%. Current consensus DPS estimate is 15.9, implying a prospective dividend yield of 6.9%. Current consensus EPS estimate suggests the PER is 13.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 16.40 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.6, implying annual growth of 4.5%. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 7.1%. Current consensus EPS estimate suggests the PER is 12.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates BLD as No Rating (-1) -
Bottom line: no opinion given Citi's role as a joint financial adviser to Boral regarding its acquisition of Headwater’s Inc.
Current Price is $6.24. Target price not assessed.
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates BLD as Outperform (1) -
Boral's results exceeded the broker's expectations. Synergy targets were reaffirmed and a pathway to de-levering the balance sheet identified, which should improve investor confidence in the broker's opinion.
With the exception of WA Bricks, all divisions should deliver earnings growth in FY17, according to Credit Suisse. Outperform rating retained and target price raised to $6.85 from $6.35.
Target price is $6.85 Current Price is $6.24 Difference: $0.61
If BLD meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 25.00 cents and EPS of 30.74 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 25.00 cents and EPS of 38.16 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates BLD as No Rating (-1) -
First half results were stronger than expected. Deutsche Bank does not understand the second half outlook for Australia - earnings are expected to be flat despite stronger volumes, price and margins - and suspects guidance may be conservative.
Deutsche Bank is restricted on rating and price target at this stage.
Current Price is $6.24. Target price not assessed.
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BLD as No Rating (-1) -
First half results were ahead of expectations and Macquarie notes Boral Australia made up for lost time with a solid performance while the US underperformed.
Progress on the Headwaters acquisition continues with shareholders voting to accept the offer. The transaction remains subject to regulatory approvals and is expected to close mid 2017.
The broker is currently restricted from making a recommendation.
Current Price is $6.24. Target price not assessed.
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 20.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.00 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BLD as Equal-weight (3) -
Morgan Stanley finds the FY17 guidance for Boral Australia implausible, with EBIT expected to be flat. Should this be achieved, it suggests to the broker that run rates in FY18 would imply a further $40m in EBIT upside.
The broker maintains forecasts for FY17 group EBIT of $408m, and Boral Australia EBIT of $308m (guidance implies $328m).
Morgan Stanley remains cautious about US housing, given difficult comparables, but envisages upside from the Headwaters acquisition. Equal-weight maintained. Target is $5.58. Industry view is In-Line.
Target price is $5.58 Current Price is $6.24 Difference: minus $0.66 (current price is over target).
If BLD meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 22.90 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 21.30 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates BLD as Re-initiate with Hold (3) -
First half result exceeded forecasts. Ord Minnett now incorporates the Headwaters acquisition into forecasts.
The broker observes, after falling behind in the first quarter, the Australian division has managed to catch up on lost work in the second quarter, a rare occurrence. As a result EBIT is expected to be broadly balanced between the two halves.
Ord Minnett resumes coverage with a Hold rating and $6.50 target.
Target price is $6.50 Current Price is $6.24 Difference: $0.26
If BLD meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 24.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 35.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates BLD as Buy (1) -
Boral posted a significant beat of consensus, driven by better than expected results for Boral Aust and the US gypsum JV. Australia saw an acceleration in building activity in the Dec Q as a catch-up after a very wet Sep Q, the broker notes.
More detail was provided around expected synergies from the Headwaters fly ash acquisition, consistent with the broker's assumptions. While the share price spiked yesterday, the broker still sees value at a 15% discount to the ASX Industrials ex-financials.
Buy and $6.90 target retained.
Target price is $6.90 Current Price is $6.24 Difference: $0.66
If BLD meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.46, suggesting upside of 3.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 19.90 cents and EPS of 33.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of -14.3%. Current consensus DPS estimate is 22.4, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 21.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 23.70 cents and EPS of 39.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 33.4, implying annual growth of 14.0%. Current consensus DPS estimate is 22.8, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 18.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CAJ as Neutral (3) -
Following a trading update, Credit Suisse has updated forecasts to show FY17 revenue of $161m which sits at the bottom end of guidance implying a flat second half.
Neutral retained and target raised to 15c from 14c.
Target price is $0.15 Current Price is $0.16 Difference: minus $0.005 (current price is over target).
If CAJ meets the Credit Suisse target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 0.00 cents and EPS of 8.30 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 0.00 cents and EPS of 1.50 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CBA as Sell (5) -
It was a market beating result with Citi pointing towards productivity initiatives being ramped-up while investment spend has been curtailed. All the banking divisions recorded strong volume growth offset by net interest margin (NIM) contraction, note the analysts.
Market share gains in combination with mortgages repricing made Retail Banking the stand-out performer, finds Citi. The analysts also suggest there will be a competitive response.
Citi questions the sustainability of it all, believing organic growth will remain challenged. Sell rating retained. Target $75 (unchanged). Citi has removed projections of future dividend cuts.
Target price is $75.00 Current Price is $84.53 Difference: minus $9.53 (current price is over target).
If CBA meets the Citi target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 421.00 cents and EPS of 541.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 421.00 cents and EPS of 546.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CBA as Neutral (3) -
CBA's first half results were in line with the broker's expectations. There was no direct guidance provided, but statements included a positive outlook on the domestic macro- economic backdrop.
Credit Suisse has upgraded its full year earnings estimates by 2%. The Neutral rating and $89 target are unchanged.
Target price is $89.00 Current Price is $84.53 Difference: $4.47
If CBA meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 423.00 cents and EPS of 579.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 435.00 cents and EPS of 608.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates CBA as Hold (3) -
First half results were in line with Deutsche Bank estimates. The retail banking segment was the main driver of profit as the cost/income ratio fell to record lows.
The broker believes the bank is in a strong position but, as it is already trading close to its historical price/earnings ratio versus its peers, retains a Hold rating.
Target rises to $86.70 from $83.70.
Target price is $86.70 Current Price is $84.53 Difference: $2.17
If CBA meets the Deutsche Bank target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 424.00 cents and EPS of 554.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 439.00 cents and EPS of 570.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CBA as Neutral (3) -
First half results were largely in line with Macquarie's expectations. An improved retail bank operating environment is expected to support the near-term performance.
Nevertheless, the broker finds it difficult to justify a further re-rating relative to the sector based on the bank's earnings growth versus its peers.
Neutral rating retained. Target is lifted to $85 from $84.
Target price is $85.00 Current Price is $84.53 Difference: $0.47
If CBA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 429.90 cents and EPS of 553.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 439.80 cents and EPS of 571.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CBA as Underweight (5) -
Morgan Stanley found few faults in the first half results. The retail bank was stronger than expected. The broker believes the 1c increase in the dividend, while immaterial, is a statement of confidence in the 75% pay-out ratio.
Assuming this is sustainable, the bank can grow the dividend by 1% this year and 2% next year, providing a FY18 yield of 5.1%. Underweight retained. Target rises to $73 from $69. Industry view: In-line.
Target price is $73.00 Current Price is $84.53 Difference: minus $11.53 (current price is over target).
If CBA 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 $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 424.00 cents and EPS of 551.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 431.00 cents and EPS of 560.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CBA as Hold (3) -
CBA's first half earnings were better than Morgans expected, largely due to a surprising increase in commission income. CBA's CET1 capital ratio of 9.9% was also above expectations.
Cash earnings forecasts for FY17 and FY18 have been lifted by 0.6% and FY19 by 0.5%. Hold retained and target rises to $79.50 from $79.00.
Target price is $79.50 Current Price is $84.53 Difference: minus $5.03 (current price is over target).
If CBA meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 422.00 cents and EPS of 567.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 424.00 cents and EPS of 588.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CBA as Hold (3) -
First half results were slightly ahead of Ord Minnett, primarily driven by a better outcome on expenses growth. The 1c increase in the dividend surprised, given the decline in the bank's core equity tier one ratio and the headwinds from wealth de-gearing.
The broker considers the stock fully valued and retains a Hold rating. Target is $75.
Target price is $75.00 Current Price is $84.53 Difference: minus $9.53 (current price is over target).
If CBA 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 $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 420.00 cents and EPS of 550.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 420.00 cents and EPS of 557.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CBA as Neutral (3) -
CBA posted a strong result, beating the broker and consensus. A dip in net interest margin (NIM) was offset by increased volumes, the broker notes, while bad debts were benign.
The surprise was increased fees and commissions, which have been flat since 2014. Is this a new growth trend? The broker sees a step-up, rather than an acceleration. Less use of mortgage brokers was also pleasing. The broker nevertheless sees a more subdued second half.
Neutral retained. Target rises to $83 from $78.
Target price is $83.00 Current Price is $84.53 Difference: minus $1.53 (current price is over target).
