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

Macquarie rates DDR as Neutral

In a trading update, year-to-date earnings (EBITDA) for Dicker Data are up 32% to $58.2m which annualises to around $174.6m. This compares to Macquarie's estimate of $175.2m.

While tracking slightly below expectations, the analyst points out the 45.5% growth in profit before tax which more than offsets the slight miss and is tracking above the broker's 2026 forecast.

The seasonally stronger May-June trading period could offer potential upside to 1H2026 earnings. Management has pointed to 2H2026 supply shortages but overall demand is guided to remain strong despite supply chain and pricing changes in the 2H.

Macquarie indicates there may have been some pull forward of demand. Earnings forecasts are unchanged. Neutral rating and $10.35 maintained.

Bell Potter rates TRJ as Buy

Trajan Group has signalled that revenue and earnings are likely to be affected amid the strengthening of the Australian dollar since the first half.

Bell Potter observes operating conditions otherwise appear to be in line with expectations set out at the first half result and translation effects will impact the full year.

The vast majority of the company's sales are generated outside Australia and costs are circa 50% domiciled outside Australia. Hence there is no natural hedge. Target falls to $0.75 from $1.05. Buy rating retained.

Morgans rates WEB as Upgrade to Buy from Accumulate

Morgans highlights the resilience of Web Travel's FY26 result despite disruption from the Middle East conflict. Earnings came in near the lower end of guidance but ahead of the consensus expectations.

The broker highlights strong cash conversion, market share gains and improving revenue margins driven by higher direct contracting and pricing benefits.

Commentary notes trading has slowed materially into FY27 amid ongoing geopolitical uncertainty and adverse foreign exchange movements, prompting significant forecast downgrades by the analysts.

Morgans lowers its target to $3.75 from $5.20 but upgrades to Buy from Accumulate following recent share price weakness. The broker expects a weak first half followed by recovery in 2H27.