UBS forecasts based on SFR price $5.32 on 14th Apr 2016: Column...

UBS forecasts based on SFR price $5.32 on 14th Apr 2016:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1	SFR (A$)	06/15	06/16E	06/17E	06/18E	06/19E	06/20E
2	Revenues	549	488	431	510	643	680
3	EPS	0.44	0.34	0.24	0.63	1.22	1.41
4	EV/EBITDA	3.9	4.8	5.5	3.5	2.3	2.2
5	P/E	11.8	15.5	22.6	8.4	4.4	3.8
6	Net div yield%	2.5	1.5	0.9	3	5.8	6.8

UBS forecasts based on OZL price $5.74 on 6th May 2016:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
1	OZL (A$)	12/15	12/16E	12/17E	12/18E	12/19E	12/20E
2	Revenues	879	872	784	857	806	841
3	EPS	0.43	0.22	0.29	0.36	0.27	0.19
4	EV/EBITDA	1.6	3.5	2.8	2.7	3.2	4.1
5	P/E	9.3	25.7	19.5	16	21.5	30.7
6	Net div yield%	4	2.1

This is based on:
- SFR: reduced costs (5%) in FY17, leading to an earnings uplift.
- OZL: 2.8Mtpa Carrapateena valuation being risk weight by 50%.
UBS has 12-month rating: Neutral on both SFR and OZL