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In Case You Missed It – BC Extra Upgrades & Downgrades – 05-09-25

Weekly Reports | Sep 05 2025

List StockArray ( [0] => ADH [1] => LOV [2] => NXL [3] => PNV [4] => QAN [5] => A1N [6] => ABB [7] => BOQ [8] => DTL [9] => EDV [10] => EVT [11] => FCL [12] => FMG [13] => GQG [14] => IDX [15] => IMD [16] => MAD [17] => MAQ [18] => MVF [19] => PLS [20] => RDY [21] => SDR [22] => SFR [23] => WTC )

This story features ADAIRS LIMITED, and other companies.
For more info SHARE ANALYSIS: ADH

The company is included in ASX300 and ALL-ORDS

A summary of the highlights from Broker Call Extra updates throughout the week past

Broker Rating Changes (Post Thursday Last Week)

Upgrade

ADAIRS LIMITED ((ADH)) Upgrade to Buy from Overweight by Jarden.B/H/S: 0/0/0

Adairs’ FY25 EBIT of $55.2m came inside the guidance range, Jarden highlights, with EBIT for the Adairs brand at the top end, and Focus and Mocka at the middle of the range. Gross margin was up 70bps to 46.8% but missed the consensus.

Trading for the first seven weeks of FY26 was strong, with group sales up 22.6% y/y vs 5% consensus, and within that, Adairs and Mocka outperformed.

The broker sees upside risk from Mocka standalone concept via increasing addressable share of the furniture market, and notes Focus is making progress with cost reductions and refurbished stores.

FY26-28 revenue forecasts lifted by 4-8%, and EBITDA estimates increase by 8-17%.

Target rises to $2.96 from $2.07. Rating upgraded to Buy from Overweight.

LOVISA HOLDINGS LIMITED ((LOV)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden highlights tariff concerns as overestimated for Lovisa Holdings and upgrades the stock to Overweight from Neutral.

FY25 results reflected ongoing store rollouts and a robust trading update. The retailer managed to protect margins in 2H25 from tariffs, commentary highlights, with 2H US average store sales up 14% on the prior year and global sales up 6%.

Jarden raises its earnings (EBIT) estimates by 12%-21% for FY26-FY28, with net new store forecasts up to circa 130 p.a. and like-for-like sales upgrades of 75bps, as the analyst believes tariff concerns were overstated, as well as gross margin upgrades of 45bps.

Target price rises to $42.42 from $22.87.

NUIX LIMITED ((NXL)) Upgrade to Buy from Hold by Moelis.B/H/S: 0/0/0

Nuix’s FY25 revenue missed Moelis’ forecast by -5% but that was due to lower proportion of multi-year deals which impacted upfront revenue recognition.

The miss was despite 8% y/y growth in Annualised Contract Value (ACV), though this was lower than the company’s withdrawn 11-16% target. Expenses were higher reflecting less capitalisation and more direct expenses, leading to a net loss of -$9.2m.

The company is confident of its products, noting expansion of Nuix Neo in 2H, leading to revenue ending FY25 at $28.1m vs $12.1m in FY24. Two deals were annouced in early FY26, pushing ACV by another $2.5-4.5m.

The broker lifted FY26 net profit by 21% but no change to FY27.

Target lifted to $2.66 from $2.50. Rating upgraded to Buy from Hold.

POLYNOVO LIMITED ((PNV)) Upgrade to Overweight from Market Weight by Wilsons.B/H/S: 0/0/0

PolyNovo’s FY25 sales rose 29% y/y and met Wilsons’ forecast, while EBITDA more than tripled to $11.2m, beating the broker’s original forecast of $8.3m.

The broker notes MTX is emerging as a key growth driver, wth sales more than doubling in FY25 and estimated to double again in FY26. BTM performance was subdued, but the forecast is for 6% volume growth, with the ongoing PMA trial seen as a long-term catalyst.

The broker’s revised forecast is for FY26 US sales of US$70m, up 23% in constant currency terms. Group forecasts are largely unchanged, but FY26 EBITDA forecast is upgraded by 4%.

Target unchanged at $1.62. Rating upgraded to Overweight from Market Weight, with the broker noting the stock is trading at a discount to DCF and historical multiples.

QANTAS AIRWAYS LIMITED ((QAN)) Upgrade to Overweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden highlights the key surprise from Qantas Airways’ FY25 result was domestic yield growth, with the airline also guiding to 3-5% RASK (revenue per available seat km) growth in FY26. Underlying profit before tax of $2.39bn met expectations.

Jetstar domestic EBIT grew 55% y/y in FY25, with Jetstar International also outperforming at 54% y/y growth. The broker lifted Jetstar’s FY26 EBIT forecast to $869m from $864m, and FY27 to $952m from $906m.

The broker notes the revenue environment looks strong and more than enough to offset the re-emergence of cost pressures in FY26.

The stock has shifted to a growth plus capital story, in the broker’s view, from value recovery as most conditions are in place for a P/E re-rating beyond historical averages. 

Overall, the broker increased FY26 core EPS forecast by 3% and FY27 by 4%. Target rises to $12.90 from $10.20. Rating upgraded to Overweight from Neutral.

Downgrade

ARN MEDIA LIMITED ((A1N)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Canaccord Genuity describes ARN Media’s 1H25 result as complicated, with the Hong Kong OOH (Cody Outdoor) business reclassified as discontinued (pending disposal) and the agency business Emotiv sold in May 2025.

