Australian Broker Call

Bell Potter rates 360 as Buy (1) -

Life360 delivered a strong beat against Bell Potter's earnings (EBITDA) and revenue forecasts for 2Q2025, coming in above by 59% and 6%, respectively. Operating cash flow of US$13.3m was up 303% on a year earlier but adjusted for timing of receipts and payments.

Global monthly average users, total paying circles, average revenue per paying circle and annualised monthly revenue; all met expectations.

Management also upgraded 2025 revenue guidance to US$462m–$482m, a 3% rise from the lower end, and earnings (EBITDA) guidance to US$72m–US$82m.

The implied earnings (EBITDA) margin is now 15.3%–17.4% against previous expectations of 14%–16.1%.

Management changes included the transition of CEO and co-founder Chris Hulls to Executive Chair, and COO Lauren Antonoff to CEO.

A Buy rating is maintained with a 27% rise in target price to $47.50 from $37.50.

Target price is $47.50 Current Price is $40.77 Difference: $6.73
If 360 meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $47.63, suggesting upside of 10.6% (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: 0.9

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

Citi rates 360 as Buy (1) -

Life360 delivered a strong second quarter, assesses Citi, with core subscription revenue growth improving by 1 percentage point on Q1 to 38% year-on-year. Stronger hardware sales and cost control also drove an earnings (EBITDA) beat, explain the analysts.

The broker upgrades its FY25-27 earnings forecasts by 9-10% and sees guidance as conservative. It's felt upside potential is supported by US momentum, a back-to-school media campaign in Q3, and increasing localisation in international markets.

International average revenue per paying circle (ARPPC) rose 35% year-on-year, highlight the analysts, driven by strength in triple-tier markets. Further benefit is expected from a higher gold-tier mix and the launch of a bundled pet tracker.

Citi raises its FY25 revenue forecast by 2% to $477m, near the top of guidance, and expects Life360 to achieve $1bn in revenue by FY29.

The broker's revenue forecast is expected to be aided by faster scaling in advertising and margin upside from lower app store commissions.

Buy retained. Target raised to $47 from $46.20.

Target price is $47.00 Current Price is $40.77 Difference: $6.23
If 360 meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $47.63, suggesting upside of 10.6% (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: 0.9

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

Morgan Stanley rates 360 as Overweight (1) -

Life360 achieved in-line to better than expected 2Q2025 financial metrics against Morgan Stanley's expectations.

Management raised 2025 guidance on every revenue line and earnings (EBITDA), with US monthly average users of 2.2m for the 2Q, noted as the best quarter since 2Q2023 and ahead of the back-to-school seasonal peak.

The analyst believes the transition of COO Lauren Antonoff to CEO and co-founder Chris Hulls stepping back has been well managed, while acknowledging market concerns.

Morgan Stanley raises its earnings (EBITDA) estimates by 10%-14% for 2025-2027, noting the bundling of pet tracking for 11m-plus dog-owner families offers subscriber growth, retention, and average revenue per user, and potentially as many as 1m high-value, low-churn users.

Overweight rating reiterated. Target price raised to $51 from $40. Industry View: In-Line.

Target price is $51.00 Current Price is $40.77 Difference: $10.23
If 360 meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $47.63, suggesting upside of 10.6% (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: 0.9

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

Ord Minnett rates 360 as Upgrade to Accumulate from Hold (2) -

Ord Minnett upgrades Life360 to Accumulate from Hold and raises the target price to $45 from $39, post the company's better than expected 2Q2025 earnings results and an upgrade in 2025 guidance.

Monthly average users growth came in above consensus growth expectations, with additional margin expansion. The platform has around 88m customers globally, of which the US market represents 47.5m and 40.5m internationally, with circa 3.1m in Australiasia.

The analyst believes there is a lot more left in the Life360 "tank" in spite of the earnings upgrade, and 2H2025 guidance errs on the conservative side.

Recent growth rates in paying customers, annual monthly recurring revenue, and average revenue per paying circle infer FY26 revenue could exceed US$600m.

Ord Minnett upgrades its EPS estimates by 21.7% for 2025 and 22% for 2026.

Target price is $45.00 Current Price is $40.77 Difference: $4.23
If 360 meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $47.63, suggesting upside of 10.6% (ex-dividends)

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: 0.9

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

UBS rates 360 as Buy (1) -

Life360 reported stronger than expected 2Q2025 earnings with an upgrade to the 2025 outlook. UBS is upbeat about the transition of COO Lauren Antonoff to CEO as the company moves to its next growth phase.

Monthly average user net adds for 2Q reached 2.2m, the highest since 3Q2022 and above 1.7m in 2Q2024. Increased marketing into international markets could underpin stronger-for-longer total monthly average users, the broker believes.

New product launches of Pet Tracker in 2H and Elderly Monitor in 2026 augur well for Life360, while app store changes could improve earnings (EBITDA) growth via better lifetime value and customer acquisition cost.

The analyst can see a US$100 target as possible, with revenue growth of 29%/28% for 2025/2026, respectively, alongside an earnings (EBITDA) margin of 25% and a 55 times forward multiple.

UBS lifts its EPS estimates by 17% for 2025 and 11% for 2026, boosting the target price to US$85 from US$71, with no change in Buy rating.

Current Price is $40.77. Target price not assessed.

Current consensus price target is $47.63, suggesting upside of 10.6% (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: 0.9

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

Citi rates AGL as Buy (1) -

Citi's early response does not make for comfortable reading (if you're an AGL Energy shareholder) with FY25 earnings, cash and final dividend all below expectations and on top an FY26 guidance that equally falls short.

The broker suggests lower wholesale pricing from the Bayswater outage and high retail competition are to blame. New FY26 guidance reflects higher coal and gas procurement costs as legacy contracts roll off.

While cost pass-through should soften the near-term impact, Citi points out expiry of the low-priced QGC gas contract in FY28 could see earnings lower by some -$300m (annualised).

Among positives, commentary suggests, Liddell BESS remains on track for early 2026 COD.

Buy. Target $12.

Target price is $12.00 Current Price is $10.22 Difference: $1.78
If AGL meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 31.8% (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 AGL as Outperform (1) -

Today's FY25 results for AGL Energy revealed earnings (EBITDA) of $2,010m, 2% ahead of Macquarie's forecast, with underlying profit of $640m also ahead.

FY26 earnings guidance of $1.92–2.22bn and profit of $500–700m is broadly in line with expectations, underpinned by a rebound in coal generation and stable pricing, notes the analyst in an early assessment.

Consumer earnings were weaker, highlights the broker, with earnings down to $298m from $384m on softer gas and electricity margins.

Wholesale electricity earnings fell on outages and lower pricing, explains the analyst, but are expected to recover, while battery contributions rose to $45m and are set for further growth from FY27.

Capex guidance of around -$1.5bn is above Macquarie's forecast, mainly due to timing, with a development pipeline including 0.9GW of battery projects.

Target $11.13. Outperform rating.

Target price is $11.13 Current Price is $10.22 Difference: $0.91
If AGL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 31.8% (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 AGL as Neutral (3) -

At first glance, UBS finds today's AGL Energy FY25 result was softer than expected, with underlying 2H earnings  (EBITDA) of $942m, -5% below consensus, and profit of $267m a -6% miss.

Electricity portfolio margins were $47/MWh, below the broker's $53/MWh estimate, on higher consumer costs and portfolio management expenses. Gas portfolio margins were in line but volumes fell on lower gas generation.

FY26 guidance for underlying earnings (EBITDA) of $1.92-2.22bn is -2% below consensus at the midpoint, with profit of $500-700m sitting -11% lower. The latter implies to the broker higher depreciation, amortisation, and interest costs as net debt rises to $2.9bn.

The 2H25 dividend of 25c, fully franked, represents a 50% payout ratio, at the bottom of policy. The board is prioritising liquidity for the Energy Transition Plan and Retail Transformation Program, explain the analysts.

UBS notes the outlook includes gas margin compression and higher operating costs, which could pressure the share price.

Target $11.50. Neutral.

Target price is $11.50 Current Price is $10.22 Difference: $1.28
If AGL meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting upside of 31.8% (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

Ord Minnett rates ALK as Hold (3) -

Alkane Resources has completed its merger with Canadian-based Mandalay Resources. This adds the Costerfield mine in Victoria and the Bjorkdal mine in Sweden, making a combined FY25 output of around 91koz gold equivalent, observes Ord Minnett.

The broker forecasts the merged group will produce 157koz in FY26 and 175koz in FY27, with costs (AISC) of around $2,800/oz, increasing reserves by 110% to 1.5moz and net cash to around $160m.

While operational synergies are limited, Ord Minnett sees scale, diversification, and a stronger balance sheet improving market visibility and supporting higher trading multiples over time.

Incorporating Mandalay lifts the broker's FY26 earnings and cash flow forecasts by 6-7% and net asset value (NAV) by 4%, with higher valuation multiples applied for reduced risk and improved scale.

Ord Minnett raises its target price to $1.00 from 65c and upgrades to an Accumulate rating.

Target price is $1.00 Current Price is $0.81 Difference: $0.19
If ALK meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates AOV as Buy (1) -

Today's FY25 results for Amotiv were in line with guidance, highlights UBS in first impressions, with revenue of $997m up 1% year-on-year. Earnings (EBITDA) of $226m also rose 1%, and profit (NPATA) of $119m was flat but 3% ahead of the broker's forecast.

Margins were slightly better than expected from cost and efficiency gains, while cash conversion was strong at 90.6%, assess the analysts. Net debt of $382m remained at 1.9x times earnings, within target.

By division, 4WD and Touring (4WD&T) and Lighting, Power & Electrical (LPE) earnings fell -5.5% year-on-year.

Powertrain & Undercar (P&U) rose 3%, with wear-and-repair demand holding up, US/EU revenue growing, and A&NZ P&U sales marginally higher, explain the analysts.

FY26 guidance suggests to UBS modest revenue growth and underlying EBITA of $195m, with tariff costs of -$2m and continued resilience in core categories offset by A&NZ cyclical weakness.

Buy. Target $10.90.

Target price is $10.90 Current Price is $9.18 Difference: $1.72
If AOV meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $11.23, suggesting upside of 19.4% (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 ARF as Outperform (1) -

After an initial glance at today's FY25 result, Macquarie notes Arena REIT’s operating EPS of 18.55c was -1.1% below the broker's forecast but in line with consensus. EBIT was slightly ahead offset by higher finance costs.

FY26 dividend guidance of 19.25c is around 1% above both Macquarie and consensus expectations.

Portfolio metrics remain strong, suggests the broker, with 100% like-for-like occupancy at June 2025 and the net rent to revenue ratio improving to 9.9%.

FY25 like-for-like net operating income (NOI) rose 3.5% year-on-year, supported by CPI and market rent reviews averaging 6.8%, with around 10% of income subject to market reviews in FY26, notes the analyst.

The broker explains the -$227m development pipeline covers 29 projects, all due for completion by FY27, with gearing at 22.8% and undrawn debt capacity of $163m providing funding flexibility.

Outperform. Target $3.96.

Target price is $3.96 Current Price is $3.80 Difference: $0.16
If ARF meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 14.3% (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 ARF as Neutral (3) -

In an early assessment of today's release, UBS notes Arena REIT’s FY25 EPS of 18.6c and 18.3dpu were in line with expectations. FY26 DPS guidance of 19.25c was slightly ahead of forecasts by the broker and consensus.

The portfolio remains fully occupied, observes the broker, with like-for-like rent growth of 3.5% versus 3.0% forecast, though below FY24’s 4.9% as CPI moderates. The weighted average lease expiry (WALE) achieved was 18.4 years.

Balance sheet metrics remain strong, in the analysts' view, with gearing at 22.8%, 69% of debt hedged, and an interest cover ratio of 5.6 times.

