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Tuesday, 27 April 2021BKL - BLACKMORES LIMITED
Credit Suisse rates BKL as Neutral (3) - As a result of the company's investor presentation, Credit Suisse notes Australian discounting has returned which has affected margin and profitability. Strong growth continues in Asia and China.
Gross margin expansion is anticipated moving to the high 50% levels from 52%. Credit Suisse downgrades estimates for earnings per share by -2-4% and retains a Neutral rating.
Despite a strong recovery in earnings and a solid balance sheet the broker notes the stock is trading at a 40% PE premium to FY22 estimates. Target is reduced to $77 from $80.
Target price is $77.00 Current Price is $72.00 Difference: $5 If BKL meets the Credit Suisse target it will return approximately 7% (excluding dividends, fees and charges). Current consensus price target is $74.45, suggesting upside of 3.4%(ex-dividends)The company's fiscal year ends in June.
Forecast for FY21:
Credit Suisse forecasts a full year FY21 dividend of 70.00 cents and EPS of 129.00 cents . At the last closing share price the estimated dividend yield is 0.97%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 55.81. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 169.2, implying annual growth of 63.4%. Current consensus DPS estimate is 80.1, implying a prospective dividend yield of 1.1%. Current consensus EPS estimate suggests the PER is 42.6.
Forecast for FY22:
Credit Suisse forecasts a full year FY22 dividend of 165.00 cents and EPS of 218.00 cents . At the last closing share price the estimated dividend yield is 2.29%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 33.03. How do these forecasts compare to market consensus projections?
Current consensus EPS estimate is 239.2, implying annual growth of 41.4%. Current consensus DPS estimate is 134.1, implying a prospective dividend yield of 1.9%. Current consensus EPS estimate suggests the PER is 30.1.
Market Sentiment: -0.2All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources
