OUR QUEST IS NOT TO BE BULLISH OR BEARISH, BUT TO CORRECTLY ASSESS FUTURE TRENDS

Bell Potter rates IRI as Buy

In a trading update, Integrated Research revealed expectations for 1H26 statutory revenue of $25.0-30.5m and an EBITDA loss of -$3-8m. This compared with Bell Potter's estimates of $31m and -$0.6m, respectively.

Weaker revenue reflects softer renewals, but customer growth hasn't offset them. Additionally, the company reported a significant rise in expected credit-loss allowances, but didn't quantify.

The broker downgraded 1H26 revenue and EBITDA forecasts to the midpoint of the revised guidance, and assumed -$4, bad debt provision. Forecasts for 2H26 also lowered, resulting in -11% downgrade to FY26 revenue estimate, along with lower estimates for FY27-28.

Buy. Target trimmed to 40c from 55c on earnings downgrades, reduction in valuation multiple and higher WACC.

UBS rates RHC as Neutral

Ramsay Health Care's Sante, which operates the French and Nordics business, announced 1Q26 revenue up 3% y/y, which included organic growth of 2% as well as some volume growth benefits, UBS explains.

Nordic revenue grew 5% compared to France at 2%, while earnings (EBITDA) rose 7%, with margins up 30bps over the period.

The result is marginally better than anticipated, but the analyst is cautious about whether momentum from France can be retained over the course of FY26.

No change to Neutral rating and $35.90 target price.

Citi rates WDS as Neutral

Citi sees Santos as better positioned than Woodside Energy for a re-rating as the oil price bottoms in 1Q26.

Santos is emerging from its capex cycle with stronger cash margins, rising free cash flow (FCF) yield, and cleaner earnings conversion to operating cash flow.

The broker highlights a balanced reserves mix, improving return on invested capital (ROIC) through the decade, and rapid gearing normalisation as Barossa and Pikka ramp up.

Woodside remains high quality but faces higher depreciation, extended capex tied to Louisiana LNG, execution and farm-down risks, and heavier single-asset exposure in Scarborough, notes Citi.

Neutral for Woodside Energy. Target $25.50.