Earnings and target price revision. Price catalyst. Catalyst: 1H14 result in February Action and recommendation
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- Ellen Daniels
- 5 years ago
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1 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%) month target A$ month TSR % -5.0 Volatility Index Low GICS sector Banks Market cap A$m 118, day avg turnover A$m Number shares on issue m 1,612 Investment fundamentals Year end 30 Jun 2013A 2014E 2015E 2016E Net interest Inc m 13,944 14,487 15,025 15,705 Non interest Inc m 7,555 7,802 8,097 8,455 Underlying profit m 11,894 12,490 13,038 13,670 Reported profit m 7,677 8,033 8,379 8,794 Adjusted profit m 7,779 7,993 8,339 8,754 EPS adj EPS adj growth % PER adj x PER rel x Total DPS Total div yield % Franking % ROA % ROE % Equity to assets % EV/EBITDA x nmf nmf nmf nmf P/BV x CBA AU vs ASX 100, & 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, September 2013 (all figures in AUD unless noted) Broking a different story... Event The mortgage battle remains centred on the broker channel where CBA has and continues to need to grow rapidly particularly given strong levels of proprietary mortgage paydown. While the short term margin is a function of many variables, ultimately strong growth in the broker channel comes at the cost of a lower margin and a more price sensitive customer base. Impact Mortgage battle centred on Broker channel where CBA is growing at 1.6x system Broker growth for CBA s core brand continues to run at a much faster pace (8.5% or c1.6x system) than proprietary channel growth (c1x system). This is consistent with our thesis that CBA is pushing in to the broker channel aggressively (see our note Everyone loves a discount Australian Banks - Everybody loves a discount). CBA needs this growth given their proprietary channel customers are paying down mortgages rapidly with ~6.5% of total balances paid down in 2H13. Ultimately broker growth is not as high quality as proprietary growth - Ultimately strong growth in the broker channel comes at the cost of lower margin and a more price sensitive customer base. This comes at a time when competition continues to pick up and refinancing gathers pace, meaning the ongoing risk to CBA is one of churn as better rates come along. FY14 margin outlook sensitivity +1 to -4bp including 1+bp further decline from strong broker growth The FY14 margin is a function of many variables. We estimate asset repricing is likely to be a drag of 1-2bp (including ongoing drag from above system broker growth). Funding costs could swing either way with wholesale continuing to moderate although deposit costs may offset this. Basis risk is likely to be a negative driver. This leaves the margin outlook squarely skewed to the downside in our view. Earnings and target price revision Downgraded FY14E Cash NPAT by 0.6% and FY15E by 1.0% driven by margin decline & paydown. Price catalyst 12-month price target: A$66.15 based on a DDM/PE methodology. Catalyst: 1H14 result in February 2014 Action and recommendation CBA remains a quality company. However the market s obsession with margin movements over the quality of NII growth has led to mispricing in the case of CBA in our view. Maintain Neutral. 10 September 2013 Macquarie Securities (Australia) Limited Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website
2 Analysis The mortgage battle remains centred on the broker channel where CBA has and continues to need to grow rapidly particularly given strong levels of proprietary mortgage paydown. While the short term margin is a function of many variables, ultimately strong growth in the broker channel comes at the cost of a lower margin and a more price sensitive customer base. We discuss below. Mortgage battle centred on Broker channel where CBA is growing at 1.6x system Broker growth for CBA s core brand continues to run at a much faster pace (8.5% or c1.6x system) than proprietary channel growth (c1x system). This is consistent with our thesis that CBA is pushing in to the broker channel aggressively. Fig 1 Growth by channel shows above system growth in broker and proprietary % Dec 11 Jun 12 Dec 12 Jun 13 Brokers Proprietary CBA Total System *CBA Total excludes Bankwest Source: Company data, APRA, RBA, Macquarie