Australian Broker Call
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August 13, 2018
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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)
THIS REPORT WILL BE UPDATED SHORTLY
Last Updated: 11:45 AM
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
| BPT - | BEACH ENERGY | Downgrade to Underperform from Neutral | Macquarie |
| IGO - | INDEPENDENCE GROUP | Upgrade to Neutral from Underperform | Macquarie |
| REA - | REA GROUP | Upgrade to Neutral from Underperform | Macquarie |
| Upgrade to Add from Hold | Morgans | ||
| SUN - | SUNCORP | Downgrade to Neutral from Buy | Citi |
AGL AGL ENERGY LIMITED
Infrastructure & Utilities
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Overnight Price: $20.57
Macquarie rates AGL as Neutral (3) -
FY18 results were stronger than Macquarie expected. The broker notes the challenging regulatory environment, with several authorities all targeting the lowering of electricity prices. Political risk is also considered high, particularly with a potential change in the federal government.
Meanwhile, cash flow is strong and dividends and buybacks are likely in the second half of FY19. Nevertheless, the broker considers a capital management initiative is not enough to shift a flat earnings outlook. Neutral maintained. Target is reduced by -1.8% to $22.10.
Target price is $22.10 Current Price is $20.57 Difference: $1.53
If AGL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $21.79, suggesting upside of 5.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 118.00 cents and EPS of 156.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 156.7, implying annual growth of N/A. Current consensus DPS estimate is 117.3, implying a prospective dividend yield of 5.7%. Current consensus EPS estimate suggests the PER is 13.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 142.00 cents and EPS of 188.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 159.4, implying annual growth of 1.7%. Current consensus DPS estimate is 120.0, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 12.9. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AIZ AIR NEW ZEALAND LIMITED
Transportation & Logistics
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Overnight Price: $3.04
Credit Suisse rates AIZ as Underperform (5) -
Credit Suisse observes the operating performance reflects diverging trends. A sequential slowdown in yield growth in the second half largely reflects a change in mix.
While acknowledging the strength of the domestic franchise and the Tasman/Pacific offer, the broker believes a combination of stalled pricing momentum and fuel price pressure increases earnings risk for a stock that is trading at close to peak multiples.
Underperform maintained. Target is reduced to NZ$2.90 from NZ$2.98.
Current Price is $3.04. Target price not assessed.
Current consensus price target is N/A
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 20.22 cents and EPS of 32.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.7, implying annual growth of N/A. Current consensus DPS estimate is 20.1, implying a prospective dividend yield of 6.6%. Current consensus EPS estimate suggests the PER is 9.6. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 20.22 cents and EPS of 26.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.8, implying annual growth of -9.1%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 6.8%. Current consensus EPS estimate suggests the PER is 10.6. |
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
Overnight Price: $2.21
Macquarie rates AVN as No Rating (-1) -
Aventus has announced in internalisation proposal in conjunction with its FY18 results. FY18 results were in line with expectations as are FY19 forecasts for FFO.
Macquarie considers the internalisation proposal slightly accretive to FFO, factoring the positive spread between margin on fees retired and cost of funding.
Because of the research restrictions Macquarie cannot advise of a rating and target at present.
Current Price is $2.21. Target price not assessed.
Current consensus price target is $2.39, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 16.40 cents and EPS of 18.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 17.00 cents and EPS of 18.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 1.1%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates AVN as Neutral (3) -
UBS believes the merits and rationale for internalisation are compelling but price and gearing will be scrutinised. The platform is more profitable than the broker expected. FY18 results were in line but, more importantly, the broker considers the operating metrics solid.
The broker intends to review earnings and valuation incorporating the internalisation proposal in more detail after the vote. Neutral rating and $2.29 target are maintained.
Target price is $2.29 Current Price is $2.21 Difference: $0.08
If AVN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $2.39, suggesting upside of 8.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.40 cents and EPS of 18.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.3, implying annual growth of N/A. Current consensus DPS estimate is 16.4, implying a prospective dividend yield of 7.4%. Current consensus EPS estimate suggests the PER is 12.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 16.80 cents and EPS of 18.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 18.5, implying annual growth of 1.1%. Current consensus DPS estimate is 16.9, implying a prospective dividend yield of 7.6%. Current consensus EPS estimate suggests the PER is 11.9. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
AZJ AURIZON HOLDINGS LIMITED
Transportation & Logistics
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Overnight Price: $4.43
Macquarie rates AZJ as Outperform (1) -
On initial assessment, Macquarie views reported financials as in-line, while the declared dividend seems a bit above what the analysts had anticipated. Below rail performance in particular stood out, but management refrained from providing guidance given UT5 uncertainty.
The broker suggests things can only improve from here onwards. Having said so, the analysts also suggest uncertainty will emerge around potential strike action as management attempts to achieve further structural changes. Outperform. $4.70 price target.
Target price is $4.70 Current Price is $4.43 Difference: $0.27
If AZJ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $4.29, suggesting downside of -3.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.50 cents and EPS of 27.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.5, implying annual growth of N/A. Current consensus DPS estimate is 25.7, implying a prospective dividend yield of 5.8%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 20.10 cents and EPS of 22.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.5, implying annual growth of -7.5%. Current consensus DPS estimate is 23.1, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
BBN BABY BUNTING GROUP LIMITED
Apparel & Footwear
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Overnight Price: $2.44
Citi rates BBN as Buy (1) -
As competitors are abandoning the local market, Baby Bunting's guidance might prove too conservative, in the view of Citi analysts. They are toying with the concept of this company now having embarked on a multi-year upgrade cycle.
EPS estimates have been boosted by 27%-32%. Target price jumps 55% to $2.71. Buy rating reiterated.
