Orora - Morgans

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Packaging│Australia│Equity research│February 14, 2018. IMPORTANT DISCLOSURES REGARDING ... (-1%) at A$155.9m but w
Packaging│Australia│Equity research│February 14, 2018

Orora Not perfect but still very good

ADD (no change) Current price: Target price: Previous target: Up/downside: Reuters: Bloomberg: Market cap:

A$3.29 A$3.54 A$3.45 7.7% ORA.AX ORA AU US$3,119m A$3,970m US$8.33m A$10.87m 1,207m 100.0%

Average daily turnover: Current shares o/s Free float: Key changes in this note FY18F revenue unchanged. FY18F EBIT up by 2%. FY18F NPAT up by 5%. Price Close

Relative to S&P/ASX 200 (RHS)

3.40

110.2

3.20

104.7

3.00

99.1

2.80

93.6

2.60 30

88.0

Vol m

20

10 Feb-17

May-17

Aug-17

Nov-17

Source: Bloomberg

Price performance Absolute (%) Relative (%)

1M 0 3.8

3M -0.3 1.8

Alexander LU, CFA T (61) 2 9043 7901 E [email protected] Belinda MOORE T (61) 7 3334 4532 E [email protected]

12M 8.9 7.4

■ ORA’s 1H18 result overall was ahead of our expectations. ■ Australasia EBIT grew 11% and North America EBIT was up 14% (in USD terms). ■ Changes to earnings forecasts see FY18F EBIT increase 2% to A$327m while underlying NPAT jumps 5% to A$209m.

■ We maintain our Add rating on a higher A$3.54 target price.

Result was above our expectations 1H18 underlying EBIT grew 11% to A$165.3m (+2% vs Morgans), while underlying NPAT rose 15% to A$105.7m (+6% vs Morgans). While North America was below our expectations, this was more than offset by strong performance in Australasia. Australasia delivered 11% EBIT growth (+7% vs Morgans) and North America EBIT rose 9% (-4% vs Morgans) on the back of increased sales and margins despite input cost headwinds and economic conditions across both markets remaining flat. ORA is getting good traction with its Global Innovation Initiative program (established in 2015) and investments so far also contributed to the group result. With the initial A$45m earmarked for investment now fully committed and on the back of its success, ORA has increased funding for the program by A$30m to A$75m in an effort to foster further innovation and productivity improvement. ROFE rose 70bps to 13.9% while operating cash flow was flat (-1%) at A$155.9m but would’ve been higher if not for negative working capital movements. Finally, 1H18 DPS of 6.0cps was slightly ahead of our forecast (5.7cps).

Plenty of capacity for growth investments The balance sheet remains strong with net debt/EBITDA reducing slightly to 1.5x (vs 1.6x at 1H17 and well below 2.5x management target) and gearing (ND/ND+E) was steady at 29% (1H17: 29%). This leaves plenty of capacity for ORA to make further investments and acquisitions. Management noted that the acquisition pipeline in North America remains healthy and a number of M&A opportunities were assessed during the half. However, given high asset prices at the moment they decided to maintain discipline and was happy to wait until the right deal came along. In addition, management said the recent tax changes made it quite attractive to make organic investments in the US (eg. ORA invested in four new digital printers in Orora Visual) and further investments are being considered.

Upgrades to earnings forecasts Given the 1H18 result was better than our expectations we increase FY18F EBIT by 2% to A$327m while underlying NPAT jumps by 5% to A$209m. Our FY19 and FY20 forecasts also rise by a similar amount.

ORA remains our top pick in the Packaging sector We maintain our Add rating on a higher A$3.54 PE-based target price (from A$3.45). Overall, we think it was another solid result despite a number of input cost headwinds in the Australasia business, and in our view, shows the strength of the underlying business and the quality of the management team.

Financial Summary Revenue (A$m) Operating EBITDA (A$m) Net Profit (A$m) Normalised EPS (A$) Normalised EPS Growth FD Normalised P/E (x) DPS (A$) Dividend Yield EV/EBITDA (x) P/FCFE (x) Net Gearing P/BV (x) ROE % Change In Normalised EPS Estimates Normalised EPS/consensus EPS (x)

Jun-16A 3,850 379.6 162.7 0.13 22.7% 24.40 0.10 2.89% 12.18 33.06 42.0% 2.65 11.1%

Jun-17A 4,039 418.4 186.2 0.15 14.5% 21.32 0.11 3.34% 11.15 31.58 43.6% 2.57 12.2%

Jun-18F 4,278 451.4 208.7 0.17 12.7% 19.03 0.13 3.80% 10.30 23.96 41.9% 2.46 13.2%

Jun-19F 4,502 480.6 222.3 0.18 6.5% 17.86 0.13 3.95% 9.60 26.32 38.2% 2.35 13.5%

Jun-20F 4,694 507.4 238.8 0.20 7.4% 16.63 0.14 4.26% 9.00 24.37 34.0% 2.25 13.8%

1.03

1.02

1.03

SOURCE: MORGANS, COMPANY REPORTS

IMPORTANT DISCLOSURES REGARDING COMPANIES THAT ARE THE SUBJECT OF THIS REPORT AND AN EXPLANATION OF RECOMMENDATIONS CAN BE FOUND AT THE END OF THIS DOCUMENT. MORGANS FINANCIAL LIMITED (ABN 49 010 669 726) AFSL 235410 - A PARTICIPANT OF ASX GROUP

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Packaging│Australia│Equity research│February 14, 2018

Figure 1: Financial summary Income statement (A$m) Revenue

AIFRS FY16A 3,849.8

AIFRS FY17A 4,039.1

AIFRS FY18F 4,278.2

AIFRS FY19F 4,502.5

AIFRS FY20F 4,694.0

EBITDA Depreciation & amortisation EBIT Net interest expense Pre-tax profit Tax expense Minorities NPAT pre-abnormals EPS pre-abnormals (cps) Abnormal items after tax Reported NPAT Reported EPS (cps) DPS (cps) - ordinary DPS (cps) - special DPS (cps) - total Franking (%)

379.6 107.5 272.1 -41.1 231.0 -68.3 0.0 162.7 13.4 5.9 168.6 13.9 9.5 0.0 9.5 30.0%

418.4 116.1 302.3 -37.6 264.7 -78.5 0.0 186.2 15.3 -15.1 171.1 14.1 11.0 0.0 11.0 30.0%

451.4 124.7 326.7 -35.3 291.4 -82.7 0.0 208.7 17.3 -1.9 206.8 17.1 12.5 0.0 12.5 30.0%

480.6 130.3 350.3 -35.0 315.3 -93.0 0.0 222.3 18.4 0.0 222.3 18.4 13.0 0.0 13.0 30.0%

507.4 134.7 372.6 -33.9 338.7 -99.9 0.0 238.8 19.8 0.0 238.8 19.8 14.0 0.0 14.0 30.0%

Segmental EBIT (A$m) Australasia North America Corporate / Other Total underlying EBIT

FY16A 200.4 98.9 -27.2 272.1

FY17A 213.6 117.5 -28.8 302.3

FY18F 226.2 129.6 -29.1 326.7

FY19F 237.4 142.7 -29.8 350.3

FY20F 247.8 155.4 -30.6 372.6

Cash flow statement (A$m) EBITDA Net interest paid Tax paid Working capital Dividends received Other Operating cash flow (1) SIB capex (2) Growth capex (3) Total capex Other Investing cash flow Cash dividends paid (4) Equity raised / (repurchased) Net borrowings / (repaid) Other Financing cash flow FX impact Net cash flow Free cash flow (1-2) per share Deployable cash flow (1-2-3-4)

FY16A 379.6 -29.2 -52.5 -23.9 0.1 30.9 305.0 -63.0 -47.1 -110.1 -89.6 -199.7 -101.7 -21.3 14.8 0.0 -108.2 1.7 -2.9 242.0 19.9 93.2

FY17A 418.4 -34.3 -49.1 29.4 0.0 -13.2 351.2 -108.0 -49.1 -157.1 -114.4 -271.5 -119.6 -17.7 46.0 -0.2 -91.5 -0.9 -11.8 243.2 20.0 74.5

FY18F 451.4 -35.3 -82.7 -5.7 0.0 -57.5 270.1 -113.1 -69.7 -182.8 30.4 -152.4 -144.5 6.4 48.0 0.0 -103.3 -1.0 27.6 170.2 14.1 -44.0

FY19F 480.6 -35.0 -93.0 -17.0 0.0 0.0 335.6 -117.3 -26.0 -143.3 -8.1 -151.3 -150.8 0.0 -33.4 0.0 -184.2 0.0 0.0 218.3 18.1 41.5

FY20F 507.4 -33.9 -99.9 -15.6 0.0 0.0 357.9 -121.3 -26.0 -147.3 -2.7 -149.9 -162.9 0.0 -45.1 0.0 -208.0 0.0 0.0 236.7 19.6 47.8

Balance sheet (A$m) Current assets Cash Receivables Inventories Other current assets Total current assets Non-current assets Property, plant and equipment Intangible assets Derivative financial instruments Other non-current assets Total non-current assets Total assets Current liabilities Payables Derivative financial instruments Interest bearing liabilities Other current liabilities Total current liabilities Non-current liabilities Interest bearing liabilities Deferred tax liabilities Derivative financial instruments Other non-current liabilities Total non-current liabilities Total liabilities Net assets Shareholders equity Issued capital Reserves Retained profits Minority interest Total shareholder funds

FY16A

FY17A

FY18F

FY19F

FY20F

66.1 515.8 459.4 41.4 1,082.7

58.5 571.6 492.6 47.4 1,170.1

80.0 603.9 531.8 60.7 1,276.5

80.0 646.1 569.0 60.7 1,355.8

80.0 684.9 603.1 60.7 1,428.7

1,564.3 378.2 0.1 104.6 2,047.2 3,129.9

1,648.6 446.5 0.2 97.8 2,193.1 3,363.2

1,903.7 451.2 0.3 102.4 2,457.6 3,734.1

1,924.8 451.2 0.3 102.4 2,478.7 3,834.5

1,940.0 451.2 0.3 102.4 2,493.9 3,922.5

708.5 13.7 0.0 111.2 833.4

826.9 7.8 21.1 129.6 985.4

892.8 4.5 31.2 352.5 1,281.0

955.1 4.5 31.2 352.5 1,343.3

1,012.4 4.5 31.2 352.5 1,400.6

695.7 32.2 12.3 58.7 798.9 1,632.3 1,497.6

711.4 49.1 5.8 64.7 831.0 1,816.4 1,546.8

725.8 57.3 3.7 51.7 838.5 2,119.5 1,614.7

692.4 57.3 3.7 51.7 805.1 2,148.4 1,686.1

647.3 57.3 3.7 51.7 760.0 2,160.6 1,761.9

481.8 136.8 879.0 0.0 1,497.6

472.3 144.0 930.5 0.0 1,546.8

486.6 135.3 992.8 0.0 1,614.7

486.6 135.3 1,064.2 0.0 1,686.1

486.6 135.3 1,140.0 0.0 1,761.9

ADD Projected return Current share price

A$3.29

Price target Upside (downside) 12mth dividend yield TSR

A$3.54 7.7% 3.8% 11.5%

Shares on issue (m) ORA Market Cap (A$m)

1,206.7 3,970.0

Trading multiples (x) EV/EBITDA EV/EBIT PE

FY16A 12.2 17.1 24.6

FY17A 11.1 15.4 21.4

FY18F 10.3 14.2 19.0

FY19F 9.7 13.3 17.9

FY20F 9.2 12.5 16.6

Valuation summary DCF Sum-of-the-parts PE-relative

A$3.33 A$3.37 A$3.54

DCF inputs RF rate Debt premium Cost of debt Beta MRP Cost of equity Net debt (A$m) EV (A$m) L/T growth WACC

4.3% 2.0% 6.3% 1.00 6.0% 13.1% 674.0 4,644.0 2.5% 8.7%

Key earnings ratios Revenue growth YoY EPS growth (adjusted) Dividend yield - ordinary Dividend yield - total Payout ratio Free cash flow yield Effective tax rate

FY16A 36.4% n.a. 2.9% 2.9% 70.9% 6.1% 29.6%

FY17A 4.9% 14.5% 3.3% 3.3% 71.7% 6.1% 29.7%

FY18F 5.9% 12.7% 3.8% 3.8% 72.3% 4.3% 28.4%

FY19F 5.2% 6.5% 4.0% 4.0% 70.6% 5.5% 29.5%

FY20F 4.3% 7.4% 4.3% 4.3% 70.8% 6.0% 29.5%

Balance sheet debt metrics Net debt Gearing (ND/Equity) Gearing (ND/ND+Equity) Net debt/EBITDA EBIT interest cover

FY16A 629.6 42.0% 29.6% 1.7x 6.6x

FY17A 674.0 43.6% 30.3% 1.6x 8.0x

FY18F 677.0 41.9% 29.5% 1.5x 9.3x

FY19F 643.6 38.2% 27.6% 1.3x 10.0x

FY20F 598.5 34.0% 25.4% 1.2x 11.0x

Working capital metrics Inventory/Sales Receivables/Sales Payables/Sales

FY16A 11.9% 13.4% 18.4%

FY17A 12.2% 14.2% 20.5%

FY18F 12.4% 14.1% 20.9%

FY19F 12.6% 14.4% 21.2%

FY20F 12.8% 14.6% 21.6%

Return metrics Return on assets Return on equity

FY16A 9.0% 11.1%

FY17A 9.3% 12.2%

FY18F 9.2% 13.2%

FY19F 9.3% 13.5%

FY20F 9.6% 13.8%

Key assumptions Australian GDP growth US GDP growth AUD/USD

FY16A 3.0% 2.8% 0.73

FY17A 3.0% 2.8% 0.75

FY18F 3.0% 3.0% 0.77

FY19F 3.0% 3.0% 0.75

FY20F 3.0% 3.0% 0.74

EBIT margins Australasia North America Total

10.2% 5.2% 7.8%

10.7% 5.8% 8.2%

10.8% 5.9% 8.3%

11.0% 6.1% 8.4%

11.2% 6.3% 8.6%

SOURCE: MORGANS RESEARCH, COMPANY

2

Packaging│Australia│Equity research│February 14, 2018

Five key points from the 1H18 result 1) The result overall was better than we expected – 1H18 underlying EBIT grew 11% to A$165.3m (+2% vs Morgans), while underlying NPAT was up 15% to A$105.7m (+6% vs Morgans). While North America was below our expectations, this was more than offset by strong performance in Australasia. Australasia delivered EBIT growth of 11% (+7% vs Morgans) and North America EBIT rose 9% (-4% vs Morgans) on the back of increased sales and margins despite input cost headwinds and economic conditions across both markets remaining flat. ORA is getting good traction with its Global Innovation Initiative program (established in 2015) and investments so far also contributed to the group result. With the initial A$45m earmarked for investment now fully committed and on the back of its success, ORA has increased funding for the program by A$30m to A$75m in an effort to foster further innovation and productivity improvement. ROFE improved 70bps to 13.9% while operating cash flow was flat (-1%) at A$155.9m but would’ve been higher if not for negative working capital movements. Finally, 1H18 DPS of 6.0cps was slightly ahead of our forecast (5.7cps). 2) Australasia delivered a strong result despite input cost headwinds EBIT increased 11% to A$121.1m, which was 7% above our forecast. Earnings growth was on the back of 5% revenue growth (4.4% underlying) and reflected ongoing delivery of self-help programs and benefits from organic investments. This led to a 60bps uplift in EBIT margin to 11.6% and ROFE up 110bps to 13.0%, which was a good result in our view given some input cost headwinds. Management noted that the Australian electricity market remains volatile but plans were in place to mitigate the impact through energy efficiency projects (eg. waste water treatment plant) and alternative power purchasing deals (eg. renewable energy contract with Pacific Hydro in SA and revised gas agreement with Strike Energy). While OCC commodity price volatility is also expected to continue, ORA renewed a number of short/long term and variable/fixed price contracts which will see its gross EBIT sensitivity during 2H18 for a A$10/mt movement in OCC price fall to A$1.0m (annualised, and down from A$2.0-2.5m previously). 3) North America was weaker than expected with EBIT rising 9% to A$60m. The result was 4% below our forecast. In USD terms, EBIT rose 14% to US$47.0m which was largely driven by contributions from the Orora Visual acquisitions completed in FY17. During the period North America revenue rose 11%, however excluding acquisitions Orora Packaging Solutions (OPS) revenue grew by 3% while Orora Visual (OV) increased by 2-3%. North America EBIT margin rose 10bps to 5.7% but one of the key negatives of the result was ROFE, which fell 600bps to 19.1%. Management noted the impact of the Orora Visual acquisitions had a dilutive effect on returns and we expect this metric to improve over subsequent periods as ORA delivers on integration and synergy benefits. Overall for FY18, we expect North America EBIT to be up 13% to US$100.4m. 4) Strong balance sheet leaves plenty of capacity for growth initiatives – The balance sheet remains strong with net debt/EBITDA reducing slightly to 1.5x (vs 1.6x at 1H17 and well below 2.5x management target) and gearing (ND/ND+E) was steady at 29% (1H17: 29%). This leaves plenty of capacity for ORA to make further investments and acquisitions. Management noted that the acquisition pipeline in North America remains healthy and a number of M&A opportunities were assessed during the half. However, given high asset prices at the moment they decided to maintain discipline and was happy to wait until the right deal came along. In addition, management said the recent tax changes made it quite attractive to make organic investments in the US (eg. ORA invested in four new digital printers in Orora Visual) and further investments are being considered. 5) Outlook maintained – Management reiterated guidance for FY18 constant currency earnings to be higher than FY17, subject to global economic conditions. Overall, we forecast FY18 EBIT growth of 8% to A$326.7m. On a constant currency basis, we forecast EBIT to be up 9%. 3

Packaging│Australia│Equity research│February 14, 2018

Upgrades to earnings forecasts Given the 1H18 result was better than our expectations we increase FY18F EBIT by 2% to A$327m while underlying NPAT jumps by 5% to A$209m. ORA will benefit from a ~28% effective tax rate in FY18 on the back of the US tax changes but this will revert back to 29-30% in subsequent years given ORA doesn’t expect its effective tax rate to be materially different from historical rates over the medium term. Our FY19 and FY20 forecasts also rise by a similar amount. Figure 2: 1H18 result summary and earnings forecast changes Morgans A$m

FY18F

FY19F

FY20F

1H17A

1H18A

Chg.

1H18F

Diff

Old

New

Chg.

Old

New

Chg.

Old

New

Chg.

Australasia

993.0

1,042.4

5%

1,032.1

1%

2,080.4

2,091.7

1%

2,142.8

2,154.5

1%

2,207.1

2,219.1

1%

North America

982.4

1,055.4

7%

1,047.5

1%

2,189.0

2,186.5

0%

2,351.6

2,348.0

0%

2,478.7

2,474.9

0%

1,975.4

2,097.8

6%

2,079.6

1%

4,269.3

4,278.2

0%

4,494.4

4,502.5

0%

4,685.8

4,694.0

0%

205.3

227.3

11%

223.4

2%

445.9

451.4

1%

472.2

480.6

2%

498.3

507.4

2%

Australasia

109.0

121.1

11%

113.4

7%

215.3

226.2

5%

224.0

237.4

6%

233.0

247.8

6%

North America

55.1

60.3

9%

62.8

-4%

135.0

129.6

-4%

148.6

142.7

-4%

162.2

155.4

-4%

Operating EBIT

164.1

181.4

11%

176.2

3%

350.4

355.8

2%

372.6

380.1

2%

395.1

403.2

2%

Corporate / Other

-14.5

-16.1

11%

-14.5

-11%

-29.1

-29.1

0%

-29.8

-29.8

0%

-30.6

-30.6

0%

Total group EBIT

149.6

165.3

10%

161.7

2%

321.3

326.7

2%

342.8

350.3

2%

364.6

372.6

2%

Net interest expense

-18.9

-17.7

-6%

-19.6

-10%

-39.1

-35.3

-10%

-37.9

-35.0

-8%

-35.9

-33.9

-5%

Tax expense

-38.6

-41.9

9%

-42.1

1%

-83.7

-82.7

1%

-90.4

-93.0

-3%

-97.5

-99.9

-3%

NPAT Adj.

92.1

105.7

15%

99.9

6%

198.5

208.7

5%

214.5

222.3

4%

231.2

238.8

3%

0.0

-1.9

n.m

0.0

n.m.

0.0

-1.9

n.m.

0.0

0.0

n.m.

0.0

0.0

n.m.

92.1

103.8

13%

99.9

4%

198.5

206.8

4%

214.5

222.3

4%

231.2

238.8

3%

Adjusted EPS (cps)

7.6

8.8

15%

8.3

6%

16.5

17.3

5%

17.8

18.4

4%

19.2

19.8

3%

Total dividend (cps)

5.0

6.0

20%

5.7

5%

11.4

12.5

10%

12.3

13.0

6%

13.2

14.0

6%

10.4%

10.8%

44.2%

10.7%

0.1pt

10.4%

10.6%

0.1pt

10.5%

10.7%

0.2pt

10.6%

10.8%

0.2pt

7.6%

7.9%

30.7%

7.8%

0.1pt

7.5%

7.6%

0.1pt

7.6%

7.8%

0.2pt

7.8%

7.9%

0.2pt

11.0%

11.6%

64.1%

11.0%

0.6pt

10.4%

10.8%

0.5pt

10.5%

11.0%

0.6pt

10.6%

11.2%

0.6pt

5.6%

5.7%

10.5%

6.0%

-0.3pt

6.2%

5.9%

-0.2pt

6.3%

6.1%

-0.2pt

6.5%

6.3%

-0.3pt

Revenue

Total sales revenue EBITDA EBIT

Net signficant items Reported NPAT

EBITDA margin EBIT margin Australasia North America

SOURCES: MORGANS ESTIMATES, COMPANY RESULTS

Maintain Add rating On the back of increases to earnings forecasts our PE-based target price rises to A$3.54 (from A$3.45). We continue to view ORA as a high-quality, defensive company with an experienced management team and a strong balance sheet allowing plenty of capacity to invest in growth opportunities. With a forecast 12-month total shareholder return of 12%, we maintain our Add rating on the stock. Downside risks to our valuation include weaker-than-expected economic growth in Australasia and North America, higher-than-expected AUD/USD and higherthan-expected raw material and energy prices.

4

Packaging│Australia│Equity research│February 14, 2018

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Sydney Reynolds Securities

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Townsville

+61 7 4725 5787

Wollongong

+61 2 4227 3022

South Australia

Hobart

+61 2 6232 4999

+61 8 8981 9555

+61 3 6236 9000

Disclaimer The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual’s relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so. Those acting upon such information without advice do so entirely at their own risk. This report was prepared as private communication to clients of Morgans and is not intended for public circulation, publication or for use by any third party. The contents of this report may not be reproduced in whole or in part without the prior written consent of Morgans. While this report is based on information from sources which Morgans believes are reliable, its accuracy and completeness cannot be guaranteed. Any opinions expressed reflect Morgans judgement at this date and are subject to change. Morgans is under no obligation to provide revised assessments in the event of changed circumstances. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment whatsoever.

Disclosure of interest Morgans may from time to time hold an interest in any security referred to in this report and may, as principal or agent, sell such interests. Morgans may previously have acted as manager or co-manager of a public offering of any such securities. Morgans affiliates may provide or have provided banking services or corporate finance to the companies referred to in the report. The knowledge of affiliates concerning such services may not be reflected in this report. Morgans advises that it may earn brokerage, commissions, fees or other benefits and advantages, direct or indirect, in connection with the making of a recommendation or a dealing by a client in these securities. Some or all of Morgans Authorised Representatives may be remunerated wholly or partly by way of commission.

Regulatory disclosures Analyst owns shares in the following mentioned company(ies): -

Recommendation structure For a full explanation of the recommendation structure, refer to our website at http://www.morgans.com.au/research_disclaimer

Research team For analyst qualifications and experience, refer to our website at http://www.morgans.com.au/research-and-markets/our-research-team

Stocks under coverage For a full list of stocks under coverage, refer to our website at http://www.morgans.com.au/research-and-markets/company-analysis/ASX100-Companies-under-coverage and http://www.morgans.com.au/research-and-markets/company-analysis/EX-100-Companies-under-coverage

Stock selection process For an overview on the stock selection process, refer to our website at http://www.morgans.com.au/research-and-markets/company-analysis

www.morgans.com.au If you no longer wish to receive Morgans publications please contact your local Morgans branch or write to GPO Box 202 Brisbane QLD 4001 and include your account details. 12.12.17

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