Category: Analyst Research

Analyst Research

Adelaide Brighton (ABC) – Neutral

ABC’s share price was weaker after the Company’s full year outlook came in below market expectations. ABC expects 2018 full year underlying NPAT of $200-210m versus current consensus estimates of $212.8m.

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Ansell Ltd (ANN) – Neutral

ANN’s share price fell by -7.2% after the Company reported FY18 net income of $484.3m which missed estimates of $490.7m and net income from continuing operations of $138.8m, which was well below market expectations of $147m. However full year revenue…

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Scentre Group (SCG) – BUY

Scentre Group Ltd (SCG) reported solid 1H18 result but FFO of 12.38cps came in below market expectation of 13.00cps, which saw the share price marginally decline.

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Oil Search Ltd (OSH) – NEUTRAL

OSH fell ~2% after reporting its 1H18 results, which saw NPAT fall to US$79.2m (down -38.7% on pcp) after sales dropped -17.5% to US$557.8m due to the earthquakes in Papua New Guinea in Feb-18.

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Healthscope Ltd (HSO) – Neutral

Healthscope (HSO) reported results which reflect a Company in a transition year. Revenue was up +3.7%, Operating EBITDA declined -4.4% whilst operating NPAT declined by -10.3%. 6.7cps full year dividend equates to 70% of Statutory NPAT (continued and discontinued) adjusted…

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Greencross Limited (GXL) – NEUTRAL

GXL’s FY18 results were mostly in line or slightly ahead of expectations, with underlying EBITDA $97.6m a touch below estimates of $98.6

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Amcor Limited (AMC) – BUY

Amcor (AMC) FY18 results as expected, saw heavy emphasis underlie the cost component of the business, with hefty raw material expenses (specifically in aluminium and liquids) afflicting margins across the board.

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Primary Healthcare (PRY) – Sell

Since our sell recommendation, the share price has declined -25%. In our view, although underlying NPAT was broadly in line with last year and with guidance, Primary Healthcare (PRY) delivered results which were disappointing given revenue was up ~4.9%, EBITDA…

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nib Holdings (NHF) – NEUTRAL

nib Holdings Limited (NHF) announced FY18 results delivering underlying operating profit (UOP) of $184.8m, an increase of +20.2% on the pcp.

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Nanosonics Ltd (NAN) – NEUTRAL

Nanosonic (NAN) reported as expected FY18 results. Key results highlights were: (1) Total sales of $60.7m were down -10% (-7.8% in constant currency). Sales of consumables and service were up 25% (28% in constant currency) to $35.2m

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Fortescue Metals Group (FMG) – BUY

Fortescue (FMG) FY18 results came in below market expectations, after FY18 underlying EBITDA of US$3.18bn missed consensus estimates of US$3.25bn by -2.1%.

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Woolworths Ltd (WOW) – NEUTRAL

The share price of WOW was a little weaker post the FY18 results, with the group results coming in slightly below market expectations but bang in line with our NPAT / EPS estimates.

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