Category: Analyst Research

Analyst Research

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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Goodman Group (GMG) – Neutral

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%…

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Insurance Australia Group (IAG) – NEUTRAL

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

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Estia Health (EHE) – NEUTRAL

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%,

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GPT Group (GPT) – Neutral

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%.

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Telstra Corporation (TLS) – NEUTRAL

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…

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