Doray Minerals. Mine life upside at Andy Well A$0.44 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
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1 AUSTRALIA DRM AU Price (at 5:28, 22 Jun 215 GMT) Outperform A$.44 Valuation A$ - DCF (WACC 1.%, beta 1.9, ERP 5.%, RFR 3.8%).8 12-month target A$.8 12-month TSR % Volatility Index High GICS sector Materials Market cap A$m 15 3-day avg turnover A$m.1 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 % nmf PGCFPS x PGCFPS rel x EPS adj EPS adj growth % nmf PER adj x PER rel x Total DPS.... Total div yield %.... ROA % ROE % EV/EBITDA x Net debt/equity % P/BV x DRM 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, June 215 (all figures in AUD unless noted) 22 June 215 Macquarie Securities (Australia) Limited Mine life upside at Andy Well Event DRM recently released drilling results from the Gnaweeda project 15km south east of the company s Andy Well mine. After reviewing exploration results from both Gnaweeda and the Wilbur, Judy and Susie lodes at Andy Well, we have extended our mine life assumption at Andy Well by 12 months. Impact Underground resource to reserve conversion. Conversion of resources to reserves at Andy Well is driven by the sub-vertical narrow-vein nature of mineralisation. Overall resource tonnes convert almost directly to reserve but contained ounces convert at a more modest ~7% thanks to dilution. Wilbur resource upgrade likely. Deep drilling completed at Wilbur in 214 identified the continuation of high-grade at depth. DRM has followed up on these results from underground and continues to define high-grade outside of the existing resource. Whilst Wilbur appears to be becoming more complex with depth, we still expect it to deliver mine life extensions. Applying similar conversion rates to our estimate of the Wilbur Deeps resource, we have increased our assumed mining inventory at Wilbur by ~43koz. Susie Maiden resource shows promise. In 3QFY15, DRM released a Maiden Indicated and Inferred Resource at the Susie Lode of 468kt at 8.1g/t for 123koz. Whilst drilling data is sparse, particularly at depth, we believe that the geological and grade continuity seen at Wilbur and Judy South will be replicated and we have chosen to include Susie in our assumed mining inventory. Due to the sparsity of data, we have used what we believe to be conservative 6% conversion of tonnes and 45% conversion of ounces resulting in an additional 55koz of mining inventory. Earnings and target price revision We now assume an additional mining inventory of 44kt at a grade of 6.9g/t for ~98koz. Incorporating this into our model extends our assumed mine life of Andy Well by approximately 12 months. Consequently, our earnings forecasts for FY19 and FY2 increase by 57% and 47%, respectively. Our NPV for Andy Well increases to $.68/sh, up from $.61/sh lifting our target price for DRM to $.8/sh from $.7/sh. Price catalyst 12-month price target: A$.8 based on a DCF methodology. Catalyst: DRM s next operational catalyst will be its June quarter production result; we expect a strong quarterly result delivering the mid-range of DRM s 85-9koz full year guidance. Completion of the funding package for the ~$88m Deflector project should also prove a catalyst for DRM. Action and recommendation Outperform. We believe that Andy Well will follow the path of many other high-grade narrow vein Australian gold assets delivering a mine life which far exceeds expectation. Please refer to page 7 for important disclosures and analyst certification, or on our website
2 Exploration drilling analysis DRM restates its Reserves and Resources annually at 3 June with the outcome released to the market in September. In light of recent high-grade drilling results at Andy Well and the 88% owned Gnaweeda project, we have taken the opportunity to review DRM s exploration results over the last 12 months and asses potential for Resource and Reserve addition in its 215 statement. Underground resource to reserve conversion Conversion of resources to reserves at Andy Well is driven by the sub-vertical narrow-vein nature of mineralisation. Overall resource tonnes convert almost directly to reserve with 96% of tonnes at Wilbur and 81% at Judy South converting to reserve. Conversion of grade and ounces is impacted by mining dilution with a 58% conversion at Wilbur and 68% at Judy South. Fig 1 Andy Well resource to reserve conversion Deposit Tonnes Ounces Wilbur Underground 96% 58% Judy South Underground 81% 68% Source: DRM, Macquarie Research, June 215 Wilbur Lode high-grade depth extensions DRM is currently mining the Wilbur Lode at Andy Well. As at 3 June 214 Probable underground reserves stood at 556kt at 8.13g/t for 148koz, with an additional 14koz of open pit reserves. Deep drilling completed in 214 identified the continuation of high-grade both 2m below the existing reserve and to the south at Wilbur South. DRM has followed up on these results with drilling from underground and continues to define high-grade outside of the existing resource. We expect this to deliver additional Inferred and potentially Indicated resources in the 215 update. Whilst Wilbur appears to be becoming more complex with depth we still expect it to deliver mine life extensions. Applying similar resource to reserve conversion rates to our estimate of the depth extensions, we have increased our assumed mining inventory at Wilbur by ~43koz. Fig 2 Wilbur resources as at 3 June 214 Fig drilling should deliver a increase in resources Source: DRM, June 215 Source: DRM, June 215 Susie Maiden Resource DRM recently estimated a Maiden Indicated and Inferred Resource at the Susie Lode of 468kt at 8.1g/t for 123koz. Whilst drilling data is sparse, particularly at depth we believe that the geological and grade continuity seen at Wilbur and Judy South will be replicated and we have chosen to include Susie in our assumed mining inventory. Due to the sparsity of data, we have used what we believe to be conservative 6% conversion of tonnes and 45% conversion of ounces. Consequently, we include now include an additional 55koz to our mining inventory. 22 June 215 2
3 Fig 4 Susie Lode long section Fig 5 Andy Well plan section Source: DRM, June 215 Judy Maiden Reserve The Judy Lode body runs parallel to the Wilbur Lode and will be accessed via a decline from Wilbur. DRM estimated a maiden reserve at the Judy South in August 214 which stands at 23kt for 58koz at a grade of 8.8g/t. Mineralisation continues to the north of Judy South at Judy North although to date Judy North has failed to return the same grade as the other lodes with a resource grade of 2.1g/t. Whilst in our view this is too low to include in a mine plan, the proximity of the planned Judy South decline and adjacent Wilbur development could allow for opportunistic mining of Judy North when the gold price is favourable. Open pit sweeteners Soft oxide open pit ore from the Wilbur Stage 1 open pit has provided beneficial grade and material type blending feed for the Andy Well mill. This is continuing with oxide ore from the Stage 2 Wilbur open pit and a small open pit at the Susie deposit. However both these are relatively small and unlikely to provide mill feed beyond 1HFY16. Although at an early stage, we believe the recent drill results from the Gnaweeda project 15km south of Andy Well could provide a more long term source of oxide ore. Changes to our forecast and valuation We now assume an additional mining inventory of 44kt at a grade of 6.9g/t for ~98koz. Incorporating this into our model extends our assumed the mine life of Andy Well by 12 months. Consequently, our earnings forecasts for FY19 and FY2 increase by 57% and 47%, respectively. Our NPV for Andy Well increases to $.68/sh up from $.61/sh lifting our target price for DRM to $.8/sh. Fig 6 DRM earnings and valuation changes Earnings changes FY15e FY16e FY17e FY18e FY19e FY2e NPV Net profit (A$m) - old Net profit (A$m) - new Change -.1%.%.%.% 56.7% 47.4% 9.4% Source: Company data, Macquarie Research, June June 215 3
