Australian Broker Call

Shaw and Partners rates A1M as Buy, High Risk (1) -

AIC Mines’ FY25 result revealed revenue of $189.6m, up 5% year-on-year, and earnings (EBITDA) of $63.2m, up 22%. Revenue was -11% below Shaw and Partners’ forecast, while earnings were 4% ahead.

Eloise delivered 12,863t copper at costs (AISC) of $4.98/lb, marking an eighth straight quarter of meeting production guidance, highlight the analysts.

FY26 guidance is for 12.8-13.1kt copper and 6-6.5koz gold at costs (AISC) of $4.85-5.25/lb. Cash generation of $50.9m was aided by an achieved copper price of $14,128/t, up $800/t year-on-year, explains the broker.

Cash at June end was $60.9m, with the Jericho copper development fully funded.

Shaw raises its target price to 75c from 70c and retains a Buy, High Risk rating.

Target price is $0.75 Current Price is $0.32 Difference: $0.43
If A1M meets the Shaw and Partners target it will return approximately 134% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 87.5% (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

Morgans rates AEL as Buy (1) -

Morgans views Amplitude Energy as continuing to perform well, with FY25 results meeting expectations and FY26 guidance prompting earnings forecast upgrades.

Earnings (EBITDA) for FY25 grew 39% on the prior year, driven by higher volumes and improved efficiency. Average group production expenses continued to decline, averaging $2.33/GJ.

FY26 guidance of 69–74TJe/d made the analyst's forecast of 70TJe/d look conservative, resulting in an upgrade to earnings estimates.

No change in Buy rating. Target rises to 34c from 30c.

Target price is $0.34 Current Price is $0.25 Difference: $0.09
If AEL meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $0.31, suggesting upside of 24.0% (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

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

Citi notes Auckland International Airport's FY25 underlying profit after tax came in line with its estimate but was slightly above consensus.

The highlight was FY26 passenger growth guidance which disappointed, though the broker notes there is typical conservativeness in issuing guidance. The 2% y/y domestic and 3% y/y international passenger growth compared with the broker's forecast for 2.5% and 6% growth, respectively.

The broker sees an impact on retail income, with additional headwind from duty-free area fit-out disruption.

While capex and medium-term growth outlook are unchanged, the broker sees limited catalysts despite improvement in macro conditions from policy rate cuts.

Rating downgraded to Neutral from Buy. Target trimmed to NZ$8.10 from NZ$8.90.

Current Price is $6.90. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

Macquarie rates AIA as Outperform (1) -

In a challenging environment, Auckland International Airport delivered a solid FY25 result, Macquarie suggests, all in line with forecasts. Revenue growth of 12%, earnings 14% and adjusted profit 12% were identified as highlights.

Commentary states the FY26 outlook reflects inherent caution, factoring in a soft economy, ongoing engine issues, lower aeronautical pricing, the impact of construction activity in a live operating area, and higher D&A and interest expense.

While Macquarie sees FY26 as a year of consolidation, with a flat earnings outlook, the business is positioning itself to incrementally enhance its leverage to the inevitable passenger growth recovery.

Outperform retained, target rises to NZ$8.75 from NZ$8.55.

Current Price is $6.90. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

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

Auckland International Airport reported FY25 earnings (EBITDAFI) of NZ$701m, up 14% year-on-year and slightly ahead of Morgan Stanley's forecast, supported by higher interest income.

Underlying profit was NZ$310m, up 12% and above the midpoint of guidance, while capex of -NZ$1.09bn was within guidance but below the broker's expectations.

A final dividend of NZ7c lifted the full-year payout to NZ13.25c, 72% of profit.

FY26 guidance for profit of NZ$280-320m is down -8% versus the broker's forecast and -7% adrift of consensus, with passenger volumes in line but higher net interest and depreciation weighing on earnings.

FY26 capex is guided at -NZ$1.0-1.3bn, slightly below Morgan Stanley's expectations.

Equal-weight. Target price NZ$8.35. Industry View: In-Line.

Current Price is $6.90. Target price not assessed.

Current consensus price target is N/A

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: 0.3

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

Morgans rates APA as Trim (4) -

APA Group re-released its FY25 results and FY26 guidance, which met expectations according to Morgans.

FY26 underlying earnings (EBITDA) guidance stands at 7% growth on FY25 at the midpoint and includes around -$50m of cost-outs and inflation-linked tariff growth.

Growth in FY26 dividend per share is flagged at 1.8%, or up 1c to 58c, versus the analyst’s forecast of 58c and consensus at 57.9c.

Free cash flow in the current fiscal year is expected to align with FY25.

No change to Trim rating. Target rises to $7.88 from $7.60. Morgans cautions that while APA’s infrastructure markets are attractive, shareholder value creation may be limited due to project timing, risk-adjusted returns, and the rising cost of capital.

Target price is $7.88 Current Price is $8.77 Difference: minus $0.89 (current price is over target).
If APA meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.37, suggesting downside of -4.5% (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

Bell Potter rates APZ as Buy (1) -

Aspen Group delivered FY25 EPS of 16.8c, which was broadly in line with expectations, with a slight upgrade of 1% to FY26 guidance, which met consensus expectations, according to Bell Potter.

The current fiscal year looks good with 72 settlements and contracts of 140 lots, and the analyst's target at 150. A more even split between first and second halves is expected.

Positively, Tourism (Parks) is looking upbeat with more robust corporate activity based on two months year-to-date revenue.

FY26 guidance assumes 10% annual growth in rental income and includes the recent Adelaide acquisition. Bell Potter tweaks its EPS forecasts by -2% for FY26 and up 1% for FY27.

No change to Buy rating. Target lifts to $4.85 from $3.90.

Target price is $4.85 Current Price is $4.17 Difference: $0.68
If APZ meets the Bell Potter target it will return approximately 16% (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 AQZ as Buy (1) -

Weather and out-of-service aircraft impacted Alliance Aviation Services' 2H25 results, along with increased labour costs and adverse forex losses. Nevertheless, the company’s FY25 results met Morgans' expectations and were in line with recent guidance at the May investor day.

Net profit after tax fell on FY24, and net debt came in slightly above forecast, with free cash flow still negative, although positive in 2H25 at $48.5m.

The airline operator’s fleet expansion is almost complete, with two final E190s to settle in FY26. Commentary suggests this means the current fiscal year will be one of optimising the business, including cost management.

Morgans tweaks its earnings forecasts by -1% for FY26 and -4% for FY27 on lower margins.

No change to Buy rating and $3.80 target.

Target price is $3.80 Current Price is $2.60 Difference: $1.2
If AQZ meets the Morgans target it will return approximately 46% (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 AQZ as Buy (1) -

The key takeaway from Alliance Aviation Services' FY25 result for Ord Minnett was the business has passed peak net debt with better-than-expected $378.3m at end-June from $425m end-Dec 2024.

Net debt is expected to improve with the company flagging divestment of a further seven Embraer E190 aircrafts. which the broker estimates will reduce net debt to $360m by end-FY26.

FY25 profit before tax met the broker's forecast with the 3c dividend seen as confidence in the balance sheet. 

FY26 profit before tax forecast trimmed by -1%, leading to a cut to target price to $3.60 from $3.70.

Buy retained.

Target price is $3.60 Current Price is $2.60 Difference: $1
If AQZ meets the Ord Minnett target it will return approximately 38% (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 ASG as Outperform (1) -

Autosports Group's FY25 underlying profit beat expectations, Macquarie notes, representing a margin of 1.5%. The second half exit rate improved to 1.7% (versus 1.3% in the first) given growth in NVS Auto, right-sized inventory and the partial benefit of two rate cuts.

Macquarie expects FY26 profit margins to improve further. Luxury NVS growth in the first half should be supported by easier market comparables, improved Audi and Mercedes volumes, improving consumer sentiment and the potential removal of the luxury car tax (LCT).

Management continues to ‘actively assess’ further accretive acquisition opportunities. With Autosports the most leveraged ASX exposure to the potential removal of the LCT, Macquarie  notes inorganic growth remains focus and the balance sheet is well capitalised to take advantage of the pipeline.

Outperform retained, target rises to $3.63 from $2.82 on a change in valuation model.

Target price is $3.63 Current Price is $3.10 Difference: $0.53
If ASG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -8.3% (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

UBS rates ASG as Neutral (3) -

There was plenty of detail outlining Autosports Group 's growth strategy at its result, justifying a recent re-rate in the stock following a period of significant earnings multiple underperformance versus larger peers, UBS suggests.

With a restructured debt facility the company has capacity for more balance sheet-funded bolt-on acquisitions, UBS notes, and there was plenty pointing towards an expansion in the Mercedes footprint, while the share price is now at a level which puts potential equity raise funded deals on the table.

The broker is not getting carried away with organic growth outlook just yet but the M&A story is considered "compelling" and the cost base is capable of supporting more revenue, hence operating leverage is expected into FY26.

Neutral retained, target rises to $3.15 from $1.80.

Target price is $3.15 Current Price is $3.10 Difference: $0.05
If ASG meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.84, suggesting downside of -8.3% (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

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

Australian Vanadium has extended its $49m Federal Government grant to March 2028, aligning funding with its integrated project plan, explains Shaw and Partners. 

The grant supports a vertically integrated vanadium supply chain, with $24.5m still receivable on milestones, highlight the analysts.

Shaw retains a Buy, High Risk rating and a 6c target price.

Target price is $0.06 Current Price is $0.01 Difference: $0.05
If AVL meets the Shaw and Partners target it will return approximately 500% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AX1 as Buy (1) -

Citi's first assessment is Accent Group's FY25 net profit of $57.7m has missed consensus by -4% but was broadly inline with the broker's own $58.9m forecast (though still below it)

The miss is attributed to disappointing sales, gross margins and higher net interest. CODB was better managed than expected.

A final dividend of 1.5cps was declared, -35% below consensus of 2.3cps on the broker's assessment.

Given a number of other retailers are reporting relatively much better trading updates, Citi suggests the market will be disappointed.

Also, one saving grace for Accent shareholders, the broker comments, is that Frasers can’t exceed 26% ownership for the next 3 years.

Target $1.67. Buy.

Target price is $1.67 Current Price is $1.37 Difference: $0.3
If AX1 meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.83, suggesting upside of 33.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates BGA as Buy (1) -

Bell Potter highlights Bega Cheese announced a beat on FY25 earnings (EBITDA) at $202m, coming in above guidance, just at the top end of $200m, a rise of 23% on the prior year.

Underlying net profit after tax rose 74%, which missed the analyst's forecast, with an unusually higher 2H25 tax rate for non-recurring charges of -$3m.

Lease adj cash flow was better than expected, and operating cash flow included a -$5.7m repayment of a trade receivable facility.

Bell Potter views the recent restructuring as offering a pathway to the earnings (EBITDA) target of $250-$270m, and if successful, would imply a share price of $8 to $9 at the stock's historical valuation multiple.

Target unchanged at $7. Buy.

Target price is $7.00 Current Price is $5.50 Difference: $1.5
If BGA meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 14.3% (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 BGA as Outperform (1) -

Today's title says it all: Bega and better. Macquarie is happy, noting management continues to execute on cost-out, while diversifying the company's revenue mix through foodservice, and offshore channels.

Target has lifted to $6.60 from $6.40. The forecast is for a 3yr EPS CAGR of 23% to FY28. Outperform.

Yesterday's response:

In a flash note, Macquarie highlights Bega Cheese's FY25 result showed the company's ability to manage costs in a subdued revenue environment from tough macro conditions.

Group sales growth of 0.5% y/y missed the broker's forecast but normalised EBITDA was 23.5% higher y/y, beating the broker's forecast by 1.6% and the consensus by 0.7%. Net profit miss was due to higher tax.

FY26 guidance for normalised EBITDA of $215-220m is 8% higher y/y and in line with the consensus. The company is on track to beat  $250m EBITDA goal by FY28 which suggests upside risk to consensus, the broker highlights.

Outperform. Target price $6.40.

Target price is $6.60 Current Price is $5.50 Difference: $1.1
If BGA meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 14.3% (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

Morgans rates BGA as Accumulate (2) -

Bulk’s return to profits in FY25 boosted Bega Cheese’s result, which was in line with Morgans’ expectations. Despite challenging conditions, branded proved “resilient.”

Sales rose 0.5% and earnings (EBITDA) increased 23%, with net profit after tax up 74%. Earnings margin lifted to 5.7% from 4.7%.

FY26 earnings (EBITDA) guidance of 6%–9% growth met expectations, reflecting higher farmgate milk prices and caution over global dairy prices falling in 2H26.

The company stated it is on track to reach its earnings (EBITDA) target of $250m and return on funds employed of 10%-plus.

Morgans has raised its earnings (EBITDA) forecasts by 1% for FY26 and 2% for FY27. No change to Accumulate rating. Target lifts to $6.08 from $5.90.

Target price is $6.08 Current Price is $5.50 Difference: $0.58
If BGA meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 14.3% (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

Ord Minnett rates BGA as Hold (3) -

Ord Minnett describes Bega Cheese's FY25 result as robust on strong recovery in bulk division earnings, though increases in the farmgate milk price is expected to limit gains in FY26.

Underlying net profit missed expectations but normalised EBITDA rose 23.1% to $202m. Leverage declined to 0.8x from 1.3x last year.

FY26 normalised EBITDA guidance range of $215-220m missed the broker's forecast of $222m. Still, the broker lifted FY27 earnings forecast by 8% while leaving FY26 unchanged.

Hold. Target rises to $5.60 from $5.20.

Target price is $5.60 Current Price is $5.50 Difference: $0.1
If BGA meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $6.29, suggesting upside of 14.3% (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 BXB as Neutral (3) -

Following full review of Brambles' FY25 result, Citi lifted FY25 underlying EBIT forecast in constant current terms by low single-digit. After including a favourable FX tailwind, FY26 EPS forecast rises by 2%.

This, coupled with higher market multiple, pushed target price up to $26.75 from $23.60. Neutral retained.

At first glance, Citi noted:

Brambles reported sales that missed guidance at 3% growth (currency adjusted) versus guidance of 4%-5%, which implies growth of 3% in 4Q25, split circa 1% volume and 2% price.

Underlying profit came in at 10% growth versus guidance of 8%-11%, with 2H25 irrecoverable pooling equipment provision at circa US$25m, less than 50% of implied guidance at US$69m.

The analyst suggests the consumer environment is impacting revenue guidance, with improved operating leverage resulting in an in-line to slightly ahead guide of underlying FY26 profit.

Citi sees bottom-up factors underpinning earnings in a "soft" environment. 

Target price is $26.75 Current Price is $25.97 Difference: $0.78
If BXB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $24.57, suggesting downside of -5.4% (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: 0.2

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

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

Macquarie believes Brambles' FY25 performance was broadly in line, with pallet packing tech driving asset efficiency.

Management is seen as executing well, but the stock is downgraded to Neutral from Outperform on valuation.

Only minor changes have been made to estimates. Target price lifts to $25.50 from $24.60.

FY26 guidance didn't please the analysts, with their translation of management's outlook as like-for-like growth is slowing so there's a growing dependency on business improvement to support growth.

Target price is $25.50 Current Price is $25.97 Difference: minus $0.47 (current price is over target).
If BXB meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.57, suggesting downside of -5.4% (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: 0.2

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

Morgan Stanley rates BXB as Overweight (1) -

Brambles’ FY25 result was broadly in line with management guidance and consensus, with revenue of US$6.67bn up 3% in constant currency, slightly below Morgan Stanley's expectations.

Underlying profit rose 10% to US$1.37bn, EPS increased 14% to 62.5c, and free cash flow of US$1.1bn exceeded guidance. A US$400m buyback was announced but had already been factored into the broker's forecasts.

Morgan Stanley notes volumes grew 1% despite weaker like-for-like demand from softer macro conditions, US harvest timing, and pallet normalisation in Australia.

FY26 guidance points to revenue growth of 3-5%, underlying profit growth of 8-11%, and free cash flow of US$850-950m, all consistent with consensus expectations, point out the analysts.

Overweight rating. Target price $22. Industry View: In-Line.

Target price is $22.00 Current Price is $25.97 Difference: minus $3.97 (current price is over target).
If BXB meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.57, suggesting downside of -5.4% (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: 0.2

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

Ord Minnett rates BXB as Buy (1) -

Brambles' FY25 constant-currency FY25 EBIT met Ord Minnett and market's expectation which the broker reckons is a strong result given revenue was dragged down by decline in like-for-like volumes.

Positives included 3% growth in new business in 4Q25 and guidance for 8-11% EBIT growth in FY26, well ahead of the broker's 7% estimate.

The broker notes strong operating leverage raises potential for double-digit EBIT growth even with sales only rebounding to 3-5% growth.

Another key takeaway was gearing of 1.1x vs the company's 1.5-2.0x target, leaving headroom of around US$2.5bn for capital management beyond share buyback.

EPS forecasts for FY26-27 lifted by 2%. Buy. Target rises to $29.40 from $24.90.

Target price is $29.40 Current Price is $25.97 Difference: $3.43
If BXB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $24.57, suggesting downside of -5.4% (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: 0.2

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

Bell Potter rates CDA as Hold (3) -

Codan reported better than expected FY25 results, with revenue up 22%, beating Bell Potter and consensus.

Metal detection revenue grew 16% on last year and 21% in 2H25, which was a big surprise. Group earnings (EBIT) up 28% was again a beat, and net profit after tax rose 27%.

The analyst points to DTC’s unmanned systems as a key driver, with circa $100m in revenue generated in FY25, more than double FY24. Minelab Africa sales rebounded, up 54% on 1H25, with improved political stability.

Bell Potter has upgraded its EPS estimates by 19% for FY26 and 14% for FY27.

Hold rating retained. Target hiked to $27.80 from $17.25.

Target price is $27.80 Current Price is $28.34 Difference: minus $0.54 (current price is over target).
If CDA meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.10, suggesting downside of -25.5% (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

Citi rates CHC as Buy (1) -

Following a full review of Charter Hall's FY25 result, Citi lifted earnings forecasts to reflect higher funds under management and property investment earnings.

Target price raised to $26.00 from $22.50. Buy maintained.

In a flash note Citi wrote:

Charter Hall reported a slight FY25 EPS miss of 81.4c, below consensus by -1.8% and -1% against Citi's forecast at first take, due to lower earnings (EBITDA).

FY26 guidance at circa 90c, or 10.5% growth on FY25, is above consensus by 1% and slightly lower than the analyst's forecast of 92.3c.

Guidance importantly does not include performance fees, which are estimated at 2.5c per share.

Real Estate FUM grew 2% to $66.8bn but missed Citi's estimate by -2%, and AUM is up to $69.4bn.

Given the strong share price performance to date, the broker suggests the stock is likely to track sideways until further details are derived from the earnings call.

Target price is $26.00 Current Price is $23.42 Difference: $2.58
If CHC meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.96, suggesting downside of -10.5% (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 CHC as Underperform (5) -

It is Macquarie's view Charter Hall delivered a "whopping" result, but it's the valuation the broker struggles with. FY25 operating earnings proved in line with guidance and with forecasts.

FY26 guidance for operational EPS of circa 90c is above forecasts, both by Macquarie and consensus.

The business is leveraged to an improving cycle, the broker acknowledges, but cannot get past the valuation, hence Underperform rating.