Research September 2013 CBA needs this growth given their proprietary channel customers are paying down mortgages more rapidly than in the broker channel with ~6.5% of total balances paid down in 2H13 (compared to ~3.8% in the broker channel). Fig 2 Proprietary channel has relative paydown that is c2x that of broker channel 1H13 2H13 Fundings Broker Prop Fundings (% balances) Broker 8.5% 12.3% Prop 9.9% 12.3% Implied Paydown Broker -3.90% -3.78% Prop -7.69% -6.51% Source: Company data, Macquarie Research, September times However when BankWest is included in the analysis, overall proprietary growth is just at system levels with broker growth at 1.5x system While the above effort is strong on the proprietary side of the yellow brand, CBA did not include a Group picture (i.e. including BankWest). When including BankWest (where over 60% of mortgages are sourced from the broker network), the picture does change with Group proprietary growth at system levels and broker growth travelling at a strong 7.6%. 10 September
3 Fig 3 CBA growing at system in Proprietary channel incl BankWest; Faster than system in broker Jun-12 Dec-12 Jun-13 Notes Total Home Loans CBA Yellow Label (Bus & retail) 272, , ,741 Bankwest 50,953 51,567 52, , , ,479 Broker - % of balances 38% 38% Proprietary - % of balances 62% 62% Home Loans (ex Bankwest) Proprietary growth 2.20% 5.80% Broker 4.60% 8.50% CBA Total 3.00% 6.70% Bankwest Proprietary 0.92% 1.73% BW: 38% Proprietary/62% Broker Broker 1.49% 2.82% Bankwest Total Loan Growth 2.41% 4.54% Proprietary growth incl Bankwest 2.00% 5.17% Broker growth incl Bankwest 4.11% 7.61% 2.90% 6.37% System growth 3.60% 5.10% Per APRA/RBA Source: Company data, Macquarie Research, September 2013 Ultimately strong growth in the broker channel comes at the cost of lower margin and a more price sensitive customer base. This comes at a time when competition continues to pick up and refinancing gathers pace, meaning the ongoing risk to CBA is one of churn as better rates come along. FY14 margin outlook sensitivity +1 to -4bp including 1+bp further decline from strong broker growth CBA s Group margin and retail margin are at record levels post GFC. Fig 4 CBA s group margin is at record level post GFC 2.70% 2.50% 2.30% 2.10% 1.90% 1.70% 1.50% 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 Retail NIM Group NIM Source: Company data, Macquarie research, September 2013 Ultimately margin pressure will start as competition continues to pick up, refinancing gathers pace and the replicating portfolio starts to bite. 10 September
4 Fig 5 While we don t think the replicating portfolio will negatively impact the NIM in FY14 it could start to bite in FY15 Source: Commonwealth bank, Macquarie research, September 2013 The increase in the NIM HoH was driven by strength in asset yields compared to the movement in the cash rate. We do not think this level of asset pricing will be sustainable over the medium term given the reduction in the cash rate. Fig 6 Increase in NIM HoH due to increase in yields on personal and business loans relative to the movement in the cash rate Yield Movement relative to Cash Rate (-40bps) 1H13 2H13 (bps) Interest Earning Assets Home loans 5.80% 5.45% 5 Personal loans 12.85% 12.72% 27 Business and corporate loans 5.39% 5.35% 36 Total Loans 5.95% 5.70% 15 Cash and liquid assets 0.92% 0.90% 38 Assets at fair value through Income statement 2.84% 2.60% 16 AFS investments 3.60% 3.18% (2) Non-lending interest earning assets 2.75% 2.49% 14 Total interest earning assets 5.44% 5.20% 16 Interest Bearing Liabilities Transaction Deposits 1.49% 1.47% (38) Savings deposits 3.04% 2.74% (10) Investment deposits 4.32% 3.91% 1 CD's and other 4.64% 4.41% (17) Total Interest bearing deposits 3.56% 3.24% (8) Payables due to other financial institutions 1.01% 1.19% (58) Liabilities at fair value through Income statement 3.11% 2.72% (1) Debt Issues 4.06% 3.52% 14 Loan Capital 4.38% 4.52% (54) Total Interest bearing liabilities 3.58% 3.25% (7) Benefit of interest-free liabilities, provisions and equity 0.24% 0.22% 2 Net Interest Margin 2.10% 2.17% 7 Source: Macquarie Research, September September
5 Jan-2000 Oct-2000 Jul-2001 Apr-2002 Jan-2003 Oct-2003 Jul-2004 Apr-2005 Jan-2006 Oct-2006 Jul-2007 Apr-2008 Jan-2009 Oct-2009 Jul-2010 Apr-2011 Jan-2012 Oct-2012 Jul-2013 Macquarie Private Wealth Looking at the value of refinancing historically it can be seen that a decline in the cash rate is normally coupled with an increase in refinancing. Fig 7 Historically refinancing has increased when the cash rate decreases Refinance $/ RBA GLA Balance % Housing Finance Cash rate (RHS) Source: ABS, RBA, Macquarie research, September 2013 Looking forward the FY14 margin is a function of many variables. We estimate asset repricing is likely to be a drag of 1-2bp (including ongoing drag from above system broker growth). Funding costs could swing either way with wholesale continuing to moderate although deposit costs may offset this. Basis risk is likely to be a negative driver. This leaves the margin outlook squarely skewed to the downside in our view. Fig 8 For 1H14 we estimate there could be a +1 4 impact on the NIM 2H13 vs. 1H13 1H14 vs. 2H13 Actual High Low Asset Pricing Funding Costs Basis Risk Portfolio Mix Replicating Portfolio Bps change in NIM Source: Macquarie Research, September 2013 While there may be offsets on the cost side, ultimately the market does not fully capitalise these as has been shown time and again. 10 September
6 Investment View Small downgrades Small downgrades to FY14 and FY15 from margin decline and pay-down. Fig 9 Downgraded FY14E NPAT by 0.6% and FY15E and FY16E by 1.0% and 0.9% respectively $m FY14 FY15 FY16 Cash NPAT Old 8,041 8,421 8,833 New 7,993 8,339 8,754 % Change -0.6% -1.0% -0.9% Cash EPS Old New % Change -0.6% -1.0% -0.9% Dividend Old New % Change 0.0% 0.0% 0.0% Source: Macquarie Research, September 2013 CBA remains a quality company. However the market s obsession with margin movements over the quality of NII growth and a six month view has led to mispricing in the case of CBA in our view. Maintain Neutral of Australia Year Ending 30 June H13 2H Neutral PER SHARE DATA Cash EPS (AUD) - Macquarie Basis Current Price Target Price Cash EPS Growth (%) 3% 7% 6% 9% 2% 3% 3% A$73.90 $66.15 DPS (AUD) Total Shareholder Return -5.3% BVPS (AUD) NTA PS (AUD) Bloomberg: CBA AU Shares on issue (m) 1,592 1,609 1,612 1,612 1,629 1,659 1,690 Reuters: CBA.AX VALUATION METRICS Macquarie Equities Australian Banks P/E (Cash) Analyst(s) Contact(s) P/B (Stated) Michael Wiblin P/NTA Anita Stanley RoE (%) - Cash 18.4% 17.7% 17.1% 17.1% 17.7% 17.4% 16.8% RoA (%) 1.0% 1.0% 1.1% 1.1% 1.0% 1.0% 1.0% Dividend Yield (%) 4.5% 4.4% 5.4% 4.9% 5.2% 5.3% 5.6% Dividend Payout (%) 77.1% 71.9% 82.4% 77.3% 80.0% 80.0% 81.1% Margins & Volumes Cost of Equity (%) 10.3% 10.3% 10.3% 10.3% 10.3% 10.3% 10.3% 7.0% Net Interest Margin (RHS) GLAA Growth (LHS) 2.80% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% H13 2H Efficiency Cost/Income Ratio (RHS) Cost Growth (LHS) 2.30% 1.80% 46.0% 45.0% 44.0% 43.0% PROFIT & LOSS (AUDm) Net Interest Income 13,064 6,862 7,082 13,944 14,487 15,025 15,705 Non-Interest Income 7,086 3,757 3,798 7,555 7,802 8,097 8,455 Fees & Commissions 3,268 1,502 1,541 3,043 3,066 3,152 3,297 Financial Markets Life and Funds 2,917 1,538 1,646 3,184 3,548 3,723 3,879 Other Revenue Total Operating Income 20,150 10,619 10,880 21,499 22,289 23,122 24,160 Total Operating Costs 9,196 4,755 4,850 9,605 9,799 10,084 10,489 Employee Costs 4,947 2,564 2,584 5,148 5,324 5,539 5,763 Other Costs 4,249 2,191 2,266 4,457 4,475 4,545 4,727 Pre-Provision Operating Profit 10,954 5,864 6,030 11,894 12,490 13,038 13,670 Impairment Charge 1, ,082 1,381 1,435 1,482 Pre-Tax Profit 9,865 5,248 5,564 10,812 11,109 11,603 12,188 Tax Expense 2,736 1,460 1,517 2,977 3,060 3,208 3,378 Minority Shareholders Other Post Tax Items Stated Net Profit 7,090 3,661 4,016 7,677 8,033 8,379 8,794 Extraordinary & Other Items Hybrid Distributions Derivatives & Hedging Revaluation Macquarie Cash Profit 7,073 3,760 4,019 7,779 7,993 8,339 8, % 120% 100% 80% 60% H13 2H Asset Quality Impairment Charge (RHS) Coverage (LHS) 42.0% BALANCE SHEET & CAP AD (AUDm) Risk Weighted Assets 302, , , , , , ,386 Interest Earning Assets 624, , , , , , ,989 Gross Loans, Advances & Acceptances 542, , , , , , ,177 Total Deposits 572, , , , , , ,888 Total Assets 718, , , , , , ,192 Shareholders Equity 41,572 43,299 45,492 45,492 45,996 49,834 53,798 Tier 1 Capital 30,299 31,780 33,705 33,705 36,435 40,157 44,004 Tier 1 Ratio (%) 10.0% 10.5% 10.2% 10.2% 10.7% 11.5% 12.2% Core Tier 1 Ratio (%) - Basel II 7.8% 8.3% 8.2% 8.2% 8.8% 9.6% 10.4% Core Tier 1 Ratio (%) - Basel III 7.5% 8.1% 8.2% 8.2% 8.8% 9.6% 10.4% 40% 15 20% 0% H13 2H ASSET QUALITY Impairment Charge / GLAA (bp) Coverage (%) 107% 109% 107% 107% 74% 55% 43% KEY RATIOS & GROWTH Source: Company data, Macquarie Research, September 2013 Net Interest Income growth (%) 3.2% 5.4% 3.2% 6.7% 3.9% 3.7% 4.5% Non-Interest Income growth (%) 1.2% 6.4% 1.1% 6.6% 3.3% 3.8% 4.4% Total Revenue growth (%) 2.5% 5.7% 2.5% 6.7% 3.7% 3.7% 4.5% Cost growth (%) 3.4% 3.5% 2.0% 4.4% 2.0% 2.9% 4.0% Pre-Provision Profit growth (%) 1.7% 7.6% 2.8% 8.6% 5.0% 4.4% 4.9% RWA growth (%) 7.5% -0.4% 9.1% 8.7% 3.0% 2.9% 3.0% GLAA growth (%) 4.6% 1.3% 3.6% 4.9% 6.0% 5.0% 5.1% Deposit growth (%) 9.1% 2.5% 2.5% 5.0% 6.0% 5.0% 5.1% Net Interest Margin (%) 2.09% 2.11% 2.15% 2.13% 2.11% 2.08% 2.07% Cost / Income Ratio (%) 45.6% 44.8% 44.6% 44.7% 44.0% 43.6% 43.4% 10 September
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 >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie First South - South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% 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 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 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 % in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 40 60% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 30 40% in a year. Low medium stock should be expected to move up or down at least 25 30% 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 30 June 2013 AU/NZ Asia RSA USA CA EUR Outperform 49.80% 57.68% 48.05% 41.13% 61.75% 47.10% (for US coverage by MCUSA, 8.12% of stocks followed are investment banking clients) Neutral 39.85% 24.45% 42.86% 54.70% 34.42% 30.89% (for US coverage by MCUSA, 6.60% of stocks followed are investment banking clients) Underperform 10.35% 17.87% 9.09% 4.17% 3.83% 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients) Company Specific Disclosures: Macquarie Bank Limited makes a market in the securities in respect of of Australia. Macquarie and its affiliates collectively and beneficially own or control 1% or more of any class of of Australia's equity securities. Important disclosure information regarding the subject companies covered in this report is available at 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. 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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,
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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 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 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 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 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 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 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 informationBendigo and Adelaide Bank
AUSTRALIA BEN AU Price (at CLOSE#, 17 Aug 2012) Neutral A$8.69 Volatility index Low 12-month target A$ 9.28 12-month TSR % +14.0 Valuation - DCF (WACC 12.1%) A$ 8.28 GICS sector Banks Market cap A$m 3,447
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 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 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 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 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 informationAustralian Banks. Insolent Insolvencies
AUSTRALIA Insolvencies Stubborn # of Insolvencies 17, 16, 15, 14, 13, 12, 11, 1, Source: ASIC, Macquarie Research, Dec 212 WA/VIC insolvencies deterioration 2.4 2.2 Jan- 2 1.8 1.6 1.4 1.2 1 Source: ASIC,
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 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 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 informationAventus Retail Property Fund
AUSTRALIA AVN AU Price (at 06:10, 29 Apr 2016 GMT) A$2.16 Volatility Index Low GICS sector Real Estate Market cap A$m 741 30-day avg turnover A$m 0.7 Number shares on issue m 343.2 Investment fundamentals
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 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 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 informationOz Minerals. On track to meet guidance A$6.51 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OZL AU Price (at 08:20, 22 Jul 2016 GMT) Underperform A$6.51 Valuation A$ - DCF (WACC 9.0%, beta 1.4, ERP 5.0%, RFR 3.3%) 4.31 12-month target A$ 5.00 12-month TSR % -21.4 Volatility Index High
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 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 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 informationKingsgate Consolidated
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 % -54.9 Volatility Index Very High GICS
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 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 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 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 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 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 informationNational Australia Bank
AUSTRALIA NAB AU Price (at 05:32, 30 Mar 2015 GMT) Outperform A$38.32 Valuation A$ - DCF (WACC 9.3%, beta 1.0, ERP 5.0%, RFR 5.8%) 38.97 12-month target A$ 40.58 12-month TSR % +11.1 Volatility Index Low
More informationAustralia Banks. A little ray of sunshine AUSTRALIA. Event. Impact. Outlook. 16 April 2013 Macquarie Securities (Australia) Limited
AUSTRALIA Loan growth driven out of WA & VIC with NSW & QLD growing below system % 2.5% 25% 20% 1.5% 15% 10% 0.5% 5% 0% -0.5% -5% - -10% -1.5% -15% - -20% -2.5% -25% 1992 1995 1998 2001 2004 2007 2010
More informationOz Minerals. Solid start to the year A$5.62 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OZL AU Price (at 6:24, 21 Apr 216 GMT) Underperform A$5.62 Valuation A$ - DCF (WACC 1%, beta 1.4, ERP 5.%, RFR 3.8%) 4.61 12-month target A$ 4.6 12-month TSR % -15.5 Volatility Index High GICS
More informationRegis Resources. Strong 1H15 result A$1.29 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA RRL AU Price (at 7:29, 13 2 GMT) Outperform A$1.29 Valuation A$ - DCF (WACC 9.%, beta 1.5, ERP 5.%, RFR 3.8%) 1.68 12-month target A$ 1.7 12-month TSR % +37.2 Volatility Index High GICS sector
More informationPerseus Mining. Revised Sissingué plan A$0.31 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PRU AU Price (at 5:1, 31 Mar 217 GMT) Neutral A$.31 Valuation A$ - DCF (WACC 1.%, beta.4, ERP 5.%, RFR 3.3%).35 12-month target A$.32 12-month TSR % +3.2 Volatility Index Very High GICS sector
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 informationUS Economics. State of the Union Growth, rates, and equities NORTH AMERICA. In a nutshell. Our key views on growth, policy, and rates
NORTH AMERICA In a nutshell The US expansion is poised to continue Near-term data may surprise on the upside and show an economy expanding at an underlying 2.5% pace Longer-term growth should decelerate
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 informationANZ Bank. Sticking with Super Regional A$27.52 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ANZ AU Price (at 09:49, 01 Oct 2015 GMT) Neutral A$27.52 Valuation - DDM/PE A$ 32.74 12-month target A$ 34.15 12-month TSR % +30.6 Volatility Index Low GICS sector Banks Market cap A$m 79,891
More informationPanAust. Larger impairment and dividend cut A$1.35 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA PNA AU Price (at 7:6, 19 Feb 215 GMT) Outperform A$1.35 Valuation A$ - DCF (WACC 11.%, beta 1.7, ERP 5.%, RFR 3.8%) 1.73 12-month target A$ 1.7 12-month TSR % +25.9 Volatility Index High GICS
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 informationSandfire Resources. Swings to net cash A$5.34 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SFR AU Price (at 6:11, 7 Jul 216 GMT) Outperform A$5.34 Valuation A$ - DCF (WACC 9.%, beta 1.4, ERP 5.%, RFR 3.3%) 5.82 12-month target A$ 6.1 12-month TSR % +18.3 Volatility Index Medium GICS
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 informationCSL: Global plasma report
AUSTRALIA AU Price (at 10:49, 11 Apr 2013 GMT) Outperform A$59.35 Volatility index Low 12-month target A$ 63.85 12-month TSR % +9.6 Valuation A$ 59.84 - DCF (WACC 8.5%, beta 0.9, ERP 5.0%, RFR 5.0%, TGR
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 informationOrocobre. Upside exposure fading. Earnings and target price revision. Price catalyst. Catalyst: Update on projects or Q1 report
AUSTRALIA ORE AU Price (at 5:11, 28 Feb 217 GMT) Neutral A$3.8 Valuation - DCF (WACC 1.%) A$ 1.34 12-month target A$ 3.17 12-month TSR % +2.9 Volatility Index High GICS sector Materials Market cap A$m
More informationBillabong International
AUSTRALIA BBG AU Price (at 06:10, 27 Aug 2012 GMT) A$1.35 Volatility index Very High GICS sector Consumer Durables & Apparel Market cap A$m 644 30-day avg turnover A$m 4.4 Number shares on issue m 478.9
More informationGeneration Healthcare REIT All about spread Event
AUSTRALIA GHC AU Price (at 04:51, 14 Feb 2015 GMT) Neutral A$1.60 Valuation - Sum of Parts A$ 1.18-1.26 12-month target A$ 1.59 12-month TSR % +5.1 Volatility Index Low GICS sector Real Estate Market cap
More informationBuilders Barometer. Rising damp AUSTRALIA. Event. Impact. Outlook
Jan 00 Mar 01 May 02 Jul 03 Sep 04 Nov 05 Jan 07 Mar 08 May 09 Jul 10 Sep 11 Nov 12 Jan 14 Mar 15 May 16 AUSTRALIA Rising damp Event The ABS released February 2017 building approvals data. Seasonallyadjusted,
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 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 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 informationCoca-Cola Amatil. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA CCL AU Price (at 07:11, 11 Sep 2013 GMT) Neutral A$12.00 Valuation A$ 12.03 - DCF (WACC 7.8%, beta 1.0, ERP 5.0%, RFR 3.7%, TGR 3.2%) 12-month target A$ 12.98 12-month TSR % +12.8 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 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 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 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 informationTatts Group. Earnings and target price revision. Price catalyst. Action and recommendation. Maintain Underperform on valuation grounds.
AUSTRALIA TTS AU Price (at 8:37, 23 Aug 212 GMT) Underperform A$2.79 Volatility index Low 12-month target A$ 2.45 12-month TSR % -6.8 Valuation - Sum of Parts A$ 2.4-2.47 GICS sector Consumer Services
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 informationEarnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA TLS AU Price (at 13:07, 19 Apr 2012 GMT) Outperform A$3.39 Volatility index Low 12-month target A$ 3.55 12-month TSR % +13.0 Valuation A$ - DCF (WACC 9.6%, beta 0.9, ERP 6.0%, TGR 1.0%) 3.55
More informationHorizon Oil Gas commercialisation progressing Event
AUSTRALIA HZN AU Price (at 09:23, 31 Aug 2012 GMT) Outperform A$0.30 Volatility index High 12-month target A$ 0.50 12-month TSR % +66.7 Valuation A$ - DCF (WACC 11.1%, beta 1.6, ERP 5.0%, RFR 6.1%) 0.70
More informationAustal. Retail take up 62% Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ASB AU Price (at 01:41, 02 Jan 2013 GMT) A$0.58 Volatility index Medium GICS sector Capital Goods Market cap A$m 201 30-day avg turnover A$m 0.3 Number shares on issue m 346.0 Investment fundamentals
More informationDefying Gravity. Earnings and target price revision. No change. Price catalyst. Catalyst: FY12 result 15 August Action and recommendation
AUSTRALIA CBA AU Price (at 06:27, 09 Aug 2012 GMT) Underperform A$57.03 Volatility index Low 12-month target A$ 48.03 12-month TSR % -9.9 Valuation A$ - DCF (WACC 10.3%, beta 1.0, ERP 5.0%, RFR 5.5%) 50.40
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 informationThe quiet achiever. Earnings and target price revision. Price catalyst. Catalyst: July building approvals 30 August. Action and recommendation
AUSTRALIA ABC AU Price (at 08:02, 16 Aug 2012 GMT) Outperform A$2.90 Volatility index Low/Medium 12-month target A$ 3.10 12-month TSR % +13.0 Valuation A$ 3.18 - DCF (WACC 10.0%, beta 1.2, ERP 4.5%, RFR
More informationANZ Bank. Turning the corner? Earnings and target price revision. Price catalyst. Catalyst: 1Q17 Trading update, February 2017.
AUSTRALIA ANZ AU Price (at 11:16, 3 Nov 216 GMT) Outperform A$27.35 Valuation A$ 27.47- - Sum of Parts/GG 29.23 12-month target A$ 28.5 12-month TSR +1.2 Volatility Index Low/Medium GICS sector Banks Market
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 informationIndependence Group NL
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 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 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
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