Reporting Calendar

Reporting Season August 2019 is here.

You can watch our Reporting Season Preview video on the Morgans Blog or scroll through the table below for individual reporting dates, our stock recommendations and our company comments.

For further detailed analysis from our award-winning Research team on the company results released over the coming weeks, visit:

Ticker Company Rating Date Comments
AFG Australian Finance Group ADD 23/08/2019 We expect FY19F profit from continuing operations of A$32.9m (Factset consensus A$30.7m) and a 2019 final dividend of 5.5cps.
AHG Automotive Holdings HOLD 23/08/2019 Expecting a messy and very weak result - with downside risk to guidance and consensus forecasts given weak industry stats into year-end. We don't expect the company to provide much in the way of outlook commentary. All focus will be on the proposed APE merger (ACCC approval may have been attained pre the result).
AX1 Accent Group ADD 23/08/2019 We expect there is upside risk to AX1's 2H growth guidance and therefore consensus expectations – in store numbers, online sales growth and gross margin. Key to the result reaction will be the LFL sales trading update and any FY20 guidance (store rollout, online growth, TAF buybacks). We forecast 8.8% EBITDA growth in FY20.
CGC Costa Group Holdings ADD 23/08/2019 Forecasting CGC's interim result is very difficult. Earnings are normally significantly skewed to the 1H (NPAT-SL >85%). However, we believe a number of the issues raised in the January/May trading updates will have a greater 1H19 impact and expect stronger 2H19 results from citrus, tomatoes and berries (vs the pcp). Therefore, we forecast an 8% fall in NPAT-SL and 1H:2H skew of 77%:23%.
GDF GARDA Diversified Property Fund HOLD 23/08/2019 No surprises expected, however expect FY20 DPS guidance to be provided (we assume flat growth on the pcp).
IRE IRESS ADD 23/08/2019 We expect first half adjusted NPAT to be A$43.4m, up 14%, excluding one-off costs related to the QuantHouse acquisition. We expect most earnings growth to be generated in the UK due to recent client wins.
LAU Lindsay Australia ADD 23/08/2019 We are slightly cautious heading into LAU's result. Key transport peers (AHG's RL and KSC) have reported soft May trading updates, citing the FNQ floods and subdued Easter trading. 1H results from ELD/RHL have highlighted that the prolonged East Coast drought has reduced demand for Rural Supplies, while CGC has experienced softer produce volumes in some of its categories. Consequently, we do see some downside risk to guidance.
NTD National Tyre & Wheel HOLD 23/08/2019 We think NTD can reach the mid-point of its FY19 downgraded EBITDA range. Key to NTD's share price reaction will be commentary around their ability to offset further FX headwinds and expectations for FY20 (guidance). We think the group has another tough year ahead in FY20.
ADH Adairs ADD 26/08/2019 Given the recent downgrade, ADH will achieve its new guidance range (we sit at the mid-upper end - A$43.4m). The LFL sales growth trading update into early FY20 will be key as will guidance. We think ADH will take a conservative view on guidance given recent LFL volatility, persistence of DC headwinds and FX pressure. We factor this in, but there is risk to consensus.
CTP Central Petroleum ADD 26/08/2019 Expecting a healthy earnings profile from its producing Amadeus Basin assets. We forecast underlying NLAT of A$11m. With limited consensus data available.
FMG Fortescue Metals Group REDUCE 26/08/2019 We expect a strong FY19 result from FMG but at this point it looks more than priced in. We forecast FY19 NPAT of US$2,638m (more than double FY18), versus consensus estimates of US$2,798m.
GEM G8 Education HOLD 26/08/2019 Expect to see a strong 2H skew in earnings (pcp was around a 32%/68% split).
IPD ImpediMed ADD 26/08/2019 Our forecast net loss of A$21.7m.
JHC Japara Healthcare HOLD 26/08/2019 We are forecasting EBITDA of A$48.9m (pcp: A$50.7m) for FY19. Consensus sits at EBITDA of A$50.1m.
MSV Mitchell Services SPECULATIVE BUY 26/08/2019 We expect MSV to comfortably meet guidance and our forecasts are at the upper end of the range. Recent contract wins do require some minor capex, so MSV's capacity to surprise on capital management is modest. We expect strong outlook commentary, and possibly an extension to the buyback, but only a modest dividend.
MVF Monash IVF HOLD 26/08/2019 Reported NPAT of A$20.9m and normalised NPAT A$21.9m. Consensus normalised NPAT of A$20.2m. We expect consensus upgrades to FY20 as business has stabilised and profit growth of mid-single growth to return.
OEL Otto Energy ADD 26/08/2019 The second half of FY19 should see steady earnings generated from SM-71, with production remaining around ~3,200 boe/d. We forecast FY19 EBITDAX of US$26.6m. OEL has limited consensus coverage.
OML oOh!media ADD 26/08/2019 OML is a December-year balance company and the June half year is normally the weakest, with typically around one third of profits made in the first half. We would be surprised if there is any change to the full-year outlook.
RMS Ramelius Resources ADD 26/08/2019 RMS achieved 196,679oz in FY19 (mid-point of guidance) and is expected to meet AISC guidance (A$1,175-1,225/oz). We forecast EBITDA of A$101.5m for FY19.
VEA Viva Energy Group HOLD 26/08/2019 We expect few surprises given the recent guidance downgrade. Given there are a number of headwinds persisting outside VEA's control, we would expect outlook commentary to remain cautious and CY19 guidance to be reiterated.
FDV Frontier Digital Ventures ADD 27/08/2019 We expect a significant improvement in operating performance, with strong top-line revenue growth, and a reduction in the look-through EBITDA loss rate as more associates reach break-even or become profitable. We expect Zameen (Pakistan) and Infocasas (Latin America) to remain the star performers.
FXL FlexiGroup HOLD 27/08/2019 We expect FXL to report towards low-end of guidance (Morgans A$76.8m; Consensus A$77.2m). Many moving parts - important ones we think will come through are: volume improvement in AU Cards (2H19F +5% on pcp) but muted by FLT volumes; improvement in AU Cards arrears, however still elevated; a solid result in Humm expecting 2H19 NPAT + 10.6% on pcp.
HUB HUB24 HOLD 27/08/2019 We forecast underlying NPAT of A$7.1m. Implied 2H19 NPAT of A$4m is up from A$3.1m in 1H. We expect relatively flat EBITDA margins in the Platform segment at 31.5% (31.1% in 1H). We expect 2H19 revenue margin of 51.4bps, down 7% on 1H19 (slightly more than guidance). Given the high short-term multiples and market focus on revenue margins – this could see a negative share price reaction.
ING Inghams HOLD 27/08/2019 Our EBITDA forecast of A$215m (+2.9%) is broadly in line with consensus. Despite input cost headwinds, we forecast modest growth reflecting poultry volume growth of 2.5%. We believe that ING has been able to offset cost headwinds due to Project Accelerate benefits, opportunistic sales to the higher priced Wholesale market and customer pass through mechanisms. The decline in NPAT reflects higher D&A, interest and tax.
LVH Livehire ADD 27/08/2019 LVH will have released its fourth quarter cash flow statement well ahead of the result.
MMI Metro Mining ADD 27/08/2019 Focus will remain on production costs in 4Q after production and export shipments were closed for the Wet Season.
MTO Motorcycle Holdings HOLD 27/08/2019 We think MTO can hit its guidance range given the recent downgrade. Key to the result reaction will be commentary around industry conditions (nearing a bottom), cost out strategies and BS position. We don't envisage industry conditions will improve materially in the short-term. However, a stabilisation is all that is required for earnings to rebound given the cost-out.
NAN Nanosonics HOLD 27/08/2019 A solid 1HFY19 result assisted with favorable timing of costs is unlikely to be replicated in 2H. Given operating cost guidance which implies 2H19 costs of A$28.5m and our view of a broadly similar revenue result to 1H - we expect a significant reduction in EBITDA from the first half. Given the stretched valuation, we see a potential pullback on the result which may present a buying opportunity.
RWC Reliance Worldwide HOLD 27/08/2019 We expect the result to be broadly in line with market expectations given updated guidance was provided in mid-May. The update highlighted several issues that will negatively impact FY19 earnings and potentially beyond. Consensus estimate for FY19 EBITDA is A$264m.
SKI Spark Infrastructure REDUCE 27/08/2019 Consensus expectations based on statutory accounts are somewhat meaningless. We forecast a 5% decline in proportional EBITDA, with the regulated services delivering relatively steady earnings but conservatively assuming a decline in earnings from non-regulated activities.
SLC Superloop ADD 27/08/2019 We believe the restated EBITDA will be achieved. It was reduced primarily due to a large one-off deal not completing as expected.
WES Wesfarmers HOLD 27/08/2019 Given WES updated the market at the Strategy Briefing Day in June and guidance range provided for Kmart Group, we expect the result to be in line with expectations. Consensus estimate for FY19 EBIT is A$3,023m.
AOG Aveo Group HOLD 28/08/2019 Expect few surprises given recent guidance with consensus sitting in line with this. Prior to the result (due 22 July) we will know whether AOG receives a formal takeover offer from Brookfield or not. This is key to AOG's short-term investment view - in its absence, AOG's share price could de-rate materially.
ATL Apollo Tourism & Leisure HOLD 28/08/2019 We expect a weak result from ATL, as suggested by the group's two downgrades in the space of a month. Of most interest will be the balance sheet position and outlook for FY20 conditions. ATL's view on the US market will be key given the quantum of drag this provided in FY19. We see few share price catalysts.
AVG Australian Vintage ADD 28/08/2019 We expect strong underlying NPAT-S growth will be driven by impressive top-line growth in the UK/Europe segment, overall growth in core branded sales (was +11% 9MYTD) and further sales mix improvements.
BAL Bellamy's Australia HOLD 28/08/2019 Our EBITDA forecast is A$51.9m and consensus is A$53.5m. BAL has been impacted by difficult trading conditions, the delay in receiving SAMR approval, a deliberate decision to run down distributor trade inventory (A$10m hit) and marketing spend doubling in the 2H19.
CWP Cedar Woods Properties HOLD 28/08/2019 We forecast FY19 NPAT of A$52.3m, up 22.8% on the pcp. We expect a 2H dividend of 17cps, which is slightly below the pcp (CWP paid an elevated 1H19 dividend).
MWY Midway ADD 28/08/2019 Our forecast is in line with guidance. MWY's earnings and cashflow are seasonally skewed to the 2H. Strong earnings growth reflects higher woodchip prices, a lower AUD, increased volumes (particularly from Tasmania), higher bone dry % and an improved contribution from QCE and the SWF JV. Recent acquisitions should also make a minor contribution.
NSR National Storage REIT HOLD 28/08/2019 In particular, we are looking for an improvement in 2H19 REVPAM. No risk to FY19 guidance as was recently reiterated.
ONT 1300 Smiles ADD 28/08/2019 Expecting increased revenues with the addition of numerous acquisitions mid FY. Minor business interruption occurred as a result of the Townsville floods in February. Commentary is typically benign although recently pointed to economic boom in areas post natural disasters which could provide upside.
OZL OZ Minerals ADD 28/08/2019 We expect OZL to broadly meet consensus earnings expectations for 1H19. Earnings are reasonably predictable given OZL is largely a single mine producer reporting production and costs via their quarterlies. We expect a modest dividend.
RBL Redbubble REDUCE 28/08/2019 We expect a small negative underlying EBITDA loss (~A$3m) in the second half. We forecast H2 marketplace revenues of A$119.3m, up 48% on pcp. Gross profit after paid acquisition costs for H2 is forecast at A$31.7m, up 48% on pcp.
REH Reece ADD 28/08/2019 We expect REH to announce record earnings, up c44% on FY18 with the first full year profit/benefit from the MORSCO acquisition coming through. We forecast FY19 EBITDA of A$545m (Consensus E A$540m) with one off business acquisition costs likely to affect reported profits.
SHJ Shine Corporation ADD 28/08/2019 We forecast FY19 EBITDA growth of 4.9% to A$39.8m on the back of higher revenue from acquisitions and some organic growth. GOCF is forecast to be A$23.0m with a slight improvement in GOCF conversion, while we estimate a flat dividend of 2.3cps.
ALX Atlas Arteria HOLD 29/08/2019 We expect the APRR (~85% of ALX's equity value) to deliver 1% EBITDA growth and see a 59% drop in interest costs. The Dulles Greenway remains in lock-up. Fund costs have been incurred for internalisation.
APE AP Eagers ADD 29/08/2019 We think APE can achieve the top-end of its Underlying NPBT guidance range (cA$51.8m, -7% on pcp) which would exceed our and consensus forecasts. This is before factoring in the equity accounting of AHG investment from 23 April. While industry conditions remain difficult, most of the upside from here lies with the AHG merger should it proceed (ACCC ruling key).
CMW Cromwell Property Group HOLD 29/08/2019 Preliminary FY20 guidance was provided with the recent capital raising and comprises operating EPS of 8.1-8.3c and DPS of not less than 7.5c. We sit in line with this guidance.
LNK Link Administration Holdings ADD 29/08/2019 Given LNK has provided guidance recently, hence FY19 results figures should contain few surprises (Consensus EBITDA $352m). We note the mid-point of the FY19 Operating NPATA guidance range is ~5% below pcp, which reflects earnings headwinds from Brexit and higher costs associated with regulatory change in Funds Administration (FA).
RHC Ramsay Health Care HOLD 29/08/2019 We believe RHC will be able to eke out its modest FY19 guidance on the back of cost-outs and a lower tax rate.
WOW Woolworths HOLD 29/08/2019 We expect sales growth to be broadly in line with expectations following good momentum in 3Q19. The key however, will be margins with WOW dealing with input cost pressures such as meat and increased labour expense on the back of the new EBA in January. Consensus estimate for FY19 EBIT is A$2,689m.
AMS Atomos ADD 30/08/2019 We expect a strong maiden full year result, with meaningful top-line growth being driven by recent product releases (Ninja V/Shinobi). Given recently updated guidance, we don't expect many surprises.
CLH Collection House HOLD 30/08/2019 CLH reaffirmed guidance in late June, so we don't expect major surprises to the headline result. Reported numbers include the PDL sale for A$25m (pcp A$19.5m), which will boost the cashflow result.
FNP Freedom Foods Group HOLD 30/08/2019 Our forecast and consensus are in line with guidance. Strong EBITDA growth reflects solid demand for FNP's existing products across Australia and Asia, new product launches, expanded distribution and the scaling of new facilities. Modest NPAT growth reflects higher D&A, interest and tax.
GNX Genex Power SPECULATIVE BUY 30/08/2019 We forecast a FY19 net loss after tax of $4.3m but with EBITDA improving significantly to $6m from a full year of production at Kidston Solar. Production is now fully contracted and the prices are less than spot electricity and carbon prices in FY18 so despite higher volumes we expect Commodity Sales to fall.
MX1 Micro-X SPECULATIVE BUY 30/08/2019 We forecast a net loss of A$11.7m on revenue of A$2.0m. MX1 has received A$4.0m in R&D tax incentives in FY19. The focus will be on commentary around Carestream's likely demand for the Nano and timelines for the Thales program.
NXT NEXTDC HOLD 30/08/2019 We expect EBITDA towards the top end of guidance and capex to be less than guidance. NXT contracted 9.4MW in 1H19 and we forecast a total of 15.1MW contracted for FY19 (5.7MW in 2H19).
PWH PWR Holdings Limited ADD 30/08/2019 We expect earnings growth to be driven by motorsports, aftermarket and emerging technologies. OEM contracts will also positively impact earnings and we anticipate the contribution from this segment to rise significantly in FY20. Consensus estimate for FY19 EBITDA is A$21.1m.
RAP ResApp Health ADD 30/08/2019 No surprises expected given QRLY reporting. Focus will be on commentary regarding commercialisation efforts post CE-mark approval and potential timing updates around FDA approval expectations for the ResApp-DX device.
ACF Acrow Formwork and Construction Services ADD TBA Given ACF's latest trading update was recent (May) we think the FY19 result will be largely in line with expectations. While the scaffold market remains soft, this should be more than offset by strong formwork growth. A healthy infrastructure pipeline also bodes well for longer term earnings growth and we expect an update on potential project wins.
APT Afterpay Touch ADD TBA We forecast an FY19 underlying EBITDA of A$25m (Factset Consensus A$19.4m) and a FY19 NPAT loss of A$48m.
BGA Bega Cheese HOLD TBA Our forecast and consensus are in line with guidance. Earnings growth reflects the acquisition of Koroit and growth from Bega Foods, while Bega Cheese is impacted by structural issues and cost pressures and TMI by lower global dairy prices, reduced nutritional sales and paying too much for milk. NPAT will be impacted by materially higher D&A and interest expense.
KSL Kina Securities ADD TBA Forecast 14% NPAT growth (MorgansE PGK24m). We expect KSL's FY19 earnings to be skewed to the second half on seasonality (quieter Christmas/holiday period in the 1st half) and higher costs associated with the ANZ PNG acquisition in 1H19 (completion expected 3Q19).
PPE People Infrastructure ADD TBA We forecast a strong result from PPE given good organic growth and strategic acquisitions which should see EBITDA growth of +50% on the pcp. We expect a final dividend of 4cps, in-line with the 1H19 dividend.
SFR Sandfire Resources HOLD TBA We expect SFR to broadly meet consensus earnings expectations for FY19. Earnings are reasonably predictable given SFR is a single mine producer reporting production and costs via their quarterlies. We expect a modest dividend.