Australian Broker Call

Shaw and Partners rates AAR as Buy (1) -

Astral Resources signed a Letter of Intent with Mineral Mining Services for a JV to develop the Think Big gold deposit at its Feysville Gold Project near Kalgoorlie.

Shaw and Partners notes Think Big hosts 2.4Mt at 1.1g/t Au for 85.5koz. Mineral Mining Services will fund and manage development, recovering costs from initial cash flow, then receive 30-50% of profits.

Mining is targeted to begin in 3Q 2026, with Astral estimating up to $50M in free cash flow from the project. The broker reckons this early cashflow could halve equity funding needs and may be replicated at other deposits like Rogan Josh.

The company ended 1Q26 with cash balance of $18.6m.

Buy, High Risk. Target unchanged at 45c.

Target price is $0.45 Current Price is $0.26 Difference: $0.195
If AAR meets the Shaw and Partners target it will return approximately 76% (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 AHC as Initiation of coverage with Buy (1) -

Bell Potter initiates coverage of Austco Healthcare with a Buy rating and 55c target price. The company is a manufacturer of advanced nurse call systems, enterprise reporting tools and analytics for hospital and aged care sectors.

The company's Tacera IP-based communications platform is able to accommodate the requirements of healthcare facilities using a mix of hardware and software solutions with open application programming to be used across other systems.

Data is stored in the cloud and Austco has over 4,000 customers and a presence in over 60 countries. Strategically the focus has been growth through acquisition of software capable resellers amounting to revenue over $30m.

Management has a revenue target of around $250m over the next five years.

Target price is $0.55 Current Price is $0.42 Difference: $0.135
If AHC meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

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 AL3 as Speculative Buy (1) -

Bell Potter highlights AML3D announced Newport News Shipbuilding, a division of major US defence sector contractor Huntington Ingalls Industries, has ordered two Arcemy systems with a value around $4.5m.

The systems are flagged to be installed in 2Q2026 and represent the second and third heavy capacity units to be sold, boosting the existing $9m contract order backlog versus FY25 revenue of $7.4m.

Speculative Buy. Target unchanged at 40c. No major changes have been made to the analyst's earnings forecasts.

Target price is $0.40 Current Price is $0.23 Difference: $0.17
If AL3 meets the Bell Potter target it will return approximately 74% (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 AL3 as Buy (1) -

AML3D converted its LOI into a confirmed $4.5m ARCEMY system order from Huntington Ingalls Industries, strengthening its role in the US Navy supply chain.

Shaw and Partners notes the contract involves two heavy-capacity ARCEMY X systems for shipbuilding, operational by Q2 2026. It brings total ARCEMY units sold to 10, showcasing the company's technological edge in large-scale additive manufacturing.

The broker notes the company is also expanding into non-defence markets, including energy infrastructure with Tennessee Valley Authority.

No change to forecasts. Buy, High Risk and unchanged target of 40c.

Target price is $0.40 Current Price is $0.23 Difference: $0.17
If AL3 meets the Shaw and Partners target it will return approximately 74% (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 ALL as Outperform (1) -

Following US industry meetings at Global Gaming Expo and site visits, Macquarie analysts returned with increased conviction in Aristocrat Leisure and Light & Wonder.

The analysts note US gaming trends remain constructive, supported by mid-to-high end customer resilience and expected legislative tailwinds. 

Slot manufacturers are expected to maintain strong market share, with stable operator purchasing and emerging opportunities in electronic table games. 

The broker notes data showing US iLottery sales hit US$9.5bn in 2024 (up 40% y/y) and are projected to surpass US$13bn by 2027 with Massachusetts added.  Aristocrat Leisure leads the market, driven by strong tech and content, securing key licence wins.

FY26 EPS forecast upgraded by 1% and FY27 by 3%. Aristocrat Leisure is reporting FY25 result on Nov 12.

Outperform. Target rises to $75 from $70.

Target price is $75.00 Current Price is $64.16 Difference: $10.84
If ALL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $74.66, suggesting upside of 17.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates BAP as Neutral (3) -

At a trading update, Bapcor issued FY26 underlying net profit guidance of $51-61m, missing consensus by over -30%, Macquarie highlights.

1Q26 trading was mixed, with Networks growing earnings, but Trade, Retail, and NZ segments faced headwinds. The company flagged an impairment in the NZ segment will likely be announced at the 1H26 result, amid worsening macro conditions.

The broker notes stronger 2H26 performance is expected from pricing realignment, cost savings, and no one-offs. Importantly, the company noted balance sheet remains sound with $332m undrawn facilities, and net profit and cash flow expected to remain within covenants.

The broker cut FY26-27 EPS forecasts by -25% and -8%, respectively.

Neutral. Target reduced by -25% to $2.90.

Target price is $2.90 Current Price is $2.61 Difference: $0.29
If BAP meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 26.2% (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

Morgan Stanley rates BAP as No Rating (-1) -

Bapcor issued FY26 profit guidance of $51-61m, around -35% below consensus, notes Morgan Stanley, with first half profit guidance of $14-18m implying a 35/65 earnings split.

The broker notes limited divisional detail, with Trade sales down -0.9% year-to-date and group sales down -2.7%. It's noted non-recurring costs and potential impairments are partly offset by -$20m in second-half cost savings.

The analysts forecast pre-AASB16 earnings (EBITDA) at $130-145m, implying net debt of $390-435m after a modest facility drawdown.

Morgan Stanley cites ongoing management and strategic instability, high staff turnover and weak relative performance, viewing the outlook as highly uncertain.

The broker is currently under research restriction. Industry view is In-Line.

Current Price is $2.61. Target price not assessed.

Current consensus price target is $3.14, suggesting upside of 26.2% (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 BAP as Hold (3) -

Bapcor’s latest FY26 profit guidance of $51-60m is around -30% below what consensus was expecting, notes Morgans, with earnings heavily weighted to the second half.

The broker expects improvement from operational efficiencies, pricing realignment and -$20m in cost savings but remains cautious given weaker trading, competition and challenging conditions in Retail and New Zealand.

Trade revenue declined modestly with slight market share loss, explain the analysts, while Networks saw better cost control.

The broker cuts its FY26 and FY27 earnings forecasts by -25% and -7.4%, respectively, reducing its target price to $2.75 from $3.90.

Morgans maintains a Hold rating, citing execution risk and limited earnings visibility.

Target price is $2.75 Current Price is $2.61 Difference: $0.14
If BAP meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 26.2% (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

Ord Minnett rates BAP as Hold (3) -

Bapcor's 1Q26 trading update included a decline in sales revenue of -2.7%, with the company pointing to 1H26 net profit after tax between $14-$16m, well below Ord Minnett's estimate of $44m.

FY26 underlying net profit after tax is now guided to $51-$61m, some -35% lower than the analyst's estimate of $86m.

Bapcor continued to lose market share in Trade, while Networks generated earnings growth and regained lost customers from FY25. In Retail, Autobarn continues to be challenged against a weak macro backdrop of soft discretionary spending and competition.

NZ operations continued to decline. Overall, the company's earnings are not anticipated to recover until 2H26, assisted by cost savings of $20m.

Ord Minnett sees a high risk to the guided earnings recovery in 2H26. No change to Hold rating. Target falls to $3.02 from $4.15.

Target price is $3.02 Current Price is $2.61 Difference: $0.41
If BAP meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting upside of 26.2% (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

UBS rates BAP as No Rating (-1) -

Management at Bapcor has issued a major downgrade for FY26, now expecting first half profit of $14-18m and full-year profit of $51-61m. These new targets miss prior consensus estimates by -58% and -30%, respectively, notes UBS.

Weakness in the Trade segment, reinvestment, pricing reviews and soft market conditions in New Zealand drove the downgrade, explain the analysts.

UBS finds the size of the downgrade surprising given FY25 cost reductions were already implemented, though management targets $20m in additional pre-tax savings in the second half.

Based on guidance, 2H profit is expected to improve by circa $40m half-on-half, supported by operational improvements, sales growth and pricing initiatives, observes the broker.

UBS flags risks from legacy issues and balance sheet pressure given gearing of 2.1x and uncertain working capital trends.

The broker has a research restriction, so no forecasts, target price or rating. 

Current Price is $2.61. Target price not assessed.

Current consensus price target is $3.14, suggesting upside of 26.2% (ex-dividends)

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 BPT as Hold (3) -

Beach Energy announced better than forecast September quarter production of 5.0mmboe, with sales well above Bell Potter's estimate at 6.8mmboe and revenue of $537m against the analyst's forecast of $385m.

Both the Cooper Basin JV and Victorian Otways assets, which represent two-thirds of group production, made robust contributions.

The energy producer ended the quarter with net debt of $484m, a rise of $116m on the prior quarter, with capex of $166m spent and a dividend payment of $137m.

Bell Potter lifts its EPS forecast by 4% for FY26 and lowers FY27 by -18%, with Waitsia commissioning soon and management retaining FY26 guidance.

Debt refinancing and extensions during the quarter means the next maturity is in June 2027 for $350m, compared with $320m due in the September quarter and refinanced to August 2028. 

No change to Hold rating. Target price is lowered to $1.10 from $1.25.

Target price is $1.10 Current Price is $1.14 Difference: minus $0.035 (current price is over target).
If BPT meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.12, suggesting downside of -5.8% (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

Citi rates BPT as Upgrade to Neutral from Sell (3) -

Citi maintains its $1.05 target for Beach Energy and upgrades to Neutral from Sell after September quarter results exceeded the broker's cautious expectations for both production and sales.

Waitsia first gas is due within the week, which the analyst believes may represent a positive inflection for a stock down around -20% year-to-date. It's thought the project’s start-up should act as a positive sentiment catalyst.

The broker adds execution risk remains for the Otway program, with higher-risk plug and abandonment work in the second half of FY26 potentially lifting costs.

Citi flags abandonment and sustaining capital expenditure near -$750m through FY26-30, around 30% of market capitalisation, as an ongoing overhang.

Positively, mergers and acquisitions are considered likely to sustain production beyond the current seven-year reserve life.

Target price is $1.05 Current Price is $1.14 Difference: minus $0.085 (current price is over target).
If BPT meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.12, suggesting downside of -5.8% (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 BPT as Underperform (5) -

Macquarie highlights Beach Energy's 1Q26 revenue of $537m beat its forecast and the consensus, driven by an additional Waitsia LNG timeswap cargo and stronger Cooper Basin oil.

Production was 5.0Mmboe, in line with expectations, and the first Waitsia gas sales are expected imminently. Net debt increased to $484m, reflecting dividend payments and offshore drilling/abandonment spend.

The Hercules exploration well was unsuccessful, but decommissioning work at Geographe-1 & Thylacine-1 was completed smoothly.

FY26 EPS forecast lifted by 18% on additional LNG swap cargo and higher Cooper oil production.

Underperform. Target rises to 91c fron 90c.

Target price is $0.91 Current Price is $1.14 Difference: minus $0.225 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.12, suggesting downside of -5.8% (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

Morgan Stanley rates BPT as Underweight (5) -

Morgan Stanley expects modest upward revision to 12-month consensus EPS forecast following Beach Energy's 1Q26 update.

The broker notes sales revenue of $537m was up 18% q/q and 26% y/y, boosted by two LNG cargoes worth $121m, but a strong outcome was anticipated.

1Q26 production came in at 5.0Mmboe, up 7% q/q and 5% above consensus, with FY26 guidance of 19.7-22.0Mmboe reaffirmed.

The broker notes the Waitsia commissioning is imminent, supporting near-term volumes.

Underweight. Target unchanged at $1.14. Industry View: In-Line.

Target price is $1.14 Current Price is $1.14 Difference: $0.005
If BPT meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting downside of -5.8% (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

Morgans rates BPT as Upgrade to Hold from Trim (3) -

Morgans raises its target for Beach Energy to $1.25 from $1.16 and upgrades to Hold from Trim following a "solid" 1Q FY26 operational result. Production, sales volumes and revenue each posted single-digit beats versus consensus and the broker's forecasts.

The analyst highlights imminent first gas from Waitsia Stage 2 as a key catalyst, alongside ongoing flood recovery progress in the Cooper Basin, which is tracking ahead of expectations.

Management's FY26 guidance for production and capital expenditure remains unchanged.

Beach’s reserves remain undersized, suggests the broker, keeping attention on potential mergers and acquisitions to support long-term production.

Target price is $1.25 Current Price is $1.14 Difference: $0.115
If BPT meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting downside of -5.8% (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

Ord Minnett rates BPT as Hold (3) -

Beach Energy's 1Q26 sales revenue growth of around 28% was higher than consensus expectations, with Ord Minnett noting the result incorporated two forward sales of LNG cargoes from Waitsia, lifting EBITDA slightly.

Production volumes were also better than anticipated by consensus but met the analyst's estimate. Project updates were viewed as disappointing, including the Hercules exploration well being plugged and abandoned, and Waitsia start-up seeing a delay again.

The broker cuts its FY26 EPS forecast by -24.1%, including the write-off of Hercules, with lower output from Cooper Basin expected along with stable capex and mark-to-market changes. FY27 and FY28 estimates from the broker are lowered by -2% and -6.3%.

Ord Minnett retains a Hold rating and target price of $1.20.

Target price is $1.20 Current Price is $1.14 Difference: $0.065
If BPT meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting downside of -5.8% (ex-dividends)

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 BPT as Neutral (3) -

Beach Energy’s September quarter sales volumes and revenue exceeded UBS and market expectations, supported by strong gas prices and additional LNG swap cargoes.

For the uninitiated, swap cargoes refers to LNG trading arrangements where Beach exchanges delivery obligations or cargoes with another producer or buyer, rather than physically transporting its own gas to a distant market.

The broker expects no further swaps in FY26 and sees production near the lower end of guidance at 19.9mmboe due to further delays at Waitsia, warning more slippage could affect FY26 targets.

UBS believes consensus underestimates Beach’s ability to secure higher gas prices, underpinning a stronger free cash flow (FCF) outlook to FY29.

The analysts lift their FY26 earnings forecast 3% and FY27-28 forecasts by 2-3% on higher production and pricing assumptions.

UBS maintains a Neutral rating and a $1.20 target price.

Target price is $1.20 Current Price is $1.14 Difference: $0.065
If BPT meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting downside of -5.8% (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

Morgan Stanley rates CHC as Overweight (1) -

Morgan Stanley reiterates Charter Hall is its top pick in the Australian real estate sector, highlighting potential for -50bps cap rate compression in the next 3 years.

This is expected to be driven by interest rate cuts and supplemented by some spread tightening. When combined with market rent growth, the broker expects the property AUM to reached $84.8bn from $69.4bn currently.

The broker sees upside risk to its $91.5bn forecast for FY28, given its cap rate compression forecast implies just $7bn net acquisition vs the last decade average of over $4bn/year.

Overweight. Target unchanged at $26.35.  Industry View: In-Line. 

Target price is $26.35 Current Price is $22.94 Difference: $3.41
If CHC meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $21.85, suggesting downside of -4.3% (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

Macquarie rates CSL as Outperform (1) -

Ahead of CSL's 4-6 November Capital Markets Day, Macquarie considers the impact of a potential Seqirus demerger flagged at the FY25 result.

A Seqirus spin-off at 9.0x EV/EBITDA implies a 14.3x multiple for the remaining business, supported by stronger earnings growth, in the broker's view. 

Historical demergers show spin-offs underperform initially, while parents outperform after around 14 months, the broker highlights. Overall, little margin dilution is expected as Seqirus contributes only around 10% of earnings.

No change to forecasts. Outperformed maintained.

Target trimmed to $275.20 from $295.90 on lower terminal growth forecast for the group.

Target price is $275.20 Current Price is $217.66 Difference: $57.54
If CSL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $272.43, suggesting upside of 23.9% (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: 0.7

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

Bell Potter rates DRO as Buy (1) -

DroneShield announced 3Q25 revenue of a record $92.9m, which was above Bell Potter's expectations and represented growth of 750% on the previous year's $7.8m.

Cash receipts came in at $77.5m with operating cash flow after capitalised R&D of $15.5m against a -$19.4m outflow a year before. Management pointed to current fixed cash costs of around $100m per annum. Cash balance came in at $212.8m at the end of the quarter.

The analyst views DroneShield as a market-leading counter-drone proposition with an improving competitive advantage, concentrated on detect-and-defeat capacity.

2026 is expected to mark an inflection point for the business as global spending on soft-kill detect-and-defeat solutions accelerate.

No change to Buy rating. Target price lifted to $5.30 from $3.70.

Target price is $5.30 Current Price is $4.47 Difference: $0.83
If DRO meets the Bell Potter target it will return approximately 19% (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

Shaw and Partners rates ERD as Buy (1) -

Shaw and Partners notes Eroad's business update prioritising growth opportunities in Australia/NZ. However, this was also accompanied by a downgrade in FY26 guidance to NZ$197-203m, from over NZ$205m previously guided on US market challenges.

Annual recurring revenue is now expected to be NZ$175-183m vs over NZ$188m, and free cash flow margin at 5-8% vs 8-10% expected before.

The downgrade mainly reflects a legacy Coretex customer churn in the US, with no major renewals expected in the next 12–24 months, the broker observes.

The company appointed John Scott as Executive Chair to drive the transformative eRUC opportunity, and the broker is more confident the eRUC opportunity will be well-tapped.

Target trimmed to $2.50 from $3.20 after downgrading FCF estimates for FY26-28 and lowering revenue forecasts.

Buy, High Risk maintained.

Target price is $2.50 Current Price is $1.61 Difference: $0.895
If ERD meets the Shaw and Partners target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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: 1.0

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

Citi rates HUB as Neutral (3) -

Shares in Hub24 jumped this morning after a first quarter market update showing net flows of $5.2bn, up 28% year-on-year and 23% above Citi’s forecast, marking the company's strongest quarter excluding migrations.

In an early take, the broker highlights broad-based inflows of $8.9bn, up 32% year-on-year, while outflows fell to 13.2% of funds under administration (FUA). Custody FUA rose 33% to $122bn, beating forecasts, aided by around $4bn in favourable market movements.

Hub24 also added 132 advisers and secured 41 new distribution agreements, signalling to Citi continued momentum.

Given the record quarter and prospects for stronger medium-term inflows following Macquarie Group's ((MQG)) platform changes, the analysts believe the stock could outperform the magnitude of any forthcoming earnings upgrades.

Target $109. Neutral. Citi closes its 90-day catalyst watch on the stock.

Target price is $109.00 Current Price is $107.20 Difference: $1.8
If HUB meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $104.59, suggesting downside of -12.0% (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

Citi rates IMD as Buy (1) -

In potentially positive news for Imdex, Citi highlights six consecutive months of over US$1bn in junior resource raisings, with gold accounting for around 60% in September.

The broker expects returning junior explorers could lift industry activity by 15-20%, driving stronger demand for drilling tools and services.

Imdex has already delivered double-digit revenue growth in recent quarters despite subdued exploration, note the analysts, supported by its global footprint and resilient margins.

Citi reiterates its Buy rating, citing potential upside from rising exploration activity. Target $4.20.

Target price is $4.20 Current Price is $3.65 Difference: $0.55
If IMD meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.74, suggesting downside of -0.8% (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

Ord Minnett rates INR as Speculative Buy (1) -

Ord Minnett defers the commencement date for Rhyolite Ridge's construction to the September quarter 2026 for ioneer, which is attributed to external impacts.

The analyst highlights some clarity is needed over whether government support will be forthcoming before management determines the appropriate stake to sell down in Rhyolite Ridge.

Ord Minnett is currently assuming a 49% stake will be divested.

Target price is lifted to 30c from 25c with no change in Speculative Buy rating.

Target price is $0.30 Current Price is $0.21 Difference: $0.09
If INR meets the Ord Minnett target it will return approximately 43% (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 JDO as Buy (1) -

Today's first quarter FY26 update by Judo Capital was "solid", according to Citi's early assessment, with the bank reaffirming profit guidance of $180-190m, in line with consensus.

Gross loans of $12.9bn rose by around $300m in September, highlights the broker, with lending margins steady at 4.3% and deposit margins improving to the mid-80bps range.

The analyst highlights improved credit quality, with past-due and impaired loans easing to 2.37%.

Deposit growth of $632m and $150m in subordinated notes comfortably funded loan expansion, notes Citi, reflecting strong balance sheet momentum.

The analyst expects further benefit from upcoming intermediated and direct savings products and reiterates a Buy rating. Target $2.00.

Target price is $2.00 Current Price is $1.63 Difference: $0.37
If JDO meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates LNW as Outperform (1) -

Following US industry meetings at Global Gaming Expo and site visits, Macquarie analysts returned with increased conviction in Aristocrat Leisure and Light & Wonder.

The analysts note US gaming trends remain constructive, supported by mid-to-high end customer resilience and expected legislative tailwinds. 

Slot manufacturers are expected to maintain strong market share, with stable operator purchasing and emerging opportunities in electronic table games. 

Light & Wonder is reporting 3Q25 result on Nov 6, and the broker is forecasting US$360m EBITDA vs the consensus of US$361m. The broker reminds the FY25 EBITDA guidance is US$1.43-1.47bn and its forecast is US$1.45bn.

Outperform. Target unchanged at $180.

Target price is $180.00 Current Price is $113.10 Difference: $66.9
If LNW meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $188.33, suggesting upside of 66.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Bell Potter rates MI6 as Speculative Buy (1) -

Bell Potter believes Minerals 260 continues to de-risk its Bullabulling gold project in WA, including recent metallurgical test work which reported recoveries over 95%, above previous expectations of circa 87%.

The analyst raises its base recoveries assumption to 94%, with higher recoveries facilitating lower cut-off grades which could boost a sizeable rise of the Bullabulling resource at 2.3moz.

Speculative Buy retained. Target slips to 33c from 34c.

Target price is $0.33 Current Price is $0.33 Difference: $0
If MI6 meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 34.3% (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 MIN as Neutral (3) -

UBS suggests Chinese commodity demand indicators for September signal solid underlying momentum in the economy, with industrial production exceeding expectations.

If China’s growth strength persists, the broker notes upside risk to its iron ore price forecasts of US$97/t for 2025 and US$90/t for 2026, especially given declining inventory levels.

Companies with the greatest leverage to an upside iron ore scenario, according to UBS, are Neutral-rated Mineral Resources and Fortescue Metals ((FMG)). Rio Tinto ((RIO)) and BHP Group ((BHP)), both also Neutral, would also be expected to benefit.

For Mineral Resources, the broker's target is $43.20.

Target price is $43.20 Current Price is $41.40 Difference: $1.8
If MIN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $41.03, suggesting downside of -3.2% (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 NAB as Sell (5) -

Morgans makes minor revisions to its National Australia Bank forecasts ahead of the November bank reporting season, which begins with Westpac on November 3.

NAB, which reports on November 6, is differentiated from peers through its strong small-to-medium enterprise (SME) banking franchise, notes the broker.

This difference offers higher returns than home lending, observes the broker, but carries greater risk, regulatory capital intensity, and rising competition. A higher reliance on wholesale funding further lifts its cost of capital relative to more retail-focused banks.

While investment spending has increased from previously constrained levels, the broker believes the bank’s return on equity (ROE) relative to its cost of capital and growth prospects do not justify its premium valuation.

Morgans retains a Sell rating. Target rises to $31.23 from $31.15. 

Target price is $31.23 Current Price is $43.75 Difference: minus $12.52 (current price is over target).
If NAB meets the Morgans target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.54, suggesting downside of -16.0% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates PNV as Outperform (1) -

Macquarie observes PolyNovo's 1Q26 group sales rose 33% y/y to $34.7m, with strong momentum in both the US and Rest of the World (ROW).

MTX sales accelerated to A$2.9m, making up 8% of total sales vs 6% in FY25, and continued growth is expected. The broker notes a 52% revenue skew is needed in 2Q to meet its 1H26 forecast of $72.9m.

In other update, the company stated the BARDA pivotal trial is complete, with FDA submission expected end-2025 and approval process to take 8-12 months.

Balance sheet remained solid with $23.2m cash and a new CEO, Bruce Peatey, is starting on December 1.

Outperform. Target unchanged at $2.

Target price is $2.00 Current Price is $1.25 Difference: $0.745
If PNV meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 40.5% (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 PPT as Buy (1) -

Perpetual reported positive FUM and FUA for the September quarter across three of its business units, according to Bell Potter.

Notably, Asset Management exhibited lower outflows than the prior three quarters, with Barrow Hanley and Perpetual Asset Management generating inflows.

Net outflows came in at -$2.2bn, or -1% of opening FUM for the quarter, and below the analyst's estimate of -2% per quarter, with JO Hambro impacted by higher outflows at -6.4% of opening quarter FUM.

The analyst lowers the blended management fees forecast to 39bps from 41bps. Corporate Trust FUA rose further to $1.23trn, up 1.2%.

Bell Potter lowers their FY26 EPS forecast by -0.5% and lifts FY27 by 3.9%. No change to Buy rating. Target price lifted to $25 from $24.

Target price is $25.00 Current Price is $21.28 Difference: $3.72
If PPT meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $22.68, suggesting upside of 14.9% (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

Citi rates PPT as Neutral (3) -

Perpetual’s first quarter of FY26 again showed large fund outflows, though Citi notes modest improvement in some areas.

Positive flows at Barrow Hanley and Perpetual Asset Management are highlighted, while J O Hambro Capital Management (JOHCM) and Pendal Asset Management continue to record equity outflows.

The analyst describes solid Wealth Management results despite sale uncertainty, and strong growth in Mortgage Finance Services within Corporate Trust. On the flipside, weaker Debt Market Services' funds under administration (FUA) provided an offset.

The broker maintains the proposed sale of Wealth Management as the key driver of near-term share performance.

Citi nudges FY26-FY28 earnings forecasts up 1%, keeps a Neutral rating, and sets a new $20.80 target price, up from $20.50.

Target price is $20.80 Current Price is $21.28 Difference: minus $0.48 (current price is over target).
If PPT meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.68, suggesting upside of 14.9% (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 PPT as Outperform (1) -

Macquarie notes Perpetual's net outflows of -$2.2bn in the September quarter (1Q26) was an improvement vs -$3.9bn in the June quarter and vs its forecast of -$3.6bn.

Funds under management stood at $232bn, in line with expectations and ahead of consensus. Fixed income, up $0.5bn, and cash, up $1.1bn,  saw net inflows, offsetting equity outflows of -$3.8bn.

Wealth division inflows were soft at just $100m, with the broker noting the proposed sale of the division likely weighed.

EPS forecast for FY26 trimmed by -2.2% and by -3.1% for FY27 on forecasts for lower fee margins and modest inflow into Wealth.

Outperform. Target cut to $23.60 from $23.95.

Target price is $23.60 Current Price is $21.28 Difference: $2.32
If PPT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.68, suggesting upside of 14.9% (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

UBS rates PPT as Neutral (3) -

Perpetual’s 1Q update showed moderating funds management outflows and a 2.3% quarter-on-quarter rise in funds under management (FUM) to $232bn, broadly in line with expectations held by UBS.

Net outflows of -$2.2bn were better than forecast by the broker, though the mix was weaker, with higher-margin equity outflows of -$3.8bn partly offset by lower-margin fixed-income inflows.

The analysts highlight declining investment performance and continued weakness at J O Hambro Capital Management.

Corporate Trust and Wealth Management both delivered solid results, assesses the broker, with modest net inflows in the latter.

UBS expects limited benefit to shareholders from the planned Wealth sale, as proceeds are likely to reduce -$739m in debt.

The target price is trimmed to $22.40 from $22.50. Neutral rating retained.

Target price is $22.40 Current Price is $21.28 Difference: $1.12
If PPT meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $22.68, suggesting upside of 14.9% (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

Citi rates REH as Neutral (3) -

Reece has announced a $365m share buyback, equivalent to around 4.3% of issued capital, at $13 per share, a 26% premium to pre-buyback trading.

Citi considers this move by management mixed, noting it signals confidence in trading against consensus expectations in a tough environment, though it raises questions about capital allocation priorities.

The broker expects the buyback to reduce risk around the first half FY26 update, though a soft quarter remains possible.

The analyst models around a -$13m deterioration in interest costs, leaving FY26 earnings broadly unchanged.

The broker maintains a Neutral rating and an unchanged $13.10 target price.

Target price is $13.10 Current Price is $11.73 Difference: $1.37
If REH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $12.05, suggesting upside of 2.3% (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

Citi rates SEK as Buy (1) -

Seek’s September Australia employment report showed a continued moderation in the decline of job ad volumes, notes Citi. A&NZ job volumes were down around -3% year-on-year for the first half, tracking better than Citi's -4% forecast.

The broker notes new job ads fell just -2% year-on-year in September, the slowest decline in two years, while salary growth improved to 3.5%.

Citi expects 4.5% annual price growth in ANZ, supported by yield gains from Seek’s ad ladder and product mix.

The broker expects potential for strong Asian growth in FY27 if Seek executes its freemium conversion successfully during FY26.

The macro environment across Asia remains unchanged, with Hong Kong conditions still challenging but showing no further deterioration from FY25, notes the broker.

Buy. Target $31.65.

Target price is $31.65 Current Price is $27.26 Difference: $4.39
If SEK meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $31.56, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Shaw and Partners rates SHA as Buy (1) -

Shaw and Partners lifts earnings forecasts for Shape Australia following stronger ABS Building Activity data for the June quarter showing growth in non-office construction.

The broker notes the company's total addressable market rose to $32.6bn, with health driving momentum, up 24% y/y in work done and momentum in pipeline. Accommodation saw a 50% rise in approvals and commencements.

The broker lifted FY26-27 revenue and net profit forecasts by 2.7% and 5.8%, and 4.1% and 6.7%, respectively.

Buy, High Risk. Target rises to $6.10 from $5.40, with the Oct 28 AGM seen as next catalyst where the company could update recent project wins.

Target price is $6.10 Current Price is $5.56 Difference: $0.54
If SHA 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

Citi rates SUL as Buy (1) -

Super Retail has today announced the appointed of Paul Bradshaw, currently head of BCF, as CEO and Group Managing Director effective November 1, 2025.

At first glance, Citi views the appointment positively, citing Bradshaw’s 30 years of retail experience and strong performance leading BCF, where earnings grew at a compound annual rate of around 24% over six years.

The move ensures strategic continuity, suggests the broker, and should reduce management distraction ahead of transition.

Michael Wassman, Bradshaw’s deputy, will succeed him as BCF Managing Director, providing operational stability, in Citi's view.

Buy. Target $20.50.

Target price is $20.50 Current Price is $16.75 Difference: $3.75
If SUL meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $18.48, suggesting upside of 8.5% (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 WBC as Downgrade to Sell from Trim (5) -

Morgans makes minor revisions to its Westpac forecasts ahead of the November bank reporting season, which begins with Westpac on November 3.

The broker's target for Westpac falls to $30.77 from $30.95 and the rating is downgraded to Sell from Trim.

The analyst notes Westpac’s asset base, funding mix and domestic retail focus are similar to those of CommBank ((CBA)), yet growth, profitability and return on equity (ROE) have lagged its larger peer.

These weaker metrics are reflected in Westpac’s lower earnings and asset-based multiples but higher dividend yield, explains the boker.

Morgans suggests improved performance could follow under new management via stronger business banking growth, technology simplification and regulatory capital efficiency, though execution risks remain.

Target price is $30.77 Current Price is $39.27 Difference: minus $8.5 (current price is over target).
If WBC meets the Morgans target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.06, suggesting downside of -15.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Ord Minnett rates ZIP as Buy (1) -

Ord Minnett exclaims there was a lot to like about Zip Co's September quarter update. TTV in the US rose 47% in constant currency terms, and management has lifted its FY26 US TTV growth guidance to over 40% from over 35% previously.

Cash earnings (EBITDA) came in at $62.6m, assisted by improved margins and top line growth. US customers advanced by around 12%, with higher usage the main driver of US TTV growth.

Ord Minnett lifts its earnings (EBITDA) forecasts by 17%-19% over FY26-FY28, with a rise in the target price to $5.40 from $5.10.

No change to Buy rating.

Target price is $5.40 Current Price is $4.61 Difference: $0.79
If ZIP meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 20.3% (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 ZIP as Buy (1) -

Following 1Q results for Zip Co, UBS raises its target to $5.40 from $5.25 after upgrading its total transaction value (TTV) and revenue forecasts by 3% across the medium term. The Buy rating is maintained.

Yesterday's summary of UBS research follows.

Zip Co today reported first quarter FY26 revenue of $319m, up 33% year-on-year and 4% ahead of UBS forecasts, with cash earnings (EBTDA) of $63m, up 98%, and 14% above expectations.

In a first assessment, the broker highlights strong US growth, with total transaction value (TTV) rising 39% to $3.9bn and active customers reaching 4.4m. The A&NZ performance is seen as steady, with yields and excess spreads continuing to improve.

FY26 US TTV growth guidance was upgraded to above 40% from 35%, and the on-market buyback doubled to $100m, reflecting a strong $452m cash balance, suggest the analysts.

Target price is $5.40 Current Price is $4.61 Difference: $0.79
If ZIP meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 20.3% (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