Kingsgate Consolidated
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- Alfred Norman
- 5 years ago
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1 AUSTRALIA KCN AU Price (at 6:11, 31 Jul 215 GMT) Underperform A$.67 Valuation A$ - DCF (WACC 12.%, beta 1.6, ERP 5.%, RFR 3.8%).3 12-month target A$.3 12-month TSR % Volatility Index Very High GICS sector Materials Market cap A$m day avg turnover A$m.4 Number shares on issue m Investment fundamentals Year end 3 Jun 214A 215E 216E 217E Revenue m EBIT m Reported profit m Adjusted profit m Gross cashflow m CFPS CFPS growth % PGCFPS x PGCFPS rel x EPS adj EPS adj growth % nmf nmf nmf nmf Total DPS.... Total div yield %.... ROA % ROE % EV/EBITDA x Net debt/equity % P/BV x KCN AU vs Small Ordinaries, & rec history Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, July 215 (all figures in AUD unless noted) 31 July 215 Macquarie Securities (Australia) Limited June quarter costs better than expected Event KCN has reported full production data and costs for the June quarter. Preliminary data was reported earlier in the month. Impact Group production in line with expectations: KCN produced 55.6koz in the 4QFY15, in line with our 55.4koz forecast. The solid result enabled KCN to achieve FY15 production of 25koz, in line with the guidance range of koz. Cost performance was also mixed although an overall improvement on our forecasts. Chatree reported cash cost inclusive of royalties of US$722/oz, well below our US$917/oz. Challenger reported A$1,11/oz, 4% above our forecast. Cost for the group were a 14% beat on our expectation. Chatree recovery slower than expected: The production recovery at Chatree post the enforced shutdown in January/February was weaker than expected. The mine produced 36.4koz, 12% below our forecast. The slower ramp-up resulted in production for the full-year of 125koz, missing guidance of 13-14koz. Challenger surprised on the upside: KCN s Challenger mine delivered a positive result in the 4QFY15 with production of 19.2koz, 37% higher than our 14koz forecast. The strong result enabled Challenger to comfortably beat its 65-75koz guidance range with FY15 production coming in at 8.2koz. FY16 guidance softer than expected. KCN also provided guidance for FY16. The company expects to produce 125, to 135,oz from Chatree. Challenger is expected to exhaust its reserves in the March quarter of 216 and consequently KCN expects to produce 4, to 45,oz, well short of our modelled 78,oz. Earnings and target price revision After incorporating the June quarter costs, our earnings forecast for FY15 rises to 2.5cps from -.7cps. The reduced FY16 outlook vs our expectation results in a 26% reduction in our earnings for FY16. Adjustments to our cost estimates have also resulted in changes to our forecasts beyond FY16. Our valuation of KCN increases to $.3/sh and consequently we raise our target price to $.3/sh. Price catalyst 12-month price target: A$.3 based on a NPV methodology. Catalyst: Greg Foulis recently join KCN as CEO and we expect an update on the strategy and outlook for the company in the coming months. Action and recommendation Underperform. A mixed result for KCN but overall a better than expected cost performance should keep the company in the black. We expect FY16 to be a year of transition for the company. Please refer to page 5 for important disclosures and analyst certification, or on our website
2 Mar 14 Jul 14 Nov 14 Mar 15 Jul 15 Nov 15 Mar 16 Jul 16 Nov 16 Mar 17 Jul 17 Nov 17 Mar 18 Jul 18 Nov 18 Mar 19 Jul 19 Nov 19 Mar 2 Jul 2 Nov 2 Mar 21 Mar 1 Sep 1 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 2 Sep 2 Mar 1 Sep 1 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 2 Sep 2 Macquarie Wealth Management Fig 1 Chatree annual production and costs Fig 2 Chatree quarterly production and costs 16 Chatree (koz) C1 cash costs (A$/oz) AISC (A$/oz) 2, 5 Chatree (koz) C1 cash costs (A$/oz) AISC (A$/oz) 1, ,8 1,6 1,4 1,2 1, ,6 1,4 1,2 1, Source: KCN, Macquarie Research, July 215 Source: KCN, Macquarie Research, July 215 Fig 3 Challenger annual production and costs Fig 4 Challenger quarterly production and costs Challenger (koz) C1 cash costs (A$/oz) AISC (A$/oz) Challenger (koz) C1 cash costs (A$/oz) AISC (A$/oz) 16 2,5 3 2, , 25 2, 1 1,5 2 1, , , 5 Source: KCN, Macquarie Research, July 215 Source: KCN, Macquarie Research, July 215 Fig 5 KCN cumulative cash generation Fig 6 KCN NPV breakdown 2 Net cash (A$M) Market cap (A$m) Bowdens 1% Challenger -1% Undeveloped Resources 21% Nueva Esperanza 1% Chatree 67% -15 Source: KCN, IRESS, Macquarie Research, July 215 Source: KCN, Macquarie Research, July July 215 2