Target price is $2.71 Current Price is $2.44 Difference: $0.27
If BBN meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 9.00 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.3, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 12.30 cents and EPS of 16.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 24.4%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates BBN as Neutral (3) -
FY18 results were in line with expectations, following the succession of downgrades. Current trading is better than Macquarie had feared and stronger guidance is considered likely to be a catalyst for a material re-rating.
The broker increases FY19 and FY20 estimates for net profit by 17% and 7% respectively. Neutral rating maintained. Target is $2.25.
Target price is $2.25 Current Price is $2.44 Difference: minus $0.19 (current price is over target).
If BBN meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $2.65, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 7.90 cents and EPS of 11.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.3, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 8.40 cents and EPS of 12.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 24.4%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates BBN as Overweight (1) -
Baby Bunting's full-year result outpaced the broker, a 25%-30% jump in earnings triggering identical earnings upgrades from the broker.
Morgan Stanley views its estimates as conservative, pegging potential for a longer upgrade cycle noting that the business boasts: a net promoter score of higher than 70; good product differentiation and range; a 56% jump in online sales and eComm conversion rates of 33%; and a program of digital reinvestment.
Target price jumps 43% to $3; Overweight rating reiterated; industry view is In-line.
Target price is $3.00 Current Price is $2.44 Difference: $0.56
If BBN meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 8.10 cents and EPS of 15.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.3, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 10.50 cents and EPS of 19.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 24.4%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates BBN as Add (1) -
Baby Bunting's result was no worse than feared and a strong start to FY19 sales growth suggests the expected market share opportunity provided by the demise of competitors has begun to flow earlier than anticipated, the broker notes. The FY19 earnings guidance range is 6-19% above consensus estimates.
Management is clearly confident in the opportunity. The broker retains Add, while admitting the share price response means the stock is not "cheap". But the premium is required to account for what should be a multi-year earnings recovery, the broker suggests. Target rises to $2.65 from $1.70.
Target price is $2.65 Current Price is $2.44 Difference: $0.21
If BBN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $2.65, suggesting upside of 8.7% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 7.00 cents and EPS of 11.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 12.3, implying annual growth of N/A. Current consensus DPS estimate is 8.0, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 19.8. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 10.00 cents and EPS of 14.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 15.3, implying annual growth of 24.4%. Current consensus DPS estimate is 10.3, implying a prospective dividend yield of 4.2%. Current consensus EPS estimate suggests the PER is 15.9. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $11.35
Macquarie rates BEN as Neutral (3) -
Underlying the FY18 result missed expectations by some -3%, comment Macquarie analysts in an initial response. Retail banking trends across the industry remain challenging and yet more evidence came out with this report.
Macquarie remains cautious and sticks with its Neutral rating. Target $11 with Macquarie suggesting the high dividend yield is likely to support the share price.
Target price is $11.00 Current Price is $11.35 Difference: minus $0.35 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $10.86, suggesting downside of -4.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 70.00 cents and EPS of 84.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.3, implying annual growth of -2.5%. Current consensus DPS estimate is 70.0, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 72.00 cents and EPS of 86.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 86.1, implying annual growth of -0.2%. Current consensus DPS estimate is 70.8, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 13.2. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $1.95
Macquarie rates BPT as Downgrade to Underperform from Neutral (5) -
The company will announce FY18 results on August 20. Macquarie expects production for FY19 to be around 29.5mmboe, an increase in volume because of the higher Cooper and Otway Basins' production.
The broker downgrades to Underperform from Neutral believing, with oil prices stabilising and cost reductions primarily completed, the path ahead will become more challenging and more costly to sustain. The target is $1.90.
Target price is $1.90 Current Price is $1.95 Difference: minus $0.05 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $1.65, suggesting downside of -15.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 14.7, implying annual growth of -29.2%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 13.3. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 2.00 cents and EPS of 32.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 24.3, implying annual growth of 65.3%. Current consensus DPS estimate is 2.0, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 8.0. |
Market Sentiment: -0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $17.39
Macquarie rates BSL as Outperform (1) -
On initial assessment, Macquarie saw a "solid" result, better-than-expected, but accompanied by a soft guidance. Outperform rating retained. Target $21.50.
Target price is $21.50 Current Price is $17.39 Difference: $4.11
If BSL meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).
Current consensus price target is $19.60, suggesting upside of 12.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 14.00 cents and EPS of 135.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 148.1, implying annual growth of 18.2%. Current consensus DPS estimate is 12.8, implying a prospective dividend yield of 0.7%. Current consensus EPS estimate suggests the PER is 11.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 18.00 cents and EPS of 208.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 191.0, implying annual growth of 29.0%. Current consensus DPS estimate is 14.3, implying a prospective dividend yield of 0.8%. Current consensus EPS estimate suggests the PER is 9.1. |
Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $9.75
Credit Suisse rates BXB as Outperform (1) -
Credit Suisse believes the Brambles share price and valuation are at historically weak levels because of concerns about structural and cyclical headwinds. The broker suggests structural concerns are overstated and cyclical challenges are abating.
US lumber prices have also fallen -21% since peaking in June, providing relief for the pallets business. Outperform maintained. Target is raised to $10.40 from $10.25.
Target price is $10.40 Current Price is $9.75 Difference: $0.65
If BXB meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $10.51, suggesting upside of 7.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Credit Suisse forecasts a full year FY18 dividend of 37.40 cents and EPS of 52.84 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 57.5, implying annual growth of N/A. Current consensus DPS estimate is 33.1, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 39.60 cents and EPS of 54.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.3, implying annual growth of 1.4%. Current consensus DPS estimate is 34.1, implying a prospective dividend yield of 3.5%. Current consensus EPS estimate suggests the PER is 16.7. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.25
Macquarie rates CLW as Underperform (5) -
The company has announced operating earnings for FY18 that are directly in line with Macquarie's forecasts. FY19 guidance is below initial expectations, affected by asset sales and the timing of the redeployment of capital.
The broker believes the portfolio, backed by long-term sustainable cash flow, is attractive to those investors seeking income returns with underlying growth. The stock is trading above the target of $3.77, so Macquarie maintains an Underperform rating.
Target price is $3.77 Current Price is $4.25 Difference: minus $0.48 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.11, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 26.40 cents and EPS of 28.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of N/A. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 27.50 cents and EPS of 29.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.2, implying annual growth of 4.8%. Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates CLW as Neutral (3) -
UBS believes FY19 will be a transition year. Management has indicated it will re-deploy capital into more liquid eastern seaboard markets, with a focus on office.
FY18 results were in line with expectations. Guidance for FY19 is for operating EPS between 26.4-26.6c per share. Neutral rating and $4.25 target maintained.
Target price is $4.25 Current Price is $4.25 Difference: $0
If CLW meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).
Current consensus price target is $4.11, suggesting downside of -3.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 26.40 cents and EPS of 26.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.9, implying annual growth of N/A. Current consensus DPS estimate is 26.3, implying a prospective dividend yield of 6.2%. Current consensus EPS estimate suggests the PER is 15.8. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 27.10 cents and EPS of 26.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 28.2, implying annual growth of 4.8%. Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 6.4%. Current consensus EPS estimate suggests the PER is 15.1. |
Market Sentiment: -0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $2.37
UBS rates GEM as Buy (1) -
While supply remains a concern, UBS suggests the overall availability has not deteriorated further. The broker expects the demand/supply balance to return over time and the changes in government funding should be a major positive over the next few years.
UBS maintains a Buy rating and raises the target to $2.80 from $2.75.
Target price is $2.80 Current Price is $2.37 Difference: $0.43
If GEM meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).
Current consensus price target is $3.04, suggesting upside of 28.1% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 20.00 cents and EPS of 20.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 21.8, implying annual growth of 15.2%. Current consensus DPS estimate is 19.7, implying a prospective dividend yield of 8.3%. Current consensus EPS estimate suggests the PER is 10.9. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 16.40 cents and EPS of 23.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.4, implying annual growth of 21.1%. Current consensus DPS estimate is 19.5, implying a prospective dividend yield of 8.2%. Current consensus EPS estimate suggests the PER is 9.0. |
Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.26
Macquarie rates GPT as Outperform (1) -
On initial assessment, Macquarie states reported financials were slightly above its own expectations, but the analysts express surprise as to why guidance for FY19 is not higher. They don't know whether the answer to the obvious question is company being conservative or is there something more sinister going on?
They intend to seek clarification with the company. Positive sales growth achieved by the retail portfolio came as a surprise. Dividends are not covered by free cash flows, but balance sheet should offer optionality. Outperform. Target $5.52.
Target price is $5.52 Current Price is $5.26 Difference: $0.26
If GPT meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $5.23, suggesting downside of -0.6% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 25.40 cents and EPS of 29.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.9, implying annual growth of -55.4%. Current consensus DPS estimate is 25.4, implying a prospective dividend yield of 4.8%. Current consensus EPS estimate suggests the PER is 17.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 27.00 cents and EPS of 31.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 32.4, implying annual growth of 4.9%. Current consensus DPS estimate is 26.4, implying a prospective dividend yield of 5.0%. Current consensus EPS estimate suggests the PER is 16.2. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.28
Macquarie rates IGO as Upgrade to Neutral from Underperform (3) -
While the ramp up at Nova is complete, Macquarie notes hitting guidance remains key to the outlook. The broker believes FY19 production and cost guidance is the critical target, given the number of downgrades to guidance the mine has suffered to date.
Following the fall in the share price stock is now trading at a modest discount to the target, raised to $4.70 from $4.50, and Macquarie upgrades to Neutral from Underperform.
Target price is $4.70 Current Price is $4.28 Difference: $0.42
If IGO meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).
Current consensus price target is $4.76, suggesting upside of 11.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 4.00 cents and EPS of 9.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 7.2, implying annual growth of 145.7%. Current consensus DPS estimate is 3.8, implying a prospective dividend yield of 0.9%. Current consensus EPS estimate suggests the PER is 59.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 11.00 cents and EPS of 32.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 26.7, implying annual growth of 270.8%. Current consensus DPS estimate is 8.2, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 16.0. |
Market Sentiment: -0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.05
Morgan Stanley rates IOF as Underweight (5) -
Macquarie Capital SPV is canvassing a joint venture with ICPF Holdco which would allow MacCap to buy 50% of ICPFH's holding in Investa Office Management Holdings, the holding company of Investa Office Fund.
IOF unit holders have already knocked back an offer at an 8.8 multiple of earnings before interest tax depreciation and amortisation, but this deal may undermine Investa's ability to vote it's 20% stake IOF.
Morgan Stanley rates the stock Underweight with an Industry view of Cautious. Target price is steady at $4.95.
Target price is $4.95 Current Price is $5.05 Difference: minus $0.1 (current price is over target).
If IOF meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $4.73, suggesting downside of -6.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 20.00 cents and EPS of 23.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 27.6, implying annual growth of -68.1%. Current consensus DPS estimate is 20.3, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 18.3. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 20.00 cents and EPS of 25.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 25.5, implying annual growth of -7.6%. Current consensus DPS estimate is 20.2, implying a prospective dividend yield of 4.0%. Current consensus EPS estimate suggests the PER is 19.8. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $23.93
Macquarie rates JBH as Outperform (1) -
In an initial response, Macquarie suggests reported financials were likely not as bad as feared by some market participants. Outperform rating and $28.80 price target retained while observing management did not provide guidance.
Target price is $28.80 Current Price is $23.93 Difference: $4.87
If JBH meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $25.45, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 131.00 cents and EPS of 198.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 201.7, implying annual growth of 30.7%. Current consensus DPS estimate is 131.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 134.00 cents and EPS of 203.60 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.3, implying annual growth of 1.3%. Current consensus DPS estimate is 133.3, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates JBH as Hold (3) -
In an initial response, Morgans states the released financials were more or less in-line, but both the trading update and conservative guidance for the year ahead seem to confirm here is not much on offer in terms of growth.
The broker does point out this stock is heavily shorted, and some market participants might have been positioned for something really bad, which hasn't eventuated.
Target price is $25.57 Current Price is $23.93 Difference: $1.64
If JBH meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $25.45, suggesting upside of 6.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgans forecasts a full year FY18 dividend of 130.00 cents and EPS of 201.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 201.7, implying annual growth of 30.7%. Current consensus DPS estimate is 131.4, implying a prospective dividend yield of 5.5%. Current consensus EPS estimate suggests the PER is 11.9. |
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 138.00 cents and EPS of 212.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 204.3, implying annual growth of 1.3%. Current consensus DPS estimate is 133.3, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 11.7. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
JHX JAMES HARDIE INDUSTRIES N.V.
Building Products & Services
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Overnight Price: $22.02
Citi rates JHX as Buy (1) -
James Hardie disapointed (Citi had been anticipating a strong performance) and North America is to blame. On the positive side, the analysts highlight how margins held up despite rising costs.
Another positive is that freshly acquired Fermacell has started off well, on Citi's assessment. Company guidance is weak, and Citi has been forced to cut forecasts by -13% and -9% for FY19-FY20.
Buy rating retained, while the target price loses -$2 to $25.
Target price is $25.00 Current Price is $22.02 Difference: $2.98
If JHX meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 59.72 cents and EPS of 97.62 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 68.80 cents and EPS of 113.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
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
Credit Suisse rates JHX as Outperform (1) -
Maiden net profit guidance for FY19 is in line with Credit Suisse forecasts, yet a lower tax rate necessitates a downgrade to the broker's FY19 EBIT estimates. The broker also believes commentary signals a softer outlook and decreases EBIT by -3%.
Outperform maintained, as good momentum in manufacturing and strong end markets should manifest in an improvement through FY19.. Target is reduced to $23.50 from $25.00.
Target price is $23.50 Current Price is $22.02 Difference: $1.48
If JHX meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 58.69 cents and EPS of 95.22 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 65.61 cents and EPS of 109.35 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.6
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Deutsche Bank rates JHX as Buy (1) -
First quarter net profit was in line with expectations. FY19 guidance is for net profit of US$300-340m. Deutsche Bank is also pleased Fermacell is meeting management's expectations.
The broker continues to rate the stock a Buy as US housing market growth is expected to continue and primary demand recover into FY20. Target is $23.80.
Target price is $23.80 Current Price is $22.02 Difference: $1.78
If JHX meets the Deutsche Bank target it will return approximately 8% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
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 JHX as Outperform (1) -
First quarter results were broadly in line with Macquarie's expectations, helped by a reduction in tax rates. The broker raises FY19 and FY20 estimates by 5%.
Outperform maintained as the broker believes the stock has overreacted to the results and support in the US market continues, while tax changes are more permanent than perceived. Target is raised to $26.70 from $25.90.
Target price is $26.70 Current Price is $22.02 Difference: $4.68
If JHX meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 63.61 cents and EPS of 105.28 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 70.10 cents and EPS of 116.71 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
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
Morgan Stanley rates JHX as Equal-weight (3) -
James Hardie's first-quarter result fell -10% shy of the broker thanks to weakness in North Atlantic Fibre Cement and a larger-than-forecast one-off cost relating to Fermacell. A lower than forecast effective tax rate of 17.1% puts the result into perspective.
Morgan Stanley notes cost blow-outs in freight and pulp, due to materials increases, and, on the bright side, a rise in volumes. However, guidance said increased traction would be required to reach the full-year targets.
The broker increases earnings forecasts 1.8%, expecting lower taxes (guided to 17%) to continue to soften the operational blow. Underlying earnings before interest and tax is down -2.9%.
Rating steady at Equal Weight; industry view is Cautious, target price is $23.
Target price is $23.00 Current Price is $22.02 Difference: $0.98
If JHX meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 55.82 cents and EPS of 96.07 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 dividend of 59.32 cents and EPS of 107.03 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
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 JHX as Buy (1) -
The first quarter result has disappointed investors, UBS observes, driven by a lacklustre description of the current state of the business compared to the favourable expectations going into the results. Nevertheless, the broker believes the underlying result is sound.
Commentary from US home builders and building materials suppliers appears positive. UBS downgrades FY19 underlying earnings estimates by -7%. Buy rating maintained. Target is reduced to $26.20 from $27.00.
Target price is $26.20 Current Price is $22.02 Difference: $4.18
If JHX meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $24.36, suggesting upside of 10.6% (ex-dividends)
The company's fiscal year ends in March.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 80.49 cents and EPS of 99.96 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 104.3, implying annual growth of N/A. Current consensus DPS estimate is 66.4, implying a prospective dividend yield of 3.0%. Current consensus EPS estimate suggests the PER is 21.1. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 97.37 cents and EPS of 120.73 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 119.7, implying annual growth of 14.8%. Current consensus DPS estimate is 75.7, implying a prospective dividend yield of 3.4%. Current consensus EPS estimate suggests the PER is 18.4. |
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
Overnight Price: $2.33
Credit Suisse rates MGR as Neutral (3) -
FY18 results were in line with expectations. Credit Suisse notes capital allocation is in focus. Management has highlighted a fundamental shift - for the investment portfolio to become the growth engine of the business as it enters a period of lower volume and price growth.
