Australian Broker Call

Morgans rates ACE as Speculative Buy (1) -

Acusensus' FY25 result was broadly in line with Morgans’ expectations, with revenue of $59.4m up 20% year-on-year against the broker’s $60.3m forecast.

Earnings (EBITDA) of $5.7m were modestly ahead of guidance, while operating cash flow (OCF) was $8.3m and free cash flow (FCF) was -$9.4m. The company ended FY25 with $21.5m in cash and term deposits.

The broker highlights Australian operations as the key driver with margins of around 35%. International operations and Road Worker Safety posted small losses but are expected to scale in FY26.

International revenue now accounts for 7% of sales, highlights the analyst, supported by contract expansions.

FY26 guidance for $79-84m revenue represents 33-41% growth, notes the broker, supported by the New Zealand rollout, expanded US sales, and the Road Worker Safety launch.

Morgans upgrades its FY26 and FY27 earnings forecasts by 18% and 16%, respectively, and raises its target price to $1.30 from $1.20, retaining a Speculative Buy rating.

Target price is $1.30 Current Price is $1.04 Difference: $0.26
If ACE meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates ACL as Neutral (3) -

Australian Clinical Labs' FY25 revenue rose 6.4% year on year, -1% below Macquarie's forecasts, partly offset by better margins of 11% in the second half. Management highlighted revenue growth and operational efficiencies in the second half supported an improved margin.

FY26 guidance is a -4% downgrade to previous expectations, driven by revenue headwinds from fee cuts and a lower margin. While FY27 is expected to be supported by $8m of earnings benefits, no impact from Fair Work Commission's review is included in FY26-27 numbers, the broker notes.

Macquarie  sees the fee cut into FY26 as a headwind for revenue going forward. Despite earnings efficiencies expected by management in FY27, the broker sees risk of the Fair Work Commision outcome to provide further cost pressure.

Target falls to $2.90 from $3.15, Neutral retained.

Target price is $2.90 Current Price is $2.71 Difference: $0.19
If ACL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates ADH as Hold (3) -

Adairs' FY25 underlying net profit fell -7.6% y/y to $31.9m, missing Ord Minnett's forecast of $33.4m. Gross margin fell to 46.8% vs 47.5% in FY24.

Total group sales in the first 8 weeks of FY26 were up 22.6% y/y, with Adairs up 26.6%, Mocka 39.4% higher and Focus growing 6.7%. The broker notes elevated inventory levels is driving aggressive discounting, and will hurt 1H26 profitability, especially in Adairs.

However, 2H26 is expected to see improvement as consumer conditions become more favourable.

Hold. Target rises to $2.70 from $2.35.

Target price is $2.70 Current Price is $2.60 Difference: $0.1
If ADH meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.50, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates ADH as Neutral (3) -

UBS maintains Neutral and lifts the 12-month target to $2.55 from $2.25 after a net-positive trading update and a DCF roll-forward.

FY25 landed broadly in line with forecasts. Management has guided 1H26 sales and gross margins roughly in line with UBS estimates before margins recover in 2H26 as clearance activity ends.

UBS expects Adairs’ product margins to reach circa 62% in 2H26 (circa 61% in 1H26) with FY26 EBIT margin above 9%, while Focus and Mocka trends improve; a -$25–30m ERP program over FY26–28 introduces execution risk.

Forecasts rise, with EPS now 22c/25c/27c for 2026-28; UBS sees risk/reward as balanced near circa 11x PE ahead of a “Vision 2030” strategy day in 2H26.

Target price is $2.55 Current Price is $2.60 Difference: minus $0.05 (current price is over target).
If ADH 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 $2.50, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates AFG as Neutral (3) -

Citi highlights Australian Finance Group's FY25 result was strong. Importantly the outlook is optimistic with mortgage volumes in July rising 25% y/y.

Net interest margin is expected to continue widening as the lending side of the business benefits from lower funding costs. The broker also expects other costs to remain flat, providing more operating levergage.

FY26-27 EPS forecasts lifted by 10-13% on higher volumes and margin.

Target rises to $2.90 from $2.10. Neutral maintained.

Coverage transferred to Jeff Cai. 

