Australian Broker Call
February 17, 2017
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COMPANIES DISCUSSED IN THIS ISSUE
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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)
Last Updated: 04:13 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
| IPH - | IPH | Downgrade to Hold from Buy | Deutsche Bank |
| MFG - | MAGELLAN FINANCIAL GROUP | Upgrade to Add from Hold | Morgans |
| S32 - | SOUTH32 | Upgrade to Outperform from Neutral | Credit Suisse |
| TLS - | TELSTRA CORP | Downgrade to Hold from Accumulate | Ord Minnett |
Deutsche Bank rates A2M as Hold (3) -
First half results were materially above expectations. Deutsche Bank notes the main driver was strong infant formula sales.
The second half outlook is framed by seasonally lower infant formula sales and higher marketing investment in the US and China.
The broker also believes management is maintaining an appropriately cautious stance as the implementation date for Chinese regulatory changes looms. Hold retained. Target rises to NZ$2.55 from NZ$2.35.
Current Price is $2.31. Target price not assessed.
Current consensus price target is $2.05, suggesting downside of -12.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 4.70 cents and EPS of 9.39 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 8.9, implying annual growth of N/A. Current consensus DPS estimate is 1.2, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 26.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 5.64 cents and EPS of 11.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 10.8, implying annual growth of 21.3%. Current consensus DPS estimate is 4.5, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 21.7. |
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
Deutsche Bank rates AQG as Buy (1) -
2016 net profit was below expectations, because of less incentive tax credits being accrued than Deutsche Bank estimated.
The company is guiding to 40% production growth in 2017 and will have spent 80% of the Copler sulphide project capital by the end of the year. This project is the core driver of valuation and the broker expects the market to get more comfortable with the asset as the year progresses.
Buy retained. Target falls to $4.40 from $4.60.
Target price is $4.40 Current Price is $2.93 Difference: $1.47
If AQG meets the Deutsche Bank target it will return approximately 50% (excluding dividends, fees and charges).
Current consensus price target is $4.19, suggesting upside of 39.2% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 81.32 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 22.1, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -29.0%. Current consensus DPS estimate is 2.6, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 19.2. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BAP as Neutral (3) -
First half results were slightly better than the broker had expected. FY17 guidance (excluding Hellaby) was upgraded by 4-4.5% to $57-$59m. Hellaby is expected to add $8-12m in the second half.
Macquarie has made minor changes to forecasts, lowering FY17 earnings -0.2% and raising FY18 earnings 1.7%.
A Neutral rating is retained and the target is raised to $5.77 from $5.19.
Target price is $5.77 Current Price is $5.75 Difference: $0.02
If BAP meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $6.44, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 14.30 cents and EPS of 24.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 38.9%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 18.50 cents and EPS of 30.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 26.6%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BAP as Overweight (1) -
The slowing in like-for-like growth failed to take the shine off a strong first half which exceeded Morgan Stanley's expectations. Cash flow and guidance were upgraded.
The broker expects that replicating the company's success across Hellaby will drive growth and provide catalysts. Overweight rating and $6.75 target retained. Industry view: In-line.
Target price is $6.75 Current Price is $5.75 Difference: $1
If BAP meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.44, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 15.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 38.9%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 18.90 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 26.6%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BAP as Add (1) -
Bapcor's result beat the broker by 2% thanks to increased margins offsetting weaker same store sales in Retail. FY guidance ex-Hellaby's was upgraded and Hellaby's accretion was confirmed at 12%.
The broker believes further synergies will materialise from the Hellaby's acquisition while other smaller acquisitions have performed well, and is confident in management's ability to outperform targets. Add retained. Target rises to $6.38 from $5.91.
Target price is $6.38 Current Price is $5.75 Difference: $0.63
If BAP meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.44, suggesting upside of 11.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 13.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.8, implying annual growth of 38.9%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.4%. Current consensus EPS estimate suggests the PER is 23.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.4, implying annual growth of 26.6%. Current consensus DPS estimate is 18.5, implying a prospective dividend yield of 3.2%. Current consensus EPS estimate suggests the PER is 18.4. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates CPU as Hold (3) -
In a follow-up report from yesterday's, Ord Minnett analysts have sharpened their estimates upwards, but they also believe the share price is looking "full". Hence why the Hold rating remains in place. Target $13.
Target price is $13.00 Current Price is $13.46 Difference: minus $0.46 (current price is over target).
If CPU meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $13.16, suggesting downside of -4.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 33.33 cents and EPS of 66.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 70.7, implying annual growth of N/A. Current consensus DPS estimate is 36.5, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 19.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 33.33 cents and EPS of 62.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 76.0, implying annual growth of 7.5%. Current consensus DPS estimate is 39.5, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
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 DMP as Hold (3) -
In a follow-up from yesterday's initial response, the analysts have reduced their estimates. No change to either Hold rating or $59 price target.
Target price is $59.00 Current Price is $57.70 Difference: $1.3
If DMP meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $72.90, suggesting upside of 30.0% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 74.00 cents and EPS of 94.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.6, implying annual growth of 38.3%. Current consensus DPS estimate is 95.4, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 42.9. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 100.00 cents and EPS of 125.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 172.5, implying annual growth of 32.1%. Current consensus DPS estimate is 129.4, implying a prospective dividend yield of 2.3%. Current consensus EPS estimate suggests the PER is 32.5. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates EVN as Buy (1) -
Citi analysts saw an interim performance in line with expectations. A cutback of the Cowal pit has been confirmed, which extends mine life. Citi sees this as one of key drivers of high earnings growth into FY18/19.
In addition, Ernest Henry provides leverage to copper, the analysts note. On Citi's projections, copper is heading towards US$3/lb in FY19. Target lifts to $2.75 from $2.60. Buy.
Target price is $2.75 Current Price is $2.35 Difference: $0.4
If EVN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $2.54, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 4.00 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 4.00 cents and EPS of 18.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of 35.7%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates EVN as Outperform (1) -
First half results were below broker forecasts. Cash flow was strong at $176m and gross debt at $600m, post Ernest Henry acquisition completed in November.
FY17 guidance was unchanged, and the Cowal E42 stage H cut back and leach projects were formally agreed by the board. Mine life of Cowal was recently extended to 2032.
Outperform rating and $2.30 target maintained.
Target price is $2.30 Current Price is $2.35 Difference: minus $0.05 (current price is over target).
If EVN 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 $2.54, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 4.00 cents and EPS of 17.37 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 4.35 cents and EPS of 23.02 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of 35.7%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates EVN as Hold (3) -
First half results were ahead of estimates. Deutsche Bank believes the Cowal stage H cut-back and the dual leach project represent bottom-up value creation from a core asset that underpins the portfolio.
The stock is high quality but is fairly priced. Hence, the broker retains a Hold rating. Target is $2.40.
Target price is $2.40 Current Price is $2.35 Difference: $0.05
If EVN meets the Deutsche Bank target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.54, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 3.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 3.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of 35.7%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates EVN as Outperform (1) -
Evolution's first half results were mainly in line with the broker's expectations. Higher copper and by-product revenues were largely offset by marginally higher operating costs.
The company has received environmental approval to continue mining at Cowal until 2032, and announced the approval of the stage H cutbacks and recovery enhancement project. Macquarie has raised FY17 forecasts by 17%.
Outperform retained and target raised to $2.70 from $2.60.
Target price is $2.70 Current Price is $2.35 Difference: $0.35
If EVN meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).
Current consensus price target is $2.54, suggesting upside of 5.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 4.00 cents and EPS of 12.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.1, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 6.00 cents and EPS of 24.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 23.2, implying annual growth of 35.7%. Current consensus DPS estimate is 4.3, implying a prospective dividend yield of 1.8%. Current consensus EPS estimate suggests the PER is 10.4. |
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates EVT as Sell (5) -
Citi finds the short-term outlook challenging. The broker estimates the company's Australian cinema circuit underperformed the broader industry by around -3% in the first half.
Market share losses are a significant factor, in Citi's view. the broker continues to believe divestment of the German cinema business should be debated.
FY17-19 estimates are reduced by -11-19%. Sell rating retained. Target falls to $10.95 from $12.90.
Target price is $10.95 Current Price is $12.38 Difference: minus $1.43 (current price is over target).
If EVT meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 51.00 cents and EPS of 68.70 cents. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 51.00 cents and EPS of 68.10 cents. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates FTT as Add (1) -
Factor's result was broadly in line and the company has enough cash to recruit and complete its current clinical program, the broker notes. If the current program is successful, having added pharma experience to the mix, then negotiations with large pharma companies will follow, the broker suggests. Add retained. Target rises to 9.7c from 9.3c.
Target price is $0.10 Current Price is $0.06 Difference: $0.036
If FTT meets the Morgans target it will return approximately 59% (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 0.90 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 0.90 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates GMG as Neutral (3) -
First half results were ahead of estimates. Citi notes management is confident on the outlook into FY18. Returns on assets in development continue to rise.
The broker notes work in hand is steady and the company is a major beneficiary of the cycle so a watch should be placed for a turning point.
Neutral rating retained. Target is raised to $7.74 from $7.41.
Target price is $7.74 Current Price is $7.26 Difference: $0.48
If GMG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $7.63, 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 25.90 cents and EPS of 43.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of -37.9%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 26.50 cents and EPS of 45.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 1.8%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates GMG as Outperform (1) -
First half results were in line and renewed Macquarie's confidence in the company's ability to deliver on its 6% growth target.
While a turn in the cycle is likely to disrupt achieving the target in some years, in the current environment, the broker believes it will be achieved in a relatively de-risked manner.
Outperform retained. Target rises to $7.71 from $7.54.
Target price is $7.71 Current Price is $7.26 Difference: $0.45
If GMG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.63, 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 25.90 cents and EPS of 43.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of -37.9%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 27.50 cents and EPS of 45.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 1.8%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates GMG as Hold (3) -
The company's financial performance was better than expected in the first half, carried by "very strong" active earnings from both the development and management businesses, comment the analysts.
Management grabbed the opportunity to lift FY17 EPS growth guidance from 6% to 7.5%, but the analysts point out profits seem less dependent on recurring revenues, which makes the future likely more volatile. Target gains 10c to $7.60. Hold rating retained.
Target price is $7.60 Current Price is $7.26 Difference: $0.34
If GMG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $7.63, 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 26.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of -37.9%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 27.00 cents and EPS of 45.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 1.8%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates GMG as Neutral (3) -
First half results were in line with the broker's expectations. Operating profit growth of 9% and an upgrade to guidance from 6% to 7.5% growth were the stand outs for UBS.
The broker believes long term structural drivers of the business model remain intact and increases earnings forecasts by 1%.
Neutral rating retained and target rises to $7.68 from $7.56.
Target price is $7.68 Current Price is $7.26 Difference: $0.42
If GMG meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $7.63, 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 25.90 cents and EPS of 43.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 44.7, implying annual growth of -37.9%. Current consensus DPS estimate is 25.9, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 27.30 cents and EPS of 45.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 45.5, implying annual growth of 1.8%. Current consensus DPS estimate is 27.2, implying a prospective dividend yield of 3.7%. Current consensus EPS estimate suggests the PER is 16.1. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates HFA as Outperform (1) -
HFA's first half result was below the broker's expectations. Higher operating expenses were driven by personnel costs, an increase in the short-term incentive based on Lighthouse calendar year earnings and consulting expenses related to risk management.
Management commented that investment performance has begun to firm up.
Macquarie has lowered its FY17 forecasts by -7.1% and FY18 by -8.6%. Price target is cut to $2.62 from $2.89 and Outperform retained.
Target price is $2.62 Current Price is $2.12 Difference: $0.5
If HFA meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 18.40 cents and EPS of 14.40 cents. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 21.73 cents and EPS of 14.93 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates HSN as Neutral (3) -
Hansen's first half earnings were just above the broker's expectations. Full year guidance was reiterated for revenue of $165-175m.
Credit Suisse notes that a large proportion of Hansen's revenue is from project based work that tends to be cyclical in nature, and the broker would not be surprised if growth were to take a step back.
FY17 earnings have been downgraded -4%, to $48m, although the company is expected to come in slightly ahead of the upper end of its guidance. Neutral retained and target cut to $3.70 from $4.09.
Target price is $3.70 Current Price is $3.74 Difference: minus $0.04 (current price is over target).
If HSN meets the Credit Suisse target it will return approximately minus 1% (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 5.49 cents and EPS of 16.67 cents. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 5.40 cents and EPS of 17.81 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates HSN as Buy (1) -
Ord Minnett analysts couldn't believe what they saw after Hansen Technologies released an in-line financial performance for the first half. Given the stock had already been de-rated by some -20% leading into the result vis-a-vis peers, how to explain the -19% "pounding" that followed (intra-day)?
All in all, the analysts state with conviction short term noise, like currency volatility, or investors losing faith in the M&A opportunity, creates fantastic long term entry points. They reiterate their Buy rating. Target increases to $4.73 from $4.65.
Ord Minnett observes management has stuck with its prior guidance. The analysts have positioned themselves higher.
Target price is $4.73 Current Price is $3.74 Difference: $0.99
If HSN meets the Ord Minnett target it will return approximately 26% (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 6.00 cents and EPS of 15.10 cents. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 6.00 cents and EPS of 17.30 cents. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates IPH as Downgrade to Hold from Buy (3) -
Adjusting for unrealised FX gains, first half results were broadly in line with Deutsche Bank forecasts. The broker downgrades to Hold from Buy on valuation grounds.
Medium-term earnings estimates are reduced to better capture the risks around national phase entries being conducted electronically and potential margin compression from increasing competition.
Target is reduced to $5.40 from $6.60.
Target price is $5.40 Current Price is $5.15 Difference: $0.25
If IPH meets the Deutsche Bank target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 24.00 cents and EPS of 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 28.2%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 26.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 11.0%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.1%. 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 IPH as Neutral (3) -
First half results were ahead of the broker, helped by a $2.1m unrealised FX gain. Macquarie notes growth has been largely driven by acqusitions as ex these revenues were flat.
Cash conversion remains good, and the group is in good position to pursue its acquisition pipeline. This would be mainly in international markets, in Macquarie's opinion. FY17 forecasts cut by -3% and FY18 by -5%.
Neutral retained and target reduced to $5.70 from $6.90.
Target price is $5.70 Current Price is $5.15 Difference: $0.55
If IPH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 22.20 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 28.2%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.20 cents and EPS of 30.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 11.0%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.1%. 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
Morgans rates IPH as Add (1) -
IPH posted a beat and one of the "cleanest" results the broker has seen from the company. Margins and cash flow conversion were strong.
The broker sees IPH expanding its geographic footprint both organically and through acquisitions, which should lead to further market share penetration. At a -13% discount to the ASX Industrials ex-financials and a 5% yield, the broker reiterates Add.
A switch from cash flow valuation to market multiples leads to a target price decrease to $6.47 from $7.51.
