Fonterra Shareholders' Fund
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- Ellen Chase
- 5 years ago
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1 NEW ZEALAND FSF NZ Price (at 8:46, 16 Jul 215 GMT) Neutral NZ$4.7 Valuation NZ$ DCF (WACC 8.9%, beta.7, ERP 7.%, RFR 3.6%, TGR 2.%) 12-month target NZ$ month TSR % Volatility Index Low GICS sector Food, Beverage & Tobacco Market cap NZ$m 56 3-day avg turnover NZ$m 4.1 Number shares on issue m 17.6 Investment fundamentals Year end 31 Jul 214A 215E 216E 217E Revenue m 22,275 18,774 19,57 2,15 EBIT m 53 1,48 1,199 1,417 Reported profit m Adjusted profit m Gross cashflow m 717 1,57 1,251 1,458 CFPS CFPS growth % PGCFPS x PGCFPS rel x EPS adj EPS adj growth % PER adj x PER rel x Total DPS Total div yield % Franking 1 % ROA % ROE % EV/EBITDA x Net debt/equity % P/BV x NZ imputation credits are only able to be used by shareholders to offset NZ income tax liability. FSF NZ vs NZSE5, & rec history Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, July 215 (all figures in NZD unless noted) 16 July 215 Macquarie Securities (NZ) Limited First restructuring phase announced Event Fonterra (FSF) announced that it will rationalise around ~17% of its NZ/AUS head office staff as part of a wider restructuring programme. Overall headcount reductions will be higher than this we think (perhaps closer to a third of FTE) as further programmes are rolled out. Impact Fonterra indicated last month that in light of a global decline in dairy prices (to wit, average dairy prices hit 13-year lows yesterday), it would look to restructure its business to "produce as much cash as possible in order to help out farmers as much as it can". The review began in December last year and has been assisted by an external management consultancy. The announced redundancies (523 roles) will incur one-off restructuring costs of $12-15m and yield on-going savings of $55-6m p.a. We expect the bulk of restructuring costs associated with this phase to be taken into the FY15 result. Based on what the company has already released, we think there may be three key buckets of costs savings to flow from this programme overall: (1) head-office/shared service restructuring (partly announced today) (2) procurement savings and (3) working capital efficiencies. At this early stage, we guess that a high proportion of savings achieved in buckets (1) and (2) will be to shareholder/unitholders benefit (as opposed to the milk price). We think working capital benefits should in theory flow fully through to shareholders/unit holders under the current milk price manual. Also, the latest GlobalDairyTrade auction concluded yesterday, with the GDT price index down 1.7%. Weakness was seen across all products. We think the short term factors impacting the prices could be concerns around current elevated global supply, jitters in the Chinese stock market and falling oil prices. Recent strength in feed costs could slow supply growth, but demand will need to strengthen to see dairy prices rise materially. We think the long term structural growth story remains intact with increased EM urbanisation, change in diets and markets with increased milk deficits. We ponder whether the divergence between GDT and EU/US dairy prices presents an opportunity for Fonterra to achieve premiums to GDT (hence COGS) but also worry about potential inventory adjustments at FY15E. Earnings and target price revision No change, we will incorporate Velocity as further details are released. Price catalyst 12-month price target: NZ$6.15 based on a DCF methodology. Catalyst: Further updates on Velocity, bi-weekly GDT auctions, FY15 result Action and recommendation We think that the forecastability of Fonterra s earnings remains low due to volatility in stream return, limited visibility on pass-through and a large and generally increasing capex bill. More details on the net savings of the Velocity programme as well as promised increases in disclosure will be welcomed by the market but progress on improving the former continue to remain key triggers for us. Please refer to page 7 for important disclosures and analyst certification, or on our website
2 Velocity restructuring plan first phase announced Fonterra indicated last month that in light of a global decline in dairy prices (to wit, average dairy prices hit 13 year lows today), it would look to restructure its business to "produce as much cash as possible in order to help out farmers as much as it can". The review began in December last year and has been assisted by an external management consultancy. We guessed then that staff reductions could provide a meaningful reduction in operating costs - perhaps around $5-1m p.a. (both salary and on-costs). The announced redundancies (523 roles across the NZ and Australia head offices which have current FTE of approx 2, and 1, respectively) will incur one-off restructuring costs of $12-15m and yield on-going savings of $55-6m p.a. We expect the bulk of restructuring costs associated with this phase to be taken into the FY15 result. Over time, overall headcount reductions will be higher than this (perhaps closer to a third of A/NZ roles) as further programmes including administration, sales ingredients, consumer, marketing, research and development, communications, health and