Category: Analyst Research

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%).

Vicinity Centres (VCX) reported FY18 results, reporting FFO per share of $0.182 which exceeded analyst estimates of $0.181, giving a boost to VCX’s share price. Comparable underlying earnings (after adjusting for acquisitions and divestments) were down 1.3%

FY18 was a turning point for Wesfarmers (WES), after significant changes and repositioning of its portfolio, with the group’s proposed demerger of Coles (Nov 2018) and divestments of Curragh mining and Bunnings UK and Ireland (BUKI).

CSL continues to deliver pleasing results, coming in slightly ahead of guidance posted in May, with FY18 earnings (NPAT) up +29% on the previous corresponding period (pcp) (or up +28% on a constant currency, CC basis).

CPU produced a stellar FY18 result which showed +14.1% Management EPS growth in constant currency (CC) terms to 62.1cps over the previous corresponding period (pcp) (a record profit for CPU and the fastest rate of earnings growth since FY09).

Pact Group (PGH) delivered FY18 Group earnings (EBITDA) of $237.3m which came in below analyst estimates of $250m, adversely affected by $13m in higher raw material and Australian energy costs in 2H18.