Australian Broker Call

Macquarie rates AEL as Outperform (1) -

Macquarie takes account of the soft east coast gas market and lowers winter revenue expectations for Amplitude Energy's spot gas sales, cutting realised gas price estimates to $10.74/gigajoule for the fourth quarter.

The Transocean Equinox rig will return to the company in July to drill Juliet, Annie-2 and then possibly Nestor.

The broker assesses the weakness is weighing on the share price and creating an accumulation opportunity for those that are focused on the intrinsic value of the contracted book and opportunity to reload Otway infrastructure at Athena.

Target is reduced to $2.55 from $3.00 and an Outperform rating is maintained.

Target price is $2.55 Current Price is $1.46 Difference: $1.095
If AEL meets the Macquarie target it will return approximately 75% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting upside of 97.0% (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 ALX as Neutral (3) -

Citi raises its target for Atlas Arteria to $5.10 from $4.80 to align with the latest bid price by IFM Investors. The Neutral rating is maintained.

A summary of the broker's initial research yesterday follows.

IFM Investors has today raised its takeover offer for Atlas Arteria to a "best and final" $5.10 per security, up from $4.75, and declared the bid largely unconditional.

At first glance, Citi notes the revised offer matches the value previously implied if IFM reached a 45% stake and provides investors with immediate cash certainty.

The broker highlights IFM is prevented by ASIC from increasing the bid further unless a competing proposal emerges.

The analysts believe the absence of a substantial holder notice suggests IFM has yet to secure meaningful acceptances. It's also noted IFM may acquire shares on-market ahead of the June 25 offer deadline.

Target price is $5.10 Current Price is $5.10 Difference: $0
If ALX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Bell Potter rates AX1 as Hold (3) -

Bell Potter views Frasers Group's on-market takeover bid for Accent Group as opportunistic, noting the offer was made during a period of cyclical weakness in the Australian footwear market. The bid also implies no premium to the prevailing share price, the broker notes.

The bid is seen as undervaluing Accent's dominant position in lifestyle footwear, led by banners including Skechers, Platypus and Hype, as well as its growing apparel portfolio.

While acknowledging recent disappointing earnings from Glue Store and MySale, Bell Potter believes Frasers is pursuing a strategically attractive asset with significant long-term value.

The broker raises its target to 80c from 60c, based on a terminal valuation approach, and retains a Hold rating.

Target price is $0.80 Current Price is $0.75 Difference: $0.05
If AX1 meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.76, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates CIP as Buy (1) -

UBS observes the ResetData and Centuria investor update demonstrated the role Centuria Industrial REIT will play in unlocking data centre value for the platform.

The approach will be a more familiar real-estate style, commentary suggests, as in collecting income streams from existing data centre assets and achieving the highest and best use for well located land/assets.

Buy rating and $3.40 target.

Target price is $3.40 Current Price is $3.05 Difference: $0.35
If CIP meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.27, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates CNI as Neutral (3) -

UBS observes the ResetData and Centuria investor update revealed strong interest in Centuria Capital's nascent AI exposure.

The broker suspects a material step-change in contracted capacity will be required before the market is willing to attribute a "NeoCloud multiple" to the company's ResetData interest and looks for further updates to support continued outperformance.

Neutral rating and $1.69 target.

Target price is $1.69 Current Price is $2.19 Difference: minus $0.5 (current price is over target).
If CNI meets the UBS target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting downside of -8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates DEV as Initiation of coverage with Speculative Buy (1) -

DevEx Resources is preparing to commence its first systematic exploration campaign across its newly consolidated 9,200sqkm landholding in the Northern Territory's Alligator Rivers Uranium Province.

Bell Potter highlights the company's control of more than 50km of highly prospective fault corridors following the acquisition of uranium tenements from Alligator Energy ((AGE)) and Rio Tinto ((RIO)).

The fully funded 17,000m drilling program offers significant exploration upside in a region Bell Potter considers analogous to Canada's prolific Athabasca Basin.

Bell Potter also expects DevEx to pursue further industry consolidation as it works towards its long-term ambition of becoming a 10Mlb uranium producer.

Bell Potter initiates coverage with a valuation of 41c and a Speculative Buy rating.

Target price is $0.41 Current Price is $0.26 Difference: $0.155
If DEV meets the Bell Potter target it will return approximately 61% (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 FBU as Neutral (3) -

UBS updates its FY26 and FY27 forecast to incorporate the trading update from Fletcher Building, noting that over NZ$400m in planned asset sales should mean net debt falls to around NZ$760m, considered a robust achievement in a challenged environment.

The company is expecting FY26 EBIT of NZ$375-380m. The broker notes New Zealand was experiencing an emerging recovery in the March quarter when rising fuel prices, election uncertainty and the prospect of rising interest rates pushed the recovery back to the end of 2027.

The broker's discussions with industry have signalled that residential is particularly weak while NZ suppliers have done a "good job" managing disrupted supply chains. Neutral rating retained. Target rises to NZ$3.80 from NZ$3.40.

Current Price is $2.69. Target price not assessed.

Current consensus price target is $2.76, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Bell Potter rates FHE as Speculative Buy (1) -

Bell Potter retains its Speculative Buy rating for Frontier Energy but lowers its target to 35c from 50c to reflect dilution from a capital raising relating to the Waroona Renewable Energy Project.

Funding for Stage One (consisting of a 132MW direct current solar farm with an integrated 81.5MW 6.9-hour battery) is largely in place following a $110m equity raising, while debt financing is expected to be finalised in July.

Construction is scheduled to commence in the second half of 2026.

Frontier Energy is positioned to benefit from Western Australia's accelerating energy transition, according to the broker.

Target price is $0.35 Current Price is $0.24 Difference: $0.115
If FHE meets the Bell Potter target it will return approximately 49% (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

Macquarie rates FLT as Outperform (1) -

Flight Centre Travel has made a -13% downgrade to guidance at the mid point, now projecting underlying pre-tax profit of $275-295m. Macquarie expected the downgrade although the quantum was unclear.

Corporate activity remains robust with FY26 underlying profit growth forecast at 26%. Leisure activity is expected to rebound sharply as the Middle East war continues to de-escalate, helped by lower fuel prices and airfares.

The company has launched a further $200m on-market buyback, which the broker calls an opportunistic deployment of cash given the depressed share price, reflecting management's view the current situation is temporary.

Target is reduced to $14.45 from $15.54 and an Outperform rating is maintained.

Target price is $14.45 Current Price is $12.44 Difference: $2.01
If FLT meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 24.9% (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

Morgan Stanley rates FLT as Overweight (1) -

Flight Centre Travel has downgraded FY26 underlying profit before tax guidance to $275m-$295m from $310m-$345m, with Morgan Stanley attributing most of the reduction to weaker leisure travel earnings.

The Leisure division is expected to generate around $150m in FY26 profit. This outcome would be below consensus expectations, the analysts note, reflecting softer demand, booking deferrals and disruptions to Middle East travel routes.

Corporate travel remains resilient, the broker highlights, with profit expected to grow more than 20% year-on-year, partly offsetting weakness elsewhere.

Management also cited a -$5m impact from touring cancellations and a -$5m-$10m headwind from the stronger Australian dollar.

A new $200m share buyback was announced.

Overweight rating. Target $16.00.

Target price is $16.00 Current Price is $12.44 Difference: $3.56
If FLT meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 24.9% (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

Morgans rates FLT as Buy (1) -

Morgans was not surprised by the downgrade to FY26 underlying pre-tax profit guidance from Flight Centre Travel to $275-295m, observing that, if not for the Middle East conflict, the travel agent would have had a strong year.

The conflict interrupted travel plans and forward bookings and leisure guidance is now for pre-tax profit of $150m. The company will lose overriders from high yielding Middle East carriers.

Corporate performed better than the broker expected and is now anticipated generating profit of $240m, up 26.5%. The company has also highlighted the steep rebound which typically follows short-term leisure travel downturns.

Morgans retains a Buy rating and the target is raised to $14.80 from $14.55.

Target price is $14.80 Current Price is $12.44 Difference: $2.36
If FLT meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 24.9% (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

UBS rates FLT as Buy (1) -

Flight Centre Travel has revised FY26 pre-tax profit guidance down to $275-295m from the prior $310-345m. UBS notes the collateral damage from the Middle East war was unfortunate yet early indications of the negotiated peace deal should help forward bookings.

The broker highlights the corporate business remains strong while the disruptions in the Middle East have caused a shift to lower-commission Asian carriers and a slowdown in longer-haul bookings.

The company also announced another $200m on-market share buyback and is continuing to focus on productivity improvements.

UBS argues very low expectations for FY27 are already priced into the stock and, should the business demonstrate ongoing momentum in corporate and a resumption of more normal leisure bookings, it could re-rate further. Buy rating. Target edges up to $14.70 from $14.50.

Target price is $14.70 Current Price is $12.44 Difference: $2.26
If FLT meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $15.12, suggesting upside of 24.9% (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

Ord Minnett rates GPT as Accumulate (2) -

A tour of Grosvenor Place reinforced Ord Minnett's view that GPT Group has a clear opportunity to create value by leasing up the asset's current vacancy.

Acquired in late 2025, this Sydney office tower is now GPT's largest office investment, with management targeting a stabilised yield of around 7% by FY28, implying to the broker potential value uplift of 10%-15%.

Ord Minnett remains cautious on GPT's broader outlook, citing balance sheet pressures, potential earnings dilution from asset sales and ongoing valuation risks across the office portfolio.

While retail and logistics assets continue to perform well, the analyst believes execution remains key. Accumulate rating and $5.30 target.

Target price is $5.30 Current Price is $5.07 Difference: $0.23
If GPT meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.45, suggesting upside of 9.9% (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

Macquarie rates NIC as Outperform (1) -

Nickel Industries had a strong start to 2026, Macquarie observes, and has reported an adjusted EBITDA of US$80m for the first two months of the second quarter, despite the downtime at Hengjaya in April.

The company has also noted a working capital unwind at RKEF operations could deliver US$70m in distributions in early July, supporting the cash balance. A US$15m refund from Shanghai Decent is also expected following the decision to shelve the ONI matte converter project.

Macquarie incorporates the latest updates which drives a 7% increase in 2026 EPS estimates. Target is unchanged at $1.20 and an Outperform rating is maintained.

Target price is $1.20 Current Price is $1.00 Difference: $0.195
If NIC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.33, suggesting upside of 38.0% (ex-dividends)

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: 1.0

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

Bell Potter rates PAR as Speculative Buy (1) -

Paradigm Biopharmaceuticals has completed enrolment for its first Phase 3 trial of injectable pentosan polysulfate sodium (iPPS) in osteoarthritis of the knee. Patient recruitment was 538, above the original target, Bell Potter notes.

The broker views this milestone as a key step towards interim data due in September and headline results expected in the first quarter of 2027.

The analysts highlight efficient trial execution and note no safety concerns have emerged.

Following a recent capital raising, Paradigm has around $40m in available funding. Bell Potter retains a Speculative Buy rating and lowers its target to 45c from 65c.

Target price is $0.45 Current Price is $0.18 Difference: $0.27
If PAR meets the Bell Potter target it will return approximately 150% (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 RDX as Buy (1) -

Redox, outperforming the ASX small ordinaries by 21% since the beginning of the Middle East war, has been supported by several factors, UBS asserts.

These include, as a distributor, holding inventory benefits and limited freight cost risk, along with material gross margin expansion that is historically experienced during periods of supply-chain stress.

The broker's checks of industry channels, coupled with analysis of NSW port data, signals order volumes have remained fairly healthy.

Additionally, commentary posits the current multiple expands the scope for potential accretive M&A in the US over the next six months.

Buy rating retained. Target rises to $4.20 from $3.55.

Target price is $4.20 Current Price is $3.74 Difference: $0.46
If RDX meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting downside of -5.7% (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

Morgan Stanley rates RMD as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades ResMed to Equal-weight from Overweight, citing a more cautious near-term earnings outlook despite remaining positive on the company's long-term growth prospects.

The broker expects FY27 net profit to rise by just 5%, around -4% below consensus forecasts.

Commentary notes the downgrade reflects more conservative gross margin assumptions, potential cost pressures from suppliers and foreign exchange headwinds. The re-entry of competitor Philips into the US sleep apnoea device market in 2027 is also expected.

ResMed continues to benefit from strong cash generation and opportunities to expand obstructive sleep apnoea treatment penetration, today's report assures.

Morgan Stanley believes concerns around competition and the impact of GLP-1 drugs may limit valuation upside. The broker's target falls to US$230 from US$286. Industry View: In-Line.

Current Price is $27.55. Target price not assessed.

Current consensus price target is $41.14, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in June.

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: 0.8

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

Citi rates SEK as Buy (1) -

Australian job listings weakened further in May, with Citi estimating A&NZ listings fell -2.9% year-on-year compared with a -0.4% decline in April. Australian listings declined -4.5%, while New Zealand remained more resilient, rising around 12%.

The broker believes current trends create downside risk to market expectations for FY27 job volumes, although Seek's earnings remain supported by healthy wage growth.

Australian wages rose 4.1% in May, which Citi expects will continue to support pricing increases across Seek's A&NZ operations.

Buy. Target $24.15.

Target price is $24.15 Current Price is $13.94 Difference: $10.21
If SEK meets the Citi target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting upside of 56.9% (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

Morgans rates SGH as Reinstate Coverage with Buy (1) -

Morgans reinstates coverage of SGH Ltd with a Buy rating and $52.75 target. The company has recently briefed investors and set out a medium-term strategy to deliver 10% earnings growth at a 15% return on capital employed, along with the near doubling of market capitalisation.

The broker notes the company has a decade-long track record of growing organically while acquiring industrial businesses.

With first gas expected from Crux in FY28 and Ravenhall underway, the broker believes the business can deliver double-digit earnings growth.

Morgans' main investment thesis rests with continued margin improvement at Boral, operating leverage across a largely fixed-cost industrial base, plus disciplined capital recycling.

Target price is $52.75 Current Price is $42.47 Difference: $10.28
If SGH meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $50.79, suggesting upside of 16.2% (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

Ord Minnett rates SGI as Buy (1) -

Management at Stealth Group has upgraded FY26 guidance, forecasting earnings (EBITDA) of $14.3m, up 44% year-on-year and around 8% above Ord Minnett's estimate.

This outcome reflects organic growth and a six-month contribution from the Hardware & Building Traders (HBT) acquisition, the broker explains.

FY26 net profit is expected to rise 87% to $5.8m, 10% ahead of Ord Minnett's forecast.

Management reaffirmed its FY28 target of more than $500m in revenue and earnings margins of 8%-12%. FY27 is expected to benefit from a full-year contribution from HBT and ongoing synergy gains.

Ord Minnett retains a Buy rating and raises its target to $1.60 from $1.30.

Target price is $1.60 Current Price is $1.19 Difference: $0.41
If SGI meets the Ord Minnett target it will return approximately 34% (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

Macquarie rates SGM as Outperform (1) -

Sims has upgraded FY26 EBIT guidance, underpinned by the metals business. FY26 EBIT is now forecast to be $420-$435m.

Aluminium scrap prices were particularly strong, up 15-20% in the last two months, which Macquarie expects will drive margins.

Commentary has pointed to potential earnings volatility for SLS as it remains dependent on decommissioning timing. The broker assesses the profile is supported by volume growth, yet remains cautious on the commercial model development.

Estimates for FY26 and FY27 EPS are raised by 17% and 9%, respectively. Target is raised to $34.40 from $31.90. Outperform retained.

Target price is $34.40 Current Price is $29.96 Difference: $4.44
If SGM meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $28.16, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

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 SGM as Buy (1) -

Sims has upgraded FY26 guidance, with underlying EBIT forecast at $420-435m.

UBS notes the upgrade was driven by a strong performance in US metals business, with combined strength across nonferrous markets and improved trading conditions for ferrous amid US domestic steel demand.

Guidance for SLS has been narrowed to EBIT of $170-$175m which the broker largely expected given the fluctuations in DDR4 pricing since the March guidance was provided.

UBS retains a Buy rating and raises its target to $34.25 from $30.00.

Target price is $34.25 Current Price is $29.96 Difference: $4.29
If SGM meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $28.16, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

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

Ord Minnett rates SHL as Hold (3) -

Ord Minnett believes Sonic Healthcare's US division remains a drag on group returns.

An estimated post-tax return on invested capital (ROIC) is below the company's cost of capital despite more than -$2.3bn invested over two decades, the broker explains.

Commentary notes the US business lacks national scale and faces strong competition from industry leaders Quest Diagnostics and Laboratory Corporation of America.

While management is focused on operational improvements, Ord Minnett argues a potential divestment could unlock value, improve capital efficiency and enhance earnings if proceeds were returned through share buybacks.

Hold rating. Target $21.30.

Target price is $21.30 Current Price is $19.88 Difference: $1.42
If SHL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.94, suggesting upside of 21.0% (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

Ord Minnett rates SK1 as Buy (1) -

Ord Minnett recently initiated coverage of SkinKandy, Australia's largest piercing services provider, with a Buy rating and $2.70 target.

The broker is attracted to the company's highly profitable business model, highlighting gross margins of around 90% and store-level earnings (EBIT) margins of 40%. Average store payback periods of less than 14 months are also noted.

SkinKandy currently operates 108 stores and is targeting 180-210 locations over time.

Growth prospects are aided by SkinKandy's close relationship with Lovisa Holdings ((LOV)), suggests Ord Minnett. CEO Dain Friis was formerly global COO of Lovisa, with more than 90% of stores now co-located in the same shopping centres.

Ord Minnett also sees substantial international expansion potential, particularly in the US, where management's retail experience and the company's capital-light model could support significant long-term growth.

Target price is $2.70 Current Price is $2.36 Difference: $0.34
If SK1 meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates SYL as Buy (1) -

Ord Minnett raises its target for Symal Group to $3.45 from $3.30 and maintains a Buy rating.

The group has agreed to acquire Queensland-based Shamrock Civil for upfront consideration of -$51m, plus earnouts of up to -$28.4m over FY26-FY27.

The broker views the transaction positively, noting the implied acquisition multiple of around 3.2 times FY26 EBITDA and Shamrock's strong exposure to defence infrastructure. The latter accounts for around half of Shamrock's historical revenue, the analyst observes.

The acquisition also expands Symal's presence in Queensland and provides entry into the Northern Territory.

Exposure to gas infrastructure is also raised through longstanding relationships with Santos ((STO)) and Origin Energy ((ORG)), Ord Minnett highlights.

Target price is $3.45 Current Price is $2.92 Difference: $0.53
If SYL meets the Ord Minnett target it will return approximately 18% (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