Morgans Financial Limited

MTO's FY17 result slightly beat our forecasts with 12% revenue growth and 16% NPAT growth. MTO’s new bike sales materially outperformed the broader industry. The impact of likely future regulatory change in the provision of insurance products in dealerships is already flowing through and will curtail FY18 EBITDA by cA$2m... Show More

Morgans Financial Limited

While currency headwinds and investments into resources (staff and equipment) weighed on earnings in FY17, we believe the company is well positioned for strong growth in future years. We have increased our share price target on the back of upgrades to earnings forecasts and retain our Add recommendation Show More

Morgans Financial Limited

BAP’s FY17 result was above Morgans and consensus estimates at every line, with the group ultimately exceeding the top end of its guidance range. Management is comfortable with FY18 consensus estimates, guiding to c30% growth on FY17 proforma NPAT. We comfortably sit 2% above this. BAP often gets criticised for... Show More

Morgans Financial Limited

FY17 underlying results were below expectations, weighed down by continued soft conditions, cost pressures and volatile case mix in the core Hospital division. 
Increased competition and ramping VIC greenfields further pressured Hospital earnings, pushing it below expectations and guidance, and offsetting strong above market gains from brownfields, which remain on... Show More

Morgans Financial Limited

Investing in higher returning assets, moving to divest weak points, a newfound patience in its approach to capital deployment, the prospect of further capital management, and a recovering commodity cycle. BHP appears to be making smart moves. We retain our positive view, upgrade our share price target, and retain our... Show More

Morgans Financial Limited

We have reduced our share price target on lower medium term earnings, but with what is hopefully the bear case now apparent, we think the risk swings to the upside. Over the next few years, the key operational risks relate to Telstra's ability to offset the negative impacts from the... Show More

Morgans Financial Limited

Industry trends remain favourable to Class (CL1). Regulatory and compliance pressures will force most self-managed super funds to migrate record-keeping and administration to one of the two major cloud-based SMSF administration platforms, of which Class operates the fastest-growing. Show More

Morgans Financial Limited

We have modestly adjusted our FY18-20 earnings forecasts, lowering revenue and underlying earnings by up to 1.8%. Despite that, the Transformation program is now in train and we see the FY18 earnings guidance as conservative. Given that, we see upwards of 10% Return, and upgrade from Hold to Add. Show More

Morgans Financial Limited

Given another solid result, we become increasingly confident in Orora's (ORA) ability to execute on its growth strategy. This is despite a number of input cost headwinds in the Australiasia business and, in our view, shows the strength of the underlying business and the quality of the management team. Show More

Morgans Financial Limited

A new financial year presents an opportunity for investors to take a fresh look at portfolios. Ahead of the August reporting season, stocks that have had a difficult FY17 have an opportunity to make a fresh start, particularly if operating conditions improve over the course of the year as we... Show More

Morgans Financial Limited

With Magellan Financial Group (MFG) trading in-line with our valuation (and medium-term PE of 21x), we move to a Hold recommendation (previously Add). In early July 2017, Magellan Financial Group (MFG) is likely to report June-17 Funds Under Management (FUM) down approximately 3% based on market/fund performance, capping off a... Show More

Morgans Financial Limited

This August will be a critical time for Telstra (TLS) shareholders, as we will likely hear the Board’s view on dividends and/or capital management in a post-NBN world. Over the next five years TLS's earnings are propped up by one-off gains (disconnection payments) from the NBN, which more than offset... Show More

Morgans Financial Limited

The National Broadband Network (NBN) has changed the competitive landscape dramatically and by June 2017 the NBN will account for 30% of all household fixed line internet connections, which makes the implications hard to ignore going forward. Telstra has been progressively releasing the implications to its earnings and details of... Show More

Morgans Financial Limited

PWR Holdings’ track record of delivering organic revenue growth is well demonstrated by its historical 3-year CAGR of 24% (FY13-16A). While currency headwinds and investments into resources (staff and equipment) will weigh on earnings in FY17, we believe the company is positioned well for strong growth in future years. Given... Show More

Morgans Financial Limited

Recent data suggest that the global economy is strengthening. This should provide support for growth assets, although on current elevated valuations there is little room for earnings disappointment. In the middle of what is a traditionally weaker period for markets (May-June), we make two changes this month, removing Macquarie Atlas... Show More