Target price is $2.90 Current Price is $2.70 Difference: $0.2
If AFG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates AFG as Outperform (1) -

Australian Finance Group reported better than expected cash net profit after tax, up 13% on FY24 and above Macquarie's forecast by 12.6%. The net interest margin in 2H25 at 119bps beat the analyst's forecast at 115bps, as the BBSW moved lower in advance of interest rate cuts.

Loan book grew to $5.5bn, up 23% YoY, and settlements advanced by 65% to $2.7bn with a better run-off of 35% versus 38% in FY24.

Record residential volumes boosted earnings (EBITDA) by 10%, with the Residential Upfront Payout Ratio at 96.1% in 2H25, which was flat on the prior year and up 20bps on 1H25.

Macquarie lifts its earnings forecasts by 10.8% in FY26 and 7% for FY27. Target price rises to $2.86 from $2.20. No change to Outperform rating.

Target price is $2.86 Current Price is $2.70 Difference: $0.16
If AFG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

ANZ Bank did not release a trading update for 3Q25, but Morgan Stanley believes the recent operating trends for the bank have been as positive as for Westpac ((WBC)) and National Australia Bank ((NAB)).

The analyst considers the operating environment has improved for the banks, with low earnings risk and good balance sheets which are healthy and should underpin trading valuation multiples above post-COVID averages.

National Australia Bank is the preferred, while Westpac moves to the least preferred after Commbank ((CBA)).

Target price is raised 8.5% to $29.30. Equal-weight rating. Industry View: In-Line.

Target price is $29.30 Current Price is $33.38 Difference: minus $4.08 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.27, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates ATA as Accumulate (2) -

Atturra’s FY25 result and FY26 guidance were in line with Morgans’ expectations, with revenue of $300.6m and earnings (EBITDA) of $31.5m, both up 24% year-on-year.

The broker explains profit declined due to the higher share count from $70m of capital raised, alongside one-off costs, which diluted EPS despite underlying profit growth.

Organic revenue growth was 7%, below the management's 10% target, notes the analyst, with Federal government revenue down -$14m and expected to remain soft.

FY26 guidance of $384m revenue and $40.3m earnings is supported by the Blue Connections acquisition, highlights Morgans.

Management has sharpened its focus on EPS accretion, suggests the analyst, and the Blue Connections acquisition lifts the broker’s EPS forecast by around 3%.

Morgans raises its target price to 95c from 90c and retains an Accumulate rating.

Target price is $0.95 Current Price is $0.80 Difference: $0.15
If ATA meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 38.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates BGL as Outperform (1) -

Macquarie's early assessment is Bellevue Gold's FY25 results were mixed, closing out a challenging year for the gold miner.

Underlying EBITDA proved in line with expectations despite higher operating costs.

However, the 'miss' on the net profit is highlighted as one key negative. Macquarie says this was primarily caused by the costs of the partial hedgebook closeout earlier this year.

Outperform. Target $1.25.

Target price is $1.25 Current Price is $0.92 Difference: $0.33
If BGL meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.17, suggesting upside of 34.1% (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 BIO as Buy (1) -

FY25 revenue for Biome Australia of $18.4m was an increase of 41.6% year-on-year, in line with the pre-release. International sales grew 69% and should continue to expand through new distribution partnerships, suggests Bell Potter.

Gross profit rose 42.3% and margins improved by circa 30bps, beating the analysts' forecast by 10bps. 

Costs, earnings and profit were in line with the broker's forecasts. The company delivered its maiden profit of $0.2m, though operating cash outflow of -$2.8m reflected higher inventory investment.

Biome Australia holds number two position in community pharmacy probiotics, with a revenue run rate above $20m, highlight the analysts.

New product launches and expanded international distribution are expected to lift the contribution of offshore sales to 14% by FY27.

Bell Potter makes no forecast changes. The Buy rating and 95c target are maintained.

Target price is $0.95 Current Price is $0.52 Difference: $0.43
If BIO meets the Bell Potter target it will return approximately 83% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BLX as Buy (1) -

Citi's initial appraisal is that Beacon Lighting's FY25 NPAT of $29.4m missed consensus by -2% but was broadly in line with its own forecasts.

A final dividend of 3.9cps was declared, broadly in line with consensus's 4c estimate.

All in all, Citi  considers today's result is further evidence of a broad-based improvement in consumer spending.

Considering the improving topline momentum into FY26 and the ongoing success in trade, the broker suggests the stock should be supported today

Target $3.96. Buy.

Target price is $3.96 Current Price is $3.60 Difference: $0.36
If BLX meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates BRL as Buy (1) -

Ord Minnett notes Bathurst Resources' FY25 result was in line with expectations after the company provided consolidated metrics in late July. Standalone cash of NZ$36m was ahead of the broker's NZ$33m forecast on improved working capital.

FY26 EBITDA is guided in the NZ$35-45m range and the broker's forecast is at the upper end at NZ$43m as stable domestic sales is expected to provide buffer against volatility in metallurgical coal exports.

The broker cut cost forecast for Stockton and pushed back first coal at Buller to March 2028 quarter, with the changes offsetting each other.

Buy. Target unchanged at 94c.

The broker reckons the current share price provides an attractive entry at 0.4x P/NAV.

Target price is $0.94 Current Price is $0.75 Difference: $0.19
If BRL meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates CBA as Underweight (5) -

ANZ Bank ((ANZ)) did not release a trading update for 3Q25, but Morgan Stanley believes the recent operating trends for the bank have been as positive as for Westpac ((WBC)) and National Australia Bank ((NAB)).

The analyst considers the operating environment has improved for the banks, with low earnings risk and good balance sheets which are healthy and should underpin trading valuation multiples above post-COVID averages.

National Australia Bank is the preferred, while Westpac moves to the least preferred after CommBank.

Target price is raised to $143.70 from $131. Underweight rated. Industry View: In-Line.

Target price is $143.70 Current Price is $169.83 Difference: minus $26.13 (current price is over target).
If CBA meets the Morgan Stanley target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $114.93, suggesting downside of -33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -1.0

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

Bell Potter rates COG as Buy (1) -

COG Financial Services delivered FY25 earnings (EBITDA) of $58.4m, a rise of 1% and slightly exceeding the broker's forecast. This outcome reflected higher funding costs and investment ahead of growth, partly offset by novated volume incentives.

Management is delivering strong execution and returning the focus back to asset finance and insurance broking consolidation, highlight the analysts.

Profit of $24m fell -1% year-on-year but was in line with the analysts' expectations, while cash conversion improved to 99% and unrestricted cash ended at $101.9m.

Finance and broking revenue fell -4% to $233.2m, with volumes down -5% due to pull-forward from instant asset write-offs, explains Bell Potter, though market share increased. Novated leasing performed strongly with revenue up 22% and earnings up 27%.

Lending revenue rose 6% despite funding cost pressures, notes Bell Potter.

A final dividend of 3c fully franked was declared, equating to a 50% payout versus 60% in FY24.

The target rises to $2.05 from $1.75. Buy unchanged.

Target price is $2.05 Current Price is $1.73 Difference: $0.32
If COG meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates COG as Accumulate (2) -

COG Financial Services’ FY25 profit of $24m was flat year-on-year and in line with Morgans’ expectations, with a 3c dividend also matching forecasts.

Novated Leasing was the standout, according to the broker, with earnings up 26%, while Finance Broking and Aggregation saw net assets financed fall -5% due to the end of the instant tax write-off.

The broker notes adjusted profit growth would have been 4% excluding the TL Commercial Finance book run-off, though elevated technology spend of -$4.2m also weighed on results.

In an upbeat presentation, according to the analyst, management pointed to ongoing growth in Novated Leasing, renewed focus on Insurance Broking, and acquisition opportunities.

Morgans lifts its FY26 and FY27 EPS forecasts by 5% and 9%, respectively, raises its target price to $1.98 from $1.87, and retains an Accumulate rating.

Target price is $1.98 Current Price is $1.73 Difference: $0.25
If COG meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates COG as Accumulate (2) -

COG Financial Services' FY25 net profit of $24m was down -1% y/y but beat Ord Minnett's estimate.

The broker reckons the company is well placed for a cyclical upswing in asset finance after soft FY24-25, with lower base rates likely to support margin growth in FY26.

Novated leasing revenue grew 22% y/y and EBITDA rose 22% y/y in FY25, on new contracts and continued EV demand. The broker sees further growth from new panel agreements and deeper penetration.

Target cut to $1.91 from $1.92. Accumulate retained.

Target price is $1.91 Current Price is $1.73 Difference: $0.18
If COG meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Shaw and Partners rates CXL as Buy (1) -

Calix achieved a lower than anticipated loss versus Shaw and Partners' forecast. Revenue grew 16.5% on the prior year, a slight miss on the analyst's forecast. Operating cash flow (including leases) was $29.7m versus Shaw's $24.9m estimate.

Commentary highlights the company achieved some major commercialisation milestones.

For lithium, a $15m grant from the WA government for the Pilbara Minerals ((PLS)) JV; construction of the Midstream demonstration plant is on track for Dec quarter 2025; a $4.9m Arena grant to help fund a Zesty Green Iron Ore demonstration plant and a $15m grant for Project Zeat.

Capex is expected to be lower in FY26, with Calix aiming for ongoing revenue growth with contributions from all divisions.

No change to Buy/High risk rating and $1.70 target price.

Target price is $1.70 Current Price is $0.43 Difference: $1.27
If CXL meets the Shaw and Partners target it will return approximately 295% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates DDR as Buy (1) -

It is UBS' early assessment Dicker Data's interim result today beat consensus by 3% with an in-line guidance for the full year.

The broker also observes the elevated pace in top line growth has continued on lower margin, while both were expected to have reversed by now.

Net-net UBS does make the point the outcome is much better-than-expected.

Buy. Target $9.30.

Target price is $9.30 Current Price is $8.85 Difference: $0.45
If DDR meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $9.65, suggesting upside of 3.5% (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

Citi rates DMP as Sell (5) -

Domino's Pizza Enterprises posted a statutory loss of -$3.7m in FY25 vs consensus forecast for $14.5m profit, despite EBIT meeting consensus estimate.

Citi notes final dividend of 21.5c also missed consensus of 48c, possibly due to concerns on elevated gearing. Additionally, dividend was unfranked vs expectation of 60% franking.

Sell. Target $14.20.

Target price is $14.20 Current Price is $15.10 Difference: minus $0.9 (current price is over target).
If DMP meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.27, suggesting upside of 28.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgan Stanley explains the new strategy for Domino's Pizza Enterprises, for the cost-out program to be re-invested into advertising and marketing, is not without risks and will limit the flow of savings to the bottom line.

The amount of cost savings has yet to be quantified, but if successful the strategy could underpin improved franchisee and corporate store profitability.

The market was negatively surprised that savings are being reinvested, and the change to an Everyday Low Pricing model (EDLP) from coupon-led promotions is seen as potentially disruptive to loyal consumers and price-sensitive customers.

Executive Chair Jack Cowin will oversee the transition, with the CEO search on hold.

Morgan Stanley cuts its EPS estimates by -8.2% for FY26 and -8.9% for FY27, with the estimated DPS slashed by -28% and -28.6%, respectively.

At the earnings call, the broker reports, management highlighted it would be disappointed if it could not deliver earnings growth.

Neutral rating retained. Target falls to $18 from $24. Industry View: In-Line.

Target price is $18.00 Current Price is $15.10 Difference: $2.9
If DMP meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $19.27, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgans rates DMP as Buy (1) -

Domino's Pizza Enterprises' FY25 result was broadly in line with Morgans’ forecasts, with network sales down -1% to $4,153m and earnings (EBIT) of $198m, slightly below the broker’s $201m estimate.

Profit fell -3% to $117m, in line with consensus, while net debt to earnings rose to 2.6 times. A final dividend of 21.5c was declared, with the dividend reinvestment plan continuing but no longer underwritten.

Franchisee profitability remains under pressure, cautions Morgans, with network margins slipping to 18% from 19% against a 25% target.

Management is pursuing a cost-out program, though the analyst points out savings will be reinvested into marketing, operational support, and digital upgrades rather than boosting near-term earnings.

Morgans cuts its FY26-FY27 EBIT forecasts by -5% and -11%, respectively, and lowers its target price to $18.00 from $22.20, while retaining a Buy rating.

Target price is $18.00 Current Price is $15.10 Difference: $2.9
If DMP meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $19.27, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates DMP as Buy (1) -

UBS has concluded FY25 underlying earnings were in line with forecasts, though reported profit missed; the broker maintains Buy and cuts its 12-month target to $19.00 from $22.00.

Early 1H26 trading softened, with group SSSg -0.9% over the first seven weeks as lower working media and higher ticket prices weighed.