Target price is $6.47 Current Price is $5.15 Difference: $1.32
If IPH meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).
Current consensus price target is $5.86, suggesting upside of 16.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 23.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.1, implying annual growth of 28.2%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 4.6%. Current consensus EPS estimate suggests the PER is 17.8. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 26.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.2, implying annual growth of 11.0%. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.1%. 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
Credit Suisse rates MFG as Outperform (1) -
First half results were ahead of the broker's estimates, despite being down -20% YoY due to lower performance fees.
MFG has announced details of its new funds, including three new low carbon global equity products. The new strategies will be run by new managers, thereby reducing key man risks if successful.
Credit Suisse believes MFG's strong FuM growth and above industry fund flows justify the moderate P/E premium to peers. Outperform and $26.50 target maintained.
Target price is $26.50 Current Price is $24.03 Difference: $2.47
If MFG meets the Credit Suisse target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 85.00 cents and EPS of 118.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 107.00 cents and EPS of 148.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MFG as Outperform (1) -
First half results were slightly better than the broker's forecast. MFG has announced the launch of three low carbon strategies, with seeding complete for two and the third expected during CY17.
Macquarie notes MFG will need to build a track record on such products, but management believes MFG is the only active player with such a product. The broker has cut FY17 earnings forecasts by -5.3% and FY18 by -3.6%.
Outperform rating retained and target drops to $25.58 from $25.70.
Target price is $25.58 Current Price is $24.03 Difference: $1.55
If MFG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 79.80 cents and EPS of 105.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 88.30 cents and EPS of 117.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MFG as Equal-weight (3) -
First half results failed to excite Morgan Stanley - there was no upgrade to the dividend - yet there were few other negatives.
The company has revealed three new global equity funds with a low carbon focus.
Equal-weight retained. Target is $25.00. Industry view: In-Line.
Target price is $25.00 Current Price is $24.03 Difference: $0.97
If MFG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 89.50 cents and EPS of 113.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 104.00 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates MFG as Upgrade to Add from Hold (1) -
Magellan's -20% drop in first half profit on lower performance fees was in line with Morgans. The broker expects strong net inflows into both retail and institutional to taper in the second half but to remain solid.
Morgans sees a long term opportunity in the announcement of three new US low carbon funds, but doesn't expect meaningful inflows for two-three years. Target falls to $26.80 from $27.47 but that suggests a 15% total shareholder return. Hence an upgrade to Add.
Target price is $26.80 Current Price is $24.03 Difference: $2.77
If MFG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 80.00 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 94.00 cents and EPS of 129.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MFG as Buy (1) -
Contrary to the share price response yesterday, Magellan's financial performance in H1 was slightly better than expected. Performance fees fell more than expected, but cost reduction compensated.
Ord Minnett analysts are surprised by the market’s reaction, stating the lack of performance fees was well flagged. They see fees returning and as such present weakness is seen as a buying opportunity. Target falls to $27.47 from $27.58. Buy.
Target price is $27.47 Current Price is $24.03 Difference: $3.44
If MFG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 85.00 cents and EPS of 108.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 99.90 cents and EPS of 129.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MFG as Buy (1) -
First half pre-tax profit was in line with UBS. The broker found the fall in the share price surprising, particularly given lower performance fees.
Even allowing for net flows to reduce to 4% of funds under management, compared with 10% or more historically, the broker forecasts a 3-year compound growth rate in earnings per share of 13%.
Key profit growth drivers remain intact and the broker reiterates a Buy rating. Target is $27.30 target.
Target price is $27.30 Current Price is $24.03 Difference: $3.27
If MFG meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $26.44, suggesting upside of 11.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 80.00 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 110.7, implying annual growth of -10.4%. Current consensus DPS estimate is 83.2, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 92.00 cents and EPS of 127.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 130.0, implying annual growth of 17.4%. Current consensus DPS estimate is 97.5, implying a prospective dividend yield of 4.1%. Current consensus EPS estimate suggests the PER is 18.2. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates MGR as Neutral (3) -
First half earnings per share were below forecasts. Citi notes the lower end of the FY17 guidance range has been raised, with 9-11% growth expected versus 8-11%.
The broker envisages valuation is becoming more demanding and retains a Neutral rating. Target is $2.25.
Target price is $2.25 Current Price is $2.15 Difference: $0.1
If MGR meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.40 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -43.7%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 10.70 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MGR as Outperform (1) -
First half results were below forecasts. The main driver was lower-than-expected residential settlements and a 20% development gross margin versus 25.2% in FY16.
Macquarie retains an Outperform rating on the stock, given its strong earnings profile. Target is raised to $2.38 from $2.31.
Target price is $2.38 Current Price is $2.15 Difference: $0.23
If MGR meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 10.30 cents and EPS of 14.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -43.7%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.60 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 -4.5%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates MGR as Overweight (1) -
First half results beat Morgan Stanley's estimates while FY17 guidance has been tightened. The results were overshadowed by rising residential defaults and delayed settlements.
While the 57% skew to the second half is high the broker suspects it is achievable. Underweight retained. Target is $1.95. Industry view: Cautious.
Target price is $1.95 Current Price is $2.15 Difference: minus $0.2 (current price is over target).
If MGR meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.24, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 10.40 cents and EPS of 14.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -43.7%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 10.90 cents and EPS of 14.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates MGR as Hold (3) -
Mirvac's operational performance in H1 slightly missed expectation, with the analysts citing "settlement timing issue". The analysts note Mirvac tightened FY17 EPS growth guidance from 8–11% to 9–11%. Hold rating retained. Price target falls to $2.20 from $2.27.
Target price is $2.20 Current Price is $2.15 Difference: $0.05
If MGR meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 10.00 cents and EPS of 22.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -43.7%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 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 -4.5%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates MGR as Buy (1) -
Mirvac's first half results came out just shy of the broker's forecasts. Guidance was tightened to 14.2c to 14.4c, reflecting 9% to 11% growth.
UBS believes the outlook remains positive and short term focus for the broker will be on new apartment launches at Marrickville and Sydney Olympic Park which should provide comfort around FY19/20 earnings.
Target raised to $2.35 from $2.26 and the Buy rating retained.
Target price is $2.35 Current Price is $2.15 Difference: $0.2
If MGR meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.24, suggesting upside of 3.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 10.40 cents and EPS of 14.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.7, implying annual growth of -43.7%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 13.8. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.80 cents and EPS of 15.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.0, implying annual growth of -4.5%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 14.4. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates MIN as Hold (3) -
First half earnings were ahead of estimates, because of a one-off $50m investment gain and stronger iron ore revenue. Guidance is raised by 25% although Deutsche Bank's forecast was already above the prior range.
Mining EBITDA was higher than mining services for the first time and mining services the lowest since 2010. Hold rating retained. Target rises to $11.70 from $11.40.
Target price is $11.70 Current Price is $13.54 Difference: minus $1.84 (current price is over target).
If MIN meets the Deutsche Bank target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $12.85, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 43.00 cents and EPS of 130.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 28.00 cents and EPS of 69.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.7, implying annual growth of -10.8%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates MIN as Outperform (1) -
First half results were well ahead of the broker's forecasts. FY17 guidance has been upgraded to $480-$520m which assumes iron ore prices average US$70t in the second half.
Macquarie has raised FY17 earnings forecast by 17.8% and lowered FY18 forecasts by -7.7%. Outperform rating retained and target reduced to $14.51 from $14.53.
Target price is $14.51 Current Price is $13.54 Difference: $0.97
If MIN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $12.85, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 56.00 cents and EPS of 126.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 98.3, implying annual growth of N/A. Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 56.00 cents and EPS of 104.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.7, implying annual growth of -10.8%. Current consensus DPS estimate is 46.5, implying a prospective dividend yield of 3.6%. Current consensus EPS estimate suggests the PER is 14.7. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ONT as Add (1) -
1300 Smiles posted a modest increase in first half profit. The broker has made no changes to forecasts.
The company's heavy exposure to Qld means it feels the impact of the mining investment downturn, the broker notes, while a looming Qld election ensures a risk of policy changes. A focus on cost control and streamlining of the business should nevertheless support growth.
Add and $7.94 target retained.
Target price is $7.94 Current Price is $7.47 Difference: $0.47
If ONT meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 23.00 cents and EPS of 34.00 cents. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 24.00 cents and EPS of 37.00 cents. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates ORG as Sell (5) -
Citi found the first half result confusing but OK. The company lacks electricity leverage but the large cost hike is expected to be short term.
The broker, hence, continues to expect around 50% operating leverage to rising electricity prices over the medium term.
Sell rating retained. Target is reduced to $6.80 from $6.87.
Target price is $6.80 Current Price is $7.09 Difference: minus $0.29 (current price is over target).
If ORG meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.15, suggesting upside of 3.8% (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 32.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 0.00 cents and EPS of 59.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates ORG as Hold (3) -
First half EBITDA was broadly in line with Deutsche Bank estimates. Guidance has been re-affirmed for net debt to be well below $9bn by June but the broker suspects this will only be achieved through asset sales.
The stock is trading in line with valuation and a Hold rating is maintained. Target is raised to $6.45 from $6.00.
Target price is $6.45 Current Price is $7.09 Difference: minus $0.64 (current price is over target).
If ORG 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 $7.15, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 12.00 cents and EPS of 53.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates ORG as No Rating (-1) -
First half results were much weaker than expected. Energy markets disappointed Macquarie. The drag from the Eraring outage and lost ramp gas revenue was materially larger than the gas and electricity price leverage.
Earnings estimates are lowered by -3.6% and -8.9% for FY17 and FY18 respectively.
Macquarie is restricted on rating and target at this stage.
Current Price is $7.09. Target price not assessed.
Current consensus price target is $7.15, suggesting upside of 3.8% (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 32.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.00 cents and EPS of 57.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates ORG as Hold (3) -
Origin's result fell short on rising energy procurement costs and the Eraring outage. The broker expects higher tariffs to lead to a better second half.
Given a focus on reducing debt, the top priority is an IPO of the upstream business, which the broker suggests will "help significantly". Meanwhile the broker sees a fair value and retains Hold. Target rises to $6.43 from $6.40.
Target price is $6.43 Current Price is $7.09 Difference: minus $0.66 (current price is over target).
If ORG meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $7.15, suggesting upside of 3.8% (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 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 25.00 cents and EPS of 48.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates ORG as Hold (3) -
Ord Minnett analysts saw a rather mixed interim report, with operating earnings from electricity and gas missing the mark, but management upgraded guidance for full-year operating earnings to $2.45–2.61bn.
The balance sheet delevering process should continue, says the broker. AGL Energy ((AGL)) is preferred due to much clearer tailwinds. Target moves to $7.10 from $6.80. Hold.
Target price is $7.10 Current Price is $7.09 Difference: $0.01
If ORG meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $7.15, suggesting upside of 3.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 77.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 10.00 cents and EPS of 51.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
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) -
First half underlying EBITDA was broadly in line with UBS. The broker notes the company remains happy with its short generation position, despite the recent lift in electricity prices. Buy and an $8.20 target retained.
Target price is $8.20 Current Price is $7.09 Difference: $1.11
If ORG meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $7.15, suggesting upside of 3.8% (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 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.8, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is 41.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 10.00 cents and EPS of 66.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 54.3, implying annual growth of 223.2%. Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 1.4%. Current consensus EPS estimate suggests the PER is 12.7. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates OSH as Neutral (3) -
PNG LNG 2P reserves increased by 1.2tcf according to the latest report from Oil Search. PNG LNG1 reserves were up 2.8tcf, which justifies higher output and facilitates additional contracts.
The increase in 1P reserves is important as the PNG LNG JV contracts LNG on a 1P basis and hence without an increase the JV may have to pare back production, explain the analysts.
Target price of $7.03 and Neutral retained.
Target price is $7.03 Current Price is $7.05 Difference: minus $0.02 (current price is over target).
If OSH meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $8.07, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Citi forecasts a full year FY16 dividend of 4.00 cents and EPS of 10.53 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 73.5. |
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 10.67 cents and EPS of 24.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.8, implying annual growth of 163.3%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates OSH as Outperform (1) -
The 2016 reserve report reveals increased 1P and 2P gas reserves within the PNG LNG project, up 50% and 12% respectively. Liquids continue to decline. Outside of PNG gas the company made no additions to oil reserves.
The stock remains Macquarie's preferred pick in the large caps, because of expectations for positive catalysts from PNG. Outperform retained. Target is $7.60.
Target price is $7.60 Current Price is $7.05 Difference: $0.55
If OSH meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $8.07, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
Macquarie forecasts a full year FY16 dividend of 3.73 cents and EPS of 8.27 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 73.5. |
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 9.20 cents and EPS of 22.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.8, implying annual growth of 163.3%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates OSH as Neutral (3) -
Oilsearch's PNG LNG gas reserves increased by 12% and 1P reserves were up 50%, according to the company's latest report.
The large increase in 1P reserves should allow operator XOM to lock in incremental sales from the PNG project, providing some degree of protection against volatility in future spot markets.
UBS has made no changes to its forecasts or valuation. Neutral and $7.75 retained.
Target price is $7.75 Current Price is $7.05 Difference: $0.7
If OSH meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $8.07, suggesting upside of 12.0% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY16:
UBS forecasts a full year FY16 dividend of 4.00 cents and EPS of 8.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 9.8, implying annual growth of N/A. Current consensus DPS estimate is 3.9, implying a prospective dividend yield of 0.5%. Current consensus EPS estimate suggests the PER is 73.5. |
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 12.00 cents and EPS of 26.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.8, implying annual growth of 163.3%. Current consensus DPS estimate is 10.8, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 27.9. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates S32 as Buy (1) -
The company delivered a financial performance ahead of expectations, including Citi's, but the shares sold off. Citi analysts think some market participants were expecting more in terms of handing cash to shareholders.
They just have to be a little more patient, suggests Citi. The analysts remain of the view South32 is turning into a cash box, which should open up all kinds of opportunities to reward loyal shareholders. Buy rating retained. Target price gains 10c to $3.20. Manganese prices are expected to stabilise.
Target price is $3.20 Current Price is $2.62 Difference: $0.58
If S32 meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 13.33 cents and EPS of 32.26 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 13.33 cents and EPS of 26.93 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
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
Credit Suisse rates S32 as Upgrade to Outperform from Neutral (1) -
First half results were slightly better than the broker's estimates, FY17 guidance for D&A has been revised upward by $40m to $$760m.
FY17 production guidance remains unchanged, but cost guidance has been increased across most divisions, reflecting FX moves and price linked royalty payments. The broker forecasts cash of $1.6bn at the end of FY17 and assumes $800m of buy-backs in each of FY18 and FY19.
The broker upgrades the stock to Outperform from Neutral and raises the target price to $2.95 from $2.80.
Target price is $2.95 Current Price is $2.62 Difference: $0.33
If S32 meets the Credit Suisse target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 13.69 cents and EPS of 34.12 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 11.89 cents and EPS of 30.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
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
Deutsche Bank rates S32 as Hold (3) -
First half results were better than expected. Cannington and aluminium stood out. Deutsche Bank notes the US3.6c dividend is the minimum 40% pay-out, which signals a possible return of excess cash in the near future.
Hold rating retained on valuation. Target is raised to $2.65 from $2.50.
Target price is $2.65 Current Price is $2.62 Difference: $0.03
If S32 meets the Deutsche Bank target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 14.67 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 8.04 cents and EPS of 16.09 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates S32 as Outperform (1) -
First half results were better than expected, albeit overshadowed by a lower dividend despite the build in net cash.
The potential for a capital return remains, in Macquarie's view. Increased distributions from the manganese business should contribute to a rise in the net cash position to around US$900m. If this occurs the broker suspects a US$400-500m buy-back around the time of the third quarter production result.
Outperform retained. Target falls to $3.80 from $3.85.
Target price is $3.80 Current Price is $2.62 Difference: $1.18
If S32 meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 16.40 cents and EPS of 35.06 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 15.73 cents and EPS of 31.46 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates S32 as Add (1) -
A solid result from South32 beat the broker, while the second half looks stronger still on catch-up coal tonnes. The company is not in a rush to add new growth, but the broker wonders just what will happen with all the cash on the balance sheet.
The broker believes South32 will favour growth over dividends. Forecast upgrades lead to a target increase to $3.17 from $3.11. Add retained.
Target price is $3.17 Current Price is $2.62 Difference: $0.55
If S32 meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 9.87 cents and EPS of 26.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 9.33 cents and EPS of 22.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
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
Ord Minnett rates S32 as No Rating (-1) -
The broker remains on research restriction. We observe estimates have been lifted post the release of interim results.
Current Price is $2.62. Target price not assessed.
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 17.33 cents and EPS of 34.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 12.00 cents and EPS of 18.66 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates S32 as Neutral (3) -
South32's first half results were in line with the broker's estimates. Most divisions performed well, with the exceptions being Illawarra and Mn ore. FY18 production guidance was lowered for Illawarra and raised for CSMA.
FY17 unit cost guidance has been revised upwards for a number of assets, primarily to adjust for foreign exchange. Management commented that S32 is 'very close' to being able to justify returns to shareholders.
UBS has lowered FY17 forecast by -4% and raised FY18 by 2%. Neutral and $2.75 target retained.
Target price is $2.75 Current Price is $2.62 Difference: $0.13
If S32 meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $3.13, suggesting upside of 16.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 14.67 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.6, implying annual growth of N/A. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 5.3%. Current consensus EPS estimate suggests the PER is 8.5. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 12.00 cents and EPS of 29.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.4, implying annual growth of -13.3%. Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 9.8. |
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 SGR as Buy (1) -
First half earnings were well below estimates, with Citi noting the impact of the re-branding of the loyalty program and re-launch.
First half impacts are expected to ease in the second half.
Buy retained. Price target falls to $6.00 from $6.20.
Target price is $6.00 Current Price is $5.04 Difference: $0.96
If SGR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 15.50 cents and EPS of 27.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 16.50 cents and EPS of 32.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SGR as Outperform (1) -
First half results were below the broker's expectations, impacted by VIP weakness, refurbishment cost and new loyalty system costs. Credit Suisse notes investors should focus on VIP front money, which grew 4.4%.
A good VIP outcome is critical to the share price because SGR's valuation dropped $1bn after staff from competitor Crown ((CWN)) were detained by Chinese authorities late last year. With a beaten down share price SGR is offering investors double digit earnings growth, in the broker's opinion.
Outperform rating retained and target lowered to $6.45 from $6.50.
Target price is $6.45 Current Price is $5.04 Difference: $1.41
If SGR meets the Credit Suisse target it will return approximately 28% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 15.00 cents and EPS of 24.82 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.00 cents and EPS of 28.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SGR as Buy (1) -
First half results disappointed Deutsche Bank, although the second half is considered to be off to a strong start.
The broker reduces earnings forecasts by -2-4% to reflect lower earnings at Star Sydney, partly offset by higher earnings from the Queensland casinos.
The broker maintains a Buy rating and lowers the target to $6.20 from $6.40.
Target price is $6.20 Current Price is $5.04 Difference: $1.16
If SGR meets the Deutsche Bank target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 15.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 16.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SGR as Outperform (1) -
First half results were weaker than expected but the trading update provides confidence, in Macquarie's view.
Trading in FY17 has experienced solid growth, with improving momentum as capital projects progress and more capacity becomes available.
Outperform retained. Target slips -10% to $6.10.
Target price is $6.10 Current Price is $5.04 Difference: $1.06
If SGR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 15.50 cents and EPS of 24.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.00 cents and EPS of 27.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SGR as Overweight (1) -
Second quarter VIP revenue outperformed and Morgan Stanley found the third quarter mass run rate encouraging, which suggests earnings have found a floor.
The broker lowers FY17 forecasts for earnings per share by -12% and FY18 by -6%, largely because of a delay to mass growth.
Overweight rating and In-Line industry view retained. Target is lowered to $5.50 from $5.73.
Target price is $5.50 Current Price is $5.04 Difference: $0.46
If SGR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 12.70 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 14.80 cents and EPS of 30.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SGR as Add (1) -
Ongoing capital works, the cost of the new loyalty program and weaker VIP revenues led Star to a -14.5% fall in first half earnings. The broker notes the impact of the Crown Resorts ((CWN)) arrests in weak VIP turnover.
The broker sees a much better second half as capital works come to an end and suggests Star is in a good position to grow earnings in the half and beyond. Add retained. Target falls to $6.12 from $6.33.
Target price is $6.12 Current Price is $5.04 Difference: $1.08
If SGR meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (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 28.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 16.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates SGR as Buy (1) -
The first half report missed market expectations, including Ord Minnett's. Lower VIP turnover and hotel refurbishments had their impact but the analysts believe management is doing a good job in keeping costs contained.
The stockbroker keeps the faith and that means the Buy rating remains unchanged, as well as the $6 price target.
Target price is $6.00 Current Price is $5.04 Difference: $0.96
If SGR meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 15.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 15.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SGR as Buy (1) -
First half net profit was below forecasts. UBS envisages the underlying run rate of the business being up to $21m better than the $251m EBITDA reported in the first half.
The broker believes a core part of the investment thesis needs to be around the potential increase in the share of the Sydney slot market. The recent decline to 8.8% is not expected to be sustained.
The broker retains a Buy rating and reduces the target to $5.76 from $5.78.
Target price is $5.76 Current Price is $5.04 Difference: $0.72
If SGR meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $6.02, suggesting upside of 19.5% (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 26.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.0, implying annual growth of 14.4%. Current consensus DPS estimate is 14.8, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 14.00 cents and EPS of 29.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.4, implying annual growth of 12.6%. Current consensus DPS estimate is 15.8, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 16.6. |
Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SPK as Underperform (5) -
First half results were in line with the broker's forecasts. Credit Suisse believes the company is running hard to stay still, and welcomes the signal that the company is refreshing strategy, which it expects to share with the market during CY17.
Underperform rating retained and target falls to NZ$3.00 from NZ$3.04.
Current Price is $3.30. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 23.48 cents and EPS of 20.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 23.09 cents and EPS of 20.41 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SPK as Hold (3) -
First half results were broadly in line. Quality was lower than Deutsche Bank anticipated. Price competition is evident in broadband and re-emerging in mobile.
The broker retains a Hold rating. Target is NZ$3.60.
Current Price is $3.30. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 23.48 cents and EPS of 20.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 20.67 cents and EPS of 20.67 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SPK as Underperform (5) -
First half EBITDA growth of 3.5% was ahead of the full-year guidance run rate. Macquarie expects a slowing in the second half earnings trajectory to a broadly flat outcome.
The broker highlights the competitive pressures in both consumer and corporate which makes it hard to hold the earnings trajectory over the medium term. Underperform. Target falls to NZ$3.40 from NZ$3.50.
Current Price is $3.30. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 23.48 cents and EPS of 19.44 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.1, implying annual growth of N/A. Current consensus DPS estimate is 23.6, implying a prospective dividend yield of 7.2%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.67 cents and EPS of 19.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 20.3, implying annual growth of 1.0%. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 16.1. |
This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: -0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates SYD as Buy (1) -
2016 results were below Citi's estimates. Guidance for a distribution of 33.5c suggests another year of strong growth in 2017. The broker envisages upside risk to guidance.
The broker continues to believe western Sydney's airport is an unlikely option, with upside form any adjustment to constraints on Sydney in the medium term.
Buy rating retained. Target falls to $7.14 from $7.23.
Target price is $7.14 Current Price is $6.08 Difference: $1.06
If SYD meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 34.00 cents and EPS of 16.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 36.00 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates SYD as Underperform (5) -
Sydney Airport's full year earnings were below the broker's estimate. Management is expecting continued passenger growth from Asian countries, with these services increasingly using off-peak slots where there is greater supply.
Management guided to $1.3bn capex in 2017- 2021, with $450m of that in FY17. The government is requesting a response from SYD in relation to its option to develop the new Sydney airport by 8th May. Management has made it clear that the offer is deeply unattractive and is requesting a further five months to decide.
Underperform and $5.50 target retained.
Target price is $5.50 Current Price is $6.08 Difference: minus $0.58 (current price is over target).
If SYD meets the Credit Suisse target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 33.50 cents and EPS of 14.65 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 35.50 cents and EPS of 15.52 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates SYD as Hold (3) -
2016 results were in line with forecasts. The company has flagged a higher 2017 distribution of 33.5c and outlined plans to invest an addition $500m to extend the international terminal.
Hold rating maintained. Target is raised to $6.30 from $6.05.
Target price is $6.30 Current Price is $6.08 Difference: $0.22
If SYD meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 34.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 35.00 cents and EPS of 21.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SYD as Outperform (1) -
2016 earnings were weaker than expected. Operationally, Macquarie observes the result was solid, with the variances largely reflecting the surge in passenger growth experienced over the last 12 months.
The broker is encouraged by the fact all revenue streams are growing and the step up in costs reflects this. Uncertainty remains around the western Sydney opportunity but the loss of the airport is already factored into the share price, in Macquarie's view.
Outperform retained. Target falls to $7.15 from $7.45.
Target price is $7.15 Current Price is $6.08 Difference: $1.07
If SYD meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 33.50 cents and EPS of 14.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 36.00 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates SYD as Overweight (1) -
FY16 outgoings were marginally above estimates. The FY17 distribution guidance of 33.5c signals to Morgan Stanley that attractive growth continues. The broker retains a constructive view on the near term for international passenger growth.
The broker doubts investors need be concerned about longer-term leakage to the proposed western Sydney airport as the ramp up in passengers there will likely coincide with Kingsford Smith reaching capacity.
Morgan Stanley retains an Overweight rating alongside a Cautious sector view. Target is raised to $7.07 from $7.06.
Target price is $7.07 Current Price is $6.08 Difference: $0.99
If SYD meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 34.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 37.00 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SYD as Add (1) -
Sydney Airport posted strong earnings and cash flow growth in 2016 as expected. Distribution guidance for 2017 implies 8% growth and a 5.5% yield, the broker notes. Higher costs lead to a target cut to $6.77 from $7.04.
This gives the broker an implied total shareholder return of 17%, hence Add retained. The valuation assumes the company does not proceed with developing Badgery's Creek. While management intends to respond to the government, the CEO has suggested private development would be "deeply uneconomic", the broker notes.
Target price is $6.77 Current Price is $6.08 Difference: $0.69
If SYD meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 33.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates SYD as Neutral (3) -
2016 delivered 20% growth in cash flow per security. Guidance for 2017 implies a slowing to 8% in the distribution growth, close to what UBS regards as a more normal growth rate.
The broker expects recent commercial investments should also drive further revenue growth in retail.
The potential loss of a monopoly position in Sydney aeronautics is a material risk in the broker's view, but should not have an impact on cash flow until 2026.
A Neutral rating is retained. Target is $6.60.
Target price is $6.60 Current Price is $6.08 Difference: $0.52
If SYD meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $6.65, suggesting upside of 10.4% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 34.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.6, implying annual growth of N/A. Current consensus DPS estimate is 33.8, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 38.6. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 37.00 cents and EPS of 16.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.6, implying annual growth of 12.8%. Current consensus DPS estimate is 36.1, implying a prospective dividend yield of 6.0%. Current consensus EPS estimate suggests the PER is 34.2. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TEN as Hold (3) -
The trading update pointed to continued weakness in the TV advertising market. Deutsche Bank revises earnings forecasts to factor in a decline of -2.5% for FY17.
FY17 costs growth is expected to be in the low single digits, with higher growth in the first half. Hold rating is retained given the potential for corporate activity to support the stock. Target is reduced to 85c from $1.00.
Target price is $0.85 Current Price is $0.88 Difference: minus $0.025 (current price is over target).
If TEN meets the Deutsche Bank target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.34, suggesting upside of 52.5% (ex-dividends)
The company's fiscal year ends in August.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 0.00 cents and EPS of minus 7.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -3.9, 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:
Deutsche Bank forecasts a full year FY18 dividend of 0.00 cents and EPS of minus 5.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is -0.3, implying annual growth of N/A. Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A. Current consensus EPS estimate suggests the PER is N/A. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TLS as Sell (5) -
Telstra's disappointing interim update revealed competition is biting and Citi analysts note Telstra’s target to replace the $2-3bn EBITDA impact of the NBN is getting harder and harder.
The analysts do believe Telstra should be able to achieve the bottom of its guidance range for the year, assisted by yet another large payment from the NBN.
Estimates have been reduced. Target price drops to $4.40 from $4.50. Sell rating retained.
Target price is $4.40 Current Price is $4.85 Difference: minus $0.45 (current price is over target).
If TLS meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 31.00 cents and EPS of 31.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 31.00 cents and EPS of 36.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TLS as Hold (3) -
First half results disappointed Deutsche Bank. Dividend growth is considered challenging. The company is facing high levels of competition across mobile, fixed line and data & IP markets.
The company is seen reliant on cost savings and capital expenditure to deliver dividend growth. Hold retained. Target is reduced to $4.79 from $4.84.
Target price is $4.79 Current Price is $4.85 Difference: minus $0.06 (current price is over target).
If TLS meets the Deutsche Bank target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 31.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 31.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TLS as Neutral (3) -
First half earnings disappointed Macquarie. Mobile handset revenue was the primary driver of the downgrade to revenue guidance although the broker was also disappointed with a number of products across both the corporate and consumer segments.
Macquarie downgrades EBITDA estimates for FY17-19 by -0.8-2.0%. The risk to the sustainability of the dividend is highlighted. Neutral retained. Target falls to $5.
Target price is $5.00 Current Price is $4.85 Difference: $0.15
If TLS meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 31.00 cents and EPS of 28.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 31.00 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates TLS as Underweight (5) -
A notable feature of the first half result was a sharper-than-expected decline in the fixed broadband EBITDA margin, to 34% versus 41% previously, in Morgan Stanley's view.
The broker acknowledges the dividend support but envisages the risk profile is wider, as structural change heats up.
Underweight. Target is lowered to $4.50 from $5.00. Sector view In-Line.
Target price is $4.50 Current Price is $4.85 Difference: minus $0.35 (current price is over target).
If TLS meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgan Stanley forecasts a full year FY17 dividend of 31.50 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 31.50 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TLS as Hold (3) -
Telstra's result met guidance but take out one-offs and it was -5% miss of underlying forecasts. With technology changing rapidly and the NBN looming, the company has had to up its D&A rates, the broker notes, which leads to a reduction in forecast earnings.
It also means the broker now expects a flat dividend rather than 0.5c growth pa. The ability to grow earnings to pay the dividend in a highly competitive landscape is a key risk, the broker suggests, both up and down. Hold retained. Target falls to $4.91 from $5.20.
Target price is $4.91 Current Price is $4.85 Difference: $0.06
If TLS meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 31.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 31.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TLS as Downgrade to Hold from Accumulate (3) -
Ord Minnett has downgraded to Hold from Accumulate upon Telstra's release of what turned out a weak interim report. The analysts highlight both top line and bottom line were well off what the market was expecting.
There's sector dominance and an attractive looking yield, but Ord Minnett is taking a medium term view and sees potential structural changes and downward pressure. Target falls to $5.35 from $5.45.
Target price is $5.35 Current Price is $4.85 Difference: $0.5
If TLS meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 31.00 cents and EPS of 31.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 31.00 cents and EPS of 37.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TLS as Neutral (3) -
First half earnings were in line with UBS. The broker notes mobile declines and weak cash flow in the results but expects a better outcome for free cash and earnings per share in the second half.
The broker envisages increasing risk to the growth "buckets" the company has identified to fix the $2-3bn earnings hole.
UBS retains a Neutral rating, with a negative tilt, and a $5.00 target.
Target price is $5.00 Current Price is $4.85 Difference: $0.15
If TLS meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $4.84, suggesting upside of 0.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 31.00 cents and EPS of 33.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of -33.1%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.3. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 31.00 cents and EPS of 36.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 34.0, implying annual growth of 7.3%. Current consensus DPS estimate is 31.1, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 14.2. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Citi rates TTS as Neutral (3) -
First half EBITDA was slightly below Citi's estimates. The broker lowers FY17-19 EBITDA estimates by -2-3%, largely reflecting reductions to wagering turnover assumptions.
Neutral retained. Target reduced to $4.20 from $4.25. The broker continues to believe the merger with Tabcorp ((TAH)) makes strategic sense and awaits the ACCC's findings.
Target price is $4.20 Current Price is $4.02 Difference: $0.18
If TTS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Citi forecasts a full year FY17 dividend of 17.50 cents and EPS of 17.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Citi forecasts a full year FY18 dividend of 18.00 cents and EPS of 17.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates TTS as Neutral (3) -
Tatts's first half results were mixed, with lotteries exceeding previous guidance with a slightly better run of jackpots to end the period. Wagering revenue was also weak, affected by a variety of reasons, including adverse weather.
Credit Suisse has downgraded earnings by -3-7%, reflecting a $15m wagering earnings reduction that ultimately needs to be recovered by Tabcorp ((TAH)). Without recovery, around $150m in value erosion represents further overpayment by TAH.
Credit Suisse retains a Neutral rating and target drops to $4.20 from $4.50.
Target price is $4.20 Current Price is $4.02 Difference: $0.18
If TTS meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Credit Suisse forecasts a full year FY17 dividend of 37.50 cents and EPS of 15.57 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 15.50 cents and EPS of 15.91 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates TTS as Buy (1) -
First half results were above expectations, with the benefit from lower-than-anticipated net interest and tax expense. Wagering earnings were well below Deutsche Bank's forecasts
The merger with Tabcorp ((TAH)) progresses but the ACCC has delayed its preliminary announcement until March 9.
Deutsche Bank retains a Buy rating and $4.67 target.
Target price is $4.67 Current Price is $4.02 Difference: $0.65
If TTS meets the Deutsche Bank target it will return approximately 16% (excluding dividends, fees and charges).
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Deutsche Bank forecasts a full year FY17 dividend of 18.00 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 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 18.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates TTS as No Rating (-1) -
First half results were weak but better than Macquarie had forecast. Lotteries were impacted by fewer large jackpots and wagering was down due to adverse weather, increased commissions and the impact of inducement offers, which are still permitted in Queensland.
Management did not provide any FY17 guidance other than expectations for 19% capex. Macquarie's FY17 forecasts drop by -3.4% and FY18 by -2.5%.
Macquarie is currently on research restriction and provides no rating or target at this stage.
Current Price is $4.02. Target price not assessed.
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Macquarie forecasts a full year FY17 dividend of 17.40 cents and EPS of 16.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.9, implying annual growth of 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 19.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates TTS as Hold (3) -
Fewer high level jackpots meant lower lottery earnings, turnover was down in wagering and gaming earnings were flat. Cash flow was strong enough to support the dividend, the broker notes.
All hinges on the ACCC decision over the Tatts/Tabcorp ((TAH)) merger, with the Pacific Consortium lurking in the background. Hold and $4.53 target retained.
Target price is $4.53 Current Price is $4.02 Difference: $0.51
If TTS meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Morgans forecasts a full year FY17 dividend of 17.00 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 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 17.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Ord Minnett rates TTS as Lighten (4) -
Tatt's interim result, while down -16.5% on a year ago, was better than what Ord Minnett had penciled in. The analysts observe the company is exposed to declining wagering margins, while battling difficult trading conditions as digital sales growth slows noticeably. Lighten rating retained. Target drops 10c to $4.10.
Target price is $4.10 Current Price is $4.02 Difference: $0.08
If TTS meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
Ord Minnett forecasts a full year FY17 dividend of 17.00 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 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
Ord Minnett forecasts a full year FY18 dividend of 18.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates TTS as No Rating (-1) -
First half net profit was broadly in line with UBS. The broker notes weaker margins were offset by a stronger-than-expected revenue result from lotteries.
UBS is restricted on providing a rating and a target.
Current Price is $4.02. Target price not assessed.
Current consensus price target is $4.27, suggesting upside of 5.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY17:
UBS forecasts a full year FY17 dividend of 18.00 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 5.6%. Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 24.0. |
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 17.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.5, implying annual growth of 3.6%. Current consensus DPS estimate is 17.6, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 23.2. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates WES as Sell (5) -
Deutsche Bank envisages further downside risk to Coles earnings, as sales are growing slower than underlying costs.
The resulting operating de-leverage is likely to be compounded by the requirement to invest more heavily in price. With Coles accounting for around 40% of earnings the broker believes this will weigh on the stock.
Sell rating retained. Target raised to $40 from $38.
Target price is $40.00 Current Price is $42.85 Difference: minus $2.85 (current price is over target).
If WES meets the Deutsche Bank target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $42.12, suggesting downside 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 243.00 cents and EPS of 265.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 263.9, implying annual growth of 629.0%. Current consensus DPS estimate is 220.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 16.3. |
Forecast for FY18:
Deutsche Bank forecasts a full year FY18 dividend of 245.00 cents and EPS of 273.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 266.7, implying annual growth of 1.1%. Current consensus DPS estimate is 223.5, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| A2M - | THE A2 MILK CO | Hold - Deutsche Bank | Overnight Price $2.31 |
| AQG - | ALACER GOLD | Buy - Deutsche Bank | Overnight Price $2.93 |
| BAP - | BAPCOR LIMITED | Neutral - Macquarie | Overnight Price $5.75 |
| Overweight - Morgan Stanley | Overnight Price $5.75 | ||
| Add - Morgans | Overnight Price $5.75 | ||
| CPU - | COMPUTERSHARE | Hold - Ord Minnett | Overnight Price $13.46 |
| DMP - | DOMINO'S PIZZA | Hold - Ord Minnett | Overnight Price $57.70 |
| EVN - | EVOLUTION MINING | Buy - Citi | Overnight Price $2.35 |
| Outperform - Credit Suisse | Overnight Price $2.35 | ||
| Hold - Deutsche Bank | Overnight Price $2.35 | ||
| Outperform - Macquarie | Overnight Price $2.35 | ||
| EVT - | EVENT HOSPITALITY | Sell - Citi | Overnight Price $12.38 |
| FTT - | FACTOR THERAPEUTICS | Add - Morgans | Overnight Price $0.06 |
| GMG - | GOODMAN GRP | Neutral - Citi | Overnight Price $7.26 |
| Outperform - Macquarie | Overnight Price $7.26 | ||
| Hold - Ord Minnett | Overnight Price $7.26 | ||
| Neutral - UBS | Overnight Price $7.26 | ||
| HFA - | HFA HOLDINGS | Outperform - Macquarie | Overnight Price $2.12 |
| HSN - | HANSEN TECHNOLOGIES | Neutral - Credit Suisse | Overnight Price $3.74 |
| Buy - Ord Minnett | Overnight Price $3.74 | ||
| IPH - | IPH | Downgrade to Hold from Buy - Deutsche Bank | Overnight Price $5.15 |
| Neutral - Macquarie | Overnight Price $5.15 | ||
| Add - Morgans | Overnight Price $5.15 | ||
| MFG - | MAGELLAN FINANCIAL GROUP | Outperform - Credit Suisse | Overnight Price $24.03 |
| Outperform - Macquarie | Overnight Price $24.03 | ||
| Equal-weight - Morgan Stanley | Overnight Price $24.03 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $24.03 | ||
| Buy - Ord Minnett | Overnight Price $24.03 | ||
| Buy - UBS | Overnight Price $24.03 | ||
| MGR - | MIRVAC | Neutral - Citi | Overnight Price $2.15 |
| Outperform - Macquarie | Overnight Price $2.15 | ||
| Overweight - Morgan Stanley | Overnight Price $2.15 | ||
| Hold - Ord Minnett | Overnight Price $2.15 | ||
| Buy - UBS | Overnight Price $2.15 | ||
| MIN - | MINERAL RESOURCES | Hold - Deutsche Bank | Overnight Price $13.54 |
| Outperform - Macquarie | Overnight Price $13.54 | ||
| ONT - | 1300 SMILES | Add - Morgans | Overnight Price $7.47 |
| ORG - | ORIGIN ENERGY | Sell - Citi | Overnight Price $7.09 |
| Hold - Deutsche Bank | Overnight Price $7.09 | ||
| No Rating - Macquarie | Overnight Price $7.09 | ||
| Hold - Morgans | Overnight Price $7.09 | ||
| Hold - Ord Minnett | Overnight Price $7.09 | ||
| Buy - UBS | Overnight Price $7.09 | ||
| OSH - | OIL SEARCH | Neutral - Citi | Overnight Price $7.05 |
| Outperform - Macquarie | Overnight Price $7.05 | ||
| Neutral - UBS | Overnight Price $7.05 | ||
| S32 - | SOUTH32 | Buy - Citi | Overnight Price $2.62 |
| Upgrade to Outperform from Neutral - Credit Suisse | Overnight Price $2.62 | ||
| Hold - Deutsche Bank | Overnight Price $2.62 | ||
| Outperform - Macquarie | Overnight Price $2.62 | ||
| Add - Morgans | Overnight Price $2.62 | ||
| No Rating - Ord Minnett | Overnight Price $2.62 | ||
| Neutral - UBS | Overnight Price $2.62 | ||
| SGR - | STAR ENTERTAINMENT | Buy - Citi | Overnight Price $5.04 |
| Outperform - Credit Suisse | Overnight Price $5.04 | ||
| Buy - Deutsche Bank | Overnight Price $5.04 | ||
| Outperform - Macquarie | Overnight Price $5.04 | ||
| Overweight - Morgan Stanley | Overnight Price $5.04 | ||
| Add - Morgans | Overnight Price $5.04 | ||
| Buy - Ord Minnett | Overnight Price $5.04 | ||
| Buy - UBS | Overnight Price $5.04 | ||
| SPK - | SPARK NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $3.30 |
| Hold - Deutsche Bank | Overnight Price $3.30 | ||
| Underperform - Macquarie | Overnight Price $3.30 | ||
| SYD - | SYDNEY AIRPORT | Buy - Citi | Overnight Price $6.08 |
| Underperform - Credit Suisse | Overnight Price $6.08 | ||
| Hold - Deutsche Bank | Overnight Price $6.08 | ||
| Outperform - Macquarie | Overnight Price $6.08 | ||
| Overweight - Morgan Stanley | Overnight Price $6.08 | ||
| Add - Morgans | Overnight Price $6.08 | ||
| Neutral - UBS | Overnight Price $6.08 | ||
| TEN - | TEN NETWORK HOLDINGS | Hold - Deutsche Bank | Overnight Price $0.88 |
| TLS - | TELSTRA CORP | Sell - Citi | Overnight Price $4.85 |
| Hold - Deutsche Bank | Overnight Price $4.85 | ||
| Neutral - Macquarie | Overnight Price $4.85 | ||
| Underweight - Morgan Stanley | Overnight Price $4.85 | ||
| Hold - Morgans | Overnight Price $4.85 | ||
| Downgrade to Hold from Accumulate - Ord Minnett | Overnight Price $4.85 | ||
| Neutral - UBS | Overnight Price $4.85 | ||
| TTS - | TATTS GROUP | Neutral - Citi | Overnight Price $4.02 |
| Neutral - Credit Suisse | Overnight Price $4.02 | ||
| Buy - Deutsche Bank | Overnight Price $4.02 | ||
| No Rating - Macquarie | Overnight Price $4.02 | ||
| Hold - Morgans | Overnight Price $4.02 | ||
| Lighten - Ord Minnett | Overnight Price $4.02 | ||
| No Rating - UBS | Overnight Price $4.02 | ||
| WES - | WESFARMERS | Sell - Deutsche Bank | Overnight Price $42.85 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 40 |
| 3. Hold | 34 |
| 4. Reduce | 1 |
| 5. Sell | 8 |
Friday 17 February 2017
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Disclaimer:
The content of this information does in no way reflect the opinions of
FNArena, or of its journalists. In fact we don't have any opinion about
the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe
and comment on. By doing so we believe we provide intelligent investors
with a valuable tool that helps them in making up their own minds, reading
market trends and getting a feel for what is happening beneath the surface.
This document is provided for informational purposes only. It does not
constitute an offer to sell or a solicitation to buy any security or other
financial instrument. FNArena employs very experienced journalists who
base their work on information believed to be reliable and accurate, though
no guarantee is given that the daily report is accurate or complete. Investors
should contact their personal adviser before making any investment decision.
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