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

Bell Potter rates BGA as Buy

Bega Cheese's FY26 underlying EBITDA of $225.6m was up 12% and in line with expectations and guidance, while underlying NPAT rose 36%.

The analyst points to 13% growth in branded categories, market share gains in grocery, higher milk supply and a 38% increase in Bulk EBITDA as key positives.

FY27 EBITDA guidance of $240-245m brackets consensus but is below the broker's prior $249m forecast, with growth largely dependent on $38m of cost reductions already implemented.

FY27-FY28 NPAT forecasts are broadly unchanged, while the broker retains its Buy rating and raises the target to $8.05 from $7.75 due to lower net debt.

Macquarie rates CWY as No Rating

Cleanaway Waste Management reported FY26 results in line with guidance, with profit and the dividend both up 14%. Earnings guidance for FY27 is reiterated.

Macquarie is on research restriction.

Citi rates MPL as Neutral

Following Medibank Private's FY26 results, Citi trims its target by -10c to $5.00.

Management expects policyholder growth to accelerate from 1.1% in FY26, although the 4Q performance raises some uncertainty around the FY27 outlook, the broker suggests. Hence, a Neutral rating is maintained.

First Take: In an initial review of Medibank Private's FY26 results, Citi assesses an in-line outcome and a higher-than-expected dividend. However, underwhelming private health insurance (PHI) growth and a lower Medibank Health gross margin are also noted.

Underlying profit of $637m was in line with consensus of $638m, note the analysts, and 10.9cps fully franked dividend is slightly ahead of consensus.

Softer-than-expected PHI revenue is the main cause of the slight miss to consensus on operating profit with net margins in line, the broker explains.

The analyst would not be surprised to see the stock price trade flat or slightly down today.