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
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.
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…
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.
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
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%.
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.
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%…
Insurance Australia Group (IAG) – NEUTRAL
While IAG performed well in its underlying insurance business for FY18, it saw weak performance from shareholder fund returns.
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%,
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%.
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…
Connecting quality investors and innovative companies to facilitate mutual wealth creation with trust and transparency
Receive the latest news and media directly to your inbox
By clicking submit, I agree to the terms of the Reach Markets Financial Services Guide that includes the Privacy Statement.