Australian Broker Call

Bell Potter rates AAL as Buy (1) -

Alfabs Australia delivered a strong first-half result, in Bell Potter's opinion, with earnings (EBITDA) of $12.5m, exceeding the broker’s estimate by 41% due to higher fleet utilisation and rates in the mining segment.

Net profit rose 35% year-on-year to $5.7m, and the company declared a maiden fully franked interim dividend of 1.5 cents, with a payout ratio of 75%.

Management expects a stronger 2H performance driven by underground equipment deployment at the Maxwell Underground mine, fleet expansion, and continued demand for heavy engineering services.

Bell Potter raises the target price to 55c from 40c and retains a Buy rating.

Target price is $0.55 Current Price is $0.44 Difference: $0.11
If AAL meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates ABB as Buy (1) -

Aussie Broadband's 1H25 revenue of $588m,  2% ahead of Citi’s estimates, was driven by stronger Residential and Wholesale segments. Underlying EBITDA of $66m met expectations but was -4% below consensus due to lower Business and E&G margins.

Positively, market share rose 20bps QoQ to 7.8%, with subscriber growth exceeding forecasts across all segments, the analyst observes. 

Management upgraded FY25 EBITDA guidance to $133–138m, a 4% increase at the midpoint, reflecting improved near-term outlook.

The broker notes slower Buddy Telco net-adds, though recent months have shown improvement. A 100,000 subscribers target by 2027 remains. 

Target price lifts to $4.60 from $4.40 and Citi maintains a Buy rating.

Target price is $4.60 Current Price is $3.98 Difference: $0.62
If ABB meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 20.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates ABB as Buy (1) -

Ord Minnett notes Aussie Broadband reported 1H25 EBITDA of $65.8m, 4% ahead of the analyst's forecast.

The company's FY25 guidance was upgraded by 4% at the midpoint, reflecting improved residential earnings visibility and lower losses from the Buddy brand, the broker highlights.

Subscriber growth resumed in 2Q, with 20k-plus net additions expected per quarter in 2H25.

Management raised capex guidance by $20m to support top-line growth and margin resilience. Symbio’s performance remains strong, on track for $38m EBITDA in FY25.

Target rises to $4.49 from $4.42. Buy rating retained.

Target price is $4.49 Current Price is $3.98 Difference: $0.51
If ABB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 20.9% (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 ABB as Upgrade to Buy from Neutral (1) -

UBS upgrades Aussie Broadband to Buy from Neutral with a higher $4.80 target from $3.95, supported by an expected 26% three-year cash compound growth rate in EPS.

The analyst points to 1H25 EBITDA of $66m, up 13% year-on-year, or 22% excluding Buddy losses with double-digit subscriber growth of 12.5%, supporting continued market share gains.

A fully franked 2.4c special dividend was declared, alongside an acceleration in capex growth, with FY25 capex guidance raised to -$75–$80m from -$55–$60m.

UBS highlights the balance sheet remains strong with leverage at 0.3x.

Management upgraded FY25 EBITDA guidance to $133–138m from $125–$135m, driven by residential subscriber growth, improving margins, and a stronger contribution from Symbio.

Target price is $4.80 Current Price is $3.98 Difference: $0.82
If ABB meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 20.9% (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 ABG as Buy (1) -

Abacus Group reaffirmed its FY25 distribution guidance of 8.5c per security, in line with Citi’s and consensus expectations, with a full-year payout ratio targeted at 85-95%.

Citi highlights a 6% increase in office operating earnings, excluding surrender fees, driven by higher physical occupancy, leasing spreads, and incentives, though average gross incentives remain elevated at 35%.

Retail like-for-like operating earnings rose 15.4%, supported by a 3.3% increase in rent and improved occupancy, while self-storage revenue per available metre increased 5.4% to $339psm.

The broker reduces its FY25 EPS forecast by -1.1% due to disposals but lifts FY26 and FY27 FFO estimates by 0.2% and 2.7%, respectively, on the back of improving occupancy.

Citi maintains a Buy rating with a $1.35 target price.

Target price is $1.35 Current Price is $1.19 Difference: $0.165
If ABG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates ABG as Outperform (1) -

Abacus Group delivered first half earnings (FFO) that were below Macquarie's estimates amid higher net interest costs. FY25 distribution guidance of 8.5 cents has been reaffirmed along with FFO of 8.9-9.2 cents.

The company has identified six assets worth around $300m that will the sold and proceeds used to co--invest alongside institutional investors in capital partnerships on the eastern seaboard.

Macquarie assesses the stock offers discounted exposure to the gradual improvement in office markets and retains an Outperform rating. Target edges up to $1.29 from $1.26.

Target price is $1.29 Current Price is $1.19 Difference: $0.105
If ABG meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 5.9% (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 ABG as Buy (1) -

Abacus Group’s first-half results met Shaw and Partners' expectations, with management reaffirming its FY25 distribution guidance at 8.5 cents with 50% franking. Management believes the office sector is turning.

Higher interest costs led to a between -5%-15% downgrade in the broker's funds from operations (FFO) forecasts, prompting reductions in FY26 and FY27 distribution projections.

Management plans to divest over -$300m in assets within eighteen months to recycle capital into A-grade and prime CBD properties, noting office and retail occupancy remained strong at 90% and 97%, respectively.

Shaw and Partners retains a Buy rating and a $1.20 target price, highlighting Abacus Group’s -28% discount to net tangible assets (NTA) compared to a -10% sector average.

Target price is $1.20 Current Price is $1.19 Difference: $0.015
If ABG meets the Shaw and Partners target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates ADH as Hold (3) -

Adairs reported 1H25 underlying NPAT of $19.8m, up 4.4% on the prior year and in line with Ord Minnett's forecasts, but below consensus.

Total sales advanced 2.7% to $310.5m, with Adairs up 4.8%, Mocka up 8.3%, and Focus down -6.4%. Comparable store sales grew 6.6%, the broker notes.

Sales momentum has improved in Adairs and Mocka Australia, though Focus and Mocka NZ remain challenged, the analyst explains. Margins are under pressure from FX, inflation, and promotions.

Group sales are up 9.2% for the first seven weeks of 2H25, led by Adairs at 15.2%, while Focus declined -5.4%.

Earnings forecasts are lowered by -3 to -6% over the next three years. Target rises to $2.70 from $2.50. Hold retained.

Target price is $2.70 Current Price is $2.68 Difference: $0.02
If ADH meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.74, suggesting upside of 15.5% (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

UBS rates ADH as Neutral (3) -

The first half result from Adairs was largely in line with estimates. UBS welcomed the second half trading update for the core brand, which surprised to the upside on the back of strong first half sales growth.

The improved top-line performance is attributed to execution, particularly around product range.

The underperformance of Focus was driven by a skew in stores to a "soft" Victorian consumer and UBS cuts both sales and margin assumptions.

Neutral. Target rises to $2.55 from $2.25.

Target price is $2.55 Current Price is $2.68 Difference: minus $0.13 (current price is over target).
If ADH meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.74, suggesting upside of 15.5% (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 AL3 as Buy (1) -

AML3D's first half revenue surged 206% to $4.63m, with a strong gross margin of 73%, bringing underlying earnings (EBITDA) close to breakeven. 

After adjusting for equity-settled share-based payments and US establishment costs, the broker notes underlying earnings showed a loss of -$0.17m.

Management remains committed to expanding its US and European presence by leveraging investments in infrastructure and operational capabilities to drive growth.

Shaw and Partners maintains a Buy rating and a 40c target price. The broker highlights AML3D’s industry positioning, growth prospects, and competitive advantages in 3D printing technology.

Target price is $0.40 Current Price is $0.14 Difference: $0.265
If AL3 meets the Shaw and Partners target it will return approximately 196% (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

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

Ampol's second half results were in line with Morgan Stanley's expectations, with group replacement cost operating profit (RCOP) earnings (EBITDA) at $1,199m, down -32% year-on-year.

Lytton refinery replacement cost operating profit (RCOP) earnings (EBIT) fell to $42m from $362m in the prior period, highlight the analysts, though management pointed to improving crack spreads in early 2025.

Convenience Retail RCOP earnings rose 1% year-on-year to $357m, supported by stable basket sizes and fuel margins, explains the broker.

Morgan Stanley retains an Equal-weight rating with a $31.00 target price, citing near-term cost reductions of -$50m and expected commissioning of ultra-low sulphur fuel production by late 2025. Equal-weight. Sector call In-Line.

Target price is $31.00 Current Price is $27.31 Difference: $3.69
If ALD meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $31.48, suggesting upside of 20.5% (ex-dividends)

The company's fiscal year ends in December.

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 ALD as Buy (1) -

Ord Minnett notes Ampol reported underlying 2024 net profit below market expectations due to higher interest costs in 2H and a lower refining margin at Lytton. The final dividend was slightly ahead of consensus.

The Lytton refining margin improved to US$8.31/bbl from US$6.21/bbl in January, though consensus expected a level above US$10/bbl. Maintenance and repair work at Lytton should enhance reliability in 2025 the broker believes.

Higher interest expenses are likely to persist, with Ord Minnett expecting a cautious approach to strengthening the balance sheet. Dividend payout ratio is forecast to be lower, with DPS estimates cut by -41% for 2025 and -31% for 2026.

The broker lowers EPS forecasts by -29% and - 7% for 2025/26, respectively.

Buy rating with a 33.00 target.

Target price is $33.00 Current Price is $27.31 Difference: $5.69
If ALD meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $31.48, suggesting upside of 20.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates APA as Outperform (1) -

First half earnings from APA Group were ahead of expectations. Guidance is unchanged although the broker suspects underlying EBITDA will be at the upper end of the $1.96-2.02bn range.

This stems from a change in accounting that will hedge WGP (Wallumbilla Gladstone Pipeline) and should deliver the material uplift in EBITDA up to FY28.

The company has emphasised it can fund the $1.8bn in current capital expenditure and will consider asset recycling for large new projects.

Outperform maintained. Target rises to $8.14 from $8.02.

Target price is $8.14 Current Price is $7.12 Difference: $1.02
If APA meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.79, suggesting upside of 1.2% (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 APA as Equal-weight (3) -

APA Group's first half earnings (EBITDA) beat the Morgan Stanley and consensus forecasts by 1% and 2%, respectively, on new assets, tariff escalation and cost control.

Management reaffirmed FY25 guidance of $1,960-2,020m in earnings and a 57 cent dividend, noting FY25 free cash flow (FCF) will include higher debt funding costs and higher cash tax payments.

While Morgan Stanley remains with an Equal-weight rating, the broker is incrementally constructive, citing upcoming catalysts including growth project updates and the Gas Statement of Opportunities in April. Target $8.08. The industry view remains In-Line.

Target price is $8.08 Current Price is $7.12 Difference: $0.96
If APA meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.79, suggesting upside of 1.2% (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 APA as Upgrade to Neutral from Sell (3) -

UBS upgrades APA Group to Neutral from Sell with a higher target price of $7 from $6.60.

The group's 1H25 underlying EBITDA of $1,015m was in line with consensus. Corporate cost growth slowed to 2.5% from the previously guided 10%, though higher interest expenses and lower Basslink earnings pose risks to FY26 earnings growth, the analyst proposes.

Management confirmed there is no need for immediate equity raise, opting instead to recycle assets and seek funding partners.

UBS points to a potential funding gap of -$1.9–3.3bn for the pipeline operator's WA transmission corridors, which may require equity issuance.

The analyst lifts FY26–27 EPS estimates rise by 5–6% on lower corporate costs and additional earnings from organic growth.

Target price is $7.00 Current Price is $7.12 Difference: minus $0.12 (current price is over target).
If APA meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.79, suggesting upside of 1.2% (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 AUB as Neutral (3) -

On first inspection, AUB Group reported 1H25 underlying NPAT of $79m, which met UBS' and consensus' expectations. 

The broker notes divisional performance was mixed. Australian Broking, Agencies, BizCover, and New Zealand outperformed forecasts, while Tysers' EBIT fell -20.7% short due to team departures and a one-off bonus adjustment.

Organic growth was 9.3%, and leverage increased to 1.90 times from 1.28 times in June 2024.

Management retained FY25 UNPAT guidance at $190–200m despite elevated acquisition spending of $284m in 1H25.

The analyst expects unchanged guidance and under performance in Tysers may weigh on the share price alongside large below-the-line items.

Neutral rating with a 33.30 target.

Target price is $33.30 Current Price is $28.50 Difference: $4.8
If AUB meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $35.52, suggesting upside of 20.4% (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

Bell Potter rates AX1 as Buy (1) -

Accent Group’s first-half result aligned with Bell Potter's expectations. Showing improvement in the key back-to-school period, notes the broker, like-for-like retail sales rose by 2.2% year-on-year in the first seven weeks of the second half.

Management is negotiating with Frasers Group regarding the rollout of the Sports Direct banner in Australia, which is expected to conclude in the second half.

Bell Potter retains a Buy rating and a $2.60 target price, noting growth catalysts in store expansion, vertical brand strategy, and new market opportunities.

Target price is $2.60 Current Price is $2.05 Difference: $0.55
If AX1 meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 24.5% (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 AX1 as Buy (1) -

With Citi's upgrade to Buy from Neutral on Accent Group, the broker envisages fewer risks from forex on gross margins in 2H25 than previously anticipated.

The analyst believes the improvement in trading comps starting 2H25 is likely to be maintained, particularly against Citi’s more upbeat view on the Australian consumer.

The broker points to further growth from private brands, including Nude Lucy, and reinvesting in the store network.

With the more upbeat assessment and a -10% decline in the share price, the stock is now Buy rated. Target $2.57.

Target price is $2.57 Current Price is $2.05 Difference: $0.52
If AX1 meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

UBS rates CDA as Buy (1) -

Codan provided a strong first half result with UBS highlighting the higher-multiple communications segment that delivered 31% earnings growth and a "very strong" EBIT margin expansion to 26.6%.

The company's FY25 organic communications revenue growth guidance has been reiterated at 10-15%.

UBS suspects the latter may have disappointed the market, given it implies a material slowdown in organic revenue growth in the second half, but considers any fears largely unfounded.

Buy rating. Target rises to $18.50 from $16.20.

Target price is $18.50 Current Price is $16.03 Difference: $2.47
If CDA meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $17.63, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates CHC as Neutral (3) -

Charter Hall Group reported 1H25 results showing asset values stabilising, with cap rate expansion slowing to 11bps in 2H24 from 28bps in 1H24, Citi notes. Office assets declined -3.5%, while shopping centre and net lease retail grew 1.2% and 1.0%, respectively.

Positively transaction activity is recovering, with $1bn in net equity inflows in 1H25, matching full-year FY24 levels, the analyst explains.

Gross transaction volumes reached $4.1bn, slightly below historical averages, though $1.3bn in acquisitions is already lined up for 2H25.

The group's $13.3bn development pipeline, with potential upside from data centres as managements progresses plans to unlock around 1.5GW of power supply. 

Citi resumes coverage with a Neutral rating and a target price of $18.50. Valuation remains a concern, with the shares trading at 21x forward PE ratio, more than one standard deviation above the historical average.

Target price is $18.50 Current Price is $17.44 Difference: $1.06
If CHC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.94, suggesting downside of -2.9% (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 CIP as Buy (1) -

On UBS' first snapshot of Centuria Industrial REIT's result release, the broker points to 1H25 funds from operations (FFO) of $56.6m, slightly below forecast of $57.1m by -1% , with FFO per unit of 8.9c in line with consensus.

Net property income was 97.7m, exceeding the broker's forecasts, supported by 6.4% like-for-like rental growth. Portfolio occupancy fell to 96.6% from 97.1% in June 2024, while WALE shortened to 7.3 years. The cap rate expanded slightly to 5.83%.

Management reconfirmed FY25 guidance for FFO per unit of 17.5c and a DPS of 16.3c. UBS expects recent hedging activity to benefit earnings but will seek further clarity on the dip in occupancy.

Buy rated with a $3.80 target

Target price is $3.80 Current Price is $2.95 Difference: $0.85
If CIP meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 15.5% (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

Macquarie rates CNU as Outperform (1) -

Chorus posted first half earnings of NZ$346m, reaffirming FY25 guidance of NZ$700-720m. Macquarie considers the results largely academic as connection updates and pricing were pre-released.

While cyclical headwinds have meant some consumers have traded down their broadband tier, more significantly, the broker asserts, it is the lack of any expected "trading up".

Adjusting for lower revenue growth and higher operating expenditure in the second half means Macquarie downgrades its FY25 EPS estimate by -62%. Lower depreciation in FY26 and FY27 underpins EPS upgrades of 21% and 15%, respectively.

The broker maintains an Outperform rating with a NZ$9.83 target price.

Current Price is $7.70. 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: 0.5

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

UBS rates CNU as Neutral (3) -

Chorus produced a first half result that signalled to UBS the business is more than resilient despite the weak economy. First half EBITDA was slightly below estimates.

As FY25 guidance has been maintained, the broker makes only minor downgrades to forecasts. UBS notes slower fibre revenue growth as a result of slightly higher fibre churn and some trading down.