4 Sep 14 Jan 15 May 15 Sep 15 Jan 16 May 16 Sep 16 Jan 17 May 17 Sep 17 Jan 18 May 18 Sep 18 Jan 19 May 19 Sep 19 Jan 2 May 2 Sep 2 Macquarie Wealth Management Fig 7 Andy Well forecast production and costs Fig 8 Deflector forecast production and costs 1 Gold producton (koz) Cash costs - AISC (A$/oz) C1 Cash cost (A$/oz) 1,4 12 Gold producton (koz) Copper production (kt) C1 Cash cost (A$/oz) Silver production (koz) Cash costs - AISC (A$/oz) 1, ,2 1 1, , , FY14 FY15e FY16e FY17e FY18e FY19e FY2e FY15e FY16e FY17e FY18e FY19e FY2e FY21e FY22e FY23e Source: DRM, Macquarie Research, June 215 Source: DRM, Macquarie Research, June 215 Fig 9 Gold equivalent production and group AISC Fig 1 Free cash flow is absorbed by the Deflector development 25 Andy Well Gold (koz) AISC ($A/oz) Deflector Au equiv (koz) FY1 FY11 FY12 FY13 FY14 FY15e FY16e FY17e FY18e FY19e FY14 FY15e FY16e FY17e FY18e FY19e FY2e FY21e FY22e Operating cash flow (A$m) Free cash flow (A$m) Source: DRM, Macquarie Research, June 215 Source: DRM, Macquarie Research, June 215 Fig 11 DRM generates its market cap in cash by 217 Fig 12 Andy Well dominates our valuation of DRM Undeveloped Resources 4% Deflector 21% Andy Well 77% Net cash (A$M) Market cap (A$m) Source: DRM, Macquarie Research, June 215 Source: DRM, Macquarie Research, June June 215 4
5 ASX: DRM Price: (A$ps).44 Year end: Jun Rating: Outperform Up/dn TSR Mkt cap: (A$m) 15 Diluted shares (m) Target:.8 82% 82% ASSUMPTIONS FY12 FY13 FY14 FY15e FY16e FY17e FY18e ATTRIBUTABLE MINE OUTPUT FY12 FY13 FY14 FY15e FY16e FY17e Exchange Rate A$/US$ Andy Well Spot Gold (US$/oz) 1,672 1,64 1,295 1,216 1,3 1,48 1,459 Gold producton (koz) nm nm C1 Cash cost (A$/oz) nm nm RATIO ANALYSIS FY12 FY13 FY14 FY15e FY16e FY17e FY18e Cash costs - AISC (A$/oz) nm nm 1,17 1, ,73 Diluted share capital m Deflector EPS (diluted and pre sig. items) A Gold producton (koz) P/E x -8.2x -6.3x 2.5x 6.3x 2.7x 1.1x 2.2x Silver production (koz) CFPS A (18.6) (2.4) Copper production (kt) P/CF x -2.4x -18.1x 1.3x 2.x 1.4x.7x 1.x C1 Cash cost (A$/oz) nm nm nm nm DPS A Cash costs - AISC (A$/oz) nm nm nm nm Dividend yield %.%.%.%.%.%.% 6.8% Group gold production (koz) nm nm Franking Level % % % % % % % % Group AISC (A$/oz) nm nm 1,9 1,154 1,1 923 Book value per share x EV/Production (A$/oz) nm nm nm nm 12,774 1,549 P/Book value x 1.3x.8x.9x 1.2x.8x.5x.4x R.O.E. (pre sig items) % -16% -12% 34% 18% 29% 42% 17% OPERATIONAL OUTLOOK R.O.A. (pre sig items) % -17% -9% 23% 19% 27% 53% 21% 25 Andy Well Gold (koz) Deflector Au equiv (koz) AISC ($A/oz) 14 Interest Cover x 7.2x 2.9x 1.6x 3.2x 31.9x 314.2x -18.1x EBITDA per share A$ps EV/EBITDA x -2.5x -11.2x 1.6x 1.5x 1.x.x -.5x 2 EARNINGS FY12 FY13 FY14 FY15e FY16e FY17e FY18e 1 Sales Revenue A$m Other Revenue A$m 1 8 Total Revenue A$m Operating Costs A$m (41) (6) (67) (12) (136) 6 Operational EBITDA A$m Exploration Expense/Write-offs A$m () (8) () (1) (2) (3) (3) 4 Corporate & Other Costs A$m (5) (4) (5) (6) (6) (6) (6) EBITDA A$m (5) (12) D&A A$m (1) (39) (38) (4) (68) (78) 2 EBIT A$m (5) (13) Net Interest A$m 1 1 (2) (1) (2) (1) 4 Profit Before Tax A$m (4) (12) FY14 FY15e FY16e FY17e FY18e FY19e FY2e FY21e FY22e Tax Expense A$m 4 3 (7) (19) (48) (24) RESERVES AND RESOURCES (ATTRIBUTABLE) Minorities A$m Reserves Adjusted NPAT A$m (4) (8) Project Mt Au (g/t) Au (koz) Ag (g/t) Ag (koz) Cu (%) Cu (kt) Significant Items (post tax) A$m (32) Wilbur -open pit Reported NPAT A$m (4) (8) (6) Wilbur - underground Judy - underground CASHFLOW FY12 FY13 FY14 FY15e FY16e FY17e FY18e Total Net Profit A$m Deflector - open pit % 6. Interest/Tax/D&A A$m (14) (2) Deflector - Underground % 1. Working Capital/other A$m (7) (4) 2 Total % 16. Net Operating Cashflow A$m (15) (3) Capex A$m (1) (72) (33) (4) (11) (74) (52) Resources Investments A$m () (4) Project Mt Au (g/t) Au (koz) Ag (g/t) Ag (koz) Cu (%) Cu (kt) Sale of PPE and Other A$m (21) (4) Andy Well -Wilbur Free cash flow A$m (16) (75) (6) 1 (25) Andy Well - Judy Dividends Paid A$m Deflector - open pit % 6. Debt A$m 55 (2) 3 49 (65) Deflector - Underground % 21. Equity Issuance A$m Deflector other Other A$m Total , % 27. Net Financing Cashflow A$m 1 96 (4) 3 64 (65) EV/Reserve (A$/oz) 133 EV/Resource (A$/oz) 82 Net change in cash A$m (15) 21 (1) BALANCE SHEET FY12 FY13 FY14 FY15e FY16e FY17e FY18e EQUITY DCF VALUATION Macquarie forecasts Spot prices Cash A$m Projects A$m A$ps A$m A$ps PP&E & Mine Development A$m Deflector Exploration A$m Andy Well Total Assets A$m Undeveloped Resources Debt A$m Unpaid capital & Investments.. Total Liabilities A$m Forwards (8) (.3) (2) (.1) Total Net Assets / Equity A$m Corporate (23) (.8) (23) (.8) Net Debt / (Cash) A$m (5) 3 () (12) (3) (18) (18) Net cash (debt) Gearing (net debt/(nd + equity)) % (24%) 3% (%) (15%) (2%) (7%) (132%) Net Equity Value (@ 11% WACC) Gearing (net debt/equity) % (19%) 43% (%) (13%) (2%) (41%) (57%) Price Target.8 Source: DRM, Macquarie Research, June June 215 5
6 Macquarie Quant View The quant model currently holds a neutral view on. The strongest style exposure is Valuations, indicating this stock is under-priced in the market relative to its peers. The weakest style exposure is Price Momentum, indicating this stock has had weak medium to long term returns which often persist into the future. 617/186 Global rank in Materials % of BUY recommendations 1% (6/6) Number of Price Target downgrades 2 Number of Price Target upgrades Fundamentals 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. -.1 BC Iron -.8 BC Iron Base Resources -2.1 Base Resources Silver Lake Resources -3.1 Silver Lake Resources % -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 BC Iron Base Resources BC Iron Base Resources Silver Lake Resources.6 Silver Lake Resources % -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. IRR Dividend Disc. Model Volatility 25 Day 25d Volatility Sales Revisions 3 Month CPS Growth FY1 PEG Ratio Inverted Earnings Stability Turnover (USD) 2 Day Negatives Positives -27% -28% -29% -23% 27% 27% 24% 31% -4% -2% % 2% 4% 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(/186) Percentile relative to market(/415) 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) 22 June 215 6
7 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 31 March 215 AU/NZ Asia RSA USA CA EUR Outperform 48.99% 59.51% 49.3% 43.79% 59.59% 52.2% (for US coverage by MCUSA, 7.42% of stocks followed are investment banking clients) Neutral 34.12% 26.62% 35.21% 5.29% 34.93% 31.32% (for US coverage by MCUSA, 5.68% of stocks followed are investment banking clients) Underperform 16.89% 13.87% 15.49% 5.93% 5.48% 16.48% (for US coverage by MCUSA,.87% of stocks followed are investment banking clients) DRM 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, June month target price methodology DRM AU: A$.8 based on a DCF methodology Company-specific disclosures: Important disclosure information regarding the subject companies covered in this report is available at Date Stock Code (BBG code) Recommendation Target Price 11-Mar-215 DRM AU Outperform A$.7 29-Jan-215 DRM AU Outperform A$ Jan-215 DRM AU Outperform A$ Jan-215 DRM AU Outperform A$ Oct-214 DRM AU Outperform A$.7 3-Sep-214 DRM AU Neutral A$ May-214 DRM AU Neutral A$ Apr-214 DRM AU Neutral A$.8 21-Jan-214 DRM AU Outperform A$.9 16-Jan-214 DRM AU Outperform A$.7 15-Nov-213 DRM AU Outperform A$.75 Target price risk disclosures: DRM 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. 22 June 215 7
8 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 22 June 215 8
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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
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AUSTRALIA IGO AU Price (at 12:29, 26 Oct 216 GMT) Outperform A$4.25 Valuation A$ - DCF (WACC 8.4%, beta 1.2, ERP 5.%, RFR 3.3%) 3.98 12-month target A$ 5. 12-month TSR % +2.2 Volatility Index High GICS
More informationOil Search. Proving up PNG A$7.11 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OSH AU Price (at 05:10, 16 Feb 2017 GMT) Outperform A$7.11 Valuation A$ - DCF (WACC 8.5%, beta 1.4, ERP 5.0%, RFR 3.3%) 6.70 12-month target A$ 7.60 12-month TSR % +8.2 Volatility Index Medium
More informationNIB Holdings. Lowest in 4 years still enough A$3.72 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA NHF AU Price (at 09:52, 02 Mar 2016 GMT) Outperform A$3.72 Valuation A$ 3.85 - DCF (WACC 8.5%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 2.5%) 12-month target A$ 4.00 12-month TSR % +11.7 Volatility
More informationPilbara Minerals (PLS AU) Ramp-up gaining traction
17 January 219 Australia EQUITIES PLS AU Price (at 5:1, 16 Jan 219 GMT) Outperform A$.7 Valuation A$ 1.11 - DCF (WACC 1.%, beta 1.6, ERP 5.%, RFR 3.8%) 12-month target A$ 1.2 12-month TSR % +72.7 Volatility
More informationRamsay Health Care. France begins to bite A$66.37 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA RHC AU Price (at 06:11, 06 Aug 2015 GMT) Neutral A$66.37 Valuation A$ 64.54 - DCF (WACC 8.1%, beta 1.1, ERP 5.0%, RFR 3.8%, TGR 3.0%) 12-month target A$ 70.00 12-month TSR % +7.3 Volatility Index
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 Chef. Capital raising A$7.71 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SIV AU Price (at 08:50, 21 Mar 2017 GMT) Neutral A$7.71 Valuation - PER A$ 6.68 12-month target A$ 6.68 12-month TSR % -7.4 Volatility Index Medium GICS sector Capital Goods Market cap A$m 278
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 informationSims Metal Management
AUSTRALIA SGM AU Price (at 5:11, 17 Nov 215 GMT) Outperform A$7.19 Valuation - EV/EBIT A$ 8.49-9.6 12-month target A$ 8.9 12-month TSR % +26.6 Volatility Index Medium GICS sector Materials Market cap A$m
More informationAutomotive Holdings Group
AUSTRALIA AHG AU Price (at 06:14, 11 Aug 2016 GMT) Outperform A$4.61 Valuation - EV/EBITA A$ 4.09-4.63 12-month target A$ 4.36 12-month TSR % -0.2 Volatility Index Low GICS sector Retailing Market cap
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 informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 05:00, 10 Jul 2015 GMT) Outperform NZ$7.03 Valuation NZ$ 7.39 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.80 12-month TSR % +13.1 Volatility
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 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 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 informationSeek. Progresses Zhaopin privatisation A$16.33 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SEK AU Price (at 06:33, 07 Apr 2017 GMT) Outperform A$16.33 Valuation - Sum of Parts A$ 16.77 12-month target A$ 16.50 12-month TSR % +3.9 Volatility Index Low/Medium GICS sector Commercial &
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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$m 6,711
More informationAUSTRALIA Price Valuation A$ 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationRio Tinto. Mixed production, but iron-ore in line AUSTRALIA/UNITED KINGDOM A$48.99/ Event. Impact. Earnings and target price revision
AUSTRALIA/UNITED KINGDOM RIO AU/RIO LN Price (at 6:1, 19 Jul 216 GMT) Outperform A$48.99/ 24.63 Valuation A$ 52.22/ 27.97 - DCF (WACC 8.%, beta 1.2, ERP 5.%, RFR 3.3%) 12-month target A$ 54./ 27. 12-month
More informationNational Australia Bank
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