Price target has improved to $18.29 from $17.31.

Target price is $18.29 Current Price is $23.42 Difference: minus $5.13 (current price is over target).
If CHC meets the Macquarie target it will return approximately minus 22% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.96, suggesting downside of -10.5% (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 CHC as Sell (5) -

Charter Hall reported FY25 operating EPS of 81.4c, in line with UBS and slightly below consensus. FY26 guidance of 90cpu also matched forecasts and excludes performance fees, which the broker views as high quality.

The analysts highlight strong equity inflows of $2bn in FY25 and $3bn already raised in FY26 through the Charter Hall Credit Retail Fund raising and Challenger ((CGF)) mandate win.

Asset recycling saw $3.2bn in divestments offset by -$4.6bn in acquisitions and development, lifting funds under management (FUM) by $1.3bn. UBS notes future growth potential from a diversified wholesale fund and $3.9bn of uncommitted living sector projects.

UBS raises its target price to $18.91 from $18.41 and retains a Sell rating given caution around valuation.

Target price is $18.91 Current Price is $23.42 Difference: minus $4.51 (current price is over target).
If CHC meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.96, suggesting downside of -10.5% (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 CSL as Overweight (1) -

Further reflecting on CSL's FY25 result, Morgan Stanley notes the recovery of gross margins to pre-covid levels is delayed by FX headwinds, weaker sales from Hemgenix and Andembry, and higher staffing costs at collection centres.

The broker highlights FX alone has reduced Behring’s gross margin by around -200bps over the past three years.

The analysts will continue to monitor FX and product uptake impacts on margins. The broker retains an Overweight rating and a $315 target price. Industry View: In-Line.

A summary of the broker's initial research post results follows.

Morgan Stanley is retaining a positive medium to longer-term view on CSL despite the FY25 result highlighting weak trends in immunoglobulin (lg).

Revenue growth in lg was 7% but 2H declined to a -1% fall due to medicare changes and tender losses in UK/Mexico.

The company shelved the previous goal of 57% margin by FY27-28 for Behring and the broker is estimating the pre-covid margin to be reached in FY30.

The broker is also assuming cost savings of -US$500m by end-FY28 to be reinvested into growth initiatives, underpinning growth momentum. The revised FY26 net profit forecast is US$3.479bn vs guidance of US$3.45-3.55bn.

The broker sees Seqirus as a drag (-2% compounded annual growth rate), meaning the investment case rests heavily on Behring delivering growth.

Target price is $291.00 Current Price is $216.60 Difference: $74.4
If CSL meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $282.68, suggesting upside of 30.5% (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

Macquarie rates CWY as Outperform (1) -

Cleanaway Waste Management reported FY25 results broadly in line with Macquarie's expectations, with FY26 guidance a bit softer than expected.

Management is executing well, Macquarie suggests. Recognition has been slow, but developments in the energy-from-waste space reinforce the broadly positive backdrop in the industry and Cleanaway's leadership in it.

An improving macro backdrop and further monetary policy support can only help, the broker notes.

The investment thesis is an attractive one, Macquarie believes, underpinned by a solid earnings growth outlook, attractive valuation comparisons to US peers, a broadly supportive macro and regulatory backdrop and a growing track record of delivery on the part of management.

Returning from restriction, Macquarie sets an Overweight rating and $3.50 target.

Target price is $3.50 Current Price is $2.77 Difference: $0.73
If CWY meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 14.9% (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

Macquarie rates DOW as Neutral (3) -

Downer EDI's solid result continues a trend of robust results from peer Australian services companies this season, Macquarie notes. Domestic exposures are winning versus global.

Downer continues to deliver strongly on its margin targets and is on track to deliver greater than a 4.5% average margin across FY25-26.

Commentary states key drivers are incremental benefit from the cost-out program in FY26, delivered margins closer to tendered margins and more selective bidding.

Weaker revenue guidance and below the line costs are negative, Macquarie notes, but Downer is delivering well on key metrics and capital management initiatives are positive. Neutral retained, target rises to $7.65 from $6.87.

Target price is $7.65 Current Price is $7.34 Difference: $0.31
If DOW meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

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 DOW as Neutral (3) -

Downer reported FY25 earnings (EBITA) growth of 25%, at the top end of guidance and 3% ahead of consensus, despite lower revenue, points out the analyst at UBS.

Gains were driven by -$213m in cost savings, explains the broker, lifting margins 110bps to 5%. Strong balance sheet capacity supported the launch of a $230m buyback, while work-in-hand fell slightly but was underpinned by a $4.5bn preferred pipeline.

For FY26, management guided to margin expansion with flat-to-slightly lower revenue due to divestments.

The broker retains a Neutral rating. The target price is raised to $7.50 from $5.80.

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

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

Citi rates GMD as Neutral (3) -

Genesis Minerals's FY25 net profit of $221.2m was in line with guidance of $210-230m, Citi observes. The highlight was FY26 production guidance of 260-290koz which was 9% above the broker's forecast but included third party ounces.

Cost guidance of $2,500-2,700/oz (excluding third party ore) was also 9% higher and so was capex of -$150-170m vs -$50m estimated.

The broker is forecasting 280koz production in FY26 at cost of $2,570/oz. The higher cost is offset by 3% higher gold price forecast for FY26 at US$3,075/oz.

Target unchanged at $4.40. Neutral retained.

Target price is $4.40 Current Price is $4.02 Difference: $0.38
If GMD meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 15.3% (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

Macquarie rates GMD as Outperform (1) -

Genesis Minerals' FY25 result was in line with previously guided ranges, Macquarie notes. Net cash was also reported prior. 

FY26 guidance was mixed with production a slight beat and costs a slight miss, while capex was higher as Genesis pulls forward spending.

Capital has been brought forward in preparation for the potential mill expansions (currently being studied) at both Leonora and Laverton. Macquarie aligns its outlook to the mid-points of new guidance ranges.

Mill expansion study outcomes are now important, which Macquarie suspects will come in FY26, with Genesis planning on a new long term outlook in the second half.

Outperform and $5.50 target retained.

Target price is $5.50 Current Price is $4.02 Difference: $1.48
If GMD meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 15.3% (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

Ord Minnett rates GMD as Hold (3) -

Genesis Minerals’ FY25 result was largely pre-reported and, as a result, the EBITDA and net profit met expectations, notes Ord Minnett.

The disappointment was in the FY26 guidance on cost which was 6% higher than the broker's forecast, and capex which was $30m higher. While production guidance was also 8% higher, the broker notes it was due to inclusion of third party ore.

The company is due to release longer-term plan in 2H26 and its impact on the current 400koz accelerated growth goal.

The broker notes any acceleration beyond current 350koz base case will need more capex and while there's balance sheet capacity, other avenues may be more lucrative.

Hold. Target cut to $4.10 from $4.35. 

Target price is $4.10 Current Price is $4.02 Difference: $0.08
If GMD meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 15.3% (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

Shaw and Partners rates GMD as Hold, High Risk (3) -

Genesis Minerals delivered FY25 production of 214koz at costs (AISC) of $2,398/oz, in line with guidance, and closed with $263m in cash and bullion, highlights Shaw and Partners.

FY26 guidance is 260-290koz at a cost (AISC) of between $2,500-2,700/oz. Industry inflation has led to the removal of the $1,600/oz FY29 AISC target, though future volume growth should help offset higher unit costs, believe the analysts.

Shaw notes production benefited from the faster ramp-up of the Laverton mill, with third-party ore agreements allowing stockpiles to build to 66koz at 1.6g/t, equating to $315m in latent revenue at spot. 

Exploration spend is set to rise to -$40-50m in FY26 from -$19m, reflecting the need to rebuild models following the Focus acquisition and to test Gwalia at depth, explains the broker.

Shaw raises its target price to $4.40 from $4.10 and maintains a Hold, High Risk rating.

Target price is $4.40 Current Price is $4.02 Difference: $0.38
If GMD meets the Shaw and Partners target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 15.3% (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

UBS rates GMD as Buy (1) -

Genesis Minerals reported underlying profit in line with guidance provided at the June quarter update.

FY26 guidance came earlier than expected and UBS has increased its FY26 production forecast by 10%, increased costs by 12% and increased capex plus exploration spend.

The increased production largely offsets the cost/capex increase and UBS' target is trimmed to $5.65 from $5.80, with the release of the probable staged expansion plans for both Leonora and Laverton in the second half remaining a material upcoming catalyst.

Buy retained.

Target price is $5.65 Current Price is $4.02 Difference: $1.63
If GMD meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $4.63, suggesting upside of 15.3% (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 GMG as Buy (1) -

Following a full review of Goodman Group's FY25 result, the broker cut EPS forecasts for FY26-27 on lower-than-expected development output. Still, the broker expects strong compounded annual growth of 10-11% in the next 3 years.

Buy rating and target price of $40 are unchanged. Short-term upside watch expires Oct 1.

Earlier Citi wrote:

Goodman Group's FY25 EPS growth of 9.8% was in line with consensus and slightly above forecast at first glance, with work in progress robust at $12.9bn. Data centre developments are up to 700MW from 500MW in the previous update.

A data centre partnership in Australia was launched, with another launch in Europe in FY26, and HK being prepared.

Development yield on cost was 7.5%, which is in line with the prior update.

FY26 guidance of 9% EPS growth is viewed as conservative and below the analyst's forecast by -3% and consensus by -2%.

Historically, the report reminds investors, guidance has been lifted through the fiscal year.

Target price is $40.00 Current Price is $33.90 Difference: $6.1
If GMG meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.9% (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 GMG as Neutral (3) -

Goodman Group's FY25 operating earnings rose 9.8%, ahead of guidance and broadly in line with consensus. FY26 guidance for growth of 9% is below consensus and Macquarie.

Management is confident development work-in-progress will be greater than $15bn with the addition of further data centre commencements. Data centres now comprise 57% of work-in-progress (WIP), with significant projects expected to commence by June-26.

Goodman has commenced the equity raise process for Australia (90MW data centre capacity) and Europe (425MW).

Goodman continues to look relatively attractive compared to large market-cap industrials, Macquarie suggests, however is still seen trading at fair value.

Target falls to $34.73 from $35.24, Neutral retained.

Target price is $34.73 Current Price is $33.90 Difference: $0.83
If GMG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.9% (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 GMG as Overweight (1) -

Goodman Group reported FY25 EPS of 118c and guides to 9% growth in FY26, implying 128.6c, in line with Morgan Stanley’s forecast and just below consensus.

Commencements totalled $4bn in FY25, yielding 9.2%, with Paris and LA data centres underway and 500MW targeted by June 2026.

The broker notes a new Australian partnership post year-end and expects European ventures in FY26.  Work in progress (WIP) eased to $12.9bn from $13.7bn but is expected to lift as new data centres are added.

The analysts see FY26 growth led by Development, with land transfers into ventures and 500MW of new projects driving earnings. While no contracts were secured in FY25, management remains confident of joint venture and customer deals in FY26. 

Overweight. Target $40.47. Industry View: In-Line.

Target price is $40.47 Current Price is $33.90 Difference: $6.57
If GMG meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.9% (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 GMG as Downgrade to Lighten from Hold (4) -

Ord Minnett notes Goodman Group's FY25 earnings was a modest beat vs its forecast, but EPS growth guidance for FY26 was lower than its expectation and the market.

Work in progress (WIP) declined to $12.9bn from $13.7bn in the June quarter, but is expected to rise to $15bn by end-FY26, with the broker noting the $2bn Artarmon data centre is not included in WIP.

Data centres accounted for 57% of WIP and 500MW of installed capacity is targeted by end-FY26, with work already begun on 300MW.

The broker lifted FFO forecasts for FY26 and FY27 by 0.5% and 0.8%, respectively.

Target unchanged at $32.50. Rating downgraded to Lighten from Hold on valuation grounds.

Target price is $32.50 Current Price is $33.90 Difference: minus $1.4 (current price is over target).
If GMG 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 $37.27, suggesting upside of 9.9% (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 GMG as Downgrade to Neutral from Buy (3) -

UBS raises its target price for Goodman Group to $36.63 from $36.00 and downgrades to Neutral from Buy following FY25 results.

The group reported operating EPS of 118c, in line with consensus and slightly ahead of UBS at 117.2c. FY26 guidance for 9% growth was a touch below consensus but is seen as conservative, with scope for upgrades through the year, suggests the broker.

The analysts highlight progress in data centre developments in Paris and LA, with 0.5GW targeted to be in production by the end of FY26, consistent with expectations.

Work in progress fell to $12.9bn from $13.7bn in March, occupancy eased to 96.5%, and rental reversion slowed to 15% from 24%.

UBS upgrades FY26-28 operating EPS forecasts by around 3% on higher performance fees, rebased operating costs and lower finance costs, partly offset by reduced outer-year development earnings.

Target price is $36.63 Current Price is $33.90 Difference: $2.73
If GMG meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $37.27, suggesting upside of 9.9% (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 GYG as Neutral (3) -

In a first read of Guzman y Gomez's FY25 result, UBS highlights underlying EBITDA came below consensus but beat its own forecast. 

Same-store sales growth update for the first seven weeks of FY26 was 3.7% y/y compared with the broker's forecast for 7.9% 1H26 growth and consensus positioned for 7.6%. 

FY26 EBITDA margin guidance was in line. The company also guided to higher US EBITDA losses in FY26 vs expectation.

FY25 network sales of $1.18bn compared with the broker's forecast of $1.19bn. 

Neutral. Target price $31.

Target price is $31.00 Current Price is $23.70 Difference: $7.3
If GYG meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $36.97, suggesting upside of 56.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates HLS as Neutral (3) -

Citi assesses Healius' FY25 result as consistent with its expectations. Underlying EBIT of $17.1m was close to the consensus of $17.5m.

Revenue was up 5.7%, and for FY26 the company guided to revenue growth in line with 2H25 which is around 5%. FY27 EBIT margin target of high single digit was maintained, though consensus is still at 4.2%.

Maintenance capex guidance for FY26 was similar to FY25 at -$16m. No final dividend was declared.

Neutral. Target price 85c.

Target price is $0.85 Current Price is $0.83 Difference: $0.02
If HLS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.87, suggesting upside of 4.8% (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

Macquarie rates HLS as Neutral (3) -

Healius' FY25 revenue was largely in line with expectations, albeit with the earnings margin contracting -250bps year on year, Macquarie notes. FY27 margin guidance of "high single digit" is reiterated, but Macquarie forecasts 5.3%, seeing ongoing headwinds.

Pathology volumes grew 2.4% in FY26 year to date, tracking below management's full-year revenue guidance of 5%. Medicare fee changes to implemented on July 1 are impacting volumes, the broker notes.

Significant cost out/efficiency gains are required to attain margins in the "high-single digit" range, Macquarie suggests. Along with Medicare there is further risk from the Fair Work Commissions findings, which the broker does not currently include in its forecast.

Target falls to 80c from $1.20, Neutral retained.

Target price is $0.80 Current Price is $0.83 Difference: minus $0.03 (current price is over target).
If HLS meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.87, suggesting upside of 4.8% (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 HSN as Overweight (1) -

Hansen Technologies delivered a FY25 result in line with Morgan Stanley's expectations. Revenue rose by 11% and earnings (EBITDA) up 21%, boosted by a full-year contribution from Powercloud, explain the analysts.

As the result was largely pre-announced, the broker explains investor focus centred on the outlook.

Management has shifted to medium-term targets of 5-7% annual revenue growth and earnings (EBITDA) margins of 30% or more. These targets are slightly ahead of the broker's base case forecasts and viewed as achievable.

With modest debt and a strong track record of accretive acquisitions, the company is seen as well placed to deliver compounding free cash flow growth.

Morgan Stanley raises its target price to $6.60 from $6.00 and retains an Overweight rating. Industry view is Attractive.

Target price is $6.60 Current Price is $5.60 Difference: $1
If HSN meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.03, suggesting upside of 25.4% (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

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

Insignia Financial’s FY25 underlying profit beat Morgan Stanley and consensus by 3-4% on stronger revenues and revenue margins.

Group earnings (EBITDA) of $453m were 3% ahead of the broker's forecasts, led by Asset Management at $118m versus $110m expected and Advice at $47m versus $43m. Platform earnings were $401m, only slightly above the expected $397m.

No final dividend was declared under the scheme (Brookfield’s proposed acquisition), with a special dividend possible if the scheme is not effective by July 2026. Management doesn't expect material franking credits until FY27.

FY26 revenue margin guidance of 40.5-41.5bps is broadly consistent with the broker's forecasts but below FY25’s 43.5bps. Costs are expected at around -$965m, above consensus of -$935m, creating a modest headwind.

Equal-weight rating. Target $4.80. Industry View: In-Line.

Target price is $4.80 Current Price is $4.50 Difference: $0.3
If IFL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.80, suggesting upside of 6.7% (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 ING as Neutral (3) -

Macquarie's initial assessment is Inghams Group has reported FY25 financials near the bottom of management's guidance, and then issued guidance some -11% below consensus.

The broker notes momentum has stalled in the Australian business, with pricing pressure flagged in FY26, amid persisting cost pressures.

The New Zealand business is identified as a bright spot, but the conclusion drawn is it won't compensate for the sluggish performance in Australia.

Macquarie believes underlying EBITDA (pre-AASB16) for the Australian business of $183.7m missed consensus by -5%.

Target $3.70. Neutral.

Target price is $3.70 Current Price is $2.83 Difference: $0.87
If ING meets the Macquarie target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

UBS rates ING as Neutral (3) -

The key message from Inghams Group' FY25 result was the worst fears about the company having to sell volumes lost from the Woolworths ((WOW)) contract at lower realised prices/margins has come to pass.

That's UBS' snapshot reaction to the result which missed expectations, along with a big miss in FY26 EBITDA guidance (-11% below consensus).

Australian FY25 EBITDA was down -3% to $184m, missing the consensus by -5%. Poultry volumes fell -3% y/y and net selling prices were flat. 

In NZ, the EBITDA marginally exceeded consensus, with poultry volumes up 5% y/y and net selling price 3% higher.

Neutral. Target price $3.65.

Target price is $3.65 Current Price is $2.83 Difference: $0.82
If ING meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.63, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates IPH as Outperform (1) -

IPH Ltd's FY25 missed the mark by some -6% and Macquarie notes like-for-like growth was negative across all regions. Commentary suggests cost cutting will prove an important feature in FY26.

Macquarie sees Canadian activity and Asian filings picking up; both should be beneficial for FY26 earnings.

Target price falls to $5.55 (down by -18%) on reduced forecasts, also impacted by expenditure taken below the line in FY26. Outperform rating retained.

Target price is $5.55 Current Price is $4.59 Difference: $0.96
If IPH meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 35.6% (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

Morgans rates IPH as Buy (1) -

Morgans notes IPH Ltd reported FY25 revenue growth of 16.5% and earnings (EBITDA) up 6%, but a decline in margin of -290bps to 29.2%.

Adjusting for one-offs, revenue fell and earnings (EBITDA) declined -3.9%, with underlying earnings (EBITDA) missing expectations by -1%. Net profit after tax missed by -4%.

Australian filings fell -9% versus the market down -1.7%. IPH stated market share was stable for higher-value international filers. Canada was impacted by CIPO systems issues, while Asian filings rose.

Morgans makes minor changes to earnings (EBITDA) forecasts.

Target lowered to $6.05 from $6.30. No change to Buy rating.

Target price is $6.05 Current Price is $4.59 Difference: $1.46
If IPH meets the Morgans target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 35.6% (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 IPH as Buy (1) -

IPH Ltd delivered a softer second half of FY25, with earnings (EBITDA) coming in -3% shy of the UBS forecast and like-for-like revenue down in A&NZ and Asia  by -2% and -1%, respectively.

The broker's expectations of an Asian rebound and cost-out benefits disappointed, though guidance for savings of $8-10m in FY26 partly offset weaker revenues. The broker's profit forecasts are cut by between -4-7%, but buybacks limit the EPS impact.

In A&NZ, filing volumes fell -10% against market growth of 1%, with UBS noting weaker US PCT filings as a lead indicator. In Asia, strong filing growth has yet to flow into examination and renewal revenue, with the broker forecasting just 2% growth in FY26.

UBS lowers its target to $6.30 from $6.75 on reduced free cash flow forecasts but maintains a Buy rating, citing the -20% share price reaction to FY25 results.

Target price is $6.30 Current Price is $4.59 Difference: $1.71
If IPH meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.23, suggesting upside of 35.6% (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

Morgans rates MAF as Accumulate (2) -

Morgans points to a slight miss for MA Financial’s 1H25 net profit after tax, while earnings (EBITDA) met expectations, but overall a “solid” result. The trajectory of the MA Money Franchise is noted as a key positive.

Management pointed to material growth in EPS over 2H25 and expects the group to achieve strong future earnings growth.

Asset management net flows were $182m in the first seven weeks of 2H25, and MA Financial is currently conducting due diligence exclusively on $1bn of real estate assets.

The analyst believes the group will achieve nearly all of its FY26 targets, lowering 2025 EPS forecasts by -2% but lifting 2026 EPS by 1%.

Target raised to $10.23 from $8.80. No change in Accumulate rating.

Target price is $10.23 Current Price is $9.22 Difference: $1.01
If MAF meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates MAF as Buy (1) -

Upon further consideration, UBS expresses its confidence in MA Financial's trajectory towards FY26 guidance. Price target increases to $10.55 from $9.20.

Buy retained on largely minimal amendments to forecasts.

Yesterday's response:

An early assessment by UBS of today's 1H result by MA Financial shows revenue of $163m, up by 21% year-on-year, versus the broker’s $157m forecast.

Earnings (EBITDA) of $48m and profit of $23m were also ahead of the analysts' forecasts, while normalised EPS of 14.0cps beat by 12%.

Asset management is the main driver, according to UBS, with funds under management (FUM) of $12.7bn, 20% ahead of the broker's estimate, supported by $1.5bn of gross inflows.

Lending momentum was also strong, with MA Money’s loan book up 134% to $3.3bn and Finsure managed loans up 28% to $155bn, highlight the analysts. Corporate Advisory & Equities earnings of $7.3m also exceeded expectations.

Management's targets include group earnings margins of 40%, FUM growth to $15bn in FY26, and MA Money delivering $15-20m profit in FY26.

A 6.0c interim dividend was declared.

Target $9.20. Buy.

Target price is $10.55 Current Price is $9.22 Difference: $1.33
If MAF meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates MGH as Outperform (1) -

Upon further consideration, Macquarie has retained its Outperform rating and increased its price target for Maas Group to $5.10 from $4.95.

Broader sector strength and management executing well is expected to see the stock continuing to re-rate.

Yesterday's response:

In a flash note, Macquarie notes Maas Group's FY25 underlying EBITDA came in at the low end of guidance but beat its forecast by 1.8%, while meeting the consensus.

Capital recyling proceeds of $107.6m was ahead of $100m guidance, and importantly, $14m proceeds were received so far this year, pointing to a strong FY26 start.

In terms of divisional performance, Civil, Mining and Infrastructure saw strong revenue growth, with underlying EBITDA margin also improving 10bps. Real Estate also saw underlying margin growth of 600bps while Construction, Civil and Hire saw a -690bps decline.

No quantitative guidance was provided for FY26 but the broker states continued solid revenue and profit growth was signalled.

Outperform. Target price $4.95.

Target price is $5.10 Current Price is $4.45 Difference: $0.65
If MGH meets the Macquarie target it will return approximately 15% (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 MGH as Buy (1) -

Despite a weak contribution from Civil Construction & Hire, where earnings (EBITDA) fell -35% on the prior year, Maas Group achieved in-line FY25 results, meeting Morgans and consensus expectations.

Residential lots are anticipated to grow over FY26, with the company targeting 250 lots, while Civil Construction & Hire is expected to return to FY24 levels, with recent acquisitions adding an estimated $24–$26m to earnings.

Morgans lifts its earnings (EBITDA) forecasts by 7% for FY26 and 3% for FY27.

No change in Buy rating, with exposure to infrastructure expected to underpin job creation and housing demand. Target lifts 12% to $5.45.

Target price is $5.45 Current Price is $4.45 Difference: $1
If MGH meets the Morgans target it will return approximately 22% (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 MP1 as Neutral (3) -

Following a full review of Megaport's FY25 result, Citi cut FY26 EBITDA forecast by -19% and FY27 by -15% on higher investment expenses. The broker maintained the guidance is likely conservative, and sees material EBITDA margin expansion from FY28 onwards.

Target cut to $15.45 from $15.95. Neutral retained.

Earlier the broker noted Megaport's FY25 reported EBITDA exceeded its forecast by 1% on stronger revenue, and FY26 revenue guidance was also a beat. EBITDA guidance, however, was a big miss on higher investment expenses.

The positives in the result included strong customer growth in 2H, highest since 1H22, new products making up 25% of annual recurring revenue growth and operating cash flow beating the broker's forecast by 6%.

On the negative front was net port adds coming in -1% below estimates, higher D&A expenses and higher share-based payments.

FY26 EBITDA guidance is -25% below the broker's forecast and capex of $50m compares with the consensus of $31m.

Target price is $15.95 Current Price is $14.20 Difference: $1.75
If MP1 meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 2.8% (ex-dividends)

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

Macquarie rates MP1 as Outperform (1) -

Megaport reported stable net recurring revenue of 107%, Macquarie notes, with 24% of annual recurring revenue growth driven by product innovation, product road map expands with internal target of one release per month.

Although new customer logo growth validates recent go-to-market investment, the broker suggests, reinvestment for US growth is large.

Accelerating sales growth in FY26 is critical, Macquarie believes. Outer year numbers reflect a conservative view on continued reinvestment.

The top line is stabilised, with new customer logo growth a strong positive signal. Although not out of the woods yet, Macquarie thinks there is validation for reinvestment in growth, and a long product road map to support this growth.

Outperform retained, target rises to $16.90 from $14.30.

Target price is $16.90 Current Price is $14.20 Difference: $2.7
If MP1 meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 2.8% (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

Morgan Stanley rates MP1 as Equal-weight (3) -

Megaport exceeded Morgan Stanley's FY25 KPI expectations with annual recurring revenue (ARR) of $244m, up 20% year-on-year and 3% ahead of consensus. ARR growth was supported by 21% growth in large customers and higher ARR per customer.

FY26 earnings margin guidance has been cut to 19% from 27% in FY25, notes the broker, as go-to-market and network costs rise faster than expected. Net revenue retention of 107% was below expectations and trails global peers at over 115%, explain the analysts.

The broker revises its ARR forecasts higher but highlights near-term pressure on return on investment (ROI) and elevated execution risk.

Peers like WiseTech Global ((WTC)) and Xero ((XRO)) trade on lower multiples with faster growth, point out the analysts.

Morgan Stanley lowers its target price to $11 from $11.10 and retains an Equal-weight rating. Industry View: Attractive.

Target price is $11.00 Current Price is $14.20 Difference: minus $3.2 (current price is over target).
If MP1 meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.59, suggesting upside of 2.8% (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 MP1 as Accumulate (2) -

Adjusting for currency gains, Megaport’s FY25 results met expectations, with Morgans highlighting an acceleration in revenue and annual recurring revenue growth into year-end as a positive.

FY26 guidance, excluding “accelerated investment,” would have been 10% above consensus expectations. Management has opted to invest a further 10% of revenue into sales, marketing, and engineering, equating to around -$27m in opex and circa -$20m of capex into new products.

Both are strategically aimed at increasing the company’s competitive advantage and moat.

Higher investment spending drives earnings (EBITDA) lower in the short term but increases valuation, as returns on additional spend are high, the analyst estimates.

Target rises to $16.50 from $15.50. No change to Accumulate rating.

Target price is $16.50 Current Price is $14.20 Difference: $2.3
If MP1 meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 2.8% (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

UBS rates MP1 as Neutral (3) -

Megaport reported some impressive metrics and initiatives around filling the top of the sales funnel, UBS suggests. Given the scope of the opportunity, management is doubling down, with a 50% uplift in opex flagged for FY26 to drive incremental sales and products.

UBS understands the strategic rationale. The small issue for the broker was again the lack of net recurring revenue reacceleration.

Given the strength in revenue from new products, UBS would have expected at least some shift, albeit recognising that a reasonable portion of this looks skewed to new customers.

UBS likes the cloud/AI structural thematics, and walks away more positive on the medium to long term, but wants to do more work around the scope and timing of the benefit, combined with the operational leverage available further out.

Neutral. Target rises to $15.70 from $12.00.

Target price is $15.70 Current Price is $14.20 Difference: $1.5
If MP1 meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $14.59, suggesting upside of 2.8% (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 MVP as Speculative Buy (1) -

Medical Developments International's FY25 revenue grew circa 17.8% on the prior year, in line with Bell Potter's forecast, with Penthrox achieving better than expected results, up 23% annually, while Respiratory was lower than anticipated, up 8.5%.

Underlying earnings (EBITDA) came in at double the forecast, with net profit after tax reaching breakeven versus an expected net loss of -$1.5m. As suggested at the 4Q update, improved pricing and efficiency supported the beat.

Australian hospital volumes grew circa 43%, with initiatives boosting Penthrox sales. European demand rose 15% on the prior year.

Bell Potter forecasts underlying negative earnings (EBITDA) of over -$2m from FY25, resulting in a negative change in estimates of -$4.6m. The analyst stresses this is a "pivotal" time for the company to build on fundamentals.

Speculative Buy. Target slips to 80c from 81c.

Target price is $0.80 Current Price is $0.62 Difference: $0.18
If MVP meets the Bell Potter 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

Citi rates NSR as Buy (1) -

Following full review of National Storage REIT's FY25 result, Citi left FY26 forecasts unchanged but raised FY27 underlying EPS estimate on higher vacancy and fees from third party agreements.

Target price rises to $2.80 from $2.70. Buy maintained.

The broker has a 90-day upside catalyst watch on the stock expiring September 10.

In a first take, Citi noted:

National Storage REIT's FY25 underlying EPS of 11.9c met its forecast and the consensus. 

Core portfolio occupancy improvement was driven by 2.5% rate growth and overall REVPAM growth of 1%.

FY26 guidance for underlying EPS of 12.4c is in line with consensus and the broker's forecast.

Buy. Target price $2.70.

Target price is $2.80 Current Price is $2.50 Difference: $0.3
If NSR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 1.3% (ex-dividends)

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 NST as Neutral (3) -

Citi observes Northern Star Resources' FY25 resut was in line with expectations, with FY26 guidance on D&A and cash among the new news.

FY25 cash guidance was a wide range of $700-835m, given uncertainty on the gold price. The guidance on D&A of $875-975/oz was well over the consensus of $807/oz, leading to a cut to the broker's FY26-28 EPS forecasts by -3-5%.

The broker expects first gold from Hemi project in 4Q29, following final investment decision in mid-2026 after state, federal and other approvals. 

No change to $18 target price. Neutral retained.

Target price is $18.00 Current Price is $18.06 Difference: minus $0.06 (current price is over target).
If NST meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.28, suggesting upside of 12.3% (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 NST as Outperform (1) -

There were no surprises in Northern Star Resources' result, Macquarie notes, with earnings and profit only slightly below expectations. The dividend beat expectations by 9%. Net debt was softer than the broker expected due to a lift in lease liabilities.

Northern Star retained FY26 operational guidance with gold sales guidance of 1,700-1,850koz, cost guidance of -$2,300-2,700/oz and total growth capex of -$2,125-2,270m.

Importantly, Macquarie suggests, Kalgoorlie Consolidated Gold Mines expansion remains on track. Target falls to $24 from $25 after pushing Hemi schedule back by six months. Outperform retained.

Target price is $24.00 Current Price is $18.06 Difference: $5.94
If NST meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $20.28, suggesting upside of 12.3% (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

Morgans rates NST as Buy (1) -

Record gold prices helped Northern Star Resources achieve a “solid” FY25 result with record revenue. Underlying earnings (EBITDA) lifted 60% on the prior year, beating Morgans and consensus forecasts by 6% and 1%, respectively.

FY26 guidance was provided at the 4Q25 update. Morgans sees steady production with higher unit costs due to ongoing elevated capex, inflationary pressures, and increased royalty payments. Record gold prices are expected to maintain healthy margins, with earnings (EBITDA) forecast at circa 49%.

No change to Buy rating and $21 target.

Target price is $21.00 Current Price is $18.06 Difference: $2.94
If NST meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $20.28, suggesting upside of 12.3% (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

Ord Minnett rates NST as Hold (3) -

Northern Star Resources' FY25 underlying EBITDA and adjusted net profit were in line with expectations following detailed disclosure at the 4Q25 quarterly.

Ord Minnett notes the final dividend of 30c was 5c higher than expected but no further buyback was announced after completion of $300m.

The company guided to a slow start to FY26 production due to mill shutdowns but the broker is forecasting a strong recovery thereafter to deliver 1750koz vs the 1700-1850koz guidance. If this is achieved, the broker is eyeing 2000koz in FY27, aided by KCGM expansion.

Hold retained. Target rises to $17.80 from $17.30.

Target price is $17.80 Current Price is $18.06 Difference: minus $0.26 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.28, suggesting upside of 12.3% (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 NST as Neutral (3) -

Neutral rating and $19.95 price target retained with UBS arguing FY25 financials had been well-communicated beforehand.

The gold miner is staring towards a year of (relative) lack of free cash flow, the broker highlights, and growth in FY27 is dependent on KCGM expansion.

Hemi might be up and running and contributing from FY29, the broker suggests.

UBS recently raised its long-term gold price forecast of US$2,800/oz) alongside long-term AUDUSD of 0.70.

Target price is $19.95 Current Price is $18.06 Difference: $1.89
If NST meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.28, suggesting upside of 12.3% (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 NWH as Buy (1) -

The highlight of NRW Holdings' FY25 result for Citi was the jump in margin for the contracting and services operating business (METS), up 260bps in 2H due to outperformance in RCR MT and DIAB Engineering businesses.

The broker is now forecasting 7.4% margin for METS over the forecast period. In the case of Mining division, weather weighed on 2H margins, especially in Queensland.

While FY26 is expected to see gradual margin normalisation in Mining, the broker is estimating only 40-50bps increase, below historical highs but with upside risk.

FY26 revenue guidance is $3.4bn but 88% of that is already secured, making the broker optimistic it will be fully covered by 1H. Another year of progressive upgrades is a possibility, the broker highlights.

Target lifted to $4.05 from $3.65. Buy retained. 

Target price is $4.05 Current Price is $3.81 Difference: $0.24
If NWH meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting downside of -2.9% (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 NWH as Buy (1) -

Adverse weather impacted NRW Holdings’ mining division in FY25, with Civil and Minerals, Energy & Technology (MET) each achieving over 50% growth in earnings (EBITDA) for FY25, which Morgans views as a “solid” overall result.

Some question marks are flagged over the 2H margin for MET, but the company remains well set up going into FY26. Mining should benefit from a return to improved weather conditions and a ramp-up at Mungari, along with expanded works at South Walker Creek.

Civil is expected to be deployed to Rio Tinto’s ((RIO)) capex program in 2026/2027.

Morgans highlights the main risk to earnings as the cessation of a coal mining contract, Baralaba, worth $150m pa, though guidance is viewed as conservative enough.

The analyst lifts net profit after tax forecasts by 8% and 10% for FY26 and FY27. No change to Buy rating. Target set at $4.20 from $3.40.

Target price is $4.20 Current Price is $3.81 Difference: $0.39
If NWH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting downside of -2.9% (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 NWL as Hold (3) -

Netwealth Group reported FY25 revenue and earnings (EBITDA) in line with Bell Potter's forecast and slightly below consensus, with transaction and administration fee revenues a marginal miss.

Expense growth on 2H implied annual growth of 21%, meaning costs were higher than anticipated, but increased revenue sustained earnings (EBITDA) margins. The company finished with $148.5m in cash, up from $126.7m in FY24.

FY26 guidance was qualitative, with total operating expense growth expected to be in line with FY25 and funds under administration of $118.5bn as at Aug 18. FY26 net flows are expected to be around FY25 levels of up $15.8bn, with some timing differences.

Bell Potter notes some leading indicators are mixed at a time when the stock reflects prior years’ valuations when flows accelerated. A possible de-rating is flagged in the absence of a shift in advisers or a downturn.

Hold rating unchanged. Target slips to $34 from $34.50.

Target price is $34.00 Current Price is $36.22 Difference: minus $2.22 (current price is over target).
If NWL meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.11, suggesting downside of -8.6% (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

Citi rates NWL as Neutral (3) -

Citi has added a 90-day upside catalyst watch on Netwealth Group expiring Nov 20, expecting upgrade to FY26 net flows at the 1Q26 trading update (likely Oct 16).

In the first take of FY25 result, the broker wrote:

Citi sees potential for Netwealth Group's shares to underperform after FY25 net profit missed consensus by -1%, and EBITDA missed by -1% vs consensus and -2% vs the broker's forecast.

The key positive was strong start to FY26, implying $2.6bn in net flows until August 18. Revenue margin in 2H25 was better than forecast, adviser numbers increased and operating cash flow plus dividend was stronger than expected.

Negatives included a miss on admin fees vs the broker's forecast, higher D&A and potential costs for First Guardian.

The broker will be looking for split between market movement and net flows in the call.

Neutral. Target price $33.65.

Target price is $33.65 Current Price is $36.22 Difference: minus $2.57 (current price is over target).
If NWL 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 $33.11, suggesting downside of -8.6% (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 NWL as Neutral (3) -

Netwealth Group reported FY25 earnings per share roughly in line. FY26 net flow and cost guidance has led Macquarie to lower FY26-28 EPS forecasts by -1-2%.

Platform funds under management as at 18-Aug of were already ahead of September consensus, with net inflows over the first seven weeks 20% ahead of FY26 net flow guidance, suggesting to the broker potential upside risk should momentum continue.

FY26 cost growth is guided at in line with FY25. Despite a robust outlook, Macquarie retains a Neutral rating given a demanding PE multiple. Target rises to $33.85 from $33.35.

Target price is $33.85 Current Price is $36.22 Difference: minus $2.37 (current price is over target).
If NWL meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.11, suggesting downside of -8.6% (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 NWL as Overweight (1) -

Netwealth Group delivered FY25 revenue of $324m, up 27% year-on-year and in line with consensus, while earnings (EBITDA) rose 31% to $163.5m, just below Morgan Stanley's forecast.

EPS increased 39% to 47.5c, supported by a lower tax rate, explains the broker, while cash flow conversion was strong at 103% and net cash lifted to $149m.

Funds under administration (FUA) rose 28% to $112.8bn, with accounts up 13% to 162,200 and intermediaries up 6% to 4,000. Net inflows of $5.7bn have already taken FUA to $118.5bn by August, in a strong start to FY26, notes the broker.

The analysts expect net inflows in FY26 to remain consistent with FY25, while reinvestment in software and discretionary opex will weigh on margins. 

Target $41.50. Overweight rating. Industry View: In-Line. 

Target price is $41.50 Current Price is $36.22 Difference: $5.28
If NWL meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $33.11, suggesting downside of -8.6% (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 NWL as Hold (3) -

Morgans views Netwealth Group’s FY25 result as below expectations due to 2H cost growth, though the underlying business remains strong, with net profit after tax advancing 40% on the prior year.

Platform growth in 2H25 was 10%, slightly lower than FUA growth of circa 11.5% on average, with some marginal revenue pressure of -0.5bps. Strong trading revenue supported overall revenue growth.

FY26 guidance is for net inflows to “not differ materially” from the $15.8bn achieved in FY25, while opex is expected at around -$30m.

Morgans lowers its net profit after tax forecasts by -5% for FY26 and -1.7% for FY27.

No change to Hold rating. Target rises to $35.48 from $31.

Target price is $35.48 Current Price is $36.22 Difference: minus $0.74 (current price is over target).
If NWL meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.11, suggesting downside of -8.6% (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 NWL as Sell (5) -

Ord Minnett observes Netwealth Group's FY25 earnings met its forecast and the consensus on revenue boost from higher trading activity and improved yield on cash balances.

FY26 guidance for expenses was higher than estimated but this is expected to be mostly offset by strong funds flow momentum.

The broker trimmed FY26 EPS forecast by -0.1% and FY27 by -0.5%.

Sell. Target price $18.30.

Target price is $18.30 Current Price is $36.22 Difference: minus $17.92 (current price is over target).
If NWL meets the Ord Minnett target it will return approximately minus 49% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.11, suggesting downside of -8.6% (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

UBS rates NWL as Neutral (3) -

Upon further analysis, UBS has retained its Neutral rating and $35 price target. While the longer-term growth trajectory is seen as beneficial, shorter-term higher costs remain a feature.

As the broker can see margins dip below 50% in FY26, before improving, the sector preference resides with Hub24 ((HUB)).

Earnings estimates have been lowered.

Yesterday's response:

In UBS' first take, today's FY25 result by Netwealth Group was slightly softer-than-expected due to higher costs, with profit down -40% year-on-year to $117m, -1% below forecasts by the broker and consensus.

Revenue grew 27% to $324m, in line with the broker's forecast, while earnings (EBITDA) of $164m missed by -1% and underlying EPS of 47.6c was marginally below estimates.

A final dividend of 21c was declared, ahead of both UBS and consensus.

The broker highlights platform revenue rose 27% to $316m, with margins easing -10bps to 31.5bps. Operating expenses increased/worsened by -23% to $161m, broadly in line with its forecast, with employee costs up 20% to $109m.

The earnings margin of 50.4% was slightly below the analysts' expectation for around 51%.

FY26 guidance points to flat flows at $15.4bn, well below consensus of $16.5bn, highlights UBS, alongside higher-than-expected opex growth of around -19% to $191m. The broker sees margin pressure despite operating leverage being evident in FY25.

Target $35.00. Neutral.

Target price is $35.00 Current Price is $36.22 Difference: minus $1.22 (current price is over target).
If NWL 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 $33.11, suggesting downside of -8.6% (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 OCL as Hold (3) -

Objective Corp reported an in-line FY25 result, according to Morgans, with net profit after tax up 13% on the prior year, meeting consensus.

Underlying earnings (EBITDA) missed the analyst’s forecast by -3%, but positively the company achieved its annual recurring revenue target of 15% growth and confirmed a similar target for FY26.

The US Nexus conversion appears to be progressing well, with three customer logos added in 2H25 for a total of 20 customers. Objective also signed the Scottish Government for migration, a top-five ECM customer with over 18,500 users.

Morgans tweaks net profit after tax forecasts around 1% higher for FY26/FY27.

Hold rating retained. Target raised to $22.90 from $20.50.

Target price is $22.90 Current Price is $21.60 Difference: $1.3
If OCL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting downside of -3.1% (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

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

Objective Corp delivered FY25 annual recurring revenue (ARR) of $120m, up 15.1% year-on-year, in line with guidance and symbolically important given recent shortfalls, suggests Shaw and Partners.

Revenue of $120m rose 5% but was below the broker's forecasts, while adjusted earnings of $46.5m rose 5% with margins of 39%.

Cash EBITDA of $27.2m grew 1%, missing the analysts' expectations due to lower non-recurring revenue, while free cash flow of $27.6m exceeded forecasts. The company closed FY25 with $99m cash and no debt.

Shaw notes multiple demand drivers underpin a sustainable 15% ARR growth outlook, including Nexus, Objective Intelligence/360, Build, and Regworks.

Management expects profit growth to outpace ARR growth in FY26. The broker highlights -$135m invested in R&D over the past five years and increased distribution capability, supporting growth.

Target price rises to $23.90 from $15.50 and the Buy, High Risk rating remains.

Target price is $23.90 Current Price is $21.60 Difference: $2.3
If OCL meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting downside of -3.1% (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 PPM as Upgrade to Buy from Neutral (1) -

Pepper Money's 1H25 result showed earnings recovery is on track, Citi highlights, with FY25 set to deliver positive EPS growth for the first time in four years. A special dividend of 12.5c was declared.

New mortgage flows rose 55% y/y to $2.8bn and further growth is expected from strong 1H applications, up 30% y/y. Group margin eased -5bps to 1.98% as the lender focused on volume growth from lower-margin prime mortgages.

The broker expects margin to improve to 2% based on higher 1H exit rate of over 2.05% and lower wholesale funding costs. Bad debts fell -2% y/y and while the broker expects arrears to rise, net losses are expected to be minimal.

Target lifted to $2.40 from $1.75. Rating upgraded to Buy from Neutral.

Target price is $2.40 Current Price is $2.13 Difference: $0.27
If PPM meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates PPM as Neutral (3) -

Pepper Money delivered an earnings beat in the first half, driven by stronger originations and gains from whole loan sales, Macquarie notes, but partially offset by softer margins, impacted by a mix shift towards prime mortgages.

Originations were key, with mortgage originations up 22% half on half and asset finance originations up 13%. While funding margins continue to be supportive, competition has shifted from the banks to the non-banks, and remains intense between non-bank lenders.

As a result, Macquarie expects this to put pressure on the overall margin and earnings recovery. Trading at 1.2x price to book, the broker thinks the valuation is appropriate. Neutral. Target rises to $1.85 from $1.70.

Target price is $1.85 Current Price is $2.13 Difference: minus $0.28 (current price is over target).
If PPM meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates PWR as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley raises its target for Peter Warren Automotive to $2.30 from $1.40 and upgrades to Overweight from Equal-weight. Industry View: In-Line.

The key positive from FY25 is considered gross margin stabilisation during a tough period for new vehicle sales.

The company delivered a pre-guided FY25 result, with gross margin steady at 16.1% after three halves of stability, following prior rebasing from 21% in 2H22, explains Morgan Stanley.

The result is considered encouraging given a softer backdrop for new vehicle sales.

Costs were well managed, suggest the analysts, with operating expenses and interest charges both lower half-on-half, while cash conversion was strong at 86%. Net corporate debt fell to $46.7m from $60.7m a year earlier and $83.8m in 1H25.

Strategically, the broker highlights faster progress in reshaping the brand portfolio, cost discipline, and a shift toward higher-margin revenue.

No formal guidance was given, but management expects earnings growth, with a focus on back-end and finance & insurance.

Target price is $2.30 Current Price is $1.95 Difference: $0.35
If PWR meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (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 PWR as Hold (3) -

Ord Minnett says the highlight of Peter Warren Automotive's FY25 result was the stabilisation of gross margin at 16.1% in 2H, which was consistent with 1H, though lower than FY24.

Opex saw a reduction of -$5m in 2H vs 1H, and EBITDA benefitted from revenue mix and improved new car inventory levels. Profit before tax margin improved to 1.2% in 2H from 0.6% in 1H.

The broker expects FY26 profit before tax to rise to $30m from $22.3m in FY25. EBITDA forecasts lifted by 11-14% over the forecast period.

Target price rises to $2.00 from $1.70. Hold maintained.

Target price is $2.00 Current Price is $1.95 Difference: $0.05
If PWR meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $2.02, suggesting upside of 3.4% (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 QUB as Equal-weight (3) -

Qube Holdings delivered FY25 earnings (EBITDA) of $616m, up 15% year-on-year but just shy of Morgan Stanley's forecast, with profit of $288m in line.

Capex jumped by 33% to -$842m, net debt rose to $1.6bn, and a 5.7c final dividend took the full-year payout to 9.8c.

Morgan Stanley sees FY26 growth led by Logistics & Infrastructure from MIRRAT and agriculture, offset by weaker autos, while Ports and Bulk gain from energy and industrial work despite customer losses.

MIRRAT stands for Melbourne International RoRo & Automotive Terminal - Australia’s first dedicated roll-on/roll-off (RoRo) automotive terminal.

Capex is guided at -$600-650m, partly offset by asset sales, explain the analysts.

Target $4.20. Equal-weight. Industry View: In-line.

Target price is $4.20 Current Price is $4.30 Difference: minus $0.1 (current price is over target).
If QUB meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.49, suggesting upside of 4.5% (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

Ord Minnett rates QUB as Accumulate (2) -

Ord Minnett notes Qube Holdings' FY25 net profit was up 6% y/y to $288m, meeting expectations and in line with the guidance.

The company signalled more investment, aided by $1bn of balance sheet liquidity and free cash flow from 50%-owned Patrick terminals.

Guidance for FY26 net profit and EPS were moderated, and the broker attributes it to near-term loss of a BHP Group ((BHP)) contract, higher losses from MITCO JV and capex related interest costs.

The broker sees upside risk from growth options, noting capex guidance includes at least -$350m growth capital into new projects and M&A.

Accumulate. Target lifted to $4.52 from $4.30 on roll-forward.

Target price is $4.52 Current Price is $4.30 Difference: $0.22
If QUB meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 4.5% (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 QUB as Neutral (3) -

Qube Holdings' FY25 result was broadly in line with UBS, with profit (NPATA) and adjusted  EPS rising by 6%, matching guidance and the broker but slightly below consensus.

Group earnings (EBITA) rose 18.5%, driven by stronger Logistics and a 6% beat at Patrick, explains the analyst, offset by weaker Ports & Bulk and higher corporate costs.

A 9.8c fully franked dividend was 7% above the broker's forecast.

Guidance for "solid" FY26 growth underpins UBS’s 12-13% profit and adjusted EPS forecasts. The analyst explains key drivers include recent acquisitions, -$380m in growth capex and M&A, $120-140m in asset sales, and a rebound in Patrick.

Softer bulk earnings provide a partial offset.

UBS keeps a Neutral rating, citing strong assets and strategy but limited valuation upside. The target price rises to $4.60 from $4.50.

Target price is $4.60 Current Price is $4.30 Difference: $0.3
If QUB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 4.5% (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

Morgan Stanley rates RDX as Overweight (1) -

Redox’s FY25 result came in better than Morgan Stanley's recently revised expectations and broadly in line with post-February resets.

A straightforward result highlighted a resilient growth profile, competitive positioning, and optionality from acquisitions, suggest the analysts.

Revenue was $1,244m, up 9% year-on-year, with A&NZ growing 10% and US revenue down -3.6% due to second-half tariff disruptions, explain the analysts.

Gross margin of 21.6% was flat half-on-half, providing confidence to the broker the product mix has normalised.

Operating costs were well managed, in the broker's view. Profit of $80.1m came in slightly ahead of the $75.3m consensus. Free cash flow conversion improved to 41% from 20% in the first half, while net cash ended at $124m.

The broker highlights the absence of formal guidance but sees resilience in the result and a focus on strategic initiatives including M&A.

Overweight rating retained. Target price rises to $3.50 from $3.40. Industry view: In-Line.

Target price is $3.50 Current Price is $2.65 Difference: $0.85
If RDX meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 26.5% (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 RDX as Accumulate (2) -

Ord Minnett describes Redox's FY25 result as solid, broadly meeting its expectations after catching up from from a slower start in 1H.

The broker reckons the company is in a strong position to pursue organic investments and acquisitions, given $124m cash balance and no net debt.

The company made a strong start to FY26, with July sales and volumes growth of 13% vs average of 8% for the July month. The broker lifted revenue forecasts, and raised FY26 EBITDAFX forecast by 3.9% and FY27 by 3.7%.

Accumulate. Target lifted to $3.16 from $2.68.

Target price is $3.16 Current Price is $2.65 Difference: $0.51
If RDX meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 26.5% (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 RDX as Buy (1) -

Redox's FY25 result was stronger-than-anticipated by UBS, with resilient margins and lower costs offsetting softer volume growth.

Revenue rose 9% to $1.24bn, while adjusted earnings (EBITDA) of $122m and profit of $80m beating the broker's forecasts by 6% and 7%, respectively.

Operating cash flow reached $48m and the dividend of 12.5cps came in ahead of the analyst's expectation.

Management highlighted a rebound in trading with July revenue up 13% year-on-year, underpinned by M&A contributions, and expects conditions to normalise in FY26 with margins now sustainable.

While the broker forecasts growth below historical trends in FY26, an acceleration is expected in FY27. M&A remains a focus, with a shift towards US opportunities supported by a strong balance sheet.

The target rises to $3.40 from $3.25. Buy retained. 

Target price is $3.40 Current Price is $2.65 Difference: $0.75
If RDX meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 26.5% (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 RIC as No Rating (-1) -

Ridley Corp's second half earnings were broadly in line with consensus expectations. Ridley had provided a soft qualitative trading update in April, which was impacted by the avian flu and Cyclone Alfred, UBS notes.

In FY26, UBS  expects earnings growth in Ingredients from continued premiumisation in petfoods, stockfeeds from volume growth and fertiliser contribution with initial efficiency gains.

An FY26-28 Growth Plan is to be presented once acquisition strategy/plan is complete.

UBS is currently on research restriction.

Current Price is $3.04. Target price not assessed.

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

Citi rates RRL as Sell (5) -

Judging from Citi's early response, it looks like management at Regis Resources pulled a rabbit out of their hat and positively surprised with a 5c fully franked dividend.

Most of FY25 metrics had been pre-released. Citi reports management has been able to somehow pull forward franking credits.

FY26 guidance had already been communicated. Sell.

Target price is $3.80 Current Price is $4.07 Difference: minus $0.27 (current price is over target).
If RRL 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 $4.26, suggesting upside of 4.6% (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

Macquarie rates SBM as No Rating (-1) -

St. Barbara's underlying profit was a 22% beat versus Macquarie's forecasts, but a -76% miss versus consensus. Macquarie notes that FY25 results were difficult to forecast due to Atlantic being classified as a discontinued operation in the accounts.

Net operating cash flow (including exploration) was an -8% miss versus Macquarie and a significant miss versus consensus. 

The broker notes should St. Barbara succeed in divesting its Atlantic assets then there is potential for significant cash to be unlocked.

Macquarie is on research restriction.

Current Price is $0.34. Target price not assessed.

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 SEK as Downgrade to Accumulate from Buy (2) -

Ord Minnett highlights Seek's FY25 earnings met expectations as pricing mix helped revenue growth, offsetting the -11% decline in paid job ads in Australasia and -16% fall in Asia.

The broker expects FY26 revenue growth of 11% but operating earnings to grow by 17% and net profit by 35% on strong operating leverage. The forecasts assume flat volumes in Australasia and weaker Asian markets.

EPS forecast for FY26 lifted by 11% and by 10.2% for FY27. 

Target rises to $31 from $17. Rating downgraded to Accumulate from Buy for valuation reasons.

Target price is $31.00 Current Price is $28.18 Difference: $2.82
If SEK meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $31.09, suggesting upside of 10.3% (ex-dividends)

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

Bell Potter rates SHL as Buy (1) -

Bell Potter observes over 7% revenue and earnings (EBITDA) growth for Sonic Healthcare's FY25 results, with net profit after tax relatively flat due to a higher tax rate and a mix of earnings across regions.

Earnings (EBITDA) were lower than expected, missing forecast by -1.4% and consensus by -2%, which disappointed the market and led to a -13% sell-off in the share price. US revenues were negative.

The positive spots were Australian pathology, the UK, and the Radiology business.

FY26 earnings (EBITDA) growth guidance of circa 17% and 19% growth in EPS at current forex rates reflect the impact of the LADR acquisition as well as the announced Cairo Diagnostics business. Bell Potter tweaks its EPS forecasts.

No change to Buy rating. Target moves to $33.30 from $33.70.

Target price is $33.30 Current Price is $24.60 Difference: $8.7
If SHL meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $28.30, suggesting upside of 15.1% (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 SHL as Neutral (3) -

Sonic Healthcare's FY25 result and guidance missed forecasts, Citi highlights.

EPS missed the broker and the consensus forecasts by -3% due to lower revenue, lower margin and higher tax rate.

FY26 EBITDA was guided to $1.87-1.85bn in constant currency, translating to $1.94-2.02bn at current forex rate. This was -1% below the consensus and the broker's forecast.

Interest expense, D&A and tax rate are all above expectations. The FY26 net profit range implied in the guidance was -7% below consensus.

Neutral. Target price $28.

Target price is $28.00 Current Price is $24.60 Difference: $3.4
If SHL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $28.30, suggesting upside of 15.1% (ex-dividends)

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

Macquarie rates SHL as Neutral (3) -

Sonic Healthcare delivered "decent" FY25 results, with profit up 7% year on year albeit -2% below Macquarie, driven by lower pathology revenue and margins.

The broker's FY26 earnings forecast sits -1% below the guidance midpoint. Group margins are forecast to fall -20bps to 17.7% due to the dilutive impacts of recent acquisitions.

While acknowledging potential synergy benefits from recent acquisitions, Macquarie notes margin headwinds and elevated leverage in the near term.

Further, commentary highlights risks remain around the US Protecting Access to Medicare Act, local Fair Work decision and full impacts from fee cuts.

Neutral retained, target falls to $25.20 from $25.50.

Target price is $25.20 Current Price is $24.60 Difference: $0.6
If SHL meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $28.30, suggesting upside of 15.1% (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

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

Sonic Healthcare reported an FY25 result slightly below Morgan Stanley's expectations, with earnings (EBITDA) of $1,724m coming in below consensus of $1,760m and a margin of 17.9% versus 18.2% expected.

Profit missed the consensus forecast by -3%, with management referring to one-off charges, including cyclone-related costs, which reduced earnings by -$28m.

FY26 guidance implies EBITDA of $1,940-2,020m at current FX rates and EPS of 115-127c, or 121c at the midpoint, which is -7% below prior consensus, points out the broker.

Morgan Stanley lowers its target price to $26.40 from $29.00 and retains an Equal-weight rating. Industry View: In-Line.

Target price is $26.40 Current Price is $24.60 Difference: $1.8
If SHL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $28.30, suggesting upside of 15.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27: