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

Macquarie rates MPL as Neutral

Macquarie details how the Federal Government is considering the enforcement of a 'payout ratio' to increase payments to hospitals from insurers.

The analyst notes that while the goal is admirable, the ability to "execute" is challenging and is likely to be more subtle and nuanced.

Macquarie expects more small initiatives which will impact FY26 results.

A Neutral rating with $4.25 target retained.

Macquarie rates NHF as Underperform

Macquarie details how the Federal Government is considering the enforcement of a 'payout ratio' to increase payments to hospitals from insurers.

The analyst notes that while the goal is admirable, the ability to "execute" is challenging and is likely to be more subtle and nuanced.

Macquarie expects more small initiatives which will impact FY26 results.

An Underperform rating and $5.55 target price is retained for nib Holdings.

Bell Potter rates NUF as Buy

Commencement of a strategic review of Nufarm’s Seeds business could act as a significant value catalyst, suggests Bell Potter, particularly if it results in a full or partial divestment.

Excluding the omega-3 platform, the Seeds segment is expected to deliver over $75m in FY25 earnings, with recent industry transactions supporting potential valuation ranges for the segment of between $644-947m, notes the broker.

The analysts point out that applying peer trading multiples to the crop protection and remaining corporate functions suggests an asset value between $2.1-2.3bn.

The current share price implies to the broker either a zero valuation for Seeds or a substantial discount to global crop protection peers.

Bell Potter retains a Buy rating and a $3.45 target price.