Neutral retained. Target price unchanged at NZ$8.50.

Current Price is $7.70. 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: 0.5

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

Citi rates CQR as Buy (1) -

Citi  notes Charter Hall Retail REIT continues asset recycling, investing in higher-yielding shopping centre and net lease retail assets to support defensive FFO and DPS growth.

The stock trades at a -25% discount to NTA of $4.57, with a FY26 PE of 12.8x and a 7.4% dividend yield.

Following a period of Rating Suspended, coverage resumes with a Buy rating and a 4.00 target.

Target price is $4.00 Current Price is $3.40 Difference: $0.6
If CQR meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 13.0% (ex-dividends)

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

Bell Potter rates DHG as Downgrade to Hold from Buy (3) -

Nasdaq-listed CoStar Group has built a 16.9% position on Domain Holdings Australia's register with the intention of acquiring 100% of ordinary shares at a proposed $4.20 per share price.

Domain's first-half performance reflected a stabilising property market, with revenue and earnings (EBITDA) in line with Bell Potter's expectations.

Listings growth was mixed, with stronger trends in Sydney and Melbourne offset by weaker regional activity, explains the broker, while costs remained controlled.

Management expects the second half to benefit from seasonal strength and improving buyer sentiment, though macroeconomic conditions remain a key factor.

Bell Potter raises its target to $4.20 from $3.30 and downgrades to Hold from Buy, citing valuation considerations and limited near-term catalysts.

Target price is $4.20 Current Price is $4.36 Difference: minus $0.16 (current price is over target).
If DHG meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.26, suggesting downside of -25.9% (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 DMP as Neutral (3) -

UBS notes Domino’s Pizza Enterprises reported 1H25 underlying net profit before tax of $85.6m, in line with prior guidance on first take.

A&NZ outperformed, with EBIT rising 7.6%, while Europe and Asia fell short of expectations due to weaker sales and margin pressure, the broker highlights.

Network sales declined -2.9% to $2.08bn, with same-store sales growth falling by -0.6%. Franchisee EBITDA margin improved to 7.3% from 6.5% in 1H24. Operating cash flow was $95.4m, slightly below UBS estimates.

The company’s first seven weeks of 2H25 trading showed soft same-store sales growth of 1.5%, impacted by weaker trends in France and Japan.

Neutral rating with a $36.00 target maintained.

Target price is $36.00 Current Price is $32.27 Difference: $3.73
If DMP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.69, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates DRR as Outperform (1) -

Deterra Royalties delivered first half earnings that were in line with Macquarie's estimates. The gold offtake generated a $7m net margin for the period that offset the impact of weaker iron ore prices.

Cash flow did miss the broker's forecast, affected by higher payments to suppliers as well as interest. Net debt finished 2024 at $308m, within targeted leverage ranges.

Macquarie reduces EPS estimates by -5% for FY25 and -3% for FY26. Target is steady at $4.40. Outperform.

Target price is $4.40 Current Price is $3.84 Difference: $0.56
If DRR meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting upside of 22.5% (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

Citi rates EVT as Buy (1) -

EVT Ltd announced 1H25 cinema EBITDA down -4% in Australia due to a -7% decline in attendance from the Hollywood strikes, though Citi notes December showed a strong rebound with EBITDA up 123% on 26% higher admissions.

Efficiency improvements and premium pricing helped drive earnings, while an improved FY26 film pipeline and potential divestment of cinemas could unlock further value.

Hotel EBITDA rose 11%, supported by margin expansion, though Citi flags slowing growth in Sydney and Melbourne and some risk in 2H25 as the company cycles Taylor Swift’s 2024 tour.

The sale of 525 George Street for $300m-$400m to provide capital for hotel acquisitions and refurbishments, with an increasing offshore focus, was noted as possible by the analyst.

Citi raises FY25-27 NPAT forecasts by 74% to 8% following the strong result and an improved outlook for cinema and hotel operations. 

Maintian Buy rating with a higher $16.12 target price, up from $12.73.

Target price is $16.12 Current Price is $13.58 Difference: $2.54
If EVT meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.20, suggesting upside of 7.6% (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

Morgan Stanley rates EVT as Overweight (1) -

EVT Ltd's first half earnings (EBITDA) rose by 4% to $100m, beating consensus by 12%, with revenue reaching $649m, highlights Morgan Stanley.

The Entertainment division performance improved, observe the analysts, with record average admission prices and spend per head, despite lingering impacts from Hollywood strikes.

Hotels continued to outperform, with occupancy up 3.4% and revenue per available room rising 3.9% to $179, supported by four new hotel additions, explains Morgan Stanley.

Overweight rating and $13.30 target maintained. Industry View: Attractive.

Target price is $13.30 Current Price is $13.58 Difference: minus $0.28 (current price is over target).
If EVT meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.20, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates EVT as Buy (1) -

EVT Ltd reported 1H25 normalised NPAT of $31.1m, up 15%, well ahead of Ord Minnett’s $20.0m estimate.

The company announced plans to sell 525 George St, with expected proceeds of $175–$275m, alongside other non-core asset sales that could bring total cash inflows to around $300m.

Hotel assets remain the priority for management, the broker highlights, and the Cinema Division is now considered available for sale. The company expects to reinvest proceeds into hotel growth opportunities.

Ord Minnett lifts EPS forecasts by 4% for FY25, 11% for FY26, and 12% for FY27, driven by Thredbo and lower corporate costs.

Target price increases to $16.17 from $13.70, with a Buy rating retained.

Target price is $16.17 Current Price is $13.58 Difference: $2.59
If EVT meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.20, suggesting upside of 7.6% (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 FBU as Buy (1) -

On further assessment, Citi believes Fletcher Building's result was a "non-eventful" one for the first time in several periods.

The analyst sees incremental reasons to be more upbeat about the recovery in earnings, with further rate cuts and a faster mortgage-cutting cycle.

Remains Buy rated with a NZ$3.90 target price.

***

At first glance, Citi notes Fletcher Building reported a 1H25 earnings miss by -5%, but management's guidance infers a higher earnings outlook by 4% against expectations.

The broker notes consensus is currently second-half skewed for earnings, although guidance suggests a 40%/60% split, driven by a NZ$180m cost-out, seasonal factors for residential, and a NZ$20m ship outage, the analyst explains, all of which were disclosed.

Citi views the result as "vanilla," and, on balance, investors will be happy after a period of many disappointments.

Current Price is $3.02. Target price not assessed.

Current consensus price target is $3.04, suggesting upside of 2.7% (ex-dividends)

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: 0.0

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

Bell Potter rates GDI as Buy (1) -

GDI Property's 1H result revealed funds from operations (FFO) of 3.07cps, missing forecasts by Bell Potter and consensus by -5%.

The broker highlights a -44% discount to net tangible assets (NTA) and improving earnings growth, with a strategy focused on total returns through active real estate management.

A newly appointed managing director is expected to drive strategy execution, while asset sales are being pursued to enhance liquidity. Bell Potter retains a Buy rating with the target price unchanged at 80c.

Target price is $0.80 Current Price is $0.67 Difference: $0.13
If GDI meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 GEM as Neutral (3) -

First impressions by UBS on today's FY24 results by G8 Education are of good ongoing cost control in the 2H, more than offset by softer occupancy so far in 2025. A weaker share price is expected for today.

FY24 revenue rose 3% year-on-year to $1,015m, 1% ahead of estimates, while underlying earnings (EBIT) increased 14% to $115m.

Net profit after tax grew 14% to $72m, with a dividend of 5.5c, exceeding the broker’s 4.4c forecast.

Occupancy trends weakened in early-2025, down -1.9% year-to-date, with spot occupancy falling -3.5%, notes UBS, though management remains cautiously optimistic about macro tailwinds and subsidy changes in 2026.

Neutral rating. Target $1.35.

Target price is $1.35 Current Price is $1.37 Difference: minus $0.015 (current price is over target).
If GEM meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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 GNP as Buy (1) -

Genusplus Group's 1H underlying earnings (EBITDA) of $27.4m compared to Bell Potter's $26.9m forecast. Revenue was also a small beat, driven by Infrastructure segment outperformance, explain the analysts.

The broker highlights strong order book growth to $1.5bn, benefiting from infrastructure demand and renewable energy investments.

Management maintains its forecast of at least 20% earnings (EBITDA) growth for FY25, supported by project execution and acquisitions.

Bell Potter raises the target price to $3.20 from $3.10 and retains a Buy rating.

