Category: Analyst Research

Goodman Group Ltd (GMG) delivered solid FY18 results, with operating profit of $845.9m slightly above the highest analyst estimate of $845m. The outlook for FY19 also suggests momentum is continuing (with management guiding towards +7% EPS growth versus usual +6%…

While IAG performed well in its underlying insurance business for FY18, it saw weak performance from shareholder fund returns.

EHE’s FY18 results came in line with management’s guidance. For FY18 vs. previous corresponding period (pcp), group revenue was up +4.1% and operating earnings (EBITDA) were also up +4.1%,

GPT Group’s (GPT) 1H18 results were solid with Funds from Operation (FFO) growth per security of +3.4% and distribution growth per security up +2.5% on pcp, representing a payout ratio of 97.7%.

TLS reported its FY18 results, with EPS, NPAT and EBITA coming in above analyst estimates by +5.7%, +4.4% and +0.7%, respectively. However, this beat was driven by lower depreciation expense relative to expectation due to TLS extending the useful life…

Sonic Healthcare (SHL) FY18 results were largely in line with management guidance, with earnings (EBITDA) up +6.4% on a constant currency basis over the previous corresponding period (pcp), albeit at the lower end of the 6-8% guided.

ASX reported FY18 results which showed the strongest revenue growth in 8 years, this in turn translated into statutory NPAT up +2.5% to $445.1m or underlying NPAT up +7.2% to $465.3m, and equated to underlying EPS up +7.1% to 240.4cps…

TWE reported a strong FY18 result, with group operating earnings (EBITS) up +16.5%, driven by ANZ (up +22.5%) and Asia (up +36.7%).

ORG’s share price took a hit post FY18 results release, with management expecting FY19 Energy Markets EBITDA of $1.5bn – 1.6bn, indicating a 12-17% decline year-on-year and well below consensus estimates.

Woodside Petroleum (WPL) first half FY18 (1H18) result was largely in line with expectations, with underlying NPAT of $566m up +11% on pcp and sales revenue up +27% to $2.25bn.

QBE Insurance (QBE) reported improved 1H18 results where management amended its FY18 combined operating ratio guidance slightly to 95.0% – 97.0%, albeit tightened its investment returns expectations to 2.25% – 2.75% (to exclude LatAm operations).

InvoCare Ltd (IVC) reported disappointing 1H18 results which missed market expectations (the share price was down -8.8% as EPS consensus estimates were missed by -5.6%).