3 Macquarie Wealth Management Fig 7 KCN summary financials ASX: KCN Price: (A$ps).67 Year end: Jun Rating: Underperform Up/dn TSR Mkt cap: (A$m) 15 Diluted shares (m) Target:.3-55% -55% ASSUMPTIONS FY13 FY14 FY15e FY16e FY17e FY18e ATTRIBUTABLE MINE OUTPUT FY13 FY14 FY15e FY16e FY17e FY18e FY19e Exchange Rate A$/US$ Gold production (equ) Spot Gold (US$/oz) 1,64 1,295 1,223 1,125 1,26 1,36 Chatree (koz) Challenger (koz) RATIO ANALYSIS FY13 FY14 FY15e FY16e FY17e FY18e Nueva Esperanza (koz) Diluted share capital m Bowdens (koz) EPS (diluted and pre sig. items) A Total (koz) P/E x 3.4x -9.5x 26.7x -15.3x 31.2x 65.8x Cash costs - AISC CFPS A Chatree (A$/oz) 1, ,21 1,24 1,286 1,328 1,355 P/CF x 1.2x 3.1x 2.2x 2.6x 2.4x 3.9x Challenger (A$/oz) 2,118 1,469 1,263 DPS A Nueva Esperanza (A$/oz) Dividend yield % 7.5%.%.%.%.%.% Bowdens (A$/oz) Franking Level % % % % % % % Cash costs - AISC (A$/oz) 1,478 1,246 1,214 1,57 1,427 1,466 1,489 Book value per share x C1 Cash cost (A$/oz) P/Book value x.2x.3x.3x.3x.3x.5x R.O.E. (pre sig items) % 6% -3% 1% -2% 1% 1% R.O.A. (pre sig items) % 4% 1% 2% -1% 2% 1% Interest Cover x 1.9x.3x 1.5x -.7x 2.3x 3.2x EV/Production (A$/oz) 1,117 1,66 1,88 1,323 1,752 1,752 1,861 EBITDA per share A$ps EV/EBITDA x 2.7x 4.x 3.4x 3.7x 2.7x 2.5x OPERATIONAL OUTLOOK EARNINGS FY13 FY14 FY15e FY16e FY17e FY18e Sales Revenue A$m Other Revenue A$m Total Revenue A$m Operating Costs A$m (197) (237) (218) (22) (149) (158) Operational EBITDA A$m Exploration Expense/Write-offs A$m (1) () (1) (2) (2) (2) Corporate & Other Costs A$m (16) (29) (26) (2) (21) (21) EBITDA A$m D&A A$m (86) (58) (55) (64) (56) (51) EBIT A$m (6) 12 7 Net Interest A$m (16) (13) (9) (8) (5) (2) Profit Before Tax A$m 14 (9) 5 (14) 7 5 Tax Expense A$m 16 (3) 1 4 (2) (1) Minorities A$m Adjusted NPAT A$m 3 (12) 6 (1) 5 3 Significant Items (post tax) A$m (354) (84) (2) 25 Chatree (koz) Challenger (koz) AISC (A$/oz) FY11 FY12 FY13 FY14 FY15e FY16e FY17e FY18e FY19e FY2e Reported NPAT A$m (324) (96) (15) (1) 5 3 RESERVES AND RESOURCES (ATTRIBUTABLE) Reserves Project Mt g/t koz CASHFLOW FY13 FY14 FY15e FY16e FY17e FY18e Chatree ,39 Net Profit A$m (324) (96) (15) (1) 5 3 Challenger Interest/Tax/D&A A$m Nueva Esperanza Working Capital/other A$m (1) () Bowdens.. Net Operating Cashflow A$m Total ,694 Capex A$m (134) (41) (35) (4) (35) (33) Investments A$m (9) 1 () Resources Sale of PPE and Other A$m Project Mt g/t koz Free cash flow A$m (57) (3) Chatree ,84 Dividends Paid A$m (19) Challenger Debt A$m 18 (26) (28) (48) (5) (36) Nueva Esperanza Equity Issuance A$m 56 2 Bowdens 88.. Other A$m Total ,731 Net Financing Cashflow A$m (2) 31 (28) (48) (5) (16) Net change in cash A$m (59) 28 7 (31) (23) 7 EV/Reserve (A$/oz) 132 EV/Resource (A$/oz) 47 EQUITY DCF VALUATION Macquarie forecasts Spot prices Projects A$m A$ps A$m A$ps BALANCE SHEET FY13 FY14 FY15e FY16e FY17e FY18e Chatree Cash A$m Challenger (2) (.1) 14.6 PP&E & Mine Development A$m Nueva Esperanza Exploration A$m Bowdens Total Assets A$m Undeveloped Resources Debt A$m Unpaid capital & Investments.. Total Liabilities A$m Forwards 1.. Total Net Assets / Equity A$m Corporate (73) (.32) (73) (.32) Net Debt / (Cash) A$m (7) Net cash (debt) (73) (.32) (83) (.37) Gearing (net debt/(nd + equity)) % 26% 19% 15% 13% 8% (2%) Net Equity Value (@ 12% WACC) Gearing (net debt/equity) % 35% 23% 18% 14% 8% (2%) Price Target (1.x NPV).3 Source: KCN, IRESS, Macquarie Research, July July 215 3
4 Fundamentals Macquarie Wealth Management Macquarie Quant View The quant model currently holds a strong negative view on Kingsgate Consolidated. The strongest style exposure is Earnings Momentum, indicating this stock has received earnings upgrades and is well liked by sell side analysts. The weakest style exposure is Quality, indicating this stock is likely to have a weaker and less stable underlying earnings stream. 973/163 Global rank in Materials % of BUY recommendations 5% (1/2) Number of Price Target downgrades 1 Number of Price Target upgrades 1 Attractive Quant Local market rank Global sector rank Displays where the company s ranked based on the fundamental consensus Price Target and Macquarie s Quantitative Alpha model. Two rankings: Local market (Australia & NZ) and Global sector (Materials) Macquarie Alpha Model ranking A list of comparable companies and their Macquarie Alpha model score (higher is better). Factors driving the Alpha Model For the comparable firms this chart shows the key underlying styles and their contribution to the current overall Alpha score % -8% -6% -4% -2% % 2% 4% 6% 8% 1% Valuations Growth Profitability Earnings Momentum Price Momentum Quality Macquarie Earnings Sentiment Indicator The Macquarie Sentiment Indicator is an enhanced earnings revisions signal that favours analysts who have more timely and higher conviction revisions. Current score shown below. Drivers of Stock Return Breakdown of 1 year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple % -5% % 5% 1% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return What drove this Company in the last 5 years Which factor score has had the greatest correlation with the company s returns over the last 5 years. 3m Earnings Revisions EBITDA Revisions 3 Month CPS Revisions 3 Month DPS Revisions 3 Month Momentum 3 Month SAL Growth 5yr Historic CFROI Operating Leverage NTM Negatives Positives -43% -18% -2% -21% 27% 27% 26% 25% -6% -4% -2% % 2% 4% 6% How it looks on the Alpha model A more granular view of the underlying style scores that drive the alpha (higher is better) and the percentile rank relative to the sector and market. Alpha Model Score Valuation Growth Profitability Earnings Momentum Price Momentum Quality Capital & Funding Liquidity Risk Technicals & Trading Normalized Score Percentile relative to sector(/163) Percentile relative to market(/414) Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group (cpg@macquarie.com) 31 July 215 4
5 Macquarie Wealth Management Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie First South - South Africa Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3 index return Neutral (Hold) return within 5% of Russell 3 index return Underperform (Sell) return >5% below Russell 3 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down 6 1% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 4 6% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 3 4% in a year. Low medium stock should be expected to move up or down at least 25 3% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 3 June 215 AU/NZ Asia RSA USA CA EUR Outperform 46.23% 58.36% 47.27% 44.2% 6.65% 43.1% (for US coverage by MCUSA, 9.68% of stocks followed are investment banking clients) Neutral 37.67% 25.65% 29.9% 49.29% 34.19% 4.93% (for US coverage by MCUSA, 5.53% of stocks followed are investment banking clients) Underperform 16.1% 15.99% 23.64% 6.52% 5.16% 16.6% (for US coverage by MCUSA, 1.38% of stocks followed are investment banking clients) KCN AU vs Small Ordinaries, & rec history (all figures in AUD currency unless noted) Note: Recommendation timeline if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, July month target price methodology KCN AU: A$.3 based on a NPV methodology Company-specific disclosures: KCN AU: Macquarie Capital (Singapore) Pte. Limited or one of its affiliates is currently managing or co-managing a proposed public offering of securities of Akara Resources Public Company Limited, a subsidiary of Ltd. Macquarie and its affiliates collectively and beneficially own or control 1% or more of any class of Limited's equity securities. MACQUARIE CAPITAL (AUSTRALIA) LIMITED or one of its affiliates has provided Ltd with investment advisory services in the past 24 months, for which it received compensation. Important disclosure information regarding the subject companies covered in this report is available at Date Stock Code (BBG code) Recommendation Target Price 25-Jul-215 KCN AU Underperform A$.2 1-Jul-215 KCN AU Underperform A$.6 2-Mar-215 KCN AU Underperform A$.5 2-Feb-215 KCN AU Underperform A$ Oct-214 KCN AU Underperform A$.5 29-Aug-214 KCN AU Underperform A$ Jan-214 KCN AU Underperform A$ Sep-213 KCN AU Underperform A$ Aug-213 KCN AU Underperform A$ Jul-213 KCN AU Underperform A$ Apr-213 KCN AU Neutral A$ Apr-213 KCN AU Neutral A$ Mar-213 KCN AU Neutral A$ Feb-213 KCN AU Neutral A$ Jan-213 KCN AU Neutral A$ Jan-213 KCN AU Neutral A$ Oct-212 KCN AU Neutral A$ July 215 5
6 Macquarie Wealth Management Target price risk disclosures: KCN AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. Analyst certification: The views expressed in this research reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research receives compensation based on overall revenues of Macquarie Group Ltd (ABN , AFSL No ) ( MGL ) and its related entities (the Macquarie Group ) and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. General disclosure: This research has been issued by Macquarie Securities (Australia) Limited (ABN , AFSL No ) a Participant of the Australian Securities Exchange (ASX) and Chi-X Australia Pty Limited. This research is distributed in Australia by Macquarie Equities Limited (ABN , AFSL No ) ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN , AFSL No ) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act Any MGL subsidiary noted in this research, apart from MBL, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose this research in any way. If you received it in error, please tell us immediately by return and delete the document. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This research is based on information obtained from sources believed to be reliable, but the Macquarie Group does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. The Macquarie Group accepts no liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. The Macquarie Group produces a variety of research products, recommendations contained in one type of research product may differ from recommendations contained in other types of research. The Macquarie Group has established and implemented a conflicts policy at group level, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. The Macquarie Group, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. The Macquarie Group may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. The Macquarie Group s employees or officers may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research. Important disclosure information regarding the subject companies covered in this report is available at 31 July 215 6
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More informationCardno. Tough half over A$2.88 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA CDD AU Price (at 04:53, 17 Feb 2015 GMT) Neutral A$2.88 Valuation - Sum of Parts A$ 2.80-3.43 12-month target A$ 3.12 12-month TSR % +18.4 Volatility Index Medium GICS sector Capital Goods Market
More informationWhitehaven Coal. China outlook drives impairments A$1.04 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA WHC AU Price (at 06:10, 13 Aug 2015 GMT) Neutral A$1.04 Valuation A$ - DCF (WACC 8.0%, beta 1.6, ERP 5.0%, RFR 3.8%) 1.18 12-month target A$ 1.15 12-month TSR % +10.6 Volatility Index High GICS
More informationSilver Lake Resources
AUSTRALIA SLR AU Price (at 12:42, 27 Jan 215 GMT) Neutral A$.25 Valuation - DCF (WACC 1.%) A$.23 12-month target A$.23 12-month TSR % -8. Volatility Index Very High GICS sector Materials Market cap A$m
More informationSaracen Mineral Holdings
AUSTRALIA SAR AU Price (at 5:, Jan 17 GMT) Neutral A$1.11 Valuation A$ - DCF (WACC 5.%, beta.4, ERP 5.%, RFR 3.3%) 1.19 12-month target A$ 1. 12-month TSR % +.5 Volatility Index High GICS sector Materials
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 06:10, 27 Jul 2015 GMT) Outperform A$33.91 Valuation A$ - DCF (WACC 9.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 37.74 12-month target A$ 39.39 12-month TSR % +22.1 Volatility Index Low
More informationOz Minerals. Raises copper production outlook A$9.08 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA OZL AU Price (at 7:28, 3 Jan 27 GMT) Neutral A$9.8 Valuation A$ - DCF (WACC 9.%, beta.4, ERP 5.%, RFR 3.3%) 8.48 2-month target A$ 9.3 2-month TSR % +4.6 Volatility Index High GICS sector Materials
More informationCochlear. Roberts replaced A$88.66 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA COH AU Price (at 06:47, 26 May 2015 GMT) Outperform A$88.66 Valuation A$ 81.19 - DCF (WACC 8.0%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 3.0%) 12-month target A$ 95.00 12-month TSR % +9.8 Volatility
More informationTox Free Solutions. Winning work again A$2.34 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA TOX AU Price (at 05:10, 30 Nov 2016 GMT) Outperform A$2.34 Valuation - EV/EBITDA A$ 2.52-3.07 12-month target A$ 2.79 12-month TSR % +23.1 Volatility Index Medium GICS sector Commercial & Professional
More informationEvolution Mining. Cowal pushes EVN beyond 800kozpa A$1.10 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA EVN AU Price (at 3:18, 26 May 215 GMT) Neutral A$1.1 Valuation A$ - DCF (WACC 9.%, beta 1.7, ERP 5.%, RFR 3.8%) 1.11 12-month target A$ 1.1 12-month TSR % +1.8 Volatility Index High GICS sector
More informationDoray Minerals. Mine life upside at Andy Well A$0.44 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA DRM AU Price (at 5:28, 22 Jun 215 GMT) Outperform A$.44 Valuation A$ - DCF (WACC 1.%, beta 1.9, ERP 5.%, RFR 3.8%).8 12-month target A$.8 12-month TSR % +81.8 Volatility Index High GICS sector
More informationSouthern Cross Media. Streamlining ahead of reform? A$1.37 AUSTRALIA
AUSTRALIA SXL AU Price (at 05:10, 27 Mar 2017 GMT) Neutral A$1.37 Valuation A$ - DCF (WACC 8.0%, beta 1.2, ERP 5.0%, RFR 3.3%) 1.39 12-month target A$ 1.30 12-month TSR % +0.8 Volatility Index Medium GICS
More informationSirtex Medical. Healthy dose sales. Earnings and target price revision. Price catalyst. Catalyst: FY16 result on the 24th of August
AUSTRALIA SRX AU Price (at CLOSE#, 11 Jul 2016) Outperform A$27.88 Valuation A$ 37.93 - DCF (WACC 9.0%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 1.5%) 12-month target A$ 38.00 12-month TSR % +37.4 Volatility
More informationSenex Energy Production and revenue unsurprised, cash builds on lower capex
26 April 2018 Australia EQUITIES SXY AU Price (at 06:10, 26 Apr 2018 GMT) Outperform A$0.42 Valuation A$ 0.49 - DCF (WACC 9.1%, beta 1.5, ERP 4.0%, RFR 4.3%) 12-month target A$ 0.50 12-month TSR % +19.0
More informationBendigo and Adelaide Bank
AUSTRALIA AU Price (at 06:17, 30 Mar 2017 GMT) Underperform A$12.03 Valuation A$ 11.48- - Sum of Parts/GG 11.71 12-month target A$ 11.50 12-month TSR % +1.2 Volatility Index Low/Medium GICS sector Banks
More informationBoart Longyear. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA BLY AU Price (at 08:01, 12 Sep 2013 GMT) Neutral A$0.50 Valuation A$ 0.71 - DCF (WACC 10.1%, beta 1.5, ERP 0.1%, RFR 0.1%, TGR 0.0%) 12-month target A$ 0.56 12-month TSR % +12.0 Volatility Index
More informationNuplex Industries. Should benefit from a weak Kiwi NZ$4.55 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND NPX NZ Price (at 05:00, 31 Jul 2015 GMT) Outperform NZ$4.55 Valuation NZ$ 4.40 - DCF (WACC 12.5%, beta 1.4, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 4.75 12-month TSR % +10.6 Volatility
More informationCoca-Cola Amatil. Not as fizzy as it looks A$8.78 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA CCL AU Price (at CLOSE#, 21 Aug 2015) Underperform A$8.78 Valuation A$ 8.47 - DCF (WACC 8.7%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 1.9%) 12-month target A$ 8.99 12-month TSR % +7.3 Volatility Index
More informationMeridian Energy. On tax depreciation NZ$2.08 NEW ZEALAND. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
NEW ZEALAND MEL NZ Price (at 05:00, 13 Jul 2015 GMT) Outperform NZ$2.08 Valuation NZ$ 2.50 - DCF (WACC 7.8%, beta 0.6, ERP 7.0%, RFR 3.6%, TGR 2.0%) 12-month target NZ$ 2.60 12-month TSR % +31.7 Volatility
More informationOrigin Energy. 4Q Production. ORG reported its 4 th quarter production report, following on ConocoPhilips quarterly result.
AUSTRALIA ORG AU Price (at 06:11, 30 Jul 2015 GMT) Neutral A$11.35 Valuation A$ 12.79 - DCF (WACC 10.3%, beta 1.3, ERP 5.0%, RFR 3.8%, TGR 2.0%) 12-month target A$ 12.89 12-month TSR % +18.1 Volatility
More informationNewcrest Mining. Strong production result A$21.37 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA NCM AU Price (at 5:37, 27 Oct 216 GMT) Neutral A$21.37 Valuation A$ - DCF (WACC 5.%, beta.8, ERP 5.%, RFR 3.3%) 15.8 12-month target A$ 24. 12-month TSR % +13.9 Volatility Index Medium GICS sector
More informationSandfire Resources. Strong result but guidance light A$6.10 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA SFR AU Price (at 06:37, 29 Jul 20 GMT) Outperform A$6.10 Valuation A$ - DCF (WACC 10.0%, beta 1.7, ERP 5.0%, RFR 3.8%) 8.02 12-month target A$ 8.00 12-month TSR % +35.8 Volatility Index Medium
More informationKaroon Gas. What a difference a day makes A$1.63 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA KAR AU Price (at 05:10, 16 Mar 2017 GMT) Outperform A$1.63 Valuation A$ - DCF (WACC 11.1%, beta 1.7, ERP 5.0%, RFR 3.3%) 2.79 12-month target A$ 2.40 12-month TSR % +47.7 Volatility Index High
More informationTelstra Corporation. Vodafone better, but far from good A$6.43 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA TLS AU Price (at 11:23, 21 Jul 2015 GMT) Neutral A$6.43 Valuation A$ 6.37 - DCF (WACC 6.8%, beta 0.8, ERP 5.0%, RFR 3.8%, TGR 1.2%) 12-month target A$ 6.30 12-month TSR % +3.3 Volatility Index
More informationChallenger. Normalised margin trends expected to decline. Earnings and target price revision. Price catalyst. Action and recommendation
1H13E 2H13E 1H14E 2H14E 1H15E 2H15E AUSTRALIA CGF AU Price (at CLOSE#, 20 Aug 2012) Outperform A$3.76 Volatility index Low 12-month target A$ 4.57 12-month TSR % +26.4 Valuation - Sum of Parts A$ 4.57
More informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 03:59, 16 Mar 2015 GMT) Outperform NZ$6.63 Valuation NZ$ 6.86 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.25 12-month TSR % +11.6 Volatility
More informationNEW ZEALAND Price Valuation NZ$ 1.74 Event 12-month target NZ$ month TSR % -10.1
NEW ZEALAND GNE NZ Price (at 05:06, 24 Feb 2015 GMT) Underperform NZ$2.20 Valuation NZ$ 1.74 - DCF (WACC 8.1%, beta 0.6, ERP 7.0%, RFR 3.6%, TGR 2.1%) 12-month target NZ$ 1.82 12-month TSR % -10.1 Volatility
More informationANZ Bank. The Dis-Associates. Earnings and target price revision. No change. Price catalyst. Catalyst: 3Q15 Trading Update. Action and recommendation
AUSTRALIA ANZ AU Price (at 07:51, 03 Jul 2015 GMT) Underperform A$32.46 Valuation - DDM/PE A$ 32.52 12-month target A$ 33.91 12-month TSR % +10.0 Volatility Index Low GICS sector Banks Market cap A$m 89,752
More informationVista Group International
NEW ZEALAND VGL NZ Price (at 03:15, 26 Feb 2015 GMT) Outperform NZ$4.35 Valuation NZ$ 4.31 - DCF (WACC 9.9%, beta 1.0, ERP 7.0%, RFR 4.0%, TGR 2.0%) 12-month target NZ$ 4.75 12-month TSR % +9.5 Volatility
More informationSpotless Group Holdings
AUSTRALIA SPO AU Price (at 05:45, 31 Jan 2017 GMT) Neutral A$0.94 Valuation - Peer multiples A$ 1.02 12-month target A$ 1.02 12-month TSR % +18.3 Volatility Index High GICS sector Commercial & Professional
More informationIluka Resources. A soft start to FY15 A$7.73 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ILU AU Price (at 06:10, 15 Apr 2015 GMT) Underperform A$7.73 Valuation A$ - DCF (WACC 9.0%, beta 1.5, ERP 5.0%, RFR 3.8%) 6.35 12-month target A$ 6.50 12-month TSR % -12.6 Volatility Index Medium
More informationSuper Retail Group (SUL AU) Are we there yet?
25 October 2018 Australia EQUITIES SUL AU Price (at 09:01, 24 Oct 2018 GMT) Neutral A$8.33 Valuation A$ 8.30-9.50 - EV/EBITA 12-month target A$ 8.70 12-month TSR % +10.9 Volatility Index GICS sector Low/Medium
More informationCIMIC Group. Earnings and target price revision. No change. Price catalyst. Catalyst: Q1 earnings 13 April. Action and recommendation
AUSTRALIA CIM AU Price (at 05:10, 31 Mar 2017 GMT) Outperform A$35.93 Valuation A$ 42.69 - DCF (WACC 8.5%, beta 1.4, ERP 5.0%, RFR 3.3%, TGR 2.0%) 12-month target A$ 42.50 12-month TSR % +22.0 Volatility
More informationGenworth Mortgage Insurance Australia
AUSTRALIA GMA AU Price (at 07:29, 05 Aug 2015 GMT) Outperform A$3.50 Valuation A$ - DCF (WACC 12.0%, beta 1.6, ERP 5.0%, RFR 4.5%) 3.52 12-month target A$ 3.47 12-month TSR % +9.2 Volatility Index Medium
More informationHealthcare. Currency adjustments AUSTRALIA. Event. Impact. Outlook COH 8.0% RMD 6.9% CSL 6.0% ANN 5.0% SHL 2.6%
AUSTRALIA Recommendations: CSL Outperform P/T: $110.00 RMD Underperform P/T: $7.50 COH Outperform P/T: $100.00 SHL Outperform P/T: $24.00 ANN Outperform P/T: $26.00 RHC Outperform P/T: $75.00 A$ earnings
More informationGeneration Healthcare REIT
AUSTRALIA GHC AU Price (at 06:13, 24 Aug 2015 GMT) Neutral A$1.65 Valuation - Sum of Parts A$ 1.51-1.59 12-month target A$ 1.59 12-month TSR % +1.8 Volatility Index Low GICS sector Real Estate Market cap
More informationAuckland International Airport
NEW ZEALAND AIA NZ Price (at 04:00, 27 Nov 2013 GMT) Neutral NZ$3.42 Valuation NZ$ 3.37 - DCF (WACC 8.0%, beta 0.9, ERP 7.0%, RFR 4.3%, TGR 3.0%) 12-month target NZ$ 3.37 12-month TSR % +2.6 Volatility
More informationKiwi Property Group. Land banking for the future NZ$1.43 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND KPG NZ Price (at 08:19, 07 Apr 2017 GMT) Outperform NZ$1.43 Valuation NZ$ 1.53 - DCF (WACC 6.9%, beta 0.6, ERP 7.0%, RFR 3.5%, TGR 2.0%) 12-month target NZ$ 1.53 12-month TSR % +11.8 Volatility
More informationCarsales.com. Motoring along nicely A$10.23 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA CRZ AU Price (at 9:48, 18 Feb 15 GMT) Outperform A$1.23 Valuation A$ 12.59 - DCF (WACC 8.1%, beta 1.2, ERP 5., RFR 3.8%, TGR 3.) 12-month target A$ 12.3 12-month TSR % +24.1 Volatility Index
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 4:13, 31 Jan 217 GMT) Outperform A$6.6 Valuation A$ - DCF (WACC 8.5%, beta 1.3, ERP 5.%, RFR 3.3%) 4.91 12-month target A$ 7.6 12-month TSR % +19.1 Volatility Index High GICS
More informationSingTel. Earnings and target price revision. Price catalyst. Action and recommendation. Maintain Outperform.
AUSTRALIA SGT AU Price (at 05:10, 06 Dec 2012 GMT) Outperform A$2.59 Volatility index Low 12-month target A$ 2.81 12-month TSR % +14.6 Valuation - Sum of Parts A$ 2.81 GICS sector Telecommunication Services
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 5:1, 5 Mar 215 GMT) Neutral A$2.29 Valuation A$ 2.6 - DCF (WACC 1.%, beta 1.4, ERP 5.%, RFR 3.8%, TGR 2.6%) 12-month target A$ 2.6 12-month TSR % +16. Volatility Index High GICS
More informationDowner EDI Two out of three ain t bad Event
AUSTRALIA DOW AU Price (at 06:26, 01 Dec 2016 GMT) Outperform A$6.08 Valuation - Sum of Parts A$ 5.69-6.38 12-month target A$ 6.40 12-month TSR % +9.6 Volatility Index Medium GICS sector Commercial & Professional
More informationBHP Billiton. Mad Dog 2 gets FID AUSTRALIA/ UNITED KINGDOM/ SOUTH AFRICA. Event. Impact. Earnings and target price revision.
AUSTRALIA/ UNITED KINGDOM/ SOUTH AFRICA BHP AU/BLT LN/BIL SJ Outperform Price (at 12:49, 02 Dec 2016 GMT) A$25.02/ 13.39/R234.60 Valuation A$ 20.74/ 12.25/R217.81 - DCF (WACC 7.4%, beta 1.2, ERP 5.0%,
More informationPremier Investments. Making a move? A$14.18 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PMV AU Price (at 09:06, 29 Mar 2017 GMT) Outperform A$14.18 Valuation - Sum of Parts A$ 17.19 12-month target A$ 17.92 12-month TSR % +30.4 Volatility Index Low/Medium GICS sector Retailing Market
More informationEarnings and target price revision. Price catalyst. Catalyst: 1H14 result in February Action and recommendation
AUSTRALIA CBA AU Price (at 06:10, 10 Sep 2013 GMT) Neutral A$73.63 Valuation A$ - DCF (WACC 10.3%, beta 1.0, ERP 5.0%, RFR 5.5%) 50.40 12-month target A$ 66.15 12-month TSR % -5.0 Volatility Index Low
More informationIron Mountain. US$10 worth Recalling at investor day US$31.83 UNITED STATES. Event. Impact. Earnings and target price revision.
UNITED STATES IRM US Price (at 20:03, 07 Oct 2015 GMT) Outperform US$31.83 Valuation - DCF (WACC 6.1%) US$ 40.00 12-month target US$ 40.00 12-month TSR % +31.6 GICS sector Real Estate Market cap US$m 6,711
More informationSingTel. Optus rises A$3.98 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SGT AU Price (at 05:10, 12 Feb 2015 GMT) Outperform A$3.98 Valuation - Sum of Parts A$ 4.64-4.73 12-month target A$ 4.69 12-month TSR % +22.4 Volatility Index Low GICS sector Telecommunication
More informationMMG. A year of consolidation in 2017 AUSTRALIA/HONG KONG. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA/HONG KONG AU / 128 HK Outperform Price (at 4:, 13 Mar 217 GMT) A$4.9/HK$2.85 Valuation - DCF (WACC 7.%, ERP 5.%, RFR 3.3%) A$4.86/HK$2.85 12-month target A$5.5/HK$3.2 12-month TSR % +12.2 Volatility
More informationRamsay Health Care (RHC AU) RHC UK on the mend?
17 October 2018 Australia EQUITIES RHC AU Price (at 05:48, 17 Oct 2018 GMT) Outperform A$54.18 Valuation A$ 68.50 - DCF (WACC 7.4%, beta 0.9, ERP 5.0%, RFR 3.7%, TGR 3.7%) 12-month target A$ 68.50 12-month
More informationAUSTRALIA Price Valuation A$ 7.52 Event 12-month target A$ month TSR % +3.4
AUSTRALIA ILU AU Price (at 05:10, 19 Feb 2015 GMT) Neutral A$7.59 Valuation A$ 7.52 - DCF (WACC 9.0%, beta 1.5, ERP 5.0%, RFR 4.5%, TGR 3.9%) 12-month target A$ 7.50 12-month TSR % +3.4 Volatility Index
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 5:1, 17 Feb 217 GMT) Outperform A$6.88 Valuation A$ - DCF (WACC 8.5%, beta 1.3, ERP 5.%, RFR 3.3%) 4.96 12-month target A$ 7.6 12-month TSR % +14.9 Volatility Index High GICS
More informationDexus Property Group. Infra driving industrial demand A$9.94 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA DXS AU Price (at 06:10, 06 Apr 2017 GMT) Neutral A$9.94 Valuation - NAV A$ 9.20-9.57 12-month target A$ 9.57 12-month TSR % +1.0 Volatility Index Low GICS sector Real Estate Market cap A$m 9,621
More informationAustralian Mobile Market
AUSTRALIA Telstra data inclusions on key post-paid plans $130 $130 $95 $70 $55 Optus data inclusions on key post-paid plans "Everyday Connect" "Mobile Accelerate" $50 $40 Vodafone data inclusions on key
More informationGenesis Energy. A 9% FCF yield and you call underperform? NZ$1.71 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND GNE NZ Price (at 06:49, 29 Jul 2015 GMT) Underperform NZ$1.71 Valuation NZ$ 1.60 - DCF (WACC 8.0%, beta 0.6, ERP 7.0%, RFR 3.5%, TGR 2.1%) 12-month target NZ$ 1.65 12-month TSR % +6.1 Volatility
More informationKaroon Gas. Losing the deal A$1.83 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA KAR AU Price (at 05:10, 29 Mar 2017 GMT) Outperform A$1.83 Valuation A$ - DCF (WACC 11.1%, beta 1.7, ERP 5.0%, RFR 3.3%) 2.79 12-month target A$ 2.40 12-month TSR % +31.5 Volatility Index High
More informationAustralian Banks. Pre-Reporting Form Guide AUSTRALIA. Event. Impact. Outlook
AUSTRALIA MRE vs Consensus MQG FY15 Consensus FY15 Date Profit EPS DPS Profit EPS DPS BEN 10-Aug 439 92 67 434 92 67 CBA 12-Aug 9,289 557 420 9,116 554 419 Source: Factset, Macquarie Research, August 2015
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 3:1, 22 Feb 217 GMT) Outperform A$6.99 Valuation A$ - DCF (WACC 8.5%, beta 1.3, ERP 5.%, RFR 3.3%) 4.79 12-month target A$ 7.6 12-month TSR % +13.2 Volatility Index High GICS
More informationAdelaide Brighton. Overcoming headwinds A$5.45 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ABC AU Price (at 09:22, 23 Feb 2017 GMT) Outperform A$5.45 Valuation A$ 6.40 - DCF (WACC 7.8%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 2.0%) 12-month target A$ 6.30 12-month TSR % +2 Volatility Index
More informationAMP. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at CLOSE#, 19 Mar 213) Underperform A$5.7 Volatility index Low 12-month target A$ 4.99 12-month TSR % +3.6 Valuation - Sum of Parts A$ 4.68 GICS sector Insurance Market cap A$m 14,855
More informationAsaleo Care. NZ$ pulped. We review the outlook for Asaleo. Earnings and target price revision. Price catalyst. Catalyst: CY15 results.
AUSTRALIA AHY AU Price (at 06:10, 16 Jul 2015 GMT) Outperform A$1.80 Valuation - EV/EBITA A$ 1.90-2.00 12-month target A$ 2.00 12-month TSR % +16.8 Volatility Index Low GICS sector Household & Personal
More informationAustralian Banks. Funding markets open for now
AUSTRALIA Weekly performance 4% 2% % -2% -4% -6% -8% -1% Source: IRESS, August 212 Rolling monthly performance 8% 6% 4% 2% % -2% -4% -6% Source: IRESS, August 212 Rolling yearly performance % 15% 5% -5%
More informationUGL. Driving growth in DTZ. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at 08:17, 03 Sep 2012 GMT) Underperform A$10.52 Volatility index Low 12-month target A$ 11.08 12-month TSR % +12.0 Valuation A$ - DCF (beta 1.1, ERP 5.0%, RFR 6.0%, TGR 2.5%) 15.09
More informationANZ Bank. What execution risk? Earnings and target price revision. Price catalyst. Catalyst: 1Q17 Trading update, February 2017.
AUSTRALIA ANZ AU Price (at 09:15, 18 Jan 2017 GMT) Neutral A$30.11 Valuation A$ 30.69- - Sum of Parts/GG 31.47 12-month target A$ 31.00 12-month TSR % +8.4 Volatility Index Low/Medium GICS sector Banks
More informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 05:00, 28 May 2015 GMT) Outperform NZ$6.30 Valuation NZ$ 7.29 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.25 12-month TSR % +17.6 Volatility
More information3P Learning. Coming to America... A$2.55 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA 3PL AU Price (at 09:19, 02 Mar 2015 GMT) Outperform A$2.55 Valuation - DCF A$ 2.65-3.35 12-month target A$ 3.00 12-month TSR % +18.9 Volatility Index Low/Medium GICS sector Consumer Services
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 08:23, 03 Jul 2012 GMT) Outperform A$23.68 Volatility index Low 12-month target A$ 27.66 12-month TSR % +24.9 Valuation A$ - DCF (WACC 12.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 25.14
More informationAged Care. Propco sale & lease back A$2.71 A$5.75 A$6.15 AUSTRALIA. Event. Impact. Outlook
AUSTRALIA JHC AU Price (at 06:10, 27 Apr 2015 GMT) Outperform A$2.71 Valuation A$ 2.97 - DCF (WACC 9.1%, beta 1.1, ERP 5.0%, RFR 4.5%, TGR 2.3%) 12-month target A$ 3.00 12-month TSR % +14.7 Volatility
More informationRyman Healthcare. Arrested development NZ$9.60 NEW ZEALAND. Event. Impact. Earnings and target price revision. Price catalyst
NEW ZEALAND RYM NZ Price (at 6:, 19 May 216 GMT) Outperform NZ$9.6 Valuation NZ$ 1.5 - DCF (WACC 9.%, beta.8, ERP 7.%, RFR 4.5%, TGR 2.%) 12-month target NZ$ 11. 12-month TSR % +16.5 Volatility Index Low
More informationFortescue Metals Group
AUSTRALIA FMG AU Price (at 08:49, 24 Jun 20 GMT) Outperform A$3.27 Valuation A$ - DCF (WACC 9.6%, beta 1.4, ERP 5.0%, RFR 3.3%) 3.57 12-month target A$ 3.60 12-month TSR % +.9 Volatility Index Very High
More informationAustralian Mid-cap Iron-Ore
AUSTRALIA Recommendation changes None BC Iron Outperform Price $0.23 Market Cap A$45m Target Price $0.35 TSR 52% Mt Gibson Iron Neutral Price $0.18 Market Cap A$196m Target Price $0.25 TSR 39% Grange Resources
More informationAustralian Banks. Money Talks vertically challenged AUSTRALIA. Inside. Majors average short positions and banks index
Jun- Dec- Jun- Dec- Jun- Dec- Jun-1 Dec-1 Jun-11 Dec-11 Jun-1 Dec-1 Jun-1 Dec-1 Jun-1 Dec-1 Jun- Dec- AUSTRALIA Repricing generally follows an election s Nov Aug 1 Sep 1 1-1 Source: RBA, Macquarie Research,
More informationNine Entertainment Co.
AUSTRALIA NEC AU Price (at 06:47, 26 Feb 2015 GMT) Outperform A$2.03 Valuation A$ - DCF (WACC 8.2%, beta 1.2, ERP 5.0%, RFR 3.8%) 2.41 12-month target A$ 2.25 12-month TSR % +15.3 Volatility Index Low/Medium
More informationAussie Macro Moment. Budget 16/17 careful consolidation AUSTRALIA. Event. Impact. Outlook
AUSTRALIA Lower deficits still in train, arriving late - - - /5 /7-5 -5 Jun-9 Jun- Jun Jun-8 Jun Jun Jun- Revenue recovery remains sluggish 7 5 Australian Federal : Underlying Balance ( of GDP) 5/ Spending
More informationMonash IVF Group. Share losses compound pain A$1.40 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA MVF AU Price (at 05:10, 25 Feb 2015 GMT) Outperform A$1.40 Valuation A$ 1.80 - DCF (WACC 1.8%, beta 1.1, ERP, RFR 4.5%, TGR 2.0%) 12-month target A$ 1.80 12-month TSR % +33.8 Volatility Index
More informationAust. General Insurance
AUSTRALIA June 2016 3 mth rolling market results Personal Commercial Market Average Rate Growth -3. -3.6% -3.3% GWP Growth 1.8% -0.8% 0.9% Volume Growth 2.8% 0.8% 2.1% Est. Exposure Value Growth 2. 2.
More informationSeek. SEEKing to evolve A$17.10 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SEK AU Price (at 12:41, 17 Feb 2015 GMT) Outperform A$17.10 Valuation - Sum of Parts A$ 18.03 12-month target A$ 18.10 12-month TSR % +8.5 Volatility Index Medium GICS sector Commercial & Professional
More informationFilling in the gaps. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PGH AU Price (at 06:11, 16 Jun 2015 GMT) Neutral A$4.45 Valuation - Peers' Multiples A$ 4.70 12-month target A$ 4.70 12-month TSR % +10.3 Volatility Index Low GICS sector Materials Market cap
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