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Buy – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of 10% or more within a 12-month period.
Hold – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of 0% to 10% within a 12-month period.
Sell – Describes stocks that we expect to provide a total return (price appreciation plus gross yield) of less than 0% within a 12-month period.
NR – The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or APP Securities policies.
CS – Coverage Suspended. APP Securities has suspended coverage of this company.
Speculative Buy – Describes stocks we research with a positive bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Sell rating.
Speculative Sell – Describes stocks we research with a negative bias, whose company fundamentals and/or financials are being covered, but for which there is insufficient information for APP Securities to assign a Buy or Sell rating.
Monitor – Describes stocks whose company fundamentals and/or financials are being monitored, or for which no financial projections or opinions on the investment merits of the company are provided.
APP Securities methodology for assigning stock ratings may include the following: market capitalisation, maturity, growth/value, volatility and expected total return over the next 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of parts, net asset value, discounted dividend model (DDM), franking credits and return on equity (ROE) over the next 12 months.
APP Securities Discounted Cash Flow (DCF) valuation applies a terminal growth rate to the last forecast year’s cash flow and discounts the amount using Weighted Average Cost of Capital (WACC). The Terminal Value is tested using ASX-listed company multiples. For resource companies there is no terminal value because cash flows are forecast to the end of mine life.
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