Australian Banks. Insolent Insolvencies
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- Marylou Harper
- 5 years ago
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1 AUSTRALIA Insolvencies Stubborn # of Insolvencies 17, 16, 15, 14, 13, 12, 11, 1, Source: ASIC, Macquarie Research, Dec 212 WA/VIC insolvencies deterioration Jan Source: ASIC, Macquarie Research, Dec 212 Insolvencies diverging from BDDs # of insolvencies yearly rolling (LHS) PcP growth (RHS) Linear (# of insolvencies yearly rolling (LHS)) Source: Bank Data, ASIC, Dec % 1% 8% 6% 4% 2% 11 December 212 Macquarie Securities (Australia) Limited % Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 NSW VIC QLD SA WA BDD Write-Offs Insolvencies (RHS) Insolent Insolvencies Event Overlaying recent insolvency trends with the diverging BDD/write-off picture indicates that unless there is a substantial improvement in the economic outlook, impairment charges are likely to head up in FY13. Impact Insolvencies still stubbornly high - ASIC s insolvency monthly statistics showed continued weakness in corporate Australia. Whilst the monthly growth in insolvency appointments has not yet reached GFC highs, the sticky elevation and upward trending number of insolvencies is concerning. Driving the national insolvencies uptick were increases from the slowing of the highspeed WA economy, and the further deterioration in VIC economy. This data plays directly into the observations of materially weaker pre-commitment levels of new residential developments in Victoria. Insolvencies, similar to write-offs, are marching to a different beat than impairment charges As raised in our report Cash is King, 23 November, we highlighted the ongoing divergence between write-offs and the banks impairment charge. When overlaying ongoing insolvency trends, an interesting picture begins to emerge. Similar to write-offs, insolvencies increased around 29 and have stayed high, with a possible argument that they have actually increased post 21. This analysis would seem to indicate that unless insolvencies and write-offs take a material step down over the course of the next year, that impairment charges are due for an increase in FY13. Some cracks emerging we expect more to appear in FY13 - Asset quality across the majors showed signs of deterioration with BDD expenses flat to up and corporate credit quality showing some cracks, in November 212 reporting season. A common theme in reporting season was the deterioration of the Business and Institutional divisions, with HoH BDD expenses up 57% A (Business and ex. APEA divisions), CBA +6% (business) and +264%, NAB +4% business and WBC remained flat after large increases in BDD expenses in. We d expect this to continue in to next year, as the impact of the mining slowdown becomes more apparent. Outlook Coming out of Bank reporting season, BDD expenses on average were higher in for the sector. Concerning is the emergence of a corporate BDD cycle, with corporate asset quality deteriorating in (increasing impaired asset, past dues and BDD expenses). It is most likely that the deterioration seen to date will see higher BDD charges in 2H13; there is however a chance this uptick will be seen in 1H13 from banks with poorer quality books such as NAB. Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our website
2 Assessing asset quality further deterioration in sight ASIC s insolvency monthly statistics showed continued weakness in corporate Australia in the latest data, October 212. Insolvencies ticked up MOM. Whilst the monthly growth in insolvency appointments has not yet reached GFC highs, the sticky elevation and upward trending number of insolvencies is concerning. Fig 1 Australian insolvencies, sticky elevated and upward trending insolvency numbers # of Insolvencies 17, 16, 15, 14, 13, 12, 11, 1, Jul-4 Nov-4 Mar-5 Jul-5 Nov-5 Source: ASIC, Macquarie Research, December 212 y = 51.62x Mar-6 Jul-6 Nov-6 Mar-7 Jul-7 Nov-7 Mar-8 Jul-8 Nov-8 Mar-9 Jul-9 Nov-9 Mar-1 Jul-1 Nov-1 Mar-11 # of insolvencies yearly rolling (LHS) PcP growth (RHS) Linear (# of insolvencies yearly rolling (LHS)) Jul-11 Nov-11 Mar-12 Jul-12 Driving the national insolvencies uptick were increases from the slowing of the high-speed WA economy, and the further deterioration in VIC economy. This data plays directly into the observations of materially weaker pre-commitment levels of new residential developments in Victoria. 7% 6% 5% 4% 3% 2% 1% % -1% -2% -3% Fig 2 State by State Insolvencies Levels remain high Fig 3 State by State Indexed Insolvencies Some signs of an uptick 7,8 1, ,8 5,8 4,8 3,8 2,8 1,8 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 NSW VIC QLD SA (RHS) WA (RHS) Source: ASIC, Macquarie Research, December 212 Source: ASIC, Macquarie Research, December 212 1, NSW and QLD also showed signs of deterioration, with October insolvencies ticking up. Whilst by no means peak monthly growth for 212, the states insolvency levels continue to tick up and remain stuck at elevated levels Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 NSW VIC QLD SA WA 11 December 212 2
3 More concerning Impairment bucking write-off/insolvencies trends As raised in our report Cash is King, we highlighted the ongoing divergence between write-offs and the banks impairment charge. When overlaying ongoing insolvency trends an interesting picture begins to emerge. Similar to write-offs, insolvencies increased around 29 and have stayed high, with a possible argument that they have actually increased. Fig 4 BDDs, write-offs and insolvencies trend heading the wrong way Impairment Charge Write-Offs Insolvencies (RHS) Source: Bank Data, ASIC, Macquarie Research, December 212 This trend is exacerbated further when removing NAB, where the impairment charge has been substantially higher than the other banks due to ongoing issues in the UK. Fig 5 BDDs, write-offs and insolvencies (ex NAB) trend exacerbated BDD Write-Offs Insolvencies (RHS) Source: ASIC, Company data, Macquarie Research, December 212 This overall analysis would seem to indicate that unless insolvencies and write-offs take a material step down over the course of the next year, that impairment charges are due for an increase. 11 December 212 3
4 Given asset quality deteriorated in reporting season, the read-through from the Insolvency data suggests further BDD hits are likely in FY13 Asset quality across the majors showed signs of deterioration with BDD expenses flat to up and corporate credit quality showing some cracks, in November 212 reporting season. A common theme in reporting season was the deterioration of the Business and Institutional divisions, with HoH BDD expenses up 57% A (Business and ex. APEA divisions), CBA +6% (business) and +264%, NAB +4% business and WBC remained flat after large increases in BDD expenses in. Given the continued deterioration of business credit quality in October 212 as reflected in ASIC data, we reiterate our sector macro call, where we remain comfortably cautious on asset quality in the sector and confirm our 2H13/1H14 BDD cycle. Fig 6 A BDD expense uptick driven by Business and divisions Fig 7 CBA reduction in retail BDD expense offset by increase in Business Banking APEA ex. APEA Business Banking Bank West Source: Company data, Macquarie Research, December 212 Source: Company data, Macquarie Research, December 212 Fig 8 NAB - reduction in retail BDD expense offset by increase in Business, UK and provision Top-Up 1,7 Fig 9 WBC flat BDD expenses driven by reduction in St. George BDD exp, and increases in other divisions 65 1,5 1,3 1, , ,35 1, ,157 1,157 1,159 1, ,291 1, Business UK & Business St.George Source: Company data, Macquarie Research, December 212 Source: Company data, Macquarie Research, December December 212 4
5 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 Australian//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/ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 3 Sept 212 AU/ Asia RSA USA CA EUR Outperform 5.% 56.85% 61.54% 41.38% 63.19% 44.15% (for US coverage by MCUSA, 7.35% of stocks covered are investment banking clients) Neutral 36.62% 25.14% 27.69% 52.13% 3.77% 3.57% (for US coverage by MCUSA, 9.31% of stocks covered are investment banking clients) Underperform 13.38% 18.2% 1.77% 6.49% 6.4% 25.28% (for US coverage by MCUSA,.% 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 ) ( 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 ( ME ) an X Firm. s services in New Zealand are provided by ME. 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 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 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 11 December 212 5
Australian Banks. Funding markets open for now
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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 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 informationEuropean and UK economics
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) 6 3 1-1 - - - -3 Jun Jun 3 Jun 6 Jun 9 Jun 1 Source: Eurostat,
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 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 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 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 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 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 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 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 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
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 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 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 informationCommodities Comment. PGM cost curve another difficult year for S. African miners GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/tonne day on day Aluminium 1,921-0.4 Copper 5,737-0.7 Lead 2,285-2.5 Nickel 9,703-1.1 Tin 19,520-1.8 Zinc 2,742-2.5 Cobalt 53,750 0.0 Molybdenum 14,899 0.0 Other prices
More informationCommodities Comment. Xiongan A new city with new metals demand GLOBAL. Feature article. Latest news
GLOBAL LME cash price % change US$/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 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 informationIron Mountain. US$10 worth Recalling at investor day US$31.83 UNITED STATES. Event. Impact. Earnings and target price revision.
UNITED STATES IRM US Price (at 20:03, 07 Oct 2015 GMT) Outperform US$31.83 Valuation - DCF (WACC 6.1%) US$ 40.00 12-month target US$ 40.00 12-month TSR % +31.6 GICS sector Real Estate Market cap US$m 6,711
More informationSingTel. Optus rises A$3.98 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA SGT AU Price (at 05:10, 12 Feb 2015 GMT) Outperform A$3.98 Valuation - Sum of Parts A$ 4.64-4.73 12-month target A$ 4.69 12-month TSR % +22.4 Volatility Index Low GICS sector Telecommunication
More 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 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 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 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 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 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 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 informationAPA Group. Earnings and target price revision. Price catalyst
AUSTRALIA APA AU Price (at 13:13, 22 Aug 2012 GMT) A$4.78 Volatility index Low GICS sector Utilities Market cap A$m 3,081 30-day avg turnover A$m 16.1 Number shares on issue m 644.5 Investment fundamentals
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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationWeekly Market Action Thursday 9 June 2011 to Thursday 16 June 2011
Weekly Market Action Thursday 9 June 2011 to Thursday 16 June 2011 The Australian market fell 1.6% in the week to Thursday based on the S&P/ASX 200 Accumulation Index. The small companies underperformed
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 informationQR National. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA QRN AU Price (at 05:10, 21 Nov 2012 GMT) Outperform A$3.48 Volatility index Low 12-month target A$ 4.10 12-month TSR % +21.0 Valuation A$ - DCF (WACC 8.2%, beta 1.0, ERP 5.0%, RFR 5.0%) 4.12
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 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 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 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 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 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 information