If CBA 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 $80.78, suggesting downside of -4.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 423.00 cents and EPS of 551.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 555.8, implying annual growth of 0.1%. Current consensus DPS estimate is 423.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 427.00 cents and EPS of 554.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 569.3, implying annual growth of 2.4%. Current consensus DPS estimate is 429.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.9. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates CPU as Downgrade to Neutral from Buy (3) -
Computershare's growth outlook has changed dramatically, and for the better, comment analysts at Citi. They have made only small positive adjustments to estimates.
However, the analysts also note the share price has rallied hard. On this basis, they downgrade to Neutral from Buy. Target jumps to $13.80 from $11.
Target price is $13.80 Current Price is $13.59 Difference: $0.21
If CPU meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.41 cents and EPS of 72.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 37.87 cents and EPS of 82.81 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CPU as Outperform (1) -
Computershare's first half results were better than the broker's estimates. Credit Suisse believes earnings growth is sustainable and raises FY17 forecasts by 3%, FY18 by 2% and FY19 by 1%.
Management upgraded FY17 guidance to US56c-US58c in constant currency terms. Outperform rating retained and target price raised to $14.30 from $13.25.
Target price is $14.30 Current Price is $13.59 Difference: $0.71
If CPU meets the Credit Suisse target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 45.34 cents and EPS of 73.58 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 52.01 cents and EPS of 84.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates CPU as Neutral (3) -
First half results were broadly in line with expectations, although Macquarie notes margin income was lower in the half. Despite this, the broker notes management has signalled it is increasingly confident in the outlook.
Neutral rating retained. Target rises to $12.03 from $10.49.
Target price is $12.03 Current Price is $13.59 Difference: minus $1.56 (current price is over target).
If CPU meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 35.87 cents and EPS of 75.88 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 38.54 cents and EPS of 80.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates CPU as Underweight (5) -
Morgan Stanley observes the first half was buoyed by US rate hikes, potential tax savings and a lower Australian dollar outlook, and the momentum continues although the macro positives are largely priced in.
While there are signs that execution is improving, the broker believes this is necessary to mitigate the headwinds.
Underweight rating retained. Target is raised to $11.70 from $9.60. Industry view: In-Line.
Target price is $11.70 Current Price is $13.59 Difference: minus $1.89 (current price is over target).
If CPU 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 $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 47.93 cents and EPS of 75.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 50.67 cents and EPS of 80.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CPU as Add (1) -
First half results were broadly in line with expectations. Morgans believes the result showed improved underlying business momentum, reinforcing the view that earnings have bottomed.
The broker continues to see strong double digit earnings growth in FY18 and FY19, due to recent acquisitions and CPU's cost out program. Morgans has upgraded FY17 forecasts by 3% and FY18 by 4%.
Add rating retained and target is raised to $14.84 from $13.35.
Target price is $14.84 Current Price is $13.59 Difference: $1.25
If CPU meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 35.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 37.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CPU as Hold (3) -
Guidance for FY17 has been modestly upgraded. Ord Minnett notes the company is in the midst of a transition and considers the results a positive sign of the company's ability to achieve earnings growth.
Hold rating retained as the broker considers the one-year forward price/earnings ratio of 18 is full. Target is $13.00.
Target price is $13.00 Current Price is $13.59 Difference: minus $0.59 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 30.67 cents and EPS of 52.01 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.38 cents and EPS of 61.42 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CPU as Buy (1) -
A second consecutive strong result, beating the broker, along with a modest FY guidance upgrade, suggests to the broker Computershare is executing well on key strategic initiatives. There is more to the story than just interest rate upside.
Capital management potential has thus emerged sooner than expected, the broker suggests. The second half is seasonally stronger, the corporate action outlook is solid and cost reductions and mortgage services growth will also help.
Target rises to $14.95 from $14.50. Buy retained.
Target price is $14.95 Current Price is $13.59 Difference: $1.36
If CPU meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $13.16, suggesting downside of -2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 44.01 cents and EPS of 73.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 68.7, implying annual growth of N/A. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 37.00 cents and EPS of 63.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 75.9, implying annual growth of 10.5%. Current consensus DPS estimate is 39.6, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 17.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
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 Upgrade to Buy from Neutral (1) -
Post the formal release of CSL's interim financials, Citi analysts have become a lot more comfortable with the growth outlook. Their projections now imply 21% EPS CAGR for FY16-FY19.
Citi believes this outlook, in combination with the reliability that continues to be on display, warrants a premium valuation. The analysts have increased their price target to $136.40 (was $113.75). Upgrade to Buy from Neutral.
Target price is $136.40 Current Price is $118.00 Difference: $18.4
If CSL meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $123.53, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 180.02 cents and EPS of 397.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 388.1, implying annual growth of N/A. Current consensus DPS estimate is 173.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 189.36 cents and EPS of 502.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 461.9, implying annual growth of 19.0%. Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates CSL as Outperform (1) -
CSL's results were in line with expectations, having been flagged in January. There was strong growth in both Privigen and Hizentra sales, and also Inframarginal products, albeit with help from rival supply constraints.
The broker notes CSL is well placed to meet IG demand through significantly increasing plasma collection. Combined with an improved earnings position from Seqirus, the broker believes CSL is well placed to deliver strong compound earnings growth over the forecast period.
Outperform rating maintained and target raised to $125.0 from $119.50.
Target price is $125.00 Current Price is $118.00 Difference: $7
If CSL meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $123.53, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 180.02 cents and EPS of 398.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 388.1, implying annual growth of N/A. Current consensus DPS estimate is 173.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 224.03 cents and EPS of 478.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 461.9, implying annual growth of 19.0%. Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates CSL as Add (1) -
First half results were in line with forecasts. Morgans believes the company benefited from supply problems for business rivals in this half, but these are expected to be resolved in the second half.
However, the broker believes CSL is well placed to maintain the advantage and has made minor adjustments to FY17 through FY19 earnings forecasts. Add rating retained and target raised to $133.30 from $122.60.
Target price is $133.30 Current Price is $118.00 Difference: $15.3
If CSL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $123.53, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 182.69 cents and EPS of 393.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 388.1, implying annual growth of N/A. Current consensus DPS estimate is 173.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 206.69 cents and EPS of 446.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 461.9, implying annual growth of 19.0%. Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CSL as Accumulate (2) -
First half net profit was in line, although Ord Minnett found the composition more weighted to a smaller loss from Seqirus than it forecast. A lift in Ig and specialty sales supported stronger Behrings margins.
The broker expects FY17 net profit should be ahead of the 20% growth indicated in guidance, if the company can hold onto a material portion of the share gains in its core plasma business.
Accumulate rating retained. Target rises to $130 from $120.
Target price is $130.00 Current Price is $118.00 Difference: $12
If CSL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $123.53, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 180.02 cents and EPS of 400.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 388.1, implying annual growth of N/A. Current consensus DPS estimate is 173.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 237.37 cents and EPS of 502.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 461.9, implying annual growth of 19.0%. Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CSL as Buy (1) -
CSL had pre-announced its headline numbers so no surprise. Management highlighted the company's success in rapidly opening collection centres, pre-empting expected 11% growth in US plasma demand.
A turnaround in the troubled flu vaccine to breakeven was also welcomed. While the broker has not materially changed earnings forecasts post result, it sees earnings upside risk given CSL's favourable access to supply. Buy and $122 target retained.
Target price is $122.00 Current Price is $118.00 Difference: $4
If CSL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $123.53, suggesting upside of 2.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 181.36 cents and EPS of 430.72 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 388.1, implying annual growth of N/A. Current consensus DPS estimate is 173.9, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 31.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 188.03 cents and EPS of 457.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 461.9, implying annual growth of 19.0%. Current consensus DPS estimate is 203.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 26.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates DMP as Hold (3) -
First half results were weaker than Deutsche Bank expected and the quality was lower. European sales deteriorated further, suggesting to the broker that guidance for the region could be difficult to achieve.
Strong earnings growth is still expected but the requirement to pay penalty rates remains a risk to the Australasian franchise. Hold rating retained. Target is lowered to $49 from $68.
Target price is $49.00 Current Price is $53.56 Difference: minus $4.56 (current price is over target).
If DMP meets the Deutsche Bank target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $72.90, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 97.00 cents and EPS of 133.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of 45.1%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 41.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 121.00 cents and EPS of 167.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.0, implying annual growth of 33.6%. Current consensus DPS estimate is 135.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DMP as Outperform (1) -
First half results were robust and FY17 guidance is upgraded to growth of 32.5% from 30%. The Australasian network reported strong sales growth while momentum slowed in Europe, Macquarie observes.
The scale of the growth expectations suggests to the broker the stock will be impacted by short-term volatility around news flow. Macquarie still finds potential across the network and retains an Outperform rating. Target is $75.
Target price is $75.00 Current Price is $53.56 Difference: $21.44
If DMP meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).
Current consensus price target is $72.90, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 96.10 cents and EPS of 132.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of 45.1%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 41.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 126.50 cents and EPS of 175.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.0, implying annual growth of 33.6%. Current consensus DPS estimate is 135.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates DMP as Add (1) -
Domino's first half results were just shy of what the broker expected. Management guided to FY17 earnings growth of 32.5%, slightly behind Morgans estimate.
The recent media coverage of Domino's franchisee system and potential wage cost inflation were well addressed in the results, and Morgans believes the current share price weakness provides an opportunity.
Add rating retained and target drops to $82.38 from $82.51.
Target price is $82.38 Current Price is $53.56 Difference: $28.82
If DMP meets the Morgans target it will return approximately 54% (excluding dividends, fees and charges).
Current consensus price target is $72.90, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 99.00 cents and EPS of 142.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of 45.1%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 41.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 133.00 cents and EPS of 190.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.0, implying annual growth of 33.6%. Current consensus DPS estimate is 135.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DMP as Hold (3) -
First half earnings were slightly ahead of expectations. Ord Minnett believes, despite valuation improving after the fall in the share price and amid strong earnings growth, that negative revisions and concerns over the franchising model will weigh.
The broker maintains a Hold rating and cuts the target to $59 from $73.
Target price is $59.00 Current Price is $53.56 Difference: $5.44
If DMP meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $72.90, suggesting upside of 29.2% (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 137.0, implying annual growth of 45.1%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 41.2. |
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 183.0, implying annual growth of 33.6%. Current consensus DPS estimate is 135.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DMP as Buy (1) -
Domino's result missed the broker by 3%. It was still a solid result, but cash flow was weak due to investment in new equipment in A&NZ and Japanese inventory build, the broker notes.
Target falls to $77.00 from $79.70. The broker retains Buy, suggesting the market is underestimating longer term value in transferring its successful Aust model to Europe, particularly Germany and France.
Target price is $77.00 Current Price is $53.56 Difference: $23.44
If DMP meets the UBS target it will return approximately 44% (excluding dividends, fees and charges).
Current consensus price target is $72.90, suggesting upside of 29.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 101.00 cents and EPS of 136.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 137.0, implying annual growth of 45.1%. Current consensus DPS estimate is 100.0, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 41.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 133.00 cents and EPS of 177.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 183.0, implying annual growth of 33.6%. Current consensus DPS estimate is 135.4, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 30.8. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates DXS as Sell (5) -
Free Funds from Operations (FFO) surprised to the upside in the interim report and management upped guidance for the full year, but Citi analysts see one-offs, rather than sustainable improvement and they stick with their Sell rating.
The analysts comment the share price captures a lot upside from Office, which has not yet come through in the numbers. Target lifts to $8.57.
Target price is $8.57 Current Price is $9.34 Difference: minus $0.77 (current price is over target).
If DXS meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.08, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 45.30 cents and EPS of 64.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.5, implying annual growth of -55.8%. Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 46.00 cents and EPS of 64.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 1.0%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates DXS as Neutral (3) -
First half results were softer than Macquarie expected. The broker remains attracted to the exposure to the strengthening Sydney office market.
FY17 guidance has been nudged up as the company has terminated some expensive interest rate swaps. Dexus now expects 1% growth in free funds from operations in FY17.
The broker retains a Neutral rating. Target rises to $9.57 from $9.52.
Target price is $9.57 Current Price is $9.34 Difference: $0.23
If DXS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.08, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 45.50 cents and EPS of 53.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.5, implying annual growth of -55.8%. Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 46.50 cents and EPS of 52.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 1.0%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates DXS as Lighten (4) -
Free funds from operations were in line in the first half. FY17 earnings guidance is lifted marginally. Ord Minnett expects 3-4% growth per share in FFO for FY17-19, taking into account a strong upswing in market rents in Sydney.
The broker remains cautious on the sustainability of rents and asset values. Lighten retained. Target rises to $9.00 from $8.80.
Target price is $9.00 Current Price is $9.34 Difference: minus $0.34 (current price is over target).
If DXS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $9.08, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 45.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.5, implying annual growth of -55.8%. Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 46.00 cents and EPS of 52.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 1.0%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates DXS as Neutral (3) -
Dexus' first half funds from operations missed the broker, largely due to a larger development profit skew to the second half and a drag from the Woodside rent review. News that Dexus has cut interest rate hedges without much moving guidance leaves the broker less upbeat about the second half.
The outlook for the office sector nevertheless remains robust, the broker suggests. Neutral retained. Target falls to $9.57 from $9.61.
Target price is $9.57 Current Price is $9.34 Difference: $0.23
If DXS meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $9.08, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 44.50 cents and EPS of 63.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.5, implying annual growth of -55.8%. Current consensus DPS estimate is 45.1, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 47.20 cents and EPS of 65.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.1, implying annual growth of 1.0%. Current consensus DPS estimate is 46.6, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates IFL as Neutral (3) -
In Citi's words, the released H1 report was "soggy". The analysts point out additional margin squeeze is highlighting revenue pressures. Estimates have been lowered.
Margin squeeze is overpowering cost control and Citi analysts are expecting more of the same medium term. The tax rate can supposedly stay exceptionally low in H2 while management continues to look around for acquisitions.
There is yield support, but that's about it for the time being, argue the analysts. Target drops 20c to $8.40. Neutral.
Target price is $8.40 Current Price is $8.50 Difference: minus $0.1 (current price is over target).
If IFL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.33, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 53.00 cents and EPS of 53.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of -17.9%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 55.00 cents and EPS of 57.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 6.3%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates IFL as Downgrade to Neutral from Outperform (3) -
First half earnings were disappointing for the broker, despite a small increase in net profit. Credit Suisse has downgraded FY17 forecasts by -6%, primarily driven by business divestments.
The broker notes cost savings have largely come through, but the unexpected divestments raise questions around the earnings outlook. The broker has downgraded the stock to Neutral from Outperform and reduced the target price to $8.60 from $9.50.
Target price is $8.60 Current Price is $8.50 Difference: $0.1
If IFL meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 51.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of -17.9%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 55.00 cents and EPS of 62.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 6.3%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates IFL as Downgrade to Neutral from Outperform (3) -
First half underlying profit missed Macquarie's expectations. Gross margin pressure flowed through to net margins. The dividend pay-out of 98% was ahead of forecasts, backed by strong cash flow, but the broker expects this to return to 90%.
Macquarie downgrades to Neutral from Outperform as operating headwinds are expected to remain despite the prospect of some moderation in the second half. Target is reduced to $8.50 from $9.60.
Target price is $8.50 Current Price is $8.50 Difference: $0
If IFL meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 49.70 cents and EPS of 52.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of -17.9%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 47.50 cents and EPS of 52.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 6.3%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates IFL as Equal-weight (3) -
Morgan Stanley observes that maintaining EBITDA margins is proving challenging. The focus on culture, to drive efficiency, pleases the broker but is not considered enough to address the revenue and margin headwinds.
Equal-weight retained. Target slips to $8.50 from $8.80. Industry view: In-line.
Target price is $8.50 Current Price is $8.50 Difference: $0
If IFL meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $8.33, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 52.00 cents and EPS of 55.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of -17.9%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 53.50 cents and EPS of 60.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 6.3%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates IFL as Sell (5) -
IOOF's profit result fell -6% short of the broker and there were not too many bright spots, the broker suggests. The broker had believed consensus was underestimating slowing funds growth and fee pressure, and was more than correct.
A -7% margin squeeze was one of the more surprising the broker has seen in wealth management for some time. Target falls to $7.65 from $8.50. Sell retained.
Target price is $7.65 Current Price is $8.50 Difference: minus $0.85 (current price is over target).
If IFL meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.33, suggesting downside of -1.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 50.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 53.9, implying annual growth of -17.9%. Current consensus DPS estimate is 52.5, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 49.00 cents and EPS of 54.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.3, implying annual growth of 6.3%. Current consensus DPS estimate is 52.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ING as Buy (1) -
Ingham's maiden financial report as a listed entity showed 9% growth on the back of higher volumes and stringent cost control. Citi analysts suggest it appears the company is on track to meet prospectus forecast for the full year.
The analysts also warn investors 2H17 should include a drop-off in volume growth plus intense competition in New Zealand. They nevertheless do anticipate a meaty growth pace (+21% EBITDA) for the half.
Citi retains its confidence in management's ability to lower costs, which drives its expectation for robust growth in the years ahead. Buy rating retained, as well as the $3.60 price target.
Target price is $3.60 Current Price is $3.33 Difference: $0.27
If ING meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 12.00 cents and EPS of 28.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 19.00 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 8.4%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ING as Outperform (1) -
Inghams Group's first half results were better than the broker had expected. Management reconfirmed its prospectus forecast of $98.8 NPAT.
