European and UK economics
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- Tobias May
- 5 years ago
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1 EUROPE/UNITED KINGDOM To all intents and purposes the Euro area is in recession QoQ % Euro area GDP QoQ (LHS) YoY % Euro area GDP YoY (RHS) Jun Jun 3 Jun 6 Jun 9 Jun 1 Source: Eurostat, Macquarie Research, August 1 retail spending is clearly trending up YoY % Jan Feb 3 Apr 6 May 9 Jul 1 Source: ONS, Macquarie Research, August 1 Euro area PMI Retail sales volumes Retail sales volumes - 3mma Euro area Mfg PMI (LHS) Euro area Sentix Survey (RHS) Jan 3 Nov Sep 6 Jul 8 Jun 1 Apr 1 Source: Markit, Sentix, Macquarie Research, August European and economics The road ahead Event This week we get the Euro area PMI data for August. Outlook Euro area GDP for Q1 came out directly in line with expectations last week, falling -.%QoQ. With GDP flat in 1Q1, technically speaking the Euro area economy is not in recession (two consecutive quarters of declining GDP). But with GDP.% lower than it was in 3Q11 (see first chart in grey column opposite) in reality it is. The data were, however, generally better-than-expected. Unemployment claims fell 6k, against expectations for 6k rise. The Olympics may have played some role in this month s strong outcome. But more generally the labour market continues to hold up incredibly well given the state of the economy. Questions about underlying productivity growth are going to persist for some time to come. retail sales also gave cause for optimism. In volume terms sales rose.3%mom in July against expectations for a -.1% decline. There were also chunky upward revisions to the prior data. The trend in retail spending is now very clearly up (see second chart opposite). In fact it s the strongest uptrend in the data since 6. The only disappointment was inflation, which bucked the recent trend, rising to.6%yoy from.%yoy against expectations for a small fall. But with external inflationary pressures fading, and the domestic economy in recession, this is likely to prove to be just a blip. This week we get the flash PMI data for August. The market is looking for small gains across the board. We are more concerned. Leading indicators such as the Sentix survey continue to point to the likelihood of further falls this month (see third chart opposite). But looking further ahead we think a turn in the critically important developed world production cycle may not be far off. There are tentative signs that global final demand is now improving rather than deteriorating housing and consumer spending is improving, infrastructure spending in China is picking up, retail sales are trending up, and globally auto sales have been strong recently. If this continues a turn up in the global production cycle will follow as sure as night follows day. August 1 Macquarie Capital (Europe) Limited Key releases this week Day Release Previous Macquarie Market Thurs Euro area Mfg PMI, Aug German Mfg PMI, Aug French Mfg PMI, Aug Euro are consumer confidence, Aug Fri GDP, Q1 -.7%QoQ -.%QoQ -.%QoQ Source: Bloomberg, Macquarie Research, August 1 Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website
2 European and economics Key release for the week ahead Importance/ Market Sensitivity Last/ Mkt Forecast Thurs Euro area Mfg PMI, Aug High./. German Mfg PMI, Aug High 3./3. French Mfg PMI, Aug High 3./. Risk Momentum is clearly down for this key indicator of the economic cycle. And the leading indicators are mixed. The Sentix survey suggests further falls are likely, while new orders minus inventories suggest the headline series has already fallen too far. We think the PMI fell further in August, so see downside risk to the market s expectation for a small rise. The German PMI has been surprisingly weak given the structural strength of the domestic economy and the exports sector s relatively strong competitive position. The French PMI has held up surprisingly well. But in our view the risk is that it declined further in August. Euro area consumer confidence, Aug Medium -1./ Euro area consumer sentiment has been deteriorating fairly sharply recently. It s unlikely this trend was broken in August. Fri GDP, Q ( nd release) High -.7%QoQ/-.%QoQ Source: Bloomberg, Macquarie Research, August 1 The Q GDP was much worse than expected and the market is looking for a small upward revision with the second release. This looks reasonable to us. We will also get details on the drivers of the weak GDP outcome in Q1. August 1
3 European and economics The week ahead in charts Fig 1 The Euro area PMI probably declined further in August Fig The German PMI may have already fallen too far Sentix Economic Indicator (LHS) Mfg PMI - Euro area (RHS) , Jan 3 Jul Jan 6 Aug 7 Feb 9 Aug 1 Mar 1 PMI - Germany (LHS) 6 PMI (New orders minus inventories) - Germany (RHS) Jan 98 Feb Mar Apr May 6 Jun 8 Jul 1 Aug 1 Source: Sentix, Markit, Datastream, Macquarie Research, August 1 Source: Markit, Datastream, Macquarie Research, August 1 Fig 3 Small downside risk here this month Fig Consumer sentiment is weakening quite sharply French Mfg PMI (LHS) 7 French Mfg PMI - New order minus inventories (RHS) Jan 99 Dec Nov Oct Sep 6 Aug 8 Jul 1 Jun Long-run average Consumer sentiment - Euro area Jan 8 Aug 89 Mar 9 Oct 98 May 3 Dec 7 Jul Source: Markit, Datastream, Macquarie Research, August 1 Source: European commission, Macquarie Research, August 1 Fig GDP was very weak in Q1 QoQ % Chg GDP QoQ - (LHS) GDP YoY - (RHS) YoY % Chg Mar Mar 3 Mar 6 Mar 9 Mar 1-8 Source: ONS, Macquarie Research, August 1 August 1 3
4 European and economics The month ahead August 13 MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY REI HOING PRICE INDEX, JUL (13 th - 16 th AUG) Jun:.3% Exp: ~ CURRENT ACCOUNT, JUN (6) May: -.1b Exp: -.1b CONSTRUCTION OUTPUT, JUN (9) May:.1% 1 A BINESS CONFIDENCE, JUL (13) Jun: -3 Exp: ~ PPI, JUL (13) Jun:.1% Exp:.% RETAIL SALES, JUL (13) Jun: -.% Exp:.3% BINESS INVENTORIES, JUN (1) May:.3% Exp:.% REAL RETAIL SALES, JUN QTR (, MON) Mar qtr: -.6% Exp:.3% GDP (prelim), JUN QTR (9) Mar qtr:.% Exp: -.% INDTRIAL PRODUCTION, JUN (9) May:.6% Exp: -.7% GDP (prelim), JUN QTR (6) Mar qtr:.% Exp:.% ZEW SURVEY, AUG (9) Jul: 1.1 Exp: 17. GDP (prelim), JUN QTR (3) Mar qtr:.% Exp: -.1% CPI, JUL (3) Jun:.1% Exp: -.% CPI, JUL (83) Jun: -.% Exp: -.1% RPI, JUL (83) Jun: -.% Exp: -.% 1 A RBA MEETING MINUTES, AUG (13) 1 MARKET HOLIDAY FERRAGOSTO A CONSUMER CONFIDENCE, AUG (3) Jul: 99.1 Exp: ~ WAGE COST INDEX, JUN QTR (13) Mar qtr:.9% Exp:.8% CPI, JUL (13) Jun:.% Exp:.% NET LONG TERM TIC FLOWS, JUN (13) May: $.b Exp: $9.b INDTRIAL PRODUCTION, JUL (131) Jun:.% Exp:.% CAPACITY UTILIZATION, JUL (131) Jun: 78.9% Exp: 79.% NAHB HOING MARKET INDEX, AUG (1) Jul: 3 Exp: 3 EXISTING HOME SALES, JUL (1 th -16 th AUG) Jun: -1.3% Exp: ~ BOE MEETING MINUTES, AUG (83) EMPLOYMENT CHANGE, JUN (83) May: 181k 3m/3m Exp: 16k 3m/3m UNEMPLOYMENT RATE, JUN (83) May: 8.1% Exp: 8.1% WEEKLY EARNINGS EX BON, JUN (83) May: 1.8% 3mth y/y Exp: 1.9% 3mth y/y FOMC MEETING MINUTES, AUG (18) EXISTING HOME SALES, JUL (1) Jun:.37m RETAIL SALES, JUN (13) May:.3% 16 A RBA ASSISTANT GOVERNOR DEBELLE WILL BE A PANEL DISCSANT AT THE DEEPER INSIGHTS SERIES FORUM 1, SYDNEY AVERAGE WEEKLY EARNINGS, MAY QTR (13) Feb qtr: 1.1% Exp: 1.1% HOING STARTS, JUL (13) Jun: 76k Exp: 78k BUILDING PERMITS, JUL (13) Jun: 76k Exp: 766k CPI, JUL (9) Jun: -.1% Exp: -.% RETAIL SALES, JUL (83) Jun:.1% Exp: -.1% 3 NEW HOME SALES, JUL (1) Jun: 3k HOE PRICE INDEX, JUN (1) May:.8% (8) Jul:. PMI SERVICES (prelim), AUG (8) Jul: 7.9 PMI COMPOSITE (prelim), AUG (8) Jul: 6. CONSUMER CONFIDENCE (prelim), AUG (1) Jul: -1. GDP (final), JUN QTR (6) Jun qtr (prelim): ~ (73) Jul: 3. PMI SERVICES (prelim), AUG (73) Jul:.3 (7) Jul: 3. PMI SERVICES (prelim), AUG (7) Jul:. HSBC PMI MANUFACTURING (flash), AUG (3) Jul: LEADING INDICATORS, JUL (1) Jun: -.3% Exp:.% CPI, JUL (13) Jun: -.% Exp:.% PPI - INPUTS, JUN QTR (, THU) Mar qtr:.3% Exp: ~ PPI - OUTPUTS, JUN QTR (, THU) Mar qtr: -.1% Exp: -.% CURRENT ACCOUNT, JUN (8) May: 1.9b Exp: ~ TRADE BALANCE, JUN (8) May: 6.3b Exp:.b PPI, JUL (6) Jun: -.% Exp:.3% A RBA GOVERNOR STEVENS APPEARS BEFORE THE HOE OF REPRESENTATIVES STANDING COMMITTEE ON ECONOMICS, CANBERRA, (3, THU) DURABLE GOODS ORDERS, JUL (3) Jun: 1.6% TRADE BALANCE, JUL (, THU) Jun: $331m GDP (prelim), JUN QTR (83) Mar qtr: -.7% MNI BINESS SENTIMENT (flash), AUG (3) Source: Bloomberg, Macquarie Research, August 1 August 1
5 European and economics The month ahead August/September 7 MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY IFO INDEX, AUG (8) Jul: CONSUMER CONFIDENCE, AUG (1) Jul: 6.9 NATIONWIDE HOE PRICES, AUG (8 th AUG 1 st SEP) Jul: -.7% 9 A CONSTRUCTION WORK DONE, JUN QTR (13) Mar qtr:.% GDP (prelim), JUN QTR (13) Jun qtr (adv): 1.% PERSONAL CONSUMPTION (prelim), JUN QTR (13) Jun qtr (adv): 1.% CORE PCE (prelim), JUN QTR (13) Jun qtr (adv): 1.8% BEIGE BOOK, AUG (18) PENDING HOME SALES, JUL (1) Jun: -1.% PPI, JUL (13) Jun: -.3% CPI (prelim), AUG (1) Jul:.% BINESS CONFIDENCE, AUG (18) Jul: 9 CONSUMER CONFIDENCE, AUG (9) Jul: A PRIVATE CAPITAL EXPENDITURE, JUN QTR (13) Mar qtr: 6.1% BUILDING APPROVALS, JUL (13) Jun: -.% NEW HOME SALES, JUL (1) Jun:.8% CORE PCE, JUL (13) Jun:.% PERSONAL INCOME, JUL (13) Jun:.% PERSONAL SPENDING, JUL (13) Jun:.% CURRENT ACCOUNT, JUN QTR (13) Mar qtr: -CA$1.3b NB BINESS CONFIDENCE, AUG (1) Jul: 1.1 BUILDING PERMITS, JUL (, WED) Jun:.7% CONSUMER CONFIDENCE (final), AUG (9) ECONOMIC CONFIDENCE, AUG (9) Jul: 87.9 INDTRIAL CONFIDENCE, AUG (9) Jul: -1. UNEMPLOYMENT CHANGE, AUG (7) Jul: 7k UNEMPLOYMENT RATE, AUG (7) Jun: 6.8% BINSS CONFIDENCE, AUG (9) Jul: 87.1 GFK CONSUMER CONFIDENCE, AUG (3) Jul: -9 NET CONSUMER CREDIT, JUL (83) Jun:.66b MORTGAGE APPROVALS, JUL (83) Jun:.k 31 A PRIVATE SECTOR CREDIT, JUL (13) Jun:.3% FACTORY ORDERS, JUL (1) Jun: -.%, GDP, JUN (13) May:.1% GDP, JUN QTR (13) Mar qtr: 1.9% UNEMPLOYMENT RATE, AUG (9) Jun: 11.% CPI (flash), AUG (9) Jul:.% UNEMPLOYMENT RATE (prelim), JUL (8) Jun: 1.8% CPI (prelim), AUG (9) Jul: -1.7% PPI, JUL (1) Jun: -.1% MNI BINESS SENTIMENT, AUG (13) PMI MANUFACTURING, AUG (1, SAT) Jul:.1 3 MARKET HOLIDAY LABOUR DAY A COMPANY OPERATING PROFITS, JUN QTR (13) Mar qtr: -.% RETAIL SALES, JUL (13) Jun: 1.% JOB ADVERTISEMENTS, AUG (13) Jul: -.8% COMMODITY PRICE INDEX, AUG (63) Jul: 9.8 TD INFLATION GAUGE, AUG (3) Jul:.% (8) (7) (7) PMI MANUFACTURING, AUG (7) Jul:.3 PMI MANUFACTURING, AUG (83) Jul:. PMI NON MANUFACTURING, AUG (1) Jul:.1 A RBA INTEREST RATE DECISION, SEP (3) Aug:.% CURRENT ACCOUNT BALANCE, JUN QTR (13) RP DATA HOE PRICE INDEX, AUG (3) Jul: ~ ISM MANUFACTURING, AUG (1) Jul: 9.8 CONSTRUCTION SPENDING, JUL (1) Jun:.% PPI, JUL (9) Jun: -.% PMI CONSTRUCTION, AUG (83) Jul:.9 A GDP, JUN QTR (13) Mar qtr: 1.3% NONFARM PRODUCTIVITY (final), JUN QTR (13) Jun qtr (prelim): 1.6% UNIT LABOUR COSTS (final), JUN QTR (13) Jun qtr (prelim): 1.7% BANK OF INTEREST RATE DECISION, SEP (13) Aug: 1.% PMI SERVICES (prelim), AUG (8) PMI COMPOSITE (prelim), AUG (8) RETAIL SALES, JUL (9) Jun:.1% PMI SERVICES (prelim), AUG (7) PMI SERVICES (prelim), AUG (7) PMI SERVICES, AUG (7) Jul: 3. PMI SERVICES, AUG (83) Jul: 1. 6 A EMPLOYMENT CHANGE, AUG (13) Jul: 1.k UNEMPLOYMENT RATE, AUG (13) Jul:.% PARTICIPATION RATE, AUG (13) Jul: 6. ISM NON SERVICES, AUG (1) Jul:.6 ECB INTEREST RATE DECISION, SEP (13) Aug:.7% GDP (prelim), JUN QTR (9) Mar qtr: ~ FACTORY ORDERS, JUL (1) Jun: -1.7% UNEMPLOYMENT RATE, JUN QTR (3) Mar qtr: 9.6% UNEMPLOYMENT CHANGE, JUN QTR (3) Mar qtr: 86k BANK OF ENGLAND INTEREST RATE DECISION, SEP (13) Aug:.% 7 A TRADE BALANCE, JUL (13) Jun: A$9m NONFARM PAYROLLS, AUG (13) Jul: 163K UNEMPLOYMENT RATE, AUG (13) Jul: 8.3% AVERAGE HOURLY EARNINGS, AUG (13) Jul:.1% EMPLOYMEMT CHANGE, AUG (13) Jul: -3.k UNEMPLOYMENT RATE, AUG (13) Jul: 7.3% BUILDING PERMITS, JUL (13) Jun: -.% CURRENT ACCOUNT, JUL (6) Jun: 16.b TRADE BALANCE, JUL (6) Jun: 17.9b INDTRIAL PRODUCTION, JUL (1) Jun: -.9% TRADE BALANCE, JUL (6) Jun: -.9b INDTRIAL PRODUCTION, JUL (83) Jun: -.% MANUFACTURING PRODUCTION, JUL (83) Jun: -.9% PPI INPUT, AUG (83) Jul: 1.3% PPI OUTPUT, AUG (83) Jul:.% CPI, AUG (13, SUN) Jul: 1.8% y/y PPI, AUG (13, SUN) Jul: -.9% y/y INDTRIAL PRODUCTION, AUG (3, SUN) Jul: 9.% y/y FIXED ASSET INVESTMENT, AUG (3, SUN) Jul:.% y/y RETAIL SALES, AUG (3, SUN) Jul: 13.1% y/y Source: Bloomberg, Macquarie Research, August 1 August 1
6 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 1 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 >% in excess of benchmark return Neutral return within % of benchmark return Underperform return >% below benchmark return Macquarie - A Outperform (Buy) return >% in excess of Russell 3 index return Neutral (Hold) return within % of Russell 3 index return Underperform (Sell) return >% 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 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 % in a year. Low medium stock should be expected to move up or down at least 3% in a year. Low stock should be expected to move up or down at least 1 % in a year. * Applicable to Australian//Canada stocks only Recommendations 1 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions European and economics 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/ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 3 June 1 AU/ Asia RSA A CA EUR Outperform.67% 61.% 3.3%.8% 69.3% 6.6% (for coverage by MCA, 9.% of stocks followed are investment banking clients) Neutral 3.%.11% 36.99%.1% 8.% 33.69% (for coverage by MCA, 8.1% of stocks followed are investment banking clients) Underperform 13.83% 16.89% 9.9%.1%.7% 19.71% (for coverage by MCA,.% of stocks covered are investment banking clients) Company Specific Disclosures: 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. 3186) ( 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. 3897) 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. 37) ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( ME ) an X Firm. Macquarie Private Wealth s services in New Zealand are provided by ME. Macquarie Bank Limited (ABN , AFSL No. 37) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 199 (Australia) to conduct banking business in Australia. None of MBL, MGL or ME 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 199 (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. 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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 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 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
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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
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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
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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 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 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 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 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 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 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 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 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 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 informationAustralian Banks. If it s too good to be true AUSTRALIA. Event. Impact. Outlook. Impact of repricing and capital from additional 10% investor RWA
CBA CBA CBA CBA AUSTRALIA Changes to lending rates (bps) bps Owner Occupier Investor P&I IO P&I IO 0 20 25 36 CBA 3 25 24 26 7 7 25 25 3 8 23 28 BEN 0 0 25 25 Source: Company data, Macquarie research,
More informationThe Carbon Tax. Macquarie Funds Group. Implications for the Economy AUSTRALIA. Event. Impact. Outlook. 11 July 2011
AUSTRALIA Consumers are very aware of something happening with tax %* Consumer confidence - News Recall Index %* (ann avg) 35 30 25 15 10 5 0 Mar-86 Mar-91 Mar-96 Mar-01 Mar-06 Mar-11 *% of respondants
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 informationCommodities Comment. Chinese steel sentiment extremely positive ahead of peak season GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,875 -.7 Copper 6,46 -.2 Lead 2,256-2. Nickel,799-2.7 Tin 19,756 -.5 Zinc 2,873 -.5 Cobalt 47,7. Molybdenum 14,898. Other prices % change
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 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 informationAustralia without mining
AUSTRALIA What would happen if iron ore spot prices remained at current levels? USD/tonne 19 17 15 13 11 9 7 Iron ore Spot Price 5 Aug-9 Oct-1 Dec-11 Feb-13 Source; ABS, Macquarie Research, September 1
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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 informationZenith Monthly Economic Report December 2011
Zenith Monthly Economic Report December 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
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 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 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 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 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$m 0.7 Number shares on issue m 343.2 Investment fundamentals
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AUSTRALIA KCN AU Price (at 6:11, 31 Jul 215 GMT) Underperform A$.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 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 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
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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 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 informationCommodities Comment. PGM cost curve another difficult year for S. African miners GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,921-0.4 Copper 5,737-0.7 Lead 2,285-2.5 Nickel 9,703-1.1 Tin 19,520-1.8 Zinc 2,742-2.5 Cobalt 53,750 0.0 Molybdenum 14,899 0.0 Other prices
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 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 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 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 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 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 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 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 informationJB Hi-Fi & Harvey Norman
