Australian Broker Call

Ord Minnett rates 360 as Hold (3) -

Ord Minnett has resumed coverage of Life360 (via its research partner) with a Hold rating and a $39.00 target price, citing positive user and revenue trends but a valuation limiting near-term upside.

The company has around 83m monthly active users (MAU) globally, though only 3% subscribe to paid plans, which form a key driver of subscription revenue alongside advertising, explains the broker.

The analyst sees potential for subscriber growth to exceed expectations, particularly in international markets, and views the September quarter as seasonally strong.

Ord Minnett points out higher conversion to paid users would support monetisation, while advertising revenue appears solid in the short term despite long-term average revenue per user (ARPU) projections lagging peers.

Target price is $39.00 Current Price is $37.67 Difference: $1.33
If 360 meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $38.83, suggesting upside of 3.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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 A2M as Neutral (3) -

Citi reiterated its incrementally cautious view on a2 Milk Co and is looking for positive signals on the FY26 outlook. 

At the FY25 result, the broker expects the guidance to be achieved, with its EBITDA margin expansion forecast of around 40bps to 14.4% in line with consensus.

For FY26, the revenue growth forecast of 6.6% is below the consensus of 8.0%, though the EBITDA margin expectation of 15.9% is above the consensus of 15.5%.

Risks include inventory freshness issues if Stage 3 formula remains slow-moving, doubts over Genesis product upside, and competitive pressures.

Neutral. Target unchanged at $8.20.

Target price is $8.20 Current Price is $7.84 Difference: $0.36
If A2M meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.40, suggesting downside of -4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Shaw and Partners rates AAR as Initiation of coverage with Buy, High Risk (1) -

Shaw and Partners initiates coverage of Astral Resources, highlighting the Mandilla Gold project in Western Australia as the company’s core development focus.

The broker explains Mandilla contains a 1.8moz resource at 1.1g/t gold, with recent drilling indicating further potential resource growth.

Shaw’s valuation assumes a 14-year mine life followed by five years of low-grade stockpile processing from 2028, annual production of 94koz, capex of -$250m and costs (AISC) of $2,114/oz.

Upcoming catalysts, suggest the analysts, include a definitive feasibility study (DFS) by mid-2026 and a final investment decision (FID) shortly after, 

Shaw begins coverage with a Buy, High Risk rating and a 38c target price.

Target price is $0.38 Current Price is $0.17 Difference: $0.21
If AAR meets the Shaw and Partners target it will return approximately 124% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AOV as Buy (1) -

Amotiv announced -$180-190m impairment to APG, which Citi reckons is disappointing but not entirely surprising. The impairment represents 35% of APG's 1H25 carrying value and 25% of the original $745m acquisition price in 2021.

The broker expects the size of the impairment will make investors nervous about future acquisitions, especially given the company continues to look for bolt-ons in the 4WD and LPE segments.

The factors behind this impairment could have implications for competitor ARB Corp ((ARB)), though not to the same extent, the broker warns.

Minor revisions to forecasts. Buy. Target unchanged at $12.35.

Target price is $12.35 Current Price is $8.69 Difference: $3.66
If AOV meets the Citi target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 28.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates APE as Outperform (1) -

Eagers Automotive has experienced a better than expected 1H2025 according to Macquarie after a robust May and June with the company's major brands holding up well.

Over the period, BYD volumes of 23.4k or circa 3.7% Australian market share should be positive for Eagers as it has around 65%-70% dealer market share.

The broker sees upside for BYD underlying profit before tax margins, which sat at 2.5% for 2024, some -2.5% below the company's core margin of 4.2%.

Management is considering offshore expansion, with Canada highlighted by Macquarie as a potential market.

Target price rises to $20.60 from $20.35 with Outperform rating. No change to the analyst's earnings estimates.

Target price is $20.60 Current Price is $18.66 Difference: $1.94
If APE meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $17.57, suggesting downside of -6.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates ARB as Outperform (1) -

Ahead of August earnings report for ARB Corp, Macquarie notes the company has not offered a trading update since 1H25.

The analyst points to some "green shoots" of activity in the domestic aftermarket, with new vehicle sales for the company's top models experiencing a much slower contraction in 2H25 compared to 1H25.

May and June sales rose by 4.8% and 12.3%, respectively.

A weaker 2H25 gross margin is possible given the weaker forex rate for THB/AUD, down -10% versus a year earlier, although management is working on improved efficiencies, the broker explains, as an offset.

US new vehicle sales are forecast to decline by -7% in 2025 and prices are expected to rise 9% as tariff-related costs are passed on. This creates uncertainty for the US market.

Outperform rating retained. Target price lowered to $43.70 from $45.70 as the broker's EPS estimates are lowered by -2% for FY25 and -4% for FY26.

Target price is $43.70 Current Price is $33.71 Difference: $9.99
If ARB meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $38.69, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates ASG as Outperform (1) -

Macquarie explains the possibility of Australia's luxury car tax to be phased out to finalise a free trade agreement with the EU represents considerable upside for Autosports Group as the most leveraged exposure on the ASX.

The company has experienced mixed results across major brands, with BMW, Mini, Audi, Volvo volumes up 1%, 80%, down -12% and down -25%, respectively over 1H2025, which is attributed to dealers clearing demo stock.

Autosports has also announced the -$13m acquisition of Gulson Canberra, which operates Porsche, Fiat, Alfa Romeo, Leapmotor, Abarth and Jeep.

Macquarie lifts FY26 EPS forecast by 3.8% due to the Gulson acquisition and believes the group's margins have bottomed.

Target price rises to $2.82 from $2 with no change to Outperform rating.

Target price is $2.82 Current Price is $2.41 Difference: $0.41
If ASG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting downside of -13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BET as Buy (1) -

Ord Minnett assesses a strong June quarter result for Betmakers Technology with revenue up 9% quarter-on-quarter and gross margins improving by 750bps.

The result included maiden positive cash earnings (EBITDA) of $1.8m, aided by tight cost control and contract momentum in wagering products and new markets, explains the broker.

Gross margins have expanded 1,630bps year-on-year, while fixed costs have reduced to around $57m from circa $70m, positioning the business for strong incremental earnings in the analysts' view.

Ord Minnett upgrades FY26 and FY27 cash earnings (EBITDA) forecasts by 16% and 15%, respectively, driven by modest growth and high-margin leverage. The target price is raised to 26c from 23c. Unchanged Buy rating.

Target price is $0.26 Current Price is $0.13 Difference: $0.13
If BET meets the Ord Minnett target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates CCR as Buy, High Risk (1) -

Credit Clear has guided to FY25 underlying earnings (EBITDA) of $7.4m, 76% above FY24 and ahead of the $7.1m estimate by Shaw and Partners.

Revenue guidance is $46.9m, broadly in line with the broker's $47.1m forecast, with the earnings margin higher due to second-half cost initiatives.

The analyst models 13% revenue growth in FY26 and over 40% earnings (EBITDA) growth, aided by -$2m in annualised savings and further Tier 1 client wins, including Origin Energy ((ORG)), ANZ Bank ((ANZ)), and Zip Co ((ZIP)).

The broker observes Credit Clear ended FY25 with $15.6m in cash and is exploring acquisitions in NZ and the UK to replicate its digitally led model, which has delivered share gains in Australia.

Shaw maintains a Buy, High Risk rating with a $0.44 target price.

Target price is $0.44 Current Price is $0.28 Difference: $0.16
If CCR meets the Shaw and Partners target it will return approximately 57% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 notes the macroeconomic environment has shifted favourably for Charter Hall as rate cuts have reignited investor demand for real estate, both globally and domestically.

Additionally, Australia has emerged as a top destination for investment in the Asia-Pacific region, as underweight investors are allocating more capital to the property market. The broker points to anecdotal evidence of more fundraising this year by REITs.

Upside expected to FUM and earnings forecasts for the next few years, with stable valuations, mainly in office, a key driver of the broker's upgraded forecasts.

Buy. Target rises to $22.50 from $18.50.

Target price is $22.50 Current Price is $19.71 Difference: $2.79
If CHC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.96, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates DOW as Neutral (3) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

The broker sees a key catalyst for Downer EDI from defence estate management contract renewals but sees some risk to the downside as the number of providers is expected to increase.

FY25 net profit is expected at $273m, at the higher end of the company's $265-280m guidance, but below the consensus of $275m.

Outperform. Target rises to $6.87 from $6.50.

Target price is $6.87 Current Price is $6.89 Difference: minus $0.02 (current price is over target).
If DOW meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.09, suggesting downside of -11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates FDV as Speculative Buy (1) -

Bell Potter details why it thinks a re-rating for Frontier Digital Ventures is on the cards, including an improving macro backdrop for emerging markets due to a weaker USD, as well as a higher iron ore price as a "proxy" on China.

The analyst also points to positive earnings growth forecasts for 2025/2026 post a series of issues and disruptions in 2024. There is also scope for a strategic review into 360LATAM and potential to unlock shareholder value from Zameen.

No change to Speculative Buy rating. Target rises to 63c from 54c as the ascribed valuation rises.

Target price is $0.63 Current Price is $0.32 Difference: $0.31
If FDV meets the Bell Potter target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates GSS as Speculative Buy (1) -

Genetic Signatures reported 4Q25 revenue of $4.4m, down -2.2% on a year earlier and up 52% on the prior quarter, which was basically in line with Bell Potter's expectations.

Cash burn over the quarter was -$6.2m, the largest quarterly outflow for several years, the broker highlights, due to a rise in cash payments over the period.

The company has an estimated two years of cash at $30.9m on the balance sheet with no debt, according to the broker.

Notably, post FDA approval in June 2024, the company has struggled to gain sales and traction in the US, which Bell Potter views as "critical" for the resumption of profits.

Speculative Buy. Target cut to $0.65 from $0.75 as the analyst lowers earnings estimates.

Target price is $0.65 Current Price is $0.40 Difference: $0.25
If GSS meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates HVN as Buy (1) -

Citi believes the upcoming reporting season should be solid for retailers, with recent data and industry feedback pointing to stronger retail sales in the fourth quarter of FY25.

This improvement comes despite a notable increase in household deposit growth in the second half, observes the broker, which has dampened discretionary spending.

The analyst expects this elevated savings behaviour to stabilise, and potentially unwind, once interest rates reach their forecast trough around late 2025.

On this basis, the broker estimates household spending capacity could rise by $50–90bn in FY26, supporting Citi’s view retail sales growth will accelerate in FY26.

The broker expects Harvey Norman to report underlying profit before tax of $593m, up 10% y/y, and final dividend of 14c. Trading update is expected to be solid with strong end in electrical categories in the June quarter.

Buy. Target unchanged at $5.80.

In order, the broker's top picks in discretionary retail are JB Hi-Fi, Harvey Norman ((HVN)) and Super Retail ((SUL)).

Target price is $5.80 Current Price is $5.65 Difference: $0.15
If HVN meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.24, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates IAG as Upgrade to Buy from Neutral (1) -

UBS upgrades Insurance Australia Group to Buy with the shares down -10% since late June. CAT protection comes at a cost, around -$250m in FY25, equating to a -2.5% drag on the insurance trading result (ITR) margin.

UBS highlights the cost may be offset by reinsurance profit commissions, which are not fully reflected in market expectations.

These commissions, paid back by re-insurers when claims are low, could add approximately 60–70 basis points to Insurance Australia Group's ITR margin and lift EPS by 4.5–5.3% annually, based on the analyst's simulations of historic CAT data.

With FY25 CAT costs tracking below budget and other strategic initiatives underway, the analyst sees upside risks to both EPS and the stock's valuation, prompting an upgrade to Buy.

Target price rises to $9.50 from $9.30.

Target price is $9.50 Current Price is $8.25 Difference: $1.25
If IAG meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates IFL as No Rating (-1) -

Citi notes Insignia Financial has entered into a Scheme Implementation Deed with CC Capital, under which its shares will be acquired for $4.80/share in cash. The company also reported 4Q25 cash flows, which showed a notable improvement across key business units.

Highlights included record flows into the MLC Expand Advised products, a decline in Master Trust net outflows, and a return to positive for asset management flows.

Funds under administration rose 4.6% and Funds under Management and Advice rose 2.6%, after accounting for market gains. The company has paused dividends until at least July 22, 2026.

Citi currently has its rating on Insignia Financial suspended.

Current Price is $4.41. Target price not assessed.

Current consensus price target is $4.54, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Insignia Financial has entered into a Scheme Implementation Deed with CC Capital at $4.80 per share, a 57% premium to the undisturbed price.

The board unanimously recommends the proposal, subject to regulatory and shareholder approvals, with implementation expected in 1H26.

If not completed by July 22, 2026, Morgan Stanley notes a special dividend could apply, calculated from 50% of underlying profit for each elapsed month. A material adverse change clause and $33m break/reverse break fee are in place.

The broker highlights improved Wrap inflows of $1.2bn in the June quarter, especially from MLC Expand, with Wrap funds under administration (FUA) about 4.5% ahead of forecast.

Asset Management funds under management (FUM) was impacted by the derecognition of -$4.8bn tied to the sale of EU real estate assets, highlight the analysts.

Funds under management and administration (FUMA) at June 30 were $330bn, roughly 2% above the broker's estimates. While 4Q25 flows were strong, $2.9bn in Wrap outflows and further MasterTrust net outflows are still expected in 1H26.

Morgan Stanley retains its Equal-weight rating and $4.21 target price. Industry View: In-Line.

Target price is $4.21 Current Price is $4.41 Difference: minus $0.2 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.54, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates IFL as Hold (3) -

Insignia Financial has received a binding cash takeover offer of $4.80 a share from US private equity firm CC Capital, which the board recommends shareholders accept.

Ord Minnett explains the revised offer follows a competitive process involving eight indicative proposals and reflects the outcome of extended due diligence after Bain Capital withdrew its bid in May.

Despite improved June-quarter flows across platforms and asset management, the board appears to favour immediate cash certainty over long-term execution risk, according to the broker.

The transaction is expected to complete in the first half of 2026, subject to shareholder and regulatory approval.

Ord Minnett lowers its target price to $4.80 from $5.00 and retains a Hold rating.

Target price is $4.80 Current Price is $4.41 Difference: $0.39
If IFL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.54, suggesting upside of 1.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates ILU as Buy, High Risk (1) -

Iluka Resources today delivered June quarter revenue of $289m, broadly in line with Citi's forecast and up 15% on the March quarter.

In a first take, the broker observes zircon/rutile/synthetic rutile sales were 133kt, -5% below Citi’s estimates, while average realisation of US$2,110/t was -3% lower, impacted by a -7% decline in zircon prices.

Citi highlights Iluka has withheld September quarter guidance for zircon volumes and pricing due to market uncertainty and competitor discounting in China.

Cash costs for zircon, rutile and synthetic rutile production fell -19% year-on-year to $1,138/t in 1H25, highlights the broker, while unit cost of goods sold (COGS) worsened by -2% to $1,241/t.

Management has observed continued caution among customers, with no material re-stocking of zircon products to date. The company is aware some Chinese competitors have reduced zircon prices by approximately -US$100/t during the September quarter.

Buy, High Risk. Target $5.20.

Target price is $5.20 Current Price is $5.18 Difference: $0.02
If ILU meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.43, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates KAR as Buy (1) -

Citi sees upside risk to Karoon Energy's consensus revenue forecast at the June quarter update on July 24, driven by higher production at Bauna and favourable cargo timing. The broker's forecast is 5% above the consensus on production and 20% above on revenue.

Potential catalysts at the update include a decision on FPSO contract and lease structure, and commentary on Brazil's fiscal policy/tax developments, though the company could downplay that risk.

FY25-26 core earnings forecasts upgraded by 3% on stronger Bauna volumes. Buy retained with $2.20 target price. 

Target price is $2.20 Current Price is $1.94 Difference: $0.26
If KAR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.20, suggesting upside of 11.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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 LOV as Sell (5) -

Citi sees rising odds of Lovisa Holdings beating FY25 store rollout expectations, with its proprietary data suggesting 1,039 stores at the end of FY25 vs the consensus of 1,004. 

The broker also sees a possibility of a beat in FY26 if the 2H25 run rate is sustained, expecting 110 net stores vs 82. However, in the long-term, operational issues in the newer growth markets and launch of Jewells are seen as key risks, along with emerging competition.

The broker also highlighted strategic uncertainty related to the new CEO. Net profit forecasts for FY26 and FY27 trimmed by -14% and -25%, respectively..

Sell. Target cut to $22.98 from $25.86.

Target price is $22.98 Current Price is $32.26 Difference: minus $9.28 (current price is over target).
If LOV meets the Citi target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.91, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates MEI as Downgrade to Speculative Hold from Buy (3) -

Bell Potter downgrades Meteoric Resources to Speculative Hold from Buy with the stock up a 'meteoric' 158% since April.

The company announced the results of its pre-feasibility study on Caldeira's IAC rare earths project in Brazil with plant capacity increased to 6mtpa from 5mtpa on a dry basis and project capex up 10% to -US$443m including a -US$86m contingency.

The analyst points to the negative rise in operating costs with the scoping study suggesting a 40% lift, and the major challenge for the company remains the preliminary license, with around 90% of mined material inside the 3km zone of an environmental protection zone.

Target lowered to 16c from 17c. No change in Bell Potter's EPS forecasts.

Target price is $0.16 Current Price is $0.16 Difference: $0
If MEI meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates MGH as Outperform (1) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

The broker notes contractors like Maas Group have had a mixed performance, with share price rise averaging just 4% so far in 2025. FY25 underlying EBITDA is expected at $215.6m, at the low end of $215-245m guidance.

Outperform. Target unchanged at $4.95.

Target price is $4.95 Current Price is $4.06 Difference: $0.89
If MGH meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates MMI as Buy, High Risk (1) -

Metro Mining delivered a record operating margin of $31.9/t in the June quarter, up 500% on the prior year and 83% higher than its previous peak in 4Q 2024, highlights Shaw and Partners.

Shipments of 1.7mt generated site earnings (EBITDA) of $53.4m, with a stronger second half anticipated by the analysts following removal of barge loading constraints in early July.

Cash balance stood at $28.7m at June-end, though the broker notes this was temporarily reduced by a $25m working capital build and -$9m in deferred royalties.

Shaw forecasts shipments for the September quarter of 2.4mt, with the full year at 6.5mt and $60m in free cash flow expected in the current quarter.

Buy, High Risk with unchanged target price of 17c. 

Target price is $0.17 Current Price is $0.07 Difference: $0.1
If MMI meets the Shaw and Partners target it will return approximately 143% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates MND as Outperform (1) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

The broker notes Monadelphous Group delivered a strong share price performance due to elevated capex in the iron ore sector and robust activity across energy.

For FY25-26, the broker's forecast is 4-6% ahead of consensus.

Outperform. Target rises to $18.83 from $17.40.

Target price is $18.83 Current Price is $18.68 Difference: $0.15
If MND meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.52, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates NWH as Neutral (3) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

The broker's forecast for NRW Holdings' FY25 EBITDA is $205m, the low end of the company's $205-215m guidance, mainly due to weather issues in 2H.

FY26 is expected to be stronger due to multiple reasons, including very positive outlook for civil construction and higher profits at the Fimiston project as it nears completion.

Neutral. Target unchanged at $3.

Target price is $3.00 Current Price is $3.19 Difference: minus $0.19 (current price is over target).
If NWH meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.40, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates PDN as Buy (1) -

In a flash update, Citi notes Paladin Energy reported 33% growth in production at Langer Heinrich for the June quarter over the prior quarter, which was better than expected.

U308 grade of 447ppm was also better than the broker's forecast of 420ppm, while process recovery was lower at 87%.

Sales came in lower than anticipated by -3%, and realised pricing of US$55.6/lb versus estimate of US$69/lb due to timing of contract deliveries and the mix was disappointing.

Unit production was lower at US$37.5/lb compared to Citi's forecast of US$40.5/lb. Cash and equivalents stood at US$489m.

FY26 production guidance of 4–4.4mlbs was slightly lower than expected, as was sales guidance, and cost of production for FY26 flags as higher than expected.

Citi notes the strong quarterly production as a relief to the market, but the 4Q25 realised pricing and FY26 cost guidance may disappoint.

Target price is $10.10 Current Price is $8.17 Difference: $1.93
If PDN meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.92, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 PNR as Upgrade to Hold from Sell (3) -

Bell Potter upgrades Pantoro Gold to Hold from Sell with a lift in target price to $3.15 from $2.30 post the release of its June quarter production results from Norseman gold project, of 25,417oz at all-in-sustaining-costs of $1991oz.

The broker highlights production was considerably higher than forecasts and costs much lower. For FY25 the miner produced gold of 84,563oz with all-in-sustaining-costs of $2261 and positive free cash flow.

Cash and bullion at quarter end stood at $175.8m from $132.5m in the prior quarter. Pantoro is now debt free with FY26 production guidance at 100-110koz at cost of $1950-$2250 which would make the miner one of the lowest cost producers on the ASX, Bell Potter states.

The analyst lifts EPS forecasts by 16% for FY25 and lowers FY26 by -15%.

Target price is $3.15 Current Price is $3.75 Difference: minus $0.6 (current price is over target).
If PNR meets the Bell Potter target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates PPS as Buy (1) -

Praemium announced its 4Q25 funds under administration of $64.3bn, which came in slightly below Bell Potter's forecast due to weaker than expected market movements and gross outflows from Escala financial advisers, which led to a drag of -$18m on net flows.

Annualising the net flows, the analyst notes they are in line with expectations. Management offered a positive outlook and envisages a good sales pipeline, although there could be some lumpiness.

Bell Potter emphasises Praemium has shown major new client wins above contract renewals which are yet to fully start, such as a transition of $2bn in funds under administration from Euroz Hartleys in 1H26.

There is also work with Morgans to deliver an SMA product. Bell Potter reiterates Buy rating with target unchanged at $1.

Target price is $1.00 Current Price is $0.73 Difference: $0.27
If PPS meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates PPT as Buy (1) -

Perpetual reported funds under management for 4Q25 at $226.8bn, up 2.5% on the prior quarter, which was assisted by positive market moves of $14.6bn and offset new outflows of -$3.9bn, Bell Potter notes. Adverse currency moves came in at -$5.1bn.

Corporate trust funds grew 1% and wealth management rose 2%. Management flagged cost growth of 3%-4% for FY25, which is unchanged from previous guidance and meets the analyst's forecasts.

Bell Potter lifts FY25 EPS estimate by 1.2% and FY26 by 7.8% for higher funds under management and lower interest costs.

No change to Buy rating and $22.80 target.

Target price is $22.80 Current Price is $20.60 Difference: $2.2
If PPT meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates PPT as Neutral (3) -

Citi notes Perpetual's net outflows stabilised in 4Q25 after a sharp rise in 3Q, with JO Hambro and TSW the primary sources of these outflows, partly offset by net inflows from Barrow Hanley.

Assets under management (AUM) rose 2.5% due to market gains, but average AUM, which drives revenue, fell -3.1%, underscoring the impact of market volatility.  The 3-year track record continues to weaken, reducing the likelihood of a near-term turnaround in flows.

While structural AUM challenges persist, the broker expects investor focus will remain on the outcome of the Wealth Management divestment process, with the company confirming it is in active discussions with interested parties. 

Neutral. Target unchanged at $21.

Target price is $21.00 Current Price is $20.60 Difference: $0.4
If PPT meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $20.85, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates PRN as Outperform (1) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

For Perenti, the broker's FY25 EBITA forecast of $326m is at the low end of $325-345m guidance. Leverage at the end of FY25 is expected to be 0.5x, exceeding guidance of 0.6-0.7x (i.e. lower thus better), likely supporting dividends and buyback.

Outperform. Target unchanged at $1.52.

Target price is $1.52 Current Price is $1.77 Difference: minus $0.25 (current price is over target).
If PRN meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgan Stanley rates QBE as Overweight (1) -

Morgan Stanley expects QBE Insurance to report a solid 1H25 result, with a 93% combined operating ratio (COR) and 5.5% gross written premium (GWP) growth, tracking ahead of management's full-year target.

While global insurance pricing is slowing, the broker believes the group is well placed to grow volumes through fast-expanding segments like US Excess & Surplus and Cyber.

CAT losses are expected to be in line with budget, with no major domestic surprises and manageable US storm impacts. Morgan Stanley raises FY25-26 earnings forecasts by 1%.

Unchanged Overweight rating. Target rises to $24.80 from $24.60. Industry View: In-Line.

Target price is $24.80 Current Price is $22.76 Difference: $2.04
If QBE meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $24.74, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Ord Minnett rates QOR as Buy (1) -

Ord Minnett describes Qoria’s June quarter as mixed, with cash flow weaker than forecast due to high expectations and reinvestment in consumer trials.

Annual recurring revenue (ARR) rose 24% year-on-year to $145m, slightly below the analyst's expectations, though currency-adjusted figures were in line.

The broker highlights management is targeting positive free cash flow in FY26, supported by seasonal strength in receipts and guidance for 20% ARR growth, $140m revenue and 20% earnings (EBITDA) margins.

Customer churn and net revenue retention were steady, while successful Qustodio trials point to scalable growth, in Ord Minnett's view.

Commentary describes Qoria’s Qustodio platform as a leading parental control and digital wellbeing solution. The broker retains a Buy rating and 56c target.

Target price is $0.56 Current Price is $0.50 Difference: $0.06
If QOR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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) -

Scentre Group announced the sale of its 25% stake in Chermside to Dexus Wholesale Shopping Fund for $683m which is viewed by Citi as a positive strategic development.

Commentary suggests the funds can be used for subordinated note buybacks and residual capital can be used in high return residential project developments above the Chermside cap rate at 5% or increasing the expansion of retail centres which have experienced under-supply.

Buy. Target unchanged at $3.90.

Target price is $3.90 Current Price is $3.73 Difference: $0.17
If SCG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates SFX as Hold (3) -

Ord Minnett considers Sheffield Resources’ June quarter performance reasonable amid ongoing challenges. The Kimberley Mineral Sands (KMS) joint venture with Yansteel delivered record production of 201kt concentrate and $25m in operating cash flow.

Despite a crane failure deferring -38kt in sales, the broker highlights KMS met its first debt repayment via a $31m prepayment from partner Yansteel.

Mining rates rose 14% after a new waste contractor was appointed, supporting plans to reduce C1 costs to around $250/t by FY27, explain the analysts.

Ord Minnett highlights debt restructuring ahead of the December 2025 repayment as the key catalyst, noting current financing outflows exceed operating cash inflows. A Hold rating and a 20c target price are maintained.

Target price is $0.20 Current Price is $0.20 Difference: $0
If SFX meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates SIG as Upgrade to Accumulate from Hold (2) -

Ord Minnett raises its target for Sigma Healthcare to $3.00 from $2.70 and upgrades to Accumulate from Hold. The broker forecasts underlying earnings (EBIT) of $836m for FY25.

The broker estimates a 3-year EPS compound annual growth rate (CAGR) of circa 21%, driven by merger synergies, international expansion into Ireland and the UAE.

Margin benefits are also anticipated from Wagner Pharma’s contribution to the private label strategy. Wagner is a core private label and exclusive brand in Australian pharmacy channels.

Sigma’s distribution centres hold more than 45k sqm of unused space, while private label revenue growth and fragmented offshore markets represent upside risk, suggests Ord Minnett.

Target price is $3.00 Current Price is $2.77 Difference: $0.23
If SIG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates SKT as Outperform (1) -

Macquarie notes the acquisition of 100% of Discovery NZ for $1 on a cash-free and debt-free basis by SKY Network Television with settlement expected on August 1.

The analyst expects the acquisition will diversify revenue with an incremental increase of around NZ$95m per annum and earnings (EBITDA) of $10m for FY28.

There will also be a rise in linear television advertising revenue share to around 35% from 25%.

Outperform retained. Target set at NZ$3.56.

Current Price is $2.75. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

This company reports in NZD. 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

Macquarie rates SSM as Outperform (1) -

Macquarie previews Service Stream's FY25 upcoming earnings report and forecasts earnings (EBITDA) of $148m versus consensus at $146m, with FY26 estimate at $157m, which is in line with consensus.

The company's earnings are largely independent of global uncertainty and volatility, the analyst explains, with a February contract for NBN worth over $1.9bn for an initial five years announced in February.

Utilities are flagged as a "standout" for 1H25 results, with new contract wins underpinning revenue growth of 11%, and the total addressable market for this sector is over eight times larger than Telco and growing, with large opportunities in power and water.

Management also expects a decision soon on the Defence tender for property and asset services. Macquarie tweaks EPS forecasts by -1% for FY25 and -1.3% for FY26.

Target price rises 19% to $2.22 from $1.86 on a roll forward of ascribed valuation. Outperform rating retained.

Target price is $2.22 Current Price is $1.95 Difference: $0.27
If SSM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates TLX as Buy (1) -

Bell Potter describes Telix Pharmaceuticals’ 2Q25 result as pleasing, with revenue of US$204m, comprising Illuccix' US$154m and Radioisotope Life Sciences manufacturing of US$46m.1H25 revenue of US$388m slightly beat consensus, notes the analyst.

The company remains on track to meet unchanged full-year revenue guidance of US$770m–800m, believes the broker, with Illuccix volume growth suggesting market share gains despite reimbursement headwinds from July.

The analyst also notes Zircaix remains on track for FDA approval in August, with other pipeline developments progressing, including Gozellix pricing decisions expected by October and ethics approval in Australia for TLX101 trials.

Management disclosed an SEC subpoena regarding prostate therapeutic disclosures, noting no allegations have been made, and resolution timing is uncertain.

Buy rating. Target $34.

Target price is $34.00 Current Price is $25.12 Difference: $8.88
If TLX meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

UBS rates TLX as Buy (1) -

UBS views Telix Pharmaceuticals' 2Q25 trading update as "solid" with group revenue at US$204m and Illuccix achieving US$154m, which was in line with consensus and slightly lower than the broker's forecast at US$163m.

Notably, dose volume rose by 7%, which infers the uptake and penetration into the prostrate diagnostic market continues. 

UBS believes the company has managed the launch of Gozellix in June with the assignment of a HCPCS code (Healthcare Common Procedure Coding System) despite pricing issues.

Management's 2025 guidance of US$770m-US$800m is achievable, the broker explains. UBS spoke with management who explained a dual listing on the ASX and Nasdaq brings forth different disclosure terms, and the SEC's subpoena is a fact-finding exercise.

The inquiry does not extend to its diagnostics franchise or to prostate therapeutic candidates. Uncertainty over the timing of resolution and outcome remains.

Buy. Target unchanged at $36.

Target price is $36.00 Current Price is $25.12 Difference: $10.88
If TLX meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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 TWE as Neutral (3) -

Citi highlights the latest Nielsen data for four weeks to July 12 points to a further decline in Treasury Wine Estates' Americas sales, which were down -11% y/y vs -3% for the market. This was worse than the -8% fall seen in the four weeks prior.

Sales growth in key luxury brands slowed while the decline in key premium brands accelerated. The broker views the continued weakness across these brands as indicative of ongoing softness in mainstream US wine demand, especially in the premium segment.

No change to forecasts. Neutral. Target unchanged at $8.50.

Target price is $8.50 Current Price is $8.05 Difference: $0.45
If TWE meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.57, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates VEA as Neutral (3) -

Macquarie lifts forecast 1H2025 non-refining earnings (EBITDA) to $318m for Viva Energy against guidance of $270-$330m and consensus at $307m.

The analyst also points to higher than anticipated refining margins and now forecasts US$48.75/bbl and 2Q2025 US$9.57/bbl.

Aviation could be a "highlight," the broker flagging growth year to date in commercial fuel sales of 5.2% for the end of May, with international refuelling continuing to advance 8.7% year to date on the previous year.

Fuel volumes have struggled in SA, with petrol declining -11% year to date, and shop sales remain challenged due to "tobacco wars".

Macquarie lifts EPS forecasts by 18% for 2025, and 2026 EPS estimate slips by -4% on lower Convenience and Mobility.

Target price rises 18% to $2. No change in Neutral rating.

Target price is $2.00 Current Price is $2.26 Difference: minus $0.26 (current price is over target).
If VEA meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.63, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates VNT as Outperform (1) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

For Ventia Services, the broker sees defence estate management contract renewals as a key catalyst. Forecast for 1H25 underlying net profit is in line with consensus, and for FY25, net profit growth forecast at 11% is above guidance of 7-10%.

FY25-27 EPS forecasts upgraded by 2% on lower interest and depreciation.

Outperform. Target rises to $5.42 from $5.00.

Target price is $5.42 Current Price is $5.20 Difference: $0.22
If VNT meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates WOR as Outperform (1) -

In a note on the contractors sector, Macquarie highlights domestic-focused operators have outperformed those with greater exposure to offshore or resource and construction-related sectors. 

This is expected to continue as domestic companies benefit from spending across telco, social housing and defence. 

In the case of Worley, the broker believes greater clarity around tariff settings will be key for the share price to return to a more normal trend. 

The broker is -9% below the consensus for FY26 EPS.

Outperform. Target cut to $15.77 from $15.85.

Target price is $15.77 Current Price is $13.02 Difference: $2.75
If WOR meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $17.89, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates WTC as Buy (1) -

Bell Potter flags what they believe could be a good upcoming FY25 result for WiseTech Global with potentially better margins and FY26 guidance in line with consensus. 

The company is expected to offer FY26 guidance for both the core business and the e2open acquisition with a 2H26 weighting to the delayed launch of CTO.

Accordingly, the analyst has raised the ascribed valuation multiple on the stock for the price-to-earnings ratio to 100 times from 90 times and lowered the cost of capital for its calculation of the discounted cash flow valuation.

The target price lifts by 10% to $135 and the analyst maintains a Buy rating on the stock. No changes to earnings forecasts.

Target price is $135.00 Current Price is $119.05 Difference: $15.95
If WTC meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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