EPS revisions of 3.6% to 4.7% are driven by higher revenue forecasts in the second half. Outperform rating retained and target price raised to $3.90 from $3.60.
Target price is $3.90 Current Price is $3.33 Difference: $0.57
If ING meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 11.53 cents and EPS of 27.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 19.60 cents and EPS of 30.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 8.4%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ING as Outperform (1) -
First half results were ahead of Macquarie's expectations, driven by strong volumes in the Australian market and benefits from the transformation plan.
The broker suspects the company is well on the way to achieving, or modestly exceeding, prospectus forecasts. Valuation is not considered demanding and an Outperform rating is retained. Target is $3.65.
Target price is $3.65 Current Price is $3.33 Difference: $0.32
If ING meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 19.20 cents and EPS of 28.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.20 cents and EPS of 29.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 8.4%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ING as Equal-weight (3) -
First half results were ahead of expectations. Morgan Stanley notes EBITDA is tracking 4-11% ahead of prospectus forecasts. The broker expects cost reductions to drive earnings growth as revenue slows in the second half when the company cycles low BBQ chicken prices.
The NZ market is expected to remain tough in the second half. Equal-weight rating, $3.40 target and In-Line industry view retained.
Target price is $3.40 Current Price is $3.33 Difference: $0.07
If ING meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 13.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 20.90 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 8.4%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ING as Buy (1) -
Ingham's pro-forma earnings beat the broker by 9%, driven by increased poultry volumes and cost reductions. The market need not have feared an increase in chook imports from NZ, the broker notes.
The company appears on track to exceed prospectus forecasts. The broker upgrades forecasts and lifts its target to $3.75 from $3.60. Buy retained.
Target price is $3.75 Current Price is $3.33 Difference: $0.42
If ING meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.72, suggesting upside of 13.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 12.00 cents and EPS of 27.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of N/A. Current consensus DPS estimate is 13.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 12.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.7, implying annual growth of 8.4%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 11.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates LVH as Add (1) -
Livehire has signed its first two significant customers in the education sector, securing TAFE Queensland and Laureate Education as clients.
Morgans expects the use of talent communities to increase within the education sector as it has a large annual hiring rate due to teachers and tutors at the lower end of the profession to switch jobs frequently.
The stock is considered high risk and to be avoided by those with low risk profiles. Target of 55c and Add rating retained.
Target price is $0.55 Current Price is $0.47 Difference: $0.08
If LVH meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 2.80 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 1.60 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MGX as Neutral (3) -
Citi's view centres on a rather bearish outlook for iron ore prices. If its price assumptions are correct, a restart for the Koolan Island operations (to be decided upon this quarter) would prove valuation neutral.
Having said so, the company has a $400m+ cash pile (after capex for Koolan Island restart), and Citi analysts ask rhetorically: what are we going to do with all that money? This luxury problem will remain even if a restart at Koolan Island is decided upon positively.
Price target jumps to 50c (was 32c). Neutral. Estimates have received a boost upwards. No dividends are implied in current forecasts.
Target price is $0.50 Current Price is $0.49 Difference: $0.015
If MGX meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 4.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.5, implying annual growth of -55.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.0, implying annual growth of -71.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 48.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGX as Outperform (1) -
First half earnings were in line with expectations. The company is expected to release the results of the Koolan Island evaluation in the next few weeks.
Macquarie notes the stock has reacted strongly to the recent move in iron ore prices, rising 33% in a few days. The go-ahead for Koolan Island is considered the next catalyst. Target is raised to 55c from 53c. Outperform maintained.
Target price is $0.55 Current Price is $0.49 Difference: $0.065
If MGX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 0.00 cents and EPS of 2.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.5, implying annual growth of -55.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.0, implying annual growth of -71.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 48.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MGX as Neutral (3) -
Mt Gibson's result beat the broker. The company sees "high potential" for the restart of Koolan Island. If the broker factors in a restart, and a US$10/t increase in realised iron ore price, valuation rises 43%.
The broker sees this as increasingly likely and has lifted its target to 53c from 36c. Neutral retained. The stock is trading on 85% of cash backing, the broker notes.
Target price is $0.53 Current Price is $0.49 Difference: $0.045
If MGX meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $0.53, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 3.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 3.5, implying annual growth of -55.8%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.9. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 1.0, implying annual growth of -71.4%. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 48.7. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates OGC as Outperform (1) -
OceanaGold has received an order from the Philippines Department of Environment calling for the suspension of the Didipio operations. The order repeated allegations made by the department two weeks ago of alleged mining impact on agriculture.
The company has been given three months in which to address the issues. Didipio can continue operating as normal during a thirty day appeal period. OceanaGold reports CY16 results on Friday 24 February.
Credit Suisse retains an Outperform rating and $4.20 target and continues to assume that the mine continues to operate.
Target price is $4.20 Current Price is $4.19 Difference: $0.01
If OGC meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.60, suggesting upside of 9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Credit Suisse forecasts a full year FY16 dividend of 5.33 cents and EPS of 31.51 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 2.67 cents and EPS of 55.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of 39.7%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OGC as Sell (5) -
The Philippines govt has issued the suspension order for Didipio, which OceanaGold will appeal. It is assumed operations can continue during the appeal process.
The market is pricing in confidence in a reversal of the suspension, the broker notes. If the appeal fails, the broker's valuation would fall by -27%. Uncertainty warrants caution, and a Sell rating. Target unchanged at $3.77.
Target price is $3.77 Current Price is $4.19 Difference: minus $0.42 (current price is over target).
If OGC meets the UBS target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.60, suggesting upside of 9.5% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 6.67 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.0, implying annual growth of N/A. Current consensus DPS estimate is 4.6, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 6.67 cents and EPS of 53.34 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of 39.7%. Current consensus DPS estimate is 4.2, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 9.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORA as Buy (1) -
Citi analysts spotted a high quality, slightly better-than-expected financial performance in H1, assisted by lower interest costs. The analysts believe it was yet another "impressive result" which sets the company up for another year of solid growth.
Only minor net changes have been made to forecasts, due to negative FX. Updated estimates assume EPS growth of 10% in FY17 and 12% in FY18. Buy rating retained with the comment that a pause seems due in the share price short term. Target remains $3.15.
Target price is $3.15 Current Price is $2.97 Difference: $0.18
If ORA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.50 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 11.50 cents and EPS of 16.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates ORA as Neutral (3) -
Orora's first half results were in line with the broker's forecasts, sourced mainly from acquisition growth and organic initiatives. The recent US acquisitions are expected to contribute half of the broker's earnings forecasts through to FY20.
Credit Suisse notes that rising global paper and waste paper prices could be an issue to the extent that cost recovery is insufficient. New glass capacity to meet wine export demand is on track to contribute $8m to EBIT in FY18.
Neutral rating retained and target raised to $3.25 from $3.05.
Target price is $3.25 Current Price is $2.97 Difference: $0.28
If ORA meets the Credit Suisse target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.70 cents and EPS of 15.05 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.80 cents and EPS of 16.86 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ORA as Hold (3) -
First half results were slightly above Deutsche Bank expectations, although boosted by a $7m profit on an asset sale which was used to fund restructuring costs and US growth initiatives.
The result highlights for the broker an ability to drive earnings growth in a subdued macro environment. Hold maintained. Target is raised to $3.00 from $2.90.
Target price is $3.00 Current Price is $2.97 Difference: $0.03
If ORA meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 10.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 11.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORA as Outperform (1) -
First half results beat Macquarie's forecasts. The broker was impressed with the 6% organic growth in the US. A period of consolidation is now expected following the company's three US acquisitions.
The growth outlook remains attractive and the broker retains an Outperform rating. Target is raised to $3.28 from $3.27.
Target price is $3.28 Current Price is $2.97 Difference: $0.31
If ORA meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 10.70 cents and EPS of 15.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 11.90 cents and EPS of 16.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates ORA as Overweight (1) -
First half results showed positive momentum and Morgan Stanley notes growth is underpinned by margin expansion in both the Australasian and North American divisions.
The broker expects growth to continue and the company to pursue further M&A down the track, which could provide upside risk to forecasts.
Overweight rating retained. Target is $3.27. Industry view is Cautious.
Target price is $3.27 Current Price is $2.97 Difference: $0.3
If ORA meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 10.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORA as Add (1) -
Orora's first half results were better than expectations, despite generally subdued conditions in Australasia and North America. Orora has announced the acquisition of the Garvey Group and Graphic tech in the US for a total of US$54m.
FY17 earnings forecasts rise by 2%, driven by acquisitions and cost efficiencies in Australasia. FY18 and FY19 forecasts increase by 4%, factoring in full year contributions from the US acquisitions.
Add rating maintained and target rises to $3.22 from $3.10.
Target price is $3.22 Current Price is $2.97 Difference: $0.25
If ORA meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 10.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 10.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORA as Accumulate (2) -
First half results were in line with expectations. There was further evidence, in Ord Minett's view, that the company is extracting efficiencies.
Successful integration of the two latest point-of-purchase businesses in North America is expected to help the company deliver a three-year compound annual growth rate of more than 10%.
Accumulate retained. Target rises to $3.40 from $3.30.
Target price is $3.40 Current Price is $2.97 Difference: $0.43
If ORA meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 11.00 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 11.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORA as Buy (1) -
Orora's result missed the broker by -3% on higher costs, which included the cost of bringing on additional glass forming lines and as a result of electricity outages at Gawler. The North America result was in line, with two new point-of-purchase acquisitions announced.
That makes four recent POP purchases in the US, and the broker now sees a period of consolidation as these are bedded down. With value remaining undemanding the broker retains Buy and a $3.40 target.
Target price is $3.40 Current Price is $2.97 Difference: $0.43
If ORA meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $3.25, suggesting upside of 3.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 10.30 cents and EPS of 14.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of 6.4%. Current consensus DPS estimate is 10.4, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 11.60 cents and EPS of 16.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 12.7%. Current consensus DPS estimate is 11.3, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORG as Sell (5) -
The company has written off $1.031bn post tax from the carrying value of APLNG with the analysts highlighting post write-off this still leaves the company with a $2.5bn valuation for the project, higher than Citi's valuation.
The analysts question why the upper band of guidance wasn't lifted, given strong momentum at competitor AGL Energy ((AGL)). They await more colour at the actual interim results release.
Target drops to $6.87. Sell rating retained. Citi still assumes the resumption of dividends (31.4c) in FY18.
Target price is $6.87 Current Price is $7.25 Difference: minus $0.38 (current price is over target).
If ORG meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.05, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, 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 24.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 31.40 cents and EPS of 62.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 89.0%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates ORG as Buy (1) -
Origin jumped in yesterday ahead of today's first half result release to tighten its FY guidance range, increasing the bottom end while leaving the top end unchanged. No reason was given but the broker suspects a better performance from APLNG.
On the other hand, the APLNG stakeholders have decided to take an impairment, with which Origin does not concur but is outvoted, while the Poseidon development (ORG 40%) has been written off. The broker already has a forecast toward the top end of guidance and retains Buy and an $8.20 target.
Target price is $8.20 Current Price is $7.25 Difference: $0.95
If ORG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $7.05, suggesting downside of -0.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of 24.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.2, 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 24.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 55.2, implying annual growth of 89.0%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.1%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates PDN as Neutral (3) -
Paladin's interim report missed expectations (heavier loss) due to lower sales and higher production. The latter translated into increased costs, explain Citi analysts.
On the good news side, a recent spike in valuation for Summit Resources ((SMM)) has lifted Citi's valuation for the Langer Heinrich operation, and this pushes up the price target to 16c (was 11c).
Target price is $0.16 Current Price is $0.15 Difference: $0.01
If PDN meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $0.15, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 3.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.7, 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 N/A. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 0.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.8, 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. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PDN as Neutral (3) -
After providing a first glance yesterday, the broker has updated on Paladin's result.
All hinges on stakeholders accepting the company's debt restructure proposal, the broker notes. The share price has jumped on restructure possibility and on the uranium spot price increase. If the restructure does not succeed, insolvency is a risk, the broker believes.
Neutral and 9c target retained.
Target price is $0.09 Current Price is $0.15 Difference: minus $0.06 (current price is over target).
If PDN meets the UBS target it will return approximately minus 40% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.15, suggesting upside of 13.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 4.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -1.7, 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 N/A. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 2.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.8, 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. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates PRY as Underperform (5) -
First half earnings were below the broker's expectations. Changes in corporate cost allocation, and recognition of a $20m restructuring charge, made it difficult for the broker to present any meaningful analysis.
The broker has downgraded earnings by -10% over the forecast period with a re-basing of a lower full year assumption.
Underperform rating retained and target reduced to $3.35 from $3.90.
Target price is $3.35 Current Price is $3.41 Difference: minus $0.06 (current price is over target).
If PRY meets the Credit Suisse target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.73, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 10.80 cents and EPS of 17.85 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 26.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 12.00 cents and EPS of 19.89 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 14.8%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates PRY as Equal-weight (3) -
First half results were weaker than expected. FY17 guidance is lowered to net profit in the range of $92-102m from prior expectations of "at least $104m".
Medical centre operations were disappointing but this did not surprise Morgan Stanley, given weakness in Medicare data.
Equal-weight retained. Price target is $4.45. In-Line sector view.
Target price is $4.45 Current Price is $3.41 Difference: $1.04
If PRY meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 12.50 cents and EPS of 20.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 26.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 13.80 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 14.8%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates PRY as Hold (3) -
Primary Healthcare's first half results were below expectations, mainly due to poor medical centre performance. Management provided lower FY17 guidance, citing uncertainty around government policy and regulation.
As a result, Morgans has reduced forecasts for the medical centres division, lowering FY17 by -17.9%. The roll on effect in subsequent years results in falls of -11.2% and -10.2% in FY18 and FY19 respectively.
Hold rating retained and target reduced to $3.67 from $4.09.
Target price is $3.67 Current Price is $3.41 Difference: $0.26
If PRY meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 11.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 26.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 12.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 14.8%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates PRY as Hold (3) -
Ord Minnett attributes the decision to publish the first half results early to a need to provide quantitative FY17 guidance materially below consensus.
The weakness is attributed to slow doctor recruitment following the move to a more flexible model for practitioners. As the broker feared, the transformation is taking longer, a situation not aided by the policy environment and the group's history.
Hold rating maintained. Target falls to $3.50 from $4.10.
Target price is $3.50 Current Price is $3.41 Difference: $0.09
If PRY meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 11.00 cents and EPS of 13.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 26.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 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 20.9, implying annual growth of 14.8%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates PRY as Buy (1) -
Primary jumped the gun in moving its result release forward, in order to get the bad news out of the way, the broker suggests. The result missed the broker and recent guidance.
Doctor productivity fell and recruitment was below target, although Primary is confident on the outlook. A regulatory cloud continues to hang over the industry but the broker sees the potential of the risk easing. Buy retained. Target falls to $4.10 from $4.50.
Target price is $4.10 Current Price is $3.41 Difference: $0.69
If PRY meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $3.73, suggesting upside of 10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 14.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.2, implying annual growth of 26.4%. Current consensus DPS estimate is 12.0, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 18.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 19.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.9, implying annual growth of 14.8%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates RIO as Overweight (1) -
Morgan Stanley updates its numbers post the 2016 results and the sale of the Australian coal assets. EBITDA forecasts are reduced because of the sale of the coal business and flat excluding this sale.
The broker believes the investment case remains balanced between the potential for extra returns & risks associated with additional re-investment of cash and the slowing in Chinese demand on the back of tightening monetary conditions.
Overweight rating maintained. Target rises to $71.50 from $71.00. Industry view: Attractive.
Target price is $71.50 Current Price is $68.40 Difference: $3.1
If RIO meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $71.42, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 313.38 cents and EPS of 496.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 541.4, implying annual growth of N/A. Current consensus DPS estimate is 319.0, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 12.7. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 300.04 cents and EPS of 466.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 398.2, implying annual growth of -26.4%. Current consensus DPS estimate is 232.6, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.3. |
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
Citi rates RKN as Initiation of coverage with Neutral (3) -
Citi has expanded its coverage of the accounting software sector in Australia/New Zealand. Coverage starts off with a Neutral rating for Reckon.
The basic premise underlying is that the sector does not offer a zero sum game, but that all competitors should be able to grow as clients are migrating to the cloud.
Citi's preference in the sector remains with market leader MYOB ((MYO)). Reckon sits on third spot. Target $1.70.
Target price is $1.70 Current Price is $1.71 Difference: minus $0.01 (current price is over target).
If RKN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.73, suggesting upside of 0.6% (ex-dividends)
Forecast for FY17:
Current consensus EPS estimate is 10.8, implying annual growth of N/A. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 15.9. |
Forecast for FY18:
Current consensus EPS estimate is 11.3, implying annual growth of 4.6%. Current consensus DPS estimate is 6.4, implying a prospective dividend yield of 3.7%. 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
Citi rates SGM as Buy (1) -
The "secret", so to speak, in the interim market update was management's commitment to achieving a post-tax return on capital employed of 10% by FY18, point out the analysts. Management's confidence in achieving this target implies significant upgrades to market expectations.
Estimates have been increased. The analysts believe that, with global scrap volume dynamics improving, Sims should be able of delivering well ahead of consensus estimates.
Buy rating retained, while price target lifts to $14.10 from $13.70. Citi analysts see a "compelling story" with scrap metal volumes poised to surprise to the upside.
Target price is $14.10 Current Price is $12.14 Difference: $1.96
If SGM meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 48.00 cents and EPS of 75.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 52.00 cents and EPS of 85.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGM as Hold (3) -
First results were in line with guidance. Management has reiterated a target to achieve a return on capital of 10% in FY18.
For Deutsche Bank this implies FY18 EBIT of around $228m, an increase of $57m on FY17 estimates. The broker suspects market conditions may deteriorate given the likelihood of a fall in the iron ore price.
Hold rating retained. Target rises to $12.33 from $11.86.
Target price is $12.33 Current Price is $12.14 Difference: $0.19
If SGM meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 37.00 cents and EPS of 56.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 32.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGM as Upgrade to Outperform from Underperform (1) -
First half results were in the middle of the guidance range. Macquarie finds the market environment far from clear but believes the company has done well to mitigate downside risks.
The company believes further self-help could add more than 50% to EBIT. On the strength of such potential, Macquarie upgrades to Outperform from Underperform. Target is raised to $13.60 from $11.20.
Target price is $13.60 Current Price is $12.14 Difference: $1.46
If SGM meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 38.00 cents and EPS of 65.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 37.00 cents and EPS of 75.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGM as Equal-weight (3) -
First half results were in line with guidance. Morgan Stanley notes management's confidence in achieving returns of over 10% in FY18. The broker expects this target to be achieved on improving volumes.
Current market conditions have improved and further evidence of declines in Chinese exports and a recovery in US scrap exports would be positive the broker contends. Equal-weight rating, $11.65 target and In-Line industry view maintained.
Target price is $11.65 Current Price is $12.14 Difference: minus $0.49 (current price is over target).
If SGM meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 40.80 cents and EPS of 72.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 50.80 cents and EPS of 89.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGM as Accumulate (2) -
Interim dividend was ahead of Ord Minett's expectations. First half results revealed the company is optimistic about higher scrap prices in the second half, while cost savings are expected to improve EBIT by a run rate of $20-25m.
The broker expects volume growth to drive an improvement in margins and maintains an Accumulate rating. Target is reduced to $14.20 from $14.30.
Target price is $14.20 Current Price is $12.14 Difference: $2.06
If SGM meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 40.00 cents and EPS of 71.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 40.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGM as Buy (1) -
Sims' result was in line with recent guidance. Improvement in A&NZ and Europe offset a decline in the US but cost reductions led to solid cash flow, alongside asset sales, the broker notes.
The broker has left forecasts largely unchanged but perceives a bottom of the cycle operating environment, which suggests Sim's FY18 targets, of which the market remains sceptical, are achievable. Thus there is scope for outperformance, the broker believes.
Buy and $14.10 target retained.
Target price is $14.10 Current Price is $12.14 Difference: $1.96
If SGM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $12.84, suggesting upside of 2.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 34.00 cents and EPS of 68.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 66.9, implying annual growth of 24.6%. Current consensus DPS estimate is 38.3, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 18.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 40.00 cents and EPS of 80.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 77.4, implying annual growth of 15.7%. Current consensus DPS estimate is 40.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SHL as Sell (5) -
Citi believes ongoing regulatory risks overshadow any potential positives for the time being. As risks are deemed too high for comfort, the Sell rating remains in place ("reiterated"). Rolling forward the valuation modeling delivers a small increase to the price target; $19.50 versus $19.33 prior.
The interim report contained no surprises, but Citi analysts cannot get excited because of the absence of projected organic growth. Having reduced estimates, their forecast FY17-19 EPS profile now sits at a negative -2%.
Target price is $19.50 Current Price is $22.04 Difference: minus $2.54 (current price is over target).
If SHL meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $22.82, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 77.00 cents and EPS of 106.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.2, implying annual growth of -2.5%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 81.00 cents and EPS of 118.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 11.6%. Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SHL as Overweight (1) -
Australian operations delivered on expectations in spite of the risk from weaker industry growth. Morgan Stanley observes FY17 guidance remains reasonable and robust organic growth in most regions provides confidence.
The broker believes the market is prepared to look through adverse FX and pay a premium for structural volume growth, cash generation and balance sheet flexibility.
Overweight retained Target reduced to $25.10 from $25.20. In-Line industry view retained.
Target price is $25.10 Current Price is $22.04 Difference: $3.06
If SHL meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $22.82, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 82.80 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.2, implying annual growth of -2.5%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 90.50 cents and EPS of 117.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 11.6%. Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SHL as Add (1) -
First half results were in line with expectations. Overseas operations showed constant earnings growth while domestic operations were negatively impacted by well flagged government policies.
Domestic and global regulatory environments are viewed as relatively benign by the broker, with delays in previously announced reforms on the domestic side and little impact expected from the Trump administration in the US.
Target drops to $24.97 from $26.01 and Add rating retained.
Target price is $24.97 Current Price is $22.04 Difference: $2.93
If SHL meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $22.82, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 74.00 cents and EPS of 111.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.2, implying annual growth of -2.5%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 84.00 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 11.6%. Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SHL as Hold (3) -
Ord Minnett found the first half result commendable, with strong growth in the Swiss and German lab operations offsetting weakness elsewhere. The Australian business remains challenged by collection costs and softer volumes.
As the shares are trading near valuation and there is a lack of catalysts the broker retains a Hold rating. Target is raised to $23.50 from $23.00.
Target price is $23.50 Current Price is $22.04 Difference: $1.46
If SHL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $22.82, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 72.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.2, implying annual growth of -2.5%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 81.00 cents and EPS of 121.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 11.6%. Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SHL as Neutral (3) -
A solid first half performance of 5% revenue growth was in line with the broker's forecast, as is guidance. But for Sonic, the ever present cloud is regulatory risk.
In Australia, there was a lot of regulatory speculation in the half but no action. The MBS review remains ongoing. In the US, a cut to Medicare is a risk, the broker notes. Target falls to $23.00 from $23.75. Neutral retained.
Target price is $23.00 Current Price is $22.04 Difference: $0.96
If SHL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $22.82, suggesting upside of 6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 72.00 cents and EPS of 106.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 107.2, implying annual growth of -2.5%. Current consensus DPS estimate is 75.8, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 76.00 cents and EPS of 112.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.6, implying annual growth of 11.6%. Current consensus DPS estimate is 81.8, implying a prospective dividend yield of 3.8%. Current consensus EPS estimate suggests the PER is 18.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SSM as Buy (1) -
First half results were better than the broker expected. Given the clear momentum in the business, Ord Minnett has upgraded forecasts by 5-7% and feels confident in sitting above guidance at $43.1m.
The broker does not see NBN activations peaking until FY19 and will likely extend a further 3 or 4 years past that. Target raised to $1.25 from $1.18 and Buy rating maintained.
Target price is $1.25 Current Price is $1.17 Difference: $0.08
If SSM meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 4.00 cents and EPS of 7.30 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 5.00 cents and EPS of 9.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SWM as Sell (5) -
First half results were below Deutsche Bank forecasts. The broker believes the dividend reduction is in place to preserve the balance sheet but is likely to be viewed negatively, given the yield appeal of the stock.
While management indicates the TV market has now started to trade longer and growth is likely in February/March, the broker does not expect much in the second half, given tougher comparables.
Sell rating and 70c target retained.
Target price is $0.70 Current Price is $0.74 Difference: minus $0.035 (current price is over target).
If SWM meets the Deutsche Bank target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.73, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 6.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -14.8%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 5.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of -11.5%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SWM as Neutral (3) -
First half results were weaker than Macquarie expected. Guidance has been reiterated for a decline of -20% in FY17 EBIT.
The broker expects improvement in the second half, particularly if the TV advertising market can stabilise, and notes the commentary was more upbeat on the outlook than equivalent statements in previous years.
Neutral rating and 80c target retained.
Target price is $0.80 Current Price is $0.74 Difference: $0.065
If SWM meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $0.73, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.90 cents and EPS of 9.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -14.8%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 5.00 cents and EPS of 9.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of -11.5%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SWM as Underweight (5) -
First half results were consistent with Morgan Stanley's negative thesis, that FTA TV profitability is in structural decline. This is the company's main asset and it is a clear leader in the TV market.
The broker does not believe the trends of hyper-inflation in TV sports rights and a declining share of advertising revenue will abate any time soon.
The broker retains an Underweight rating and 60c target. Industry view is Attractive.
Target price is $0.60 Current Price is $0.74 Difference: minus $0.135 (current price is over target).
If SWM meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.73, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 EPS of 10.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -14.8%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 EPS of 8.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of -11.5%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SWM as Neutral (3) -
Seven West's first half earnings missed the broker by -5%, but FY guidance has been maintained. It was an Olympic half, which boosted metro TV share but also increased costs, the broker notes.
Despite a second half skew, the broker suggests Seven will need to show material improvement if guidance is to be met, particularly given the second half is cycling last year's election advertising. Neutral retained. Target falls to 70c from 75c.
Target price is $0.70 Current Price is $0.74 Difference: minus $0.035 (current price is over target).
If SWM meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $0.73, suggesting upside of 0.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 4.00 cents and EPS of 10.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.4, implying annual growth of -14.8%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 5.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.2, implying annual growth of -11.5%. Current consensus DPS estimate is 5.8, implying a prospective dividend yield of 8.0%. Current consensus EPS estimate suggests the PER is 7.9. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SXY as Add (1) -
Senex Energy is in the process of raising $95m in capital from a $55m institutional placement and a $40m share purchase plan. Global energy firm EIG Global Energy Partners has come on as a strategic investor.
EIG is seen by the broker as a potential future funding source for both debt and equity. Senex has indicated it will use its increased capital to support an accelerated development program, possibly across its existing Cooper basin operations.
Target price is increased to 48c from 31c and the Add rating maintained.
Target price is $0.48 Current Price is $0.36 Difference: $0.125
If SXY meets the Morgans target it will return approximately 35% (excluding dividends, fees and charges).
Current consensus price target is $0.33, suggesting downside of -5.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 0.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -12.9, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of 2.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.4, 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 1.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates VCX as Upgrade to Buy from Neutral (1) -
At face value, the H1 financial performance was in-line, but Citi analysts highlight the result also put the limelight on the broader benefits of capital recycling.
Upgrade to Buy from Neutral. Target price loses 2c to $3.22. The analysts point out the shares are now offering circa 6% yield plus 10% upside to the price target for the year ahead.
Estimates have changed little. Citi analysts encourage investors to look through the earnings impact of asset sales. They expect growth to accelerate from FY18.
Target price is $3.22 Current Price is $2.92 Difference: $0.3
If VCX meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.07, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.40 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.6, implying annual growth of -15.1%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.10 cents and EPS of 19.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of -7.8%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates VCX as Underperform (5) -
First half underlying earnings were slightly ahead of Macquarie's estimates. The company offers a relatively defensive income stream and a high quality retail shopping centre portfolio.
Yet the broker notes earnings growth remains subdued and there are risks around execution on the development pipeline.
Underperform retained. Target falls -1% to $2.90.
Target price is $2.90 Current Price is $2.92 Difference: minus $0.02 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $3.07, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 17.30 cents and EPS of 17.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.6, implying annual growth of -15.1%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 17.80 cents and EPS of 17.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of -7.8%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates VCX as Accumulate (2) -
First half results were ahead of Ord Minnett's forecasts. The company is improving its portfolio via divestment of around -$1.5bn in assets which, while assisting long-term growth, comes with a meaningful drag to earnings, the broker observes. The bulk of this will be felt in FY17.
Ord Minnett retains an Accumulate rating. Target is reduced to $3.20 from $3.25.
Target price is $3.20 Current Price is $2.92 Difference: $0.28
If VCX meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $3.07, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 18.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.6, implying annual growth of -15.1%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of -7.8%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates VCX as Buy (1) -
Vicinity's result came in slightly ahead of the broker. Decline in retail sales growth is a worrying trend, but the broker remains positive given a 6.1% yield and 10% discount to net asset value.
The broker also expects the market will moderate its concern regarding pipeline risks and asset sale dilution. The DFO South Wharf acquisition has provided a material boost, the broker notes. Buy and $3.25 target retained.
Target price is $3.25 Current Price is $2.92 Difference: $0.33
If VCX meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $3.07, suggesting upside of 6.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 17.40 cents and EPS of 18.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.6, implying annual growth of -15.1%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 6.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 17.70 cents and EPS of 19.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 19.0, implying annual growth of -7.8%. Current consensus DPS estimate is 17.9, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.2. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates VLW as Add (1) -
Villa World delivered a first half result in line with guidance. FY17 guidance was upgraded by 6%, with VLW now targeting 11% NPAT growth to $37.5m. Formal dividend guidance of 18cps was also forthcoming.
Management anticipates both volume and price growth to be achieved in Qld while market conditions remain strong in Victoria. Further expansion into NSW is also expected.
Target price rises to $2.82 from $2.71 and Add rating retained.
Target price is $2.82 Current Price is $2.43 Difference: $0.39
If VLW meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY16:
Morgans forecasts a full year FY16 dividend of 19.00 cents and EPS of 33.00 cents. |
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 19.00 cents and EPS of 34.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WES as Sell (5) -
First half results were ahead of expectations at a group level, largely driven by strong growth in the industrials business and continued strength from Bunnings and Kmart.
Coles earnings disappointed Deutsche Bank. The outlook remains positive but a cautionary tone has crept into Coles and the broker expects that most of the decline happened in the second quarter which implies a larger full-year impact.
Sell rating retained. Target unchanged at $38.
Target price is $38.00 Current Price is $43.33 Difference: minus $5.33 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 230.00 cents and EPS of 260.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 235.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
Macquarie rates WES as Outperform (1) -
First half net profit was ahead of Macquarie's estimates. While the margins at Coles are being impacted by the pulling forward of price investment, the broker notes earnings are growing at a group level.
The company's diversification and strong balance sheet provides resilience and Macquarie maintains an Outperform rating. Target is $44.70.
Target price is $44.70 Current Price is $43.33 Difference: $1.37
If WES meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 236.90 cents and EPS of 274.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 254.60 cents and EPS of 294.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
Morgan Stanley rates WES as Equal-weight (3) -
While Morgan Stanley applauds the fact Coles is investing to enhance its competitive position, it continues to find supermarkets unattractive. Bunnings and Kmart beat expectations and are seen building enviable competitive positions.
The broker expects the potential IPO of Officeworks and the already-flagged divestment of resources mean that the company is likely to become over-capitalised. The broker expects the company to remain opportunistic with regard to acquisitions.
Equal-weight rating and In-Line sector view retained. Target is $41.
Target price is $41.00 Current Price is $43.33 Difference: minus $2.33 (current price is over target).
If WES meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 212.00 cents and EPS of 249.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 217.00 cents and EPS of 252.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
Morgans rates WES as Hold (3) -
First half results were 6% above the brokers expectations. Strong performances from Bunnings, Kmart and Officeworks offset weak returns from Coles and Target.
Wesfarmers has commenced a strategic review of Officeworks, where a potential float or sale of the division could be on the cards. Morgans has made minor revisions to group forecasts, raising FY17 by 2% and FY18 by 1%.
Hold rating retained and target raised to $43.01 from $42.27.
Target price is $43.01 Current Price is $43.33 Difference: minus $0.32 (current price is over target).
If WES 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 $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 213.00 cents and EPS of 263.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 227.00 cents and EPS of 265.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
Ord Minnett rates WES as Accumulate (2) -
First half results were ahead of forecasts. Bunnings and the industrials business were better than Ord Minnett expected while Coles disappointed.
The broker considers the valuation attractive following the share price decline and maintains an Accumulate rating. Target is raised to $45.50 from $45.00.
Target price is $45.50 Current Price is $43.33 Difference: $2.17
If WES meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 215.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 215.00 cents and EPS of 271.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
UBS rates WES as Neutral (3) -
Wesfarmers' result beat the broker on stronger than expected results from Bunnings ex-UK. Bunnings UK posted a loss as it is being rolled out but the real worry for the broker was Coles' -8% earnings decline.
Management is responding by stepping up investment in price, suggesting lower margins and risking another price war. Cash flow is nevertheless strong, and the broker notes Wesfarmers' conglomerate of businesses provides a buffer against weakness at Coles.
Neutral and $42.10 target retained.
Target price is $42.10 Current Price is $43.33 Difference: minus $1.23 (current price is over target).
If WES 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 $41.87, suggesting downside of -1.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 241.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.3, implying annual growth of 627.3%. Current consensus DPS estimate is 219.0, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.2. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 230.00 cents and EPS of 268.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.1, implying annual growth of 1.1%. Current consensus DPS estimate is 222.2, implying a prospective dividend yield of 5.2%. 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
Citi rates XRO as Initiation of coverage with Buy (1) -
Citi has expanded its coverage of the accounting software sector in Australia/New Zealand. Coverage starts off with a Buy, High Risk for NZ-based Xero.
The basic premise underlying is that the sector does not offer a zero sum game, but that all competitors should be able to grow as clients are migrating to the cloud.
Citi's preference in the sector remains with market leader MYOB ((MYO)). Xero comes second. Price target NZ$24.30.
Current Price is $17.80. Target price not assessed.
Current consensus price target is $17.50, suggesting downside of -1.9% (ex-dividends)
Forecast for FY17:
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:
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: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M - | THE A2 MILK CO | Sell - Citi | Overnight Price $2.36 |
| Outperform - Credit Suisse | Overnight Price $2.36 | ||
| Buy - UBS | Overnight Price $2.36 | ||
| AOG - | AVEO | Outperform - Macquarie | Overnight Price $3.32 |
| Overweight - Morgan Stanley | Overnight Price $3.32 | ||
| Add - Morgans | Overnight Price $3.32 | ||
| Hold - Ord Minnett | Overnight Price $3.32 | ||
| AVN - | AVENTUS RETAIL PROPERTY | Outperform - Macquarie | Overnight Price $2.30 |
| Add - Morgans | Overnight Price $2.30 | ||
| Neutral - UBS | Overnight Price $2.30 | ||
| BLD - | BORAL | No Rating - Citi | Overnight Price $6.24 |
| Outperform - Credit Suisse | Overnight Price $6.24 | ||
| No Rating - Deutsche Bank | Overnight Price $6.24 | ||
| No Rating - Macquarie | Overnight Price $6.24 | ||
| Equal-weight - Morgan Stanley | Overnight Price $6.24 | ||
| Re-initiate with Hold - Ord Minnett | Overnight Price $6.24 | ||
| Buy - UBS | Overnight Price $6.24 | ||
| CAJ - | CAPITOL HEALTH | Neutral - Credit Suisse | Overnight Price $0.16 |
| CBA - | COMMBANK | Sell - Citi | Overnight Price $84.53 |
| Neutral - Credit Suisse | Overnight Price $84.53 | ||
| Hold - Deutsche Bank | Overnight Price $84.53 | ||
| Neutral - Macquarie | Overnight Price $84.53 | ||
| Underweight - Morgan Stanley | Overnight Price $84.53 | ||
| Hold - Morgans | Overnight Price $84.53 | ||
| Hold - Ord Minnett | Overnight Price $84.53 | ||
| Neutral - UBS | Overnight Price $84.53 | ||
| CPU - | COMPUTERSHARE | Downgrade to Neutral from Buy - Citi | Overnight Price $13.59 |
| Outperform - Credit Suisse | Overnight Price $13.59 | ||
| Neutral - Macquarie | Overnight Price $13.59 | ||
| Underweight - Morgan Stanley | Overnight Price $13.59 | ||
| Add - Morgans | Overnight Price $13.59 | ||
| Hold - Ord Minnett | Overnight Price $13.59 | ||
| Buy - UBS | Overnight Price $13.59 | ||
| CSL - | CSL | Upgrade to Buy from Neutral - Citi | Overnight Price $118.00 |
| Outperform - Credit Suisse | Overnight Price $118.00 | ||
| Add - Morgans | Overnight Price $118.00 | ||
| Accumulate - Ord Minnett | Overnight Price $118.00 | ||
| Buy - UBS | Overnight Price $118.00 | ||
| DMP - | DOMINO'S PIZZA | Hold - Deutsche Bank | Overnight Price $53.56 |
| Outperform - Macquarie | Overnight Price $53.56 | ||
| Add - Morgans | Overnight Price $53.56 | ||
| Hold - Ord Minnett | Overnight Price $53.56 | ||
| Buy - UBS | Overnight Price $53.56 | ||
| DXS - | DEXUS PROPERTY | Sell - Citi | Overnight Price $9.34 |
| Neutral - Macquarie | Overnight Price $9.34 | ||
| Lighten - Ord Minnett | Overnight Price $9.34 | ||
| Neutral - UBS | Overnight Price $9.34 | ||
| IFL - | IOOF HOLDINGS | Neutral - Citi | Overnight Price $8.50 |
| Downgrade to Neutral from Outperform - Credit Suisse | Overnight Price $8.50 | ||
| Downgrade to Neutral from Outperform - Macquarie | Overnight Price $8.50 | ||
| Equal-weight - Morgan Stanley | Overnight Price $8.50 | ||
| Sell - UBS | Overnight Price $8.50 | ||
| ING - | INGHAMS GROUP | Buy - Citi | Overnight Price $3.33 |
| Outperform - Credit Suisse | Overnight Price $3.33 | ||
| Outperform - Macquarie | Overnight Price $3.33 | ||
| Equal-weight - Morgan Stanley | Overnight Price $3.33 | ||
| Buy - UBS | Overnight Price $3.33 | ||
| LVH - | LIVEHIRE | Add - Morgans | Overnight Price $0.47 |
| MGX - | MOUNT GIBSON IRON | Neutral - Citi | Overnight Price $0.49 |
| Outperform - Macquarie | Overnight Price $0.49 | ||
| Neutral - UBS | Overnight Price $0.49 | ||
| OGC - | OCEANAGOLD | Outperform - Credit Suisse | Overnight Price $4.19 |
| Sell - UBS | Overnight Price $4.19 | ||
| ORA - | ORORA | Buy - Citi | Overnight Price $2.97 |
| Neutral - Credit Suisse | Overnight Price $2.97 | ||
| Hold - Deutsche Bank | Overnight Price $2.97 | ||
| Outperform - Macquarie | Overnight Price $2.97 | ||
| Overweight - Morgan Stanley | Overnight Price $2.97 | ||
| Add - Morgans | Overnight Price $2.97 | ||
| Accumulate - Ord Minnett | Overnight Price $2.97 | ||
| Buy - UBS | Overnight Price $2.97 | ||
| ORG - | ORIGIN ENERGY | Sell - Citi | Overnight Price $7.25 |
| Buy - UBS | Overnight Price $7.25 | ||
| PDN - | PALADIN | Neutral - Citi | Overnight Price $0.15 |
| Neutral - UBS | Overnight Price $0.15 | ||
| PRY - | PRIMARY HEALTH CARE | Underperform - Credit Suisse | Overnight Price $3.41 |
| Equal-weight - Morgan Stanley | Overnight Price $3.41 | ||
| Hold - Morgans | Overnight Price $3.41 | ||
| Hold - Ord Minnett | Overnight Price $3.41 | ||
| Buy - UBS | Overnight Price $3.41 | ||
| RIO - | RIO TINTO | Overweight - Morgan Stanley | Overnight Price $68.40 |
| RKN - | RECKON | Initiation of coverage with Neutral - Citi | Overnight Price $1.71 |
| SGM - | SIMS METAL MANAGEMENT | Buy - Citi | Overnight Price $12.14 |
| Hold - Deutsche Bank | Overnight Price $12.14 | ||
| Upgrade to Outperform from Underperform - Macquarie | Overnight Price $12.14 | ||
| Equal-weight - Morgan Stanley | Overnight Price $12.14 | ||
| Accumulate - Ord Minnett | Overnight Price $12.14 | ||
| Buy - UBS | Overnight Price $12.14 | ||
| SHL - | SONIC HEALTHCARE | Sell - Citi | Overnight Price $22.04 |
| Overweight - Morgan Stanley | Overnight Price $22.04 | ||
| Add - Morgans | Overnight Price $22.04 | ||
| Hold - Ord Minnett | Overnight Price $22.04 | ||
| Neutral - UBS | Overnight Price $22.04 | ||
| SSM - | SERVICE STREAM | Buy - Ord Minnett | Overnight Price $1.17 |
| SWM - | SEVEN WEST MEDIA | Sell - Deutsche Bank | Overnight Price $0.74 |
| Neutral - Macquarie | Overnight Price $0.74 | ||
| Underweight - Morgan Stanley | Overnight Price $0.74 | ||
| Neutral - UBS | Overnight Price $0.74 | ||
| SXY - | SENEX ENERGY | Add - Morgans | Overnight Price $0.36 |
| VCX - | VICINITY CENTRES | Upgrade to Buy from Neutral - Citi | Overnight Price $2.92 |
| Underperform - Macquarie | Overnight Price $2.92 | ||
| Accumulate - Ord Minnett | Overnight Price $2.92 | ||
| Buy - UBS | Overnight Price $2.92 | ||
| VLW - | VILLA WORLD | Add - Morgans | Overnight Price $2.43 |
| WES - | WESFARMERS | Sell - Deutsche Bank | Overnight Price $43.33 |
| Outperform - Macquarie | Overnight Price $43.33 | ||
| Equal-weight - Morgan Stanley | Overnight Price $43.33 | ||
| Hold - Morgans | Overnight Price $43.33 | ||
| Accumulate - Ord Minnett | Overnight Price $43.33 | ||
| Neutral - UBS | Overnight Price $43.33 | ||
| XRO - | XERO | Initiation of coverage with Buy - Citi | Overnight Price $17.80 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 46 |
| 2. Accumulate | 5 |
| 3. Hold | 42 |
| 4. Reduce | 1 |
| 5. Sell | 14 |
Thursday 16 February 2017
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