Target price is $3.20 Current Price is $2.80 Difference: $0.4
If GNP meets the Bell Potter target it will return approximately 14% (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

Macquarie rates GOR as No Rating (-1) -

Gold Road Resources posted 2024 underlying earnings that were slightly below Macquarie's estimates, largely because of higher corporate costs and exploration expenses.

A fully franked final dividend of 1.5 cents will be paid and the broker notes the 2024 payout reflects a 0.8% dividend yield.

The broker remains on research restriction.

Current Price is $2.52. Target price not assessed.

Current consensus price target is $2.85, suggesting upside of 10.0% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates IGL as Buy (1) -

IVE Group's 1H earnings (EBITDA) of $74.1m proved 7% above Bell Potter's forecast, driven by a much higher underlying earnings margin of 14.5% compared to the broker's 13.3% forecast. 

FY25 guidance is for an underlying profit of between $45-50m from $47-50m prior.

The analysts highlight the company's attractive dividend yield, with a payout policy of 65-75% of net profit and an indicated 18c dividend for the medium term. The 9.5 cent fully franked interim dividend was in line with the broker's forecast.

Bell Potter raises the target price to $2.80 from $2.70 and retains a Buy rating.

Target price is $2.80 Current Price is $2.34 Difference: $0.46
If IGL meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates INA as Neutral (3) -

First half underlying profit for Ingenia Communities of $68.8m exceeded the UBS estimate for $53.2m, with underlying EPS up 58% year-on-year to 16.9c.

In an early take on today's result, the broker assesses an overall beat with strong margins, though sales appear a little soft.

Development earnings (EBIT) were $40.3m, 28% ahead of the analysts' forecast, though settlements of 258 fell slightly short of expectations.

Lifestyle rental earnings came in at $24.2m, while holidays earnings reached $28.6m, both slightly below UBS estimates, with occupancy trends stable.

Neutral. Target $6.15.

Target price is $6.15 Current Price is $5.63 Difference: $0.52
If INA meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.07, suggesting upside of 6.4% (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

Bell Potter rates IPG as Buy (1) -

IPD Group’s 1H25 earnings (EBITDA) of $23.6m exceeded company guidance and came in 3% ahead of Bell Potter's estimates.

Revenue grew by 2.2% year-on-year on a pro forma basis, with core business sales up by 5%, while control, monitoring and installation (CMI) declined by -3%.

Segment performance was generally high quality, observes the broker, led by the Products division, which benefited from growth in data centre, mining, and heating, ventilation, and air conditioning (HVAC).

The broker forecasts earnings growth of 6% in the 2H, with new verticals like data centres and EV charging gaining momentum.

Bell Potter raises the target price to $5.50 from $5.30 and retains a Buy rating.

Target price is $5.50 Current Price is $4.40 Difference: $1.1
If IPG meets the Bell Potter target it will return approximately 25% (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

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

IPD Group delivered a strong 1H FY25 result, believes Shaw and Partners, with EBITDA and EBIT exceeding the top end of guidance and beating the broke's estimates by 3% and 4%, respectively.

Cash conversion reached 108%, and the interim dividend increased by 39% year-on-year. The broker highlights the company's exposure to high-growth sectors, including data centres and electrification/power management, continues to drive performance.

Margins expanded by 54 basis points ahead of Shaw’s forecast, leading to between 4-5% upgrades in earnings per share projections for FY25-FY27.

Stronger operating cash flows also contributed to a higher discounted cash flow valuation, notes the broker. The target price is raised to $5.50 from $5.10.

The Buy, High Risk rating is maintained.

Target price is $5.50 Current Price is $4.40 Difference: $1.1
If IPG meets the Shaw and Partners target it will return approximately 25% (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

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

The 2024 results from Iress were slightly ahead of Macquarie's estimates. The broker comments the transformation of the business has significantly improved the balance sheet and the dividend has been reinstated. A final $0.10 was declared.

2025 guidance for adjusted EBITDA is $127-135m. As the transformation of the business continues over the next 12-24 months, Macquarie finds the valuation attractive and upgrades to Outperform from Neutral.

The target is reduced to $8.42 from $10.25, reflecting EBITDA changes, increased capital expenditure and DCF roll forward.

Target price is $8.42 Current Price is $7.68 Difference: $0.74
If IRE meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.69, suggesting upside of 26.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates JLG as Neutral (3) -

On first inspection Johns Lyng's reported a weak 1H25 result, missing Citi’s expectations, with FY25 business as usual (BAU) revenue and EBITDA guidance lowered by -6% and -13%, respectively. Benign weather in NSW and US project delays remain headwinds

Management's guidance implies a 2H25 margin rebound to around 12%, CAT revenue expectations have increased to $62.4m, and strata management delivered 9.3% organic growth.

The analysts points to commercial construction losses which are now expected at -$3.5m, up from -$2m.

Citi expects the shares to weaken on the result.

Target price is $3.95 Current Price is $3.80 Difference: $0.15
If JLG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 77.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates KGN as Sell (5) -

Kogan.com's 1H25 revenue of $276m came in ahead of Citi’s estimates by 9%, though adjusted EBITDA fell -38% YoY, disappointing expectations.

Kogan FIRST membership program underperformed, with revenue growth of 24% below the 40% consensus forecast, and no subscriber data were released, the analyst explains.

Kogan Marketplace revenue rose 20%, though this was not enough to offset weakness in the Kogan FIRST program. Mighty Ape underperformed, with revenue down -15% due to site upgrade issues and weak NZ consumer demand.

The broker points to inventory up 23%, counter to Kogan’s strategy of transitioning to a platform-based model. The declared 7cps dividend was below Citi’s 9cps forecast.

Citi maintains a Sell rating with a target price of $4.40.

Target price is $4.40 Current Price is $4.40 Difference: $0
If KGN meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 8.9% (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

UBS rates KGN as Neutral (3) -

UBS notes a material acceleration in sales growth for Kogan.com in the first half, which has continued through into January 2025. First half key metrics beat estimates.

The main headwinds to earnings leverage over the medium term include marketing expenses, which have risen materially, UBS comments, along with Kogan First where, having been a significant earnings driver over the past two years, gross profit growth may slow with the first fee increase having rolled through.

Neutral retained. Target price slips to $5.20 from $5.50.

Target price is $5.20 Current Price is $4.40 Difference: $0.8
If KGN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.06, suggesting upside of 8.9% (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

Citi rates LFG as Buy (1) -

Liberty Financial reported 1H25 underlying NPATA of $71.4m, in line with expectations, Citi notes, though Secured Finance growth slowed, particularly in motor finance, due to competitive pressures that weighed on volume growth and NIM.

Lower provisioning needs and a shift away from capital-intensive segments offset weaker net interest income, supporting a special dividend of 5cps. The broker expects improved funding conditions, with spot pricing -35bps below the back-book funding margin, should drive NIM expansion over the next 2-3 years.

Citi has lowered volume forecasts by -3 to -8%, though higher NIM and lower bad debts limit the impact on earnings, while DPS estimates increase by 2-4%, supporting a double-digit earnings growth outlook as funding tailwinds strengthen.

The broker maintains a Buy rating with a $4.15 target price, and an expected 8.7% dividend yield.

Target price is $4.15 Current Price is $3.77 Difference: $0.38
If LFG meets the Citi target it will return approximately 10% (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

Macquarie rates LFG as Outperform (1) -

Liberty Financial delivered profit growth in the first half, underpinned by lower impairments, book growth and stable margins.

Macquarie observes this comes after several years of declining earnings as margins slumped because of headwinds from both lending spreads and funding costs.

The main positive for the broker was management's guidance for a potential expansion in margins, although lending competition remains intense.

Macquarie finds there is flexibility in the balance sheet and forecasts another special dividend in the first half of FY26. Target is raised to $4.40 from $4.05. Outperform.

Target price is $4.40 Current Price is $3.77 Difference: $0.63
If LFG meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates LIC as Neutral (3) -

Lifestyle Communities Limited's 1H25 operating profit after tax of $22.7m was 8% ahead of consensus, Citi notes, though net sales remain weak. Settlements reached 168 by 23 February, leaving 107 needed to meet Citi’s 275 forecast for FY25.

The broker highlights management’s focus on balance sheet strength, with plans to sell $80–100m in land holdings and reduce development expenditure by a further -$100m.

Dividend payments have been paused. Sales improved in January–February but remain below 1H 2024 levels.

VCAT hearing on resident complaints is set for 1 May 2025, a key overhang on sentiment. Henry Ruiz, ex-REA, has been appointed CEO, starting 5 March, which may be viewed positively by the market, the analyst suggests.

Neutral rating with a target price of $10.00 maintained.

Target price is $10.00 Current Price is $9.81 Difference: $0.19
If LIC meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.31, suggesting upside of 18.1% (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 LIC as Buy (1) -

Lifestyle Communities, at first glance, delivered underlying profit ahead of UBS estimates. While sales picked up in January and February, the broker suggests more is required to provide confidence for investors.

The company is looking to sell 1-2 mothballed development sites to support the balance sheet and has revised debt lower, providing more headroom on the balance sheet. Buy rating and $11.31.

Target price is $11.31 Current Price is $9.81 Difference: $1.5
If LIC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $10.31, suggesting upside of 18.1% (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 LOV as Sell (5) -

Lovisa Holdings reported 1H25 NPAT of $56.9m, in line with Citi’s estimates but -7% below consensus due to higher start-up losses in new markets.

The broker notes EBIT of $90.2m was only -2% below consensus, with an interim dividend of 50cps declared versus expectations of 52cps.

Like-for-like sales growth improved in 2H25 to date, though Citi believes the shift in key trading days likely inflated the figure, and growth is expected to moderate over the remainder of the period.

Gross margins expanded by 170bps year-on-year to record levels, but the broker questions whether further gains are sustainable under the new CEO, particularly as competition rises.

Citi sees slower store rollout, higher costs, and tax as ongoing headwinds, leading to a -7% cut to FY25 net profit forecast, with minor increases of 1% to FY26-27 estimates.

Sell rating maintained with a higher target price of $25.86, up from $25.45.

Target price is $25.86 Current Price is $28.20 Difference: minus $2.34 (current price is over target).
If LOV meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.28, suggesting upside of 12.6% (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

Macquarie rates LOV as Outperform (1) -

Macquarie notes, despite Lovisa Holdings missing estimates at the net profit line in the first half, the sales exit rates in the second half in the year to date have accelerated.

Gross margin percentage improved to 82.4%, underpinned by supplier cost management, promotion control and some price increases. The roll-out of new stores across several markets remains significant with management indicating more than 99 will be opened in FY25.

Macquarie maintains an Outperform rating and reduces the target to $33.40 from $34.10.

Target price is $33.40 Current Price is $28.20 Difference: $5.2
If LOV meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $30.28, suggesting upside of 12.6% (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

Morgan Stanley rates LOV as Overweight (1) -

A share price fall following Lovisa Holdings' 1H results suggests to Morgan Stanley higher opex overshadowed higher stores numbers, overall growth and an improving gross margin percentage. Revenue and earnings (EBIT) missed consensus forecasts by around -2%.

The broker feels ongoing reinvestment for growth makes sense given the above mentioned positive metrics and an immature rollout of stores.

Store growth accelerated to 56 in FY25 year-to-date (88 annualised), up from 27 in the first 20 weeks (70 annualised), highlight the analysts.

Overweight rating maintained. The target falls to $31.50 from $32.00. Industry view: In-Line.

Target price is $31.50 Current Price is $28.20 Difference: $3.3
If LOV meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.28, suggesting upside of 12.6% (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

UBS rates LOV as Sell (5) -

Lovisa Holdings delivered a mixed result in the first half, UBS assesses. Revenues in Asia, Africa, Europe and Australasia were below the market forecasts and partially offset by stronger Americas.

The broker reduces estimates for EPS by -2.4% in FY25 because of higher costs, net interest and effective tax rate.

A Sell rating is maintained because of concerns about the pace and size of recovery in like-for-like sales and net new store growth. The broker finds the risk/reward not compelling and holds a $27 target.

Target price is $27.00 Current Price is $28.20 Difference: minus $1.2 (current price is over target).
If LOV meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.28, suggesting upside of 12.6% (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

Macquarie rates MHJ as Outperform (1) -

Michael Hill delivered comparable EBIT of NZ$24m, at the top of guidance while down -23% on the prior comparable half.

Macquarie believes the results confirm the macro pressures that have affected consumer sentiment and discretionary retail trading throughout 2024.

Despite this, the broker highlights the efforts the company made to control what it could, protecting the gross profit margin and managing inventory.

Macquarie considers the prevailing discount to value and the expected recovery in gross profit margins along with growth initiatives should support its Outperform rating. Target is raised to NZ$0.75 from NZ$0.70.

Current Price is $0.45. Target price not assessed.

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 NEM as Outperform (1) -

Newmont Corp had a strong end of the year, Macquarie notes, recording a 7% production beat and slight cost beat. Importantly, this translated to strong Dec Q earnings results.

Newcrest guided to 2025 gold production of 5.6Moz for its go-forward portfolio, in line with management's prior comments. However, a cost of US$1,630/oz was above the US $1,500/oz discussed previously. Total capital was in line with Newmont's prior commentary.

While the higher 2025 cost had the market wary on the long-term cost base, Macquarie notes, longer-term production commentary was mostly unchanged. Target falls -1% to $85, Outperform retained.

Target price is $85.00 Current Price is $71.05 Difference: $13.95
If NEM meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $83.00, suggesting upside of 20.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates NHF as Neutral (3) -

nib Holdings reported improving claims inflation, easing a key market concern, with guidance for FY25 arhi margins at the upper end of the 6-7% range, Citi notes.

The broker highlights that arhi policyholder growth remains strong, with NZ expected to return to profitability, while iihi is forecast to deliver a stronger 2H profit.

Citi lifts FY25 EPS estimates by 2%, though notes the upcoming 1 April premium price rise has not yet been approved, creating some risk if nib does not obtain its requested level.

The broker remains cautious on potential regulatory headwinds and political risks ahead of the Federal election. Citi maintains a Neutral rating with a higher $6.75 target price, up from $6.00.

Target price is $6.75 Current Price is $6.68 Difference: $0.07
If NHF meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates NHF as Underperform (5) -

nib Holdings' ARHI division achieved a 7.0% net margin in 1H25, Macquarie notes, at the top of its 6-7% medium term range, and compared with market averages of around 4% over the last 12 months.

Macquarie estimates policyholder growth of 3.3% in the half will be around 40% higher than market, as the marketing efficiency ratio increased 10bps, supporting the broker's higher-for-longer promotional activity thesis.

But heading into a federal election for which Health is in focus, Macquarie retains a cautious outlook. Underperform retained, target rises to $5.55 from $5.50.

Target price is $5.55 Current Price is $6.68 Difference: minus $1.13 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.58, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Morgan Stanley is, overall, pleased by the 1H result for nib Holdings, which addressed several investor concerns. 

Stabilising Australian Residents Health Insurance (ARHI) margins were considered a highlight, reducing the company's cost of equity.

Management is confident of lifting New Zealand to a full year profit and expects International Insurance Health Insurance (IIHI) to improve in H2, with seasonality and repricing helping both divisions.

FY25 underlying operating profit guidance is between $235-250m.

The analysts' target for nib Holdings rises to $6.65 from $6.30. The Equal-weight rating is retained given pricing is constrained and stronger growth on offer at the general insurers, suggests the broker. Industry view is In-Line.

Target price is $6.65 Current Price is $6.68 Difference: minus $0.03 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.58, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates NHF as Buy (1) -

Ord Minnett notes nib Holdings announced 1H25 operating earnings and an interim dividend above market expectations, driven by strong margins in its Australian resident health insurance (ARHI) business. The company reaffirmed its FY25 earnings guidance.

Claims inflation exited 2024 at 5% but fell to 4.8% by the end of January, increasing confidence in achieving the FY25 ARHI margin target of 6–7%. However, margins outside ARHI remain under pressure, highlighting the need to reduce costs, the broker explains.

Ord Minnett EPS estimates are cut by -7% for FY25, -2% for FY26, as one-off items weigh on the bottom line despite higher operating earnings forecasts.

Buy rating maintained with a higher target price of $7.65 from $6.90.

Target price is $7.65 Current Price is $6.68 Difference: $0.97
If NHF meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 0.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates NHF as Neutral (3) -

First half underlying operating profit was in line with UBS estimates, the outcome helping to de-risk FY25 underlying operating profit guidance, which is unchanged.

Still, UBS believes this requires relatively resilient ARHI net margins into the second half.

Given uncertainty over any approved premium rate rises in April and the lack of clarity on underlying inflation trends, the broker suspects the risks around margins are skewed to the downside.

Despite a relatively undemanding valuation, a Neutral rating is retained. Target rises to $6.75 from $6.15.

Target price is $6.75 Current Price is $6.68 Difference: $0.07
If NHF meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.58, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates NIC as Buy (1) -

Commenting after FY24 results, Bell Potter notes Nickel Industries continues to operate in a challenging nickel market but maintains positive cash flow.

Adjusting for impairments, underlying earnings (EBITDA) and profit were US$297m and US$15m, respectively, compared to the broker's forecasts for US$330m and US$100m.

There was an unexpected non-cash writedown of -US$236.6m (pre-tax) to the carrying values of the older Hengjaya Nickel Industries and Ranger Nickel Industries processing plants.

A final dividend of 1.5cps was declared.

Bell Potter raises the target price to $1.47 from $1.39 as a model roll-forward is partially offset by higher cost forecasts. The Buy rating is retained.

Target price is $1.47 Current Price is $0.76 Difference: $0.71
If NIC meets the Bell Potter target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates NIC as Buy (1) -

Nickel Industries reported 2024 EBITDA of $297m, in line with Citi’s estimates, though a -US$205m impairment on the Hengjaya Nickel (HNI) and Ranger Nickel (RNI) Rotary Kiln Electric Furnace (RKEF) lines resulted in an net loss of -US$169m.

A final dividend of 1.5cps was declared, with net debt at US$832m.

The company continues to assess inorganic growth opportunities, with first ore from the Sampala project expected in late 2024 or early 2025. Production at HNI and RNI will be curtailed in Q2–Q4 to reline one line at each, reducing EBITDA by -1%.

Fiscal changes in Indonesia remain under review, though the global minimum tax is not expected to materially impact Nickel Industries in the near term, the broker states.

Citi maintains a Buy/High Risk rating with a target price of $1.00. 

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If NIC meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates NIC as Neutral (3) -

Nickel Industries reported 2024 attributable profit of -US$169m, impacted due to an impairment relating to a readjustment of carrying values at its smelters, Macquarie notes.

The readjustment of carrying values was as a result of compressed margins and decreased production, along with a reduction in consensus nickel price forecasts. A 1.5c dividend came as a surprise.

Although it appears that nickel prices have found a bottom, an improvement in these prices may be required, Macquarie suggests, for Nickel Industries to re-rate. Target falls to 83c from 88c, Neutral retained.

Target price is $0.83 Current Price is $0.76 Difference: $0.07
If NIC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Morgan Stanley rates NIC as Overweight (1) -

Nickel Industries’ 2024 revenue came in 2% ahead of Morgan Stanley and consensus estimates, though earnings (EBITDA) of $297m fell -6% below expectations, driven by a lower share of profit from Hengjaya Nickel Company.

A -US$205m impairment on the Hengjaya Nickel Industries and Ranger Nickel Industries assets resulted in a statutory net loss of -$190m, while underlying net profit of $16m was -75% lower than the consensus' forecast, observes the broker.

Free cash flow remained stable at $205m, and net debt of $844m was in line with estimates but -5% worse (higher) than consensus was expecting.

Overweight rating. Target $1.05. Industry View: Attractive.

Target price is $1.05 Current Price is $0.76 Difference: $0.29
If NIC meets the Morgan Stanley target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates NIC as Buy (1) -

Nickel Industries is undergoing a transformation year in 2025, UBS assesses, having pre-reported revenue and earnings for 2024 at the December quarter production update.

The new information from the official results include a -US$204m impairment for HNI and RNI and a dividend of 1.5 cents.

UBS takes into account the commodity outlook, with the market is still in oversupply and non-nickel batteries continuing to take share.

Estimates for EPS in 2025 and 2026 are downgraded by -9% and -5%, respectively. Target edges down to $1.00 from $1.05. Buy retained.

Target price is $1.00 Current Price is $0.76 Difference: $0.24
If NIC meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $1.16, suggesting upside of 56.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

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

Nuix reported first-half FY25 results in line with Shaw and Partners' expectations, with management reaffirming full-year guidance and signalling a strong second half.

The company continues its transition towards a subscription-based model, driving higher recurring revenue and improved cash flow stability, explains the broker.

Management remains confident in its growth strategy, observes Shaw, with key pipeline opportunities in legal, regulatory, and corporate compliance markets.

The analysts see significant upside potential as Nuix executes its strategic initiatives and scales its recurring revenue base.

The Buy, High Risk rating and $5.70 target are maintained.

Target price is $5.70 Current Price is $4.41 Difference: $1.29
If NXL meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 NXT as Buy (1) -

Citi highlights NextDC announced 1H25 earnings (EBITDA) up 3%, with underlying earnings slightly above the broker's estimate and 1% ahead of consensus.

Higher costs offset higher net revenue.

Buy rated with an 18.70 target.

Target price is $18.70 Current Price is $14.15 Difference: $4.55
If NXT meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $19.73, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates NXT as Outperform (1) -

It's simple, says Macquarie. Contract news drives price action. NextDC has solid visibility on contracts, and incentives are now clearly linked to share price.

Macquarie thinks recent news flow has been misinterpreted by the market. NextDC's customers have the biggest balance sheets and capex intentions are surprising to the upside. Recent news flow suggests AI is nearer-term than first thought, and open source has won. 

Both of these drivers suggest to Macquarie data centres win a larger share of this raised capex. To underpin the next decade of growth, the broker thinks there will be a flight to quality by hyperscalers to ensure they can continue to grow.

Outperform and $21.20 target retained.

Target price is $21.20 Current Price is $14.15 Difference: $7.05
If NXT meets the Macquarie target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $19.73, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates NXT as Overweight (1) -

NextDC's first-half earnings (EBITDA) rose 3% to $105.4m, slightly ahead of consensus, with revenue up by 13% to $167.8m, highlights Morgan Stanley.

The forward order book increased to 83MW, with an additional 3MW of new contracted capacity, though the broker notes pricing declined by -4% year-on-year.

Management reaffirmed full-year guidance, including revenue of $330m, earnings of $215m, and capital expenditure of -$1.4bn.

Morgan Stanley retains an Overweight rating and $20.50 target, highlighting contract wins as a key catalyst for de-risking capital intensity. Overweight. Industry View: Attractive.

On the later earnings call, the broker highlights management is yet to see any impact from DeepSeek on hyperscaler or enterprise orders.

Target price is $20.50 Current Price is $14.15 Difference: $6.35
If NXT meets the Morgan Stanley target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $19.73, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

UBS rates NXT as Buy (1) -

UBS notes NextDC is monetising a strong pipeline of contracted megawatts. Activated megawatts and built capacity were a highlight of the first half results, which were largely in line. Demand is strong.

There was no update on new international opportunities although the broker continues to believe this will be an additional driver for future earnings and value creation. Buy rating retained.  Target edges down to $19.20 from $20.00.

Target price is $19.20 Current Price is $14.15 Difference: $5.05
If NXT meets the UBS target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $19.73, suggesting upside of 43.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates OML as Outperform (1) -

oOh!media reported 2024 underlying earnings down -1% year on year, but at the high end of recently provided guidance.

The outlook for oOh!media is constructive, Macquarie suggests, with the A&NZ out-of-home industry holding 15.3% media spend share in 2024, up 0.8%pts year on year and at record levels. 

The industry is also the fastest growing media category in Australia, as television, radio and print continue to be in structural decline. Rate cuts support higher ad spend, and cost-out improves operating leverage, Macquarie notes. 

On a 12x 12-month forward PE --a -15% discount to long-run 14x-- Macquarie retains Outperform. Target rises to $1.75 from $1.45.

Target price is $1.75 Current Price is $1.49 Difference: $0.26
If OML meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.53, suggesting upside of 0.9% (ex-dividends)

The company's fiscal year ends in December.

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 PFP as Buy (1) -

Propel Funeral Partners' 1H earnings (EBITDA) of $29.9m at a 26% margin was a miss against forecasts by Bell Potter and consensus, impacted by softer organic volumes in the second quarter.

January showed a return to positive comparable funeral volume growth.

The analysts' profit forecasts fall by -12% to -13% across 2025-2027 due to lower growth and increased interest expenses from the company’s $275m debt facility.

The broker lowers the target price to $6.30 from $6.80. Buy maintained.

Co-Founder/Managing Director, Albin Kurti is set to retire in August, with internal succession planning ahead.

Target price is $6.30 Current Price is $5.42 Difference: $0.88
If PFP meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 18.8% (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

Macquarie rates PFP as Outperform (1) -

Propel Funeral Partners' 1H25 underlying earnings grew 9% year on year but was -7% below Macquarie on lower-than expected average revenue per funeral and organic volumes.

The 1H25 earnings margin declined -60bps to 26.0% primarily due to executive remumeration changes, with operating expenses and funeral growth in line with inflation, Macquarie notes.

Propel has a substantial runway for further acquisitions with a 10% market share in A&NZ, less than half of its largest competitor. Acquisitions represent material upside risk to the broker's forecasts, as they not include any potential M&A.

Target falls to $6.65 from $7.15, Outperform retained.

Target price is $6.65 Current Price is $5.42 Difference: $1.23
If PFP meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 18.8% (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

Morgan Stanley rates PFP as Overweight (1) -

Propel Funeral Partners’ first half results broadly missed Morgan Stanley's forecasts by between -2-3%.

Earnings (EBITDA) rose by 9.2% year-on-year to $29.9m, just shy of the broker's $30.6m forecast. Net profit increased 21% to $12.2m, with EPS up 5% to 8.9c, while the dividend was raised to 7.4c from 7.2c in the previous corresponding period.

The gross margin improved to 70%, though higher executive costs led to a slight decline in earnings (EBITDA) margin to 26%, explains the analyst.

Management noted January revenue increased by 10% year-on-year, thanks to "materially higher" total volumes due to M&A, positive volume comparatives, and higher average revenue.

Overweight. Target $6.40. Industry view: In-Line.

Target price is $6.40 Current Price is $5.42 Difference: $0.98
If PFP meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.41, suggesting upside of 18.8% (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

Bell Potter rates PNV as Buy (1) -

First half product revenues for PolyNovo increased by 28%, with the vast majority of the increase driven in the US, notes Bell Potter.

The company generates approximately 80% of its revenue from the US, explain the analysts, with continued expansion in direct sales and an increasing customer base among trauma and burns surgeons.

The Australian dollar was a tailwind, but headwinds included lumpy ordering patterns from various distributors in Rest of World (RoW) markets, observes the broker.

Management provided no FY25 guidance.

While the broker's FY25 revenue forecast is downgraded by -7%, double digit growth expectations remain. The target falls to $2.80 from $3.00.

Target price is $2.80 Current Price is $1.79 Difference: $1.01
If PNV meets the Bell Potter target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 92.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

PeopleIN's 1H25 operating cash flow of $22.5m, exceeding Ord Minnett’s forecast by 51%, benefited from cost efficiencies and strong cash conversion, the analyst notes.

Revenue declined -5.5% due to weaker client demand, with billed hours down -12% to -8% year-on-year across segments, though this was partly offset by a 9.1% rise in bill rates.

Permanent recruitment remains subdued, but cost controls have improved financial resilience, the broker believes.

Net debt/EBITDA fell below 2x, with further deleveraging expected. A -$6m earn-out for the Food Industry People acquisition remains scheduled for 2H25.

Ord Minnett maintains a Buy rating with a $1.15 target, up from $1.14, highlighting an improving balance sheet and strong free cash flow yield.

Target price is $1.15 Current Price is $0.88 Difference: $0.27
If PPE meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 PRN as Buy (1) -

Perenti's first half underlying earnings (EBITDA) rose by 3.3% to $322.7m, falling short of consensus at $331m and Bell Potter's estimate of $334m.

Revenue rose by 6% to $1,730m, which was lower than the broker’s estimate of $1,808m due to weakness in contract mining, while profit increased by 4% to $81.7m.

Management noted there is usually a 2H bias, with annual renegotiation settled towards the end of the 1H, which is reflected in the 2H. Revenue guidance for FY25 was maintained.

The interim dividend was raised to 3 cents, with free cash flow reported at -$11.8m due to delayed receipts.

Bell Potter lowers the target price to $1.35 from $1.47 on lower earnings forecasts, and retains a Buy rating.

Target price is $1.35 Current Price is $1.16 Difference: $0.19
If PRN meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 17.7% (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 PRN as Buy (1) -

Perenti reported a soft 1H25, with EBITA of $148m, -5% below Citi’s expectations due to weaker-than-expected contributions from Contract Mining and Mining Services & Idoba.

Drilling Services outperformed, with EBITA 45% ahead of the analyst's forecasts, supported by strong utilisation in production-led drilling.

Citi highlights achieving the midpoint of FY25 EBITA guidance remains a challenge, though a 2H skew in Contract Mining and improving utilisation in Drilling Services and Mining Services should help close the gap.

Free cash outflow in 1H was attributed to late debtor receipts, which have now been collected, with Citi expecting a strong 2H rebound in free cash flow.

The broker trims FY25 EBITA forecasts by -1% to $315m, reflecting lower contributions from Contract Mining and Mining Services, while Drilling Services offsets some of the shortfall.

Citi maintains a Buy rating with an unchanged $1.60 target price.

Target price is $1.60 Current Price is $1.16 Difference: $0.44
If PRN meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates PRN as Outperform (1) -

Perenti's 1H25 earnings were was -6% below market expectations with a slight 2H skew expected. Perenti notes this is in line with its own expectations and what FY25 guidance is built upon, hence reiteration of FY25 guidance.

Contract Mining in 2H is seasonally stronger due to contractual margin growth, Macquarie notes.

Mining Services will benefit from higher fleet utilisation, and Drilling Services expects some improvement in production with an uptick in junior exploration creating upside risk into FY26.

The earnings trajectory into FY26 is attractive, Macquarie suggests. Target falls to $1.50 from $1.70, Outperform retained.

Target price is $1.50 Current Price is $1.16 Difference: $0.34
If PRN meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting upside of 17.7% (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 PRU as Buy (1) -

Perseus Mining's 1H25 EBITDA of US$353m, was in line with Citi's expectations, while net profit of US$178m was 4% ahead due to lower tax. Yaoure is expected to start paying income tax this half. 

At mid-February, the company had completed around $12m of its A$100m buyback. January costs were lower than expected due to shorter Yaoure haul distances and sustaining capex, though guidance remains unchanged.

An updated life of mine plan including Nyanzaga, sustaining 500–600kozpa production, is expected in 2Q25, the broker explains. The gold miner had US$704m in cash and bullion at 31 December.

Target price $3.20 and Buy rating maintained.

Target price is $3.20 Current Price is $2.87 Difference: $0.33
If PRU meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 18.0% (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: 1.0

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining reported 1H25 underlying earnings that beat consensus by 7% but were in line with Macquarie's expectations. This was driven by an operating cost beat of 14% versus consensus, while revenue was in line.

The strong result saw Perseus declare a US2.5c interim dividend compared to US2.0c consensus expectation.

Perseus' strong result and dividends continue to increase year on year, Macquarie notes. With a very strong balance sheet, the broker sees potential for meaningful action on growth opportunities (organic or inorganic).

Outperform and $3.70 target retained.

Target price is $3.70 Current Price is $2.87 Difference: $0.83
If PRU meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 18.0% (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: 1.0

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

UBS rates PRU as Buy (1) -

First half EBITDA from Perseus Mining beat expectations amid better cost outcomes. UBS believes the company is set for a strong second half with production and costs tracking well.

The key value driver is confirmation of the Tanzanian fiscal regime for Nyanzaga before FID and first production in January 2027, the broker suggests.

An improved cost outlook causes UBS to increase FY25 EPS estimates by 7% with the target edging up to $3.95 from $3.90. Buy rating maintained.

Target price is $3.95 Current Price is $2.87 Difference: $1.08
If PRU meets the UBS target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $3.56, suggesting upside of 18.0% (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: 1.0

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

Macquarie rates REG as Outperform (1) -

Regis Healthcare's Services revenue for 1H25 was 2% ahead of Macquarie, however, higher than expected employee expenses led to underlying earnings -3% below, albeit up 30.7% year on year.

Average occupancy of mature homes improved to 95.7% from 93.6% in the period. Regis has achieved target mandated care minutes of 222 minutes per resident per day as at Dec-24, with registered nurse minutes slightly below in regional sites.

Macquarie sees the outlook for residential aged care as positive, underpinned by favourable industry fundamentals and improved
government funding. In addition, the broker see balance sheet capacity for additional acquisitions, further supporting earnings growth.

Outperform and $7.25 target retained.

Target price is $7.25 Current Price is $6.40 Difference: $0.85
If REG meets the Macquarie target it will return approximately 13% (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 REG as Buy (1) -

Regis Healthcare's 1H25 EBITDA of 68m, up 31%, beat Ord Minnett’s estimate by 5%. Occupancy increased to 95.3%, the highest in over seven years, with revenue per occupied bed rising 9% YoY the broker notes

Net operating cash flow grew 37% to $209m, supported by $86m in refundable accommodation deposit (RAD) inflows. The company raised care minutes to 215, progressing toward its 222 target, the broker observes.

The analyst points to a moderation in operating margins in 2H25 due to rising staff costs, but earnings should re-accelerate in FY26 as RAD retention starts.

Ord Minnett maintains a Buy rating with a higher $7.40 target from $7.20.

Target price is $7.40 Current Price is $6.40 Difference: $1
If REG meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates REH as Neutral (3) -

Reece reported 1H25 EBIT down -17% in A&NZ and -15% in the US, reflecting difficult trading conditions, Citi notes, though the company continued investing and added 32 stores.

The broker highlights the focus remains on competition pressures and seasonality in A&NZ, with management guiding to a lower 2H weighting due to fewer trading days and Easter timing.

US revenue declined -5% despite a 9% increase in store numbers, with weaker like-for-like sales and rising competitive pressures weighing on performance.

Citi has cut FY25-27 net profit forecasts by -9 to -13%, lowering its target price to $20.25 from $25.85. The broker remains Neutral on the stock.

Target price is $20.25 Current Price is $19.05 Difference: $1.2
If REH meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 6.3% (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

Macquarie rates REH as Neutral (3) -

Reece reported 1H25 results slightly below Macquarie's expectations. The company is seeing little to no change in the soft market conditions the group experienced in the period. 

The emergence of a new competitive threat to Reece's waterworks segment in the US (some 30% of US revenue) was a surprise to the broker, especially given the resultant loss of -25% of the company's relevant workforce.

No guidance was provided, beyond continued soft market conditions in A&NZ and the US in the near term. Interest rate movements are seen as key, with delayed benefits and a slow recovery likely.

Target falls to $21.00 from $25.40, Neutral retained.

Target price is $21.00 Current Price is $19.05 Difference: $1.95
If REH meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 6.3% (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

Morgan Stanley rates REH as Underweight (5) -

Reece’s first-half earnings (EBITDA) declined by -10% to $475m, with revenue down -3% to $4,402m due to softening housing markets in the A&NZ region and the US, explains Morgan Stanley.

Earnings (EBIT) fell by -17% to $304m, missing the broker’s estimate by -5%, while net profit declined -19% to $181m.

Cash flow weakened, down -32% year-on-year, note the analysts, reflecting challenging trading conditions and lower volumes.

Underweight rating. Target $18. Industry view: In-Line. Morgan Stanley anticipates the share price will rebase to reflect lower earnings and a more realistic multiple.

Target price is $18.00 Current Price is $19.05 Difference: minus $1.05 (current price is over target).
If REH meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting upside of 6.3% (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 REH as Upgrade to Hold from Lighten (3) -

Ord Minnett upgrades to Hold from Lighten with a lower target price of $20.40, down from $23.20.

Reece reported a decline of -19% in 1H25 underlying NPAT to $181m which was below Ord Minnett’s forecast by -4.4%. Revenue fell -3% to $4,402m, with ANZ sales flat due to acquisitions, while US sales declined -5%.

EBIT decreased -17% to $305m, missing forecasts, as margins contracted in both regions the broker notes. Operating cash flow fell -32.2% to $256m, with net debt rising to $646m from $518m in 1H24.

The near-term outlook remains challenging, with weak housing activity weighing on earnings. Ord Minnett lowers FY25/FY26 earnings by -11% and -15%, respectively.

Target price is $20.40 Current Price is $19.05 Difference: $1.35
If REH meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $19.34, suggesting upside of 6.3% (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 REH as Sell (5) -

First half results from Reece revealed soft end markets and more competition in the US, although UBS notes this remains a strong Australasian business.

In terms of the latter, a bottom appears to have been reached, yet the path to meaningful growth is unclear and management has signalled conditions could persist for another 12-18 months.

The broker expects the share price will be under pressure and earnings decline amid new concerns around US competition and reduces the target to $17.70 from $20.50, while retaining a Sell rating.

Target price is $17.70 Current Price is $19.05 Difference: minus $1.35 (current price is over target).
If REH meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.34, suggesting upside of 6.3% (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

Morgan Stanley rates RIO as Overweight (1) -

Media reports suggest Rio Tinto is considering a share placement to rebalance its dual listing structure, with 77% of shares on the London Stock Exchange and 23% on the ASX.

The broker notes this move could improve liquidity, enhance franking credit utilisation, and support higher dividend payouts, given net debt projections of US$12-US$13.3bn by the end of 2025.

The Australian government’s cap on Chinalco’s (Aluminium Corporation of China) stake at 14.99% in Rio remains a key regulatory consideration, highlights Morgan Stanley.

Equal-weight and $130.50 target retained. Industry view: In Line.

Target price is $130.50 Current Price is $119.80 Difference: $10.7
If RIO meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $126.75, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates SGM as Neutral (3) -

Citi notes Sims reported 1H25 underlying EBIT of $73m, in line with the broker's estimates and 9% ahead of consensus on first take.

An interim dividend of 10c exceeded Citi’s 7.0c forecast.

Australia outperformed with EBIT of $38m, while SA Recycling and North America were slightly below expectations. Cost savings of -$13m were delivered in 1H25, with -$20–25m more planned for 2H25 and -$10–15m targeted beyond FY26.

Citi notes stable supply-demand balance ahead despite seasonal softness. Hyperscaler market momentum remains strong, with cost savings mitigating inflation.

The broker suggests US and SA Recycling should benefit from tariffs, though A&NZ may face challenges.

Neutral rating with a target price of $13.50.

Target price is $13.50 Current Price is $14.06 Difference: minus $0.56 (current price is over target).
If SGM meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.28, suggesting downside of -6.9% (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

UBS rates SGM as Neutral (3) -

In an early take on today's release by Sims, UBS highlights 1H earnings (EBIT) and profit were a 9% beat against consensus forecasts, and the second quarter run rate for metals is in line with the consensus expectation for 2H earnings.

According to management, broader inflationary pressures have lessened and cost savings initiatives over the last 18 months should mitigate cost inflation in the 2H.

No quantitative guidance was provided.

Target $13.60. Neutral.

Target price is $13.60 Current Price is $14.06 Difference: minus $0.46 (current price is over target).
If SGM meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.28, suggesting downside of -6.9% (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

UBS rates SLC as Buy (1) -

Further to the first half results from Superloop, which were in line, UBS remains positive on the stock, with the Buy rating underpinned by a forecast for 58% three-year cash EPS growth.

With Origin Energy ((ORG)) active in the market again, the broker was pleased with the update on net subscriber additions, which have doubled in January and February, that eases some market concerns about the growth profile.

An area of focus was the consumer gross profit margin as NBN rebates meant margin fell to 27.1%, but the company expects margin will stabilise at this level and rebates are no longer a major headwind.

UBS retains a Buy rating and raises the target to $2.55 from $2.30.

Target price is $2.55 Current Price is $2.17 Difference: $0.38
If SLC meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 22.1% (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 SMR as Buy (1) -

Stanmore Resources reported 2024 EBITDA of US$700m, in line with Citi’s forecast but below consensus, with net profit of US$192m.

The broker notes a final dividend of US6.7cps was declared, ahead of its expected US3cps, bringing the full-year payout to 52%.

Citi highlights while 2025 guidance was slightly better than expected, coal markets remain softer, with met coal prices declining and margins likely to be pressured by higher costs.

The analyst has marked to market 1H 2025 met coal prices, leading to an -11% cut in 2025 PCI price assumptions, while EBITDA forecasts for 2025 are down -9% and 2027 up 10% on sales and costs.

Net income forecasts for 2025/26 are reduced by -46% and -13% respectively, though Citi raises its DCF valuation by 1% to $3.70 per share. The broker maintains a Buy rating with a $3.40 target price.

Target price is $3.40 Current Price is $2.64 Difference: $0.76
If SMR meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett rates SMR as Buy (1) -

Stanmore Resources posted a 2024 result that was largely in line with expectations. Ord Minnett was pleased with the "surprise" US6.7 cents dividend.

In 2025 the broker expects the company will deliver to the upper end of "conservative" guidance of 13.8-14.4mt at US$89-94/t or even exceed this.

The 2024 result in the latest coal reserves are incorporated into estimates. Buy rating maintained. Target edges down to $4.00 from $4.10.

Target price is $4.00 Current Price is $2.64 Difference: $1.36
If SMR meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates SPK as Outperform (1) -

Spark New Zealand delivered a soft 1H25 result. While weaker revenue (-2% year on year) can be broadly explained by macroeconomic weakness, significantly higher opex (+5%) underpinned earnings down -21% and well below Macquarie.

In Macquarie's view, with a new CFO, and given the fact only four months are left in the 2H25 trading period, Spark management must have confidence in its ability to deliver on its FY25 targets. 

If it does, then the business is well positioned to leverage the cyclical recovery when it eventuates, resulting in improving earnings and free cash flow. 

Whether that is sufficient to support a free cash flow-covered dividend of NZ25c remains unclear, the broker surmises. Target falls to NZ$3.46 from NZ$4.34, Outperform retained.

Current Price is $2.13. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25: