Australian Broker Call

Morgans rates ADH as Add (1) -

Robust cost management assisted Adairs' FY24 results which helped raise earnings before interest and tax 15%, although this came in -4% below Morgans' forecasts.

Both cost of goods sold and doing business were well executed, the broker believes. FY25 has commenced with ongoing "soft" conditions, but Morgans expects it to improve over the year.

Earnings forecasts have been trimmed by -7% in FY25 because of a -2% lower sales estimate.

Target price remains at $2.20 with a Add rating.

Target price is $2.20 Current Price is $1.93 Difference: $0.27
If ADH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 14.8% (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

Ord Minnett rates ADH as Hold (3) -

Adairs experienced a challenging year in FY24, Ord Minnett suggests, with adjusted profit down -9%. Despite cycling weak sales from last year, sales have stabilised, rather than improved, the broker notes.

Near term gross profit margin pressure and cost of doing business increases may constrain any rebound in profit.

In the near-term, trading has stabilised on FY24 levels, although spending remains concentrated around key promotional events, the broker notes. Gross profit margins will be impacted by currency headwinds and modest increases in freight costs.

Target rises to $2.10 from $2.00, Hold retained.

Target price is $2.10 Current Price is $1.93 Difference: $0.17
If ADH meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 14.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates ADH as Neutral (3) -

UBS observes earnings before interest and tax in 2H24 for Adairs were -13% below expectations and in line with consensus.

Cost out initiatives which impacted the result will continue into FY25. Notably, FY25 sales are flat year-on-year. Gross margins are expected to normalise once promotional activity restarts.

Management is performing well on cost management, the analyst highlights, but group sales forecasts are a drag on the earnings outlook.

UBS lowers EPS forecasts by -20.7% and -19.4% in FY25/FY26, respectively. Neutral rating. Target price revised to $2 from $2.20.

Target price is $2.00 Current Price is $1.93 Difference: $0.07
If ADH meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.10, suggesting upside of 14.8% (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 ANZ as Sell (5) -

Citi raises its FY25/26 cash earnings forecasts for ANZ Bank by around 5% reflecting the acquired earnings from Suncorp Bank after the transaction closed in July.

The target rises to $25 from $24.50. Sell.

Target price is $25.00 Current Price is $29.92 Difference: minus $4.92 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.16, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.3

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

Macquarie rates APA as Outperform (1) -

APA Group's FY24 earnings (EBITDA) nosed out consensus' and Macquarie's forecasts by 1% but FY25 guidance missed by -3%.

Operating cash flow was strong at $1.16bn but the broker observes weak conversion of 90% due to one-off cash payments, and an overall drag on balance sheet capacity, which raises the possibility of equity funding for some projects.

The broker sheets the guidance miss back to the company's struggle in regaining CPI-plus growth, observing FY25 ex-Alinta annualisation remains -2.7% weaker than inflation.

Macquarie notes that just $0.3bn to$0.4bn of the company's $1.8bn pipeline is committed and that returns from work in progress are skewed towards FY26.

Add to this heightened regulatory risk from the AER SWQP review, which could stretch out for two to three years, and the broker reigns in expectations.

EPS forecasts fall -2% for FY25; -2% for FY26 and -1% for FY27.

Outperform rating retained. Target price falls -10% to $8.47 from $9.40.

Target price is $8.47 Current Price is $7.82 Difference: $0.65
If APA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley expects a "muted" reaction to the FY24 APA Group results. EBITDA met the broker's expectations, rising 10% on the year including around 3.5% in an indexing uplift.

Higher debt costs, tax payments and working capital kept a lid on free cashflow which was flat, compared to the analyst's 1% growth forecast. FY24 dividend, up 2% to 56c at 66% payout ratio. 

The broker observes FY25 EBITDA guidance is -3% lower than forecast and -2% below consensus with a 57c distribution, compared to the analyst's 58.5c forecast.

Review of the SW QLD pipeline is expected in draft form in September and a final decision in November from the regulator.

The Equal-weight rating and target price of $9.18 are retained. Industry view: Cautious.

Target price is $9.18 Current Price is $7.82 Difference: $1.36
If APA meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.61, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgans rates APA as Hold (3) -

APA Group delivered results which met Morgans' forecasts for FY24. Guidance for FY25 EBITDA and dividend came in below expectations.

The EBITDA guidance is some -2% below consensus estimates, leading to a -1 to -2% earnings downgrade by the broker in FY25 forecasts.

Morgans highlights the strategic challenges for APA Group to manage investment for the future, against balance sheet constraints and the significant earnings loss in FY36 as the WGP haulage contract expires post the initial 20-year term.

Work-in-progress finished the year at $1.15bn, most of which is believed to be capex for future growth which could generate mid-$300m in EBITDA, once completed and ramped up.

Hold rating and revised target price to $7.40 from $7.44.

Target price is $7.40 Current Price is $7.82 Difference: minus $0.42 (current price is over target).
If APA meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.61, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley liked the margin recovery and return to profitability for Articore Group at the FY24 earnings report.

Sales, however, continued to fall and were down -10% year-on-year, well below consensus.

Management guided to FY25 margins of 24-26% against 25.6% in FY24, a first the broker notes with opex at -$96m-$100m as well as positive underlying cashflow.

Until revenues begin to grow, Morgan Stanley remains Equal-weight on the stock. Target is reduced to 40c from 55c. Industry view: In-Line.

Target price is $0.40 Current Price is $0.38 Difference: $0.02
If ATG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 23.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates AVJ as Buy (1) -

AV Jennings posted FY24 results that were significantly ahead of Bell Potter's estimates. Highlights include planning progress on longer-dated projects as well as as further detail on the settlement profile.

FY25 guidance of $320m in revenue is supported by $90m of pre-sales and mainly in predictable markets. The broker considers the stock a turnaround story with improving fundamentals and retains a Buy rating. Target rises to $0.45 from $0.40.

Target price is $0.45 Current Price is $0.28 Difference: $0.17
If AVJ meets the Bell Potter target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 AX1 as Buy (1) -

Following FY24 results, Citi remains Buy-rated on Accent Group, suggesting the market continues to underestimate growth opportunities and superior scale benefits with landlords and suppliers.

From the research note at hand, no details of the FY24 result are discussed.

The analysts highlight a shareholding change with Frasers Group Plc buying BBRC’s 14.65% stake which throws up a number of possibilities including potential for Accent to export its high-margin vertical brands to Europe.

The Buy rating and $2.57 target are maintained.

Target price is $2.57 Current Price is $2.03 Difference: $0.54
If AX1 meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates BGA as Neutral (3) -

At first glance, Bega Cheese's FY24 result outpaced consensus and UBS forecasts and FY25 guidance was in line.

June-half branded earnings (EBITDA) rose 21% and bulk EBITDA retreated -$13m.

The company logged operating cash flow of $137m and conversion of 82%.

Neutral rating and $4.50 target price.

Target price is $4.50 Current Price is $4.26 Difference: $0.24
If BGA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.48, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates BHP as Neutral (3) -

UBS expects higher capex and weaker iron ore prices to moderate future shareholder returns despite stronger copper prices which will benefit BHP Group.

The company's FY24 result was generally in line with expectations including no changes to production and capex guidance.

UBS lowers EPS forecasts by -5% for FY25/FY26. Iron ore remains the key to earnings, representing 65% of EBITDA.

The analyst liked more details on copper growth regarding plans for Escondida and SA. 

Neutral rating. Target price revised to $42 from $43.

Target price is $42.00 Current Price is $40.76 Difference: $1.24
If BHP meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $45.10, suggesting upside of 11.3% (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: 0.4

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

Macquarie rates BKW as Neutral (3) -

Macquarie reviews the building sector heading into AGM reporting season, observing companies enjoy strong balance sheets and are generating cash, boding well for a recovery.

The broker suspects signs the US Federal Reserve is ready to cut rates in September could well spark share price rallies, albeit sentiment is likely to remain tempered ahead of the US election.

The broker favours James Hardie, Reliance Worldwide, Seven Group Holdings and Reece.

Macquarie observes Brickworks, which reports in September, is facing slowing Australian residential activity and interest rate pressures on valuations, and remains sidelined for now.

Neutral rating and $27.30 target price retained.

Target price is $27.30 Current Price is $26.15 Difference: $1.15
If BKW meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $30.38, suggesting upside of 16.0% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates BUB as Speculative Hold (3) -

Bubs Australia delivered a FY24 EBITDA loss of -$19.7m, greater than expected. Bell Potter notes US growth is strong and the expected turnaround in China remains encouraging for a 28% increase in FY25 revenue, forecast at $130m.

A Speculative Hold rating is maintained as the broker considers success in executing against the company's strategy is reflected largely in the share price. Target is unchanged at $0.15.

Target price is $0.15 Current Price is $0.13 Difference: $0.025
If BUB meets the Bell Potter target it will return approximately 20% (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

Shaw and Partners rates CCR as Buy (1) -

Credit Clear reported "solid" earnings momentum in FY24 but FY25 guidance has come in below Shaw and Partners' expectations.

Notably, the company ended the year with net cash of $14m with $0.9m in free cashflow for the June quarter.

Credit Clear retained its tender rate win at 70% and is in discussion with three potential Tier-1 accounts and five potential Tier-2 accounts, the analyst highlights, with FY25 revenue guidance of $48-$50m.

Some $116m was collected digitally in FY24, up 63% on FY23. No change in 44c target price. Buy rating. High risk.

Target price is $0.44 Current Price is $0.30 Difference: $0.14
If CCR meets the Shaw and Partners 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: 1.0

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

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

Following FY24 results, and arguably conservative earnings estimates by management, Citi raises its target for City Chic Collective to 25c from 16c (yesterday's share price rallied by circa 60% to 17c). The rating is upgraded to Buy from Neutral.

For FY25, management guided to between $142-160m in revenue and $11-18m in EBITDA (post-AASB 16), which compares to the broker's respective $145m and $12.2m forecasts.

The turnaround is progressing well, according to Citi, with a repositioning to focus on the core A&NZ region and relevant demographic.

Target price is $0.25 Current Price is $0.17 Difference: $0.085
If CCX meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 106.3% (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 CHL as Add (1) -

Camplify Holdings reported broadly in line FY24 results, with good growth in NZ and UK including an increase in premium members and fleet growth, which came in above Morgans' forecasts.

FY24 take rate was higher than anticipated due to 13% growth in total transaction values.

The broker revises transaction value forecasts between -3% to -6% for FY25-FY27, respectively, with a modest lowering in EBITDA estimates due to higher take up rate estimates.

PaulCamper integration impacted FY24 results but is expected to generate a more "normalised" result in FY25.

Add rating and $2.55 target unchanged.

Target price is $2.55 Current Price is $1.26 Difference: $1.29
If CHL meets the Morgans target it will return approximately 102% (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 CHL as Buy (1) -

Camplify Holdings delivered a softer than expected FY24 result, Ord Minnett notes, driven by the perfect storm of integration problems associated with the PaulCamper integration and an unexpected change in Google search engine optimisation which impacted the core A&NZ business.

Management remains convinced that these issues are now in the rear-view mirror and stated it is comfortable with consensus estimates for FY25.

Ord Minnett has elected to adopt a slightly more conservative approach to near term estimates noting that the AGM in November is likely to be the next data point.

The broker retains Buy rating despite the disappointing FY24 results. Target falls to $2.02 from $2.39.

Target price is $2.02 Current Price is $1.26 Difference: $0.76
If CHL meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates COG as Buy (1) -

COG Financial Services has reported profit in line with guidance updated in July. The full year dividend of 8.4c (fully franked) was in line with expectations. Ord Minnett expects the dividend to grow in FY25 as earnings and cash flow increase.

COG has successfully improved the earnings mix in FY23 and FY24, the broker notes, by adding to capability in novated leasing, managed funds and asset management, all of which are complementary to the base aggregation and asset finance brokerage network.

Adjusting for the legacy TL Commercial book in run-off, underlying business growth is likely to be close to 10%-15%. Ord Minnett retains Buy, target rises to $1.63 from $1.61.

Target price is $1.63 Current Price is $1.16 Difference: $0.475
If COG meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Ord Minnett rates COL as Hold (3) -

Coles Group's FY24 earnings came in ahead of Ord Minnett's estimates, due mainly to margin expansion amid tight cost control and reduced theft levels, but also aided by an extra week of sales in the accounting period.

Supermarkets was the strongest business segment, the broker notes, buoyed by the improved theft outcome and its growing Coles 360
media business, as the retailer tries to ameliorate the impact of tobacco’s declining share of sales.

Liquor suffered a fall in earnings, hampered by a challenging environment for the alcoholic beverage industry.

Cash generation at Coles is robust and Ord Minnett expects the strong margin performance will continue in the current fiscal year. The broker raises its target to $19.00 from $18.00 but given current valuation levels, maintains a Hold recommendation.

Target price is $19.00 Current Price is $18.88 Difference: $0.12
If COL meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.87, suggesting upside of 5.3% (ex-dividends)

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 CQR as Neutral (3) -

FY24 results from Charter Hall Retail REIT were in line with UBS estimates while FY25 guidance was -8% below because of the impact of a zero-cost hedge restructure.

While the company has rebased earnings, the portfolio metrics remain robust and the broker envisages several positives including a balance sheet that is positioned for growth. The distribution guidance of 24.7c is in line with FY24, implying a temporarily higher payout.

Neutral retained as, while there is a path to greater operating earnings per security should acquisitions eventuate, the broker envisages more value elsewhere. Target edges down to $3.64 from $3.68.

Target price is $3.64 Current Price is $3.57 Difference: $0.07
If CQR meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.76, suggesting upside of 5.3% (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

Shaw and Partners rates CXL as Buy (1) -

Calix announced greater than forecast losses for FY24 on 30% revenue growth,which was also below Shaw and Partners' estimates.

Management offered an update on expected timing for revenue on its major projects which suggests revenues will increase from 2026 onwards, the broker highlights.

The analyst's earnings forecasts are revised down. Target price falls to $3 from $4.50. Buy rated. High risk.

Target price is $3.00 Current Price is $0.85 Difference: $2.15
If CXL meets the Shaw and Partners target it will return approximately 253% (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 DSE as Buy (1) -

Dropsuite's 1H24 result was in line with Ord Minnett on revenue but slightly below on earnings on higher technology spend and some other minor items.

Ultimately, the broker continues to believe Dropsuite is striking the correct balance of growth and profit and expects this dynamic to persist given a large, under-served addressable market and structural industry tailwinds in place.

Ord Minnett's positive thesis is supported by multiple structural tailwinds, a best-in-class product and go-to-market strategy, a demonstrable history of prudent and profitable growth, and M&A optionality.

Target falls to $3.78 from $3.84, Buy retained.

Target price is $3.78 Current Price is $3.34 Difference: $0.44
If DSE meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter rates DUR as Buy (1) -

The FY24 results from Duratec revealed double-digit growth in key metrics, with EBITDA and revenue in line with guidance provided in May.

No specific guidance for FY25 was provided although the company highlighted wins in medium-sized contracts, increased repeat business and a growing order book.

Bell Potter reduces forecasts for revenue and net profit to what it considers "realistic and achievable levels". Target is steady at $1.52 and a Buy rating is maintained.

Target price is $1.52 Current Price is $1.30 Difference: $0.22
If DUR meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 19.6% (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

Ord Minnett rates DUR as Accumulate (2) -

Duratec's FY24 result was broadly in line with Ord Minnett. Despite not providing quantitative FY25 guidance, little movement in the Order Book and assuming little contribution from potential new major Defence contracts, management noted it was “very comfortable” with FY25 forecasts.

In the broker's view, this highlighted the strong pipeline of small-to-medium sized projects, in addition to the growing base of Master Service Agreement-style work.

Ord Minnett considers the potential award of several major projects to be the swing factor in FY25, suggesting these may act as a catalyst for a more positive view. Target rises to $1.43 from $1.30, Accumulate retained.

Target price is $1.43 Current Price is $1.30 Difference: $0.13
If DUR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 19.6% (ex-dividends)

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

Shaw and Partners rates DUR as Buy (1) -

Shaw and Partners views the Duratec FY24 was within guidance, pointing to further growth in service agreements revenue up 55%.

Cash conversions lifted to around 105% in 2H24 from circa 60% in the 1H24, assisting working capital.

FY25 guidance infers a 2H25 weighting in revenue and EBITDA, the broker notes.

There are minor earnings forecast changes.

Buy rated. High risk. $1.50 target price.

Target price is $1.50 Current Price is $1.30 Difference: $0.2
If DUR meets the Shaw and Partners target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 19.6% (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 DXS as Buy (1) -

The FY24 results from Dexus were marginally lower than UBS estimated. FY25 AFFO guidance of 44.5-45.5c implies a reduction of -6% and reflects numerous headwinds.

The distribution was also revised lower, to a range of 80-100% of AFFO to reflect a shift in strategy towards an "asset light" fund manager.

The main issue UBS has with the result is the lower payout being compounded by materially weaker underlying guidance. That said, the broker expects growth outside of office to surprise to the upside and retains a Buy rating. Target is reduced to $8.25 from $8.63.

Target price is $8.25 Current Price is $7.08 Difference: $1.17
If DXS meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.54, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates EVT as Neutral (3) -

Following EVT Ltd's FY24 results, Citi lowers its target to $11.32 from $11.50, and the Neutral rating is maintained. While the $2.3bn property portfolio lends a degree of valuation support, it's expected near-term earnings will remain volatile.

For FY25, management is not expecting a material improvement at the box office, while Thredbo remains at the behest of weather conditions.

The company is aiming for an improvement in the Hotels business in FY25, driven by occupancy growth.

Target price is $11.32 Current Price is $10.49 Difference: $0.83
If EVT meets the Citi 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

Citi rates FLT as Buy (1) -

Flight Centre Travel's underlying profit (PBT) of $320m compared to the $317m expected by consensus, while management noted both early FY25 profit and total transaction value (TTV) are up year-on-year. July international tickets have also increased by 18%.

Corporate TTV has risen by 136% versus FY19, highlights the analyst, while the overall market has only recovered by around 80%, and these market share wins don’t appear to be driven by price.

The broker also points out Leisure results were better-than-expected with a 2H profit margin ahead of the Corporate segment. It's felt International and back-end normalisation will be positive for Leisure.

The target rises to $24.35 from $24.15. Buy.

Target price is $24.35 Current Price is $20.05 Difference: $4.3
If FLT meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates FLT as Outperform (1) -

Flight Centre Travel's FY24 result met revised guidance; strong revenue growth and margin expansion outpacing a miss on TTV growth.

While the latter was disappointing, Macquarie expects a recovery in TTV growth to mid-single digits in FY25/FY26.

The broker forecasts a continued strengthening of margins in FY25, expecting a rise to 1.8% from 1.3% given a strengthening exit-margin in FY24 of 1.7% but acknowledges the company still has challenges ahead to achieve its FY25 targets. FY25 guidance is expected to be delivered at the company's annual general meeting.

EPS forecasts rise 1% to 2% across FY25 to FY27.

Outperform rating retained. Target price eases to $25.06 from $25.26.

Target price is $25.06 Current Price is $20.05 Difference: $5.01
If FLT meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 25.4% (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 FLT as Add (1) -

Morgans was impressed with the improvement in FY24 revenue margins for Flight Centre Travel and the robust cashflow generation, which allowed for debt repayment and convertible note purchases.

The broker highlights the leisure profit growth up 45% above FY29 levels and commends the company on the strategic shift conducted during covid to a more profitable business model.

As is normally the case, management will update FY25 guidance at the November AGM, but weaker ticket prices are expected to impact on the total transaction value growth in FY25, the broker notes.

Morgans revises earnings before tax by -4% in FY25 and -1.6% in FY26. Add rating unchanged. Target price tweaked to $25.35 from $26.48.

Target price is $25.35 Current Price is $20.05 Difference: $5.3
If FLT meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 25.4% (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 FLT as Buy (1) -

Flight Centre Travel reported FY24 profit up 167% but slightly shy of Ord Minnett's forecast. The result pointed to a company that has emerged from the pandemic a stronger yet leaner business, the broker suggests.

Consensus estimates point to continued earnings growth in FY25 and beyond, yet Ord Minnett senses conviction levels are low.

The broker sits in the opposite camp, noting the change in mindset of the current management team that appears focused on earnings growth rather than purely total transaction value.

Lower airfares drive higher volumes, Ord Minnett points out. Target rises to $26.79 from $25.91, Buy retained.

Target price is $26.79 Current Price is $20.05 Difference: $6.74
If FLT meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 25.4% (ex-dividends)

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

UBS rates FLT as Buy (1) -

Following broadly in-line FY24 results for Flight Centre Travel, UBS describes "mixed" divisional outcomes.

Corporate fell short of the broker's forecasts for a 2H revenue margin uplift and 4Q productivity benefits. Leisure profit (PBT) margins were a greater than 2% beat in a seasonally stronger 2H due to solid revenue margins and productivity improvements, explains the analyst.

UBS anticipates stronger operating leverage from Corporate in FY25.

The target falls by -$1.00 to $26.80. Buy.

Target price is $26.80 Current Price is $20.05 Difference: $6.75
If FLT meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $25.67, suggesting upside of 25.4% (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 FMG as Upgrade to Hold from Sell (3) -

Fortescue delivered a FY24 result that was largely "in line", Bell Potter asserts. Profit growth was driven by higher iron ore prices rather than production or costs with EBITDA margins remaining at 59%.

With a subdued iron ore price outlook and interest-rate differentials pointing to a stronger Australian dollar the broker believes pressure will build on margins. Capital expenditure on energy projects may also weigh on free cash flow.

As the stock has pulled back to a level more consistent with the broker's valuation, the rating is upgraded to Hold from Sell. Target is raised to $17.58 from $17.41.

Target price is $17.58 Current Price is $18.44 Difference: minus $0.86 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

Citi rates FMG as Neutral (3) -

Fortescue's FY24 underlying profit missed the consensus forecast by -8% due to higher depreciation and amortisation charges, explains Citi. On the other hand, the $1.97 FY24 dividend beat expectations.

As the broker forecasts lower iron ore prices, a drop in dividend payout ratio to 50% in FY25/26 is forecast, down from 80%. The analysts' forecast for a net debt position of US$4.8bn at the end FY26 tempers this assumed payout ratio.

Citi makes no changes to FY25/26 earnings forecasts, hence the Neutral rating and $19.40 target are retained.

Target price is $19.40 Current Price is $18.44 Difference: $0.96
If FMG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

Macquarie rates FMG as Underperform (5) -

Fortescue's FY24 result proved a mixed bag, missing on EPS but outpacing on cash and dividend, the latter outpacing expectations by 7% as the company delivered a 10% annualised yield.

The broker appreciated the company's cash flow beat, which was buoyed by a reduction in capital expenditure.

But the broker suspects this could be Fortescue's last big dividend given guidance for looming capital expenditure.

EPS forecasts fall -6% to -8% in FY25 to FY29.

Underperform rating and $14.25 target price is retained.

Target price is $14.25 Current Price is $18.44 Difference: minus $4.19 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue reported lower than forecast earnings, comments Morgan Stanley, while the dividend was in line with expectations as the company moved the payout to 70%.

Morgan Stanley revises earnings forecasts for Fortescue post the FY24 results with higher depreciation charges and increased administration expenses, aligning to the 2H24 reported numbers.

The broker highlights lower iron ore prices have reduced the bull and bear cases for the stock. Underweight. Target price falls to $16.65 from $18.10. Industry view: Attractive.

Target price is $16.65 Current Price is $18.44 Difference: minus $1.79 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

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

Fortescue's FY24 underlying profit missed consensus forecasts due to higher than expected interest expenses and D&A charges, although a final dividend of 89c was above Ord Minnett's expectations.

Management reiterated previous FY25 guidance across production, shipments and costs, but also flagged additional capital expenditure on green ammonia projects.

Ord Minnett expects FY25 underlying profit to fall as expenses increase and the iron ore price declines. In addition, net debt will probably rise as Fortescue funds additional capital expenditure and maintains its dividend payout ratio at 70%.

Upgrade to Accumulate from Hold post the share price sell-off. Target unchanged at $20.

Target price is $20.00 Current Price is $18.44 Difference: $1.56
If FMG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

UBS rates FMG as Sell (5) -

UBS reiterates concerns on the outlook for iron ore and Fortescue's expansion into green energy, noting a lack of transparency around the green hydrogen/ammonia projects and possible returns. This makes the FY24 final dividend of 89c a nice surprise.

The broker points to underlying EBITDA meeting expectations but higher depreciation/amortisation charges and Iron Bridge capex resulted in lower net profit.

While the payout ratio moved to 70% in 2H, UBS expects it to move back to 50% on a cautious iron ore view.

The analyst revises EPS forecasts by -3.1% for FY25 and -2.4% for FY26.

Sell rating unchanged. Target price moves to $17.30 from $17.70.

Target price is $17.30 Current Price is $18.44 Difference: minus $1.14 (current price is over target).
If FMG meets the UBS target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.3% (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: -0.2

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

UBS rates GMD as Neutral (3) -

At first glance, Genesis Minerals' FY24 revenue outpaced consensus and UBS forecast while earnings (EBITDA) missed consensus and the broker due to a big miss at the net profit after tax line. EPS outpaced the consensus and UBS.

The company closed June 30 with cash and bullion of $173m and zero bank debt.

Management will provide updated FY25 guidance in September. Neutral rating and $2.25 target price.

Target price is $2.25 Current Price is $2.19 Difference: $0.06
If GMD meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Macquarie rates GNC as Outperform (1) -

Macquarie holds its ground heading into ABARE's September 3 update for the 2024/2025 Australian winter crop, expecting a positive update in the bureau's crop production estimate.

The broker observes a good season has been had in Qld and NSW with good rainfall registered, albeit Victoria has been on the dry side, and the broker spies a margin recovery in FY25 from reduced FY24 margins.

Meanwhile, Macquarie appreciates the company's strong balance sheet and expects the $50m buyback will remain supportive.

EPS forecasts fall in FY24 to reflect margin pressures, but rise in FY25 as conditions improve.

Outperform rating retained. Target price rises to $9.65 from $9.60.

Target price is $9.65 Current Price is $8.70 Difference: $0.95
If GNC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.71, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates GPT as Buy (1) -

First half earnings from GPT Group  were ahead of UBS estimates and 2024 guidance, for $0.32 in FFO per security and a $0.24 distribution, has been reaffirmed.

The broker observes while the company is meeting the market on incentives, helping to drive leasing, income growth is expected to be a 2025 story.

Office remains the weakest link from a portfolio perspective, UBS adds, while the retail division continues to shine. Buy rating retained along with a $4.92 target.

Target price is $4.92 Current Price is $4.84 Difference: $0.08
If GPT meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.81, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates GWA as Outperform (1) -

Macquarie reviews the building sector heading into AGM reporting season, observing companies enjoy strong balance sheets and are generating cash, boding well for a recovery.

The broker suspects signs the US Federal Reserve is ready to cut rates in September could well spark share price rallies, albeit sentiment is likely to remain tempered ahead of the US election.

The broker favours James Hardie, Reliance Worldwide, Seven Group Holdings and Reece.

Macquarie appreciates GWA Group's diversification into social infrastructure despite weakening residential activity and considers the company to be well positioned for a recovery.

EPS forecasts fall -2% in FY25, FY26, and FY27. Outperform rating retained. Target price eases -2% to $3.05 from $3.10.

Target price is $3.05 Current Price is $2.37 Difference: $0.68
If GWA meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

UBS rates HDN as Buy (1) -

FY24 results from HomeCo Daily Needs REIT were in line with expectations while guidance for FFO of 8.8c was below. UBS notes operating metrics are solid and both occupancy and collections are holding up above 99% despite a challenging macro environment.

The broker retains a Buy rating, with its view underpinned by the resilient income stream and development options. Target is reduced to $1.37 from $1.40.

Target price is $1.37 Current Price is $1.27 Difference: $0.1
If HDN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.32, suggesting upside of 5.7% (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 IGO as Neutral (3) -

FY24 earnings from IGO missed Macquarie's estimates at first glance, while both cash and dividend were ahead.

FY25 guidance has been reaffirmed and production at Greenbushes of 1.35-55mt reiterated, which underpins this stock as the broker's preferred lithium exposure. The strategic update in September is considered to be a key catalyst.

Neutral rating and $5.60 target.

Target price is $5.60 Current Price is $5.25 Difference: $0.35
If IGO meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems' first half 2024 results met Morgans' expectations with an EBITDA loss of -US$6.8m.

The company has raised $35m since the end of the 1H via a two-tranche placement which will boost the existing US$1.5m cash position.

US clinical trials continue to recruit patients for atrial flutter, with the complete recruitment expected by the end of 2024 and approval by the end of 2025, according to the analyst.

Speculative Buy rating retained with a 94c target price. No changes to earnings forecasts.

Target price is $0.94 Current Price is $0.49 Difference: $0.45
If IMR meets the Morgans target it will return approximately 92% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Macquarie rates JHX as Outperform (1) -

Macquarie reviews the building sector heading into AGM reporting season, observing companies enjoy strong balance sheets and are generating cash, boding well for a recovery.

The broker suspects signs the US Federal Reserve is ready to cut rates in September could well spark share price rallies, albeit sentiment is likely to remain tempered ahead of the US election.

The broker favours James Hardie Industries, Reliance Worldwide, Seven Group Holdings and Reece.

Macquarie considers James Hardie to be well positioned for a US residential recovery should the Fed cut emerge and appreciates the company's cost control at a cyclical low.

EPS forecasts fall -1% in FY25; -2% in FY26; and -3% in FY25. Outperform rating retained on valuation. Target price falls -4% to $64.

Target price is $64.00 Current Price is $54.64 Difference: $9.36
If JHX meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $56.94, suggesting upside of 3.6% (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

Macquarie rates KAR as Outperform (1) -

Karoon Energy's June-half result broadly met consensus' and Macquarie's forecasts.

The broker expects a production skew to the second half with both Bauna and Who Dat projects producing well.

EPS forecasts fall -1% i n FY24; -2% in FY25; and rise 4% in FY26 to reflect adjustments to the broker's Bauna production forecasts to reflect a scheduled March-quarter 2025 shutdown for repairs and maintenance.

Outperform rating retained. Target price eases to $2.35 from $2.40.

Target price is $2.35 Current Price is $1.70 Difference: $0.65
If KAR meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting upside of 49.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

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

Morgan Stanley expects a "modest" positive response to 1H results from Karoon Energy, noting the 4.5c interim dividend and US$25m buyback.

Underlying profit came in better than expectations with unit production costs slightly above estimates due to higher costs in Brazil, against lower costs in Gulf of Mexico.

Management's new shareholder policy of a return between 20%-40% resulted in around a 37% payout for the interim dividend.

Morgan Stanley notes the strikes at IBAMA, Brazilian regulator is delaying approval for repair at SPS-88 production well at Bauna. The analyst expects production to be at the lower end of 2024 guidance in Brazil.

Equal-weight and $1.98 target. Industry view: Attractive. 

Target price is $1.98 Current Price is $1.70 Difference: $0.28
If KAR meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting upside of 49.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Morgans rates KAR as Add (1) -

The first half results for Karoon Energy broadly met expectations for Morgans but were slightly below consensus estimates.

Additional maintenance at Bauna was highlighted by management, with the delay by the Brazilian regulator confirmed for SPS88. Approval has since been received; another vessel and crew need to be contracted, pointing to a delay in the restart.

Morgans finds the 5% yield on the back of a 1H dividend of 4.49c is attractive and sustainable.

Target price falls to $2.50 from $2.60. Add rating unchanged. No changes to earnings forecasts.

Target price is $2.50 Current Price is $1.70 Difference: $0.8
If KAR meets the Morgans target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $2.36, suggesting upside of 49.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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 KLS as Outperform (1) -

Kelsian Group's FY24 result met Macquarie's forecasts at the earnings (EBITDA) level and outpaced by 8% at the net profit level thanks to a reduction in depreciation, interest and tax expenses.

Australian buses proved the star performer thanks to a strong margin improvement, but international buses disappointed.

On the downside, capital expenditure guidance disappointed the broker, especially given growing concerns about the company's capital inensity and return on capital.

Macquarie says this is likely to constrain the balance sheet with deleveraging unlikely to materialise before FY26.

EPS forecasts fall -11.6% in FY25; -7% in FY26; and 3% to -9% thereafter. Outperform rating retained. Target price falls to $4.80 from $7.70.

Target price is $4.80 Current Price is $4.02 Difference: $0.78
If KLS meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.67, suggesting upside of 54.4% (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

UBS rates KLS as Buy (1) -

UBS believes Kelsian Group is not an easy company to analyse or understand which makes the "poor messaging" around expenses an added travail to improving market confidence in the stock.

Higher depreciation and interest expenses in FY25 underpinned around -13% downside in consensus EPS numbers. The broker pointing to increased earnings volatility and a more capital-intensive business.

UBS cuts EPS forecasts by -10% and -11% for FY25/FY26, respectively.

Buy rating unchanged. Target falls to $5.60 from $7.70.

Target price is $5.60 Current Price is $4.02 Difference: $1.58
If KLS meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.67, suggesting upside of 54.4% (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 LOV as Downgrade to Hold from Buy (3) -

Lovisa Holdings missed new store growth expectations in the FY24 result and Bell Potter noted softer-than-expected comparables in the second half. On the positive side, gross margins and the final dividend were stronger than expected.

The broker downgrades new store assumptions, anticipating 102 openings in FY25. Mid-longer term net store openings are also rebased which allows for an increase of 9% in the network in FY25-34.

Bell Potter considers the current valuation has priced in topline growth and downgrades the rating to Hold from Buy. Target is reduced to $33 from $36.

Target price is $33.00 Current Price is $31.81 Difference: $1.19
If LOV meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $32.36, suggesting upside of 4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Ord Minnett rates LRK as Buy (1) -

Lark Distilling's FY24 results, featuring an earnings loss on an -18% fall in net sales, was revealed at the company’s trading update in July, although the formal results release provided some more colour, Ord Minnett notes.

The fall in net sales was largely a result of some unsustainable comparable numbers that were driven by limited-release sales and indirect China exports, although domestic demand also suffered from widespread consumer caution on spending.

From here, with the recent completed $25m capital raising, Ord Minnett sees the company well-positioned to drive offshore expansion of its brand and start to exploit its substantial 2.5m litre whiskey bank.

Buy and $3.00 target retained.

Target price is $3.00 Current Price is $0.96 Difference: $2.04
If LRK meets the Ord Minnett target it will return approximately 213% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter rates LYC as Buy (1) -

Lynas Rare Earths reported FY25 results that were in line with Bell Potter's estimates. The broker asserts, despite reporting a -73% decline in net profit, management sentiment was more positive than previously.

The business is expected to maintain operating discipline over the next six months and the broker continues to favour the stock at this point in the cycle, with pricing at all-time lows and sufficient installed capacity to take advantage when prices recover.

Buy rating. Target is reduced to $8.30 from $8.50.

Target price is $8.30 Current Price is $7.02 Difference: $1.28
If LYC meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates LYC as Outperform (1) -

Lynas Rare Earths' FY24 result outpaced consensus by 9% at the earnings (EBITDA) level and 22% at the EBIT level.

Cash flow was in line and free cash flow proved a 7% beat.

Macquarie observes NdPr price sentiment is on the rise after China's June-half rare-earth output quotas revealed a cut in supply. Management also reported an uptick in demand and a fall in inventories.

On the downside, the company plans to delay its US rare earth project due to a permitting problem relating to wastewater treatments.

Management advises costs will be a focus in FY25 and plans further improvements in productivity in a bid to return to FY19 levels, observes the broker.

EPS forecasts rise by 1% in FY24; 8% in FY25 and fall -1% to -5% in FY27-FY30.

Outperform rating retained. Target price rises 10% to $7.50 from $6.80.

Target price is $7.50 Current Price is $7.02 Difference: $0.48
If LYC meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates LYC as Underweight (5) -

Lynas Rare Earths boosted EBITDA 11% which came in higher than Morgan Stanley's estimates because of lower employee and production costs, of -$25.5m against -$39m forecast by the broker.

The analyst observes capex came in lower than forecast as was net debt ex leases. Cash from operations met expectations.

The US rare earths processing facility has encountered a permitting issue around wastewater management. No resolution is anticipated in 2024. Stage 2 of Mt Weld expansion is underway and expected completion remains at the end of FY25, the broker notes.

Malaysian production remains on track for 2025. Morgan Stanley maintains an Underweight rating. Unchanged target price of $4.745. Industry View: Attractive.

Target price is $4.75 Current Price is $7.02 Difference: minus $2.27 (current price is over target).
If LYC meets the Morgan Stanley target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.74, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates LYC as Buy (1) -

Lynas Rare Earths' FY24 profit was in line with Ord Minnett's estimates while earnings were a beat on flowsheet improvements driving lower costs and offsetting subdued revenues.

FY25 capex guidance is high and may put pressure on Lynas' balance sheet. The broker now assumes the Kalgoorlie Cracking and Leaching Plant will operate at low levels of production increasing the company’s cost base.

Target falls to $7.40 from $8.00 with the higher capex and opex outlook but Accumulate retained based on a rare earth oxide price recovery.

Target price is $7.40 Current Price is $7.02 Difference: $0.38
If LYC meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -4.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Lynas Rare Earths announced better than forecast net profit for FY24 on improved costs, UBS highlights with cost of goods sold some -12% below estimates.

FY25 capex at -$400-$500m is greater than anticipated and above consensus. The majority of the investment is in Mt Weld at some -$300m.

Management does not offer production guidance. UBS does note a recent improvement in the China NdPr price but remains conservative on any recovery in rare earths pricing.

EPS forecasts are adjusted by 18.4% and 38.3% for FY25/FY26, respectively.

UBS downgrades the stock to Neutral from Buy due to the share price performance. Target price rises to $7.30 from $6.50.

Target price is $7.30 Current Price is $7.02 Difference: $0.28
If LYC meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.74, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgans rates M7T as Add (1) -

Despite in-line FY24 results for Mach7 Technologies, Morgans lowers its target to $1.36 from $1.56 due to an acceleration in product development cost forecasts and a roll-forward of valuation.

Due to greater cashflow visibility, management now has greater confidence to accelerate investment back into products to improve the offering and implementation times, explain the analysts.

FY25 guidance is for 15-25% revenue and contracted annual recurring revenue (CARR) growth, with lower operating expenses than revenue growth.

The Add rating is maintained.

Target price is $1.36 Current Price is $0.56 Difference: $0.8
If M7T meets the Morgans target it will return approximately 143% (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 MIN as Buy (1) -

The FY24 result for Mineral Resources revealed earnings (EBITDA) in line with Citi 's expectations, but a key miss on statutory profit
with losses on investments and tax on lithium chemical sales.

Signs of cost-out were appealing to the analysts. Management guided to no capex for Mt Onslow. Lithium guidance of between 480-545kt is around -60kt lighter-than-expected by the broker.

The Buy rating and $60 target are unchanged.

Target price is $60.00 Current Price is $44.18 Difference: $15.82
If MIN meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $65.71, suggesting upside of 61.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates MIN as Neutral (3) -

Macquarie found the FY24 result from Mineral Resources mixed in an initial assessment, with underlying earnings beating estimates but net profit below.

The broker notes borrowings have increased and cash preservation remains a priority while expansion projects are deferred. Lithium volumes for FY25 are reduced by -100,000t, with Mount Marion the key contributor. Neutral. Target is $60.

Target price is $60.00 Current Price is $44.18 Difference: $15.82
If MIN meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $65.71, suggesting upside of 61.8% (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

Bell Potter rates MMS as Buy (1) -

Bell Potter adjusts earnings forecasts up by 5% in FY25 and 7% in FY26 after a "very strong" FY24 result from McMillan Shakespeare. Core earnings per security were 2% ahead of the broker's estimates while the final dividend was also ahead.

The broker notes a further reduction in vehicle delivery timeframes in July with increased competition in price, and management has also advised that settlements for combustion engines are down marginally.

The broker retains a Buy rating, viewing the stock as a cash generating business with exposure to EVs. Target is reduced to $21.00 from $22.20.

Target price is $21.00 Current Price is $15.70 Difference: $5.3
If MMS meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $20.17, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates MMS as Overweight (1) -

Morgan Stanley believes McMillan Shakespeare has more levers to offset contract losses post the FY24 result which left the analyst more upbeat on the business.

The broker observes warehouse transition is coming to an end, while the launch of Oly will target the SME novated market in FY25.

Taking into account consensus revenue forecasts, Morgan Stanley assesses the market might be too upbeat given FY24 revenues included some items which are non-recurring.

The broker raises net profit forecasts by 5%-6% over FY25/FY26, respectively with a 8% - 9% uplift in EPS estimates.

Overweight rating. Target moves to $20 from $21.50. Industry view: In-line.

Target price is $20.00 Current Price is $15.70 Difference: $4.3
If MMS meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $20.17, suggesting upside of 30.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates NEC as Neutral (3) -

Nine Entertainment's FY24 earnings (EBITDA) met consensus forecasts but FY25 guidance fell shy of expectations.

The network's Olympics investment also failed to deliver the quantum of gains in market share the broker had been expecting - roughly 430 basis points vs the broker's expected 800 basis points.

Stan growth was also sluggish and Macquarie expects total TV costs will edge up in FY25.

EPS forecasts fall -43% in FY25; -7% in FY26 and -7% in FY27.

Neutral rating retained. Target price falls -4% to $1.24 from $1.29.

Target price is $1.24 Current Price is $1.35 Difference: minus $0.11 (current price is over target).
If NEC meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.01, suggesting upside of 52.3% (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 NEC as Overweight (1) -

Morgan Stanley assesses Nine Entertainment reported FY24 which were in line while the FY25 outlook met consensus expectations.

At first glance, the report was not "as bad" as feared the broker notes, but the key question for the analyst "is where to from here?"

Management confirmed FY25 has commenced well with total tv views up 10% in 1Q, including some Olympic tailwinds and positive tv growth in 1H and 2H25 are expected.

The broker stresses Nine Entertainment remains a cyclical stock. It is heavily dependent on TV ad market.

The Overweight rating is maintained. Target is $2.20. Industry View: Attractive.

Target price is $2.30 Current Price is $1.35 Difference: $0.95
If NEC meets the Morgan Stanley target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 52.3% (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 NEC as Buy (1) -

Following Nine Entertainment's FY24 results, UBS lowers its target to $1.80 from $1.95 due to higher-than-expected costs in Total TV - mainly from wage inflation of 3.5% and a lift in Australian Open sports rights.

The key positive, suggests the broker, is the outlook around TV, with management expressing confidence on total TV revenue growth for FY25.

Despite a pause for the buyback, the analyst anticipates ongoing dividend growth to 10cps in FY26 from 8.5cps in FY25.

The Buy rating is unchanged.

Target price is $1.80 Current Price is $1.35 Difference: $0.45
If NEC meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.01, suggesting upside of 52.3% (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 NSR as Neutral (3) -

The FY24 result from National Storage REIT was slightly below UBS estimates. The main issue with the result is the sharp decline in occupancy from the first half, while the broker notes revenue growth of 3.1% was achieved through strong rate increases that were passed onto existing customers.

Underlying estimates for EPS are reduced by -4% for FY25-29. UBS believes increasing development activity is the right strategy with respect to portfolio quality and medium-term growth, but with this being an increasingly bigger contributor to short-term earnings greater clarity is needed on the translation to revenue.

Neutral maintained. Target is reduced to $2.33 from $2.40.

Target price is $2.33 Current Price is $2.38 Difference: minus $0.05 (current price is over target).
If NSR meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.42, suggesting upside of 0.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates NXT as Outperform (1) -

NextDC appears to have delivered an in-line result but Macquarie is focused on contract wins (or more specifically their absence).

While Macquarie appreciates the company's solid pipeline, the broker also flags rising costs, its estimates for FY25 capital expenditure outpacing FY25 guidance, while operating expenditure rose in FY24.

EPS forecasts falls -25% in FY25; -79% in FY26; and -13% in FY27.

Outperform rating retained, the broker observing the company's massive opportunities and strong market position and expecting contracts will be forthcoming. Target price rises to $21.20 from $21.10.

Target price is $21.20 Current Price is $17.05 Difference: $4.15
If NXT meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates NXT as Overweight (1) -

Looking beyond FY24 results which were in line with expectations, Morgan Stanley highlights increased start-up costs on new data centre developments as lowering the EBITDA outlook for FY25-FY27.

The broker stresses its upbeat view on NextDC with significant opportunities from the company's landbank of around 560MW at a cost of nearly -$12bn to build and an IRR of 12% ,in excess of the 7.7% weighted average cost of capital.

Interestingly, Morgan Stanley points to the reclassification of revenues, EBITDA to 'colocation' and 'interconnection' which is pertinent for FTSE EPRA Nareit Global Real Estate eligibility.

The Overweight rating is maintained. Target price moves to $19.50 from $20. Industry View: Attractive.

Target price is $19.50 Current Price is $17.05 Difference: $2.45
If NXT meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgans rates NXT as Add (1) -

Morgans acknowledges the better than forecast FY24 earnings for NextDC, highlighting a strong growth runway with 172.6MW contracted and not billed versus a lift of 8MW billed year-on-year to 86MW.

FY25 guidance reflects a -5% miss on revenue and EBITDA due to a softer customer ramp up, as cloud data centres are restructured for Gen Ai.

NextDC is expecting increase operating costs by -$6m-$12m p.a. at headquarters as the business is positioned for future global growth. The broker states switching "capex for opex" to accommodate major customers like Salesforce and Workday.

Morgans revises FY25/FY26 EBITDA forecasts by -8% from softer revenue growth and higher scaling costs.

Target price revised to $20.50 from $21. Add rating unchanged.

Target price is $20.50 Current Price is $17.05 Difference: $3.45
If NXT meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $20.09, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates PFP as Accumulate (2) -

Propel Funeral Partners' FY24 profit missed Ord Minnett and market expectations by around -3%, while operating earnings met guidance, albeit at the lower end of the range.

Funeral sales in FY25 so far are up 20% on a year ago as the company sees organic volumes improve, although the broker notes it is a short period of data to translate into a full-year forecast.

The company highlighted a strong M&A pipeline and continues to use its pricing power to offset volume headwinds, with average revenue per funeral rising 5% in the second half of FY24, down from 6% in the first half, but still comfortably ahead of the historical norm.

Ord Minnett views the risk-reward equation for Propel as favourable despite a seemingly expensive valuation multiple. Accumulate rating and $6.30 target.

Target price is $6.30 Current Price is $5.83 Difference: $0.47
If PFP meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.50, suggesting upside of 8.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgans rates PPE as Hold (3) -

Across FY24, PeopleIN experienced lower revenues from permanent recruitment, compounded by mix (more lower margin business) and reductions in on-hire labour hours, explains Morgans.

Normalised profit in FY24 fell by -41% versus the previous corresponding period.

Despite a stabilisation of conditions in the 2H, management is cautious on the outlook for the next six months, but optimistic on the opportunities for 2025 and beyond.

Given the recent margin degradation across the company's divisions and lack of near-term catalysts, Morgans retains a Hold rating. The target falls to 75c from 90c.

Target price is $0.75 Current Price is $0.75 Difference: $0
If PPE meets the Morgans 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: 0.5

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

Citi rates PPM as Neutral (3) -

Citi found the first half result from Pepper Money soft. At first glance, the broker suspects investors will like the better net interest margin that should benefit from funding tailwinds that emerge over the next year or so.

Lending AUM is the negative, declining -7%, and expectations have been rebased. The broker asserts this will in turn raise the question of the company's willingness to deploy capital, given current risk-adjusted returns. Neutral. Target is $1.55.

Target price is $1.55 Current Price is $1.36 Difference: $0.195
If PPM meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates PPT as Neutral (3) -

In an initial take, Citi found Perpetual's FY24 earnings were just below estimates. Net proceeds on the sale of the CT and WM businesses are expected to be between $8.32 and $9.82 a share.

The sale proceeds signal to the broker the residual business is somewhat inexpensive, taking into account current net outflows. There is a new expense savings target which Citi concludes is a positive, although first half expenses are guided to grow slightly.

Neutral rating. Target is $22.25.

Target price is $22.25 Current Price is $20.64 Difference: $1.61
If PPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.34, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates PPT as Buy (1) -

At first glance, Perpetual's FY24 result appears to have outpaced consensus and missed UBS forecasts. FY25 guidance of 2% to 4% growth compares with consensus forecasts of 2%.

UBS considers the result to be messy and of lower quality in that it is missing consensus by -1% at the operating earnings (EBITDA) line. Retained business in Asset Management missed forecasts by -5%.

The broker observes a final tax ruling on capital gains tax relief has not been issued, but that management has received independent opinion that the outcome will be better than initially thought.

Pendal's synergies outpaced the company's target, so with this in mind and further cost initiatives pending, the broker found FY25 expense guidance disappointing.

Buy rating and $25 target price retained for now.

Target price is $25.00 Current Price is $20.64 Difference: $4.36
If PPT meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $24.34, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates PRU as Neutral (3) -

Perseus Mining's FY24 earnings (EBITDA) rose by 13% year-on-year and beat forecasts by Citi and consensus.

In August, the company acquired a 13.82% interest in Predictive Discovery ((PDI)) for -$86m, allowing due diligence on the pre-development 3.05moz reserve of the Bankan Gold Project in Guinea, West Africa.

A final dividend of 3.8 cents was declared. Management intends to undertake a $100m on-market buyback (beginning in September), which Citi prefers over a special dividend.

Target rises to $3.00 from $2.75. Neutral retained.

Target price is $3.00 Current Price is $2.69 Difference: $0.31
If PRU meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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 PRU as Outperform (1) -

Perseus Mining FY24 operating earnings (EBITDA) outpaced consensus' forecasts by 15% and Macquarie's forecasts by 18%, while net profit after tax outpaced by 41% and 22% respectively. FY25 guidance was retained.

The dividend met consensus forecasts but outpaced the broker by 10%.

The company closed June 30 with an in-line US$534m net cash position (that's after accounting for the US$189m OreCorp acquisition).

Management announced a buyback of up to $100m.

EPS forecasts rise 1% in FY25 and 2% thereafter, based on the broker's estimated notional buyback of $60m.

Outperform rating retained. Target price rises 7% to $3.20 from $3.

Target price is $3.20 Current Price is $2.69 Difference: $0.51
If PRU meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Morgan Stanley rates PSQ as Overweight (1) -

Morgan Stanley continues to sing the praises of Pacific Smiles with net profit for FY24 coming in above the broker's forecasts.

Notably, a pause in roll outs substantially boosted free cashflow to $15m against net profit of $8.9m, the broker notes.

Wage growth tempered to 3.75% from 5.75% and the analyst is looking to more dentist hours, more availability and lower cancelations as underwriting ongoing operational strength into FY25.

No FY25 guidance was provided because of the NDC and Genesis proposals, but like-for-like patient fees to Aug 27 rose 8.4%.

Overweight. Target price $1.90. Industry View: In-Line.

Target price is $1.90 Current Price is $1.83 Difference: $0.075
If PSQ meets the Morgan Stanley target it will return approximately 4% (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 QAN as Neutral (3) -

At first glance, the Qantas Airways FY24 result was largely in line with Citi's estimates. It was characterised by strong freight business offset by a miss for Jetstar.

Going forward, the domestic division appears ahead of expectations for FY25, with higher revenue per available seat kilometre (RASK) and lower depreciation. International and Jetstar appear weaker. Neutral. Target is $5.85.

Target price is $5.85 Current Price is $6.32 Difference: minus $0.47 (current price is over target).
If QAN meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Macquarie rates QAN as Outperform (1) -

Macquarie highlights a "solid" FY24 result from Qantas Airways in an initial view, amid a cautious outlook as growth moderates to reflect the economy. Revenue appears slightly better but offset by costs.

FY25 capital expenditure guidance of -$3.7-3.9bn was reiterated. The commentary on the frequent-flier program was positive, the broker adds, given additional costs. Outperform. Target is $6.30.

Target price is $6.30 Current Price is $6.32 Difference: minus $0.02 (current price is over target).
If QAN meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

UBS rates QAN as Buy (1) -

In an initial take on today's FY24 results for Qantas Airways, UBS observes in-line earnings, stronger cash flows, and a relatively positive outlook which should support the current valuation.

By division, the broker notes Domestic and Jetstar were weaker, International was stronger, while Loyalty was broadly in line with expectations.

Regarding FY25, guidance is for 10% capacity growth with 2% from Domestic and 16% via International. The analysts had forecast 7% for International and need to build comfort 16% growth will be supported by demand.

Management announced a $400m buyback for the 1H of FY25.

Target $7.50. Buy.

Target price is $7.50 Current Price is $6.32 Difference: $1.18
If QAN meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates QOR as Buy (1) -

Qoria’s FY24 result was below Ord Minnett at both the revenue and earnings lines, although a series of adjustments, restatements and
one-offs make comparisons difficult. The broker thus looks to free cash flow as the source of truth, which is in line.

Earnings and free cash flow both came through at extremely high incremental margins of 230% and 52% respectively. These results continue to showcase Qoria’s ability to deliver top-line growth, the broker notes, while tightly maintaining its cost base.

Target rises to 44c from 43c, Buy retained.

Target price is $0.44 Current Price is $0.36 Difference: $0.08
If QOR meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates S32 as Buy (1) -

In an initial take, Citi found the FY24 results from South32 were ahead of estimates. Underlying net profit of US$380m beat by 14% while the dividend of US3.5c was also stronger than expected.

Production guidance for FY25 is largely unchanged although it now includes Australian and South African manganese.

Operating pressures were evident, with Worsley impacted by lower output and higher caustic consumption amid lower grade bauxite. Buy rating. Target is $3.25.

Target price is $3.25 Current Price is $3.08 Difference: $0.17
If S32 meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 S32 as Outperform (1) -

At first glance, FY24 results from South32 beat Macquarie's estimates. The distribution was higher, although the broker notes at a low yield.

Production guidance is unchanged for FY25, with new guidance for Gemco and SA manganese. Buybacks have recommenced with US$200m to kick off after the completion of the Illawarra deal.

Outperform rating and $3.95 target.

Target price is $3.95 Current Price is $3.08 Difference: $0.87
If S32 meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

UBS rates S32 as Buy (1) -

At first glance, South32's FY24 result proved mixed, revenue missing consensus and UBS forecasts while earnings (EBITDA) outpaced. EPS forecast proved a miss.

Management announced a US$200m buyback following the sale of IMC and advises GEMCO operations should restart in the March quarter.

The company closed June 30 with net debt of -US$762m and net cash of US$250m after the IMC sale. FY25 production guidance was flat.

All up, the broker considers the result to be better than expected.

Buy rating and $3.80 target price retained for now.

Target price is $3.80 Current Price is $3.08 Difference: $0.72
If S32 meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.67, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

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

Slightly weaker organic growth was offset by a stronger contribution from acquisitions for Steadfast Group in FY24 with results broadly meeting expectations for Morgan Stanley.

FY25 guidance of 12%-16% EPS growth is around 4%-5% above the analyst's forecasts and consensus estimates.

The company is assuming 7%-9% premium increases from insurer partners in FY25 with FY24 acquisitions adding 3.6% growth to FY25 profits. Management retains a $300m acquisition target against the broker's forecast of $282m.

Morgan Stanley retains an Equal-weight rating and target of $6.17. Industry view: In-Line. 

Target price is $6.17 Current Price is $6.30 Difference: minus $0.13 (current price is over target).
If SDF meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.61, suggesting upside of 3.9% (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

Morgan Stanley rates SDR as Overweight (1) -

There were not many surprises in the SiteMinder FY24 results as much of earnings were pre-guided according to Morgan Stanley.

The broker highlights a change to more conservative revenue recognition and a higher than forecast sales impact from Smart Distribution.

Minor changes are made to earnings forecasts, but reinvestment costs are expected to suppress margins.

With the company free cashflow positive in 2H24, Morgan Stanley believes the market will be happy with revenue growth in lieu of improved operating leverage.

The Overweight rating and $6.80 target are unchanged. Industry view: In-Line. 

Target price is $6.80 Current Price is $4.92 Difference: $1.88
If SDR meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 35.4% (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 SDR as Add (1) -

While subscribers, revenue, annual recurring revenue (ARR) and cashflow were all in line with SiteMinder's recent 4Q trading update, the overall result came in below expectations held by Morgans and consensus.

The broker upgrades its FY26 underlying EBITDA forecast by 8.9% driven by including the Smart Platform in forecasts.

While bullish on the overall opportunity in front of SiteMinder, the analysts caution investors to expect share price volatility if revenue doesn't accelerate in H2 of FY25. On the other hand, should new products perform as guided/expected the share price should rise.

The Add rating is kept, and the target rises to $6.50 from $6.25. 

Target price is $6.50 Current Price is $4.92 Difference: $1.58
If SDR meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.73, suggesting upside of 35.4% (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

UBS rates SFR as Neutral (3) -

At first glance, Sandfire Resources' FY24 revenue appears to have fallen shy of consensus forecasts and sharply missed UBS forecasts. It was a similar story with earnings (EBITDA) although net profit after tax outperformed.

A capital expenditure beat proved the highlight, and FY25 capital expenditure guidance also pleasantly surprised at Matsa but disappointed at Motheo.

All up, the broker appears pleased with the result. Neutral rating and $9.40 target price.

Target price is $9.40 Current Price is $8.82 Difference: $0.58
If SFR meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.03, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.3

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

UBS rates SGP as Neutral (3) -

FY24 results from Stockland were broadly in line with UBS estimates. FFO guidance of 32-33c excluded the Lendlease communities business, yet given the transaction is expected to complete the broker finds this "somewhat academic".

UBS now forecasts 7434 lots in FY25 at slightly lower margins, expecting the company to prioritise volume over price.

The broker points out the increased focus on supply and the ramping up of production comes in the context of ACCC concerns relating to possible incentives for slowing the rate of release of new properties to increase prices.

Neutral rating retained. Target is raised to $4.70 from $4.58.

Target price is $4.70 Current Price is $4.97 Difference: minus $0.27 (current price is over target).
If SGP meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.00, suggesting upside of 0.8% (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

Citi rates SIQ as Buy (1) -

Unlike peers, Smartgroup Corp's 1H result revealed no signs of weakening yields or slowing orders, which Citi attributes to its customer base and increasing resourcing to handle demand.

The earnings (EBITDA) margin increased by 40bps to 40% in the 1H and the exit rate was 41%, highlight the analysts. While management believes 40% is a threshold for the next 24-36 months, the broker sees scope for improvement.

Buy rating and $10.45 target retained.

Target price is $10.45 Current Price is $7.78 Difference: $2.67
If SIQ meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Macquarie rates SIQ as Outperform (1) -

Smartgroup Corp's June-half result appears to have broadly met Macquarie's forecast, the company reporting attractive novated leasing.

New vehicle orders rose 31% and Macquarie observes vehicle supply remains on an upward trajectory. EV orders grew across all client segments, comprising 42% of new care lease orders and vehicle delivery times also improved.

Yields rose 14% year on year thanks to improved new vehicle mix and supply-chain negotiations.

Macquarie appreciates the company's balance sheet and low net debt, observing a 108% rise in cash conversion.

Outperform rating retained. Target price rises to $9.60 from $9.51.

Target price is $9.60 Current Price is $7.78 Difference: $1.82
If SIQ meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

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

Morgan Stanley assesses the first half result from Smartgroup Corp as essentially meeting expectations outlined at the May AGM.

The earnings composition is believed to be better than anticipated, with improved revenue generation in 2Q and cash conversion up 108% with borrowing capacity for the fleet increased.

Yields at 81% infer an improvement in 2Q on 1Q. EV penetration at 42% with expected tailwinds from novated share gains although the gains are slowing.

Discussing the outlook, the broker believes July orders up on the previous year is a positive on the back of the 2Q improvement. Divestment of Health-e Workforce Solutions was conducted on July 8.

Equal-weight rating. Target $9.50. Industry view: In-line.

Target price is $9.50 Current Price is $7.78 Difference: $1.72
If SIQ meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

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

Following Smartgroup Corp's in-line 1H results, Morgans upgrades its rating to Add from Hold following recent share price weakness and potential near-term earnings upside. The broker also notes the possibility of further special dividends.

During the 1H, the analysts highlight solid revenue growth and lease demand with new vehicle lease orders rising by 11% on the previous corresponding period.

Management noted demand has remained “robust” and that July settlements and orders are above the previous corresponding period.

The target falls to $8.65 from $9.70.

Target price is $8.65 Current Price is $7.78 Difference: $0.87
If SIQ meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Ord Minnett rates SIQ as Buy (1) -

Highlighting "robust" volume and yield strength, Ord Minnett raises its earnings forecasts slightly following 1H results for Smartgroup Corp. Novated yields and settlement volumes increased by 14% and 27%, respectively, on the previous corresponding period.

Following the 1H EBITDA margin of 37.9%, management believes the 40% EBITDA margin level is a "threshold', which the broker interprets as the low end of management's targeted range.

Investing in Smartgroup is a key way to gain exposure to the favourable EV thematic, according to Ord Minnett. The Buy rating and $10.50 target are maintained.

Target price is $10.50 Current Price is $7.78 Difference: $2.72
If SIQ meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $9.94, suggesting upside of 26.3% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

Morgans rates SLH as Add (1) -

While FY24 underlying earnings (EBITDA) and revenue for Silk Logistics were in line with expectations, underlying profit of $11.5m missed Morgans' $13.2m forecast due to higher interest costs.

As a result of higher forecasts for D&A expenses and interest costs, the broker's target falls to $2.00 from $2.10, while the Add rating is maintained.

For FY25, management expects to deliver growth in revenue and earnings during FY25, with a focus on driving organic growth across the group.

Target price is $2.00 Current Price is $1.38 Difference: $0.62
If SLH meets the Morgans 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