safety, food safety and quality, group resilience and risk, property, procurement and change management are rolled out. Based on what the company has already released, we think there may be three key buckets of costs savings to flow from this programme overall: 1) head-office/shared service restructuring (partly announced today) 2) procurement savings (across ~$4.5b pa of non-milk COGS) and 3) working capital efficiencies (~$5b average across the year). We hope that the company will also take the opportunity to consider the costs/benefits of its current NZ milk pool share against a lower level (perhaps below the DIRA North and South Island sunset levels). The market will carefully ponder the execution risk around these programmes. If we are right, perhaps 1 in 3 A/NZ head-office positions may be dis-established over the next year. It will also look for guidance on what percentage of the target savings in each of the first two buckets go to the milk price and what share will flow to shareholders/unit holders. At this early, stage, we guess that a high proportion will be to shareholder/unitholders benefit. We think working capital benefits should in theory flow fully through to shareholders/unit holders under the current milk price manual. We expect most of the details on the Velocity programme to be released by year end which will allow a full estimate of the potential benefits here. Other interesting snippets Raw milk prices in China remain weak which will impact Fonterra s revenues from their China farming operations, and may have some impact on the livestock valuation if the outlook remains weak. The Fonterra Board will be meeting on 7 August so we will find out whether the Farmgate Milk Price forecast of $5.25/kgMS for 215/16 will be revised down. Market range has moved down sharply to ~$ /kgMS. Beingmate, the Chinese infant formula company which Fonterra owns ~19% of (costing ~NZ$75m), now expect a loss in their first half result of RMB95-15m compared to a profit of RMB17.8m in the same period last year. We understand that Fonterra s Anmum product, being sold under licence by Beingmate, is now in ~4, outlets in China, roughly half of Beingmate s distribution network. The sales price is around RMB3/tin we think and the product has gained just under ~1% market share with a target of ~2-3% medium term. The Chinese infant formula market remains challenging, with volume being weak and pressure on prices. Mead Johnson recently updated guidance expecting a sales decline of 2-4% from 214, vs. a previous prediction of 2% growth. The company also saw a 7% drop in second quarter sales and pointed out slowing growth in China and emerging markets. 16 July 215 2
3 Jan-4 Jul-4 Jan-5 Jul-5 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-4 Jul-4 Jan-5 Jul-5 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-4 Jul-4 Jan-5 Jul-5 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-4 Jul-4 Jan-5 Jul-5 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 GDT auction prices fall to 13 year lows The key products were WMP (index -13.1%), SMP (index -1.1%), Ched (index -13.9%), Casein (index -8.%), AMF (index -1.6%) and Butter (index -9.5%). Total volume was 31,691MT, down 14% on the same auction last year and 5% on the previous auction reflecting the seasonal increase. We think the short-term factors impacting the prices could be concerns around current elevated global supply, jitters in the Chinese stock market and falling oil prices. Recent strength in feed costs could slow supply growth, but demand will need to strengthen to see dairy prices rise materially, we think. We think the long-term structural growth story remains intact with increased EM urbanisation, change in diets and markets with increased milk deficits. Importantly, Macq remains positive on long-term oil prices, and consequently feed costs. GDT prices now significantly lag EU and US across the board with WMP ~3% lower, SMP ~1% lower, Cheddar ~25-4% lower and Butter ~25-3% lower. There is generally convergence on the powder front but can be divergence for fat products, with thin volumes traded on GDT making price discovery harder. We ponder whether Fonterra can generate premiums from selling product into other markets higher than GDT (hence COGS). We note that European prices could continue to move close to intervention levels, while rising feed costs are impacting margins in the US, so may trigger some subsidy under the Margin Protection Program. Fig 1 Global WMP prices Fig 2 Global SMP prices 6, WMP US$/MT 6, SMP US$/MT 5, 5, 4, 4, 3, 3, 2, 2, 1, 1, US EU Oceania US EU Oceania Source: GDT, USDA, EC, Bloomberg, Macquarie Research, July 215 Source: GDT, USDA, EC, Bloomberg, Macquarie Research, July 215 Fig 3 Global Cheddar prices Fig 4 Global Butter prices 7, Cheese US$/MT 7, Butter US$/MT 6, 6, 5, 5, 4, 4, 3, 3, 2, 2, 1, 1, US EU Oceania US EU Oceania Source: GDT, USDA, EC, Bloomberg, Macquarie Research, July 215 Source: GDT, USDA, EC, Bloomberg, Macquarie Research, July July 215 3
4 For NZ farmers, the spot Farmgate Milk price is $3.17/kgMS vs. Fonterra at $5.25/kgMS and current advance rate of $3.66/kgMS. Fonterra's forecast implies average WMP price of ~US$3,5/MT over the season. Some of the WMP contract prices on offer were reported as n.p. meaning not published, which is the case when the volume clears at the initial offer price. This price is generally set at ~15% below the previous auction, which would imply ~US$1,6-1,75/MT. This also would have reduced the reported fall in WMP prices (index -13.1%), but the futures curve appears to have adjusted down towards these levels. Interestingly, a Chinese company and Russian company have announced a JV to build a 1, cow dairy farm in Northern China which could produce ~8m litres per annum at full scale. However, market commentators appear sceptical about the ability to achieve the scale and the risks around disease and production quality. Further, the May milk production data for the EU over ~6% of production (that has been released), is up ~2.9% vs. May last year, and compared to ~2.% in April. However, the largest producer, Germany, is yet to report May data and was down 1.4% in April. We think the higher feed costs will slowly feed through to EU profitability and hence output. While lower milk prices should be good for Fonterra in terms of cost pass through to the consumer business, we see risk around another powder inventory adjustment with prices down ~25% since 1H15 and this auction being the final for FY15. Furthermore, the low milk prices could provide additional stress on farmer balance sheets, which Fonterra may need to address in some form. Fig 5 Update on EU milk production some May data released % chg pcp Annual production* May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 EU , % 4.5% 4.5% 4.2% 4.5% 3.4% 2.3% 1.3%.% -.5% -1.2% 2.% - Belgium 3, % 22.% 18.9% 23.6% 14.9% 4.4% 2.1% -.1% -2.6% -2.8% -4.% -2.5% -.6% Bulgaria % 8.9% 8.7%.9%.7%.5%.4%.1%.% -9.6% -7.% -2.9% 6.1% Czech rep. 2, % 1.6% 1.2% 3.2% 1.5% 2.5% 3.7% 3.9% 3.9% 3.3% 3.6% 3.9% 5.1% Denmark 5,92 2.9% 2.4% 1.5% 1.4%.6% -.7% -1.3% -2.3% -1.9% 2.% -4.5% -.2%.7% Germany 31, % 4.6% 3.8% 3.9% 3.1% 2.3% 1.7% -.1% -1.1% -2.1% -2.1% -1.4% - Estonia % 9.% 8.4% 4.9% 4.4% 2.4%.4%.8% -4.5% -6.3% -7.8% -5.2% -8.6% Ireland 5, % 3.9% 5.5% 2.7% 4.3% 3.8% -13.9% -17.2% -13.4%.5% -3.9% 12.1% 1.% Greece % -1.4% -2.6% -2.7% 2.% -6.6% -1.9% -8.5% -7.9% -4.4% -3.6% -3.1% - Spain 5,892.% -3.7% -4.% -2.%.%.% -3.3% -.3%.% -1.1% -1.% 6.% - France 25, % 3.1% 3.7% 3.9% 4.8% 2.5% 2.3%.6% -1.5% -2.7% -3.2% -1.%.4% Croatia % 1.1% 8.% 6.7% 2.5%.5% -.5% -.5% -3.% -3.8% -4.4% -4.6% - Italy 1, % 1.% 5.9% 5.3% 5.3% 9.% 1.8% 9.7% 1.2% 9.9% 7.9% 9.7% - Cyprus % 14.4% 8.4% 1.2% -1.1% -3.3% -4.4% -3.3% -9.3% -9.2% -7.6% -3.1% - Latvia % 12.8% 1.4% 6.6% 6.9% 7.1% 3.7% 1.8%.% -1.% -4.5%.4% -.6% Lithuania 1, % 1.2% 7.6% 5.% 7.% 6.3% 5.% 3.8% 3.3% 2.% 2.4% 1.8% -.5% Luxembourg % 7.6% 7.1% 9.% 9.6% 6.3% 7.% 5.3% 2.5% 1.6%.1% 7.3% 1.1% Hungary 1, % 12.3% 14.7% 1.9% 6.9% 8.9% 6.9% 1.4% 1.% 9.2% 8.6% 8.5% 7.7% Malta % -.6% -1.4% -1.% - Netherlands 12, % 2.8%.2% -.6% 1.2%.4%.7% -.4% -2.1% -2.6% -2.1% 1.7% 6.6% Austria 3,15 4.5% 8.4% 6.% 6.4% 2.5% 2.2% 1.7% -.3% -2.6% -1.6% -3.4% 1.9% - Poland 1, % 8.6% 7.1% 7.% 7.5% 5.9% 4.5% 2.2%.9% -.6% -.9% 4.2% 3.% Portugal 1, % 3.% 5.3% 6.5% 6.5% 6.6% 5.% 5.7% 5.1% 5.9% 5.4% 6.1% 4.2% Romania % 17.7% 11.7% 17.4% 18.2% 6.9% 7.7% 2.6% -8.5% -9.6% -3.2% -8.9% -8.5% Slovenia % 4.6% 4.4% 6.9% 2.9% 2.3% 2.8% 2.5% 1.% 2.1% 1.4% 1.8% 4.9% Slovakia % 5.2% 2.1% 4.6% 2.3% 3.4% 4.3% 2.9% 3.4% 2.% 1.6% 4.% 6.7% Finland 2, % 3.9% 2.9% 2.8% 2.8% 2.8% 2.3% 2.1% 1.7% 1.6% 1.7% 2.2% 1.1% Sweden 2,93 2.7% 2.5% 1.7% 1.4% 1.6% 1.8% 1.1%.7% -.3% -.4% -.1% -.5% - UK 14, % 5.4% 7.1% 5.6% 8.% 6.3% 5.% 3.6% 1.2%.2%.4% 1.5% 2.2% Note: some data for May 215 is not yet available. *Annual production is million litres and for 12 months to March 215. Source: EUROSTAT, Macquarie Research, July July 215 4
5 Mead Johnson Unilever Kraft Kerry Nestle Danone Dairy Crest Dean Foods China Mengniu FrieslandCampina Arla Foods Bongrain Fonterra May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Nestle Danone Unilever Kraft China Foods China Mengniu Kerry Fonterra Dairy Crest Bongrain Dean Foods Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr x 16.7x 15.6x 15.4x 14.9x 23.1x 22.8x 18.8x 15.9x 12.4x 1.x 22.4x 19.5x 14.6x 12.9x 9.6x (FSF:$4.7) Interim Profit & Loss 2H/14A 1H/15A 2H/15E 1H/16E Annual Profit & Loss 213A 214A 215E 216E 31 July Year End 31 July Year End Operating revenue $m 1,983 9,745 9,29 1,113 Operating revenue $m 18,953 22,275 18,774 19,57 Gross profit $m 1,72 1,559 1,432 1,84 Gross profit $m 3,12 2,461 2,991 3,37 EBITDA - pre unusual $m EBITDA - pre unusual $m 1,532 1,41 1,478 1,765 Depreciation $m Depreciation $m Amortisation $m Amortisation $m EBIT - pre unusual $m EBIT - pre unusual $m 1, ,199 EBIT $m EBIT $m ,48 1,199 Net interest expense $m Net interest expense $m Pre-taxation profit $m (132) Pre-taxation profit $m Taxation expense $m (94) (3) 55 6 Taxation expense $m (68) (42) Profit after taxation $m (38) Profit after taxation $m Minorities $m Minorities $m Reported profit after taxation $m (49) Reported profit after taxation $m Tax-affected non-recurring items $m (9) Tax-affected non-recurring items $m (47) 9 86 Pre abnormal profit after tax $m (4) Pre abnormal profit after tax $m ^ EBIT and EBITDA includes equity accounted profit share Divisional EBIT 2H/14A 1H/15A 2H/15E 1H/16E Divisional EBIT 213A 214A 215E 216E NZ Milk Products (Ingredients) NZ Milk Products (Ingredients) Consumer - A/NZ (15) (7) (12) 18 Consumer - A/NZ (19) 63 Consumer - Asia & AME Consumer - A/A&ME Consumer - Latam Consumer - Latam Eliminations/other (17) (7) Eliminations/other Total Total 1,2 53 1,48 1,199 NZMP ROCE - ungeared post tax 5.3% 2.8% 6.2% 6.4% Discounted Cashflow Valuation A/NZ ROCE - ungeared post tax 3.6% 1.3%.7% 1.5% PV FCFs available to owners $m 13,236 Asia & AME ROCE - ungeared post tax 19.5% 5.6% 2.9% 17.2% Less net debt $m 4,579 Latam ROCE - ungeared post tax 14.1% 14.5% 16.5% 16.6% Other adjustments $m (28) Company - ungeared post tax 6.4% 3.2% 5.7% 6.8% Equity Value (ex Minority equity) $m 9,194 Shares outstanding # 1,598 Ratios 213A 214A 215E 216E Equity value per share $ p.s EPS (adj) c Last price $ p.s. 4.7 DPS c Effective tax rate % -1.2% -28.% 9.3% 15.4% DCF Assumptions Payout ratio % 7% 12% 75% 73% Terminal year 229 EV/EBIT % Perpetuity growth rate 2.% EV/EBITDA x Risk free rate 3.6% ROE % 11.3% 2.4% 6.% 9.8% Asset beta.65 Net debt (closing) $m 4,348 4,579 6,59 6,931 Post-tax market risk premium 7.% Economic net debt $m 4,384 4,922 6,878 7,86 Target D/V 5.% Net Debt/(ND+Equity) % 39.2% 41.2% 49.7% 5.4% WACC 8.9% Price/NTA x EFPOWA m 1,589 1,598 1,598 1,598 Cashflow Analysis 213A 214A 215E 216E Balance Sheet 213A 214A 215E 216E EBITDA $m 1,477 1,41 1,74 1,765 Cash $m Net interest expense $m Receivables $m 2,54 1,95 1,928 2,6 Tax (paid)/credit $m (68) (25) Inventories $m 3,71 2,85 2,89 2,981 Other (share of equity accounted profit) $m (121) (333) 29 (29) Investments $m Gross cashflow $m 1, ,22 1,222 Property, Plant & Equipment $m 4,87 5,91 6,342 7,4 Changes in working capital $m 116 (688) 5 89 Intangibles $m 2,791 3,32 3,195 3,88 Operating cashflow $m 1,39 1,55 1,152 1,133 Other Assets $m 241 1,653 2,76 2,753 Capital expenditure (net) $m ,362 1,156 Total Assets $m 14,373 15,529 17,679 18,432 Proceeds from asset sales $m 12 5 Overdraft $m Other $m 7 (23) (918) Current Payables $m 1,491 1,638 1,359 1,4 Investing cashflow $m (868) (19) (2275) (1156) Short Term Debt $m 1,569 1,534 2,118 2,25 Net equity raised $m 653 Long Term Debt $m 3,18 3,364 4,645 4,934 Dividends paid $m Other Liabilities $m 1,456 2,438 2,968 3,1 Other $m (917) 315 2,6 Total Liabilities $m 7,625 8,995 11,12 11,598 Financing cashflow $m (828) (21) 1,766 (399) Net assets $m 6,748 6,534 6,576 6,834 Net change in cash $m (657) (422) Shareholders' equity $m 6,78 6,492 6,43 6,661 FX adjustment $m (5) (18) Minority Interests $m Change in cash (B/S inc o/draft) $m (662) (422) Total Shareholders' Equity $m 6,748 6,534 6,576 6,834 Key Comparable Companies 12 month forward EV/EBIT for Global Comps 3.x 25.x 2.x 15.x 1.x 5.x.x FMCG 15.9x Consumer brands and processing 18.6x Processing focussed 15.8x 17.x 16.x 15.x 14.x 13.x 12.x 11.x 1.x 9.x 8.x 7.x 12m forward EV/EBIT Time Series - Weekly FMCG Consumer brands and processing Processing oriented All comps EV/EBIT (FY15) Average Return on Capital Employed Comparison Relative Stream Revenues 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 43.3% 28.% Pre-tax Return on Capital Employed (FY) 2.6% 18.2% 15.6% 14.6% 14.2% 14.% 11.7% 1.2% 9.9% 9.8% 9.2% 9.% 7.5% 6.% 5.7% USD revenue per MT of milk Optimisation opportunity through the peak Downgrade from relative cheese returns Most baskets around par Further weakness in powder prices WMP + AMF SMP + AMF SMP + Butter Cheese + biproduts Source: Bloomberg, FactSet, GlobalDairyTrade, Macquarie Research, July 215 Multiples calendarised to 31 July year end * Robert Wiseman was acquired in 212 and has been excluded from averages. FY13 numbers shown Note: Return on capital employed is EBIT/Capital Employed where capital employed is calculated by taking the total assets and subtracting current liabilities for the last reported financial year 16 July 215 5
6 Macquarie Quant View The quant model currently holds a marginally negative view on Fonterra Shareholders' Fund. The strongest style exposure is Quality, indicating this stock is likely to have a superior and more stable underlying earnings stream. The weakest style exposure is Price Momentum, indicating this stock has had weak medium to long term returns which often persist into the future. 315/473 Global rank in Food Beverage & Tobacco % of BUY recommendations 25% (1/4) Number of Price Target downgrades 1 Number of Price Target upgrades Fundamentals Attractive Quant Local market rank Global sector rank Displays where the company s ranked based on the fundamental consensus Price Target and Macquarie s Quantitative Alpha model. Two rankings: Local market (Australia & NZ) and Global sector (Food Beverage & Tobacco) Macquarie Alpha Model ranking A list of comparable companies and their Macquarie Alpha model score (higher is better). Factors driving the Alpha Model For the comparable firms this chart shows the key underlying styles and their contribution to the current overall Alpha score..6.3 Bega Cheese.2 Bega Cheese Kerry Group -.2 Kerry Group Fonterra Shareholders' Fu -.2 Fonterra Shareholders' Fu % -8% -6% -4% -2% % 2% 4% 6% 8% 1% Valuations Growth Profitability Earnings Momentum Price Momentum Quality Macquarie Earnings Sentiment Indicator The Macquarie Sentiment Indicator is an enhanced earnings revisions signal that favours analysts who have more timely and higher conviction revisions. Current score shown below. Drivers of Stock Return Breakdown of 1 year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple. Bega Cheese Kerry Group Fonterra Shareholders' Fu Bega Cheese Kerry Group Fonterra Shareholders' Fu % -5% -3% -1% 1% 3% 5% 7% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return What drove this Company in the last 5 years Which factor score has had the greatest correlation with the company s returns over the last 5 years. Price to Sales FY Sales to EV FY ROIC FY Net Income Margin FY Incremental Capex Return on Equity FY Capex to Sales FY Merton Score Negatives Positives -12% -8% -1% -11% -6% -4% -2% % 2% 4% 6% 2% 2% 49% 46% How it looks on the Alpha model A more granular view of the underlying style scores that drive the alpha (higher is better) and the percentile rank relative to the sector and market. Alpha Model Score Valuation Growth Profitability Earnings Momentum Price Momentum Quality Capital & Funding Liquidity Risk Technicals & Trading Normalized Score Percentile relative to sector(/473) Percentile relative to market(/412) Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group (cpg@macquarie.com) 16 July 215 6
7 Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie First South - South Africa Outperform expected return >+1% Neutral expected return from -1% to +1% Underperform expected return <-1% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3 index return Neutral (Hold) return within 5% of Russell 3 index return Underperform (Sell) return >5% below Russell 3 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down 6 1% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 4 6% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 3 4% in a year. Low medium stock should be expected to move up or down at least 25 3% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 3 June 215 AU/NZ Asia RSA USA CA EUR Outperform 46.23% 58.36% 47.27% 44.2% 6.65% 43.1% (for US coverage by MCUSA, 9.68% of stocks followed are investment banking clients) Neutral 37.67% 25.65% 29.9% 49.29% 34.19% 4.93% (for US coverage by MCUSA, 5.53% of stocks followed are investment banking clients) Underperform 16.1% 15.99% 23.64% 6.52% 5.16% 16.6% (for US coverage by MCUSA, 1.38% of stocks followed are investment banking clients) FSF NZ vs NZSE5, & rec history (all figures in NZD currency unless noted) Note: Recommendation timeline if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, July month target price methodology FSF NZ: NZ$6.15 based on a DCF methodology Company-specific disclosures: Important disclosure information regarding the subject companies covered in this report is available at Date Stock Code (BBG code) Recommendation Target Price 26-Mar-215 FSF NZ Neutral NZ$ Mar-215 FSF NZ Neutral NZ$ Sep-214 FSF NZ Neutral NZ$6.7 3-Sep-214 FSF NZ Neutral NZ$ Mar-214 FSF NZ Neutral NZ$ Dec-213 FSF NZ Neutral NZ$ Sep-213 FSF NZ Outperform NZ$ Jul-213 FSF NZ Outperform NZ$ Jun-213 FSF NZ Outperform NZ$ Apr-213 FSF NZ Neutral NZ$ Mar-213 FSF NZ Neutral NZ$7.2 7-Feb-213 FSF NZ Neutral NZ$7.14 Target price risk disclosures: FSF NZ: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. Unitholders will not have voting rights. 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. 16 July 215 7
8 General disclosure: This research has been issued by Macquarie Securities (Australia) Limited (ABN , AFSL No ) a Participant of the Australian Securities Exchange (ASX) and Chi-X Australia Pty Limited. This research is distributed in Australia by Macquarie Equities Limited (ABN , AFSL No ) ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN , AFSL No ) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act Any MGL subsidiary noted in this research, apart from MBL, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research is general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose this research in any way. If you received it in error, please tell us immediately by return and delete the document. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. This research is based on information obtained from sources believed to be reliable, but the Macquarie Group does not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. The Macquarie Group accepts no liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. The Macquarie Group produces a variety of research products, recommendations contained in one type of research product may differ from recommendations contained in other types of research. The Macquarie Group has established and implemented a conflicts policy at group level, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. The Macquarie Group, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. The Macquarie Group may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. The Macquarie Group s employees or officers may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research. Important disclosure information regarding the subject companies covered in this report is available at 16 July 215 8
Platinum Asset Management
AUSTRALIA PTM AU Price (at 06:10, 11 Jul 2016 GMT) Neutral A$5.52 Valuation A$ - DCF (WACC 9.3%, beta 1.2, ERP 5.0%, RFR 3.3%) 5.19 12-month target A$ 5.36 12-month TSR % +2.6 Volatility Index Low/Medium
More informationIOOF. Positive flows in 1Q17. FUM and Net Flows for September Qtr Source: Company data, Macquarie Research, Oct 2016.
AUSTRALIA IFL AU Price (at 06:35, 26 Oct 2016 GMT) Outperform A$8.34 Valuation A$ - DCF (WACC 8.8%, beta 1.1, ERP 5.0%, RFR 3.3%) 8.74 12-month target A$ 9.00 12-month TSR % +14.3 Volatility Index Low/Medium
More informationQBE Insurance. QBE ANZ performance: LMI vs. Excl. LMI (A$m) Source: Company data, Macquarie Research, April 16. Earnings and target price revision
AUSTRALIA QBE AU Price (at 10:44, 27 Apr 2016 GMT) Neutral A$11.19 Valuation A$ - DCF (WACC 9.3%, beta 1.1, ERP 5.0%, RFR 3.8%) 11.34 12-month target A$ 12.00 12-month TSR % +12.7 Volatility Index Low/Medium
More informationSG Fleet Group. Another UK acquisition. Earnings and target price revision
AUSTRALIA SGF AU Price (at 08:26, 30 Nov 2016 GMT) Outperform A$3.23 Valuation - PER A$ 3.96-4.22 12-month target A$ 4.37 12-month TSR % +41.0 Volatility Index High GICS sector Commercial & Professional
More informationSG Fleet Group % growth in FY17. Earnings and target price revision. Price catalyst. Catalyst: Results and contract wins.
AUSTRALIA SGF AU Price (at 07:57, 27 Oct 2016 GMT) Outperform A$3.85 Valuation - PER A$ 3.92-4.18 12-month target A$ 4.37 12-month TSR % +18.1 Volatility Index Medium GICS sector Commercial & Professional
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 informationNIB Holdings. Lowest in 4 years still enough A$3.72 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA NHF AU Price (at 09:52, 02 Mar 2016 GMT) Outperform A$3.72 Valuation A$ 3.85 - DCF (WACC 8.5%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 2.5%) 12-month target A$ 4.00 12-month TSR % +11.7 Volatility
More 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 informationEclipx Group. Highlights its funding flexibility A$3.77 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA ECX AU Price (at 02:49, 15 Dec 2016 GMT) Outperform A$3.77 Valuation - PER A$ 3.53-3.78 12-month target A$ 4.22 12-month TSR % +16.3 Volatility Index Low/Medium GICS sector Diversified Financials
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 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 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 informationFonterra Shareholders' Fund
NEW ZEALAND FSF NZ Price (at 04:00, 10 Dec 2013 GMT) Neutral NZ$6.10 Valuation NZ$ 6.19 - DCF (WACC 8.8%, beta 0.6, ERP 7.0%, RFR 4.8%, TGR 2.0%) 12-month target NZ$ 5.86 12-month TSR % -2.0 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 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 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 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 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 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 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 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 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 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 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 informationBoart Longyear. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA BLY AU Price (at 08:01, 12 Sep 2013 GMT) Neutral A$0.50 Valuation A$ 0.71 - DCF (WACC 10.1%, beta 1.5, ERP 0.1%, RFR 0.1%, TGR 0.0%) 12-month target A$ 0.56 12-month TSR % +12.0 Volatility Index
More 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 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 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 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 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 informationBendigo and Adelaide Bank
AUSTRALIA AU Price (at 06:17, 30 Mar 2017 GMT) Underperform A$12.03 Valuation A$ 11.48- - Sum of Parts/GG 11.71 12-month target A$ 11.50 12-month TSR % +1.2 Volatility Index Low/Medium GICS sector Banks
More 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 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 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
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 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 informationFonterra Shareholders' Fund Strategically delivering Event
NEW ZEALAND FSF NZ Price (at 08:18, 22 Mar 2017 GMT) Outperform NZ$6.18 Valuation NZ$ 7.00 - DCF (WACC 9.0%, beta 0.7, ERP 7.0%, RFR 3.5%, TGR 2.0%) 12-month target NZ$ 7.50 12-month TSR % +28.0 Volatility
More informationKiwi Property Group. Land banking for the future NZ$1.43 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND KPG NZ Price (at 08:19, 07 Apr 2017 GMT) Outperform NZ$1.43 Valuation NZ$ 1.53 - DCF (WACC 6.9%, beta 0.6, ERP 7.0%, RFR 3.5%, TGR 2.0%) 12-month target NZ$ 1.53 12-month TSR % +11.8 Volatility
More 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 informationKaroon Gas. What a difference a day makes A$1.63 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA KAR AU Price (at 05:10, 16 Mar 2017 GMT) Outperform A$1.63 Valuation A$ - DCF (WACC 11.1%, beta 1.7, ERP 5.0%, RFR 3.3%) 2.79 12-month target A$ 2.40 12-month TSR % +47.7 Volatility Index High
More informationChallenger. Normalised margin trends expected to decline. Earnings and target price revision. Price catalyst. Action and recommendation
1H13E 2H13E 1H14E 2H14E 1H15E 2H15E AUSTRALIA CGF AU Price (at CLOSE#, 20 Aug 2012) Outperform A$3.76 Volatility index Low 12-month target A$ 4.57 12-month TSR % +26.4 Valuation - Sum of Parts A$ 4.57
More 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 informationGeneration Healthcare REIT
AUSTRALIA GHC AU Price (at 06:13, 24 Aug 2015 GMT) Neutral A$1.65 Valuation - Sum of Parts A$ 1.51-1.59 12-month target A$ 1.59 12-month TSR % +1.8 Volatility Index Low GICS sector Real Estate Market cap
More 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 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 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$m
More informationPilbara Minerals (PLS AU) Ramp-up gaining traction
17 January 219 Australia EQUITIES PLS AU Price (at 5:1, 16 Jan 219 GMT) Outperform A$.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 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 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 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 informationHealthcare. Currency adjustments AUSTRALIA. Event. Impact. Outlook COH 8.0% RMD 6.9% CSL 6.0% ANN 5.0% SHL 2.6%
AUSTRALIA Recommendations: CSL Outperform P/T: $110.00 RMD Underperform P/T: $7.50 COH Outperform P/T: $100.00 SHL Outperform P/T: $24.00 ANN Outperform P/T: $26.00 RHC Outperform P/T: $75.00 A$ earnings
More 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 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 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 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 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 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 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 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 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 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 informationRyman Healthcare. Arrested development NZ$9.60 NEW ZEALAND. Event. Impact. Earnings and target price revision. Price catalyst
NEW ZEALAND RYM NZ Price (at 6:, 19 May 216 GMT) Outperform NZ$9.6 Valuation NZ$ 1.5 - DCF (WACC 9.%, beta.8, ERP 7.%, RFR 4.5%, TGR 2.%) 12-month target NZ$ 11. 12-month TSR % +16.5 Volatility Index Low
More informationFisher & Paykel Healthcare
NEW ZEALAND FPH NZ Price (at 05:00, 28 May 2015 GMT) Outperform NZ$6.30 Valuation NZ$ 7.29 - DCF (WACC 8.8%, beta 0.9, ERP 7.0%, RFR 4.5%, TGR 2.0%) 12-month target NZ$ 7.25 12-month TSR % +17.6 Volatility
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 08:23, 03 Jul 2012 GMT) Outperform A$23.68 Volatility index Low 12-month target A$ 27.66 12-month TSR % +24.9 Valuation A$ - DCF (WACC 12.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 25.14
More informationAMP. Earnings and target price revision. No change. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at CLOSE#, 19 Mar 213) Underperform A$5.7 Volatility index Low 12-month target A$ 4.99 12-month TSR % +3.6 Valuation - Sum of Parts A$ 4.68 GICS sector Insurance Market cap A$m 14,855
More informationEarnings and target price revision. Price catalyst. Catalyst: 1H14 result in February Action and recommendation
AUSTRALIA CBA AU Price (at 06:10, 10 Sep 2013 GMT) Neutral A$73.63 Valuation A$ - DCF (WACC 10.3%, beta 1.0, ERP 5.0%, RFR 5.5%) 50.40 12-month target A$ 66.15 12-month TSR % -5.0 Volatility Index Low
More informationAustralian Banks. Funding markets open for now
AUSTRALIA Weekly performance 4% 2% % -2% -4% -6% -8% -1% Source: IRESS, August 212 Rolling monthly performance 8% 6% 4% 2% % -2% -4% -6% Source: IRESS, August 212 Rolling yearly performance % 15% 5% -5%
More informationAustralian Banks. Money Talks vertically challenged AUSTRALIA. Inside. Majors average short positions and banks index
Jun- Dec- Jun- Dec- Jun- Dec- Jun-1 Dec-1 Jun-11 Dec-11 Jun-1 Dec-1 Jun-1 Dec-1 Jun-1 Dec-1 Jun- Dec- AUSTRALIA Repricing generally follows an election s Nov Aug 1 Sep 1 1-1 Source: RBA, Macquarie Research,
More 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 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 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 $40 Vodafone data inclusions on key
More informationAUSTRALIA Price Valuation A$ 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 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 informationAsaleo Care. NZ$ pulped. We review the outlook for Asaleo. Earnings and target price revision. Price catalyst. Catalyst: CY15 results.
AUSTRALIA AHY AU Price (at 06:10, 16 Jul 2015 GMT) Outperform A$1.80 Valuation - EV/EBITA A$ 1.90-2.00 12-month target A$ 2.00 12-month TSR % +16.8 Volatility Index Low GICS sector Household & Personal
More 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 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 informationFletcher Building. CRL pre quals; what are the risks? NZ$8.31 NEW ZEALAND. Event. Impact. Earnings and target price revision.
NEW ZEALAND FBU NZ Price (at 13:50, 04 Apr 2017 GMT) Underperform NZ$8.31 Valuation NZ$ 7.74 - DCF (WACC 8.8%, beta 0.8, ERP 7.0%, RFR 3.5%, TGR 2.1%) 12-month target NZ$ 7.87 12-month TSR % -0.4 Volatility
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 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 informationKaroon Gas. Losing the deal A$1.83 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA KAR AU Price (at 05:10, 29 Mar 2017 GMT) Outperform A$1.83 Valuation A$ - DCF (WACC 11.1%, beta 1.7, ERP 5.0%, RFR 3.3%) 2.79 12-month target A$ 2.40 12-month TSR % +31.5 Volatility Index High
More informationSaracen Mineral Holdings
AUSTRALIA SAR AU Price (at 5:, Jan 17 GMT) Neutral A$1.11 Valuation A$ - DCF (WACC 5.%, beta.4, ERP 5.%, RFR 3.3%) 1.19 12-month target A$ 1. 12-month TSR % +.5 Volatility Index High GICS sector Materials
More informationCSL. New competitor on the block A$89.68 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA AU Price (at 10:28, 20 May 2015 GMT) Outperform A$89.68 Valuation A$ 95.47 - DCF (WACC 8.1%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 2.5%) 12-month target A$ 102.00 12-month TSR % +15.7 Volatility
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 informationEvolution Mining. Cowal pushes EVN beyond 800kozpa A$1.10 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA EVN AU Price (at 3:18, 26 May 215 GMT) Neutral A$1.1 Valuation A$ - DCF (WACC 9.%, beta 1.7, ERP 5.%, RFR 3.8%) 1.11 12-month target A$ 1.1 12-month TSR % +1.8 Volatility Index High GICS sector
More 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 informationAustralian Banks. Pre-Reporting Form Guide AUSTRALIA. Event. Impact. Outlook
AUSTRALIA MRE vs Consensus MQG FY15 Consensus FY15 Date Profit EPS DPS Profit EPS DPS BEN 10-Aug 439 92 67 434 92 67 CBA 12-Aug 9,289 557 420 9,116 554 419 Source: Factset, Macquarie Research, August 2015
More informationIluka Resources. A soft start to FY15 A$7.73 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA ILU AU Price (at 06:10, 15 Apr 2015 GMT) Underperform A$7.73 Valuation A$ - DCF (WACC 9.0%, beta 1.5, ERP 5.0%, RFR 3.8%) 6.35 12-month target A$ 6.50 12-month TSR % -12.6 Volatility Index Medium
More 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 informationCrown Resorts. A favourable risk/reward setting A$12.94 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA CWN AU Price (at 06:10, 06 Jul 2015 GMT) Outperform A$12.94 Valuation A$ 18.52 - DCF (WACC 8.6%, beta 1.2, ERP 5., RFR 3.8%, TGR 2.) 12-month target A$ 16.20 12-month TSR % +28.1 Volatility Index
More informationNewcrest Mining. Strong production result A$21.37 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA NCM AU Price (at 5:37, 27 Oct 216 GMT) Neutral A$21.37 Valuation A$ - DCF (WACC 5.%, beta.8, ERP 5.%, RFR 3.3%) 15.8 12-month target A$ 24. 12-month TSR % +13.9 Volatility Index Medium GICS sector
More 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 informationMonash IVF Group. Share losses compound pain A$1.40 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA MVF AU Price (at 05:10, 25 Feb 2015 GMT) Outperform A$1.40 Valuation A$ 1.80 - DCF (WACC 1.8%, beta 1.1, ERP, RFR 4.5%, TGR 2.0%) 12-month target A$ 1.80 12-month TSR % +33.8 Volatility Index
More informationFilling in the gaps. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA PGH AU Price (at 06:11, 16 Jun 2015 GMT) Neutral A$4.45 Valuation - Peers' Multiples A$ 4.70 12-month target A$ 4.70 12-month TSR % +10.3 Volatility Index Low GICS sector Materials Market cap
More informationBHP Billiton. Mad Dog 2 gets FID AUSTRALIA/ UNITED KINGDOM/ SOUTH AFRICA. Event. Impact. Earnings and target price revision.
AUSTRALIA/ UNITED KINGDOM/ SOUTH AFRICA BHP AU/BLT LN/BIL SJ Outperform Price (at 12:49, 02 Dec 2016 GMT) A$25.02/ 13.39/R234.60 Valuation A$ 20.74/ 12.25/R217.81 - DCF (WACC 7.4%, beta 1.2, ERP 5.0%,
More informationSandfire Resources. Strong result but guidance light A$6.10 AUSTRALIA. Event. Impact. Earnings and target price revision.
AUSTRALIA SFR AU Price (at 06:37, 29 Jul 20 GMT) Outperform A$6.10 Valuation A$ - DCF (WACC 10.0%, beta 1.7, ERP 5.0%, RFR 3.8%) 8.02 12-month target A$ 8.00 12-month TSR % +35.8 Volatility Index Medium
More informationAUSTRALIA Price Event Valuation A$ month target A$ 5.20
AUSTRALIA VOC AU Price (at 05:10, 22 Feb 2017 GMT) Outperform A$4.81 Valuation A$ 5.02 - DCF (WACC 7.7%, beta 1.2, ERP 5.0%, RFR 3.3%, TGR 1.0%) 12-month target A$ 5.20 12-month TSR % +12.2 Volatility
More information