Australian Broker Call

Macquarie rates 29M as Outperform (1) -

Interim profit for 29Metals of $35m is a $57m beat versus the -$22m forecast by consensus, highlights Macquarie, with the uplift driven by $54m in insurance proceeds.

Earnings (EBITDA) were $113m but would have been $59m without the one-off the insurance proceeds, highlighting single asset earnings leverage to Golden Grove without Capricorn, points out the analyst.

Operational delivery, including the ramp-up of high-grade Xantho Extended ore, will be key to sustaining earnings, suggests the broker.

Target unchanged at 40c. Outperform rating also unchanged.

Target price is $0.40 Current Price is $0.28 Difference: $0.115
If 29M meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $0.25, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in December.

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 AAL as Buy (1) -

Alfabs Australia's FY25 results was weaker than Bell Potter's forecasts, with revenue, EBITDA and net profit all missing estimates.

Revenue was lower in Mining and stronger in Engineering, but EBITDA margin in Mining positively surprised while Engineering EBITDA softened in 2H.

Operating cash flow declined to $10.6m from $17.3m from working capital build at Malabar set deployment and higher taxes.

The broker cut Mining revenue forecast for FY26 and increased Mining EBITDA estimates over FY26-28, and lifted borrowings estimate to fund capex.

Buy. Target unchanged at 55c.

Target price is $0.55 Current Price is $0.46 Difference: $0.095
If AAL meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ACF as Buy (1) -

Acrow slightly missed Morgans' FY25 earnings (EBITDA) expectations, coming in at the lower end of guidance at $80.2m, -2% below consensus and the analysts.

Industrial Access was the highlight, with revenue rising 83% and representing 50% of group revenue. Management expects this to rise further in FY26, although this division's margin is lower at 37% compared to Formwork at 73%.

Formwork revenue slipped -5% on project completion and while awaiting new project starts.

Morgans lowers its earnings (EBITDA) forecasts by -7% for FY26 and raises FY27 by 7%. Buy rating retained with a $1.32 target due to a positive view on the medium-term outlook in the run-up to the Brisbane Olympics.

In the short term, the analyst acknowledges Formwork remains soft due to uncertainty over the start of major projects.

Target price is $1.32 Current Price is $1.01 Difference: $0.305
If ACF meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates ACF as Buy (1) -

Industrial Access was the highlight for Acrow's FY25 results, which met guidance, Ord Minnett notes. The macro backdrop remains challenging for the construction sector, with the Formwork division impacted by Qld construction delays.

Industrial Access revenue grew 83% on the prior year, including two acquisitions made in May 2025.

Commentary highlights the company has invested in its Jumpform and Screens products to improve productivity, and strong growth is anticipated across Australia, notably in WA.

Lower capex for FY26 has been flagged by Acrow, as well as a pause on M&A. No change to Buy rating. Target slips to $1.30 from $1.33.

Target price is $1.30 Current Price is $1.01 Difference: $0.285
If ACF meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates ACF as Buy (1) -

Acrow delivered FY25 results in line with Shaw and Partners’ expectations, with revenue of $265.1m up 23% year-on-year.

Underlying earnings (EBITDA) of $80.2m rose 7.5%, slightly below the broker's forecast, while profit of $34.3m was up 4%, marginally ahead of expectation.

Industrial Access was the standout, highlights the analyst, offsetting weaker Formwork and Commercial Scaffold.

Net debt increased to $123.3m due to acquisitions, though return on investment (ROI) stayed above target at 41.8%.

The broker believes Industrial Access will drive FY26 growth, with Brisbane 2032 offering longer-term support, while Queensland project delays weigh near term.

Shaw cuts its FY26-FY28 EPS forecasts by -10.1%, -7.0% and -4.0%, respectively. The $1.30 target price and Buy rating are retained. 

Target price is $1.30 Current Price is $1.01 Difference: $0.285
If ACF meets the Shaw and Partners target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates ACL as Buy (1) -

Ord Minnett observes an in-line FY25 earnings (EBIT) result for Australian Clinical Labs, up 9% on the prior year to $68m. Revenue growth came in above the broader market, and managed costs facilitated a 2H25 earnings (EBIT) margin of 10.9%.

FY26 guidance was better than the analyst feared, with revenue of $760m–$780m, up 3%–5%, and earnings (EBIT) of $67m–$73m.

Management flagged at least $8m in incremental earnings (EBIT) in FY27 due to upfront episode billing, price rises on non-MBS tests, and improved labour and operating efficiency.

No change to Buy rating. Target retained at $3.50.

Target price is $3.50 Current Price is $2.67 Difference: $0.83
If ACL meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates AMI as Outperform (1) -

Aurelia Metals reported FY25 earnings (EBITDA) of $122m and profit of $49m, which beat consensus estimates by 16% and 19%, respectively, according to Macquarie.

The broker highlights lower costs and reduced depreciation and amortisation as key drivers of the earnings beat.

Aurelia’s balance sheet remains solid, in the analyst's view,  with net cash of $102m, but restricted cash rose due to near-capacity usage of the Environmental Bond Facility. Management plans to refinance this facility in 2HFY26, potentially increasing its size.

No changes are made to management's three-year outlook provided in June.

Macquarie maintains its target price of 27c and retains an Outperform rating.

Target price is $0.27 Current Price is $0.18 Difference: $0.09
If AMI meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates AMI as Buy (1) -

Ord Minnett highlights Aurelia Metals achieved a weaker than expected FY25 earnings (EBITDA) result, around -5% below consensus due to higher production costs, but earnings (EBITDA) still rose by 69% on FY24.

The miner benefitted from lower costs and higher commodity prices.

The analyst sees the over -40% decline in the share price as overdone post the recent investor day, where some raised questions around the free cash flow inflection point, which caused uncertainty over the Federation ore body.

Cash stands at $110m, pre-reported and in line with expectations. 

No change in Buy rating. Target slips to 30c from 31c. Ord Minnett raises its earnings forecasts by 5% for FY26 to 9% for FY27.

Target price is $0.30 Current Price is $0.18 Difference: $0.12
If AMI meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Aurelia Metals reported FY25 sales of $333m, up 7% year-on-year, and earnings (EBITDA) of $122m, ahead of Shaw and Partners’ $112m forecast.

Profit of $48m was the first since 2021, supported by the Peak mine, while costs (AISC) of $2,037/oz were steady despite lower gold output, explain the analysts.

The broker notes Aurelia held $110m cash, $145m liquidity, and no drawn debt after incurring -$84m of capex. Federation started ahead of schedule, with Great Cobar and Peak optimisation supporting the 40kt copper equivalent growth path to FY28.

Buy, High Risk. Target falls to 42c from 50c.

Target price is $0.42 Current Price is $0.18 Difference: $0.24
If AMI meets the Shaw and Partners target it will return approximately 133% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 50.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates ANG as Buy (1) -

Austin Engineering's FY25 revenue rose 22% y/y to $377m but that also included $8.3m of revenue inclusion from past accounting error.

Statutory EBIDTA was, however, down to $41.7m from $43.5m in FY24 due to issues in Chile. The key drags were Chile plant expansion and large OEM order, which put pressure on margin and was compounded by accounting issues.

The broker highlights strong revenue growth but a more mixed profitability picture, though adjusted EBITDA suggests underlying growth.

Buy. Target trimmed to 50c from 60c.

Target price is $0.50 Current Price is $0.32 Difference: $0.18
If ANG meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

FY25 revenue of $380.8m for Austin Engineering was a 22% year-on-year rise. Underlying earnings (EBITDA) of $55.8m  came in ahead of Shaw and Partners’ forecast.

Profit rose 70% to $40.4m, also above the broker's estimates, though reported results were weaker due to outsourcing costs linked to the large Chile OEM contract. Operating cash flow fell sharply to $2.6m, highlights the analyst, while net debt increased to $12.8m.

Performance was mixed by region, with strong margin growth in Asia Pacific and solid revenue gains in North America, offset by sharply lower earnings in South America.

A Chile Recovery Plan has been introduced by management, including leadership changes and production reallocation to Batam (Indonesia) to stabilise operations, observes the analyst.

Shaw lifts its FY26-FY28 EPS forecasts by 4.7%, 4.5% and 4.0%, respectively.  The broker retains its Buy, High Risk rating and 60c target. 

Target price is $0.60 Current Price is $0.32 Difference: $0.28
If ANG meets the Shaw and Partners target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ANN as Hold (3) -

Ansell served up mixed FY25 results according to Morgans. EPS met expectations, up 19.5% on FY24, although it was underpinned by around 30% of acquisition gains, circa 50% cost-outs, and exclusion of -US$98.2m in non-recurring items.

Revenue came in below expectations and consensus. Compositionally, industrial organic sales rose 5.6% with new products and higher prices. Healthcare recovered strongly as destocking abated, surgical rose 20%, and cleanroom was up 15%.

The Kimberly-Clark PPE acquisition is outperforming, with the transition completed. Regarding tariffs, price increases have offset a tariff headwind of -US$80m, but further hikes could impact demand.

Morgans increases its profit forecasts by 1.7% for FY26/FY27, with EPS rising by around 7% on estimates including a US$200m share buyback.

Hold rating retained. Target lifts to $34.64 from $33.38.

Target price is $34.64 Current Price is $34.59 Difference: $0.05
If ANN meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $34.76, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Ord Minnett rates ANN as Hold (3) -

Ansell's FY25 results came in at the upper end of guidance and beat market expectations, Ord Minnett explains, with robust earnings from industrial offsetting the weaker results from healthcare.

The analyst views the PPE result as particularly strong due to the integration of Kimberly-Clark and the US tariff policy in 2H25.

FY26 guidance is above previous market expectations and incorporates an upgrade in expected savings from the Kimberly-Clark acquisition into FY27.

Ord Minnett points to the risks of lower industrial activity from the US administration's policies, which could impact some of the countries Ansell operates in.

No change in Hold rating and $36.20 target. Ord Minnett tweaks its EPS forecasts up by 0.7% for FY26 and 1.5% for FY27.

Target price is $36.20 Current Price is $34.59 Difference: $1.61
If ANN meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $34.76, suggesting upside of 1.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates AUB as Outperform (1) -

AUB Group delivered FY25 profit up 17.1% year-on-year, at the top end of guidance, notes Macquarie, with EPS growth of 9.5%.

A five-year EPS compound annual growth rate (CAGR) of 19% and FY26 guidance for profit of $215-227m implies to the broker growth of 7-13%.

Australian Broking and Agencies performed strongly, highlights the analyst, with margins expanding year-on-year and supported by organic growth and acquisitions.

BizCover continues to gain share with margin expansion, while NZ Broking margins contracted as investment was directed towards growth, explains Macquarie. International operations, including Tysers, are also scaling in the UK retail market.

The broker raises its target price to $37.40 from $35.45 and retains an Outperform rating.

Target price is $37.40 Current Price is $33.48 Difference: $3.92
If AUB meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates AUB as Overweight (1) -

AUB Group’s FY25 profit came in 2% above Morgan Stanley’s estimate and 1% ahead of consensus, at the top end of guidance for 17% year-on-year growth.

Statutory profit was also about 35% above consensus from revaluation of associates, explains the broker. FY26 underlying profit guidance of $215-227m implies to Morgan Stanley around 10.5% growth at the midpoint.

Management provided investors with more confidence in Tysers, suggest the analysts, proving fee revenues can outgrow premiums, with further scope for earnings margin expansion.

FY26 guidance includes 8.5 percentage points from organic growth, 3% from acquisitions, and assumes a -25bps interest rate cut.

The broker sees scope for International/Tysers’ margin to lift to around 28% by FY28 from 26% in FY26.

The final dividend was -1% and -4% shy, versus respective forecasts by consensus and Morgan Stanley.

Overweight rating maintained. Target edges up to $39.00 from $38.70.  Industry view is In-Line.

Target price is $39.00 Current Price is $33.48 Difference: $5.52
If AUB meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates AUB as Buy (1) -

AUB Group met market expectations for FY25 results with underlying net profit after tax of $200m, up 17% on the prior year.

The company's broking model is in the early stages of being rolled out in the UK and has been put in place in A&NZ. International growth is viewed as the factor which can underpin 10%-plus EPS growth for AUB.

FY26 guidance stands at $215m–$227m for underlying net profit after tax, or growth of some 7%–13%.

Ord Minnett has lowered its EPS forecasts by -2% for FY26 and -1% for FY27, with an expected average EPS growth rate of 11% per annum over the next three years. Target price rises to $36.67 from $35.58.

Buy rating retained.

Target price is $36.67 Current Price is $33.48 Difference: $3.19
If AUB meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates AUB as Neutral (3) -

Neutral rating and $36 price target retained after FY25 landed at the top of guidance and circa 1% ahead of UBS and consensus.

Operating EBIT reached $497m and margins expanded to 37.0% in 2H, with International and BizCover strong while NZ and Corporate lagged, the broker says.

UBS frames FY26 as a year of margin consolidation as lower interest income, FX headwinds, partial retention of Tysers’ -$11m one-off bonus costs and NZ investment temper accretion; group margin is assumed circa flat in FY26.

Self-help via higher fees and commissions, plus an agency margin target lifted to 47% from 42%, supports the medium-term path, the broker adds.

Forecasts edge higher: EPS lifts by 1.8%/1.6% for FY26/27. UBS sits near the top of FY26 net profit guidance at $226m.

Target price is $36.00 Current Price is $33.48 Difference: $2.52
If AUB meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates B4P as Buy, High Risk (1) -

Beforepay Group reported FY25 profit broadly in line with management's fourth quarter update, observes Shaw and Partners.

Profit of $11.9m and free cash flow of $8.3m were driven by the Pay Advance business, which remains the group’s key earnings and cash flow source, explains the broker.

Strong cash flow allowed debt reduction, highlights the analyst, with drawn debt falling to $31m from $37m a year earlier. It's noted the new $7.5m revolving sub-limit within its $55m facility provides greater funding flexibility.

Credit loss rates fell to -0.56% in the June quarter, with scope to loosen risk controls in FY26 to support profit growth, suggests Shaw.

Carrington Labs continued expanding in the US, with its algorithms being applied across a wide range of lending products, highlights the broker.

Shaw retains a Buy, High Risk rating and $3.00 target.

Target price is $3.00 Current Price is $2.08 Difference: $0.92
If B4P meets the Shaw and Partners target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BRI as Buy (1) -

Big River Industries experienced a weakening of conditions with a decline in market activity in 2H25. The FY25 results are viewed as "solid" by Ord Minnett, with the construction industry challenged by labour shortages and cost inflation.

The earnings (EBITDA) margin at 7.1% was slightly above the forecast of 7% due to cost-out programs, which should place Big River in a better position when market conditions improve.

A 100% cash conversion rate was achieved, in line with FY24 and an improvement on 1H25 at 78.1%.

Ord Minnett tweaks earnings forecasts. Target price slips by -3% to $1.65. No change in Buy rating.

Target price is $1.65 Current Price is $1.47 Difference: $0.18
If BRI meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

BlueScope Steel delivered FY25 underlying EBIT of $738m, down -45% year-on-year and -3% adrift of the consensus forecast, notes Morgan Stanley.

Second-half earnings of $429m landed at the top end of guidance but -6% below consensus due to softer Asian spreads, explains the broker.

First half FY26 earnings guidance of $550-620m, is -5% below consensus at the midpoint. Morgan Stanley explains North Star and BCP guided ahead of expectations, offset by weaker average selling prices  and higher corporate costs.

US spreads are guided at around US$480/t, up US$60/t from 2H25, while Asia remains weak at US$200/t, note the analysts.

Cost savings of $130m were delivered in FY25, with more than $200m targeted in FY26, and growth initiatives are on track to add $500m of earnings by 2030.

The Equal-weight rating and $24 target are maintained. Industry View: In-Line.

Target price is $24.00 Current Price is $22.68 Difference: $1.32
If BSL meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $25.19, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates BXB as Neutral (3) -

Brambles' FY25 sales growth finished at 3.0%, below April guidance for 4-5%, but underlying earnings were up 10.0%, in line with consensus. CHEP Europe/Middle East/Africa was the highlight, UBS notes, growing earnings by 14%.

The result leads UBS  to upgrade forecasts and valuation but the broker thinks upside is still limited following share price strength.

Nevertheless, themes resonating well are confidence in free cash flow, more margin expansion coming, the relative defensiveness of Brambles' underlying demand exposure and levers available to withstand cyclical pressure.

These themes appear to be overriding concerns about the FY26 volume environment, and in UBS' view are unlikely to
change any time soon. Target rises to $25.90 from $24.00, Neutral retained.

Target price is $25.90 Current Price is $26.13 Difference: minus $0.23 (current price is over target).
If BXB meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.88, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

UBS rates CDA as Buy (1) -

Codan delivered a standout FY25 result, UBS suggests. Expectations were high going in and the company still surpassed them with a beat and a raise.

FY25 profit grew 27%, while the all important Communications division grew organic earnings 31%, off the back of 19% revenue growth.

UBS  remains attracted to the global growth opportunity for Codan, with its exposure to three key favourable macro thematics being,  Gold prices strength, Global Defence investment increases, and Public safety spend.

Commentary notes the share price has rallied 75% year to date, outperforming the ASX Small Ords by 12%. With this more elevated valuation in mind, the broker lowers its rating to Neutral from Buy. Target rises to $29.60 from $18.50.

Target price is $29.60 Current Price is $30.60 Difference: minus $1 (current price is over target).
If CDA meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.18, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates CEH as Buy (1) -

Coast Entertainment announced FY25 growth in underlying operating earnings (EBITDA) of 19%, which met Ord Minnett's expectations.

Both the revenue and attraction numbers had been pre-released in the July update.

The FY26 trading update for the first month was very "pleasing," the analyst notes. Revenue, admissions, and earnings (EBITDA) are up 16%, 38%, and 48%, respectively.

Improved cost controls should boost margins to 17% in FY26 versus 9% in FY25.

Higher D&A assumptions by Ord Minnett result in a downgrade to its EPS forecasts by -26.6% for FY26 and -5.1% for FY27.

Buy rating retained. Target raised to 70c from 65c.

Target price is $0.70 Current Price is $0.39 Difference: $0.31
If CEH meets the Ord Minnett target it will return approximately 79% (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 COL as Upgrade to Buy from Hold (1) -

Coles Group's FY25 underlying net profit of $1.104bn beat Bell Potter's forecast of $1.077bn. Revenue and EBITDA were largely in line.

The broker notes the underlying result absorbed -$111m in supply chain implementation and duplication costs, and non-recurring revenue linked to liquor.

Supermarket like-for-like sales grew 4.7% y/y in the first 8 weeks of FY26 while liquor business saw flat growth. Store numbers are expected to increase by 10 while liquor store numbers are expected to decline by -6.

FY26 net profit forecast unchanged but FY27 lowered by -3%.

Target rises to $24.40 from $22.10 on roll-forward and lower net debt. Rating upgraded to Buy from Hold.

Target price is $24.30 Current Price is $22.50 Difference: $1.8
If COL meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates COL as Buy (1) -

On additional analysis, Citi raises its target to $25.40 from $23 and retains a Buy rating.

Coles Group remains the analyst's preferred supermarket exposure due to sales outperformance, scope for more efficiency gains, improved online and retail media, and an attractive valuation.

The update confirmed Coles continues to outperform Woolworths Group ((WOW)), with lower gearing allowing for capital management.

The analyst estimates a circa $1.9bn capital return in FY26 would move gearing back to the 6-year average of 2.8 times.

***

Citi's early assessment is Coles reported EBIT ex-significant items and including associates of $2,112m, in-line with expectations, including consensus.

Supermarkets 2H25 EBIT beat by circa 2% on better sales. Liquor performed broadly in-line. A final dividend of 32c was declared, below the broker's forecast of 33.5c.

In light of recent share price weakness, the broker is suggesting the share price will likely be well-supported today. 

Target price is $25.40 Current Price is $22.50 Difference: $2.9
If COL meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates COL as Outperform (1) -

Following FY25 results by Coles Group, Macquarie believes management has proven its ability to execute in difficult market conditions, preserving margins despite intensifying competitive pressures.

The broker's EPS forecasts rise by 3.0% in FY26, 3.2% in FY27 and 3.3% in FY28, reflecting stronger supermarkets performance and lower net interest assumptions. Upside potential to supermarket earnings is expected if ecommerce capacity is further utilised.

Automated distribution centres in NSW and QLD have lifted product availability by around 20%, boosting customer experience, explains the analyst, while customer fulfilment centres are scaling up and narrowing losses.

Supermarkets cash cost-of-doing-business (CODB) growth of around 6% in FY25 remains a headwind, though the Smarter Selling Initiatives program delivered an 80bps offset, points out Macquarie.

The target rises to $25.40 from $24.10. Outperform rating retained.

Target price is $25.40 Current Price is $22.50 Difference: $2.9
If COL meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates COL as Overweight (1) -

Coles Group’s FY25 result was broadly in line with expectations, with earnings (EBIT) 0.8% above consensus and profit also matching forecasts, according to Morgan Stanley.

The Supermarket earnings margin of 5.3% was 4bps above consensus, supported by higher basket sizes, stronger transactions, and cost savings.

Comparable supermarket sales rose 5.1% in 4Q25, and early FY26 trading was stronger than expected by Morgan Stanley at 4.9% growth, or 7% excluding tobacco, versus consensus anticipating 3.2%.

Liquor sales were weaker, down -1.2% in 2H25, though the analyst highlights the gross margin improved with promotional optimisation and retail media support.

The broker notes Smarter Selling Initiatives program savings of $327m in FY25, ahead of the normalised run rate, with a further $250m targeted in FY26.

Investment continues in distribution and fulfilment centres, which are expected to improve availability and earnings as volumes increase.

Target $21.70. Overweight. Industry View: In-Line.

Target price is $21.70 Current Price is $22.50 Difference: minus $0.8 (current price is over target).
If COL meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates COL as Hold (3) -

On further analysis, Morgans notes Coles Group made a robust start to FY26, with supermarkets supported by further volume growth in eCommerce sales and the ramp-up of the customer fulfilment centres in NSW and Victoria.

Commentary opines Coles continues to be a well-managed business with defensive characteristics and robust market positions. The group remains the broker's preferred supermarket exposure, but the valuation is viewed as full.

Hold rating retained. Target rises to $23.45 from $20.95.

***

Morgans' first call is Coles Group's FY25 result was marginally softer than forecast with higher Corporate costs to blame, but it looks like in line with consensus irrespectively.

FY25 sales increased 2% to $44.4bn, in line with forecasts, while underlying EBIT rose 3% to $2,112m, in line with consensus.

In addition, the broker notes Coles has had a solid start to FY26 with Supermarket sales for the first 8 weeks up 4.9% while Liquor sales were flat.

The first is above expectations, but Liquor disappointed.

Target price is $23.45 Current Price is $22.50 Difference: $0.95
If COL meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates COL as Accumulate (2) -

Ord Minnett notes Coles Group announced FY25 results and final dividend which aligned with consensus, assisted by lower than expected implementation costs at its automated fulfilment and distribution centres.

The supermarket operator finished FY25 with strong sales growth in the June quarter, increasing to 4.3% growth in the first eight weeks year-to-date, despite lower tobacco sales.

Ord Minnett raises its EPS forecasts by 1.4% for FY26 and 1.7% for FY27, leading to a higher target price of $24 from $22.

No change in Accumulate rating.

Target price is $24.00 Current Price is $22.50 Difference: $1.5
If COL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates COL as Buy (1) -

Coles' FY25 Supermarkets earnings were slightly above UBS' estimates, with recent sales trends improving.

The FY26 sales outlook is mixed, with tough comparables in the second quarter but copmmentary highlights there are signs of improvement from the consumer which should boost basket size.

Coles' execution is expected to benefit from investments and ongoing promotional effectiveness.

UBS retains Buy due to Supermarkets (improving industry backdrop, strong execution), with the risk reward seen as attractive despite share price performance. Target rises to $25.00 from $23.50.

Target price is $25.00 Current Price is $22.50 Difference: $2.5
If COL meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $24.18, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CWP as Buy (1) -

Cedar Woods Properties' FY25 EPS of 58.4c beat Bell Potter's forecast and the consensus, and dividend was also ahead of expectations. Gross margin improved to 28% from 26% in 1H, and expected to be intact in FY26.

Guidance for over 10% net profit growth in FY26 beat the broker's and the consensus forecasts, The broker highlights conditions were stronger than expected in WA, Queensland and SA supported by housing undersupply, government stimulus and falling interest rates.

The company has $660m pre-sales at the end of FY25, of which 60% is expected to underpin FY26 revenue, and the broker sees earnings flexibility from diversified project contributions.

The broker reckons the FY26 guidance is conservative and is forecasting 12% net profit growth. FY26 net profit forecast lifted by 2% and FY27 by 3.5%.

Buy. Target rises to $8.75 from $8.00.

Target price is $8.75 Current Price is $7.50 Difference: $1.25
If CWP meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

FY25 profit for Cedar Woods Properties of $48.1m was a 19% increase year-on-year. Management had begun the year with 10% profit growth guidance and upgraded through FY25, and Shaw and Partners expects a similar path in FY26.

FY26 profit growth guidance of 10% is more conservative than last year, in the analyst's opinion, given materially stronger market conditions following three interest rate cuts. 

Average selling prices rose 20% in FY25, with single-digit growth expected by Shaw in FY26.  Presales stood at $660m at June, similar to the prior year, with 60% due to settle in FY26.

Net debt was $126m with gearing at 25% and liquidity of over $135m.

While Shaw cuts its FY26 profit growth forecast to 15%, the broker raises FY27 growth to 21%. The Buy, High Risk rating is kept and the target rises to $8.25 from $7.40.

Target price is $8.25 Current Price is $7.50 Difference: $0.75
If CWP meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FLT as Outperform (1) -

Flight Centre Travel had downgraded guidance previously and earlier today released its FY25 financials. Macquarie, upon first glance, remarks underlying pre-tax profit was tracking ahead of the previous year after Q3, but finished almost -10% below.

No specific guidance is provided at this stage for FY26, but underlying pre-tax profit is expected to be flat in H1.

The company has undertaken for $450m in capital management initiatives and more is promised for FY26. Management is talking up strategic responses, including cost optimisation, capital discipline, portfolio refinement etc, to counter the cycle.

In addition, some early stabilisation is being noticed. Outperform. Target $15.20.

Target price is $15.20 Current Price is $12.93 Difference: $2.27
If FLT meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.73, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates FMG as Downgrade to Sell from Hold (5) -

Fortescue's FY25 revenue and EBITDA were a slight beat to Bell Potter's forecasts and the consensus.

Commentary suggests context is important as expectations were set low and revenue/EBITDA/net profit were all materially lower y/y.

Record production, good cost control and favourable exchange rate moves were not enough to offset lower realised iron ore price, which was down -18% y/y.

Free cash flow dropped due to higher capex and energy division costs, though on the positive side the analyst discovered the dividend was higher than expected.

The broker is cautious on the outlook as the recent uptick in the iron ore price is unlikely to see any sustained upside. Capex and energy division costs are elevated along with risks of further project delays.

FY26 EPS forecast trimmed by -4% and FY27 by -5%. Target lowered to $17.05 from $17.40. Rating downgraded to Sell from Hold.

Target price is $17.05 Current Price is $19.22 Difference: minus $2.17 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Citi rates FMG as Neutral (3) -

On further analysis, Citi notes FY26 guidance is unchanged, although Fortescue pointed to higher expected D&A on the earnings call.

The analyst lowers EPS estimates by -8.8% for FY26 and -12.7% for FY27 on higher D&A assumptions.

Target price is raised to $19 from $18.40 on a 2% rise in the discounted cash flow model. Neutral rated with a short-term downside view, ending October 23, 2025.

****

Upon initial assessment, Fortescue's underlying FY25 EBITDA of US$7.94bn proved in-line with consensus, though down -26% on the previous period.

Net profit is seen as a modest -4% miss on an effective tax rate of 32.5%. Citi 's response is the iron ore miner has released a "clean" result with no exceptional items.

Final dividend of 60c is higher than Citi's estimate on a full year payout ratio of 65% against a target range of 50-80%. Net debt of $1.1bn is -16% lower than consensus for gearing of 21%

FY25 capex sits at -$3.9bn. Commentary highlights the company has shipped the first battery electric truck Power System from Fortescue Zero.

Target price is $19.00 Current Price is $19.22 Difference: minus $0.22 (current price is over target).
If FMG meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Macquarie rates FMG as Underperform (5) -

Macquarie had downgraded Fortescue to Underperform from Neutral on expectations of lower iron ore prices in 2H2025, with a lift in target price to $17 due to lower cost expectations.

Post the miner's FY25 update, the broker has reduced earnings estimates for FY27 and FY28 on higher D&A, but upgraded on decarbonisation savings for FY29 and FY30.

These reductions have pulled down the price target to $15.50.

The miner's final dividend of $0.60ps was -13% lower than what Macquarie was expecting. It is also the lowest number in seven years, the report highlights. Management reaffirmed -US$6.2b of capex for decarbonisation.

All in all, it is Macquarie's assessment Fortescue delivered a "relatively clean" performance that should provide investors with confidence in management's ability to deliver.

Underperform rating re-iterated on Macquarie's conviction the price of iron ore will experience a pullback over the twelve months ahead.

Target price is $15.50 Current Price is $19.22 Difference: minus $3.72 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Morgan Stanley rates FMG as Overweight (1) -

Fortescue's FY25 results revealed underlying earnings (EBITDA) of US$7.94bn, slightly ahead of forecasts by Morgan Stanley and consensus, supported by stronger revenue and lower costs.

Profit of US$3.37bn missed forecasts by the broker and consensus by -5.6% and -3.4%, respectively, due to higher depreciation of -US$2.51bn.

Net debt of US$1.1bn was lower than expected, with gearing at 21% compared with the 30-40% target range, leaving the balance sheet stronger-than-expected by the analysts.

Overweight. Target $19.40. Industry View: Attractive.

Target price is $19.40 Current Price is $19.22 Difference: $0.18
If FMG meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Morgans rates FMG as Downgrade to Trim from Hold (4) -

On further analysis, Morgans tweaks its EPS estimates for FY26/FY27 and downgrades the stock to Trim from Hold.

Target moves to $16.60 from $16.50.

***

The one comment that stands out from Morgans' early response to Fortescue's FY25 release is: "FMG unfortunately is demonstrating it cannot execute on a magnetite project in its backyard but expects the market to be confident it can deliver capital-intensive global energy innovation with a commercial return – still a bridge too far."

The broker points out energy projects remain an important drag at -US$900m capex/opex guided in FY26, despite little prospect for a meaningful return.

No double guessing, Morgans is not a fan of the company's strategy outside of the iron ore business.

The FY25 itself is labeled "solid", but then the share price valuation is seen as too rich.

Target price is $16.60 Current Price is $19.22 Difference: minus $2.62 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Ord Minnett rates FMG as Downgrade to Accumulate from Buy (2) -

Fortescue reported FY25 results slightly below consensus as D&A charges were higher, along with larger than expected tax expenses. The final dividend was as anticipated.

Guidance for FY26 production was unchanged, along with unit costs and capex from the June quarter report.

Management highlighted capex would remain elevated as it invests to reach net zero by FY30, including replacing its vehicle fleets.

Post the FY25 results and the seasonal decline in Chinese steel output, Ord Minnett has downgraded its EPS forecast by -5.8% for FY26 and -7% for FY27.

The stock is downgraded to Accumulate from Buy due to the valuation. Target unchanged at $20.

Target price is $20.00 Current Price is $19.22 Difference: $0.78
If FMG meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

UBS rates FMG as Sell (5) -

Fortescue's final dividend of 60c was in line with market expectations to bring the full-year payout to a sector-leading 65%, UBS notes. Underlying earnings were stronger than expected, but earnings were a slight miss on consensus variance on net finance costs.

FY26 guidance is unchanged from the June quarter update. On UBS' modelling, Fortescue's current share price implies US$90/t real 62% iron ore.

Sell retained, target rises to $17.90 from $17.40.

Target price is $17.90 Current Price is $19.22 Difference: minus $1.32 (current price is over target).
If FMG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.92, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.4

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

Macquarie rates GEM as Neutral (3) -

G8 Education's first half earnings grew 2.8% year on year, in line with guidance for low-single digit growth. Occupancy trends continue to deteriorate and are unlikely to improve in 2025, Macquarie suggests, but should improve in 2026.

G8's ability to drive continued margin expansion via costs is likely becoming constrained, the report concludes.

The 2026 outlook should improve, but Macquarie remains cautious on 2025 given occupancy trends and the recent Victorian incident.

That incident will likely remain an overhang until visibility improves concerning investigation outcomes and potential impacts, commentary suggests.

Target falls to 90c from $1.15, Neutral retained.

Target price is $0.90 Current Price is $0.87 Difference: $0.03
If GEM meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates GEM as Neutral (3) -

It was a challenging six months for G8 Education, coming off the back of increased supply, together with the higher cost of living; occupancy year on year change has progressively deteriorated in the first half.

Interest rate cuts should help improve the second half, although UBS still only expects 4% growth.

In the broker's view, G8 has done an impressive job in managing costs against this challenging backdrop, however, cost containment in the second half becomes more challenging as it cycles tight cost containment in the second half FY24.

Unfortunately, recent childcare safety issues in Victoria also make the sector more challenging, given we don’t know the full extent of regulatory reforms. UBS recognises multiples do not look demanding.

That said, the broker would wait for an improvement in occupancy, or increased comfort around changes from recent events, to become more positive. Target falls to 90c from $1.30, Neutral retained.

Target price is $0.90 Current Price is $0.87 Difference: $0.03
If GEM meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates GMG as Buy (1) -

Citi notes AFR media reports that a large sovereign wealth fund is working on a proposal to invest in Goodman Group's data centre assets.

The article suggests the fund will come in as a co-investor for a portion of the group's portfolio.

Citi believes securing a major capital partner is a key catalyst for Goodman in FY26 and is essential in delivering the major 5GW development pipeline for medium-term compound annual growth.

Buy rated and target set at $40, unchanged. Citi has an upside catalyst watch on Goodman Group until October 1, 2025.

Target price is $40.00 Current Price is $34.05 Difference: $5.95
If GMG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates GNE as Underperform (5) -

Genesis Energy reported second half earnings in line while the final dividend beat consensus by 4%. FY26 earnings guidance is -11% below consensus before adjusting for guided elevated IT opex (-2% lower when normalised).

A dividend policy change seems unlikely, Macquarie suggests. Payout remains subject to growth and sodium ion battery capex
(headwind for next two years) and working capital moves.

Macquarie forecasts a small dividend cut next year on this basis, as well as the company's elevated leverage. Genesis Energy is the broker's least-favoured exposure in the sector. Underperform retained, target falls to $2.03 from $2.08.

Target price is $2.03 Current Price is $2.13 Difference: minus $0.1 (current price is over target).
If GNE meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates GNE as Buy (1) -

Buy rating re-iterated while the price target has pulled back to NZ$2.75 from NZ$2.90 with UBS' key conclusion that growth has been pushed out to FY27 with higher IT opex to blame.

UBS believes core earnings drivers for Genesis Energy remain intact, but multiple questions remain unanswered. The shares are seen as cheaply priced, hence why the Buy rating is re-iterated.

Forecasts have been lowered. The broker comments deliverables on digitisation begin over the next quarter as some customers get re-platformed onto the updated Gentrack ((GTK)) G2 CRM and billing system.

Current Price is $2.13. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Morgans rates HLO as Upgrade to Buy from Hold (1) -

"Through the worst of it" is how Morgans describes Helloworld Travel's FY25 results. Earnings (EBITDA) fell -16.2% on FY24, but a stronger 2H25 beat expectations.

Commentary explains the company was impacted by market volatility and economic uncertainty in FY25, as well as an unfavourable mix of more short/medium haul to Asia versus long haul to Europe against a year earlier.

No FY26 guidance was offered, but a stronger year is expected. The company pointed to strong forward bookings for the second half of 2025 and into 2026. Air bookings for FY26 departures are up 11% on the prior year.

Helloworld is expecting industry consolidation and will acquire the remaining 50% stake in Mobile Travel Agents.

Morgans raises its earnings (EBITDA) forecasts by 14.6% for FY26 and 14.1% for FY27. The stock is upgraded to Buy from Hold, with the target raised to $2.32 from $1.76.

Target price is $2.32 Current Price is $1.76 Difference: $0.56
If HLO meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.24, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates HLO as Hold (3) -

Ord Minnett explains the FY25 results for Helloworld Travel were overshadowed by a "colourful yet cryptic analyst call."

FY25 normalised net profit after tax of $31.5m was above the analyst's forecast of $27.6m.

A question on the stake in Webjet Group ((WJL)) revealed management finds the business very appealing, but a deal is challenging to execute without capital dilution via a scrip offer.

Commentary posits question marks remain about the 16% stake in Webjet Group and whether Helloworld will move for change at the Webjet AGM.

No change in Hold rating. Target moves to $1.79 from $1.76. Ord Minnett's EPS forecasts remain largely unchanged.

Target price is $1.79 Current Price is $1.76 Difference: $0.03
If HLO meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.24, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Helloworld Travel reported FY25 profit of $33.2m, in line with Shaw and Partners’ forecast, with the revenue margin steady at 4.9%.

Underlying earnings (EBITDA) of $60.6m fell -9% year-on-year but came in 12% ahead of the broker's forecast, supported by cost control and a $5m gain on Webjet Group ((WJL)) shares.

The broker highlights a resilient retail network with a 96% re-sign rate, while ReadyRooms more than doubled transaction value and cruise sales rose 27%. Also, Air bookings for FY26 departures are up 11%, with longer-haul demand improving.

Shaw raises its FY26-FY28 EPS forecasts by 5.0%, 4.8% and 4.6%, respectively. The Buy, High Risk rating and $2.60 target are maintained.

Target price is $2.60 Current Price is $1.76 Difference: $0.84
If HLO meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.24, suggesting upside of 21.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Bell Potter rates IDX as Buy (1) -

Bell Potter notes Integral Diagnostics' FY25 revenue, operating EBITDA and operating net profit all beat consensus forecasts, and the outlook for FY26 was painted as bright.

Merger synergies of $7m met guidance but the highlight was an upgrade in FY26 synergies to $14m from $10m guided previously.

The company expects organic growth acceleration, efficiency gains from AI & teleradiology, and policy tailwinds (MRI deregulation, lung cancer screening).

This, together with upgraded synergies outlook and margin expansion, underpin the broker's medium-term earnings upgrades.

Operating EBIT forecast for FY26 lifted by 9.9% and by 9.2% for FY27. Buy. Target lifted to $4.00 from $3.65.

Target price is $4.00 Current Price is $3.05 Difference: $0.95
If IDX meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates IDX as Outperform (1) -

Integral Diagnostics' FY25 result was in line with Macquarie’s expectations, with revenue up 6.7% year-on-year and margins expanding 70bps to 20.1%. Earnings (EBITDA) came in around 1% ahead of the broker's forecasts.

Australian revenue grew 7.3% and New Zealand 1.4% on a constant currency basis, with fees per exam up 5% from indexation and mix shift, explains the analyst.

Macquarie points to revenue tailwinds, with FY26 starting strongly at 7% growth on a like-for-like basis.

MRI deregulation from July 2025 and the national lung cancer screening program are expected to lift funding and utilisation, alongside expanded bulk billing eligibility driving referrals.

The broker expects margin expansion from merger cost synergies, now raised to $14m, supported by scale and teleradiology. 

The broker cuts its EPS forecasts acrosss FY26-28 by -9%, -9% and -3%, respectively, due to lower revenue and higher interest forecasts, with upgrades in FY29-FY30.

Macquarie raises its target price to $3.40 from $3.20 and retains an Outperform rating.

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

Current consensus price target is $3.35, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates IDX as Buy (1) -

Integral Diagnostics announced a slight 1% earnings (EBITDA) beat against Ord Minnett and consensus forecasts.

Australian market share rose in 2H25 after underperforming in FY24–1H25, the analyst highlights. The 2H25 group earnings (EBITDA) margin rose 110bps to 21.4%.

The FY26 outlook remains positive, with like-for-like sales for July revenue growth of 7% on the prior year and an updated synergy target for Capitol of $14m versus $10m previously.

Target price rises to $3.30 from $3.00. No change in Buy rating. Ord Minnett lowers its FY26 EPS forecast by -3% and raises FY27 by 2%.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If IDX meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IGL as Buy (1) -

IVE Group's FY25 revenue and underlying EBITDA slightly missed Bell Potter's forecasts but underlying net profit came in line and also met guidance.

Operating cash flow of $107.4m missed the broker's forecast, and dividend was in line. FY26 underlying net profit guidance of $50-54m was below the broker's $54.8m estimate but this was due to adverse non-cash lease timing difference.

FY26 capex of -$42m compared with the broker's -$30m forecast. The broker cut FY26-27 revenue forecasts and also downgraded net profit forecasts.

Buy. Target cut to $3.10 from $3.15 on a reduction in EV/EBITDA multiple to 4.0x from 4.25x.

Target price is $3.10 Current Price is $2.77 Difference: $0.33
If IGL meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

IVE Group delivered a resilient FY25, assesses Shaw and Partners, with revenue down -2% to $954.8m but profit up 21% to $52.1m as margins expanded.

Underlying earnings (EBITDA) of $136.7m rose 7% and EBIT of $92.4m increased 15%, driven by cost management, Ovato integration benefits, and JacPak synergies, explains the analyst. 

The broker notes strong cash generation with conversion of 102% of earnings, net debt of $114.4m at 1.05 times, and refinancing completed.

The dividend was maintained at 18c per share.

New 3PL and packaging facilities are on track, highlights the broker, adding capacity and synergies.

FY26 guidance is for profit of $50–54m, with higher capex of around -$42m related to relocations and packaging expansion, explains the analyst. The $3.40 target price and Buy, High Risk rating are kept.

Target price is $3.40 Current Price is $2.77 Difference: $0.63
If IGL meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates IGO as Upgrade to Neutral from Sell (3) -

UBS has yet again raised its price forecasts for lithium to US$1,250/1,150/1,350/t for 2026-28 versus spot of US$940/t "driven by Chinese supply disruptions and likely potential for more".

The broker's price target for IGO Ltd has improved to $5.75 from $4.80. Upgrade to Neutral from Sell.

Target price is $4.80 Current Price is $5.15 Difference: minus $0.35 (current price is over target).
If IGO meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.44, suggesting downside of -16.8% (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 IMB as Speculative Buy (1) -

Morgans considers Intelligent Monitoring’s FY25 results as "messy," given the pre-release last month at the 4C. The company is waiting for specialist tax advice on the ability to employ tax credits, and the results remain unaudited.

FY25 earnings (EBITDA) missed the analyst's forecast by -4% on higher depreciation, with warrant exercises resulting in around -5% dilution. The combination resulted in significant share price weakness.

The company is expected to offer FY26 guidance at the November AGM.

Morgans tweaks earnings forecasts, with EBITDA down by -2% in FY26 and -3% in FY27 due to higher D&A.

No change in Speculative Buy rating. Target slips to 85c from 90c.

Target price is $0.85 Current Price is $0.59 Difference: $0.26
If IMB meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates IMD as Downgrade to Hold from Accumulate (3) -

Morgans highlights Imdex shares have outperformed since initiation of coverage in June, up 55%, but further outperformance will rely on market share gains. The stock is downgraded to Hold from Accumulate.

FY25 results came in weaker than expected, with revenue the bright spot, coming in 2% above the analyst's forecast. Margins were much weaker than anticipated, falling to 28.5% in 2H25 from 30.2% in 1H25. Earnings (EBITDA) missed expectations by -2%.

Noting the trailing twelve-month (TTM) raisings lifting again in July to US$1.17bn, up 115% on the prior year, confirms raisings are back at levels not seen since the capital markets boom in 2020/21, which underpinned a large increase in exploration spend, up 57% in two years.

The analyst notes TTM raisings have a strong correlation with Imdex's tools on rent. Morgans lowers its EPS forecasts by -5% and -6% for FY26/FY27, respectively. Target lifts to $3.45 from $3.20.

Target price is $3.45 Current Price is $2.95 Difference: $0.5
If IMD meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates IMR as Speculative Buy (1) -

Imricor Medical Systems announced in-line 1H2025 results, with revenue impacted by clinical trial recruitment, while expenses were well controlled according to Morgans.

The earnings losses came in above the prior year, including fair value exchange of financial instruments and a forex gain.

Commentary posits the company retains a good cash position of US$50.3m versus US$1.5m in the prior period, which represents 11 quarters of cash, assuming zero sales.

The Northstar mapping system was approved in Europe, with approval for the system submitted in the US in July and expected in 4Q2025, which the analyst views as a major milestone.

Morgans makes no changes to its earnings forecast. Speculative Buy with a $2.22 unchanged target.

Target price is $2.22 Current Price is $1.34 Difference: $0.88
If IMR meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates INA as Buy (1) -

Citi continues to envisage a robust growth outlook for Ingenia Communities on the back of positive progress on the strategy from August 2024 and the simplification of the business now finished. Margins improved over 2025 with cost savings achieved.

Ingenia beat its FY25 earnings guidance by 3% above the upper range, marking the second year of exceeding expectations, and the analyst sees upside likely for FY26 guidance. However, this will be subject to the rate of sales and settlement growth in FY26, as well as the rental business.

A 5-year 10%-15% p.a. growth target was flagged with no official FY26 guidance.

Citi considers the sales environment for land lease companies is improving and will support medium-term earnings growth.

Buy rating unchanged despite the 18% rally in the share price last month. Target rises to $7.10 from $6.20.

Target price is $7.10 Current Price is $6.20 Difference: $0.9
If INA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates INA as Neutral (3) -

Ingenia Communities' FY25 earnings were 3.0% above consensus, with the beat driven by tax, UBS notes. FY26 guidance is in line.

Development settlements increased 13% to 520 consistent with the five-year target of 10-15% settlement growth per annum, though there was a greater skew towards JV settlements.

Overall the tone on the conference call was positive, UBS suggests, highlighting progress made under the new leadership and strategy also pointing to further optimisation ahead, with better margins only expected to come from FY27 and beyond.

Target rises to $6.28 from $6.10, Neutral retained.

Target price is $6.28 Current Price is $6.20 Difference: $0.08
If INA meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates IRI as Buy (1) -

Bell Potter highlights Integrated Research's FY25revenue  and EBITDA were in line with the recently provided guidance. Net profit, however, missed the broker's forecast due to higher tax.

The company didn't provide formal guidance in line with past practice but flagged the strong capital position provides capacity for significant investment in new differentiated products & capabilities to establish new revenue streams.

Additionally, the company highlighted FY26 renewals is expected to be softer than FY25, prompting the broker to downgrade FY26-27 revenue forecasts. EBITDA forecasts saw more material cuts on higher opex due to spend on developing new products.

Buy. Target trimmed to 55c from 70c as higher multiples in valuation was offset by higher risk from increased investments.

Target price is $0.55 Current Price is $0.43 Difference: $0.12
If IRI meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates JIN as Hold (3) -

Bell Potter notes Jumbo Interactive's FY25 revenue fell -9% y/y to $145.3m, missing its $146.6m forecast but exceeding the consensus. Lottery retailing fell more than expected but the broker highlights a bounce back in market share in 2H.

Underlying net profit fell -9% y/y but beat the broker's forecast on strong cash management. Full year dividend of 54.5c was ahead of the broker's 47c estimate.

FY26 underlying EBITDA margin was guided at 46-50% for Australia, down from 51-53% before. The broker lifted FY26 EPS forecast by 1% but cut FY27 by -4% reflecting higher lottery retailing turnover but also higher marketing spend and D&A drag.

Hold. Target rises to $11.20 from $11.00 on roll-forward.

Target price is $11.20 Current Price is $11.34 Difference: minus $0.14 (current price is over target).
If JIN meets the Bell Potter target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.62, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates JIN as Neutral (3) -

Jumbo Interactive beat Citi and consensus forecasts by circa 11% and 3% respectively for FY25 earnings (EBITDA) of $68m, with concerns over market share going into the print confirmed as overdone and too negative.

Market share returned to FY24 levels post a downturn in 1H25, with a more nuanced marketing strategy that targets existing players.

The analyst remains cautious on the flow-on impacts around Powerball's weak like-for-like results to Jumbo's total transaction value for lottery.

Higher marketing costs with an associated impact on margins are included, with earnings (EBITDA) margins assumed at 48% for FY26, down from 50% at the midpoint of the guidance range.

Citi reduces its earnings (EBITDA) forecasts by around -1% to -3% for FY26/FY27 on reduced Australian margin assumptions.

Target price rises to $11.50 from $11.30. Neutral rating with a short-term downside view until October 8, 2025.

Target price is $11.50 Current Price is $11.34 Difference: $0.16
If JIN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $12.62, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates JIN as Outperform (1) -

Jumbo Interactive reported FY25 profit down -10% year on year but 5% above consensus, impacted by lower Australian lotteries volumes. Macquarie notes Jumbo's earnings margin was 47%, down -1.1%pts, within the guidance (46-48% range).

The stand-out of the result was the sequential improvement in Australian lotteries market share, Macquarie suggests, supported by product mix and higher marketing spend driving customer activity.

Jumbo improved its Australian lotteries market share, has inorganic growth possibilities (M&A and Lotterywest) and attractive
growth. The broker sees an ongoing re-rating from 15x 12-month forward PE, which is a -35% discount to the ASX300 Industrials.

Outperform and $13.90 target retained.

Target price is $13.90 Current Price is $11.34 Difference: $2.56
If JIN meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.62, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates JIN as Overweight (1) -

Morgan Stanley views Jumbo Interactive reported FY25 results as setting up a stronger FY26, citing jackpot cycling, higher ticket prices in Powerball and Saturday Lotto, and rising online penetration as drivers. The current valuation is considered undemanding.

The broker highlights Daily Winners subscribers reached 48,000 in June, with a target of 65-70,000 by end-FY26, potentially annualising $12-13m. Incremental earnings here are materially higher than core lotteries, boosting engagement and cross-sell, explain the analysts.

SaaS operations outperformed, highlights Morgan Stanley, with Stride delivering 27% earnings margins versus guidance of 21-23%. Further upside may derive from external agreements, with LotteryWest due to decide on a digital partner by end-FY26, notes the broker.

Target price rises to $15.20 from $14.60. Overweight rating is reiterated by the broker. Industry view: In Line.

Target price is $15.20 Current Price is $11.34 Difference: $3.86
If JIN meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $12.62, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates JLG as Neutral (3) -

Johns Lyng's FY25 result was in line with guidance, notes Macquarie, with revenue up 1.8% year-on-year to $1.18bn and earnings (EBITDA) down -2.1% to $126.8m.

Volumes were affected by benign weather and weaker CAT revenue, partly offset by recovery in NSW and the ramp-up of US projects, explains the analyst.

FY26 guidance implies revenue of $1.264bn, up 12.1% year-on-year, and earnings of $120.5m, down -0.6%, reflecting ongoing industry headwinds, according to Macquarie.  A cost reduction program was introduced to improve utilisation and margins.

The broker cuts its FY26 and FY28 EPS forecasts by -22% to -28%, respectively, following guidance.

No final dividend was declared, with distributions only permitted under surplus cash conditions.

Macquarie raises its target price to $4.00 from $2.60 to align with the Scheme Implementation Deed with Pacific Equity Partners and retains a Neutral rating.

Target price is $4.00 Current Price is $3.92 Difference: $0.08
If JLG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates JLG as Hold (3) -

On further analysis, the stock remains Hold rated with an unchanged target of $4, post a "solid" FY25 result.

Morgans lowers its earnings (EBITDA) forecasts by around -11% to -12% for FY26–FY27 on lower guidance for revised revenue and weaker margins.

***

It is Morgans' early assessment that Johns Lyng has reported in line with its guidance. FY25 included BAU Revenue of $1026m, -7% behind consensus but CAT revenue of $ 82m is some 25% ahead of consensus.

Group Underlying EBITDA $126.8m is in-line with consensus and Guidance of $126.5m, Yet again, BAU EBITDA of $118m was modestly behind consensus on $118.9m and CAT EBITDA of $8.8m a firm 'beat'.

Management's guidance at face value looks much softer than consensus expectations and Morgans believes it implies further margin decline into FY26.

The broker also observes no further details or timeline seem to have been provided regarding the Scheme of arrangement with PEP, though the company is still aiming to hold a scheme meeting in October 2025. Hold.

Target price is $4.00 Current Price is $3.92 Difference: $0.08
If JLG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates KGN as Hold (3) -

Bell Potter highlights Kogan.com's FY25 gross sales, revenue and adjusted EBITDA were all ahead of consensus and its forecasts, but net profit missed slightly. Dividend of 7c beat the broker's 3c forecast.

The broker notes growth momentum was consistent y/y at over 20% run-rate, aided by easier comps. Australian business drove overall growth while New Zealand remained challenging.

The broker upgraded the growth outlook for FY26, noting easier comps over Aug-Oct but tougher in Nov-Dec, and expects the marketplace division to benefit from two competitor exits.

NZ is expected to see continued losses, leading to group EBITDA margin cut of -60bps. Net profit forecast for FY26 trimmed by -11% and by -8% for FY27.

Hold. Target rises to $4.30 from $4.10 on roll-forward, including a higher valuation.

Target price is $4.30 Current Price is $4.13 Difference: $0.17
If KGN meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.65, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Macquarie rates KLS as No Rating (-1) -

FY25 earnings (EBITDA) for Kelsian Group beat Macquarie’s forecast by 1%, driven by strong International Bus earnings and lower tax.

International Bus rose around 8% year-on-year, with the broker expecting 9% FY26 growth supported by new contracts.

Australian Bus delivered 8.5% earnings growth year-on-year, with new contracts and the Bankstown Rail Replacement offsetting congestion and fleet delays, explains the analyst.

Margin pressure in this division is expected to continue, though contract opportunities and recent wins should provide support.

Macquarie cuts its FY26 EPS forecast by -5.7% and lifts FY27 and FY28 by 3.6% and 4.0%.

The broker is on research restriction and cannot provide a rating or target.

Current Price is $4.76. Target price not assessed.

Current consensus price target is $4.73, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates KLS as Buy (1) -

Kelsian Group's FY25 result was in line with guidance so no surprises.

Driving a positive reaction, UBS suggests, were low expectations following a string of disappointing results, strong exit trajectory of US AAAHI business, solid Marine & Tourism beat despite challenging weather in Queensland, and guidance in line with consensus showing good operating momentum.

With some contract wins going its way and the potential catalyst of Tourism divestment (although probably priced in now) at an near term enterprise value to earnings of 11.5x, a -37% discount to Small Industrials, UBS retains Buy.

Target rises to $5.50 from $4.80.

Target price is $5.50 Current Price is $4.76 Difference: $0.74
If KLS meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.73, suggesting downside of -6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates LFG as Outperform (1) -

Liberty Financial  delivered FY25 profit growth underpinned by growing margins, low impairment charges, and prudent cost management, Macquarie notes.

However competition remains intense, especially amongst non-bank lenders, as peers pass funding benefits onto customers.

The competitive environment is unlikely to change in the near-term and Macquarie expects pressure on Liberty's near-term volumes, but with more stability in margins and an expectation of more normalised competition over time.

While the stock has rallied, it still trades at only 8.5x forecast FY26 PE. Given the broker's forecast for 10% three-year earnings CAGR underpinned by funding cost benefits and expanding margins, Macquarie believes valuation is attractive and adequately reflects risks.

Target rises to $4.45 from $4.30, Outperform retained.

Target price is $4.45 Current Price is $4.45 Difference: $0
If LFG meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates MAD as Buy (1) -

Mader Group's FY25 revenue, group EBITDA and net profit were all in line with guidance and Bell Potter's forecasts.

Australia EBITDA lagged due to weaker margin, North America was in line and Rest of World beat both on revenue and margin, aided by a major African contract.

The broker views the FY26 guidance of over $1bn revenue and net profit of over $65m as conservative based on positive momentum at FY25-exit. 

Minor changes to forecasts. Buy. Target unchanged at $9.

Target price is $9.00 Current Price is $7.97 Difference: $1.03
If MAD meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MAP as Speculative Buy (1) -

Bell Potter notes Microba Life Sciences' FY25 revenue was pre-reported and gross margin of 47% missed its forecast of 51%.

EBITDA loss of -$11m came in line with the broker's forecast but adjusted EBITDA loss was -$15.5m after stripping out income from Invivo earnout reversal.

With legacy product revenue largely unwound, the broker expects cleaner organic growth ahead from core diagnostics (MetaXplore, MetaPanel). The company is focused on cost control, aiming for “regional breakeven” in Australia and UK.

The broker cut revenue growth and gross margin forecasts, but also reduced operating expense estimate, leading to -6% cut to FY26 EPS forecast and -1% cut to FY27.

Speculative Buy. Target unchanged at 16c.

Target price is $0.16 Current Price is $0.09 Difference: $0.07
If MAP meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MAP as Speculative Buy (1) -

Microba Life Sciences reported FY25 revenue up 30% on the prior year, which met guidance and Morgans' forecast. Net profit after tax losses shrank by -18%, boosted by a one-off reversal of contingent liability related to the Invivo acquisition.

The analyst views the result as messy, with the sale of the research services division and the liability reversal, but the underlying result was broadly in line.

FY26 guidance is for Australia & UK to break even by the end of FY26, with 14% annual growth in revenue. The company also anticipates achieving its first strategic partnerships for MetaXplore in Australia & UK, with groundwork being prepared for the US market.

Speculative Buy rating retained. Target slips to 29c from 31c.

Target price is $0.29 Current Price is $0.09 Difference: $0.2
If MAP meets the Morgans target it will return approximately 222% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates MIN as Upgrade to Buy from Sell (1) -

UBS double-upgrades Mineral Resources to Buy from Sell following upgrades to its lithium price forecast, reflecting expectations for strict execution of Chinese mining right investigations and resultant supply disruption.

The company's other operational assumptions are unchanged.

After integrating the revised price deck, UBS earnings forecasts rise 51%, 40% and 41% across FY26-28. Target rises to $40.40 from 37.40.

Target price is $40.40 Current Price is $35.08 Difference: $5.32
If MIN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.49, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates MLX as Buy (1) -

Most of the Metals X's 1H25 numbers were flagged in the quarterly cashflow/activity reports, so the new news in 1H25 result was exhaustion of carry forward losses, Ord Minnett highlights. This was earlier than expected.

The broker cut 2H earnings earnings forecast by -$12m to $33m but also pulled forward franking credits generation, enabling earlier dividends.

The broker is forecasting $10m token dividend in 2H, as cash is likely to be conserved to fund the acquisition of control over Rentails.

Buy. Target unchanged at 80c.

Target price is $0.80 Current Price is $0.63 Difference: $0.17
If MLX meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates NAN as Sell (5) -

Bell Potter notes Nanosonics' FY25 revenues of $198.6m was up 17% y/y, beating consensus by $4m and exceeding the top end of guidance, helped by currency benefits. EBITDA also beat consensus.

The company guided to 8-12% increase in FY25 revenues, but gross profit margin is expected to decline -200bps due to -$4m negative impact from US import tariffs. 

Coris revenue is expected to be small with commercialisation in the US delayed to FY26-end, limiting near-term upside but preserving longer-term optionality. Service & Maintenance conversion of ex-GE clients is seen as a valuable growth driver.

FY26 EBIT forecast lifted by 16% and EPS by 29%, but it is still lower vs FY25.

Sell. Target rises to $4.10 from $4.05.

Target price is $4.10 Current Price is $4.73 Difference: minus $0.63 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.68, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates NAN as Buy (1) -

On further inspection, Morgans highlights FY26 guidance shows a robust outlook for Trophon, with some slight headwinds for Coris. The medium-term risk remains around Coris, with possible FDA delays following recent staff cuts.

Morgans lowers its EPS forecasts by -8% for FY26 and -28% for FY27. Buy rating and $5.50 target retained.

***

It is Morgans early assessment Nanosonics has released a "solid result and guidance". A few moving parts are included, with tariffs and Coris impacts but the broker suggests the market should be comfortable with it.

Commentary suggests the result shines a light on strong margin resilience, with recurring revenue and pricing/mix offsetting tariff headwinds.

Morgans also suggests the long-awaited Coris launch is a bit more of a medium-term catalyst, with balance sheet strength and cash flow supporting ongoing R&D and commercialisation of Coris.

Target price is $5.50 Current Price is $4.73 Difference: $0.77
If NAN meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.68, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Bell Potter rates NOU as Buy (1) -

Bell Potter highlights Noumi's FY25 underlying EBITDA and net profit beat its forecasts, with Dairy & Nutritionals EBITDA growth the main contributor on high bulk cream prices.

The broker notes $177.2m movement in non-recurring items on liability shifts in convertible notes, -$10m litigation cost and -$50m dairy asset impairments.

No formal FY26 guidance was provided but the company did indicate it is evaluating solutions for convertible notes maturing May 2027 to ensure a capital structure aligned with strategic growth.

FY26 net profit forecast lifted by 7% and FY27 by 1%. Buy. Target rises to 19c from 18.5c.

Target price is $0.19 Current Price is $0.16 Difference: $0.03
If NOU meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates NUF as Buy (1) -

Nufarm provided an update on balance sheet and 2H25 earnings outlook, and Bell Potter notes the balance sheet is trending better on leverage despite higher absolute debt.

The company expects to end FY26 with net debt of 3x EBITDA vs 4.5x T12M (trailing 12 months) 1H25 EBITDA. Higher net debt is due to investment in working capital and forex.

Underlying EBITDA in Seed Technologies is expected to be down -$20m y/y, unchanged from previous guidance, and Crop Protection EBITD is expected to grow y/y in 2H as margin recovery continues.

EBITDA forecasts remain little-changed but higher net interest costs led to a -18% downgrade to the broker's FY26 net profit forecast and a -16% cut to FY27.

Buy. Target unchanged at $3.45.

Target price is $3.45 Current Price is $2.58 Difference: $0.87
If NUF meets the Bell Potter target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in September.

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 NUF as Neutral (3) -

Nufarm's trading update is consistent with Macquarie's forecasts however metrics are slightly below consensus across most measures, including leverage guidance, net debt and implied earnings. Nufarm reaffirmed a cost-out target of a -$50m run-rate by end FY25.

Operationally, conditions are broadly unchanged versus the first half, Macquarie notes, with AgChem earnings momentum continuing amidst margin improvement across "most markets".

The Seeds strategic review is progressing with no material update as yet.

Balance sheet risk remains the broker's key concern. A potential Seeds sale may provide value discovery and balance sheet relief, but proceeds, timing and structure of any potential sale is uncertain. Neutral retained, target falls to $3.08 from $3.20.

Target price is $3.08 Current Price is $2.58 Difference: $0.5
If NUF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.20, suggesting upside of 27.6% (ex-dividends)

The company's fiscal year ends in September.

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 NXL as Buy (1) -

Nuix delivered FY25 results with disappointing annual contract value (ACV) growth of 6.9% to $228.4m, below the initial 11-16% guidance, observes Shaw and Partners.

Statutory revenue of $221.5m was flat year-on-year, while underlying cash earnings (EBITDA) rose 25% to $37.2m, supported by lower operating costs, explains the broker.

Profitability was impacted by -$10.6m of legal expenses and weaker free cash flow of $17.6m, below the analysts' expectations due to working capital.

Neo contributed strongly, highlights Shaw, with $16m ACV added, underpinning FY26 expectations of 10% ACV growth. Revenue growth is expected to outpace costs, driving a forecast 15% lift in cash earnings to $49m and a margin of 20%.

Legal costs remain a drag but the broker believes sentiment is overly negative given the long-term growth profile.

Shaw cuts its FY26-FY28 revenue and cost forecasts materially but expects ongoing cash flow positivity. The Buy, High Risk rating is retained. The target falls to $3.10 from $5.70.

Target price is $3.10 Current Price is $2.41 Difference: $0.69
If NXL meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates OBM as Outperform (1) -

Ora Banda Mining's FY25 profit was boosted by a $73m income tax benefit while underlying earnings were in line with Macquarie. As expected, no dividend was declared.

Ora Banda reported a net cash position of $44m which was -$14m below Macquarie's estimate due to a build in lease liability balances.

There was no change to FY26 guidance for production, costs growth capex and exploration spend. Target rises to 95c from 90c, Outperform retained.

Target price is $0.95 Current Price is $0.79 Difference: $0.16
If OBM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates PFP as Buy (1) -

Propel Funeral Partners' FY25 revenue rose 8% to $225.8m, marginally exceeding guidance and beating consensus by 1%. Operating EBITDA also beat consensus.

Bell Potter notes total funeral volumes beat its forecast by 1% and average revenue per funeral (ARPF) was a marginal miss, though higher 1.3% y/y. Non-funeral operations, up 23% y/y, also contributed to revenue growth.

No FY26 guidance was provided but the year began strong with revenue over $21.5m in July on ARPF growth of 2.7% y/y.

The broker lifted funeral volume estimate and ARPF assumption to 2.7% y/y for FY26, leading to 4.7% lift to FY26 net profit forecast and 4.3% to FY27.

Buy. Target rises to $5.90 from $5.50.

Target price is $5.90 Current Price is $5.03 Difference: $0.87
If PFP meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PFP as Outperform (1) -

Propel Funeral Partners' FY25 result was slightly ahead of guidance. A solid result, Macquarie suggests, given industry volume contracted -3% in the second half.

Macquarie believes FY26 organic earnings growth should reflect volume growth in line with ABS forecasts and average revenue per funeral growth in line with inflation.

In FY25, Propel only deployed -$13m into acquisitions. This was below its -$40mpa average across FY18-24, and is the lowest level of capital it has deployed in a year since IPO, the broker notes.

The lull in deployment followed a record year of acquisitions in FY24. The acquisition pipeline remains healthy, with management noting numerous targets of size. 

Long-term fundamentals remain attractive, Macquarie suggests, with M&A continuing to represent material earnings upside.

Target rises to $5.80 from $5.66, Outperform retained.

Target price is $5.80 Current Price is $5.03 Difference: $0.77
If PFP meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates PFP as Overweight (1) -

Propel Funeral Partners reported FY25 revenue of $226m and earnings (EBITDA) of $56.2m, slightly ahead of guidance for $220-225m and $54-56m, respectively, observes Morgan Stanley.

Funeral volumes increased 4.4%, though organic volumes fell -1%, notes the analyst, while average revenue per funeral rose 1.3%, with organic revenue per funeral up 2.3%.

The EBITDA margin of 24.9% was lower than the prior year’s 26.5% but broadly in line with guidance. The broker notes cash flow conversion of 102.2% remained above the long-term average of 99%.

Morgan Stanley points to a record revenue month in July at $21.5m, supported by stronger seasonal volumes and a 2.7% increase in average revenue per funeral.

Overweight. Target $5.80. Industry view: In-Line.

Target price is $5.80 Current Price is $5.03 Difference: $0.77
If PFP meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.75, suggesting upside of 13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates PLS as Upgrade to Neutral from Sell (3) -

UBS has yet again raised its price forecasts for lithium to US$1,250/1,150/1,350/t for 2026-28 versus spot of US$940/t "driven by Chinese supply disruptions and likely potential for more".

Pilbara Minerals is considered the best placed for investors ready to play the cycle. Having previously stuck with a Sell rating, today that rating has been upgraded to Neutral.

Price target shifts to $2.30 from $1.60.

Target price is $2.30 Current Price is $2.15 Difference: $0.15
If PLS meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.04, suggesting downside of -12.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates PRN as Hold (3) -

Bell Potter assesses Perenti's FY25 result as strong, reflecting strength in core contract mining with higher revenue and improved margins. This boosted profitability and cash flow.

In line with the company's guidance, free cash flow was $286m, or $195m excluding Botswana plant/stock sale, vs the broker's forecast of $150m. Leverage declined to 0.5x from 0.7x, and dividend of 7.25c beat the 6.56c forecast.

The company guided to FY26 revenue of $3.45-3.65bn, EBITA of $335-355m and free cash flow of over $160m. The broker cut FY26 revenue forecast by -0.9% but lifted FY27 by 0.8%.

Hold. Target rises to $2.15 from $1.80.

Target price is $2.15 Current Price is $2.25 Difference: minus $0.1 (current price is over target).
If PRN meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.45, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates REH as Upgrade to Equal-weight from Underweight (3) -

Following a further review of Reece's FY25 results, Morgan Stanley lowers its target to $12 from $17 and upgrades to Equal-weight from Underweight as risk/reward is now more balanced. Industry view: In-Line. 

While near-term housing weakness persists, the broker notes the company's long-term growth outlook and value proposition remain attractive.

A summary of the broker’s preliminary views on results day is outlined below.

Reece reported FY25 earnings (EBIT) of $548m, -20% year-on-year and at the bottom end of its guided range of $548-558m, observes Morgan Stanley.

Revenue of $8.98bn was down -1% versus the prior year but 2% ahead of consensus, while EPS of 49c fell -25% and was -3% below the broker's forecast.

Earnings from A&NZ fell -17% to $339m and were -3% below the analysts' forecast, while US EBIT declined -23% to $209m but was slightly ahead of expectation.

Both regions continue to face soft housing markets, highlights the broker, with activity expected to remain subdued near term.

Management sees a slow recovery in housing, with affordability issues constraining the US market for the next 12 months.

Target price is $12.00 Current Price is $10.89 Difference: $1.11
If REH meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $12.05, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Citi rates SCG as Buy (1) -

On further analysis, Citi raises the target on Scentre Group to $4.60 from $3.90 and lifts its earnings estimates slightly for 2025 & 2026, on operational momentum, improved occupancy, and lower finance costs.

The analyst believes there is potential for further value to be created via residential development on land adjacent to their centres in core locations, although this is at a very early stage.

Ongoing potential for subordinated buybacks is also on the cards, as well as asset joint ventures.

Buy rating retained.

****

It is Citi's early assessment Scentre Group's 1H25 FFOps of 11.28c outperformed its own estimate for 11.1c as well as consensus expecting 11.2c.

FY25 FFO guidance is reconfirmed at 22.75c representing 4.3% growth, broadly in line (though slightly below) Citi's 23c forecast and consensus at 22.9c.

Commentary highlights there is evidence of landlord negotiating power in the result with strong leasing spreads of 3%, CPI escalations of CPI+2% and high occupancy of 99.7%.

In addition, the shopping mall owner has dry powder from the recent Westfield Chermside sale.

Distribution guidance for 2025 has been upgraded for the full year to grow by 3.0% to 17.72c. New lease spreads were 3.0% during the period, the broker adds.

Target price is $4.60 Current Price is $4.06 Difference: $0.54
If SCG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.04, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Underperform (5) -

Scentre Group's first half funds from operations rose 3.0%, 1.0% ahead of consensus. Full year FFO guidance of 22.75c is reaffirmed and dividend guidance is upgraded by 0.5% to 17.72c.

The portfolio has limited vacancy, strong specialty sales productivity and an occupancy cost ratio below pre-covid levels, Macquarie notes, providing the set-up for sustained positive leasing spreads.

Longer-term, Scentre Group will pursue a capital-light strategy to capitalise upon the residential opportunity in its existing portfolio for both build-to-sell and build-to-rent.

Retail sector tailwinds should benefit, but Macquarie sees better value elsewhere in the A-REIT sector. Underperform retained, target rises to $3.37 from $3.18.

Target price is $3.37 Current Price is $4.06 Difference: minus $0.69 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Hold (3) -

Ord Minnett highlights Scentre Group's 1H25 performance was the strongest operational half in recent times. The company marginally upgraded FY25 distribution guidance after total sales grew 2.9% and specialty sales rose 3.9%.

Occupancy was at 99.7% and specialty leasing spread rose 100bps to 3% in the June quarter. Gearing rose to 31.7% from 30.9% end-December 2024 but the broker points to robust balance sheet with $3.3bn liquidity.

FFO forecast for FY25 lifted by 0.1% and by 1.7% for FY26.

Hold. Target rises to $3.90 from $3.70.

Target price is $3.90 Current Price is $4.06 Difference: minus $0.16 (current price is over target).
If SCG meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting downside of -0.7% (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 SCG as Neutral (3) -

Scentre Group reported first half funds from operations in line with expectation despite -$15m of additional costs for project delays. While full-year FFO guidance for 4% growth was unchanged, dividend guidance was revised from 2.5% growth to 3%.

Scentre Group is UBS' preferred large-cap retail exposure given its stronger earnings growth relative to Vicinity Centres ((VCX)) and a less demanding valuation.

While both names are executing well, Vicinity is increasingly expensive relative to history and peers, the broker notes, and currently
has a higher capex burden. Target rises to $4.00 from $3.82, Neutral retained.

Target price is $4.00 Current Price is $4.06 Difference: minus $0.06 (current price is over target).
If SCG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.04, suggesting downside of -0.7% (ex-dividends)

The company's fiscal year ends in December.

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 SKS as Downgrade to Accumulate from Buy (2) -

Unpacking the broader FY25 results for SKS Technologies after the company pre-reported headline metrics, Morgans notes the earnings report was broadly in line with expectations.

The analyst points to two surprises: a much higher than expected 2H25 dividend of 5c versus an estimated 1.5c, and FY26 revenue guidance of $300m, ahead of prior forecasts.

The upgrade in guidance results in the analyst lifting FY26–FY27 forecasts by 5%. Work in hand remains solid at $207m, with 72% awarded to data centre projects, and is two times higher than a year ago. The pipeline has advanced by 46% on FY24 to $517.2m.

Data centre work represents around 69% of the pipeline, while traditional work remains strong at circa $159m.

Morgans downgrades SKS Technologies to Accumulate from Buy, with the target price raised to $3.15 from $2.75.

Target price is $3.15 Current Price is $2.88 Difference: $0.27
If SKS meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates SNL as Accumulate (2) -

Supply Network's FY25 total revenue and net profit were in line with pre-released numbers. EBITDA was up 18.5% y/y to $68.8m, helped by margin improvement to 19.7% from 19.2%.

No specific quantitative guidance was provided but the company is targeting $50m or 14% revenue growth. Ord Minnett lifted earnings forecast by 2% following the result.

The broker highlights the company is well-positioned to sustain double-digit earnings growth and reward shareholders

Accumulate. Target rises to $41.50 from $38.80

Target price is $41.50 Current Price is $38.85 Difference: $2.65
If SNL meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27: