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

UBS rates ALD as Neutral

Ampol announced a very robust 2Q trading update, UBS stresses with unaudited 1H2026 earnings (EBITDA) around 18% above consensus and unaudited earnings (EBIT) 22% above consensus expectations.

The refiner benefitted from a "long jet fuel" position ahead of the Middle East war, boosted by in-the-money hedges and earnings (EBITDA) from international trading estimated at $259m, versus the historical average $37m per half over the prior eight halves, the analyst highlights.

More robust cash flows and higher trading results are expected by the broker to be used to increase debt reduction.

Target price is raised to $39 from $36.65 with a Neutral rating retained. EPS forecasts are upgraded by 28% for FY2026 and 10% for FY2027. UBS acknowledges Ampol offers exposure to upside risks in the energy sector.

This report was published on July 31, 2026.

Bell Potter rates AV1 as Buy

Adveritas delivered recurring revenue in the June quarter that was up 11% quarter on quarter and 60% year-on-year, at $16.8m.

Cash receipts were notably below Bell Potter's forecast but this reflected the continued shift by customers to half-yearly or quarterly payments from annual. Revenue forecasts are eased by -2% for FY26-FY28.

Buy rating retained. Target is reduced to $0.16 from $0.18.

Citi rates BRG as Buy

Citi sees positive takeaways from De'Longhi's 2Q2026 result for Breville Group, which remains Buy rated.

The peer's result showed ongoing strength in coffee, particularly for revenue growth in the Americas, which is one of Breville's major markers.

The coffee segment across the De'Longhi group advanced at mid-single digits, which is higher than the 1Q low-single digit growth at constant FX, the analyst points out.

Target $39.85.