AUSTRALIA HVN AU Price (at 06:10, 09 Sep 2015 GMT) Underperform A$3.96 Valuation - EV/EBIT A$ 4.16-4.56 12-month target A$ 4.36 12-month TSR % +12.0 Volatility Index Low Market cap A$m 4,523 30-day avg
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 informationCommodities Comment. Xiongan A new city with new metals demand GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,940-0.4 Copper 5,827-0.7 Lead 2,285-0.7 Nickel 10,019-2.1 Tin 20,368 1.1 Zinc 2,701-1.8 Cobalt 55,750-0.9 Molybdenum 14,900 0.0 Other prices
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 informationCommodities Comment. China copper survey: demand remains robust GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,661 2.3 Copper 4,722 2.2 Lead 2,39 1.5 Nickel 1,189 1.2 Tin 2,535 1.7 Zinc 2,356 2.4 Cobalt 28,648.5 Molybdenum 14,828. Other prices % change
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
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Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
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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 informationFund Managers. Aust. Fund managers review & rank AUSTRALIA. Event. Stock Views
AUSTRALIA 4 February 2016 Macquarie Securities (Australia) Limited Aust. Fund managers review & rank Event We review and rank the listed Australian under Macquarie Securities coverage, assessing fund performance,
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 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 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 informationCommodities Comment. China Copper Survey: Demand picking up, sentiment remains positive GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,914.2 Copper 5,748-1.8 Lead 2,27.2 Nickel,97 -.1 Tin 2,495. Zinc 2,89-1.2 Cobalt 52,75. Molybdenum 14,9. Other prices % change day on day
More informationNEW ZEALAND Price Valuation NZ$ 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 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 informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
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BBVA Research - Global Economic Watch December 2018 / 1 Eurozone Economic Watch December 2018 Eurozone GDP growth still slows gradually, but high uncertainty could take its toll GDP growth could grow by
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 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 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 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 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 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 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 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 informationStronger manufacturing activity according to PMI. Bullish NZD Long NZD/USD. Monday 28/1/19 4:45 PM NZ Imports NZD Dec 5.25b 5.80b
TIER 1 DATA: VERY MARKET MOVING, TRADEABLE Day Date Time (EST) Country Conf Event Period Survey Previous Bull/Bear? Potential ST Trade Rationale MONDAY Monday 8/1/19 4:45 PM NZ Exports NZD Dec 5.50b 4.94b
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 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 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 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 informationEditor: Felix Ewert. The Week Ahead Key Events Oct, 2017
Editor: Felix Ewert The Week Ahead Key Events 16 22 Oct, 2017 Tuesday 17, 11.00 ZEW Survey (Oct), Germany and EMU Germany SEB Cons. Previous Current Situation 89.5 88.5 87.9 Growth expectations 20.0 20.0
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 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 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
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