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

Bell Potter rates AVR as Downgrade to Hold from Buy

Anteris Technologies posted first half revenues of $1.5m and expenses of -$56m, up 33% year on year. Revenues are from the legacy products not associated with DurAVR, Bell Potter notes. First US patients on the PARADIGM study were enrolled in May.

Following completion of enrolment, the follow up period for the primary endpoint on the trial is one year, hence the broker expects headline data in Jun-Sep Q of 2027.

Catalysts include the next safety and efficacy update from the DurAVR early feasibility study due later this year, most likely in the Dec Q. Bell Potter downgrades to Hold from Buy (Speculative) following recent appreciation in the share price.

Target unchanged at $13.

Macquarie rates BVS as Neutral

Bravura Solutions delivered a FY26 result that was in line with recent guidance while FY27 guidance implies 2.5% revenue growth, Macquarie observes. All key customer contracts were renewed throughout the year.

The company has secured its first key anchor client in UK workplace pensions, which is considered an expanding area. The broker notes cost discipline and demand for the company's product support earnings.

Operating performance and capital expenditure expectations drive an upgraded cash flow outlook. Macquarie raises the target to $3.30 from $2.34 and retains a Neutral rating.

Citi rates SUN as Neutral

On further inspection, post the initial take below, Citi believes the group is meeting expectations, and its underlying insurance margin is solid despite modest downward pressure.

Potential upside to the reported margin could come from favourable weather and, over time, higher reinsurance profit commissions, while GWP growth is expected to improve slightly in FY27 despite ongoing small market share losses in Australian consumer classes.

Capital generation remains strong, with much of the excess being returned to shareholders, although modest growth prospects leave the company largely fairly valued.

EPS forecasts are raised by 4% for FY27 and 3% for FY28. Neutral is retained and the target rises to $19.80 from $19.25.

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At first look, Suncorp Group announced FY26 cash earnings of $1,042m, slightly lower than Citi's forecast but above consensus.

The difference is attributed to a loss of -$45m offset by marginally better income on shareholders' funds and lower non-controlling interests.

Gross written premium growth of 2.7% was generated with net investment revenue growth of 5.5%, which was a slight beat on the analyst's forecast and a slight miss on consensus.

Management announced a capital return of around $350m versus $400m expected, albeit the broker points out the difference is the special DPS rather than the buyback.

FY27 guidance seems basically in line with an additional 10c special dividend. The results are labelled largely in line as is guidance.

Neutral rated. Target $19.25.