Ann: BEN 2017 interim financial results announcement details, page-18

@JCoure

Most brokers are on the hybrid tickets these days.

Here's a two more brokers that down graded late last week -

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Macquarie	19/01/2017	5	Underperform	$11.00	- 12.5%
1	While rising house prices should flow through to Bendelaide's Homesafe income, underlying revenue trends and margins remain under pressure, the broker notes. While the broker has upgraded forecast earnings, the stock's significant valuation premium to the majors is unjustifiable in the broker's view. Unerperform retained. target rises to $11.00 from $10.50. Target price is $11.00 Current Price is $12.57 Difference: minus $1.57 (current price is over target). If BEN meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).
2	Ord Minnett	19/01/2017	4	Lighten	$10.50	- 16.5%
3	In preview to the upcoming interim report, scheduled to be released on Feb 13, Ord Minnett are anticipating cash earnings of $219m alongside an interim dividend of $0.34/share, representing a 74% payout ratio. As the stockbroker is clinging on to its $10.50 price target, it is no surprise the Lighten rating remains unchanged. Target price is $10.50 Current Price is $12.57 Difference: minus $2.07 (current price is over target). If BEN meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).