No acquisitions were made in 2H25, with $38m in disposals, highlighting to UBS challenges in securing accretive early learning centre assets. Regardless, the $100m increase in the development pipeline is expected to support medium-term growth.

Neutral. Target $4.19.

Target price is $4.19 Current Price is $3.80 Difference: $0.39
If ARF meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.28, suggesting upside of 14.3% (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

Bell Potter rates AVR as Speculative Buy (1) -

Anteris Technologies Global reported 2Q2025 results which met Bell Potter's expectations, with the company pre-commercial revenues and generating a loss of -US$21.1m, with cash ending at US$28m and a cash burn of around US$21.1m per quarter.

Management continues to concentrate on expanding manufacturing capacity to underpin the clinical trial and future product launch of DuR AVR, with each device precision hand-sewn. A very labour-intensive process with "exhaustive" Q&A, the analyst highlights.

No change to Speculative Buy rating. Target falls to $10 from $15 due to dilution arising from an expected equity capital raising.

Target price is $10.00 Current Price is $5.45 Difference: $4.55
If AVR meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates AZJ as Neutral (3) -

With Aurizon Holdings having already released its specific guidance for FY25, the August 18 earnings report is likely to have investors focusing on FY26 guidance, UBS believes, as management usually offers an update for the year ahead.

The analyst is forecasting FY26 earnings (EBITDA) of $1,666m, some -2% below consensus, with the company set to benefit from the removal of some FY25 issues such as bad debt provisions and weather challenges.

Cost savings from coal should also flow through. UBS nevertheless remains cautious on coal and contracted volumes.

Neutral rating retained. Target moves to $3.25 from $3.20.

Target price is $3.25 Current Price is $3.23 Difference: $0.02
If AZJ meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting downside of -4.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Macquarie rates BPT as Downgrade to Underperform from Neutral (5) -

Following FY25 results over a week ago, Macquarie cuts its target price for Beach Energy to 95c from $1.35. The broker's rating is also downgraded to Underperform from Neutral on lower reserves, reduced production guidance and higher capex/restoration costs.

FY26 production guidance of 19.7-22.0mmboe disappointed, driven by Otway reservoir decline, Western Flank oil flood impacts and a later Waitsia start-up, explains the analyst.

Reserves were cut by -6.5% of FY24 2P, mainly at Beharra Springs Deep following poor drilling results, prompting a more conservative Waitsia forecast by Macquarie.

The broker's EPS forecasts fall -35% and -37% for FY26 and FY27, respectively, on lower output from Waitsia LNG, Otway gas and Western Flank oil.

Macquarie notes M&A capacity is now constrained by a negative FY26 free cash flow outlook and gearing is expected to rise to around 17%.

The final 6c dividend was ahead of the analyst's expectations but is seen as unsustainable in the near term.

Target price is $0.95 Current Price is $1.33 Difference: minus $0.38 (current price is over target).
If BPT meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.14, suggesting downside of -7.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Shaw and Partners rates C79 as Buy, High Risk (1) -

Shaw and Partners assesses Chrysos' FY25 preliminary result as strong, indicating the mining services cycle is turning in its favour. Units deployed in FY26 were up by 11 units, to 50 vs an increase of just 1 in FY24.

The momentum accelerated in FY26 with additional 4 units deployed so far. FY25 revenue came at the high end of guidance range and EBITDA beat the guidance.

The company's guidance for FY26 is for revenue of $80-90m and EBITDA of $20-27m. The broker made minor revisions to forecasts, lifting revenue by 2% and lowering opex by -1%, for $89m revenue and $25.4m EBITDA.

Buy, High Risk. Target unchanged at $6.80.

Target price is $6.80 Current Price is $6.16 Difference: $0.64
If C79 meets the Shaw and Partners target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting downside of -19.8% (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

Ord Minnett rates CAR as Buy (1) -

Following a further review of CAR Group's FY25 results, Ord Minnett raises its target to $41 from $39 and retains a Buy rating.

Highlights of the release, according to the analyst, included expectations for a faster pace of revenue growth in the US, easing concerns it might fall below 10%.

Further, depreciation and amortisation charges, interest expenses, and the effective tax rate were all lower than anticipated.

Days earlier (following the result), Ord Minnett upgraded Car Group to Buy from Hold on valuation grounds. 

A summary of the broker's prior research follows.

The broker notes one of the reasons for the -15% decline in share price since early February was expectations of a soft 2H for recreational vehicle sales. But its recent calls with US-based dealers indicated a modest recovery in sales since January.

Overall, the broker expects the impact of tariffs on sales to be modest and higher used car sales to offset some of the declines.

Target price is $41.00 Current Price is $39.07 Difference: $1.93
If CAR meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $42.14, suggesting upside of 5.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates CBA as Sell (5) -

Citi's early assessment is CommBank's result release earlier today is slightly better or inline on various metrics. A revenue 'beat' was the optical highlight in the result, with the NIM well managed to a stable 2.08%, as expected, and better loan growth, largely from insto/business.

The broker also highlights revenue benefited from a $125m trading income beat while costs were slightly higher than its own expectations, with investment in technology to blame.

DPS of 485cps is in-line and CET1 a touch better at 12.3%. Overall, Citi labels today's release "a largely in-line result but with some lower quality boosts".

Sell. Target $100.

Target price is $100.00 Current Price is $178.80 Difference: minus $78.8 (current price is over target).
If CBA meets the Citi target it will return approximately minus 44% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.40, suggesting downside of -35.5% (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 CBA as Underperform (5) -

Today's CommBank's 2H25 result was broadly in line with Macquarie's expectations, with stable margins and stronger markets income offsetting higher expenses.

In an early assessment, the broker points to a soft underlying result and a challenging medium-term outlook, with the bank still trading at a 60–100% premium to peers.

The analyst explains earnings benefited from a larger-than-expected replicating portfolio tailwind, but this is expected to fade, creating more risk to FY26–27 earnings.

Revenue was 0.5% ahead of the broker's forecast, with Gross Loans and Acceptances (GLAAs) up 4% half-on-half and trading income stronger, while expenses rose 4% (2% excluding notables).

Impairments were lower than expected by the analyst, with stable consumer arrears and improved corporate exposures.

Underperform. Target $105.

Target price is $105.00 Current Price is $178.80 Difference: minus $73.8 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.40, suggesting downside of -35.5% (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 CBA as Sell (5) -

At first glance, today's CommBank's FY25 result was broadly in line with forecasts by UBS, with cash EPS of 612c and pre-provision operating profit (PPOP) of $15.5bn.

The broker suggests the market may be disappointed by retail momentum.

Retail Banking fell -1% as higher credit loss rates and a -2% decline in home loan net interest income offset proprietary channel growth, explain the analysts.

Business Banking (accounting for around 41% of earnings) rose 4% half-on-half on lower impairments, notes the broker.

The group's net interest margin (NIM) was stable at 2.08%, highlights UBS, operating expenses worsened -4% to $6.6bn. The CET1 ratio was 12.3%, above forecasts, with cash return on equity (ROE) of 13.5% coming in below consensus.

The bank extended its $1bn share buyback by 12 months after completing $300m.

Sell rating. Target price $120.

Target price is $120.00 Current Price is $178.80 Difference: minus $58.8 (current price is over target).
If CBA meets the UBS target it will return approximately minus 33% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.40, suggesting downside of -35.5% (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 CPU as Neutral (3) -

Computershare’s FY25 diluted EPS rose 15% year-on-year in constant FX, in line with guidance, but around -1% below consensus due to a higher tax rate, explains Citi.

Revenue was around 1% above the broker's forecasts, helped by stronger Issuer Services, Corporate Trust, and margin income, though higher costs left EBIT in line.

Pro-forma operating costs worsened -5.1% year-on-year, but upgraded cost-out targets of -US$18m should limit FY26 cost growth to around 2%, assesses the broker.

Guidance for FY26 management EPS is for a 4% rise to around US140c, assuming flat margin income of US$720m.

In line with consensus, the final unfranked final dividend was 48c, up 4% year-on-year.

Neutral. Target unchanged at $40.90.

Target price is $40.90 Current Price is $41.31 Difference: minus $0.41 (current price is over target).
If CPU meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.64, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Morgan Stanley rates CPU as Underweight (5) -

Morgan Stanley notes Computershare reported generally in-line results against consensus expectations, but FY25 EPS was below by -0.5% with some lower-quality aspects to the number. FY26 guidance is also viewed as "computationally" weaker.

Group revenue ex margin income was 1%-2% better, with issuer services beating expectations. Corporate trust revenue ex margin income missed by -2%, while employee share plans revenue ex margin income was 5% better than anticipated.

Management's FY26 guidance assumes US$30.2bn average balances, or the same as the FY25 exit rate, which might be considered conservative, Morgan Stanley states, given its own estimate of around US$31bn.

Cost savings of -US$18m into FY26, or 1% of opex, were highlighted. FY26 consensus EPS estimates are expected to decline over the next 12-months.

Underweight rating retained. Target price sits at $33.70. Industry view: In-Line.

Target price is $33.70 Current Price is $41.31 Difference: minus $7.61 (current price is over target).
If CPU meets the Morgan Stanley target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.64, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

UBS rates CPU as Sell (5) -

Computershare reported in-line FY25 and FY26 EPS guidance, with net profit after tax at $794m and EPS growth of 14% against FY25 guidance of 15%, UBS observes.

Restructuring costs hit FY25 net profit after tax, coming in below by -4%. Stronger margin income offset a higher effective tax rate.

Management's FY26 guidance implies EPS growth of 3.5% to 140c per share, underpinned by increased cost savings and higher guided margin income.

Target price is lowered to $41.20 from $41.50. No change in Sell rating. UBS' EPS forecasts are relatively unchanged.

Target price is $41.20 Current Price is $41.31 Difference: minus $0.11 (current price is over target).
If CPU meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $39.64, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.3

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

Macquarie rates CRN as Underperform (5) -

Coronado Global Resources’ first half 2025 result beat Macquarie's costs forecast, though earnings (EPS) fell -10% short of expectations.

Management chose not to pay a dividend because it is using prepayments from customers for coal deliveries to strengthen its cash position.

Guidance for 2025 is unchanged, with cost performance continuing to outperform, notes the analyst. An annualised cost (AISC) target of -US$80m is expected in the second half, alongside lower capital expenditure compared to the first half.

Underlying net profit of -US$172m was impacted by higher interest expenses and a smaller tax benefit despite a 13% earnings (EBITDA) beat, explains Macquarie.

Management noted the recent US Steel coke plant outage could affect around -0.5mtpa of sales, potentially redirected to other customers.

Macquarie lifts its 2025 and 2026 earnings forecasts by 8% and 5% respectively, raises its target price by 64% to 18c, and retains an Underperform rating.

Target price is $0.18 Current Price is $0.28 Difference: minus $0.1 (current price is over target).
If CRN meets the Macquarie target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.19, suggesting downside of -33.6% (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: -0.2

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

Ord Minnett rates CRN as Hold (3) -

Ord Minnett observes Coronado Global Resources’ interim result was impacted by soft coal prices of around US$184/t and elevated capex of -US$147m.

Encouragingly, the June quarter showed improvement with 7mt run-of-mine (ROM) production, up 21% quarter-on-quarter, and unit costs down -18% to US$92/t, highlight the analysts.

The broker expects a stronger second half with production forecast to rise 22% half-on-half and unit costs falling -9% as the Mammoth and Buchanan expansions ramp up.

No interim dividend was declared, with liquidity management remaining a focus. Ord Minnett estimates the company has around US$284m available including undrawn debt, sufficient to cover forecast free cash outflows of -US$84m to December 2026.

Stronger coal prices and futures indicating a 13% rise over 12 months could deliver positive FY26 free cash flow of around US$84m, with the broker expecting 2027 to improve further.

Ord Minnett raises its target price to 26c from 15c as the broker's rolled-forward model captures the improving fundamental outlook. Hold maintained.

Target price is $0.26 Current Price is $0.28 Difference: minus $0.02 (current price is over target).
If CRN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.19, suggesting downside of -33.6% (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: -0.2

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

UBS rates CTD as Buy (1) -

UBS downgrades Corporate Travel Management to Neutral from Buy, with caution around trading conditions for 2H2025, and the share price up 38% since management downgraded FY25 earnings guidance on May 2.

The analyst highlights mixed data from read-throughs, such as commentary from Flight Centre Group ((FLT)) and Sabre, which cannot be ignored, against several companies suggesting it is not as bad as the investment community is depicting.

In the absence of real evidence of Corporate Travel's direct customer base improving, the analyst feels it is time to pause on the stock, hence the downgrade.

No changes to UBS' EPS estimates, but a roll-forward of the stock's valuation sees the target rise to $16.70 from $13.55.

Target price is $16.70 Current Price is $16.10 Difference: $0.6
If CTD meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $14.87, suggesting downside of -7.5% (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

Shaw and Partners rates CY5 as Buy, High Risk (1) -

Shaw and Partners notes Cygnus Metals has uncovered several new targets adjacent to the historic high-grade Cedar Bay mine within its Chibougamau project area.

The company has also received final results from infill drilling at Corner Bay which will be incorporated for the next resource update this quarter.

Buy, High Risk. Target unchanged at 25c.

Target price is $0.25 Current Price is $0.09 Difference: $0.16
If CY5 meets the Shaw and Partners target it will return approximately 178% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Morgans downgrades its rating for Dalrymple Bay Infrastructure to Hold from Accumulate following a 32% share price rise since major shareholder Brookfield Infrastructure Partners sold a 23% stake in June for $3.72.

The broker notes buying pressure is likely linked to Dalrymple's expected inclusion in the ASX200 at the September rebalance. Further support is possible if Brookfield sells its remaining 26% stake when escrow expires in December, suggests the analyst.

While near-term earnings are highly predictable, Morgans remains cautious on long-term cashflow longevity given potential metallurgical coal substitution risks.

The broker lifts its target price to $4.70 from $4.35 on a valuation roll-forward and a higher terminal multiple, with no changes to forecasts.

Target price is $4.70 Current Price is $4.79 Difference: minus $0.09 (current price is over target).
If DBI meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates DDR as Initiation of coverage with Neutral (3) -

Macquarie initiates coverage on Dicker Data with a Neutral rating and a $9.35 target price, viewing current levels as balanced for risk and reward.

The broker expects earnings growth to be supported in FY25 by enterprise AI PC demand. The key driver is expected to be a rebound in SME IT spending (more than 80% of earnings), which the analyst forecasts will occur in FY26 after expected rate cuts.

EPS growth of 13% year-on-year is forecast by Macquarie for FY26, with additional support from software refresh cycles and lower funding costs over FY25-FY28.

The analyst notes ongoing overhangs from the founder’s partial share sale, CEO transition, low liquidity, and structural risks in IT distribution, which temper valuation despite the stock trading below its long-run P/E average.

Target price is $9.35 Current Price is $8.98 Difference: $0.37
If DDR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 8.7% (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

Macquarie rates DTL as Initiation of coverage with Outperform (1) -

Macquarie initiates coverage on Data#3 with an Outperform rating and a $9.00 target price, viewing the current share price as offering attractive risk/reward.

The broker sees FY26 earnings supported by the October Windows 10 end-of-life Software Refresh, AI PC adoption, and a possible SME spending recovery. The analyst sits 4% above the consensus estimate for FY26 earnings (EBITDA).

Macquarie highlights the company’s strong track record of earnings growth, high returns, and consistent dividends, and expects it to offset the impact of Microsoft incentive changes.

Improved operating leverage is anticipated by the broker from moderating wage pressures and the absence of FY25 one-off redundancies, with opex/sales forecast to fall -190bps year-on-year.

Target price is $9.00 Current Price is $7.52 Difference: $1.48
If DTL meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $8.38, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates EBR as Buy (1) -

Upon initial glance over today's released interim financials, Bell Potter comments EBR Systems has ticked all the necessary boxes and is now in its early commercialisation phase.

Commentary concludes EBR has overcome the last hurdle to get to the commercialisation starting line with the recent CMS approval for NTAP coverage and recommendation for TPT coverage covering both inpatient and outpatient settings.

The broker notes there has been some early adoption, and investors should now see in the December quarter commercial sales starting to come through, setting the business up for sales acceleration in 2026.

Speculative Buy. Target $2.25.

Target price is $2.25 Current Price is $1.35 Difference: $0.9
If EBR meets the Bell Potter target it will return approximately 67% (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

Citi rates EVN as Neutral (3) -

In an initial assessment, Citi analysts saw a "clean" result from Evolution Mining with FY results in line and FY26 expectations pre-flagged.

The analysts note today's update includes no updates on the project pipeline and also no change to the 5yr capex outlook.

A review of the -5% DRP discount has been flagged with a view to narrow that in. 

While expecting a relatively neutral market reaction to the result, the analysts see headwinds to consensus NPAT forecast for FY26, noting D&A is higher than expected for FY26, i.e. consensus at $975/oz versus $1150-1300/oz in today's update.

Target $7.60. Neutral.

Target price is $7.60 Current Price is $7.69 Difference: minus $0.09 (current price is over target).
If EVN meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.87, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates EVN as Underperform (5) -

At first glance, today's Evolution Mining FY25 profit of $926m and total dividend of 20c were in line with Macquarie's forecasts, with results matching expectations across all key line items.

Net debt of $895m was slightly better than expected due to lower lease liabilities.

FY26 guidance is unchanged at 710–780koz at a cost (AISC) of -$1,720–1,880/oz and capex of -$880m.

New asset-level detail showed broadly in-line production except for slightly weaker Northparkes and a stronger Mt Rawdon, observes the analyst.

D&A guidance of -$1,225/oz was notably higher than expected by Macquarie. Underperform rating. Target 7.00.

Target price is $7.00 Current Price is $7.69 Difference: minus $0.69 (current price is over target).
If EVN meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.87, suggesting downside of -14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Macquarie rates GNC as Outperform (1) -

Improved winter rainfall in Victoria has lifted 2025/26 crop expectations to 28mt from 26mt, notes Macquarie, above ABARES’ 27.2mt, with NSW and QLD conditions remaining optimal.

Reflecting stronger winter harvest assumptions, the broker’s FY25 earnings (EBITDA) forecast for GrainCorp rises 0.3% to $316m, at the top end of guidance. FY26 increases by 5% to $342m, 7% above management's through-cycle estimate.

FY25 earnings in Agribusiness are expected to fall -7% on weaker margins, partly offset by a 17% rebound in crush margins in Nutrition & Energy, supported by biofuel demand, explains the analyst.

Export margins remain under pressure, highlights the broker, from elevated global wheat supply, though volumes are tracking towards the top of guidance despite a slowdown in late bookings.

Macquarie raises its target price to $9.10 from $9.00 and retains an Outperform rating.

Target price is $9.10 Current Price is $7.68 Difference: $1.42
If GNC meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

Shaw and Partners notes Hazer Group has lodged national filings for a key patent family covering its novel electrochemical purification process. 

This method can produce graphite exceeding 99.9% purity and will allow the company to target lithium-ion battery and advanced material markets, which require extremely pure graphite.

No change to forecasts but the broker is now more confident the company can achieve its forecasts.

Buy, High Risk. Target unchanged at 70c.

Target price is $0.70 Current Price is $0.38 Difference: $0.32
If HZR meets the Shaw and Partners target it will return approximately 84% (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 IAG as Buy (1) -

In a first glance at today's announcement, Citi observes Insurance Australia Group's FY25 cash earnings of $1,173m beat consensus but fell slightly short of the broker’s estimate due to lower investment income.

Insurance profit of $1,743m was broadly in line with the forecast, with a 15.5% underlying margin matching expectations.

FY26 guidance implies a reported insurance margin of between 14-16% and gross written premium (GWP) growth in the low-to-mid single digits excluding acquisitions. When including RACQ and RAC WA, GWP growth of around 10% is anticipated.

CAT costs were -$1,088m, $195m favourable versus allowance, with reserve releases of 0.3% of net earned premium (NEP) and a -0.3% negative impact from credit spreads, explain the analysts.

Retail motor and home delivered both rate and volume growth, while Intermediated and NZ results were broadly in line with the broker's forecasts.

A final dividend of 19c, 40% franked, takes the full-year payout to around 65% of net profit. Target $10. Buy.

Target price is $10.00 Current Price is $8.50 Difference: $1.5
If IAG meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $9.01, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates IAG as Buy (1) -

First impressions by UBS of today's FY25 result by Insurance Australia Group suggest profit of $1,359m came in 2-3% above the broker's expectations, with cash EPS and insurance trading results in line.

The underlying insurance trading result (ITR) margin of 15.8% in 2H25 outperformed the analysts' forecasts despite higher administrative costs.

Gross written premium (GWP) rose 4.3% to $17.1bn, broadly in line with the UBS estimate, with retail Australia up 4.3%, intermediated up 6.3%, and New Zealand up 0.3%.

FY26 guidance is for low-to-mid single-digit GWP growth excluding RACQ (10% including), insurance profit of $1.45-1.65bn, and a reported ITR margin of 14-16%, with a natural peril budget of $1,316m.

UBS sees potential for margins at the upper end of guidance, supported by premium rate rises covering moderating claims inflation, lower catastrophe drag, and improving expense ratios.

The broker also notes potential for a reinsurance profit commission and steady technical reserve yields. Target $9.50. Buy.

Target price is $9.50 Current Price is $8.50 Difference: $1
If IAG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.01, suggesting upside of 6.2% (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

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

Shaw and Partners notes Iress' 1H25 result showed strong underlying revenue growth of 4.4% y/y, driven by new segments, global trading and market data (GTMD), and UK wealth, with APAC wealth flat.

The broker expects the revenue growth to continue as the GTMD unit sees pricing benefits, UK wealth sees more revenue success and the APAC business unwinds from a client restructure.

The company reiterated FY25 adjusted EBITDA guidance. The broker is now more comfortable with the revenue profile, though considers it is too early for 5%-plus revenue forecast.

Buy, High Risk. Target price $9.10.

Target price is $9.10 Current Price is $8.61 Difference: $0.49
If IRE meets the Shaw and Partners target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $9.73, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates LGI as Accumulate (2) -

LGI met the mid-point of FY25 guidance with earnings (EBITDA) of $17.4m, up 14% year-on-year, supported by strong cost control and margin expansion, explains Morgans.

The broker highlights six new contract wins in FY25, including a 12MW battery deal, lifting the medium-term development pipeline to around 56MW. The analyst believes this underpins expectations for higher Australian Carbon Credit Unit (ACCU) creation in FY26.

Net revenue rose 10%, with growth in ACCUs and Large-scale Generation Certificates (LGCs) offsetting lower electricity and infrastructure/site management revenue, highlights Morgans. Operating cash flow improved 24% to $12.3m.

FY26 guidance calls for earnings (EBITDA) growth of 25-30%, with Morgans forecasting 33MW under management by end-2025 and 45MW at the start of FY28.

The broker maintains an Accumulate rating and raises its target price to $4.20 from $3.30

Target price is $4.20 Current Price is $3.62 Difference: $0.58
If LGI meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates LGI as Buy (1) -

Shaw and Partners observes LGI reported record biogas, power, and ACCUs (Australian Carbon Credit Units), with the Belrose 12MW battery allowing for a contracted pipeline to lift to 56MW.

Biogas recovery rose 11%, electricity generation increased 13%, and ACCUs were up 14%, with earnings (EBITDA) rising 14% to $17.4m.

The company ended FY25 with a 43% uplift in MWs to 21.1 after commissioning the 4MW Eastern Creek plant and the Canberra, Mugga Lane expansion.

The analyst raises LGI's earnings (EBITDA) forecasts by 0.4% for FY26 and 5.6% for FY27.

Buy, High Risk rating unchanged. Target price up to $4.60 from $3.60 due to the Belrose win and more elevated mid-cycle earnings (forecasts).

Target price is $4.60 Current Price is $3.62 Difference: $0.98
If LGI meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 13.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates SGH as Hold (3) -

Bell Potter considers FY26 as a "consolidation" year for SGH Ltd, with the company challenged by near-term cyclical headwinds in construction markets, offset by good conditions in mining markets.

The conglomerate will be cycling tough comps for FY26 arising from robust Boral margins and capital sales at WesTrac.

SGH announced FY25 earnings (EBIT) up 8% on FY24, which met the analyst's forecast and company guidance. Coates revenue was weaker, and Boral came in as a beat on better volumes. WesTrac was flat.

Management's FY26 guidance was for low-to-mid single-digit earnings growth (EBIT), circa 3.2% against 8.5% previously.

Bell Potter has downgraded its earnings forecasts by -2% for FY26 and -7% for FY27. Hold rating retained. Target slips to $51 from $54.

Target price is $51.00 Current Price is $47.45 Difference: $3.55
If SGH meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $53.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates SGH as Outperform (1) -

SGH Ltd's FY25 result was slightly below Macquarie's operational expectations, with FY26 guidance much softer than anticipated due to weaker outlooks for WesTrac and Coates.

The broker notes WesTrac Support services revenue underperformed, medium-term capital sales guidance is weaker, and Coates’ performance was soft. Group earnings (EBIT) growth of low- to mid-single digits for FY26 falls well short of Macquarie's forecasts.

Positive factors include net debt to earnings (EBITDA) of 2 times and strong cash conversion of 95%, though the broker points out FY26 guidance assumes little macroeconomic support.

Macquarie cuts its FY26-FY28 EPS forecasts by between -12% to -15%, mainly from lower WesTrac and Coates expectations.

The target price falls to $53.20 from $59.20. Outperform rating kept.

Target price is $53.20 Current Price is $47.45 Difference: $5.75
If SGH meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $53.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates SGH as Accumulate (2) -

SGH Ltd's FY25 earnings (EBIT) met Ord Minnett's expectations, with strength in Boral offsetting weaker Coates earnings from softer sales in South Australia and Victoria. WesTrac performed in line with the broker's expectation.

FY26 earnings guidance for low-to-mid single-digit growth fell short of consensus expectations for mid-to-high single digits, leading the broker to cut its forecast for earnings growth to 4% from 8%.

WesTrac saw mid-single-digit price rises for Caterpillar parts in July, highlights the broker, though management expects prices to ease in January, while service revenues fell -6% year-on-year H2.

The analyst notes Boral is focused on cost savings and efficiencies as residential construction is not expected to recover until the second half of FY26, while Coates sees improving conditions in Victoria after recent weakness.

Ord Minnett lowers its target price to $52.00 from $60.00 and maintains an Accumulate rating.

Target price is $52.00 Current Price is $47.45 Difference: $4.55
If SGH meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $53.80, suggesting upside of 13.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates SGH as Buy (1) -

Despite a 28% rally in SGH Ltd's share price in the last year, the conglomerate continues to trade at a circa -10% discount to the ASX200 Industrials valuation, UBS highlights.

The valuation also corresponds to a recent re-rating and uplift in global peers for Boral, WesTrac, and Coates.

As per commentary, consensus downgrades, coming on the back of FY26 guidance being lowered by management, contributed to the fall in the share price of -8.5%, with FY25 results largely meeting consensus expectations.

The analyst forecasts FY26 industrial earnings (EBIT) growth of 6%, with WesTrac forecast at 8%, Boral forecast at 8%, and Coates -1% estimated on lower Victorian utilisation. Beyond FY26, cyclical tailwinds for Industrials are expected to support the businesses.

Buy rating retained. Target slips to $59 from $60 on modest downward EPS revisions by -2% for FY26 and -5% for FY27.

Target price is $59.00 Current Price is $47.45 Difference: $11.55
If SGH meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $53.80, suggesting upside of 13.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates SPK as Outperform (1) -

Spark New Zealand will sell -75% of its data centre business to Pacific Equity Partners, valuing the asset at up to $705m, or 30.8 times FY25 earnings (EBITDA), notes Macquarie.

The $486m in proceeds, with a potential $98m deferred payment, will be used to cut net debt to around 1.7 times earnings. This level meets the S&P threshold for the company's A- credit rating, highlights the analyst.

The data centre disposal follows recent asset sales including Connexa and Hutchinson Telecommunications. These form part of a roadmap to simplify operations, focus on core telco, and reset the dividend policy, explains the broker.

Macquarie retains its NZ$3.00 target price and an Outperform rating.

Current Price is $2.31. Target price not assessed.

Current consensus price target is N/A

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: 0.7

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

UBS rates SPK as Buy (1) -

UBS retains a Buy rating and NZ$3.75 target price on Spark New Zealand post the sale of its majority stake (75%) in Data Centre Co to Pacific Equity Partners (PEP) for $584m, including an earn-out, which is slightly below the bottom end of the broker's valuation range.

The current share price infers a circa -$500m valuation lower than the sale price and will allow management to de-leverage the balance sheet, refocus on its telco business, and accelerate its data centre build.

FY25 results are due on August 20, with the analyst flagging challenging trading conditions, a reset in the dividend per share to NZD17c for FY25/FY26, and scope to pay above consensus forecast dividends in FY28–FY30.

Current Price is $2.31. Target price not assessed.

Current consensus price target is N/A

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: 0.7

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

Citi rates SSM as Buy (1) -

Citi expects Service Stream to deliver another solid (FY25) result, with focus on Utilities margin improvement in the second half and potential to exceed the 5% margin target beyond FY26.

The broker sees scope to replenish and grow work in hand in Utilities and Telco, including possible NBN volume upside.

Defence opportunities are progressing, though not included in the analysts' forecasts, with management prioritising balance sheet flexibility to adapt quickly to contract outcomes.

Strong work in hand, new opportunities, and a high contract renewal rate are expected to support near-term earnings quality.

Citi retains a Buy rating and raises its target price to $2.35 from $2.00 largely due to a higher valuation multiple to reflect a defensive topline profile and multi-year revenue visibility.

Target price is $2.35 Current Price is $2.07 Difference: $0.28
If SSM meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.24, suggesting upside of 9.3% (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 SWM as Neutral (3) -

Seven West Media’s FY25 earnings (EBITDA) of $159m fell -15% year-on-year, in line with forecasts by Macquarie and consensus. Revenues fell -4% to $1,354m.

The broker highlights strong second-half Broadcaster Video on Demand (BVOD) growth of 41%, aided by new AFL digital rights, offset by softer advertising demand post the Federal Election.

Free-to-air (FTA) TV volumes declined in May and June by -13% and -16%, respectively.

Guidance for FY26 implies to the analyst earnings (EBITDA) of $162m, broadly flat year-on-year. This target is supported by sports content including annualised AFL digital rights and the Ashes, alongside $35m in costs (AISC) savings, explains the analyst

Macquarie trims its FY26-28 EPS forecasts by -1% for each forecast year and applies a lower Television earnings multiple. The target price falls to 16c from 18c. Neutral rating retained.

Target price is $0.16 Current Price is $0.14 Difference: $0.02
If SWM meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.17, suggesting upside of 21.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Shaw and Partners rates SXE as Buy (1) -

Southern Cross Electrical Engineering has announced contract awards over $110m across its manufacturing subsidiaries.

Shaw and Partners highlights a four-year extension on its existing services agreement with Energy Qld Limited, a second renewal and a new Master Services Agreement from Newmont Corp ((NEM)), as well as Trivantage Manufacturing receiving two new contracts with WeBuild S.P.A. and FIP Manufacturing (NSW).

The analyst views the company as very well run, and FY25 results are due out on August 20. No changes to earnings forecasts.

The Buy, High Risk rating is maintained. Target remains at $2.40.

Target price is $2.40 Current Price is $2.00 Difference: $0.4
If SXE meets the Shaw and Partners 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

Citi rates TWE as Neutral (3) -

It is Citi's first response to Treasury Wine Estates’ FY25 release earlier today that market expectations for growth in China will have to be scaled back.

The broker reminds investors industry research over the year had already led it to become more cautious on Treasury’s ability to deliver its Penfolds guidance for the years ahead.

Risk remains also for growth headwinds in the Americas but the broker argues this would come of less of a surprise to investors.

As for the result, Citi believes statutory net profit of $439.6m has missed consensus by -5%.  A full year dividend of 20cps was declared, labelled "broadly consistent" with consensus of 19.8cps.

Neutral. Target $8.50.

Target price is $8.50 Current Price is $7.63 Difference: $0.87
If TWE meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates TWE as Neutral (3) -

In an initial take, Macquarie notes FY25 results for Treasury Wine Estates were in line with guidance, with Penfolds supported by higher pricing/mix despite China pricing pressure from parallel imports.

Treasury Americas posted a -5% year-on-year organic net sales revenue (NSR) decline (ex-DAOU), while DAOU grew 8%. Treasury Premium Brands saw a -7% NSR fall, all of which translated into a -32% EBITS decline.

For FY26, management guides to EBITS growth led by Penfolds (low-to-mid double-digit), modest gains in Treasury Americas, and a slower top-line decline in Treasury Collective.

A $200m buy-back (around 3% of market cap) was announced, with leverage expected to remain around 2.0x.

Neutral. Target $8.00.

Target price is $8.00 Current Price is $7.63 Difference: $0.37
If TWE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 23.1% (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 TWE as Buy (1) -

Released today, Treasury Wine Estates’ FY25 earnings (EBITS) of $770m were up 17% and in line with guidance, the UBS forecast, and consensus. Profit of $471m also met expectations. Management reiterated FY26 guidance.

In first impressions, the broker notes Penfolds delivered EBITS of $477m, up 13% with a 44.4% margin, while the Americas rose 34% to $309m and Premium Brands fell -28% to $55m.

Operating cash flow rose to $819m, capex fell to -$137m, and net debt increased slightly to $1.8bn.

FY26 guidance is unchanged, with Penfolds expected to grow low-to-mid double digits. The Americas delivered modest growth, notes the broker, and a California distributor change is set to reduce net sales revenue by -$50m with EBITS impact still to be determined.

The broker reports management plans up to $200m in share buybacks in FY26 and expects leverage to remain around 2.0 times.

Buy. Target $10.00.

Target price is $10.00 Current Price is $7.63 Difference: $2.37
If TWE meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $9.50, suggesting upside of 23.1% (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

Ord Minnett rates VEE as Buy (1) -

Veem has secured a six-year, $65m contract extension to supply specialised parts for Australia’s Collins Class submarines. Ord Minnett expects orders will accelerate from FY26, particularly in the second half.

Preliminary unaudited FY25 results show revenue of $68-69m, down from $80.6m in the prior year and below the broker’s $72.5m estimate. Earnings (EBITDA) of $8.5-9.5m and profit of $2.75-2.85m compare to the analysts' respective $10.5m and $4.3m estimates.

Despite the shortfall, Ord Minnett maintains its view Veem can deliver double-digit earnings growth from FY26, supported by defence work, core market growth, and future propeller sales from FY27.

The broker retains its $1.90 target price and Buy rating.

Target price is $1.90 Current Price is $1.09 Difference: $0.81
If VEE meets the Ord Minnett target it will return approximately 74% (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