The continuing Audio business materially underperformed peers, particularly in Metro and Regional Radio, despite digital growth. Revenue of $142.3m was down -7% y/y and missed the broker’s forecast by -7%.

Gross margins improved and cost savings were substantial, but the broker trimmed FY25 EBITDA forecast by -14%. Revenue forecast was lowered by -7%.

Rating downgraded to Hold from Buy. Target cut to 50c from 95c.

AUSSIE BROADBAND LIMITED ((ABB)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0

Jarden regards Aussie Broadband’s FY25 result as solid with some low and high quality positive surprises. Better cost/productivity discipline and divestment of Buddy were quoted among the positives.

A bigger positive was new 6-year wholesale agreement with M&T to provide NBN network services to More and Tangerine Telecom. The deal is expected to contribute $12m to underlying EBITDA from FY27.

The broker highlights improvement in FY26 earnings outlook but sees competitive intensity in residential broadband as a key risk to subscriber growth.

The broker upgraded FY26-28 underlying EBITDA forecasts mainly due to lower cost base following Symbio synergies and the Buddy exit. 

Target rises to $5.30 from $4.50. Rating downgraded to Neutral from Overweight.

BANK OF QUEENSLAND LIMITED ((BOQ)) Downgrade to Sell from Underweight by Jarden.B/H/S: 0/0/0

Bank of Queensland provided guidance for FY25 and withdrew the FY26 ROE target of 8% and 56% CTI , citing “highly unpredictable environment” and “accelerating headwinds.” 

Jarden highlights the commentary is inconsistent with more constructive outlook from the bank’s peers. Strategic initiatives were announced, including plan to sell up to $3.8bn of equipment finance book, and Capgemini partnership for outsourcing IT/AI and business processing.

The broker believes the loan portfolio sale is essentially short-term off-balance sheet financial engineering, which will boost near-term earnings but is a sign the funding base is not sustainably economic.

FY25 cash net profit guidance of $375-385m was in line with $378m consensus. The broker lifted FY25 EPS forecast by 1.4% on lower bad debt. FY26-27 EPS forecasts unchanged.

Target trimmed to $6.00 from $6.70. Rating downgraded to Sell from Underweight.

DATA#3 LIMITED. ((DTL)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons notes Data#3 delivered a solid set of numbers for FY25, with gross revenue meeting its forecast and the consensus. EBITDA was up 11% y/y with EBITDA margin widening by 40bps to 7.8%.

The broker notes the infrastructure segment returned to growth (+4% y/y vs -3% last year), but still comprises only 19% of group sales. 

Software which makes up two-thirds of revenue is expected to face a softer FY26 due to annualisation of Microsoft incentive payment changes.

The broker cut FY26-27 revenue forecasts by -3%. 

Target cut to $8.67 from $9.75. Rating downgraded to Market Weight from Overweight.

ENDEAVOUR GROUP LIMITED ((EDV)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Endeavour Group’s FY25 underlying net profit was in line with Jarden’s forecast, but revenue missed by -2% and EBIT met. The broker describes the result as clean with over 100% cash conversion, highlighting strong financial discipline.

FY26 started on a weak note for retail with sales in the first 7 weeks down -1.3% y/y. However, the hotel segment fared better, up 4.4% y/y.

The broker believes a strategic reset, while disruptive, is what the company needs. Brand and format rationalisation, loyalty program consolidation, data monetisation, and category expansion could expand the total addressable market and unlock synergies.

The broker trimmed FY26 net profit forecast by -5% to reflect weaker 2H gross margin and higher cost of doing business.

Target cut to $3.90 from $4.20. Rating downgraded to Underweight from Neutral.

EVT LIMITED ((EVT)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

Jarden downgrades EVT Ltd to Overweight from Buy post FY25 net profit after tax, which came in lower than anticipated but beat consensus by 6% when tax-adjusted and by 11% after cyclone impacts.

Cinemas disappointed, notably in Germany, down around -5%, while Australia fell -4%.

The analyst lowers earnings (EBITDA) forecasts by around -3% to -11% for FY26-FY28, from revenue downgrades of -3% to -4%, with more conservative recovery assumptions adopted.

Target price slips to $16.34 from $18.70.

FINEOS CORPORATION HOLDINGS PLC ((FCL)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0

Fineos Corp advised it expects FY25 revenue to come at the lower end of the guidance range due to forex shifts and broader economic uncertainty.

The original revenue guidance was based on EUR/USD exchange rate of 1.0837, but the rate is now closer to 1.16, creating a revenue headwind.

Moelis notes the company is maintaining its strategic trajectory, and longer-term growth is dependent on new client acquisition and deeper penetration of large accounts.

The broker trimmed FY25 revenue forecast by -2.9% and EBITDA by -2.3%.

Rating downgraded to Hold from Buy. Target $3.27.

FORTESCUE LIMITED ((FMG)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

Jarden downgrades Fortescue to Underweight from Neutral due to the stock’s recent outperformance and valuation grounds.

The miner achieved what the analyst considers “operational excellence” in FY25, with record shipments and industry-leading costs. Momentum has been retained into FY26.

The analyst raises capital investment forecasts by 2%-4% for FY27-FY30, with only slight changes to other operating financial forecasts, resulting in an impact on EPS estimates, down -3% for FY26 and -2% for FY27.

Target slips to $16 from $16.25.

GQG PARTNERS INC ((GQG)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

Jarden described GQG Partners’ 1H25 result as relatively robust but is concerned about the outlook due to investment underperformance and accelerating outflows.

Trends worsened into 2H with net outflows in July-August, posing downside risk to FUM assumptions, though the broker is hopeful flow momentum will reverse in line with historical trends.

Earnings risk is considered elevated from flows and performance.

In 1H25, net profit lagged the broker’s forecast but was 1.5% ahead of consensus. Base management fees of 48.2bps were weaker than the consensus and the broker’s estimate.

FY25 EPS forecast downgraded by -8% and FY26 by -19%. Target trimmed to $2.50 from $3.60. Rating downgraded to Overweight from Buy.

INTEGRAL DIAGNOSTICS LIMITED ((IDX)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons notes Integral Diagnostics’ FY25 revenue rose 33% to $628m, missing its forecast by -1%. Revenue excluding Capitol Health grew only 7% to $501m, indicating organic growth lagged system growth.

EBITDA was up 37% to $127m, beating the broker’s forecast by 4%, and net profit was ahead by 17%. The broker notes the 2H results drove the outperformance.

The company didn’t provide quantitative guidance but highlighted expectations for revenue growth and expansion in underlying EBITDA margin over time. 

The broker revised forecasts to incorporate additional synergies from the merger and lifted group margin profile, resulting in a 10-21% increase in underlying EPS forecasts for FY26-27.

Target increases to $3.00 from $2.75. Rating downgraded to Market Weight from Overweight.

IMDEX LIMITED ((IMD)) Downgrade to Sell from Neutral by Jarden.B/H/S: 0/0/0

Jarden assesses Imdex’s FY25 result as slightly soft, with underlying EBITDA missing consensus by -1%. The positive was improved revenue momentum into 4Q25 suggesting acceleration late in the quarter.

The broker notes early ramp-up in drilling activity in response to elevated commodity prices may be underway but it remains cautious until sustained benefit to earnings is visible.

FY26 revenue growth of 9.6% is forecast and underlying EBITDA growth of 18.4%, pointing to operating leverage from higher revenue growth. However, net profit is expected to be dragged down by higher D&A expense and finance costs.

FY26 EPS forecast cut by -16% and FY27 by -12%.

Target rises to $2.75 from $2.55. Rating downgraded to Sell from Neutral on stretched valuations.

MADER GROUP LIMITED ((MAD)) Downgrade to Hold from Buy by Moelis.B/H/S: 0/0/0

Mader Group’s FY25 results were in line with guidance and forecasts by Moelis, with revenue of $870m and profit of $57m.

Australia grew 17% on strong contributions from infrastructure, rail, and road, highlights the broker, while North America improved in the second half with 8% revenue growth and stable margins.

The group profit margin expanded to 6.6%, and a fully franked 4c dividend was declared.

Net debt fell to $8m from $23.2m in December, with the business on track for a net cash position within twelve months, suggests the analyst. Cash conversion of 101% supported $42.7m in operating cash flow, with cash of $24m at June end.

FY26 guidance targets at least $1bn in revenue and $65m profit, consistent with the five-year strategic plan, observes Moelis.

Moelis raises its target price to $8.29 from $6.83 reflecting stronger domestic momentum and higher utilisation of a growing workforce. and downgrades to a Hold rating from Buy.

MACQUARIE TECHNOLOGY GROUP LIMITED ((MAQ)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons downgrades its rating to Market Weight from Overweight and cuts the price target to $71.30 from $89.75.

The broker notes FY25 EBITDA of $113.6m (up 9%) was in line with forecasts, with Data Centres up 6% and Cloud & Government up 4%, while Telecom grew only 2%.

FY26 guidance for “marginal” EBITDA growth reflects a -$4m (-16%) fall in Telecom offsetting modest growth in Data Centres and Cloud, leaving group EBITDA essentially flat.

IC3 Super West remains on track for Sep-26 completion, but the analysts highlight no real scale contribution is expected until FY28, while Telecom will remain rebased.

Forecasts are revised lower with FY26–27 EBITDA cut by -6% to -10%.

MONASH IVF GROUP LIMITED ((MVF)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons downgraded Monash IVF to Market Weight from Overweight and cut the target price to $0.72, a -20% discount to discounted cash flow, from $1.25. 

The combination of patient volume decline, market share losses, weak pricing power, and negative operating leverage leaves the outlook too uncertain for a positive recommendation, the broker notes. 

M&A potential at depressed multiples is a reason to hold, but near-term earnings risk dominates, the broker adds.

FY25 revenue rose 7% y/y, meeting the broker’s forecast but missing the consensus. The company is guiding to net profit of $20-23m in FY26, which implies -21.5% lower y/y.

The broker downgraded its net profit forecast by -29% y/y to $19.6m.

PILBARA MINERALS LIMITED ((PLS)) Downgrade to Overweight from Buy by Jarden.B/H/S: 0/0/0

Jarden assesses Pilbara Minerals’ FY25 result as better than expected, with reported EBITDA of $78m beating its $69m forecast. Below the EBITDA line, however, net loss was worse than expected due to higher D&A.

The broker is forecasting significantly higher D&A ahead, but notes it is non-cash and provides a greater tax shield.

The highlight was a recent spot sale for a small 5kt cargo for SC6 price 10% above the current spot of US$940/t. The company stated it received more enquiries, though the broker notes it is fully contracted for FY26.

The broker once again highlights the strong balance sheet, where the net cash position was $518m at the end of June. EBITDA forecast for FY26 lifted by 4% and by 2% for FY27.

Target unchanged at $2.20. Rating downgraded to Overweight from Buy.

READYTECH HOLDINGS LIMITED ((RDY)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons lowers its rating to Market Weight from Overweight and cuts its price target to $2.63 from $3.43.

The broker notes FY25 revenue of $121.8m (up 7%) and EBITDA of $39.5m (up 2%) were both slightly below expectations, while EPS of 13.8c was in line with Wilsons but -8% below consensus.

Cash EBITDA guidance for FY26 of $20–21m (15–16% margin) was well below forecasts as reinvestment into AI and Enterprise products continues to delay operating leverage.

Forecasts are materially downgraded, with revenue reduced by -4–5% and EBITDA and EPS cut by up to -20%

SITEMINDER LIMITED ((SDR)) Downgrade to Market Weight from Overweight by Wilsons.B/H/S: 0/0/0

Wilsons lowers its rating to Market Weight from Overweight and raises its price target to $7.00 from $6.44.

The broker notes FY25 revenue rose 19% to $224.3m, in line with expectations, while ARR accelerated to $273m (up 31%) and Net Property additions increased by 2.9k in 2H.

EBITDA of $28.8m was slightly below forecasts due to higher G&A, though maiden annual free cash flow of $4.7m was achieved.

Smart Products contributed mid-single digit revenue with Smart Distribution the main driver, while Channels Plus adoption passed 5k Properties and DR-plus v2.0 is set to launch, the analysts highlight.

SANDFIRE RESOURCES LIMITED ((SFR)) Downgrade to Hold from Buy by Canaccord Genuity.B/H/S: 0/0/0

Sandfire Resources’ FY25 net profit of US$90m missed Canaccord Genuity’s and the consensus forecasts on higher net finance and income tax expenses. Free cash flow was ahead on strong contributions from Matsa and Motheo.

Revenue and EBITDA were pre-reported. No dividend was declared in line with expectations.

The company provided operating cost guidance with 10% increase expected across both operations. The broker expects Motheo costs to rise by 10% in FY26 and Matsa’s to be flat in EUR terms, but 10% higher in USD terms.

Target rises to $12.50 from $12.00. Rating downgraded to Hold from Buy.

WISETECH GLOBAL LIMITED ((WTC)) Downgrade to Underweight from Neutral by Jarden.B/H/S: 0/0/0

WiseTech Global reported weaker earnings momentum than expected in FY25, resulting in Jarden downgrading the stock to Underweight from Neutral.

FY26 revenue guidance of 14% to 21% growth missed the analyst’s previous forecast of over 30% growth, but positively Container Transport Optimisation will be in the market.

Jarden lowers its net profit after tax forecasts by -9% for FY26 and -3.6% for FY27 post-guidance, with longer-term EPS estimates materially downgraded by -19%.

Target price falls to $82 from $106.

Order Company New Rating Old Rating Broker
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1 ADAIRS LIMITED Buy Buy Jarden
2 LOVISA HOLDINGS LIMITED Buy Neutral Jarden
3 NUIX LIMITED Buy Neutral Moelis
4 POLYNOVO LIMITED Buy Neutral Wilsons
5 QANTAS AIRWAYS LIMITED Buy Neutral Jarden
Downgrade
6 ARN MEDIA LIMITED Neutral Buy Canaccord Genuity
7 AUSSIE BROADBAND LIMITED Neutral Buy Jarden
8 BANK OF QUEENSLAND LIMITED Sell Sell Jarden
9 DATA#3 LIMITED. Neutral Buy Wilsons
10 ENDEAVOUR GROUP LIMITED Sell Neutral Jarden
11 EVT LIMITED Buy Buy Jarden
12 FINEOS CORPORATION HOLDINGS PLC Neutral Buy Moelis
13 FORTESCUE LIMITED Sell Neutral Jarden
14 GQG PARTNERS INC Buy Buy Jarden
15 IMDEX LIMITED Sell Neutral Jarden
16 INTEGRAL DIAGNOSTICS LIMITED Neutral Buy Wilsons
17 MACQUARIE TECHNOLOGY GROUP LIMITED Neutral Buy Wilsons
18 MADER GROUP LIMITED Neutral Buy Moelis
19 MONASH IVF GROUP LIMITED Neutral Buy Wilsons
20 PILBARA MINERALS LIMITED Buy Buy Jarden
21 READYTECH HOLDINGS LIMITED Neutral Buy Wilsons
22 SANDFIRE RESOURCES LIMITED Neutral Buy Canaccord Genuity
23 SITEMINDER LIMITED Neutral Buy Wilsons
24 WISETECH GLOBAL LIMITED Sell Neutral Jarden

Price Target Changes (Post Thursday Last Week)

Company Last Price Broker New Target Old Target Change
A1N ARN Media $0.49 Canaccord Genuity 0.50 0.95 -47.37%
ABB Aussie Broadband $5.16 Jarden 5.30 4.50 17.78%
Wilsons 6.85 5.16 32.75%
ACE Acusensus $0.95 Canaccord Genuity 1.65 1.50 10.00%
Wilsons 1.21 1.23 -1.63%
ACF Acrow $1.03 Moelis 1.32 1.44 -8.33%
Petra Capital 1.68 1.80 -6.67%
ADH Adairs $2.49 Jarden 2.96 2.07 43.00%
AHX Apiam Animal Health $0.80 Canaccord Genuity 0.87 0.88 -1.14%
ALK Alkane Resources $1.13 Moelis 1.40 1.15 21.74%
ANG Austin Engineering $0.30 Petra Capital 0.46 0.59 -22.03%
APE Eagers Automotive $27.12 Moelis 28.62 18.02 58.82%
ATA Atturra $0.79 Moelis 1.06 1.07 -0.93%
AUB AUB Group $35.52 Jarden 37.20 38.25 -2.75%
AYA Artrya $2.18 Petra Capital 3.51 2.87 22.30%
BEN Bendigo & Adelaide Bank $12.61 Jarden 12.00 11.60 3.45%
BGL Bellevue Gold $0.88 Moelis 0.95 1.00 -5.00%
BOQ Bank of Queensland $6.92 Jarden 6.00 6.70 -10.45%
BRI Big River Industries $1.46 Moelis 1.60 1.37 16.79%
COL Coles Group $24.09 Jarden 21.70 20.60 5.34%
CUV Clinuvel Pharmaceuticals $10.57 Moelis 23.13 23.00 0.57%
CVN Carnarvon Energy $0.10 Jarden 0.14 0.15 -6.67%
CVV Caravel Minerals $0.15 Canaccord Genuity 0.62 0.60 3.33%
CWP Cedar Woods Properties $7.52 Moelis 8.36 7.63 9.57%
CXL Calix $0.39 Canaccord Genuity 1.90 2.40 -20.83%
DMP Domino’s Pizza Enterprises $14.32 Jarden 18.00 37.00 -51.35%
DTL Data#3 $9.17 Jarden 8.80 8.45 4.14%
Wilsons 8.67 9.75 -11.08%
DUR Duratec $1.71 Moelis 1.83 1.93 -5.18%
EDV Endeavour Group $3.74 Jarden 3.90 4.20 -7.14%
EML EML Payments $1.07 Wilsons 1.40 1.47 -4.76%
EVT EVT Ltd $13.80 Jarden 16.34 15.88 2.90%
EXP Experience Co $0.16 Canaccord Genuity 0.23 0.21 9.52%
FCL Fineos Corp $3.12 Moelis 3.27 2.47 32.39%
FLT Flight Centre Travel $12.36 Jarden 17.20 18.50 -7.03%
Wilsons 17.29 17.15 0.82%
FMG Fortescue $18.66 Jarden 16.00 16.25 -1.54%
FWD Fleetwood $3.06 Moelis 3.07 2.57 19.46%
GDG Generation Development $6.01 Moelis 8.12 6.26 29.71%
GGP Greatland Resources $6.07 Jarden 5.75 5.70 0.88%
Moelis 7.00 7.50 -6.67%
GNP GenusPlus Group $5.10 Moelis 5.50 4.40 25.00%
GQG GQG Partners $1.77 Jarden 2.50 3.60 -30.56%
IDX Integral Diagnostics $2.85 Canaccord Genuity 3.40 2.90 17.24%
Jarden 3.41 3.45 -1.16%
Wilsons 3.00 2.75 9.09%
IGO IGO Ltd $4.77 Canaccord Genuity 5.00 4.60 8.70%
IMD Imdex $3.00 Jarden 2.75 2.55 7.84%
INA Ingenia Communities $5.62 Jarden 7.10 6.50 9.23%
JIN Jumbo Interactive $11.39 Jarden 13.20 13.40 -1.49%
Wilsons 13.99 14.38 -2.71%
KAR Karoon Energy $1.64 Wilsons 2.21 2.14 3.27%
KGN Kogan.com $3.91 Jarden 4.25 4.05 4.94%
KLS Kelsian Group $5.18 Canaccord Genuity 5.80 5.60 3.57%
LAU Lindsay Australia $0.67 Wilsons 0.95 0.99 -4.04%
LFG Liberty Financial $4.22 Jarden 4.00 3.75 6.67%
LIC Lifestyle Communities $5.35 Canaccord Genuity 6.00 5.30 13.21%
Jarden 5.70 7.20 -20.83%
Moelis 7.00 7.90 -11.39%
LOV Lovisa Holdings $40.77 Canaccord Genuity 37.60 28.70 31.01%
Jarden 42.42 22.87 85.48%
LRK Lark Distilling Co $0.77 Moelis 0.89 1.20 -25.83%
MAC MAC Copper $18.59 Moelis 19.10 18.50 3.24%
MAD Mader Group $8.46 Moelis 8.29 6.83 21.38%
MAQ Macquarie Technology $58.30 Canaccord Genuity 95.00 107.00 -11.21%
Wilsons 71.30 89.75 -20.56%
MIN Mineral Resources $36.79 Jarden 14.80 14.60 1.37%
MPL Medibank Private $5.02 Jarden 4.60 4.65 -1.08%
MVF Monash IVF $0.70 Wilsons 0.72 1.25 -42.40%
NAN Nanosonics $4.08 Canaccord Genuity 5.43 5.15 5.44%
Wilsons 6.39 6.00 6.50%
NDO Nido Education $0.67 Canaccord Genuity 0.92 1.09 -15.60%
NHF nib Holdings $7.33 Jarden 8.00 7.75 3.23%
NIC Nickel Industries $0.70 Canaccord Genuity 0.68 0.55 23.64%
NUZ Neurizon Therapeutics $0.15 Petra Capital 0.52 0.50 4.00%
NVX Novonix $0.49 Petra Capital 0.74 0.77 -3.90%
NXL Nuix $2.41 Jarden 2.25 2.46 -8.54%
Moelis 2.66 2.50 6.40%
PDN Paladin Energy $7.89 Canaccord Genuity 13.05 12.60 3.57%
PFP Propel Funeral Partners $5.07 Moelis 5.81 5.54 4.87%
PPE PeopleIN $0.68 Wilsons 1.03 1.05 -1.90%
PPM Pepper Money $2.25 Jarden 2.00 1.65 21.21%
PPS Praemium $0.79 Moelis 1.03 0.99 4.04%
QAL Qualitas $3.60 Jarden 4.26 3.95 7.85%
QAN Qantas Airways $11.78 Jarden 12.90 10.20 26.47%
RDY ReadyTech Holdings $2.26 Jarden 2.60 3.05 -14.75%
Wilsons 2.63 3.43 -23.32%
REG Regis Healthcare $7.72 Jarden 8.30 8.05 3.11%
RHC Ramsay Health Care $34.11 Jarden 43.64 46.55 -6.25%
RMD ResMed $41.47 Wilsons 50.00 43.50 14.94%
RWL Rubicon Water $0.19 Wilsons 0.44 0.46 -4.35%
SCG Scentre Group $4.05 Jarden 4.45 4.25 4.71%
SDR SiteMinder $6.71 Jarden 7.65 4.45 71.91%
Moelis 7.64 6.19 23.42%
Wilsons 7.00 6.44 8.70%
SFR Sandfire Resources $12.29 Canaccord Genuity 12.50 12.00 4.17%
SIG Sigma Healthcare $3.03 Jarden 3.40 3.30 3.03%
SKS SKS Technologies $2.93 Wilsons 3.14 2.91 7.90%
SLX Silex Systems $4.03 Canaccord Genuity 6.64 N/A N/A
SOM SomnoMed $0.73 Wilsons 1.00 0.80 25.00%
TAH Tabcorp Holdings $1.02 Jarden 1.00 0.75 33.33%
TLX Telix Pharmaceuticals $13.77 Wilsons 27.33 30.00 -8.90%
TRJ Trajan Group $0.89 Canaccord Genuity 1.20 1.40 -14.29%
TYR Tyro Payments $1.25 Canaccord Genuity 1.70 1.65 3.03%
Wilsons 1.40 1.15 21.74%
WEB Web Travel $4.21 Jarden 5.30 5.40 -1.85%
WES Wesfarmers $90.91 Jarden 73.40 73.10 0.41%
WGX Westgold Resources $3.60 Canaccord Genuity 5.10 5.25 -2.86%
WOW Woolworths Group $27.67 Jarden 30.10 36.30 -17.08%
WTC WiseTech Global $94.85 Jarden 82.00 106.00 -22.64%
Company Last Price Broker New Target Old Target Change

More Highlights

29M    29METALS LIMITED

Copper – Overnight Price: $0.34 

Canaccord Genuity rates ((29M)) as Sell (5) –

Canaccord Genuity notes 29Metals’ 1H25 revenue, EBITDAI and net profit all beat Canaccord Genuity’s forecasts. However, the broker warned one-off adjustments and insurance payout masked the outcomes.

Underlying profitability is a concern for the broker as no further support will come from insurance payout. The broker sees the combination of negative working capital (though unwound to -$39.2m from -$68m in Dec) and net debt of $16m as a risk.

Sell. Target unchanged at 16c.

This report was published on August 27, 2025.

Target price is $0.16 Current Price is $0.34 Difference: minus $0.18 (current price is over target).
If 29M meets the Canaccord Genuity target it will return approximately minus 53% (excluding dividends, fees and charges – negative figures indicate an expected loss).
Current consensus price target is $0.25, suggesting downside of -27.2%(ex-dividends)
The company’s fiscal year ends in December.

Forecast for FY25:

Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 3.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 11.33.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 0.8, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is 42.5

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 34.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -0.3, implying annual growth of N/A.
Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.
Current consensus EPS estimate suggests the PER is N/A

Market Sentiment: 0.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

AUB    AUB GROUP LIMITED

Insurance – Overnight Price: $34.97 

Jarden rates ((AUB)) as Overweight (2) –

A surprising international result helped AUB Group achieve a solid to better-than-expected FY25 earnings report. Underlying net profit after tax grew 17.1%.

Management’s FY26 guidance is considered conservative, with potential for positive margin upside. The analyst’s FY30 margin forecasts are around 100bps to 800bps below the company’s ambitions, leaving scope for beats to expectations.

Jarden lowers its EPS forecasts by -3.8% for FY26 and -3.2% for FY27.

Overweight retained. Target slips to $37.20 from $38.25.

This report was published on August 27, 2025.

Target price is $37.20 Current Price is $34.97 Difference: $2.23
If AUB meets the Jarden target it will return approximately 6% (excluding dividends, fees and charges).
Current consensus price target is $37.27, suggesting upside of 6.1%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 105.00 cents and EPS of 190.70 cents.
At the last closing share price the estimated dividend yield is 3.00%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 18.34.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 191.4, implying annual growth of 23.9%.
Current consensus DPS estimate is 104.4, implying a prospective dividend yield of 3.0%.
Current consensus EPS estimate suggests the PER is 18.4

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 117.00 cents and EPS of 213.30 cents.
At the last closing share price the estimated dividend yield is 3.35%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 16.39.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 205.1, implying annual growth of 7.2%.
Current consensus DPS estimate is 111.5, implying a prospective dividend yield of 3.2%.
Current consensus EPS estimate suggests the PER is 17.1

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

CWP    CEDAR WOODS PROPERTIES LIMITED

Infra & Property Developers – Overnight Price: $7.41 

Moelis rates ((CWP)) as Buy (1) –

FY25 EPS for Cedar Woods Properties of 58.4c came in ahead of Moelis’ 56.9c estimate. Presales reached a record $660m, highlights the analyst, underpinning FY26 guidance for profit growth of at least 10%.

Margins expanded to 28% from 25% in FY24, supported by strong price growth across key markets, explains the broker.

Moelis notes 1,125 lot settlements in FY25, with a 6% increase expected in FY26. Queensland and WA are driving growth, explains the broker, South Australia remains steady, and Victoria is expected to recover on affordability and population growth.

The broker upgrades its medium-term EPS forecasts, highlighting capacity to harvest a low-cost landbank into supply-constrained markets. It’s noted inventory covers three years of sales with additional stock beyond that period, ensuring strong visibility.

Moelis raises its target price to $8.36 from $7.63 and maintains a Buy rating.

This report was published on August 27, 2025.

Target price is $8.36 Current Price is $7.41 Difference: $0.95
If CWP meets the Moelis target it will return approximately 13% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 32.50 cents and EPS of 64.90 cents.
At the last closing share price the estimated dividend yield is 4.39%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.42.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 36.50 cents and EPS of 73.40 cents.
At the last closing share price the estimated dividend yield is 4.93%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.10.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

GNP    GENUSPLUS GROUP LIMITED

Infrastructure & Utilities – Overnight Price: $5.09 

Moelis rates ((GNP)) as Buy (1) –

GenusPlus Group reported a strong FY25, according to Moelis, with profit up 71% year-on-year and earnings (EBITDA) of $67.4m, a 49% lift, both above consensus and Moelis’ estimates.

The broker highlights recurring revenue growth of 20% to $311m, with FY26 expected at $370m. The order book expanded to $2bn, and the tender pipeline lifted to $2.4bn.

Energy & Engineering earnings rose 144% to $19.9m, Services surged 208% to $15.3m, and Infrastructure grew 8% to $33m.

FY26 guidance implies to the broker 20-25% earnings growth to $80.9m-$84.2m.  Cash rose to $160m at June end, and a fully franked 3.6c dividend was declared.

The broker upgrades FY26, FY27, and FY28 earnings forecasts by 5%, 8%, and 8%, respectively, supported by transmission, energy transition and recurring work. The target price is raised to $5.50 from $4.40. Buy rating kept.

This report was published on August 28, 2025.

Target price is $5.50 Current Price is $5.09 Difference: $0.41
If GNP meets the Moelis target it will return approximately 8% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Moelis forecasts a full year FY26 dividend of 4.40 cents and EPS of 23.50 cents.
At the last closing share price the estimated dividend yield is 0.86%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 21.66.

Forecast for FY27:

Moelis forecasts a full year FY27 dividend of 4.60 cents and EPS of 25.80 cents.
At the last closing share price the estimated dividend yield is 0.90%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 19.73.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

KLS    KELSIAN GROUP LIMITED

Transportation & Logistics – Overnight Price: $4.86 

Canaccord Genuity rates ((KLS)) as Buy (1) –

Kelsian Group met its FY25 EBITDA guidance and was 1% ahead of Canaccord Genuity’s forecast on stronger performance in 2H. Net profit missed by -3%.

The highlight was the generation of free cash flow of $16m, and the broker now expects $69m in FY26, rising to $100m in FY27, with multi-year capex spending completed. The outlook into FY26 remains robust, supported by contract renewals and new wins.

The company’s FY26 EBITDA guidance is for $297-310m, prompting the broker to revise its forecast by 1% from $302.8m previously. FY27 EBITDA forecast is lifted by 2%.

Buy. Target rises to $5.80 from $5.60.

This report was published on August 26, 2025.

Target price is $5.80 Current Price is $4.86 Difference: $0.94
If KLS meets the Canaccord Genuity target it will return approximately 19% (excluding dividends, fees and charges).
Current consensus price target is $4.73, suggesting downside of -2.8%(ex-dividends)
The company’s fiscal year ends in June.

Forecast for FY26:

Canaccord Genuity forecasts a full year FY26 dividend of 18.00 cents and EPS of 36.00 cents.
At the last closing share price the estimated dividend yield is 3.70%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 13.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 203.6, implying annual growth of 911.9%.
Current consensus DPS estimate is 20.0, implying a prospective dividend yield of 4.1%.
Current consensus EPS estimate suggests the PER is 2.4

Forecast for FY27:

Canaccord Genuity forecasts a full year FY27 dividend of 19.00 cents and EPS of 42.00 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.57.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 42.6, implying annual growth of -79.1%.
Current consensus DPS estimate is 24.0, implying a prospective dividend yield of 4.9%.
Current consensus EPS estimate suggests the PER is 11.4

Market Sentiment: 0.8
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

M7T    MACH7 TECHNOLOGIES LIMITED

Healthcare services – Overnight Price: $0.31 

Wilsons rates ((M7T)) as Overweight (1) –

Wilsons maintains its Overweight rating and $0.85 price target.

The broker notes Mach7 Technologies’ FY25 revenue rose 16% to $33.8m, in line with guidance, with ARR at $25.3m and gross margin steady at 95%, while EBITDA loss of -$1.5m met expectations.

Operating cash flow turned positive at $0.9m, with the company ending the year debt free and holding $23.1m in cash.

The analysts highlight the new CEO brings experience in radiological imaging businesses and see potential for a refreshed strategic plan including contract focus, cost control, and possible M&A.

Forecasts have been moderately reduced.

This report was published on August 27, 2025.

Target price is $0.85 Current Price is $0.31 Difference: $0.54
If M7T meets the Wilsons target it will return approximately 174% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 1.00 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 31.00.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.50 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 62.00.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three source

PPM    PEPPER MONEY LIMITED

Business & Consumer Credit – Overnight Price: $2.15 

Jarden rates ((PPM)) as Overweight (2) –

Pepper Money’s 1H25 cash net profit was down -10% sequentially at $47m and was -5% below Jarden’s forecast. Lower net interest income and a 48% sequential rise in bad debt drove the -10% decline.

Group net interest margin (NIM) fell -5bps vs 2H24 but was up 6% y/y. Mortgage NIM fell -21bps h/h to 1.5% and asset finance was up 15bps to 2.73%.

The company noted resilience in mortgage book and believes the worst is over for asset finance book after spike in insolvencies in 2H23 and 1H24. 

FY26 EPS forecast lifted by 0.3% and FY27 by 1.9% mainly due to higher origination.

Overweight. Target rises to $2.00 from $1.65.

This report was published on August 22, 2025.

Target price is $2.00 Current Price is $2.15 Difference: minus $0.15 (current price is over target).
If PPM meets the Jarden target it will return approximately minus 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).
The company’s fiscal year ends in December.

Forecast for FY25:

Jarden forecasts a full year FY25 dividend of 26.00 cents and EPS of 20.50 cents.
At the last closing share price the estimated dividend yield is 12.09%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 10.49.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 14.00 cents and EPS of 25.30 cents.
At the last closing share price the estimated dividend yield is 6.51%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.50.

Market Sentiment: 0.5
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

RWL    RUBICON WATER LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $0.19 

Wilsons rates ((RWL)) as Overweight (1) –

Wilsons notes Rubicon Water’s FY25 sales rose 18% y/y and beat its forecast by 3%. Net loss after tax improved $5m vs the year before but was worse than the broker’s forecast on lower-than-expected forex benefits.

Project pipeline was solid in the near term, supporting expectations of strong top-line growth. Growth is underpinned by resilient Australia/NZ revenues, expanding US operations and continued growth in rest of the world.

The broker lifted FY26-28 sales forecasts by 2-3%, and expects EBITDA to reach profitability in FY26 but net profit forecast is modestly lower on higher D&A.

Overweight. Target trimmed to 44c from 46c.

This report was published on August 26, 2025.

Target price is $0.44 Current Price is $0.19 Difference: $0.25
If RWL meets the Wilsons target it will return approximately 132% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is minus 63.33.

Forecast for FY27:

Wilsons forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.60 cents.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 11.88.

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

SYL    SYMAL GROUP LIMITED

Industrial Sector Contractors & Engineers – Overnight Price: $1.81 

Petra Capital rates ((SYL)) as Buy (1) –

Symal Group’s FY25 earnings (EBITDA) at $106.1m came in above guidance, but compositionally the result was very different to what Petra Capital expected.

The outlook is robust, with management pointing to work-in-hand growth of 35% for FY26 and earnings (EBITDA) range of $115m-$125m, with consensus at $124.2m. Symal remains focused on scaling its Sycle and Searo business via both organic growth and acquisition.

Contracting missed prospectus revenue forecasts, while Plant & Equipment underpinned the gross profit and earnings beat against the analyst’s forecast.

Petra Capital forecasts revenue growth of 16% for FY26-FY28, with earnings (EBITDA) margins averaging 10.5% and capex peaking in FY26 at -$86.3m.

EPS forecasts are lowered by -6.2% for FY26, and the target slips by -3.5% to $2.75. Buy rating retained.

This report was published on August 27, 2025.

Target price is $2.85 Current Price is $1.81 Difference: $1.04
If SYL meets the Petra Capital target it will return approximately 57% (excluding dividends, fees and charges).
The company’s fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 11.30 cents and EPS of 22.50 cents.
At the last closing share price the estimated dividend yield is 6.24%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 8.04.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 12.60 cents and EPS of 25.20 cents.
At the last closing share price the estimated dividend yield is 6.96%.
At the last closing share price the stock’s estimated Price to Earnings Ratio (PER) is 7.18.

Market Sentiment: 1.0
All consensus data are updated until yesterday. FNArena’s consensus calculations require a minimum of three sources

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