Australian Broker Call

Bell Potter rates ALC as Hold (3) -

Bell Potter notes Alcidion Group has signed the previously reported contract with the North Cumbria Integrated Care NHS Foundation Trust for an electronic patient record, which is a 10-year contract valued at around $37.5m.

The broker highlights the contract had already been incorporated into earnings estimates and confirms FY25 is expected to exceed circa $36m in revenue, which is estimated to push the company into earnings (EBITDA) profitability.

Target price rises to 11c from 7c. No change to the Hold rating; the stock is viewed as fair value at current levels, with risk to the upside on additional contract wins, the analyst explains.

Target price is $0.11 Current Price is $0.11 Difference: $0
If ALC meets the Bell Potter 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

Bell Potter rates AMA as Buy (1) -

AMA Group's 1H25 results came in above Bell Potter's forecast earnings (EBITDA) by 10% due to a higher margin of 5.5% compared to a 5% estimate; management reiterated FY25 guidance.

The company suggested any misses from AMA Collision will be offset by Capital Smart and Wales, with the divestment of ACM Parts progressing, while also contemplating a possible demerger or IPO if the outcome is favorable.

Bell Potter raises earnings (EBITDA) forecasts by 1% in FY25 and FY26, but EPS estimates slip due to higher depreciation/amortisation charges.

Target price increases 14% to 8c, and a Buy rating is maintained.

Target price is $0.08 Current Price is $0.05 Difference: $0.026
If AMA meets the Bell Potter target it will return approximately 48% (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

Morgans rates AMA as Add (1) -

AMA Group's 1H25 normalised earnings (EBITDA) rose by 17% to $25.7m, exceeding Morgans $22.3m estimate. Capital Smart and Wales divisions outperformed, offsetting weaker results in Collision, which remains in recovery, notes the analyst.

The broker points to a stronger operating cash flow of $26.3m compared to $10.8m in the prior period, with positive free cash flow of $0.8m despite higher capital expenditure.

Management reaffirmed FY25 guidance, targeting earnings (EBITDA) above FY24’s $49m, while exploring strategic alternatives for the ACM Parts business, including a potential divestment or IPO.

Morgans lifts the target price to 9c from 8c and maintains an Add rating.

Target price is $0.09 Current Price is $0.05 Difference: $0.036
If AMA meets the Morgans target it will return approximately 67% (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 ASB as Buy (1) -

Bell Potter highlights Austal reported better-than-expected 1H25 results, exceeding both the analyst's and consensus estimates, including cash which advanced by $180.4m to $353.90m, underpinned by operating cash flow of $283.3m compared to $33.6m a year earlier.

The company has a record order book of $14.2bn at the end of the period, excluding defense programs that still need to be awarded.

Bell Potter highlights the positive margin improvements and upgrades to future capex programs. The analyst acknowledges the recent strength in the share price but remains "comfortable" with the existing valuation.

Target price lifts to $4.70 from $3.75. No change to Buy rating.

Target price is $4.70 Current Price is $4.04 Difference: $0.66
If ASB meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting downside of -5.6% (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

Citi rates ASB as Downgrade to Neutral from Buy (3) -

After further analysis of Austal's 1H results, Citi raises its target to $4.30 from $4.14 and downgrades to Neutral from Buy due to a strong recent share price performance and rising execution risk for new programs.

FNArena's summary of the broker's original research follows.

In an early assessment of today's interim financials by Austal, Citi notes a better-than-expected outcome, as well as upgraded FY25 guidance.

First half profit of $25.1m came in ahead of the $22.6m consensus estimate driven by US support margins. The EBIT margin was 7.9% (Citi 5.5%), with support margins at 19.7% (Citi 10%) underpinned by invoice finalisation for FY23 support work.

 As expected by Citi, no dividend was declared given the upcoming significant capex program.

Target price is $4.30 Current Price is $4.04 Difference: $0.26
If ASB meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.83, suggesting downside of -5.6% (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

UBS rates ASG as Neutral (3) -

UBS analysts have maintained a Neutral rating on Autosports Group, keeping the price target at $1.80. FY25 EPS estimate has been cut by -14%, reflecting weaker-than-expected new vehicle sales and high interest expenses.

The company reported a 1H25 result in line with expectations, though moderating sales volumes, excess inventory, and cost inflation remain key headwinds, the broker suggests.

Management highlighted stable performance in used vehicles, servicing, and parts, alongside growth from new OEMs Polestar and Zeekr. The broker sees long-term value in Autosports Group’s strong market position, but also expects near-term earnings volatility.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If ASG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 10.8% (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

Citi rates AX1 as Upgrade to Buy from Neutral (1) -

Citi raises its target for Accent Group to $2.57 from $2.43 and upgrades to Buy from Neutral following a further review of 1H results.

A summary of the broker's earlier research follows.

Citi's first take on today's Accent Group 1H results and management's later conference call is of in-line pre-reported financials and a pleasing pick-up in sales over the last seven weeks.

Management's trading update showed the core Platypus brand is back in growth, though somewhat helped by refurbishments, according to the analysts.

At the end of the half, the total store network finished at 903 stores, ahead of the consensus estimate of 896.

New Zealand, which the broker notes accounts for 10% of the business, remains challenging and there are no green shoots as yet.

The 2H will likely benefit from the annualisation of cost-of-doing-business (CODB) reductions and distribution efficiencies, highlights the broker.

A dividend of 5.5 cents was declared.

Target price is $2.57 Current Price is $2.14 Difference: $0.43
If AX1 meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 22.6% (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

Morgan Stanley rates AX1 as Overweight (1) -

On first inspection, Accent Group announced 1H25 earnings (EBIT) that were in line with guidance, Morgan Stanley observes, with like-for-like sales growth retained into 2H25 at 2.2%, the broker explains.

Management has continued the store rollout, with 10 targeted for 2H25, and there is some evidence of wholesale improvement, the analyst notes.

Margins continue to be pressured from promotions, the broker cautions, with Frasers Group looking for a long-term strategic agreement in 2H25.

Overweight rating with a $2.75 target price. Industry view: In-Line.

Target price is $2.75 Current Price is $2.14 Difference: $0.61
If AX1 meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 22.6% (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

Morgans rates AX1 as Downgrade to Hold from Add (3) -

Morgans reports Accent Group's 1H25 earnings were in line with guidance, with earnings (EBIT) rising 11.6% to $80.7m, assisted by the reversal of a historical impairment.

Gross margins declined by -100bps to 55.6% due to a highly promotional environment, though cost control helped offset pressures, explains the broker.

The company opened 42 new stores and closed 34, with management guiding to at least ten additional openings in 2H25.

The interim dividend of 5.5c fell short of Morgans' expectations due to a lower payout ratio.

The broker lowers its target price to $2.20 from $2.40 and downgrades its rating to Hold from Add due to ongoing uncertainty in the trading environment, increased pressure on margins in the short-term, and slower rollout estimates.

Target price is $2.20 Current Price is $2.14 Difference: $0.06
If AX1 meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 22.6% (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

UBS rates AX1 as Buy (1) -

UBS analysts have maintained a Buy rating on Accent Group, keeping the price target at $2.45. FY25 EPS estimate has been revised up by 1.7% and FY26 estimate cut by -1.9% due to margin pressures.

The company reported 1H25 EBIT of $80.7m, in line with guidance, supported by strong sales growth in retail and wholesale, though gross margins were challenged, the broker observes.

Management remains focused on cost control and store expansion, with investments in vertical brands and The Athlete’s Foot corporatisation expected to drive long-term growth.

The broker sees valuation as attractive, with a -23% discount to ASX Small Ords and continued earnings momentum.

Target price is $2.45 Current Price is $2.14 Difference: $0.31
If AX1 meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 22.6% (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

Morgans rates BXB as Hold (3) -

Morgans notes Brambles’ first-half result was broadly in line with expectations, with underlying earnings (EBIT) rising 8% to US$718m and profit increasing by 9% to US$446m.

Free cash flow (before dividends) guidance was upgraded, while management maintained FY25 revenue and earnings guidance.

The second quarter saw a return to volume growth after being flat in 1Q25, highlights the analyst, with the EBIT margin expanding by 100bps to 21.3% and the return on invested capital (ROIC) metric rising 120bps to 23%.

Management noted conditions improved in the US and Australia but remained weak in Europe.

The broker reduces FY25-27 EBIT forecasts by -1-2% due to foreign exchange adjustments. The target price is raised to $20.50 from $18.00 reflecting a financial model roll-forward and benefits of a lower Australian dollar. Hold rating maintained.

Target price is $20.50 Current Price is $19.83 Difference: $0.67
If BXB meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.24, suggesting upside of 6.5% (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: 0.7

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett notes Brambles' 1H25 earnings growth was above consensus on improving productivity and strict pricing discipline.

The company upgraded FY25 free cash flow guidance and the broker notes capex as a proportion of sales fell -260bps to 13%  well below the company’s guidance of 15–17%.

The company's efficiency program meant salvaged pallets in 1H totalled around 12m, well above 8m y/y. The broker expects efficiencies to continue in FY26.

The broker lifted FY25-26 EPS estimates by 1%. Target price rises to $23.8 from $21, and Buy retained.

Target price is $23.80 Current Price is $19.83 Difference: $3.97
If BXB meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $21.24, suggesting upside of 6.5% (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: 0.7

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

Shaw and Partners rates C79 as Buy (1) -

Chrysos reported 1H25 results with revenue up 54% year-on-year and earnings (EBITDA) rising 150% over the previous period, implying a 20% margin for Shaw and Partners.

Management revised FY25 revenue guidance to the low end of the range, with earnings (EBITDA) trending toward the lower end of the midpoint, the analyst explained, attributing this to the timing of unit deployments.

The broker believes the new strategy of selling directly to miners is working—with six new contracts in 1H25—but the period from contract signing to full deployment is taking longer than anticipated.

Shaw and Partners reiterates its Buy, High Risk rating. The target price has been reduced to $6.80 from $7.

Target price is $6.80 Current Price is $4.78 Difference: $2.02
If C79 meets the Shaw and Partners target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $6.05, suggesting upside of 25.5% (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

Bell Potter rates CBO as Hold (3) -

On first inspection, Cobram Estate Olives reported an expected 1H25 underlying net profit after tax loss of -$4.5m on the back of revenue growth of 9%, Bell Potter notes.

Higher sell-through prices for the previous year's crop were the main reason for the 1H25 results.

Management pointed out the Australian hanging crop is expected to grow notably year-on-year, with a higher crop value for FY25 compared to FY24. Financial metrics are anticipated to remain robust in 2H25.

The analyst tweaks net profit after tax earnings forecasts by 1% in FY25 and down by -4% in FY26. Target price lifts to $1.95, and there is no change to the Hold rating.

Target price is $1.95 Current Price is $2.00 Difference: minus $0.05 (current price is over target).
If CBO meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.14, suggesting upside of 7.2% (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

Ord Minnett rates CBO as Buy (1) -

Ord Minnett highlights Cobram Estate Olives' 1H result was underpinned by record profit from US business, with branded sales rising to 61% of total US sales from 34% y/y.  

Cash flow was higher than expected, prompting the broker to upgraded FY25 forecasts. The broker also allowed for higher capex fund investments.

Target price rises marginally to $2.23 from $2.22. Buy rating stays.

Target price is $2.23 Current Price is $2.00 Difference: $0.23
If CBO meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 7.2% (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

Shaw and Partners rates CBO as Buy (1) -

Shaw and Partners observes Cobram Estate Olives achieved strong 1H25 growth, with operating cash flow rising 63%—boosted by higher sales prices, notably in Australia.

Output pricing in Australia rose by 20% over the period on flat volumes, and higher prices are anticipated until FY27/FY28.

US growth performed well, with branded sales up 83% and supermarket share rising 7.7% compared to a year earlier. Management also grew land holdings, which assists with supply growth and internal production, the analyst details.

The broker lowers EPS estimates by -4.3% and -1.6% for FY25 and FY26. Buy rating, high risk maintained. Target price remains unchanged at $2.25.

Target price is $2.25 Current Price is $2.00 Difference: $0.25
If CBO meets the Shaw and Partners target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 7.2% (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

Bell Potter rates CDA as Hold (3) -

Codan reported 1H25 revenue growth of 15%, underpinned by strength in the Comms division, which was up 22% and exceeded management's 10%-15% target, Bell Potter explains.

Revenue from metal detection rose 5%, which was below the target growth and below what management highlighted at the October AGM last year.

The broker notes a slightly higher-than-expected dividend per share at 12.5c, and management continues to aim for organic revenue growth of 10%-15% in Comms, along with additional growth from the Kägwerks acquisition.

Bell Potter views the result as expected and maintains a Hold rating.

No change to the $17.25 target price.

Target price is $17.25 Current Price is $16.16 Difference: $1.09
If CDA meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.86, suggesting upside of 5.2% (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 CDA as Neutral (3) -

Codan delivered a first half result that was in line with Macquarie's expectations as revenue grew 15% and EBIT was up 20%. The comms result was strong, exceeding guidance. Detection was also "solid", the broker assesses.

The company is expected to drive outer year earnings growth via development and expanding into new markets along with strengthening its global distribution. Neutral retained. Target rises to $17.13 from $14.60.

Target price is $17.13 Current Price is $16.16 Difference: $0.97
If CDA meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.86, suggesting upside of 5.2% (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

UBS rates CRN as Buy (1) -

UBS analysts have maintained a Buy rating on Coronado Global Resources, lowering the price target to $1.20 from $1.35.

EPS estimates have been cut by -52% for FY25, -13% for FY26, and by -11% for FY27 due to weaker-than-expected production guidance and higher unit costs.

The company reported FY24 EBITDA of US$115m, broadly in line with expectations, though 2025 production guidance of 16.0-18.0Mt fell short of prior targets.

The broker notes Mammoth Underground and Buchanan expansion projects are progressing but will deliver back-end weighted volumes.

The expiry of the Stanwell rebate in FY27 is expected to reduce mining costs by -10% and frees up additional coal for sale.

Target price is $1.20 Current Price is $0.56 Difference: $0.64
If CRN meets the UBS target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 68.4% (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

Ord Minnett rates ECF as Hold (3) -

Elanor Commercial Property Fund’s 1H24 funds from operations per unit of $4.92 beat Ord Minnett's forecast by 4.7%. FY25 guidance met the broker's guidance.

The REIT's net tangible assets fell -11.9% in 1H25 but the weighted average cap rate expanded 12bps to 7.76%, and the broker views this as a sign of stabilising broader property market. 

The broker notes the REIT's gearing remains elevated and it would prefer to see it lower. Hold rating maintained and target price is 64c.

Target price is $0.64 Current Price is $0.61 Difference: $0.035
If ECF meets the Ord Minnett target it will return approximately 6% (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

Morgans rates EEG as Speculative Buy (1) -

Morgans sees a pivotal year for Empire Energy, with the company preparing to fracture stimulate its Carpentaria-5H well, a key step toward maiden gas sales by year-end.

If the well performs in line with Carpentaria-2H, an initial production rate of around 9m cubic-feet-per-day is forecast by the analyst, with potential upside from improved well design.

Key milestones are progressing, highlights Morgans, though a delay in a traditional owner meeting has shifted the expected timeline for the pilot program.

Empire Energy Group benefits from its scalable gas resources, secured debt funding, and a flexible gas sales agreement with NT Power and Water Corporation, explains the broker.

The target falls to 74c from 76c. Speculative Buy rating unchanged.

Target price is $0.74 Current Price is $0.19 Difference: $0.55
If EEG meets the Morgans target it will return approximately 289% (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

Ord Minnett rates EQT as Buy (1) -

EQT Holdings' 1H25 net profit and costs missed Ord Minnett's forecasts but the broker is confident cost saving initiatives and recent contract wins will provide a strong earnings boost in FY26.

The broker lowered EBITDA forecasts for FY25-27 by -4-8% on the lower-than-expected 1H25 result.

Target price declines to $36 from $37. Buy rating retained.

Target price is $36.00 Current Price is $34.00 Difference: $2
If EQT meets the Ord Minnett target it will return approximately 6% (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 FMG as Neutral (3) -

Citi lowers its target for Fortescue to $20 from $21 and maintains a Neutral rating following interim results.

A summary of the broker's research on result's day follows.

In a neutral to slightly negative outcome, according to Citi, Fortescue’s 1H underlying earnings (EBITDA) of US$3.6bn were in line with its estimates but -3% below consensus, with a 48% earnings (EBITDA) margin.

Profit of US$1.6bn was -6% below Citi and -12% below consensus due to higher depreciation and amortisation, while free cash flow was US$0.7bn after -US$1.8bn in capex.

A fully franked interim dividend of 50 cents reflected a 65% payout ratio, -7% below consensus.

FY25 guidance is largely unchanged, though energy capex has been trimmed as Fortescue reassesses the timelines for its Arizona and Gladstone PEM50 projects.

Target price is $20.00 Current Price is $18.65 Difference: $1.35
If FMG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $18.15, suggesting downside of -1.9% (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: -0.1

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

Morgans rates FMG as Hold (3) -

The first half for Fortescue was weaker-than-expected by Morgans, with underlying profit of US$1,547m down by -38% year-on-year and -11% below consensus.

Revenue of US$7,368m declined by -20%, while earnings (EBITDA) of US$3,641m fell  by -37%, coming in -2% lower than consensus estimates.

Net debt increased significantly to US$2,030m, up by 257% year-on-year due to lower iron ore prices and increased capital expenditure, explains the broker.

Management lowered FY25 energy capex guidance to -US$400m from -US$500m. Iron Bridge’s ramp-up timeline is under review, with completion anticipated in Q4 of FY25.

Morgans reduces its target price to $18.80 from $18.90 and retains a Hold rating.

Target price is $18.80 Current Price is $18.65 Difference: $0.15
If FMG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.15, suggesting downside of -1.9% (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: -0.1

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

Macquarie rates FSF as Outperform (1) -

Fonterra Shareholders Fund has flagged robust demand across its sales including high-value ingredients. Macquarie suspects the gradual rise in the milk price may enable the company to realise price premiums for risk-management products.

Margins are expected to be under some pressure in the C&FS business but the broker believes the pass-through of the gradual increase could be manageable.

Earnings estimates are upgraded and this should flow through to strong dividends with the broker retaining an Outperform rating and raising the target to NZ$5.96 from NZ$5.74.

Current Price is $4.71. Target price not assessed.

The company's fiscal year ends in July.

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

UBS rates FSF as Buy (1) -

UBS analysts have maintained a Buy rating on Fonterra Shareholders' Fund, raising the price target to NZ$5.95 from NZ$5.20.

Financial forecasts have been upgraded, with FY25, FY26, and FY27 EPS estimates lifted by 13%, 21%, and 18%, respectively, reflecting stronger Ingredient margins and a higher dividend payout ratio of 65%.

The company increased its FY25 normalised EPS guidance to the upper half of the NZ$0.40-0.60 range, supported by 2% growth in milk collection and a shift towards high-value Ingredient products.

The broker sees additional upside from a potential Consumer business sale, which could add NZ$0.35-0.65 per share.

Current Price is $4.71. Target price not assessed.

The company's fiscal year ends in July.

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

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

Bell Potter downgrades Genesis Minerals to Hold from Buy due to the valuation and the 40% rise in the share price over the last three months. Target price is retained at $3.35.

The miner announced 1H25 gold production of 93koz, up 34% on the previous year, with all-in-sustaining-costs of $3,383 per ounce.

The analyst continues to like Genesis, citing its 15moz mineral resource portfolio in WA, and notes that processing at the second plant will enable higher gold production, increasing to 325koz in FY29 from around 190koz in FY25.

Target price is $3.35 Current Price is $3.30 Difference: $0.05
If GMD meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.39, suggesting upside of 6.0% (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

Morgans rates GMG as Hold (3) -

Goodman Group will raise $4.0bn (plus a $400m Share Purchase Plan) to fund the development of new data centre projects.

Morgans explains management remains focused on expanding its global data centre portfolio, which now represents 40% of work-in-progress, and expects planning complexities to create barriers to entry, supporting long-term rental growth.

Rising interest rates remain a concern for real estate valuations, though the broker sees market rental growth as a potential offsetting factor.

Institutional investor interest in industrial real estate persists, albeit with higher return hurdles, and logistics demand appears to be moderating to pre-covid levels, observes the analyst.

Morgans maintains a Hold rating and raises the target to $38.00 from $36.50.

Target price is $38.00 Current Price is $34.55 Difference: $3.45
If GMG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $38.42, suggesting upside of 16.0% (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

UBS rates GNE as Buy (1) -

UBS analysts have maintained a Buy rating on Genesis Energy, raising the price target to NZ$2.65 from NZ$2.50. FY25 to FY27 EBITDAF estimates have been lifted by 1% due to higher retail yields and improved wholesale electricity margins.

The company reported a 1H25 EBITDAF of NZ$217m, broadly in line with expectations, supported by stronger electricity and LPG margins offsetting weaker gas performance, the broker comments.

Management lowered FY25 capex guidance to -NZ$130-140m and flagged a potential capital management update later in the year.

The broker sees valuation support with the stock trading below NTA, while execution risks remain around strategic initiatives.

Current Price is $2.09. 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

Bell Potter rates GOR as Buy (1) -

Gold Road Resources achieved record 2024 net profit after tax, driven by a higher gold price, with earnings (EBITDA) rising to $294m from $250m in the previous year, despite production declining by 12%.

Bell Potter notes the earnings result was below forecast due to the proportion of exploration costs expensed.

The broker points out the Gruyere open pit is in good shape for 2025 and is expected to supply the processing plant with high-grade ore.

Management's 2025 guidance calls for gold production to rise by 19% compared to 2024, with a higher expected gold price boosting the company's all-in-sustaining margin by around $500/oz over the previous year.

Target price rises to $2.95 from $2.85, with no change to the Buy rating.

Target price is $2.95 Current Price is $2.56 Difference: $0.39
If GOR meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 13.1% (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

Ord Minnett rates GOR as Downgrade to Hold from Buy (3) -

Gold Road's FY24 underlying net profit was -6% lower than Ord Minnett's forecast due mainly to higher D&A. 

The broker notes the share price has risen 50% since November but it doesn't see justification for it to outperform peers (valuation 1.2x Price/Net Asset Value vs 1x peers). The rating is therefore downgraded to Hold from Buy.

Target price is $2.5.

Target price is $2.50 Current Price is $2.56 Difference: minus $0.06 (current price is over target).
If GOR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.85, suggesting upside of 13.1% (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

UBS rates GOR as Buy (1) -

UBS analysts have maintained a Buy rating on Gold Road Resources, alongside a price target of $3.10. Financial forecasts remain steady, with guidance for Gruyere production of 325-355koz in 2025 at an AISC of $2,400-2,600/oz.

The company reported FY24 EBITDA of $294m and NPAT of $143m, slightly below expectations due to higher exploration expenses and depreciation.

As per the broker's commentary, management highlighted a strong growth outlook, with production expected to increase by 20% over the next three years.

The broker sees potential for increased shareholder returns if the company divests its De Grey Mining ((DEG)) stake following Northern Star’s ((NST)) takeover offer.

Target price is $3.10 Current Price is $2.56 Difference: $0.54
If GOR meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.85, suggesting upside of 13.1% (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

Morgan Stanley rates GYG as Overweight (1) -

Following the Guzman y Gomez earnings call, Morgan Stanley highlights US growth will take time, with sales below expectations.

The company launched "Clean is the New Healthy" in late March, which is expected to generate growth.

The analyst expects same-store sales growth will become more challenging through 2H25, as 11 stores are opening and operating 24/7, with a target for all drive-throughs to operate 24/7.

Management has retained corporate store margins, and with more new restaurants in 2H25, the company expects weaker margins as new stores can take three to six months to settle in.

No change to the Overweight rating. Target price retained at $38.50. Industry view: In Line.

Target price is $38.50 Current Price is $38.58 Difference: minus $0.08 (current price is over target).
If GYG meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.50, suggesting upside of 12.8% (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

Morgans rates GYG as Upgrade to Add from Hold (1) -

Morgans assesses strong first half execution and growth at Guzman y Gomez, with network sales up by 22.8% to $577.9m, slightly ahead of expectations.

Comparable sales growth accelerated to 10.2% in Q2 from 8.7% in Q1, though margins were weaker-than-anticipated by the broker due to increased costs and expansion investments.

Store openings were strong, highlight the analysts, with 16 new locations in Australia and three in Singapore, while the company remains on track to meet its FY25 target of 31 store openings.

Morgans downgrades FY25 earnings (EBITDA) forecasts by -5.2% due to higher general and administrative expenses and lower corporate store margins but makes minimal changes to FY26 and FY27 forecasts.

Morgans raises the target price to $42.50 from $41.40 and upgrades to an Add rating following recent share price weakness.

Target price is $42.50 Current Price is $38.58 Difference: $3.92
If GYG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $40.50, suggesting upside of 12.8% (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

UBS rates GYG as Neutral (3) -

UBS analysts have maintained a Neutral rating on Guzman y Gomez, keeping the price target at $40.00.

FY25 and FY26 underlying EBITDA estimates have been lowered by -11.3% and -4.4%, respectively, due to higher general and administrative costs and higher losses in the US market.

The company reported 1H25 network sales growth of 22.8% and EBITDA growth of 33.5%, though the US segment saw a -21% decline in network sales in 2Q25.

UBS observes management re-affirmed guidance for 31 new restaurant openings in FY25 and a corporate restaurant margin of 17.8%, though negative mix shifts remain a headwind.

The broker views valuation as balanced, with double-digit EBITDA growth expected over the next decade, but also notes near-term risks from operating leverage retention.

Target price is $40.00 Current Price is $38.58 Difference: $1.42
If GYG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $40.50, suggesting upside of 12.8% (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

Ord Minnett rates HAS as Lighten (4) -

Hastings Technology Metals will give 60% of Yangibana project to Wyloo, gratis, and also pass on the NEO shares that Wyloo funded. Ord Minnett notes the project has stalled and there is a chance it may now advance with Wyloo in control.

Hastings shareholders would be in a passive minority vehicle with just 40% of the project. The actual consideration is the cancellation of Wyloo's convertible notes that had a face value of $200m at the end of December including accrued interest.

The broker retains a $0.14 target and Lighten rating.

Target price is $0.14 Current Price is $0.37 Difference: minus $0.225 (current price is over target).
If HAS meets the Ord Minnett target it will return approximately minus 62% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Market Sentiment: -1.0

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

Citi rates HLS as Neutral (3) -

Healius posted a 1H underlying net loss of -$11m, with earnings (EBIT) of $23.7m, in line with consensus forecasts, observes Citi.

The broker explains imaging outperformed, offsetting weaker-than-expected results in pathology and Agilex Biolabs, with pathology revenue up by 7% though margins were impacted by reinvestment in collection centres.

Management expects 2H pathology margins to improve due to seasonal factors and efficiency gains, while a strategic update for pathology is set for the March 27 investor day.

The Imaging business is expected to be sold by March 31, with circa $300m/40cps earmarked for a special dividend, and the remainder for debt repayment and restructuring, explain the analysts.

Citi maintains a Neutral rating and keeps the target price at $1.05.

Target price is $1.05 Current Price is $1.31 Difference: minus $0.255 (current price is over target).
If HLS meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.28, suggesting upside of 0.4% (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 HLS as Neutral (3) -

First half underlying earnings from Healius were in line, as imaging outperformed and offset weaker pathology.

Macquarie envisages the divestment of Lumus Imaging will improve the balance sheet and awaits detail in relation to the deployment of surplus proceeds.

The broker downwardly revises estimates for EPS in FY25 by -31.4% reflecting the removal of Lumus Imaging on top of adjustments to operating assumptions. FY26 estimates are raised by 23%. Neutral. Target is raised to $1.40 from $1.35.

Target price is $1.40 Current Price is $1.31 Difference: $0.095
If HLS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 0.4% (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

Morgans rates HLS as Hold (3) -

Healius delivered a mixed 1H result, assesses Morgans, with underlying profit in line with expectations due to better-than-anticipated revenue growth, though rising finance costs led to a net loss ahead of expectations.

Pathology faced ongoing inflationary pressures, explains the broker, while Agilex was negatively affected by US election uncertainty. Lumus Imaging was a standout, posting above-market growth.

Management has emphasised operational improvements and a greater focus on specialists in Pathology, but the broker remains uncertain about how this will translate into better profitability while reducing support costs.

The broker sees further clarity possibly emerging from the upcoming March investor day and has adjusted FY25-27 estimates, lowering the target price to $1.35 from $1.39. Morgans maintains a Hold rating.

Target price is $1.35 Current Price is $1.31 Difference: $0.045
If HLS meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 0.4% (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

Morgans rates HMC as Upgrade to Add from Hold (1) -

Morgans raises its target for HMC Capital to $10.50 from $8.20 and upgrades to Add from Hold.

HMC delivered record revenue in 1H25, significantly exceeding consensus expectations, driven by a surge in transaction fees and investment uplifts from HMC Capital Partners, explains the broker.

Annualised net profit before tax of 80c per share outpaced the prior run rate of 70c, positioning the company well for FY25.

The broker questions the appropriate valuation multiple for performance and transaction fees versus recurring management fees but sees strong fundamentals supporting growth.

Target price is $10.50 Current Price is $9.87 Difference: $0.63
If HMC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $11.38, suggesting upside of 16.4% (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

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

Harmoney Corp beat Ord Minnett's expectations with its first half result, amid strong operating leverage, improved customer acquisition metrics and conversion of earnings to cash flow.

The broker highlights surplus capacity in warehouse funding lines and corporate debt facilities to enable growth in the loan book into the second half.

Ord Minnett assesses the company can "sweat" a technology advantage and grow profits at a faster rate than the broader sector, upgrading to Buy from Accumulate. Target rises to $0.92 from $0.74.

Target price is $0.92 Current Price is $0.67 Difference: $0.25
If HMY meets the Ord Minnett 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

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

Shaw and Partners highlights Hansen Technologies’ 1H25 result showed Powercloud synergies tracking ahead of expectations, with FY25 guidance reaffirmed.

The broker considers concerns over revenue declines are overstated, noting a -2% year-on-year drop in underlying revenue excluding licence fees, which was explained by lower services revenue.

Organic revenue excluding licence fees is expected to grow by 13% in H2, supporting the broker’s upgraded FY25 cash earnings (EBITDA) forecast of approximately $83m, towards the upper end of the $76-85m guidance range.

Shaw believes the business remains high quality, with Powercloud’s turnaround underpinning earnings growth in FY26. 

The Buy, High Risk rating and target of $7.20 are maintained.

Target price is $7.20 Current Price is $5.16 Difference: $2.04
If HSN meets the Shaw and Partners target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 30.7% (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

Ord Minnett rates IFL as Hold (3) -

Insignia Financial posted a first half result that was ahead of Ord Minnett's expectations. EPS forecasts are now upgraded by 3-7%.

While there was no formal update on corporate interest, respective due diligence periods for the three interested parties are due to conclude and an update is expected shortly.

The operating environment remains supportive and the broker retains a Hold rating. Target is $4.60.

Target price is $4.60 Current Price is $4.47 Difference: $0.13
If IFL meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 3.5% (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 ING as Hold (3) -

Bell Potter notes Inghams Group reported better-than-expected 1H25 earnings (EBITDA), which were down -10% year-on-year to $124m, with NZ making a higher-than-anticipated contribution.

The broker points to net debt of $519.2m versus $479m in 1H24.

Management retained FY25 guidance, which was outlined at FY24 results, with lower feed costs assisting with cost savings. Notably, the company has secured new business which accounts for around 75% of the lost volumes from Woolworths Group ((WOW)).

No change to Hold rating. Target price lifts to $3.50 from $3.30.

Target price is $3.50 Current Price is $3.29 Difference: $0.21
If ING meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 0.7% (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 ING as Outperform (1) -

Inghams Group has reiterated FY25 guidance, targeting a more favourable mix to support margin expansion over the medium term.

Macquarie observes the year has been well managed so far, despite disruptions, with the key being the ability to win new contracts with retail and quick service restaurant customers that offset the 75% contract volume decline with Woolworths.

Cost control has also been positive despite the disruptions and Macquarie retains an Outperform rating. Target rises to $3.50 from $3.40.

Target price is $3.50 Current Price is $3.29 Difference: $0.21
If ING meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 0.7% (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

Morgans rates ING as Downgrade to Hold from Add (3) -

As expected by Morgans, Inghams Group reported a weak 1H, in line with expectations, as it cycled a record prior period.

The broker highlights cost-of-living pressures affecting out-of-home consumption, though FY25 guidance was reaffirmed, implying earnings growth in H2.

Uncertainty remains over FY26 earnings as the Woolworth Group ((WOW)) contract has not been fully replaced, though Morgans acknowledges management has made progress.

With limited near-term catalysts and less than 10% upside to the new target of $3.58, down from $3.66, the broker sees the stock lacking momentum. The rating is downgraded to Hold from Add.

Target price is $3.58 Current Price is $3.29 Difference: $0.29
If ING meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.48, suggesting upside of 0.7% (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 IPH as Outperform (1) -

IPH Ltd delivered net profit of $61m in the first half, ahead of expectations and despite a number of issues in Canada that contributed to a difficult trading environment. The company has identified CAD4.5m integration synergies with Bereskin & Parr.

Macquarie observes the underlying operating performance is stabilising and highlights the attractive valuation. Outperform maintained. Target is reduced to $6.75 from $7.11 to reflect earnings changes and the rolling forward of updated multiples.

Target price is $6.75 Current Price is $4.88 Difference: $1.87
If IPH meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 32.7% (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 JIN as Downgrade to Hold from Buy (3) -

Bell Potter downgrades Jumbo Interactive to Hold from Buy and lowers the target price to $13.20 from $16.50 on the back of 1H25 results, with revenue and earnings coming in below expectations by -6% and -4%, respectively, from softer Lottery retailing.

The broker points to a fall in Powerball of -19% and Oz Lotto total jackpots fell -15%. Digital share also missed expectations.

Bell Potter congratulates the company on winning back market share via marketing, but explains that more strategic evidence is needed to have a higher degree of confidence in how share will be retained.

Hold. Target $13.20.

Target price is $13.20 Current Price is $11.95 Difference: $1.25
If JIN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.43, suggesting upside of 19.8% (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 JIN as Upgrade to Outperform from Neutral (1) -

Jumbo Interactive's first half underlying net profit of $17.3m was down -13% and below Macquarie's estimates. Lottery volumes are expected to recover as will market share.

The broker points out from time to time earnings volatility via jackpots characterises the stock, with more than 80% of earnings linked to Australian lotteries. FY25 appears to be a tough year while the set up for FY26 is encouraging.

Given an attractive valuation and 5% dividend yield, Macquarie upgrades to Outperform from Neutral. Target is raised to $14.80 from $14.40.

Target price is $14.80 Current Price is $11.95 Difference: $2.85
If JIN meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $14.43, suggesting upside of 19.8% (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 JIN as Overweight (1) -

Morgan Stanley points to a weaker-than-expected 1H25 result from Jumbo Interactive, with total transaction value for lottery retailing and sales below forecast and customer acquisition cost rising 77% year-on-year, the broker notes.

The analyst is most concerned by the latter as it focuses on the issue of the speed of migration and competitive aspects for the company.

On a positive note, Morgan Stanley points out that the subscribers' FY25 target of 30k has been achieved in half the time. Management has also changed the business focus to B2C from B2B in terms of M&A.

Target price is $16.60. Overweight rating is reiterated by the broker. Industry view: In Line.

Target price is $16.60 Current Price is $11.95 Difference: $4.65
If JIN meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $14.43, suggesting upside of 19.8% (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

Ord Minnett rates LAU as Buy (1) -

First half results missed Ord Minnett's estimates with Lindsay Australia underperforming on the rail business amid continued softness in the hardware franchise within WB Hunter.

The broker also did not expect the number of earnings risks highlighted in the results, such as weather events, economic conditions and competitive threats.

IOrd Minnett concludes it appears the business cannot sustain a profit at FY23-24 levels without further investment in the network and diversification of the customer base.

Ord Minnett reduces FY25 estimates for EPS by -28% and lowers the target to $1.02 from $1.29. Buy rating retained.

Target price is $1.02 Current Price is $0.70 Difference: $0.32
If LAU meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 51.0% (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

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

Shaw and Partners highlights Lindsay Australia's 1H25 dividend increased by 9.5%, reflecting management's confidence in the outlook, despite challenging market conditions.

The broker points to a strong balance sheet supporting the dividend, though the analyst's earnings (EBITDA) forecasts have been reduced by approximately -13% due to market headwinds.

Lindsay now trades on an FY25 price-to-earnings ratio of 9.0x times, with the broker considering the stock undervalued relative to its revised outlook.

Shaw lowers the target price to $1.00 from $1.20 and retains a Buy, High Risk rating.

Target price is $1.00 Current Price is $0.70 Difference: $0.3
If LAU meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 51.0% (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

Citi rates LFS as Neutral (3) -

Latitude Group reported FY24 cash earnings of $65.9m, ahead of Citi and consensus forecasts for $57m and 62m, respectively, driven by higher net interest margins (NIM) and lower net charge-offs, partially offset by increased operating costs.

Gross receivables grew by 6% in the second half, and the NIM is expected to expand further in FY25, benefiting from lagged repricing and falling interest rates, explains the analyst.

The broker highlights improving financial stability following management actions to restructure costs, though risks remain around credit demand and asset quality in a volatile macroeconomic environment.

Citi makes minor adjustments to forecasts while raising the target price to $1.25 from $1.15.

A Neutral rating is maintained.

Target price is $1.25 Current Price is $1.20 Difference: $0.05
If LFS meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

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

Morgan Stanley rates LFS as Underweight (5) -

Latitude Group's 2024 result is viewed as "good" by Morgan Stanley, with cash profit for 2H 2024 coming in above the broker's and consensus forecasts by 14% and 12%, respectively.

Risk-adjusted income was also higher than anticipated by 11%. The analyst points to positive trends in revenue and notes that credit quality remains stable at around 3.15% of average receivables.

A dividend has been reinstated by the board at 3c per share, following three half-years of no payout.

Target 95c and no change to the Underweight rating. Industry view: In-Line.

Target price is $0.95 Current Price is $1.20 Difference: minus $0.25 (current price is over target).
If LFS meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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

Morgans rates MFG as Hold (3) -

Commenting on 1H results, Morgans notes Magellan Financial maintains a solid capital position with significant assets in fund investments, cash, and interests in Magellan Capital Partners.

Management sees further upside in the group's Barrenjoey interest (now profitable), despite a refocus on core funds management, observes the analyst.

The broker highlights persistent outflows which continue to reduce funds under management (FUM), pressuring earnings, while the company’s retail fee structure remains above market averages.

Investment performance in the primary Global Fund has been mixed, and the broker expects further outflows. Morgans retains a Hold rating with a target price of $10.57, down from $11.64.

Target price is $10.57 Current Price is $8.96 Difference: $1.61
If MFG meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.28, suggesting upside of 5.2% (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

Citi rates MHJ as Neutral (3) -

Michael Hill’s 1H25 results exceeded Citi's expectations, with an encouraging rebound in sales momentum, though cost control remains a key focus.

The broker highlights year-end weakness appeared transitory, with group sales expected to grow by 1% in 2H25, supported by brand repositioning efforts.

Cost management will be crucial over the next three years, suggest the analysts, as expenses have outpaced sales growth since FY22, while gross profit margins remain uncertain due to commodity input pricing.

Citi upgrades FY25 earnings forecasts in line with results but makes minimal changes further out, maintaining a cautious outlook on brand strategy execution.

No change to the Neutral rating and 50 cent target.

Target price is $0.50 Current Price is $0.48 Difference: $0.025
If MHJ meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

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

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

First half earnings from Mineral Resources were ahead of expectations as mining services outperformed other divisions. Ord Minnett was disappointed with plans to spend an additional -$400m to rectify problems at Onslow iron ore.

This includes re-laying the entire haulage road to the port in asphalt to cope with heavy loads after recent outages along the route. There is also a three-month delay in getting Onslow to nameplate with a -$230m negative impact on cash flow.

The broker considers the sell-off in the stock overdone as it discounts the projects performance to a level "unreasonably below company guidance".

Ord Minnett upgrades to Buy from Accumulate and reduces the target to $35 from $42.

Target price is $35.00 Current Price is $27.13 Difference: $7.87
If MIN meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $35.64, suggesting upside of 32.3% (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

Morgans rates MLG as Speculative Buy (1) -

MLG Oz delivered strong top-line growth of 20% year-on-year in the first half, highlights Morgans, though earnings (EBITDA) increased by only 3% due to higher depreciation and amortisation, leading to a -43% decline in profit.

The broker increases FY25 and FY26 revenue forecasts by 9% and 10%, respectively, but leaves earnings (EBITDA) unchanged, highlighting the need for a strong second half to meet guidance.

The resumption of civil and crushing work should support margins, in the analyst's view, while improved gold miner profitability could lead to more favourable contract terms.

Speculative Buy. Target price falls to 90c from 95c.

Target price is $0.90 Current Price is $0.60 Difference: $0.3
If MLG meets the Morgans target it will return approximately 50% (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

Morgans rates MSV as Speculative Buy (1) -

Mitchell Services' 1H result was in line with Morgans expectations, with a pause in dividends as anticipated.

Guidance remains for a stronger second half, though recent weather events in Queensland could pose a risk, notes the analyst.

The broker considers FY25 a trough year, with earnings expected to recover as the company pivots into higher-margin segments.

Morgans maintains a Speculative Buy rating with a 50c target. Mitchell Services is considered undervalued, with significant upside for patient investors as cash conversion improves.

Target price is $0.50 Current Price is $0.32 Difference: $0.18
If MSV meets the Morgans target it will return approximately 56% (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

Ord Minnett rates MXI as Buy (1) -

MaxiPARTS' business improved in its first half result, Ord Minnett observes, despite the challenging environment. EBITDA margins rose 40 basis points to 10% and there is scope for further improvement.

The softening of general transport activity across the east coast of Australia and an increase in competitive pricing during the half are expected to continue, yet the broker upgrades estimates for FY25-27 earnings by 2-5%, given the first half was stronger than expected.

Buy rating. Target is $2.60.

Target price is $2.60 Current Price is $1.91 Difference: $0.69
If MXI meets the Ord Minnett target it will return approximately 36% (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 NAN as Neutral (3) -

Citi notes Nanosonics' 1H25 results were in line with pre-announced figures, and management upgraded FY25 guidance on stronger-than-expected sales growth and a lower Australian dollar.

Trophon revenue grew by 18% in constant currency, with margins holding at 78.5%, reassuring the broker on its North American business fundamentals. The new Coris product remains under US FDA review and is expected to launch in Europe in 1Q26.

Operating expenses and working capital investment are set to increase to support the Coris launch, explain the analysts, with a US facility expansion expected to improve margins and hedge against potential tariffs.

Citi raises its FY25-27 EBIT forecasts by 36-41% and increases the target price to $4.55 from $3.40. Neutral maintained.

Target price is $4.55 Current Price is $4.52 Difference: $0.03
If NAN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting downside of -5.4% (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

UBS rates NEM as Neutral (3) -

UBS analysts have maintained a Neutral rating on Newmont Corp, lowering the price target to $75.00 from $82.00. The 2025 EPS estimate has been lowered by -6%, 2026 by -17%, and 2027 by -29%, reflecting higher costs and lower production assumptions.

It is the broker's assessment, the gold miner reported strong 4Q24 results, with EBITDA beating consensus by 24%, but 2025 AISC guidance of US$1,620/oz is -US$120/oz worse than prior estimates (higher-than-estimated).

Management reiterated a medium-term production target of circa 6Moz annually but flagged higher sustaining capex through 2027, the broker highlights.

UBS sees long-term value in Newmont’s Tier-1 assets but remains cautious on near-term cost pressures.

Target price is $75.00 Current Price is $73.11 Difference: $1.89
If NEM meets the UBS target it will return approximately 3% (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: 0.8

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

Macquarie rates PLS as Neutral (3) -

First half earnings from Pilbara Minerals beat Macquarie's estimates. The company has lost just six days of production from Cyclone Zelia and does not expect substantial and ongoing impacts.

Guidance of 660-690,000t has been reiterated with costs of $600-670/t.

The company is planning to optimise mine plans to drive lower strip ratios and, following the suspension of the Ngungaju plant, costs could trend lower, the broker adds. Neutral retained. Target is reduced to $2.20 from $2.30.

Target price is $2.20 Current Price is $2.08 Difference: $0.12
If PLS meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 27.2% (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

UBS rates PLS as Sell (5) -

UBS analysts have maintained a Sell rating on Pilbara Minerals, lowering the price target to $2.00 from $2.40.

Financial forecasts have been cut significantly, with FY26 and FY27 EPS estimates reduced due to higher costs at Pilgangoora and weaker downstream margins from the POSCO JV.

The lithium miner reported a 1H25 EBITDA of $74m and a net loss of -$69m, impacted by increased exploration expenses, higher ex-mine costs, and losses from the POSCO JV.

Management re-affirmed its growth pipeline but indicated that projects like Colina and midstream developments would require higher lithium prices to justify further investment.

UBS remains cautious, pointing at limited near-term catalysts and risks to volume growth if market conditions do not improve.

Target price is $2.00 Current Price is $2.08 Difference: minus $0.08 (current price is over target).
If PLS meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.56, suggesting upside of 27.2% (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 PWH as Buy (1) -

PWR Holdings reported 1H25 earnings with revenue and net profit after tax above guidance, Bell Potter highlights, as well as robust cash conversion.

Management flagged that full-year FY25 earnings guidance is expected to be below FY24 by -5% to -10% due to issues around the moving of equipment/machinery at the new factory.

The CEO stressed the revenue miss was not due to contract losses and would be accounted for in FY26.

The broker lowers net profit after tax estimates by -33% in FY25 and -13% in FY26 due to a delay in the new factory becoming fully functional until November.

No change to Buy rating. Target lifts to $8.50 from $8.

Target price is $8.50 Current Price is $7.34 Difference: $1.16
If PWH meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 9.6% (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 PWH as Buy (1) -

Citi notes PWR Holdings' 1H25 revenue of $63m was slightly ahead of its estimate but down by -4% year-on-year, while profit of $4m exceeded expectations by 10% but fell -5% below consensus.

The broker highlights weaker-than-expected FY25 guidance, with revenue forecast to decline by -5-10% due to relocation impacts and delays in key Motorsports and Aerospace & Defence programs.

The Aerospace & Defence division remains the primary growth driver, with secured programs increasing by 33% for FY26 and 71% for FY27, but Citi cautions on timing risks for larger contracts.

The broker reduces FY25-27 profit forecasts by -22-47%, reflecting revenue headwinds, slower Aerospace & Defence growth, and operating deleverage.

Citi lowers the target price to $8.75 from $9.45 and retains a Buy rating.

Target price is $8.75 Current Price is $7.34 Difference: $1.41
If PWH meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 9.6% (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

Morgans rates PWH as Add (1) -

PWR Holdings' first half results were largely in line with guidance provided in November, observes Morgans, but management's FY25 expectations for revenue growth were weaker-than-anticipated.

Management highlighted potential for disruptions related to the move to the new Australian facility commencing in April. As a result, FY25 revenue is expected to be -5-10% below FY24.

Completion of the move is not expected until November 2025.

The target falls to $8.80 from $9.20. Add. Morgans expects increased production efficiencies and streamlined workflows to start benefiting margins from FY26 onwards.

Target price is $8.80 Current Price is $7.34 Difference: $1.46
If PWH meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 9.6% (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

UBS rates PWH as Neutral (3) -

Friday's assessment repeated with updated forecasts (which have been reduced, including DPS estimates).

PWR Holdings reported 1H25 revenue of $62.9m, in line with consensus, though EBITDA fell -40% year-on-year due to cost pressures.

Management highlighted production disruptions linked to the transition to a new Australian factory, which is expected to be fully operational by November 2025.

The broker notes that while the contract pipeline continues to expand, revenue realisation remains delayed.

UBS analysts have maintained a Neutral rating on PWR Holdings, lowering the price target to $7.50 from $8.39.

FY25 revenue is now expected to decline by -5-10% compared to FY24, reflecting softer demand in Aerospace and Defence despite a major cold plate contract win.

Target price is $7.50 Current Price is $7.34 Difference: $0.16
If PWH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.39, suggesting upside of 9.6% (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

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

On first inspection, Morgan Stanley points to no surprises from Peter Warren Automotive's 1H25 results, with profit before tax coming in within the guidance range and showing flat half-on-half growth.

Noting the new car market remains "volatile," the analyst is buoyed by evidence gross margins are seemingly starting to bottom out and that gross profits grew, excluding issues around new car growth.

The analyst also expects interest costs to plateau, with better transparency around opex. Equal-weight rating. Target price $1.50. Industry view: In-Line.

Target price is $1.50 Current Price is $1.45 Difference: $0.05
If PWR meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting downside of -4.0% (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

Morgans rates PWR as Hold (3) -

Morgans notes Peter Warren Automotive's 1H underlying profit fell by approximately -80% year-on-year to $4.9m, with revenue rising by 2.2%.

Gross margin compression was the primary driver of weakness, notes the analyst, as industry-wide pressure on new car margins intensified due to Peter Warren's specific original equipment manufacturer (OEM) mix and geographic exposure.

The broker expects a relatively flat earnings outcome for H2, with the trajectory of recovery into FY26 and FY27 dependent on the performance of higher-represented OEMs.

Despite a sound balance sheet, the analyst highlights visibility on near-term earnings remains low, and any meaningful recovery is not expected before FY27.

Hold. Target falls to $1.45 from $1.62.

Target price is $1.45 Current Price is $1.45 Difference: $0
If PWR meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting downside of -4.0% (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

Ord Minnett rates PWR as Hold (3) -

Ord Minnett notes Peter Warren Automotive reported slightly better-than-expected 1H25 results, which met the guidance range for profit before tax.

The analyst pointed to a slight weakness in gross profit margins, falling to 16.1% from 16.4% in 2H24 due to higher new car supply, although the margin is expected to stabilise in 2H25.

Used cars and parts offset the weakness in new car sales, and the company managed inventory well, falling -3.3% over six months despite contributions from acquisitions, the broker explains.

Hold rating retained. Target price falls to $1.40 from $1.46. Slight changes are made to earnings forecasts.

Target price is $1.40 Current Price is $1.45 Difference: minus $0.05 (current price is over target).
If PWR meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.49, suggesting downside of -4.0% (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 QBE as Hold (3) -

Bell Potter views the 2024 results from QBE Insurance as "good." Rate increases across the portfolio were 5.5%, the analyst notes, down from 9.7% a year previously and down -3.9% in 4Q 2024.

The broker lifts EPS forecasts slightly and highlights management is balancing between using excess capital to boost return on equity while addressing the drag on return on equity.

No change to the Hold rating and $19.20 target price.

Target price is $19.20 Current Price is $20.68 Difference: minus $1.48 (current price is over target).
If QBE meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

Citi rates QBE as Buy (1) -

Citi raises its target for QBE Insurance to $23.30 from $22.00 and maintains a Buy rating, following a further review of 2024 results.

A summary of the broker's original research last Friday follows.

QBE Insurance's 2024 reported profit of US$1,779m beat Citi and consensus forecasts for US$1,708m and US$1,716m, respectively, while the core EPS of US114.2cps beat respective forecasts by 4% and 6%.

At first glance, the broker attributes the outperformance in today's result to slightly better premium growth, slightly stronger investment income on shareholders' funds, lower intangible amortisation, and a slightly lower effective tax rate. 

The reported combined operating ratio (COR) of 93.1% compares to guidance of around 93.5%. Management is now guiding to around 92.5% for FY25, ahead of the 92.8% consensus estimate.

Management also guides to constant currency gross written premium (GWP) growth in the mid-single digits, ahead of the 2.8% expected by consensus for 2025.

QBE will “balance scope for returning any surplus capital with what remain attractive markets for growth“, the broker suggests. 

Target price is $23.30 Current Price is $20.68 Difference: $2.62
If QBE meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

Macquarie rates QBE as Outperform (1) -

QBE Insurance delivered gross written premium growth in 2024 which, along with guidance for 2025, was ahead of Macquarie's expectations.

That said, the broker posits the valuation is beginning to look stretched relative to peers.

The catastrophe budget has been lowered to US$1.16bn which provides an 80 basis points tailwind, the broker adds, a direct benefit of the improvement in the North American portfolio.

Macquarie maintains an Outperform rating given confidence in the North American turnaround and the flattening forward curves in the US. Target is raised to $23.20 from $21.50.

Target price is $23.20 Current Price is $20.68 Difference: $2.52
If QBE meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

Morgan Stanley rates QBE as Overweight (1) -

QBE Insurance posted net profit in 2024 of US$1.73bn, ahead of Morgan Stanley's estimates. The beat was largely driven by lower tax rate. The combined operating ratio also beat expectations, at 93.5%.

The broker believes the stock deserves a re-rating, given consistent execution, options for capital and high single-digit earnings growth into 2027. Catastrophe losses appear more manageable as well.

Unchanged Overweight rating. Target price is raised to $23.80 from $23.50. Industry View: In-Line.

Target price is $23.80 Current Price is $20.68 Difference: $3.12
If QBE meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

Morgans rates QBE as Add (1) -

QBE Insurance Group reported 2024 profit of $1.79bn, 4% above consensus and up by 31% year-on-year, observes Morgans.

The broker highlights further underwriting improvements, with strong top-line growth and margin expansion supporting earnings.

Despite the recent re-rating, the group continues to trade at a discount to peers, with valuation multiples remaining attractive, suggests the analyst.

Morgans upgrades 2025-26 earnings per share forecasts by 2-7% and raises the target price to $23.79 from $21.74. Add retained.

Target price is $23.79 Current Price is $20.68 Difference: $3.11
If QBE meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

Ord Minnett rates QBE as Hold (3) -

Ord Minnett observes that 2H 2024 earnings were higher than expected, resulting from lower CAT costs, and the dividend announced was highlighted as a positive surprise.

The commentary infers gross written premium and volumes of around 3%-4% for 2025, which is viewed as upbeat against the view that the industry is at or near the top of the cycle.

The broker raises EPS estimates by 1% for 2025 and 3% for 2026, with $500m in buybacks expected for both years.

Target price lifts to $23 from $21.90. No change to Hold rating.

Target price is $23.00 Current Price is $20.68 Difference: $2.32
If QBE meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

UBS rates QBE as Buy (1) -

UBS analysts have maintained a Buy rating on QBE Insurance, raising the price target to $24.40 from $23.85.

2025 and 2026 EPS estimates increased by 2.4% and 4.9%, respectively, reflecting stronger GWP growth and an improved combined operating ratio (COR) outlook.

The insurer reported 2024 cash net profit of US$1,729m, 4-6% ahead of expectations, with the analyst highlighting higher investment income and a lower tax rate.

Management forecasts 2025 GWP growth of ~7.5% ex-Crop and exits, with COR guidance improving to 92.5%. The broker sees significant valuation upside, citing QBE as its top pick among general insurers.

Target price is $24.40 Current Price is $20.68 Difference: $3.72
If QBE meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $22.96, suggesting upside of 9.0% (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: 0.7

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

UBS rates QUB as Downgrade to Neutral from Buy (3) -

UBS analysts have downgraded their rating for Qube Holdings to Neutral from Buy, raising the price target to $4.40 from $4.15. FY25-27 EPS estimates lift by 4-5% due to stronger contributions from Patrick and lower interest costs.

The company reported 1H25 NPATA/EPSA 3% above UBS estimates, with logistics margins slightly below expectations but offset by Patrick’s outperformance.

Management re-affirmed FY25 guidance for at least 5% NPATA growth, while asset sales are expected to provide $500m in funding capacity.

UBS sees Qube as a high-quality portfolio but notes limited upside following strong share price performance.

Target price is $4.40 Current Price is $4.20 Difference: $0.2
If QUB meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.30, suggesting upside of 2.8% (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

Bell Potter rates RFF as Buy (1) -

Rural Funds reported 1H25 funds from operations that were slightly in excess of Bell Potter's forecast, with revenue growth of 18% year-on-year and funds from operations increasing by 44%.

The dividend per share of 5.87c was as expected. Management guidance has been maintained at a dividend of 11.73c per unit, the broker notes.

Buy rating and $2.50 target retained. The analyst highlights the discount to NAV is the highest it has been since listing at -45% versus a premium of 6% at some stages, which reflects a number of assets with "underearnings."

The discount is viewed as too high given the expected "resilience" in farming assets and emerging funding for macadamia development, Bell Potter states.

Target price is $2.50 Current Price is $1.71 Difference: $0.795
If RFF meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

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

UBS rates RFF as Neutral (3) -

Rural Funds reported 1H25 AFFO per unit of 5.7c, 4% ahead of consensus, supported by lower capitalised interest and stabilising asset valuations.

UBS analysts have maintained a Neutral rating on Rural Funds Group, lowering the price target to $1.84 from $2.07.

Financial forecasts remain largely unchanged, with AFFO per unit tracking in line with expectations, though the broker acknowledges upside risk exists if macadamia prices improve.

Management highlighted divestments could help reduce gearing from 42% to the 30-35% target range, with further details expected at the FY25 results.

The broker sees value in the stock but also suggests asset sales will be the key re-rating catalyst.

Target price is $1.84 Current Price is $1.71 Difference: $0.135
If RFF meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

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

UBS rates RIC as Buy (1) -

Ridley Corp reported 1H25 EBITDA of $50.6m, slightly below expectations due to procurement margin pressures and avian flu impacts.

UBS analysts have maintained a Buy rating on Ridley, raising the price target to $2.90 from $2.75. The FY25 EBITDA estimate has been lowered by -4%, with FY26 expected to deliver 9% EBITDA and 14% EPS growth.

Management announced a "Business Reset" program, aiming for -$5m in cost savings in FY26, alongside efficiency and volume growth initiatives.

UBS sees potential upside if tallow and meal prices recover, but maintains a conservative outlook.

Target price is $2.90 Current Price is $2.48 Difference: $0.42
If RIC meets the UBS target it will return approximately 17% (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

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

Ramelius Resources delivered a first half result that beat estimates. Macquarie was also surprised by the fully-franked maiden interim dividend of three cents.

The broker was unimpressed with the fact that, while the company reduced its hedge book by -37% during the half year, it still held forward gold sale contracts totalling 98,500 ounces at an average price of AUD3183, implying a discount to spot gold of -45% in US dollar terms.

Rating is downgraded to Neutral from Outperform after a 27% lift in the share price in the year to date. Target is unchanged at $2.60.

Target price is $2.60 Current Price is $2.73 Difference: minus $0.13 (current price is over target).
If RMS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.83, suggesting upside of 2.8% (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

Ord Minnett rates RMS as Buy (1) -

Ramelius Resources announced better-than-expected 1H25 results, according to Ord Minnett, with higher financial metrics across multiple earnings measures.

Notably, the broker highlights that higher free cash flow permitted the announcement of a 3c "maiden" dividend.

Management retained FY25 guidance, with the broker pointing to potential upside to 304koz versus guidance of 270koz-300koz.

The broker states the company continues through "this purple patch," underpinned by higher grades at Mt Magnet.

Buy rating retained. Target lifts to $2.90 from $2.80.

Target price is $2.90 Current Price is $2.73 Difference: $0.17
If RMS meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 2.8% (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

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

Shaw and Partners notes Ramelius Resources delivered a record first half, producing 147,775oz of gold, up by 19% year-on-year, at a cost (AISC) of $1,699/oz, down by -11%.

Earnings (EBITDA) rose by 119% on the previous corresponding period to $307.6m, with a 61% margin, while profit of $170.4m was a 313% increase.

The broker attributes the increase in production to high-grade ore from Penny and Cue at Mt Magnet and expects further improvement in H2.

FY25 production guidance is increased to 298koz from 285koz, with costs (AISC) now expected at $1,589/oz.

Shaw highlights upcoming catalysts, including the Mt Magnet mill expansion study and Eridanus study in the March quarter.

The broker's target rises to $2.98 from $2.73. A Buy, High Risk rating is maintained.

Target price is $2.98 Current Price is $2.73 Difference: $0.25
If RMS meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 2.8% (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

Citi rates SFR as Neutral (3) -

Citi notes Sandfire Resources' 1H25 underlying earnings (EBITDA) of $255m increased by 87% half-on-half, driven by a 16% rise in copper equivalent production.

Net debt stood at $288m, with the company expecting to use its $650m revolving credit facility to refinance existing debt, which drives most of the broker's EPS revisions.

Heavy rainfall impacted both Matsa and Motheo operations in the first quarter, notes the broker, though guidance has been maintained.

Citi lowers its FY26 copper price forecast to US$9,375/t from US$9,500/t, reducing earnings (EBITDA) forecasts by -2%.

A Neutral rating and $10.50 target are maintained.

Target price is $10.50 Current Price is $10.88 Difference: minus $0.38 (current price is over target).
If SFR meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.46, suggesting downside of -0.7% (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: -0.1

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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare's first half results were slightly ahead of Macquarie's estimates, underpinned by pathology and imaging revenue. FY25 guidance of $1.70-75bn in EBITDA has been confirmed.

The broker revises estimates for EPS in FY25 and FY26 up by 4% and 5%, respectively.

Macquarie acknowledges the potential synergy benefits from the recent acquisitions but also wants more evidence of delivery on longer-term initiatives before becoming more positive.

Target is raised to $28.30 from $26.10 and a Neutral rating is maintained.

Target price is $28.30 Current Price is $27.38 Difference: $0.92
If SHL meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.50, suggesting upside of 1.4% (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 SKT as Outperform (1) -

Macquarie asserts the first half results from SKY Network Television were "messy" as several one-off items hid be more positive underlying performance.

The company's three-year strategic plan flags a sustainable EBITDA margin of 21-23% with a reduction in programming costs as a percentage of revenue to 47-49% and a return to capital expenditure of 7-9% of revenue.

Executing on the plan, in the broker's view, would support a doubling of the FY23 dividend of NZ$0.15 by FY26.

Macquarie reduces the target to NZ$3.03 from NZ$3.32, reflecting execution risk on the strategic plan. Outperform.

Current Price is $2.25. 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

UBS rates SKT as Buy (1) -

SKY Network Television reported 1H25 EBITDA of NZ$61m, -6% below UBS' estimate, impacted by programming cost timing and one-off restructuring expenses.

UBS analysts have maintained a Buy rating, lowering the price target to NZ$3.25 from NZ$3.35.

FY25, FY26, and FY27 EBITDA estimates have been cut by -4%, -4%, and -3%, respectively, due to higher costs and minimal revenue changes.

Key catalysts include the completion of the satellite migration in April 2025 and an upcoming decision on New Zealand Rugby rights, the broker suggests.

UBS sees the stock as attractively valued at a forward EV/EBITDA of circa 2x but also notes ongoing structural challenges in the pay-TV market.

Current Price is $2.25. 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

Citi rates SLC as Buy (1) -

Citi raises its target for Superloop to $2.65 from $2.40 after further analysis of 1H results.

FNArena's summary of the broker's initial research follows.

In an early take on today's 1H result by Superloop, Citi assesses a "solid" result considering the need to integrate Origin Energy ((ORG)) customers to its network. 

Also, customer numbers reached 664,000, beating the broker's forecast by 2%, leading to a surge in market share to 6.3%. More encouraging, suggests Citi, is new NBN orders of 7.6% for Consumer are tracking ahead of this market share.

Revenue of $257m came in ahead of the analysts and consensus forecasts of $244m and $247m, respectively.

Managememt reiterated its FY25 underlying EBITDA guidance of $83-88m and capex guidance of -$28-30m.

Target price is $2.65 Current Price is $2.19 Difference: $0.46
If SLC meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 17.5% (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

Morgan Stanley rates SLC as Overweight (1) -

First half results from Superloop beat Morgan Stanley's estimates. The key positives include a reiteration of FY25/26 EBITDA guidance, where the broker envisages upside risk.

Origin subscriber growth is accelerating, with the wholesale run rate more than doubling in the second half to date. Morgan Stanley asserts this is a reflection of a step up in cross selling from Origin Energy ((ORG)), now this business has control of the sales and marketing.

Target is raised to $2.65 from $2.10. Overweight. Industry view: In-line.

Target price is $2.65 Current Price is $2.19 Difference: $0.46
If SLC meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 17.5% (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

Morgans rates SLC as Add (1) -

Superloop's 1H25 result was slightly ahead of  Morgans expectations, with FY25 guidance reiterated.

The broker highlights a strong performance in consumer broadband, driven by record net additions, while wholesale saw significant momentum with Origin Energy's ((ORG)) contribution to subscribers growing fast.

Business segment challenges persisted, notes the analyst, though Superloop maintained stable market share despite industry-wide headwinds.

Morgans raises the target price to $2.60 from $2.40 and maintains an Add rating.

Target price is $2.60 Current Price is $2.19 Difference: $0.41
If SLC meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 17.5% (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

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

Shaw and Partners observes Silex Systems is progressing uranium enrichment trials at its Test Loop pilot facility in Wilmington, North Carolina, with Technology Readiness Level 6 (TRL-6) now expected to be completed in H2 of 2025.

The broker considers successful trial results a potential catalyst for the share price, as technology risk remains a key factor limiting investor confidence.

A positive outcome could also prompt Cameco to exercise its option to acquire an additional 26% stake in the GLE joint venture and increase the likelihood of securing government funding, assess the analysts.

The broker lowers its target price to $6.90 from $7.20 due to the delayed TRL-6 timeline and maintains a Buy, High Risk rating.

Target price is $6.90 Current Price is $4.76 Difference: $2.14
If SLX meets the Shaw and Partners target it will return approximately 45% (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

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

Morgan Stanley highlights Spark New Zealand reported weaker-than-expected 1H25 earnings, as well as management downgrading the outlook for the company.

The analyst notes mobile performance was affected by the consumer insurance product, lower mobile fleets, and increased competition in the business.

Government and enterprise revenues also fell -18% on a year earlier, with earnings guidance coming in below consensus by -7%, the broker notes.

No change to Equal Weight rating. Target price NZ$3.20. Industry View: In-Line.

The broker emphasises a preference for Telstra ((TLS)) for its leading Australian mobile business and infrastructure assets, and Infratil ((IFT)) for the CDC data centre business.

Current Price is $2.13. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26: