Australian Broker Call

Citi rates ACL as Buy (1) -

Citi highlights an improving trading environment for Australian Clinical Labs after noting from within FY24 results a stronger 2H. Volumes picked up due to improved availability of GPs, and a gradual return to more normal ordering patterns, explain the analysts.

Management expects volumes will remain volatile but continues to aim for double digit EBIT margins “under normal operating
conditions”.

While the FY24 result aligned with guidance, the broker suggests FY25 EBIT guidance is conservative with trading so far in FY25 tracking above the mid-point of revenue guidance. The new 20m share buyback is also considered a positive.

The Buy rating remains, and the target rises to $3.60 from $3.35.

Target price is $3.60 Current Price is $2.91 Difference: $0.69
If ACL meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates ACL as Neutral (3) -

Macquarie assesses robust volume growth in 2H24 boosted earnings for Australian Clinical Labs which came in higher than expected.

The broker highlights FY24 revenue growth of 5.4% lagged Medicare benefits up 6.5% but revenue per workday advanced into FY25. July came in up 7.6% year-on-year against year-to-date revenue growth up to Aug 27 of 6.6%.

Management is looking for FY25 revenue to increase between 5%-8% which brings guidance above the analyst's forecast.

Australian Clinical Labs announced a 20m share buyback or 10% of capital. It is expected to be EPS neutral.

Macquarie adjusts EPS forecasts by -4.9% in FY25 and -2.1% in FY26.

Neutral rating. Target price $2.95.

Target price is $2.95 Current Price is $2.91 Difference: $0.04
If ACL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates ACL as Buy (1) -

A "better-than-feared" result delivered an earnings beat for FY24 Australian Clinical Labs results, Ord Minnett highlights, including an improvement in margins.

The broker notes free cash-flow came in better than forecast, with a stronger balance sheet debt, higher dividend of 9c and a new share buyback program.

Ord Minnett forecasts 5% revenue growth over the long term underwritten by a growing/aging population, new tests and growth in chronic diseases).

Target price lifts to $3.35 from $3.20. Buy rating unchanged with volume catch ups expected to support Australian Clinical Labs.

Target price is $3.35 Current Price is $2.91 Difference: $0.44
If ACL meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.30, suggesting upside of 9.6% (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 AFG as Neutral (3) -

At first glance, Australian Finance Group reported FY24 profit, -4% below Citi. Relative to forecasts, the miss was largely due to lower net broker commissions, as the Distribution business recorded slightly lower settlements.

Positively, the broker saw a stabilisation in the retention ratios across both the upfront and trail commissions in 2H24. Broker numbers increased by 5% half on half, which will be additive to growing broker penetration over time.

This could be an early indication that the group's technology investment is resonating with the market. Citi thinks the market will look through a slight miss in net interest margin given the sequential profit stabilisation and expected better manufacturing conditions.

Neutral and $1.45 target retained for now.

Target price is $1.45 Current Price is $1.50 Difference: minus $0.05 (current price is over target).
If AFG meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates AHL as Buy (1) -

Adrad provided FY24 pro forma EBITDA of $18.1m that was below Bell Potter's forecast albeit consistent with the guidance range. The final dividend was ahead of forecasts and meant the payout ratio was 40%.

No guidance for FY25 was provided and none was expected with some initial outlook anticipated at the AGM. The broker reduces the multiples applied in the P/E ratio and EV/EBITDA to 11x and 4x, respectively. Target edges down to $1.12 from $1.15 and the Buy rating is unchanged.

Target price is $1.12 Current Price is $0.75 Difference: $0.37
If AHL meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates AIM as Add (1) -

Ai-Media Technologies' FY24 result showed the business is tracking well, Morgans suggests, with revenue up 7% year on year and
earnings 25%. Revenue was as expected but opex was greater, hence earnings were below forecast.

The AI transition risk is largely behind the company now and operating conditions invert from headwinds to tailwinds, Morgans notes. Ai-Media Technologies has successful navigated a difficult patch and the medium-term outlook is bright.

The broker sees value here for those looking to invest in a founder-lead, AI beneficiary and willing to invest in the small, profitable and fast growing, technology company. Add and 70c target retained.

Target price is $0.70 Current Price is $0.51 Difference: $0.195
If AIM meets the Morgans target it will return approximately 39% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates AIZ as Outperform (1) -

Air New Zealand reported FY24 results at the upper end of guidance, Macquarie notes with 2H coming in slightly below breakeven despite challenging constraints from aircraft availability.

The analyst expects the issues will remain into 1H25 combined with consistent cost pressures. Management have seen some stabilisation of domestic demand, with weaker outbound offset by stronger inbound traffic.

Macquarie adjusts FY25 EPS by -43% and FY26 by -9%.

Target price revised down -4% to NZ69c. Outperform unchanged.

Current Price is $0.52. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates ALX as Neutral (3) -

Atlas Arteria reported lower than forecast EBITDA in the first half Macquarie observes, while cashflow was in line, reflecting a delay in the proceeds from Skyway.

Management retained 40c dividend guidance for 2024. Macquarie expects Atlas Arteria can generate 36c-39c in cash going forward.

APRR reported July/Aug traffic at a higher-than-expected rate of 1%. Traffic at Greenway continues to improve. The broker anticipates the 15% toll application will succeed.

Macquarie adjusts EPS forecasts by -2% for 2024 and -1% for 2025 because of higher paid tax and increased interest expenses.

Neutral rating unchanged. Target price $5.10.

Target price is $5.10 Current Price is $5.06 Difference: $0.04
If ALX meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

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

Morgan Stanley notes Atlas Arteria reported traffic and toll revenues on July 23, with 1H results focusing on other items.

APRR came in higher than the broker's forecast and consensus with capex estimated at over EUR350m p.a. for the balance of the concession versus previous guides of EUR300m-EUR350m from 2024/2028 and around EUR350m from 2029.

Chicago Skyway was weaker than Morgan Stanley forecast because of a 7.5% lift in opex. Dulles Greenway was also below estimates from higher capex, up 23% on violation systems and snow removal costs.

Management confirmed 40c 2024 dividend with 20c announced in 1H, while corporate cost guidance was unchanged.

Equal-weight. Target $5.55. Industry view: Cautious.

Target price is $5.55 Current Price is $5.06 Difference: $0.49
If ALX meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Morgans rates ALX as Hold (3) -

Atlas Arteria's first half traffic numbers were already known, so that left only costs to be a bit higher than Morgans expected. 2024 dividend guidance remained unchanged, albeit a positive that it relies less on cash balances to underwrite it than previously.

The constitutional challenge to the new French long-distance transportation infrastructure tax was filed in March with a decision expected on 12 September. A successful outcome could be meaningful for investors, Morgans notes. The tax reduced valuation by -40c.

If not successful, APRR will pursue litigation to seek compensation, which Atlas Arteria says could take a full year unless a negotiated outcome occurs. Target falls to $4.98 from $5.12, Hold retained.

Target price is $4.98 Current Price is $5.06 Difference: minus $0.08 (current price is over target).
If ALX 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 $5.31, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates AMI as Speculative Buy (1) -

Improved cost management allowed Aurelia Metals to report slightly better than forecast FY24 earnings according to Ord Minnett.

The company's balance sheet remains robust with $117m in cash and no debt.

FY25 guidance was in line with expectations including better gold production from Peak and a lower ramp at Federation the analyst notes.

Ord Minnett revises EPS forecasts by 10% for FY25 on increased gold production.

Target price falls to 26 from 27c. Speculative Buy rating unchanged.

Target price is $0.26 Current Price is $0.16 Difference: $0.105
If AMI meets the Ord Minnett target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates AQZ as Add (1) -

Alliance Aviation Services reported another record result in FY24, with underlying profit up 52% year on year and slightly ahead of Morgans. The broker forecasts earnings growth momentum to continue into FY25 driven by deploying more E190 aircraft and increases in utilisation.

The stock is unlikely to materially re-rate until we get closer to free cash flow generation resuming in 2H26. Nonetheless, Morgans shows that once Alliance is operating its fleet of 92 aircraft, the stock should be valued well above the current share price.

Buying the stock now will see a very strong yield in FY27 and beyond, the broker declares. Net debt guidance leads to a target cut to $4.10 from $4.75, Add retained.

Target price is $4.10 Current Price is $2.88 Difference: $1.22
If AQZ meets the Morgans target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates AQZ as Buy (1) -

Ord Minnett liked the expanded debt facility for Alliance Aviation Services and points to FY24 results which met expectations.

The broker highlights record flying hours, because of a significant increase in wet leasing activity boosting lease revenues by 63%.

Management continues to discuss the divestment of a small number of aircraft. The broker observes capex for FY25 is higher than expected but the debt facility gives more room for funding the remaining 20 Embraer jets to FY26.

Ord Minnett adjusts earnings forecasts by -2% in FY25 and between -2% to -5% for FY26/FY27.

Target price falls to $4.10 from $4.41. Buy rating unchanged.

Target price is $4.10 Current Price is $2.88 Difference: $1.22
If AQZ meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates ART as Add (1) -

Airtasker's recent quarterly update provided the key operating metrics, hence the FY24 result was largely per expectations. However, it
was a resilient performance by the marketplace overall, Morgans suggests, with an improved revenue profile.

The business also achieved its planned target of being free cashflow positive for the full year.

While acknowledging the current volatile market conditions, Morgans continues to remain attracted to the strong growth opportunity ahead for Airtasker, as long as the company successfully implements its strategy of penetrating the prodigious total addressable market opportunity both domestically and offshore.

Add and 52c target retained.

Target price is $0.52 Current Price is $0.26 Difference: $0.265
If ART meets the Morgans target it will return approximately 104% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Ord Minnett rates BBT as Buy (1) -

BlueBet Holdings results came in lower than Ord Minnett's expectations although Australia performed considerably above estimates.

The broker highlights the US business resulted in an EBITDA loss which management announced it now intends to exit which is forecast to save around $6-$8m per annum.

Ord Minnett points to FY25 guidance of softer spend in July/August as migration happens but investment spending will increase in Sept/Oct in time for the seasonally strong period for domestic sports betting.

Buy and 38c target retained.

Target price is $0.38 Current Price is $0.21 Difference: $0.175
If BBT meets the Ord Minnett target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates BGA as Buy (1) -

Bell Potter observes Bega Cheese reported stronger than expected EBITDA due to lower corporate costs and a higher result from branded goods. The earnings were in line with guidance.

Notably, lease cashflow came in considerably higher than forecast due to off balance sheet facilities, the broker highlights. which lowered net debt to the lowest level since FY18.

Management guided to mid-single digit growth in branded goods in FY25; $22m in cost savings and a target EBITDA of $250m plus by FY28. Lower farmgate prices are anticipated to underpin the turnaround in bulk.

Bell Potter adjusts earnings estimates by 6% and 7% for FY25/FY26, respectively.

The Buy rating is maintained. The target rises to $5.75 from $5.35.

Target price is $5.75 Current Price is $4.66 Difference: $1.09
If BGA meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates BGA as Buy (1) -

Bega Cheese posted FY25 earnings that were in line with guidance and ahead of Bell Potter's forecasts. Normalised FY25 EBITDA guidance is $190-200m with the branded segment expected to grow in mid single digits and profitability in bulks restored.

The broker believes the stock continues to trade at an unreasonably high discount to its historical EV/EBITDA multiple and its peer group. The balance sheet is also in better shape since FY19 and Bell Potter retains a Buy rating, raising the target to $5.75 from $5.35.

Target price is $5.75 Current Price is $4.66 Difference: $1.09
If BGA meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates BGA as Hold (3) -

Bega Cheese’ FY24 result was in line with guidance, with 55% earnings growth for Branded, largely offset by a tough year and a loss for Bulk. Strong operating cashflow was the highlight of the result, Morgans suggests, which saw gearing finish the year towards the lower end of the company’s target range.

FY25 guidance was in line with expectations, with Bulk returning to profitability given materially lower farmgate milk prices, while Branded’s growth will be modest given a big comparable and a weak consumer.

The turnaround at Bega Cheese under a strong management team is well underway, the broker suggests. Near term multiples look full,
however if it delivers on its FY28 targets the stock is worth materially more than the current share price.

Target rises to $4.91 from $4.35, Hold retained.

Target price is $4.91 Current Price is $4.66 Difference: $0.25
If BGA meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BGA as Hold (3) -

Ord Minnett observes a strong performance from Bega Cheese's Branded business helped offset losses from Bulk, delivering FY24 results which were broadly in line.

Management is looking for mid-single digit growth in Branded over FY25 with an expectation Bulk will return to profits as dairy price pressures ease.

Ord Minnett upgrades EPS forecasts by 6% in FY25 and 2.4% in FY26.

Target price lifts to $4.40 from $3.70. Hold rating unchanged.

Target price is $4.40 Current Price is $4.66 Difference: minus $0.26 (current price is over target).
If BGA meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates BGA as Neutral (3) -

Bega Cheese delivered a solid FY24 result, UBS suggests, with cash generation the main upside surprise. After some 18 months of poor operating cash generation this had been a key area of market focus, the broker notes, and Bega clearly delivered.

Good cash flow performance drove a stronger balance sheet which could allow the company to be active again in M&A to bolster Branded or explore capital management.

The other pleasing aspect of the result for UBS was the continued improvement in the Branded segments profit margins. The broker's FY25 earnings forecast remains unchanged near the top end of guidance.

Target rises to $4.80 from $4.50, Neutral retained.

Target price is $4.80 Current Price is $4.66 Difference: $0.14
If BGA meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.97, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates BOE as Buy (1) -

Boss Energy delivered earnings that were generally ahead of Bell Potter's estimates. The broker notes this was a transformational year for the business with the commissioning of the Honeymoon uranium project and first drums of uranium production in April.

Production at Honeymoon is expected to lift in the near term as the next two ion exchange columns are connected. The broker makes conservative estimates for FY25 production of 850,000 pounds.

The stock is one of its top picks in the uranium segment and a Buy rating is retained. Target edges down to $5.70 from $5.75.

Target price is $5.70 Current Price is $2.78 Difference: $2.92
If BOE meets the Bell Potter target it will return approximately 105% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 70.0% (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

Shaw and Partners rates BOE as Buy (1) -

Thanks to a positive revaluation of the uranium inventory, explains Shaw and Partners, Boss Energy reported FY24 earnings of $45m, ahead of the expected $17m.

The broker questions how the current share price could be trading down -31% year-to-date despite bringing the Honeymoon project back into production, along with the re-start of the 30%-owned Alta Mesa project in the US.

The Buy, High Risk rating and $4.20 target are maintained. Shaw expects the uranium sector will perform well in the 4Q of 2024 following the World Nuclear Association symposium in London which should re-start utility contracting activities.

Target price is $4.20 Current Price is $2.78 Difference: $1.42
If BOE meets the Shaw and Partners target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting upside of 70.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates BUB as Neutral (3) -

Bubs Australia's FY24 result came in under Citi's expectations with EBITDA -$19.7m versus -$7.9m expected. The company also lowered expectations of better profitability with FY25 EBITDA guidance of $0.2m versus Citi's forecast of $3m.

THe broker does think ehere are encouraging signs for the company given FDA approval in the US is expected in October 2025, in addition to positive expectations for the China segment.

Neutral/High Risk rating retained as Citi likes to wait for further signs a recovery is underway. Target price has gained 1c to 13c.

Target price is $0.13 Current Price is $0.12 Difference: $0.01
If BUB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 0.0

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

Bell Potter rates CCX as Hold (3) -

City Chic Collective delivered trading revenue that was down -9% in the first eight weeks of FY25 with gross profit up 26%. Guidance for the full year is for $11-18m in underlying EBITDA.

Bell Potter assesses the business could experience upside to the guidance if trading improves, although there is execution risk ahead. The Australian/USonline segments continue to decline while the US partners business is maintaining growth into the first half.

The stock is considered "reasonably well priced" at the current valuation and a Hold rating is retained. Target is reduced to $0.16 from $0.20.

Target price is $0.16 Current Price is $0.16 Difference: $0.005
If CCX meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 111.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates CMW as Hold (3) -

Cromwell Property had provided no FY24 guidance however the focus has been on asset sales and the balance sheet over FY24, Morgans notes, which has seen reduced debt/gearing levels.

The next material transaction is the sale of the European platform which is expected to complete in The Sep Q. As a result, pro-forma gearing will move to 29% from 39%.

No FY25 guidance was provided. Management noted that distributions will continue to be announced each quarter. Looking ahead, Cromwell Property aims to be a capital-light fund manager focused on traditional Australian property sectors across office, retail and industrial.

Hold and 46c target retained.

Target price is $0.46 Current Price is $0.41 Difference: $0.05
If CMW meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates COE as Hold (3) -

Cooper Energy reported lower than consensus FY24 net profit, Ord Minnett observes with production expenses slightly below expectations.

Management's production guidance and costs are broadly in line with consensus with restoration activities anticipated over the next three years in Minerva, Otway and rehabilitation delayed to 2028/2029 from BMG Phase 2.

The company's gearing is forecast to reduce from the 36% peak in FY24 to 30% in 2025.

Target price lifts 9% to 24c. Hold rating. EPS forecasts are raised by 13% in FY25//FY26.

Target price is $0.24 Current Price is $0.20 Difference: $0.04
If COE meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 35.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates COG as Buy (1) -

FY24 results from COG Financial Services were in line with expectations and Bell Potter flags the successful track record of accretive acquisitions on undemanding valuations.

Management anticipates a strong acquisition opportunity in FY25, particularly within novated, and this is supported by $90.8m in unrestricted cash.

Going forward earnings are expected to grow above system, supported by volume-based incentives as deposit rates are being cut by banks. Buy rating maintained. Target is unchanged at $1.75.

Target price is $1.75 Current Price is $1.05 Difference: $0.7
If COG meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates CUV as Buy (1) -

Clinuvel Pharmaceuticals posted FY24 results that were above Bell Potter's estimates. Revenue forecasts are increased although this is more than offset by increases to operating expenses. More clarity on expenses is expected to come in December with the company's new three-year expense plan.

The results have demonstrated the high margin EPP franchise continues to provide more than enough cash flow to sustain broader R&D investment while maintaining an EBITDA margin of more than 50%, the broker adds.

Buy rating and $22.25 target maintained.

Target price is $22.25 Current Price is $15.41 Difference: $6.84
If CUV meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates CUV as Add (1) -

Clinuvel Pharmaceuticals released FY24 results which met Morgans' expectations with the exception of profit, with interest income up significantly following higher proportion of cash equivalents being invested into high yielding term deposits versus at-call accounts.

Neither the result nor management commentary have prompted reasons for the broker to upgrade assumptions, however the share price rallied strongly following a long period of underperformance.

Morgans applies a -10% discount to valuation around disclosure factors and board instability which it continues to see as an overhang to the stock. The broker is happy to keep this as an active trade up until the AGM and buy on any weakness.

Target rises to $17 from $16, Add retained.

Target price is $17.00 Current Price is $15.41 Difference: $1.59
If CUV meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.08, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates DDR as Buy (1) -

At first glance, Dicker Data's gross sales were flat year on year and 5% ahead of Citi. Profit fell -7% and missed Citi by 2%, largely due to higher employee and interest costs.

Strong second quarter gross sales signal demand is returning, the broker notes, with margins holding, it appears Dicker Data isn't discounting to generate sales.

Higher inventory and employee expenses are a disappointment, but this could be due to investing in new vendors before revenue starts to come through. Buy and $11.70 target retained for now.

Target price is $11.70 Current Price is $10.10 Difference: $1.6
If DDR meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 14.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

UBS rates DOW as Neutral (3) -

Downer EDI provided a "solid" FY24 result, UBS asserts in an initial view, amid no formal FY25 guidance. Management reiterated its EBITA margin target of more than 4.5% for FY25-26 and will give a further update at the AGM in November.

The broker observes earnings were supported by ongoing cost control with cost cutting delivered above target in FY24. Neutral rating and $4.90 target.

Target price is $4.90 Current Price is $4.78 Difference: $0.12
If DOW meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Bell Potter rates EBR as Speculative Buy (1) -

EBR Systems has confirmed the submission of its fifth and final module for the pre-market approval application to the US FDA for the WiSE-CRT system.

This is still subject to initial filing review to ensure all necessary data has been completed before the FDA conducts its substantive review.

Bell Potter assesses this module is a significant milestone and should be the major and final step towards FDA approval and commercialisation of the world's first wireless pacemaker for the left ventricle.

Speculative Buy rating unchanged. Target is $1.96.

Target price is $1.96 Current Price is $1.16 Difference: $0.8
If EBR meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Bell Potter rates FDV as Speculative Buy (1) -

First half results from Frontier Digital Ventures were largely pre-reported. All regions were positive on operating cash flow in the half-year although a net outflow at the group level was incurred due to an increase in working capital that should be unwound in the second half.

The company has flagged a potential recovery in the second half for Yapo following a completed platform transformation. Speculative Buy rating maintained and Bell Potter reduces the target to $0.70 from $0.74.

Target price is $0.70 Current Price is $0.37 Difference: $0.33
If FDV meets the Bell Potter target it will return approximately 89% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates FDV as Add (1) -

Frontier Digital Ventures' first half profit came in ahead of Morgans, driven by earnings slightly above and lower D&A.

Associate businesses continue to face economic headwinds affecting their growth but this result did show a continued improvement in earnings Frontier's consolidated portfolio, in the broker's view.

Morgans continues to be attracted to Frontier Digital Ventures' long-term growth profile and the earnings potential of the assembled portfolio.

Add and 66c target retained.

Target price is $0.66 Current Price is $0.37 Difference: $0.29
If FDV meets the Morgans target it will return approximately 78% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates GDG as Hold (3) -

Generation Development's underlying profit was up 55% year on year and 5% above consensus. Overall Morgans saw a strong result, with both key businesses showing good underlying earnings momentum and increasing leverage.

Generation’s business trajectory remains encouraging, in Morgans' view, highlighted by consistent funds under management growth, stable revenue margins and growing operating leverage.

The broker believes the full acquisition of Lonsec, and the roll-out of the new Lifetime annuity product, have the potential to accelerate growth. Target rises to $2.88 from $2.56, Hold retained.

Target price is $2.88 Current Price is $2.70 Difference: $0.18
If GDG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates GDG as Buy (1) -

Ord Minnett believes Generation Development reported "excellent" results with net profit up 55%. This was 6% better than consensus, but broadly in line with the analyst's forecast.

Life profit came in well above estimates with associates (Lonsec) meeting expectations. A 1c final dividend was declared.

EPS forecasts are raised by 4-6% over FY25/FY26, respectively.

Buy rating unchanged. Target price lifts to $3.40 from $3.

Target price is $3.40 Current Price is $2.70 Difference: $0.7
If GDG meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates GMD as Outperform (1) -

FY24 underlying earnings were weaker than Macquarie expected, largely because of higher operating expenditure.

Genesis Minerals is expected to provide FY25 guidance in September, with the broker noting an earlier re-start of the Laverton process plant is anticipated.

Macquarie now assumes production will be ahead of the recent plan for the next five years while Tower Hill approvals are key de-risking event. Outperform. Target is steady at $2.40.

Target price is $2.40 Current Price is $2.14 Difference: $0.26
If GMD meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

Management at Genesis Minerals will now focus on accelerating production growth to 325,000oz in FY29, highlights Shaw and Partners, after producing 134,451oz in FY24, in line with the upgraded guidance range of 130,000-140,000oz.

FY25 guidance is for production between 162,000-188,000koz at a cost (AISC) between $2,250/oz and $2,450/oz.

The Buy, High Risk rating and $2.75 target price are retained.

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

Current consensus price target is $2.35, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates GMD as Neutral (3) -

Genesis Minerals reported in line with UBS. Guidance is unchanged but still to be updated in September having highlighted at the quarterly the potential for some acceleration of production growth. The broker has already added 10% to its own FY25 gold production outlook.

With confidence building around the timing and quantum of US rate cuts, UBS remains bullish on the outlook for gold and Genesis Minerals remains well placed.

This is priced into the stock however. Neutral and $2.25 target retained.

Target price is $2.25 Current Price is $2.14 Difference: $0.11
If GMD meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates GMG as Buy (1) -

In reviewing July quarter results for Nvidia, Citi highlights positive signs for underlying Data Centers demand which should help drive
development growth for Goodman Group along with development work-in-progress.

Data Center Sales for Nvidia increased by 16% quarter-on-quarter when consensus was expecting 11% due partly to the AI factor and the broad data center platform transition to accelerated computing from general purpose.

Buy rating and $40 target unchanged.

Target price is $40.00 Current Price is $33.11 Difference: $6.89
If GMG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $36.19, suggesting upside of 8.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates HVN as Buy (1) -

On first glance, Harvey Norman reported FY24 earnings 2% above Citi. Franchise earnings missed with 2H24 sales below expectations. International EBIT was ahead.

Franchise system sales increased 3.3% in July, a significant improvement against the -1% growth in 2H24. A final dividend of 12c was declared, just ahead of Citi's expectation of 11c.

While earnings missed slightly and NZ is facing a tough start to 1H25, the broker believes the focus of the result will be on turnaround in Franchise sales momentum into July.

Citi expects this has potential to drive significant margin improvement into FY25 given the significant operating leverage in the Harvey Norman franchise model. Buy and $5.50 target retained for now.

Target price is $5.50 Current Price is $4.89 Difference: $0.61
If HVN meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates HVN as Buy (1) -

Harvey Norman's pre-tax profit in FY24 was ahead of UBS estimates, underpinned by franchising operations. Higher tax meant net profit was below forecasts, largely stemming from a deferred tax increase in New Zealand.

Trading at the commencement of the first half has improved and the broker notes it is ahead of competitors The Good Guys and Nick Scali. Expansion in Hungary, that was planned for FY25, has ceased because of unfavourable conditions.

Store openings slated for FY25 include 10 in Malaysia, two in New Zealand, and two in Australia with an additional two relocations. A second store is slated for the UK in FY26. Buy rating and $5.50 target.

Target price is $5.50 Current Price is $4.89 Difference: $0.61
If HVN meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates IEL as Overweight (1) -

Morgan Stanley considers IDP Education is performing well in a challenging market. The company reported better than expected FY24 earnings before interest and tax against guidance, by 4.9% and above guidance.

A lowering in overhead costs brought gross profit in line with expectations and should be flat with 2H24 costs in FY25.

Management expects international student volumes to fall between -20 to -25% year-on-year with market share gains anticipated, although lower than FY24 gains. Pricing remains positive in FY25 with higher university fees, better commercial terms and adjacent services.

Morgan Stanley tweaks earnings forecasts.

Overweight and $19.20 target retained for IDP Education. Industry view: In Line.

Target price is $19.20 Current Price is $16.00 Difference: $3.2
If IEL meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

IDP Education reported FY24 underlying profit down -1% year on year but the second half reflected the impact of policy changes, with profit down -34%. IELTS volumes were down -28% and while placements were flat, new policy was yet to impact, Morgans notes.

Management expects new international student admissions to be down -20-25% in FY25 but hopes to outperform this via meaningful market share gains. Morgans sees earnings falling -12%, with some benefits from pricing, market share gains and solid cost control.

The broker has been looking for more certainty in the near term earnings ‘base’ during this period of ongoing policy changes. There is
clearly still some downside risk, but Morgans feels like the majority of the reset is captured.

Riding out near-term volatility maybe required, however the broker believes IDP Education can return to delivering sustained growth from FY26. Upgrade to Add from Hold, target rises to $18.20 from $17.40.

Target price is $18.20 Current Price is $16.00 Difference: $2.2
If IEL meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates IEL as Neutral (3) -

Further to the FY24 results from IDP Education, which beat estimates, UBS notes conditions remain challenging. Potential regulatory changes in Canada remain a key overhang along with the implementation of a student cap in Australia.

Despite the challenges the broker finds other areas are positive with a significant potential opportunity in China. Neutral retained. Target rises to $16.45 from $16.10.

Target price is $16.45 Current Price is $16.00 Difference: $0.45
If IEL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $19.33, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Bell Potter rates IGO as Sell (5) -

FY24 underlying EBITDA from IGO declined, driven by lower realised lithium spodumene concentrate prices. Net profit was below Bell Potter's estimates and the company recorded $460m in impairments.

FY25 attributable spodumene guidance is 320-372,000t at around $350/t in cash costs.

Bell Potter calculates the current share price implies long-term lithium spodumene pricing of US$1425/t, significantly higher than spot and significantly lower earnings are anticipated in FY25. Sell retained. Target is reduced to $4.60 from $5.00.

Target price is $4.60 Current Price is $5.32 Difference: minus $0.72 (current price is over target).
If IGO meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.93, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates IGO as Neutral (3) -

FY24 earnings (EBITDA) for IGO were in line with Citi's forecast but profits missed on a higher tax expense.

The broker's earnings (EBITDA) forecasts decline in FY25 and FY26 by -12% and -5%, respectively, after marking-to-market for spodumene prices.

A final dividend of 26 cents beat forecasts by the analyst and consensus for 8 cents after a payout at the top end of the targeted underlying free cash flow (FCF) range.

The target slips to $5.90 from $6.00. Neutral is maintained.

Target price is $5.90 Current Price is $5.32 Difference: $0.58
If IGO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates IGO as Upgrade to Outperform from Neutral (1) -

Further to the FY24 result Macquarie upgrades IGO to Outperform from Neutral, encouraged by the better-than-expected payout although acknowledges this does not of itself create value.

The broker points out instead the business is a "productivity-driven yield vehicle", generating cash from it is tier-1 asset.

The focus appears to be on Greenbushes optimisation and free cash flow yield and the broker looks forward to the strategy briefing that should be a further positive catalyst. Target is raised 9% to $6.10.

Target price is $6.10 Current Price is $5.32 Difference: $0.78
If IGO meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates IGO as Neutral (3) -

IGO's FY24 result was in line with UBS' expectations. Profit was impacted by the previously flagged write-offs of Forrestania and Cosmos assets and now IGO had recorded a -$268m impairment against its exploration portfolio.

FY25 guidance was provided at the quarterly and remains unchanged. The final dividend was 2x UBS' expectations and an "interesting signal" ahead of the pending strategy update in two weeks.

Ahead of this, and with the short-term lithium outlook still challenged, the broker retains a Neutral and a $5.40 target.

Target price is $5.40 Current Price is $5.32 Difference: $0.08
If IGO meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.93, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates IPD as Speculative Buy (1) -

FY24 has been a year of disruptions for ImpediMed, Morgans notes, resulting in a disappointing operational performance, albeit in line with forecasts.

There are signs of positive momentum appearing in the June Q and with the new board and management team in place the broker expects to see a substantially better FY25.

Morgans is focused on installed base growth in the US and expects subsequent quarters to deliver on this. Speculative Buy and 20c target retained.

Target price is $0.20 Current Price is $0.05 Difference: $0.15
If IPD meets the Morgans target it will return approximately 300% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates KLS as Buy (1) -

FY24 results from Kelsian Group were largely pre-announced according to Ord Minnett.

The broker believes Australian operations performed well with international below expectations.

FY25 outlook is well short of the mark, the broker observes with management needing to do more work to convince the market they are pursuing the right strategy,

Net debt remains too high the broker notes at 2.8x in 1H25.

Ord Minnett revises EPS forecasts by -14% and -17% for FY25/FY26 with an accompanying fall in the dividend estimates of -27% and -29%.

Target price falls to $4.90 from $6.60. Buy rating unchanged.

Target price is $4.90 Current Price is $3.67 Difference: $1.23
If KLS meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $5.10, suggesting upside of 34.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MAP as Speculative Buy (1) -

Microba Life Sciences FY24 results were in line with Morgans' revenue expectations, but missed on net loss forecasts as R&D expenses were brought forward into FY24.

The overall business appears to be performing to expectations, and the broker expects material growth into FY25 with full year contribution from its UK acquisition along with major national launches of its personal testing products MetaPanel and MetaXplore.

Morgans continues to see significant upside here as the testing and services deliver scale, and the therapeutics continues to de-risk. Speculative Buy retained, target slips to 33c from 35c.

Target price is $0.33 Current Price is $0.17 Difference: $0.16
If MAP meets the Morgans target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MCE as Upgrade to Speculative Buy from Hold (1) -

FY24 revenue from Matrix Composites & Engineering was in line with guidance and Bell Potter's forecast and was heavily skewed to the second half. Subsea revenue was $73.9m, up 103%. Corrosion technology sales were $6.4m and down -32%.

Bell Potter upgrades the outlook for both subsea and advanced materials along with higher gross profit margin assumptions for FY25-26.

The business is exposed to a capital expenditure cycle that is ramping up across the global offshore energy sector. Rating is upgraded to Speculative Buy from Hold and the target lifted to $0.44 from $0.42.

Target price is $0.44 Current Price is $0.33 Difference: $0.11
If MCE meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MDR as Buy (1) -

Bell Potter observes MedAdviser controlled costs well over FY24, delivering maiden EBITDA of $ 6.9m. Maiden net profit of $800,000 was also achieved, which the broker points out is a substantial improvement on the loss in FY23.

Continued growth in the top line is expected into FY25 amid visibility on the US prospects, as around 60% of internally-forecast revenues for the first half are already contracted.

The company has also flagged FY28 growth ambitions for $250m in revenue and more than 20% EBITDA margin. Buy rating retained. Target edges down to $0.62 from $0.64.

Target price is $0.62 Current Price is $0.46 Difference: $0.16
If MDR meets the Bell Potter target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MEI as Speculative Buy (1) -

Meteoric Resources is well funded for the next 12-months according to Ord Minnett post the $30.9m capital raising and sale of its Palm Springs gold asset for $2m.

The company now has cash on hand at June 30 of $44m.

No change to Speculative Buy and 20c target price.

Target price is $0.20 Current Price is $0.10 Difference: $0.1
If MEI meets the Ord Minnett target it will return approximately 100% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 220.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates MIN as Buy (1) -

In releasing FY24 results, Mineral Resources revealed higher-than-expected capex and weaker lithium metrics, but Citi highlights costs may be lowered if needed. Management didn’t rule out further sell downs such as gas and noted deleveraging will be prioritised.

The company is dialing back growth on the Mt Onslow iron ore project and Mt Marion tonnes have already been pulled back with the joint venture aiming to increase low grade product, explains the broker.

The target falls to $55 from $60. Buy.

Target price is $55.00 Current Price is $40.61 Difference: $14.39
If MIN meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $60.00, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates MIN as Neutral (3) -

In a further review, Macquarie was especially alarmed by the pullback in production at Mount Marion in the FY24 results and notes guidance was weaker, with returns compromised and the dividend withdrawn.

 No dividend is expected in FY25 as the broker expects deleveraging will take priority. Limited upside is anticipated without the help of commodity prices and Macquarie reiterates a Neutral rating. Target is cut to $48 from $60 on higher capital expenditure assumptions.

Target price is $48.00 Current Price is $40.61 Difference: $7.39
If MIN meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $60.00, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley observes Mineral Resources reported FY24 EBITDA which was 10% higher than forecasts and 3% above consensus, while FY25 guidance was lower than anticipated.

Lower lithium volumes are guided to offset a higher contribution from Onslow because of reduced capex and increased EBITDA.

The broker notes lithium volumes are in line with forecasts but -18% below consensus for FY25 to preserve capital.

Mining services will increase capex above expectations. Notably, the mining services book is now over 75% of projects with 30-50years and over 10% at 10-20 years which the analyst believes is increasingly "infrastructure like".

This underpins the Overweight rating on the stock. Morgan Stanley views there to be a limited chance of a equity raising, barring a substantial decline in commodity prices.

Target falls to $70 from $79. Industry View: Attractive

Target price is $70.00 Current Price is $40.61 Difference: $29.39
If MIN meets the Morgan Stanley target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $60.00, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates MIN as Add (1) -

Mineral Resources posted a strong earnings result with revenue, earnings and underlying profit ahead of Morgans' expectations. FY25 guidance is mixed, with strong mining services and iron ore volumes offset by lower than expected lithium volumes and higher capex.

The company will move to a more conservative approach in FY25 by reducing costs and improving performance to preserve cash. Lithium production will be reduced and there is no longer a plan to grow Onslow to a 50mtpa run-rate in the near term.

The change in near-term strategy is sudden, but Morgans sees it as necessary in the current market. The broker maintains an Add rating and conviction in the medium-to-long term outlook for the company.

Target falls to $53 from $67.

Target price is $53.00 Current Price is $40.61 Difference: $12.39
If MIN meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $60.00, suggesting upside of 49.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

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

A net operating loss for Metro Mining in the 1H of -$22m was -$5m worse-than-expected by Shaw and Partners due to due to the seasonal shutdown in the first quarter.

The loss also includes additional costs associated with the expansion to 7Mtpa, explain the analysts. All elements of this 7Mt expansion are in place and ramping-up to full capacity, assures Shaw.

A record tonnage of 1.5tMt and higher bauxite prices resulted in a 30% rise in 1H revenue to $81.4m, explains the broker.

Unchanged Buy, High Risk rating and target of 14c.

Target price is $0.14 Current Price is $0.04 Difference: $0.104
If MMI meets the Shaw and Partners target it will return approximately 289% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates MSB as Speculative Buy (1) -

Mesoblast delivered in EBIT loss of -$56.2m in FY24, greater than forecast. Going forward direction hinges upon BLA approval for Remestemcel-L, which has been accepted for review by the US FDA and scheduled for January 2025.

This will allow for immediate release of product (brand name Ryoncil) to the market and, as Bell Potter notes, substantial revenue generation and an inevitable re-rating of the stock.

Speculative Buy rating and $1.40 target unchanged. The broker points out there is substantial debt accumulating on the balance sheet and approval of the product is needed to avoid further large dilution.

Target price is $1.40 Current Price is $0.95 Difference: $0.45
If MSB meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X delivered a FY24 result in line with Morgans' forecasts. The costs base has been right-sized, Mobile DR is growing at a reasonable rate and contracted projects are on time and budget.

The key focus is the ability to turn the Argus customer demonstrations into purchase orders.

Micro-X is a leader in cold cathode x-ray technology for health and security markets globally. The company has two fully funded research programs which could develop into commercial opportunities within two years which Morgans has not included in its valuation.

Speculative Buy and 21c target retained.

Target price is $0.21 Current Price is $0.06 Difference: $0.149
If MX1 meets the Morgans target it will return approximately 244% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates NIC as Buy (1) -

First half results from Nickel Industries revealed a -27% drop in weighted average contract pricing, as expected.

Bell Potter notes technically the results were a miss, leading to declines across all key financial metrics with the exception of the unfranked interim dividend of 2.5c, which was up 25% and ahead of forecasts.

The broker expects the dividend to be sustainable, with upside potential and now forecasts 5c in 2024 for 6% yield.

That this has been achieved in one of the toughest nickel markets in decades has impressed Bell Potter and a Buy rating is maintained. Target rises to $1.47 from $1.41.

Target price is $1.47 Current Price is $0.83 Difference: $0.64
If NIC meets the Bell Potter target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $1.12, suggesting upside of 33.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Ord Minnett rates NXD as Speculative Buy (1) -

NextEd Group reported an FY24 earnings beat according to Ord Minnett with a pleasing improvement in the company's cash position.

Visa approvals across the international student sector remain a challenge with the results revealing the company's visa approval rates are well down on the industry average.

Due to the government's position on student visas the analyst revises the outlook for NextEd Group.

Target price cut to 50c from 75c. Rating changed to Speculative Buy from Buy.

Target price is $0.50 Current Price is $0.18 Difference: $0.32
If NXD meets the Ord Minnett target it will return approximately 178% (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

UBS rates NXT as Buy (1) -

UBS found underlying EBITDA and net revenue in FY24 beat estimates. NextDC has a strong demand profile from traditional cloud business which ratcheted up over the past year, and AI has potential to increase contracted megawatts over the next 10 years.

Although the long-term opportunity is large the broker notes an acceleration in activation has been pushed out to the end of FY25, with guidance signalling further front loading of cost reinvestment is required.

This was not a complete surprise to the broker and a Buy rating is maintained. Target is reduced to $19.40 from $20.10.

Target price is $19.40 Current Price is $16.81 Difference: $2.59
If NXT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $19.98, suggesting upside of 17.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

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

From FY24 results, Shaw and Partners highlights production from Langer Heinrich is ramping-up well and in line with management's
guidance. Paladin Energy remains the broker's preferred ASX uranium sector exposure.

The broker notes the reported profit after tax of US$60m was boosted by a previously disclosed US$92m writeback of uranium stockpiles.

At the close of FY24, Paladin Energy had US$48.9m in cash and had drawn down US$70m on its US$150m debt facility.

The Buy, High Risk rating and $16.80 target price are retained.

Target price is $16.80 Current Price is $9.75 Difference: $7.05
If PDN meets the Shaw and Partners target it will return approximately 72% (excluding dividends, fees and charges).

Current consensus price target is $16.09, suggesting upside of 63.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Citi rates PPM as Neutral (3) -

Pepper Money reported 1H24 net profit some -4% below Citi and consensus expectations, although the make-up was mixed.

Net interest margins were slightly above expectations, as was net interest income, the analyst observes on first take, but bad debts were higher than estimated. Increased whole loan sales was well ahead of the historical average offsetting bad debts.

The analyst proposes a slightly better revenue outlook with tailwinds from funding against a decline in asset quality.

Earnings forecasts are tweaked by 3% in FY24 and 1% in FY25.

Neutral rating retained.

Target price is $1.55 Current Price is $1.40 Difference: $0.155
If PPM meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

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 Outperform (1) -

Pepper Money lifted net interest margins for the first time in many years in the first half, Macquarie notes, as funding cost headwinds abated. As new issuance spreads are tight the broker expects benefits from lower funding costs will continue to support margins in 2025.

The company sold $1.1bn in mortgage and asset finance loans in the half-year with the main benefit being scope to reinvest in originations and conduct further buybacks.

Macquarie finds value in the stock and maintains an Outperform rating, reducing the target to $1.55 from $1.60 following an increased risk-free rate assumptions.

Target price is $1.55 Current Price is $1.40 Difference: $0.155
If PPM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Bell Potter rates PPT as Buy (1) -

Underlying FY24 results from Perpetual were mixed with underlying profit slightly ahead of expectations and helped by the sale of WM and CT.

Bell Potter notes, with further detail as to debt and transaction costs, the cash return to shareholders is now expected to be in the range of $8.38-9.82/share, with the midpoint being above its previous expectations.

The company is now signalling nearly all of the cash will remain with the asset management business. Updating the figures means the broker's estimates for EPS drop by -11.9% in FY25 and -16.7% in FY26. Buy rating and $27.60 target retained.

Target price is $27.60 Current Price is $19.86 Difference: $7.74
If PPT meets the Bell Potter target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates PPT as Neutral (3) -

After reflecting further on FY24 results by Perpetual, Citi lowers its target to $21.40 from $22.25 and retains a Neutral rating.

A summary of yesterday's research by Citi follows.

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

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

Target price is $21.40 Current Price is $19.86 Difference: $1.54
If PPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates PPT as Neutral (3) -

FY24 results were ahead of expectations, largely driven by distribution income on seed investments, a lower-quality beat Macquarie asserts.

Perpetual expects net sale proceeds of $8.38-9.82/share with a $106-227m tax liability from PCT and WM, the former figure being below the broker's previous estimates.

Macquarie finds valuation appeal exists, yet until net flows show consistent improvement the stock is expected to trade on a depressed multiple. Neutral retained. Target is reduced to $21.20 from $22.80.

Target price is $21.20 Current Price is $19.86 Difference: $1.34
If PPT meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Perpetual reported a slight beat in FY24, some 2% above Morgan Stanley's expectations and consensus, although diluted EPS was lower than forecast.

Investment gains came in better while net proceeds from Wealth & Trust were lower than anticipated and stranded costs higher.

Management guided to $25-$25m in cost outs over the next two years.

Equal-weight. Target price $22.40. Industry View: In-Line.

Target price is $22.40 Current Price is $19.86 Difference: $2.54
If PPT meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates PPT as Buy (1) -

After further consideration of yesterday's FY24 result, UBS lowers its target for Perpetual to $22.80 from $25 to reflect weaker fee margins in asset management and higher costs across the company. The Buy rating is maintained.

A summary of the broker's initial research follows.

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

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

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

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

Target price is $22.80 Current Price is $19.86 Difference: $2.94
If PPT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $23.57, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates PSQ as Overweight (1) -

Morgan Stanley believes investors will refocus on fundamentals for Pacific Smiles, which reported a better-than-expected FY24 result.

July was notable for the growth in 8.4% patient fees despite what is generally a seasonally weak period with pick-up generated from longer hours worked including weekends.

The broker believes the timing of the rollout, which was required to stop recently will impact on earnings. Management have conversely pointed to better appointment reminders and reduced cancellation rates.

The analyst raises earnings forecasts by around 14% for FY25 to FY26 with an accompanying lift in the target price to $2.15 from $1.90.

Overweight unchanged. Industry View: In-Line.

Target price is $2.15 Current Price is $1.82 Difference: $0.335
If PSQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates PTM as Buy (1) -

Bell Potter observes the FY24 results from Platinum Asset Management signal the turnaround is progressing, with an exit from some of the more marginal business. This included closing the transition fund and merging some funds as well as closing the Irish UCITS platform.

To date the turnaround has delivered $6.8m in savings, ahead of expectations. The company will look to add new products over the next three years, the first being a global quant-driven hedge fund.

In addition it will partner with other managers to distribute a portfolio of sub-advisory products to wholesaler retail investors in Australia. The broker's Buy rating and $1.10 target are unchanged.

Target price is $1.10 Current Price is $1.03 Difference: $0.065
If PTM meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates QAN as Neutral (3) -

Following in-line FY24 results for Qantas Airways, Citi raises earnings (EBITDA) forecasts for FY25 and FY26 by 3% and 5%, respectively, and increases the target to $6.60 from $5.85.

International earnings (EBIT) beat expectations by 3% driven by better freight, while price moderation continues in passenger. The Domestic outlook is considered "solid".

However, Citi points out the trading environment continues to deteriorate, and the broker has limited insight into where revenue per available seat km (RASK)/profits may settle. Neutral rating.

Target price is $6.60 Current Price is $6.37 Difference: $0.23
If QAN meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.2% (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

Macquarie rates QAN as Outperform (1) -

While FY24 earnings met expectations, as the soft environment meant capacity growth eased, Macquarie notes FY25 should deliver a resumption of growth for Qantas Airways with guidance of 4-7% for the first half.

The broker also suggest the tight interest-rate cycle has run its course and this will become a favourable input in the second half. Oil prices for the short term are likely to be positive as well.

The company has indicated it will pay a first half dividend and a yield of around 5% is expected to be maintained along with the buyback program continuing. Outperform. Target is raised to $6.60 from $6.30.

Target price is $6.60 Current Price is $6.37 Difference: $0.23
If QAN meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley assesses Qantas Airways reported "solid" FY24 earnings which were in line with expectations and consensus.

In the first six weeks, domestic revenue intakes rose 4% with international up 13%.

Domestic capacity is at around 104% of pre covid levels for 1H25 and international at circa 102%. Revenue per available seat is expected to rise 2-4% in 1H25, domestically and around 7-10% for international.

Concerns over capex spend at $2.7-$3.9bn in FY25 are believed to be overstated the broker highlights with management looking for a higher return on the capital employed.

Morgan Stanley adjusts net profit by 10% for in FY26, with a resumption of dividend in FY25 of 27c.

Overweigh rating unchanged. Target price moves to $8.50 from $8. Industry view is In-Line.

Target price is $8.50 Current Price is $6.37 Difference: $2.13
If QAN meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

As expected, Qantas Airways did not announce a dividend at FY24 results with earnings broadly meeting consensus and Ord Minnett's forecasts.

The broker believes the key earnings driver for the carrier is the domestic business. Management guided to 2% growth in this division for FY25 and 3% growth in revenue per available seat.

Management's outlook boosts the appeal of the company to Ord Minnett with much of the post recovery "messy" environment now showing better clarity.

The analyst also likes the circa $950m capital return expected over the next three years. EPS forecasts are lifted by 10% and 12% for FY25/FY26, respectively.

Target price moves to $8 from $6.90. Rating upgraded to Buy from Accumulate.

Target price is $8.00 Current Price is $6.37 Difference: $1.63
If QAN meets the Ord Minnett target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates QAN as Buy (1) -

Qantas Airways' FY24 result was broadly in line with UBS' expectations, while operating cash flow was much better allowing for greater capital returns during FY25.

Opex was disappointing in FY24. The broker had expected material cost per available seat kilometre (CASK) declines from transitionary costs dropping, transformation, and mix shift to lower-CASK international and Jetstar services.

Overall, this was nevertheless a positive result, UBS  suggests. It should be a source of relief for the market which is currently pricing Qantas on the implicit assumption that earnings need to fall further before being considered sustainable.

The broker thinks FY25 reflects the new normal of post-covid earnings with a better domestic market structure, a reset approach to the international network, and higher loyalty earnings. Target rises to $7.95 from $7.50, Buy retained.

Target price is $7.95 Current Price is $6.37 Difference: $1.58
If QAN meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates QRI as Buy (1) -

A FY24 dividend of 14.1774 cents for Qualitas Real Estate Income Fund was in line with Citi's estimate.

The Fund's earnings are correlated to variable interest rates through exposure to underlying commercial real estate loans. While the  broker believes variable interest rates will to start to reduce in FY25 a dividend yield of 8.3% is still forecast.

The Buy rating and target price of $1.60 are retained.

Target price is $1.60 Current Price is $1.64 Difference: minus $0.04 (current price is over target).
If QRI meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates RED as Outperform (1) -

Red 5 delivered FY24 earnings and net cash that were in line with Macquarie's expectations. Guidance for FY25 seems to the broker to be indicating a "set up year", which should mean a doubling of free cash flow to FY26.

Sales guidance for FY25 has a midpoint of 410,000 ounces, which is below forecasts, with the main difference being Deflector.

Macquarie cuts FY25 estimates for EPS by -63%. Softening the outlook for Mount Monger and Deflector and pushing back Sugar Zone by 1.5 years reduces EPS for FY26-30 by -23-70%.

The Outperform rating is retained and the target is reduced to $0.46 from $0.55.

Target price is $0.46 Current Price is $0.32 Difference: $0.14
If RED meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates RED as Buy (1) -

Red 5 reported FY24 results which largely met expectations once merger variances were accounted for, Ord Minnett highlights.

The -12% decline in the stock price post result, reflects the weaker FY25 outlook,the broker notes, including lower Deflector production and all-in-sustaining-costs surprising to the upside.

Expectations have been rebased and Ord Minnett believes there is little delivery risk going forward.

Target price cut to 47c from 53c.Buy rating unchanged.

Target price is $0.47 Current Price is $0.32 Difference: $0.15
If RED meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates RHC as Neutral (3) -

In an initial review of today's FY24 results for Ramsay Health Care, UBS notes revenue in line with consensus but a -7% miss for earnings (EBIT) due to higher-than-expected costs. 

Ex impairments and disposals the earnings miss looks more like -3%, notes the broker.

For FY25, management expects growth in activity but at a lower rate than FY24 with the pace of margin recovery impacted by ongoing investments in Australia.

Interest costs for FY25 should be in the range of 590-620m, according to management, higher than the prior UBS forecast for $581m.

The broker anticipates consensus profit downgrades.

Target $58. Neutral.

Target price is $58.00 Current Price is $44.56 Difference: $13.44
If RHC meets the UBS target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $52.74, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.2

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

Citi rates S32 as Buy (1) -

Citi decides to stay with its $3.25 target and Buy rating for South32 following FY24 results.

The analysts forecast the balance sheet will be net cash in FY25-27 even with Hermosa capex. The reinstatement of the buyback is a further positive, in Citi's view.

A summary of yesterday's research note by the broker follows.

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

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

Operating pressures were evident, with Worsley impacted by lower output and higher caustic consumption amid lower grade bauxite. 

Target price is $3.25 Current Price is $3.10 Difference: $0.15
If S32 meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates S32 as Outperform (1) -

Further to the FY24 results, which beat estimates, Macquarie notes the focus was on the permitting of Worsley, with clarity now regarding the key objections to the Western Australian government's emissions reduction targets.

The company is pushing back on the increased mine plan complexity. While Macquarie does not believe it will be successful in all its appeals, it should gain some concessions to continue operations at a competitive cost.

Estimates for EPS are cut by -23% for FY25 but lifted for FY26-30. Outperform reiterated. Target edges up to $4.00 from $3.95.

Target price is $4.00 Current Price is $3.10 Difference: $0.9
If S32 meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Morgan Stanley rates S32 as Equal-weight (3) -

South32 announced FY24 results which were essentially in line with Morgan Stanley's expectations and slightly above consensus.

The US$200m buyback is higher than the broker forecast of US$100m but meet consensus.

Management's FY25 production guidance on manganese at -5% reflected a big miss on Australia offset from South Africa. Group alumina is -6% lower. Both result in downward revisions in volume forecasts by the broker.

The Equal-weight rating is maintained. Target price $2.95. Industry view: Attractive. 

Target price is $2.95 Current Price is $3.10 Difference: minus $0.15 (current price is over target).
If S32 meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.68, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates S32 as Buy (1) -

Following yesterday's research note by UBS (see summary below) on South32's FY24 result, the broker lowers its target to $3.55 from $3.80. The Buy rating is retained with aluminium and copper prices forecast to lift over the next year.

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

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

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

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

Target price is $3.80 Current Price is $3.10 Difference: $0.7
If S32 meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $3.68, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

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

Steadfast Group announced net profit growth of 22% in FY24 which met Morgan Stanley's expectations. Acquisitions offset slightly weaker organic growth.

Management offered stronger FY25 guidance, the broker highlights with 7-9% premium increases assumed.

Morgan Stanley emphasises Steadfast Group is positioning itself as a "growing insurance ecosystem" with global reach possibilities.

The broker lifts FY25 EPS forecasts by around 4% to over 13% growth and FY26 EPS is revised by 8.6%.

Equal-weight rating. Target price moves to $6.64 from $6.17. Industry view: In-Line. 

Target price is $6.64 Current Price is $6.36 Difference: $0.28
If SDF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.72, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates SFR as Hold (3) -

There were no surprises for Morgans in Sandfire Resources' FY24 financials. Free cash generation is improving, the broker notes, but modest dividends still look twelve months away.

Sandfire has re-shaped into a resilient global business providing a strong option over metals price upside in time.

The broker likes the opportunity to consolidate belt-scale advantages around its existing processing hubs, but notes that project optimisation and life extension is likely to evolve more incrementally slowly from here.

Morgans sees valuation as fair, and retains Hold. Target rises to $9.25 from $9.10.

Target price is $9.25 Current Price is $8.55 Difference: $0.7
If SFR meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.07, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Ord Minnett rates SFR as Accumulate (2) -

FY24 results and FY25 guidance for Sandfire Resources were broadly in line with Ord Minnett's expectations. The broker's target eases to $9.60 from $9.65. Accumulate.

FY25 guidance is for unchanged copper and zinc production, with costs (US$566m) and growth capex (US$9m) broadly in line with the broker's forecasts.

Management is increasing its FY25 exploration budget to US$40m from US$24m in FY24, and Ord Minnett sees significant upside from this activity.

Target price is $9.60 Current Price is $8.55 Difference: $1.05
If SFR meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.07, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

UBS rates SFR as Neutral (3) -

Sandfire Resources reported an FY24 net loss and closing net debt position in line with UBS' expectations. FY25 production guidance had been pre-released and is unchanged.

Cost guidance is in line, capex is below expectations and the exploration budget is showing a slight step up to US$40m, the broker notes.

Sandfire continues to execute well and UBS has the company a little over 12 months away from a net cash position when dividends will be on the table.

Target falls to $9.20 from $9.40, Neutral retained.

Target price is $9.20 Current Price is $8.55 Difference: $0.65
If SFR meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.07, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Bell Potter rates SIQ as Buy (1) -

Smartgroup Corp produced a first half result that was largely in line with Bell Potter's expectations. Reported EBITDA rose 19% amid stronger revenue that reflected the demand for novated leasing and improved vehicle supply.

Management has confirmed the SA government contract has commenced but expects no material profit contribution in 2024. The broker notes trading conditions appeared favourable in July and the company has been successful in renewing all contracts and gaining some.

Buy rating retained. Target is reduced to $9.75 from $10.95.

Target price is $9.75 Current Price is $7.87 Difference: $1.88
If SIQ meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $9.74, suggesting upside of 21.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

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

Shaw and Partners simply notes Silex Systems has reported a FY24 net loss of -$23m.

The company is currently running uranium enrichment trials at a Test Loop pilot facility in Wilmington, North Carolina.

Success in the trials will be a potential catalyst for Cameco to exercise its option to acquire an additional 26% of the GLE joint venture, notes the broker, and should lead to US government funding.

Target $7.20. Buy, High Risk.

Target price is $7.20 Current Price is $3.90 Difference: $3.3
If SLX meets the Shaw and Partners target it will return approximately 85% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates SRG as Buy (1) -

SRG Global delivered a FY24 result that was largely in line with expectations. The FY25 EBITDA guidance of $125m includes a 10-month $16m contribution from Diona.

Bell Potter observes the outlook is reinforced by government-stimulated construction activity in infrastructure and non-residential sectors and increased expenditure in resources industries.

The Diona acquisition is considered highly complementary to the core business and strengthens its position in water security and energy transition. Buy rating unchanged. Target rises to $1.40 from $1.35.

Target price is $1.40 Current Price is $1.05 Difference: $0.35
If SRG meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Shaw and Partners assesses "solid" FY24 results for SRG Global, while management also announced the "transformative" acquisition of Diona Pty Ltd for -$111m.

The transaction - to be partly funded by a $60m equity placement plus a $6m share purchase plan- strengthens SRG's market position in water security and the energy transition. The deal is expected to be around 10% EPS accretive.

Record earnings (EBITDA) of $98.5m were in line with the broker's forecast while reported profit was a -3.3% miss. FY25 EBITDA guidance increased to circa $125m from $108m.

The FY24 dividend of 4.5 cents beat the analyst's forecast for 4.3 cents.

Buy, High Risk and the target rises to $1.40 from $1.30.

Target price is $1.40 Current Price is $1.05 Difference: $0.35
If SRG meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.31, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates SXL as Neutral (3) -

Digital audio was the key standout in Southern Cross Media's result, UBS suggests, with FY24 up 42% and leading the growth versus
industry peers.

UBS remains constructive on growth moving forward, which is likely supported by previous Digital capex. The broker is watchful, however, given the lower than expected group capex guide for FY25 given the heightened competition in the ad industry more broadly from Digital players.

Peers such as Nine Entertainment ((NEC)) and Seven West Media ((SWM)) continue to invest heavily in capex on their tech stack, the broker notes.

Target falls to 56c from 68c, Neutral retained.

Target price is $0.56 Current Price is $0.54 Difference: $0.02
If SXL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $0.78, suggesting upside of 41.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

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

Tabcorp Holdings' FY24 result was "one to forget," says Morgans. While the company’s top-line slightly exceeded estimates, it was overshadowed by a cost blowout and abandonment of TAB25 strategic targets.

The company reported a statutory net loss mainly due to impairments. While no quantitative trading update was provided, Tabcorp acknowledged that conditions remain challenging.

Tabcorp might face downward pressure if there is a significant change in its strategy or trading conditions disappoint, the broker warns. Conversely, if management suggest that the worst is behind, the stock could experience a strong rally.

Target falls to 50c from 80c, downgrade to Hold from Add.

Target price is $0.50 Current Price is $0.46 Difference: $0.04
If TAH meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 25.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates TAH as Downgrade to Hold from Accumulate (3) -

Ord Minnett lowers its target for Tabcorp Holdings to 57c from 78c and downgrades to Hold from Accumulate after management at FY24 results warned soft June quarter trading conditions would persist into early-FY25. 

The FY24 profit and dividend materially missed consensus forecasts, and the broker lowers its EPS forecasts across FY25-27 by -41%, -38%, and -33%, respectively.

Management also announced an additional -$645m write down of wagering assets, taking total impairment charges for the year to $1.4bn.

Target price is $0.57 Current Price is $0.46 Difference: $0.11
If TAH meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.55, suggesting upside of 25.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26: