Australian Broker Call

Bell Potter rates AVH as Upgrade to Speculative Buy from Speculative Hold (1) -

Avita Medical's 2Q26 revenue rose 18% to a record US$21.7m, ahead of Bell Potter's US$20.0m forecast, supported by stronger Recell volumes and growth from Cohealyx and PermeaDerm.

The analyst points to improved cost and cash profile, with operating expenses down -6%, the EBIT loss narrowing to -US$6.9m and cash use falling to -US$3.2m from -US$9.9m in 1Q26.

FY26 revenue guidance was upgraded to US$86m–US$89m from US$80m–US$85m, while management expects cash flow breakeven in 4Q26, Bell Potter forecasts breakeven in FY27 and notes funding risk remains.

Earnings (EBIT) forecasts are raised by 12% in FY26, and FY27 lowered by 13% and raises FY28 by 13%, with improved operating leverage expected as revenue scales.

Bell Potter upgrades to Speculative Buy and lifts its target to $2.10 from $1.20.

Target price is $2.10 Current Price is $1.54 Difference: $0.56
If AVH meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BPT as Sell (5) -

Beach Energy delivered a "healthy" level of earnings in FY27, Morgans assesses, while FY27 guidance signals lower production and higher capital expenditure.

A new capital management framework was the main item of note, which highlighted the 2P reserves, which at 6–7 years is considered low for a business of its scale.

The response is to rate both organic and acquisitive growth amongst the highest priorities.

Debt reduction, dividends and buybacks are taking second place. The undersized reserves reduce the broker's view on valuations and risk despite the higher output from Waitsia as it ramps up. Sell rating retained. Target edges up to $0.82 from $0.81.

Target price is $0.82 Current Price is $0.87 Difference: minus $0.045 (current price is over target).
If BPT meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.86, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CAR as Buy (1) -

On further inspection post the first take below, Citi sees FY27 revenue guidance as the key investor debate after FY26 revenue came in at the bottom end of guidance and benefited from acquisitions.

Domestic conditions have improved early in FY27, while strong US lead volumes and new product bundling should support price and yield growth.

The analyst cautions that a weaker macro environment could push revenue growth towards the bottom end of guidance, although ongoing product development is expected to underpin double-digit medium-term growth.

Growth capex increased to around 11% of revenue in 2H26 due to AI investment and product development, but management expects this to moderate to around 10% in FY27. Buy with a $30.60 target.

****

On a first look, Citi notes CAR Group reported profit up 8% year on year, in line with consensus. Revenue growth fell short, partly due to the exit of a business in Brazil, offset by lower costs.

Revenue trends were weaker in the second half but the FY27 outlook is slightly better, Citi notes, and likely addresses investor concerns on slower growth.

While overall investment is higher than expected and profit guidance implies minor consensus downgrades, Citi sees the potential for the stock to outperform on the stronger revenue outlook.

Buy and $30.60 target retained.

Target price is $30.60 Current Price is $27.02 Difference: $3.58
If CAR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CAR as Buy (1) -

At first glance, Car Group delivered a mixed FY26 result with revenue weaker than UBS expected, driven by Australia and Webmotors, and EBITDA in line, due to better Australian and US costs.

FY27 guidance is slightly better than forecast, up 11%-14% amid incremental reinvestment in the US and Korea.

In Australia, the company is guiding to high single-digit revenue growth. Target price is $32.80. Buy.

Target price is $32.80 Current Price is $27.02 Difference: $5.78
If CAR meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $32.34, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CCP as Outperform (1) -

Macquarie has reviewed Credit Corp's US peers PRA's and Encore's quarterly results, providing a read-through. PRA noted second quarter collections performance was supported by the legal channel. Purchases were ahead of Encore management's expectations.

Both PRA and Encore noted ample supply. PRA estimate returns on 2Q26 purchases improved, while Encore's expectations moderated.

Macquarie retains Outperform, noting Credit Corp is a disciplined operator with solid consumer lending momentum, better US collections and resilient A&NZ market.

While visibility on FY27 purchased debt ledgers remains mixed, at 8x PE, valuation is attractive in the broker's view.

Target unchanged at $13.34.

Target price is $13.34 Current Price is $13.35 Difference: minus $0.01 (current price is over target).
If CCP meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CHC as Buy (1) -

Citi highlights strong commercial property transaction activity in 2Q26, despite higher long-term interest rates and macro uncertainty.

Around $15bn of transactions occurred during the quarter, taking 1H26 activity to approximately $20bn, already more than half the circa $33bn recorded in calendar 2025.

The analyst believes continued capital inflows into Australian real estate should support earnings upside for AREIT fund managers and expects upcoming results to drive positive earnings revisions.

Charter Hall and GPT Group ((GPT)) are both identified by Citi as potential upside surprise candidates for the August reporting season.

Citi retains Buy ratings on both stocks. Charter Hall's target is $26.50.

Target price is $26.50 Current Price is $23.90 Difference: $2.6
If CHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.97, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates COF as Trim (4) -

Centuria Office REIT posted a FY26 result that was largely in line with expectations and guidance. FY27 guidance comprises FFO of 11.3 cents and a distribution of nine cents, equating to a distribution yield of 10.1% and 79.6% payout ratio.

Morgans observes the balance sheet remains a constraint, with gearing at 43.7%. Leasing volumes were encouraging amongst the strongest in the REIT's history, although this is yet to translate into occupancy.

The prospect of higher interest rates compounds headwinds for a leveraged portfolio with limited near-term earnings growth and Morgans retains a Trim rating with the target rising to $0.88 from $0.80.

Target price is $0.88 Current Price is $0.90 Difference: minus $0.02 (current price is over target).
If COF meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.90, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates CQR as Buy (1) -

Post the initial take, below, and the conference call with management, Citi believes the REIT's portfolio transformation into a balanced mix of convenience shopping centres and net lease retail has strengthened earnings resilience.

Upcoming CPI-linked rent reviews across most of the net lease portfolio are viewed as a near-term earnings catalyst, while limited new retail supply and population growth provide additional tailwinds.

Record occupancy, specialty tenant retention and sales productivity reinforce Citi's positive view, with rental growth rather than cap rate compression driving higher portfolio valuations.

The broker retains its Buy rating and $4.70 target from $4.50. The NTA rose 8.4% to $5.03, placing the stock at around a -19% discount to NTA. The valuation is viewed as "compelling".

****

It is Citi's first assessment that Charter Hall Retail REIT delivered a "solid" FY26 result. Operating EPS of 26.4cps is in line with upgraded guidance.

FY27 operating EPS guidance of no less than 27.3cps (growth of 3.5%) is slightly below Citi's expectation of 27.6cps, while DPS guidance of 26.4cps is slightly above its forecast.

Commentary also points out NTA per unit rose 8.4% to $5.03, placing the stock at a circa -19% discount to NTA. The A-REIT sector average is -13.8%, the broker highlights.

Buy. Target $4.50.

Target price is $4.70 Current Price is $4.23 Difference: $0.47
If CQR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates CQR as Downgrade to Neutral from Outperform (3) -

Charter Hall Retail REIT's FY26 operating earnings per share of 26.4cps, up 4.0% year on year, was in line with guidance and consensus. FY27 guidance for no less than 27.3cps (up 3.5% year on year) is broadly in line with prior consensus.

Guidance excludes potential capital recycling opportunities which present potential upside if the REIT is able to continue recycling lower yielding assets into higher yielding ones as it demonstrated through FY26.

Macquarie is attracted to a FY26-FY28 compound annual earnings growth rate of 3.5% and dividend yield of 7%. However, the broker downgrades to Neutral from Outperform on valuation grounds with the share price approaching a two-year high.

Target rises to $4.18 from $4.14.

Target price is $4.18 Current Price is $4.23 Difference: minus $0.05 (current price is over target).
If CQR meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.38, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates CQR as Downgrade to Hold from Accumulate (3) -

Charter Hall Retail REIT delivered FY26 operating earnings of 26.4c per unit and distributions of 25.5c, up 4.0% and 3.3%, respectively.

Ord Minnett notes the portfolio's performance was strong with like-for-like net property income up 3% and values revised up by approximately 5%. Financing costs were significantly higher, up 23.2% as acquisitions pushed gearing up to 30.9%.

The broker observes this raises the risk profile but is not a major concern as the majority of debt does not expire until at least FY30. Rating is downgraded to Hold from Accumulate as the shares are now trading in line with valuation. Target is $4.15.

Target price is $4.15 Current Price is $4.23 Difference: minus $0.08 (current price is over target).
If CQR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.38, suggesting upside of 3.5% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates CQR as Buy (1) -

Charter Hall Retail REIT's FY26 result highlighted the merits of its strategy to upweight net lease retail (now 49% of income), UBS suggests, with the vehicle positioned to sustain a higher earnings payout ratio from here, due to a lower maintenance/leasing capex burden.

While FY27 earnings per share guidance of at least 27.3c (or more than 3.5% growth) was in line with consensus, UBS sees clear upside risk.

Charter Hall Retail REIT remains UBS' top pick across the convenience retail REIT names, given its healthy EPS growth prospects and undemanding valuation. Target rises to $4.65 from $4.30, Buy retained.

Target price is $4.65 Current Price is $4.23 Difference: $0.42
If CQR meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.38, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates FPH as Neutral (3) -

Ahead of Fisher & Paykel Healthcare's result, UBS' analysis points to strong growth in devices (25%) and consumables (17%). Devices sales look to be supported by MR950 and Airvo3 rollout.

UBS expects first half profit up 27% on NZ$ revenue growth of 21% and modest margin expansion. The broker also lifts forecast EPS by 3% due to faster anaesthesia adoption, higher hospital device sales and stronger NZ$/hedging gains.

Target rises to NZ$42.00 from NZ$37.50, Neutral retained.

Current Price is $34.94. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates GPT as Buy (1) -

Citi highlights strong commercial property transaction activity in 2Q26, despite higher long-term interest rates and macro uncertainty.

Around $15bn of transactions occurred during the quarter, taking 1H26 activity to approximately $20bn, already more than half the circa $33bn recorded in calendar 2025.

The analyst believes continued capital inflows into Australian real estate should support earnings upside for AREIT fund managers and expects upcoming results to drive positive earnings revisions.

Charter Hall ((CHC)) and GPT Group are both identified by Citi as potential upside surprise candidates for the August reporting season.

Citi retains Buy ratings on both stocks. GPT Group's target is $6.

Target price is $6.00 Current Price is $5.25 Difference: $0.75
If GPT meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 6.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates IFT as Buy (1) -

Citi points out two of Infratil's businesses, 9.1% owned Contact Energy ((CEN)) and 49.7% owned CDC Data Centres are working together to evaluate a possible data centre at Stratford, Taranaki in NZ.

The partners will seek regulatory approval for a 250MW IT load data centre requiring 350MW of total power, with the proposed site benefiting from an existing grid connection.

The facility is planned to be powered entirely by renewable energy, including geothermal, wind and solar.

Citi believes the project demonstrates the potential for Infratil's digital infrastructure and renewable energy businesses to collaborate, while providing additional upside to CDC's pipeline.

Buy rating retained. The broker notes potential upside to NAV as well as scope for the P/NAV discount to narrow. Target $15.18.

Target price is $15.18 Current Price is $12.50 Difference: $2.68
If IFT meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $14.49, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in NZD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates INA as Buy (1) -

Citi maintains a positive view on Ingenia Communities ahead of the August result, expecting attractive land lease margins and FY27 EPS guidance above consensus.

The analyst cautions that a potential acquisition of Peet Group ((PPC)) would increase operational complexity and exposure to more volatile residential development earnings, while diverging from Ingenia's strategy to lift land lease earnings above 50%.

Citi also sees potential for near-term earnings dilution given the possible need for equity funding and the risk of weaker Peet earnings amid a slowing residential market.

It is believed management will need to provide a compelling strategic rationale for pursuing Peet given that acquisition implies a shift towards higher-risk residential development.

Buy rating retained with a $5.42 target.

Target price is $5.42 Current Price is $4.48 Difference: $0.94
If INA meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 14.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates JHX as Buy (1) -

On further inspection, post the initial update below, Citi raises the target price to $50.10 and remains Buy rated due to a positive outlook on the US Repair and Remodel market.

****

On first take, Citi notes James Hardie Industries' 1Q27 earnings (EBITDA) was "oddly" 4% above the top of the pre-reported range. The analyst points to share-based compensation, which has been put below the line, providing the fillip to the result.

The result was robust with FY27 earnings (EBITDA) guidance some 3% above consensus, which appears to be coming from Deck, Rail & Accessories (DR&A) revenue synergies.

Sidings and Trims was also robust with earnings (EBITDA) at the upper end of the guidance range, with demand still positive post-restocking. Earnings (EBITDA) guidance for FY27 is growth of 6% for this segment at the mid-point, in line with consensus.

A&NZ performed better than expected, 6% above consensus. Europe was a surprise beat, 26% ahead of consensus.

Buy. Target price $42.60.

Target price is $50.10 Current Price is $43.18 Difference: $6.92
If JHX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $45.87, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates JHX as Outperform (1) -

James Hardie Industries reported June Q adjusted earnings at top end of guidance. Strong Sep Q guidance appears conservative to Macquarie as execution picks up speed.

Macquarie thinks commercial synergies will become a central focus. The evolution of supply chain and channel strategy, manufacturing efficiencies and the impact of sales integration (combined with expanded distributor relationships) all support this narrative.

The result contained green shoots in market conditions, Macquarie notes, evidence of strategy execution, improved synergy realisation and clues on how the story continues to unfold on the synergy front.

The growth outlook remains underpinned by integration, near-term. Target rises to $47.10 from $41.20, Outperform retained.

Target price is $47.10 Current Price is $43.18 Difference: $3.92
If JHX meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $45.87, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates JHX as Hold (3) -

James Hardie Industries is performing well, in Morgans' view, given the challenging macroeconomic backdrop. FY27 guidance is for adjusted EBITDA at US$1.54bn-$1.63bn, falling largely in line with forecasts.

First quarter net sales were US$1.475bn while adjusted EBITDA of US$422.1m was at a 28.6% margin, slightly beating the broker's forecast. In the second quarter the business will benefit from several one-off items.

The broker continues to believe the stock is a high-quality exposure but as it is now trading in line with historical averages a Hold rating is maintained. Target is raised to $45 from $40.

Target price is $45.00 Current Price is $43.18 Difference: $1.82
If JHX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.87, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates JHX as Accumulate (2) -

James Hardie Industries has started FY27 in a strong position, Ord Minnett notes, with first quarter earnings at the top of recently upgraded guidance.

FY27 net sales guidance has been raised to US$5.56bn-US$5.72bn and adjusted EBITDA to US$1.54bn-$1.63bn, yet the broker notes the uplift in EBITDA is narrower, after adjusting for the share-based compensation expenses.

Siding and trim is expected to deliver organic growth from repair and remodel expansion and deck, rail and accessories to experience improvement in market penetration.

Accumulate rating maintained. Target is $46.

Target price is $46.00 Current Price is $43.18 Difference: $2.82
If JHX meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $45.87, suggesting upside of 6.7% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates JHX as Neutral (3) -

James Hardie delivered June Q earnings 5% ahead of UBS and pre-announced guidance, which almost entirely reflected the updated policy to take equity compensation expense below the line.

The Sep Q guide came in 12% ahead of consensus, reflecting market share gains and strategic wins in Siding, alongside the impact of the load-in of new national sole distributor, Boise Cascade, in the Decking segment.

UBS expects the stock to remain driven by sentiment towards the US housing cycle, with the timing and shape of any recovery dependent on improving consumer confidence and lower mortgage rates. Target rises to $45 from $40, Neutral retained.

Target price is $45.00 Current Price is $43.18 Difference: $1.82
If JHX meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.87, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.6

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates LGI as Buy (1) -

Bell Potter expects LGI's FY26 result to reflect weaker wholesale electricity prices across the NEM, although the company's circa 75% hedge book provides some protection from lower spot prices.

The analyst forecasts FY26 underlying earnings (EBITDA) of $21.5m, slightly below guidance of $21.7m–$22.6m, while the Mugga Lane battery project appears to have slipped into 1H27 as LGI awaits AEMO approval.

Volume forecasts remain unchanged but materially reduce electricity price assumptions, cutting EPS forecasts by –1% for FY26, –27% for FY27 and –35% for FY28.

Despite near-term electricity price pressure, the broker remains positive on LGI's development pipeline and BESS rollout, with operating capacity expected to more than triple within two years.

Target is lowered to $3.20 from $4.50. Buy rating retained.

Target price is $3.20 Current Price is $2.20 Difference: $1
If LGI meets the Bell Potter target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting upside of 68.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Bell Potter rates MAD as Buy (1) -

Mader Group's FY27 outlook remains positive, in Bell Potter's view, supported by strengthening mining activity and heavy mobile equipment utilisation across Australia and North America.

The broker highlights Australian Government forecasts for iron ore production to grow 2.1% pa over FY25-FY28, while stronger mining equipment orders should support fleet renewal, expansion and servicing demand.

North American conditions are also favourable, with expanding customer fleets and strong demand for ageing equipment rebuilds, although Mader's workforce expansion will be important to delivering near-term revenue growth above consensus expectations.

Bell Potter sees FY27 NPAT guidance as a near-term catalyst, forecasting $76m versus consensus of $77m and its FY26 forecast of $67m.

Buy rated with a $9.70 target price.

Target price is $9.70 Current Price is $7.43 Difference: $2.27
If MAD meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates MI6 as Buy (1) -

Following a site visit, UBS notes de-risking continues at Minerals 260's Bullabulling project as a large resource base continues to provide options.

While Bullabulling is typically considered a broad, homogenous orebody (reserves 90Mt at 0.86g/t), UBS was interested in discussions from the geology team on site who have been unpicking the high-grade story at the project, including the presence of visible gold.

The second phase of regulatory approvals covers a larger area and broader pre-feasibility mine footprint and has added complexity in terms of requirements requested, but the team remains confident in timelines (mid 2027 final investment decision target).

Buy and 90c target retained.

Target price is $0.90 Current Price is $0.76 Difference: $0.14
If MI6 meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.20, suggesting upside of 45.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates NCK as Neutral (3) -

Post the initial take below, Citi views the FY26 result as showing strong execution on gross margins and operating expenses.

Better margins offset the sales shortfall, while the 39cps final dividend was well ahead of 31.8cps consensus.

The analyst emerged from the conference call more positive but remains cautious on the A&NZ housing cycle, seeing downside risk to earnings over 1H27 and potentially beyond as comparables become more difficult.

Citi economics forecasts one more RBA rate hike in November and questions whether one or two subsequent rate cuts would improve the housing cycle given housing policy changes announced in the May Federal Budget.

Target $17.25, Neutral rated.

***

On first take, Citi notes Nick Scali's FY26 net profit after tax of $75.7m was in line with consensus.

Sales missed consensus by -3% but more robust margins were an offsetting factor.

The UK operated at breakeven, which is viewed positively. Cost of doing business was flat. The UK gross margin moved up to 61.2% in 2H from 59.2% in 1H.

On the not so positive side, UK like-for-like sales fell -19% and for FY26 missed consensus expectations by -13%.

A&NZ like-for-like sales missed consensus by -4% in terms of a flat outlook and trading update for FY27, but the metric is muddied by new store growth over 5% in the same period, the broker highlights.

Citi believes the result will be positively received due to the short interest and the low investor ownership.

The results and trading update reflect, in the analysts' view, the more upbeat outlook prior to the May budget, given furniture sales lag property contracts by 3-6 months.

Neutral. Target $14.50.

Target price is $17.25 Current Price is $17.11 Difference: $0.14
If NCK meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.96, suggesting upside of 6.1% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates NCK as Outperform (1) -

Nick Scali's second half profit fell broadly in line with consensus. Macquarie is constructive on the continued approach to remain rational on price, not sacrificing its brand or pulling forward orders, noting that A&NZ gross margin expanded 66bps year on year.

Recently proposed capital gains tax changes and the 3-6 month lagged impact from 75bps higher interest rates to consumer cashflows will likely worsen housing turnover over FY27, Macquarie warns.

However, conference call commentary indicated demand stability, and Nick Scali trading has actually improved sequentially. Macquarie sees limited opportunity for earnings growth over FY27, but sees value on a one to three year view.

Target rises to $17.70 from $16.70, Outperform retained.

Target price is $17.70 Current Price is $17.11 Difference: $0.59
If NCK meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $17.96, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NCK as Lighten (4) -

Nick Scali reported FY26 earnings that were in line with expectations, with gross margin improving 210 basis points to 65.6%. A fully franked dividend of 39c was declared, taking the FY26 dividend to 78c and up 30%.

Ord Minnett notes sales momentum in Australasia has slowed in the second half and ongoing weakness is likely, despite two new store openings. The company has noted foot traffic is down sharply.

Nick Scali has made some progress on narrowing the losses in the UK division but the broker does not expect the UK operation to be profitable until FY28.

Lighten rating unchanged. Target is revised up to $15 from $14.

Target price is $15.00 Current Price is $17.11 Difference: minus $2.11 (current price is over target).
If NCK meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.96, suggesting upside of 6.1% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates NWS as Overweight (1) -

Target price is lifted to US$35 from US$34.00

***

News Corp achieved a slight 3Q26 revenue beat of 3% on consensus forecast and earnings (EBITDA) 4% better than expected, Morgan Stanley observes.

Digital real estate earnings (EBITDA) rose 25% including 20% revenue growth from REA Group ((REA)) and 10% from Move. Dow Jones earnings (EBITDA) lifted 11% with risk and compliance up 19% and Dow Jones energy up 12%.

The stock remains one of the broker's highest conviction traditional media Overweight ratings.

Target raised to US$35 from US$34.00 with an Attractive industry view.

Current Price is $47.85. Target price not assessed.

Current consensus price target is $55.92, suggesting upside of 21.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates NWS as Upgrade to Buy from Accumulate (1) -

Ord Minnett upgrades News Corp to Buy from Accumulate after fourth quarter earnings came in ahead of forecasts.

The 'beat' was mostly from digital real estate and Dow Jones. Revenue from digital real estate services rose 19% in the quarter. Dow Jones revenue grew 7%.

The broker expects EPS growth of 14% in FY27 and upgrades to Buy from Accumulate as the shares are trading below where they were a year ago. Target is $60.

Target price is $60.00 Current Price is $47.85 Difference: $12.15
If NWS meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $55.92, suggesting upside of 21.3% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates NXG as Downgrade to Accumulate from Buy (2) -

NexGen Energy has started construction on Rook 1 with development expenditure rising to CAD30.7m in the second quarter.

Morgans notes the company can call on 2023 debentures from September and has indicated conversion to equity rather than repayment.

This will mean, the broker calculates, up to 16.3m new shares will be issued.

Morgans remains positive on the long-term outlook for both uranium and Rook 1, incorporating more conservative capital and schedule assumptions to reflect the inherent risks of developing a large underground mine in a remote environment.

Rating is downgraded to Accumulate from Buy and the target is reduced to $15.60 from $20.80 amid material changes made to valuation modelling.

Target price is $15.60 Current Price is $14.40 Difference: $1.2
If NXG meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $17.80, suggesting upside of 21.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in CAD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates QAN as Outperform (1) -

FY26 proved challenging for Qantas Airways, Macquarie notes, reflecting the rising interest-rate environment, and then the Iran conflict, which collectively halted earnings growth.

The ongoing conflict is likely to weigh on the first half FY27 outlook, Macquarie warns, with subdued capacity growth and the lingering impact of pre-war priced booking activity during February continuing to pressure profitability.

Fleet renewal and Project Sunrise nonetheless underpin medium-term earnings growth and stronger returns. Valuation remains attractive, Macquarie believes, with lower fuel costs representing the key upside catalyst.

Target falls to $10.80 from $11.00, Outperform retained.

Target price is $10.80 Current Price is $10.57 Difference: $0.23
If QAN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $11.48, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates REA as Overweight (1) -

Target price for REA Group is raised to $225 from $220.

Overweight. Industry view is In-Line.

Target price is $225.00 Current Price is $173.51 Difference: $51.49
If REA meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $189.96, suggesting upside of 8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie - Cessation of coverage

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates RMD as Neutral (3) -

On further inspection, post the initial take below, Citi has revised FY27 forecasts following in-line 4Q26 sales, reducing the estimated revenue impact from the Astral recall to -US$75m from -US$200m, while tempering gross margin expansion expectations.

The broker now models a US$1.5bn FY27 buyback, weighted to 1Q, and expects organic EPS growth in the low double digits, or around 8% excluding the buyback.

Management's FY27 guidance for 5%-7% organic constant currency sales growth and 12%-14% organic EPS growth is viewed as achievable, with potential upside risk, although uncertainty remains around Philips' eventual return to the US market.

The broker retains its Neutral rating, with the US price target unchanged at US$235 and the Australian target falling to $33.00 due to FX.

***

At first glance, Citi found ResMed's fourth quarter sales were in line with expectations, with a stronger performance outside of the Americas.

Total sales of US$1.46bn were up 9%, with devices up 8% and masks up 11%. Gross margins, while slightly ahead of the broker's estimates, were -46 basis points below consensus and commentary states this may attract some scrutiny.

Citi suspects investors will focus on the performance in the Americas and expectations for gross margin, homing in on the collective effect of the acquisition of Noctrix, divestiture of MatrixCare and active Astral ventilator safety recall.

Neutral rating and $33 target.

Target price is $33.00 Current Price is $28.87 Difference: $4.13
If RMD meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 29.2% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates RMD as Outperform (1) -

ResMed's June Q was mixed, Macquarie suggests, with revenue and gross profit in line, but gross margin -45bps below consensus, while higher hedge benefits pulled net profit 2% ahead.

Rest-of-world sales have outperformed for the third consecutive quarter with devices 3% ahead of consensus, and masks/accessories 4% ahead. This balanced an in-line result from Americas and slightly softer Residential Care Software performance.

Stripping out Astral impacts, June Q sleep devices rose 8% for Americas and 13% for RoW, above market growth at mid-single digit.

Near-term ventilator impacts aside, the core sleep business remains strong, Macquarie notes, with management confident in medium-term revenue and earnings growth, supported by year on year double-digit gross margin expansion and in spite of GLP-1 fears. 

Target increases to $46.80 from $46.60, Outperform retained.

Target price is $46.80 Current Price is $28.87 Difference: $17.93
If RMD meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates RMD as Equal-weight (3) -

On further analysis, Morgan Stanley notes revenue and gross profit were in line with forecasts in the June quarter, though EBIT was lower than expected because of higher R&D costs.

ResMed has highlighted it expects a decline in first quarter revenue, amid seasonal weakness as well as the divestment of MatrixCare and the impact associated with the Astral recall.

Morgan Stanley is yet to include the divestment of MatrixCare in its forecasts and incorporates minor revisions to operating assumptions.

The broker states price increases need to be delivered over the second to fourth quarters to meet FY27 guidance for constant currency revenue growth of 5%-7%.

Equal-weight rating. Target is reduced to US$227 from US$229. Industry view is In-Line.

****

On a first glance, Morgan Stanley finds ResMed's June quarter revenue was in line with consensus. Compositionally, Americas revenue was -1% below with rest-of-world 3% above.

The gross margin of 62.3% was below 62.7% expectation. Earnings were -3% below on a lower than expected earnings margin (35.2% versus 36.2% expectation).

Equal-weight and US$229 target retained. Industry view: In Line.

Current Price is $28.87. Target price not assessed.

Current consensus price target is $38.88, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates RMD as Buy (1) -

On further inspection, post the initial take below, Morgans lowers the target price to $39.50 from $40.97 and retains a Buy rating.

The broker views FY27 guidance for US$5.75bn-5.85bn revenue and US$12.00-12.25 EPS as stronger than the headline growth rates suggest.

Underlying revenue and EPS growth estimated at 5%-7% and 12%-14%, respectively, after adjusting for MatrixCare, Noctrix and Astral.

The core Sleep & Breathing Health business healthy, with device and mask growth above market, while productivity initiatives and manufacturing efficiencies are expected to support further gross margin expansion.

***

In an initial assessment, Morgans welcomes the fourth quarter results from ResMed, noting underlying demand remains healthy. EPS in the fourth quarter of US$2.95 comfortably exceeded the broker's estimate.

Gross margin expanded to 62.3%, driven by ongoing productivity initiatives. Management has announced plans to return more than US$1.85bn to shareholders in FY27.

The broker is looking for details on FY27 operating guidance, particularly gross margin, R&D and tax assumptions.

Target price is $40.97. Buy retained.

Target price is $39.50 Current Price is $28.87 Difference: $10.63
If RMD meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RMD as Buy (1) -

Ord Minnett found the fourth quarter result from ResMed mixed. Earnings beat estimates but were helped by "other income" while a jump in R&D expenditure, gross margins and revenue guidance were negative surprises.

For the first time, the company provided FY27 revenue and EPS guidance. Revenue guidance of US$5.75bn–US$5.85bn at the mid-point is around –3% below expectations. Qualitative guidance for gross margin expansion is in the low double digits.

Ord Minnett retains a Buy rating and a target of $36.20.

Target price is $36.20 Current Price is $28.87 Difference: $7.33
If RMD meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 29.2% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 0.7

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Ord Minnett rates RSG as Buy (1) -

Resolute Mining is likely to find achieving 2026 guidance difficult, Ord Minnett asserts, amid supply chain and logistics disruptions because of a volatile security situation in Mali. This led to a -32% quarter-on-quarter reduction in gold production at Syama in the June quarter.

Mako, in Senegal, had a "solid" quarter, the broker notes, while construction of Doropo in Cote d'Ivoire is on track and on budget.

AISC costs were up 12% in the quarter, attributed to lower production at Syama and higher royalty payments from an elevated realised gold price.

Ord Minnett reduces its price target to $1.60 from $1.75 and maintains a Buy rating, envisaging value exists, and if, over time, the company can execute on key priorities, it should diversify cash flow and help de-risk the shares.

Target price is $1.60 Current Price is $1.06 Difference: $0.54
If RSG meets the Ord Minnett target it will return approximately 51% (excluding dividends, fees and charges).

This company reports in USD. All estimates have been converted into AUD by FNArena at present FX values.

Market Sentiment: 1.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates SCG as Buy (1) -

Citi expects Australian retail REITs to deliver a positive August reporting season, supported by near-full occupancy, positive leasing spreads and strong rental escalation momentum.

The broker sees additional earnings upside from Scentre Group's -100bps reduction in funding costs and Vicinity Centres' ((VCX)) post-development earnings recovery, while GPT Group ((GPT)) benefits from NPI growth and trades at an attractive discount to NTA.

Charter Hall Retail REIT ((CQR)) and Region Group ((RGN)) continue to deliver steady growth, and the analyst expects Region's revenue growth to exceed cost growth in FY26 and FY27.

Citi prefers Scentre as the strongest inflation beneficiary, while GPT and Charter Hall Retail offer attractive NTA discounts and defensive underlying growth.

Scentre Group is Buy rated with a $4.40 target price.

Target price is $4.40 Current Price is $3.98 Difference: $0.42
If SCG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 1.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates TAH as Buy (1) -

Tabcorp Holdings and Betmakers Technology Group ((BET)) have entered a scheme implementation deed whereby the former will acquire all ordinary shares on issue from the latter for 26c each, with an election to take up to 26% of consideration in Tabcorp scrip.

Morgans expects the acquisition to proceed, on an initial view. The scheme is conditional on court approval and favourable independent expert conclusion as well as clearance from ACCC and the jurisdictions in which Betmakers operates.

Morgans remains supportive of the strategic direction of Tabcorp although acknowledges potential headwinds in the wagering and regulatory environment. Buy rating and $1.02 target.

Target price is $1.02 Current Price is $0.89 Difference: $0.13
If TAH meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.05, suggesting upside of 15.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates TLC as Sell (5) -

Ahead of Lottery Corp's FY26 result on 19 August, Citi updates the like-for-like trends, indicating Powerball is up 6% y/y over the last six months, compared to up 7% for the six months to June.

The trend continues to weaken, the analyst explains, and remains "soft" compared to the 16.7% price rise in November 2025 and consensus outlook for FY27.

The softest trend is evident with Oz Lotto falling around -13% y/y over the last six months.

The broker reiterates the Sell rating on the stock and considers the market to be far too upbeat on the outlook for FY27 lottery. Citi's FY27 earnings forecast is around -5% below consensus.

Target $5.

Target price is $5.00 Current Price is $5.46 Difference: minus $0.46 (current price is over target).
If TLC meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.86, suggesting upside of 7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Macquarie rates TWE as Neutral (3) -

At first glance, Macquarie notes Treasury Wine Estates delivered FY26 earnings that were slightly ahead of expectations. The company has accelerated its rebalancing of the US supply chain, as previously flagged, resulting in non-cash write-downs.

No segment-level earnings data was provided. Management has reiterated FY27 EBITS guidance to at least equivalent to FY26, driven by Penfolds and cost benefits from the Ascent transformation.

The broker assesses the path to a fundamental recovery remains some way off and retains a Neutral rating. Target is $4.90.

Target price is $4.90 Current Price is $5.43 Difference: minus $0.53 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.12, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Citi rates WBC as Neutral (3) -

On a first look, Citi notes Westpac reported June Q cash earnings in line with consensus. Citi believes the result delivered slight lower revenue than expected but offset by a better performance on costs.

The net interest margin of 1.89% was below 1.90% consensus. Asset quality was broadly as expected. Overall, Citi thought that sentiment on the conference call was most negative for NIM, where there looks to be downside risk to FY27 consensus.

Neutral and $37.50 target retained.

Target price is $37.50 Current Price is $37.93 Difference: minus $0.43 (current price is over target).
If WBC meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.51, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

UBS rates WBC as Buy (1) -

Westpac's third quarter trading update was largely in line with UBS' expectations amid softer mortgage applications. Net interest margins edged up while the run rate on net profit is slightly below forecasts.

Interest-only investor mortgages as a percentage of the portfolio were up, which the broker suspects might reflect behavioural shifts and a lengthening duration of the book.

UBS was pleased institutional margins were higher albeit offset from competition in New Zealand. The focus is on translating volume growth into revenue momentum and earnings. Asset quality remains largely benign, UBS adds.

Buy rating and $45 target.

Target price is $45.00 Current Price is $37.93 Difference: $7.07
If WBC meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $34.51, suggesting downside of -3.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources