Reporting Season Summary: 8 February 2016

About the author:

Author name:

By Andrew Tang

Job title:

Analyst - Equity Strategy

Date posted:

08 February 2016, 2:54 PM

Sectors Covered:

Equity Strategy and Quant

JB Hi-Fi (JBH)

NPAT: A$95.2 million; Dividend: 63ps

The result was in-line with expectations.

Morgans comment

A solid 1H16 result, in line with us at the EBITDA line. FY16 NPAT guidance provided = modest upgrades to consensus likely. The stock has outperformed significantly since DSH entered into voluntary administration as the market afforded the stock a higher multiple for the likelihood of increased market share. Perhaps some modest upward revisions to consensus, but not significant. JBH looks fair value to us up here.

Ansell (ANN)

NPAT: A$69.6 million; Dividend: 20cps

The result was below expectations.

Morgans comment

1H details released following preliminary results and downgrade last last week; while management expects a 2H improvement, weak/deteriorating market conditions continue to represent headwinds. There are too many unknowns to be jumping in with both feet despite the "attractiveness" of current trading levels and buying support on the back of management's optimistic outlook.

Capitol Health (CAJ)

NPAT: A$2.2 million; Dividend: 0cps

The result was above expectations.

Morgans comment

1HFY16 result slightly ahead of our expectations. The interim dividend has been suspended and there is still uncertainty over the medical review by the Federal Government. The market has factored in most of the downside into the current share price, but the share price is likely to remain weak. No reason to be here.

More information

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