Category: Analyst Research

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

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 (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%.

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 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…