Credit Suisse raises the target to $2.48 from $2.38 and maintains a Neutral rating.
Target price is $2.48 Current Price is $2.33 Difference: $0.15
If MGR meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $2.45, suggesting upside of 5.3% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 12.00 cents and EPS of 17.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 16.5, implying annual growth of -43.9%. Current consensus DPS estimate is 11.8, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 14.1. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 12.00 cents and EPS of 18.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 17.9, implying annual growth of 8.5%. Current consensus DPS estimate is 12.2, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 13.0. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $21.15
Macquarie rates NCM as Underperform (5) -
The company has announced a US $190m write-down of Telfer which Macquarie believes may result in a reserve downgrade later this year. The near-term catalysts are the production and cost guidance for FY19 as well as a Cadia expansion study.
The broker believes there are near-term risks regarding the cost of growing production at Cadia. Underperform rating and $20 target maintained.
Target price is $20.00 Current Price is $21.15 Difference: minus $1.15 (current price is over target).
If NCM meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $21.61, suggesting upside of 2.2% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.12 cents and EPS of 60.24 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 64.5, implying annual growth of N/A. Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 1.0%. Current consensus EPS estimate suggests the PER is 32.8. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 36.35 cents and EPS of 119.69 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 121.4, implying annual growth of 88.2%. Current consensus DPS estimate is 35.6, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 17.4. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.26
Macquarie rates NHF as Neutral (3) -
In an initial response, Macquarie observes operationally nib continues to perform ahead of expectations with margins supported by low claims. Assuming the latter continues, this should bode well for FY19, the analysts point out.
Margins beyond FY19 are more uncertain, in particular if the ALP would form the next federal government, Macquarie points out. Neutral. Target $6.
Target price is $6.00 Current Price is $6.26 Difference: minus $0.26 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $5.88, suggesting downside of -6.1% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 20.20 cents and EPS of 28.70 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 29.3, implying annual growth of 7.7%. Current consensus DPS estimate is 19.4, implying a prospective dividend yield of 3.1%. Current consensus EPS estimate suggests the PER is 21.4. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 22.20 cents and EPS of 30.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.6, implying annual growth of 4.4%. Current consensus DPS estimate is 20.6, implying a prospective dividend yield of 3.3%. Current consensus EPS estimate suggests the PER is 20.5. |
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $6.32
Macquarie rates NUF as Outperform (1) -
Macquarie notes a USA civil court case has found against Monsanto re individual seeking damages for alleged cancer caused by using glyphosate. While Monsanto will appeal the decision, and there is no direct impact on Nufarm, this court case is likely to re-focus on concerns re glyphosate, suggest the analysts.
Independently from the USA court case, Macquarie notes last week a Brazilian judge placed a suspension on the use of glyphosate, beginning in 30 days. Outperform. Target price $9.55.
Target price is $9.55 Current Price is $6.32 Difference: $3.23
If NUF meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).
Current consensus price target is $9.01, suggesting upside of 42.6% (ex-dividends)
The company's fiscal year ends in July.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 10.00 cents and EPS of 33.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of -34.7%. Current consensus DPS estimate is 9.8, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 20.7. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 17.10 cents and EPS of 56.90 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.5, implying annual growth of 72.1%. Current consensus DPS estimate is 14.0, implying a prospective dividend yield of 2.2%. Current consensus EPS estimate suggests the PER is 12.0. |
Market Sentiment: 0.7
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $18.74
Citi rates NWS as Neutral (3) -
REA Group ((REA)) is performing well, but challenging conditions and rising costs for Foxtel are keeping a lid on Citi's enthusiasm for News Corp.
Until Foxtel stabilises, argue the analysts, a direct investment in REA Group is the better way to go. Neutral rating retained, while target price falls by -1% to $22.
Target price is $22.00 Current Price is $18.74 Difference: $3.26
If NWS meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).
Current consensus price target is $23.00, suggesting upside of 22.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 27.26 cents and EPS of 87.11 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.5, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 30.0. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 27.26 cents and EPS of 106.45 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.7, implying annual growth of 33.9%. Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates NWS as Equal-weight (3) -
News Corporation's first-quarter financials beat the broker but were in-line on a full-year basis.
Foxtel/FoxSports earnings fell and more of the same is tipped for FY19 as reinvestment chips in. The purchase of new Cricket TV rights, new over-the-top media services and a rise in capital expenditure are to blame in the broker's opinion.
Net cash falls to US$82m from US$1.6bn in the previous corresponding period, reflecting a consolidation of Foxtel debt. Industry view: attractive. Rating: overweight. Target price $US17.
Current Price is $18.74. Target price not assessed.
Current consensus price target is $23.00, suggesting upside of 22.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 46.50 cents and EPS of 72.33 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 62.5, implying annual growth of N/A. Current consensus DPS estimate is 32.2, implying a prospective dividend yield of 1.7%. Current consensus EPS estimate suggests the PER is 30.0. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 61.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 83.7, implying annual growth of 33.9%. Current consensus DPS estimate is 27.3, implying a prospective dividend yield of 1.5%. Current consensus EPS estimate suggests the PER is 22.4. |
Market Sentiment: 0.2
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $4.14
Macquarie rates OGC as Outperform (1) -
The indicated and inferred resource at Martha underground project in New Zealand has been increased by 320%. Macquarie notes additional veins have been discovered and there is plenty more to come.
The company has now expanded the Martha exploration target to 1-1.5m ounces of gold, albeit at lower expected grade of 4-6g/t. Outperform and $6.00 target retained.
Target price is $6.00 Current Price is $4.14 Difference: $1.86
If OGC meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges).
Current consensus price target is $4.63, suggesting upside of 11.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 2.60 cents and EPS of 28.56 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 30.5, implying annual growth of N/A. Current consensus DPS estimate is 4.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 13.6. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 10.39 cents and EPS of 41.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 31.5, implying annual growth of 3.3%. Current consensus DPS estimate is 6.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 13.1. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.9
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $87.46
Citi rates REA as Buy (1) -
Citi analysts saw a "solid" FY18 result provides them with increased confidence that a softer property market will lead to rising listings over time. In particular the performance of the developer segment is being singled out, with the shift to longer dated ads offsetting lower volumes, which Citi analysts label as "impressive".
The analysts point out the company's depth ads are a better indicator of revenue than are outside signals of a softening property market. Earnings estimates have been reduced slightly, but target price jumps to $105 from $90. Buy rating retained.
Target price is $105.00 Current Price is $87.46 Difference: $17.54
If REA meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Citi forecasts a full year FY19 dividend of 124.20 cents and EPS of 258.80 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
Citi forecasts a full year FY20 dividend of 146.10 cents and EPS of 304.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Credit Suisse rates REA as Neutral (3) -
FY18 results were slightly below Credit Suisse estimates. The broker cuts FY19 EBITDA by -2.3% and lowers the target to $83 from $85, to reflect trimmed forecasts for Australia and financial services.
The broker believes the stock's value is appropriately reflecting its growth and risk profile and maintains a Neutral rating.
Target price is $83.00 Current Price is $87.46 Difference: minus $4.46 (current price is over target).
If REA meets the Credit Suisse target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Credit Suisse forecasts a full year FY19 dividend of 137.00 cents and EPS of 264.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
Credit Suisse forecasts a full year FY20 dividend of 172.00 cents and EPS of 313.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates REA as Upgrade to Neutral from Underperform (3) -
FY18 earnings were in line with expectations. Macquarie has a more positive outlook for mix and depth penetration heading into FY19, to offset volume weakness.
The broker lifts the target 4.7% to $90 and upgrades to Neutral from Underperform.
Target price is $90.00 Current Price is $87.46 Difference: $2.54
If REA meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 174.40 cents and EPS of 249.10 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 203.80 cents and EPS of 291.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates REA as Overweight (1) -
REA Group's full-year result was in-line with consensus but the broker notes headwinds as residential property listings wane.
Earnings per share rose 23% and the broker raises a question mark over the 20% forecast for 2019.
Industry view Attractive; rating Overweight; target price $95.00.
Target price is $95.00 Current Price is $87.46 Difference: $7.54
If REA meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 141.30 cents and EPS of 269.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
Morgan Stanley forecasts a full year FY20 EPS of 304.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates REA as Upgrade to Add from Hold (1) -
REA remains on track to deliver 20%+ earnings growth in FY19, Morgans suggests, following the recent expansion in the number of agents subscribing to Premiere All and Highlight All packages. The notable increase offsets the impact of a -5% drop in capital city listings.
REA is thus more insulated from the impact of falling house prices than market concerns would suggest, Morgans believes. The US and Asian businesses are also contributing, albeit at a slower pace than domestically. Target rises to $95.41 from $87.66. Upgrade to Add from Hold.
Target price is $95.41 Current Price is $87.46 Difference: $7.95
If REA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 136.00 cents and EPS of 277.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 159.00 cents and EPS of 324.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates REA as Sell (5) -
FY18 results were in line with UBS estimates. The broker notes some negatives in the FY19 outlook including soft listings, higher D&A and confirmation that the longer time on a site is not a material driver of revenue. The offsets were the price increases in July and the depth tailwinds.
UBS maintains a Sell rating and $80 target.
Target price is $80.00 Current Price is $87.46 Difference: minus $7.46 (current price is over target).
If REA meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $87.80, suggesting upside of 0.4% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 124.00 cents and EPS of 248.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 259.8, implying annual growth of N/A. Current consensus DPS estimate is 135.7, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 33.7. |
Forecast for FY20:
UBS forecasts a full year FY20 dividend of 141.00 cents and EPS of 283.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 303.3, implying annual growth of 16.7%. Current consensus DPS estimate is 164.4, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 28.8. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
RHC RAMSAY HEALTH CARE LIMITED
Healthcare services
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Overnight Price: $54.21
Morgan Stanley rates RHC as Equal-weight (3) -
The broker cuts the target price from $59 to $50 ahead of the APRA quarterly insurance data publication on August 16.
Morgan Stanley notes that membership is a leading indicator for patient episodes, which in turn reflect on private hospital's volumes, and pegs the likelihood of recording negative membership growth at 70%.
Industry view In line; rating Equal-weight.
Target price is $50.00 Current Price is $54.21 Difference: minus $4.21 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $59.56, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 155.50 cents and EPS of 281.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 269.9, implying annual growth of 3.3%. Current consensus DPS estimate is 146.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 172.80 cents and EPS of 296.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.7, implying annual growth of 11.0%. Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
UBS rates RHC as Neutral (3) -
UBS has monitored UK NHS hospital activity for June. The data suggests a potential divergence in the performance of Ramsay versus its UK peers. It indicates that Spire, the company's competitor in the UK, has revenue weakness that is potentially affected by other factors.
Neutral. Target $54.
Target price is $54.00 Current Price is $54.21 Difference: minus $0.21 (current price is over target).
If RHC meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $59.56, suggesting upside of 9.9% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
UBS forecasts a full year FY18 dividend of 144.00 cents and EPS of 284.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 269.9, implying annual growth of 3.3%. Current consensus DPS estimate is 146.1, implying a prospective dividend yield of 2.7%. Current consensus EPS estimate suggests the PER is 20.1. |
Forecast for FY19:
UBS forecasts a full year FY19 dividend of 147.00 cents and EPS of 294.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 299.7, implying annual growth of 11.0%. Current consensus DPS estimate is 157.1, implying a prospective dividend yield of 2.9%. Current consensus EPS estimate suggests the PER is 18.1. |
Market Sentiment: 0.3
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgan Stanley rates STO as Overweight (1) -
Morgan Stanley has issued a catalyst alert, expecting the Santos share price to rise in absolute terms over the next 60 days ahead of its strategy day on September 26. The broker expects a material outcome (70-80% likely) regarding the Cooper Basin and GLNG.
Overweight rating and $7 target price retained. Industry view: attractive.
Target price is $7.00 Current Price is $6.43 Difference: $0.57
If STO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).
Current consensus price target is $5.98, suggesting downside of -6.9% (ex-dividends)
The company's fiscal year ends in December.
Forecast for FY18:
Morgan Stanley forecasts a full year FY18 dividend of 11.68 cents and EPS of 41.54 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 38.5, implying annual growth of N/A. Current consensus DPS estimate is 7.9, implying a prospective dividend yield of 1.2%. Current consensus EPS estimate suggests the PER is 16.7. |
Forecast for FY19:
Morgan Stanley forecasts a full year FY19 dividend of 12.98 cents and EPS of 44.14 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 43.4, implying annual growth of 12.7%. Current consensus DPS estimate is 10.5, implying a prospective dividend yield of 1.6%. Current consensus EPS estimate suggests the PER is 14.8. |
This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.
Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $15.67
Citi rates SUN as Downgrade to Neutral from Buy (3) -
Citi saw a positive surprise from the insurance business. Further expansion in underlying margin past management's 12% guidance now looks likely in FY19, in the analysts' view.
In contrast, the banking operations are doing it tougher, also because of less opportunity to collect non-interest income and increased regulatory compliance costs. This is now the weak link in the group, argue the analysts.
Alas, all the good news is being offset by what looks like a full valuation, in Citi's opinion. Neutral rating now preferred, downgrade from Buy, while the price target rises to $16 from $15.35.
Target price is $16.00 Current Price is $15.67 Difference: $0.33
If SUN meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).
Current consensus price target is $15.23, suggesting downside of -2.8% (ex-dividends)
Forecast for FY19:
Current consensus EPS estimate is 87.1, implying annual growth of 6.0%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY20:
Current consensus EPS estimate is 101.6, implying annual growth of 16.6%. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Macquarie rates SUN as Underperform (5) -
Macquarie notes a positive reaction to FY18 results, with a focus on a special dividend and $600m capital return. Cost reductions are also better than expected.
The broker maintains an Underperform rating, despite the multiple re-rating following the exit of the lower-multiple Australian life business. Target raised to $13.95 from $13.65.
Target price is $13.95 Current Price is $15.67 Difference: minus $1.72 (current price is over target).
If SUN meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
Current consensus price target is $15.23, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 70.00 cents and EPS of 87.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 6.0%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY20:
Macquarie forecasts a full year FY20 dividend of 75.00 cents and EPS of 93.20 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 16.6%. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Morgans rates SUN as Add (1) -
Suncorp's profit was some 6% above consensus while the dividend was as expected. The beat came from A&NZ Insurance, the broker notes, while results from Banking and Wealth were only slightly weaker than expected. Suncorp also announced the sale of its Life business.
The negative was rising operational costs, but the broker has increased forecasts and raised the target to $16.49 from $14.65. Add retained.
Target price is $16.49 Current Price is $15.67 Difference: $0.82
If SUN meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $15.23, suggesting downside of -2.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY19:
Morgans forecasts a full year FY19 dividend of 77.80 cents and EPS of 101.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 87.1, implying annual growth of 6.0%. Current consensus DPS estimate is 77.4, implying a prospective dividend yield of 4.9%. Current consensus EPS estimate suggests the PER is 18.0. |
Forecast for FY20:
Morgans forecasts a full year FY20 dividend of 84.80 cents and EPS of 110.00 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 101.6, implying annual growth of 16.6%. Current consensus DPS estimate is 79.6, implying a prospective dividend yield of 5.1%. Current consensus EPS estimate suggests the PER is 15.4. |
Market Sentiment: 0.1
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $50.34
Macquarie rates WES as No Rating (-1) -
Macquarie notes Wesfarmers has agreed to sell its Kmart Tyre and Auto Service business to Continental AG for $350m, subject to regulatory approval. This deal is too small to make a real impact, but the analysts nevertheless point out the portfolio refinement at the conglomerate continues.
Macquarie is currently under research restrictions.
Current Price is $50.34. Target price not assessed.
Current consensus price target is $44.98, suggesting downside of -10.7% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 217.50 cents and EPS of 251.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 228.9, implying annual growth of -10.1%. Current consensus DPS estimate is 218.2, implying a prospective dividend yield of 4.3%. Current consensus EPS estimate suggests the PER is 22.0. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 248.70 cents and EPS of 276.30 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 267.3, implying annual growth of 16.8%. Current consensus DPS estimate is 226.0, implying a prospective dividend yield of 4.5%. Current consensus EPS estimate suggests the PER is 18.8. |
Market Sentiment: -0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Overnight Price: $5.35
Macquarie rates WHC as Outperform (1) -
Macquarie notes, at the end of FY18, thermal coal prices have exceeded virtually all forecasts and Whitehaven's balance sheet is substantially transformed. The broker now includes Winchester South and believes the mine could, potentially, be more valuable than Vickery.
The broker envisages the stock offering an extremely attractive yield, even if coal prices fall substantially. Outperform rating. Target is reduced to $5.70 from $5.80.
Target price is $5.70 Current Price is $5.35 Difference: $0.35
If WHC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).
Current consensus price target is $5.44, suggesting upside of 1.8% (ex-dividends)
The company's fiscal year ends in June.
Forecast for FY18:
Macquarie forecasts a full year FY18 dividend of 33.00 cents and EPS of 51.50 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 52.4, implying annual growth of 27.2%. Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 5.6%. Current consensus EPS estimate suggests the PER is 10.2. |
Forecast for FY19:
Macquarie forecasts a full year FY19 dividend of 30.00 cents and EPS of 69.40 cents. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is 58.5, implying annual growth of 11.6%. Current consensus DPS estimate is 27.8, implying a prospective dividend yield of 5.2%. Current consensus EPS estimate suggests the PER is 9.1. |
Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
Summaries
| AGL | AGL ENERGY | Neutral - Macquarie | Overnight Price $20.57 |
| AIZ | AIR NEW ZEALAND | Underperform - Credit Suisse | Overnight Price $3.04 |
| AVN | AVENTUS RETAIL PROPERTY | No Rating - Macquarie | Overnight Price $2.21 |
| Neutral - UBS | Overnight Price $2.21 | ||
| AZJ | AURIZON HOLDINGS | Outperform - Macquarie | Overnight Price $4.43 |
| BBN | BABY BUNTING | Buy - Citi | Overnight Price $2.44 |
| Neutral - Macquarie | Overnight Price $2.44 | ||
| Overweight - Morgan Stanley | Overnight Price $2.44 | ||
| Add - Morgans | Overnight Price $2.44 | ||
| BEN | BENDIGO AND ADELAIDE BANK | Neutral - Macquarie | Overnight Price $11.35 |
| BPT | BEACH ENERGY | Downgrade to Underperform from Neutral - Macquarie | Overnight Price $1.95 |
| BSL | BLUESCOPE STEEL | Outperform - Macquarie | Overnight Price $17.39 |
| BXB | BRAMBLES | Outperform - Credit Suisse | Overnight Price $9.75 |
| CLW | CHARTER HALL LONG WALE REIT | Underperform - Macquarie | Overnight Price $4.25 |
| Neutral - UBS | Overnight Price $4.25 | ||
| GEM | G8 EDUCATION | Buy - UBS | Overnight Price $2.37 |
| GPT | GPT | Outperform - Macquarie | Overnight Price $5.26 |
| IGO | INDEPENDENCE GROUP | Upgrade to Neutral from Underperform - Macquarie | Overnight Price $4.28 |
| IOF | INVESTA OFFICE | Underweight - Morgan Stanley | Overnight Price $5.05 |
| JBH | JB HI-FI | Outperform - Macquarie | Overnight Price $23.93 |
| Hold - Morgans | Overnight Price $23.93 | ||
| JHX | JAMES HARDIE | Buy - Citi | Overnight Price $22.02 |
| Outperform - Credit Suisse | Overnight Price $22.02 | ||
| Buy - Deutsche Bank | Overnight Price $22.02 | ||
| Outperform - Macquarie | Overnight Price $22.02 | ||
| Equal-weight - Morgan Stanley | Overnight Price $22.02 | ||
| Buy - UBS | Overnight Price $22.02 | ||
| MGR | MIRVAC | Neutral - Credit Suisse | Overnight Price $2.33 |
| NCM | NEWCREST MINING | Underperform - Macquarie | Overnight Price $21.15 |
| NHF | NIB HOLDINGS | Neutral - Macquarie | Overnight Price $6.26 |
| NUF | NUFARM | Outperform - Macquarie | Overnight Price $6.32 |
| NWS | NEWS CORP | Neutral - Citi | Overnight Price $18.74 |
| Equal-weight - Morgan Stanley | Overnight Price $18.74 | ||
| OGC | OCEANAGOLD | Outperform - Macquarie | Overnight Price $4.14 |
| REA | REA GROUP | Buy - Citi | Overnight Price $87.46 |
| Neutral - Credit Suisse | Overnight Price $87.46 | ||
| Upgrade to Neutral from Underperform - Macquarie | Overnight Price $87.46 | ||
| Overweight - Morgan Stanley | Overnight Price $87.46 | ||
| Upgrade to Add from Hold - Morgans | Overnight Price $87.46 | ||
| Sell - UBS | Overnight Price $87.46 | ||
| RHC | RAMSAY HEALTH CARE | Equal-weight - Morgan Stanley | Overnight Price $54.21 |
| Neutral - UBS | Overnight Price $54.21 | ||
| STO | SANTOS | Overweight - Morgan Stanley | Overnight Price $6.43 |
| SUN | SUNCORP | Downgrade to Neutral from Buy - Citi | Overnight Price $15.67 |
| Underperform - Macquarie | Overnight Price $15.67 | ||
| Add - Morgans | Overnight Price $15.67 | ||
| WES | WESFARMERS | No Rating - Macquarie | Overnight Price $50.34 |
| WHC | WHITEHAVEN COAL | Outperform - Macquarie | Overnight Price $5.35 |
RATING SUMMARY
| Rating | No. Of Recommendations |
| 1. Buy | 22 |
| 3. Hold | 17 |
| 5. Sell | 7 |
Monday 13 August 2018
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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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