UBS flags execution risk from a major pricing trial aimed at simpler, everyday value. The broker remains confident cost reductions can be redeployed to support sales and franchisee EBITDA, although franchise profitability stays subdued.

Forecasts are lowered and valuation falls on reduced earnings despite a slightly higher FY26 EV/EBIT multiple.

Target price is $19.00 Current Price is $15.10 Difference: $3.9
If DMP meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $19.27, suggesting upside of 28.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates DRO as Buy (1) -

DroneShield reported 1H25 revenue of $72.3m, up 210% year-on-year, in line with the July pre-release. The gross margin of 65.4% missed Bell Potter’s 70% forecast due to a higher mix of system integration contracts.

Earnings (EBITDA) of $5.2m were slightly below forecasts, while profit of $2.1m missed more significantly because of higher tax, explains the broker. Operating cash outflow was -$8.7m, with a closing cash balance of $203.8m.

The broker highlights the announcement of Leidos Australia as system integration partner for the Land156 program as disappointing, though DroneShield may still contribute in a smaller role.

Australia represents less than 5% of DroneShield's $2.3bn sales pipeline and the program had not been included in the broker's forecasts.

Bell Potter retains a Buy rating with a $3.70 target price, down from $3.80.

Target price is $3.70 Current Price is $3.20 Difference: $0.5
If DRO meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates DRO as Buy (1) -

DroneShield reported record 1H2025 results. Revenue rose 210% and net profit after tax of $2.1m compared to a loss of -$4.8m in the prior year. Cash receipts rose 185% and the 2H2025 outlook remains robust according to Shaw and Partners.

Highlights included the award of Leidos Australia as the Land 156 System integration partner with a $45.9m contract. The company's pipeline has expanded to $2.34bn across 310 live projects, with 13 opportunities over $30m and 52 opportunities over $5m.

Europe offers the highest opportunity in terms of volumes arising from the ReArm Europe investment of EUR800m.

Shaw and Partners tweaks net profit after tax forecasts up by 2.6% for 2025 and 7.9% for 2026, largely due to changed assumptions on net interest and revised yield.

Buy rating and $3.60 target retained.

Target price is $3.60 Current Price is $3.20 Difference: $0.4
If DRO meets the Shaw and Partners target it will return approximately 12% (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

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

Ord Minnett notes Duratec's FY25 revenue came at the bottom end of guidance range and missed its forecast, but EBITDA of $53m was ahead of its $50.6m forecast. Gross profit margin expansion of 130bps aided the beat.

Cash conversion was 98%, helping boost the net cash position to $48.6m, beating the broker's $35.6m forecast.

The highlight was commentary on order book which stood at $390m excluding MSE revenue and eight current ECI projects that could add another $500m. Pipeline was strong at $4.16bn.

Target rises to $1.95 from $1.80. Rating upgraded to Buy from Accumulate.

Target price is $1.95 Current Price is $1.53 Difference: $0.42
If DUR meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates DUR as Buy (1) -

Wet weather and lengthened tender awards impacted Duratec's FY25 results, which were nevertheless "solid," Shaw and Partners highlights. Revenue lifted 3.1% and earnings (EBITDA) rose 11.3% with a 4.5c (FF) dividend.

Expansion into major oil & gas areas boosted energy revenue up 77% in FY25, and emerging sectors revenue nearly rose threefold, which offset defence, which declined by -17.6%.

FY26 consensus of earnings (EBITDA) around $60m is a level management is comfortable with, and needs around $90m of new tenders transitioning to delivery in FY26 to be achieved, according to the analyst.

Shaw and Partners tweaks net profit after tax forecasts lower by -5.1% for 2026 and -1.6% for 2027.

Shaw retains a Buy rating and keeps the target price unchanged at $1.90.

Target price is $1.90 Current Price is $1.53 Difference: $0.37
If DUR meets the Shaw and Partners target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 14.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates EBO as Outperform (1) -

Ebos Group's second half uderlying earnings were in line with guidance and consensus. The final dividend was a small beat, maintained at the FY24 level.

The large payout step-up (69% to 83%) is said to reflect Board confidence in growth outlook and overall financial capacity, Macquarie notes.

A four-year data centre fit-out and systems renewal is to be completed by FY26. Macquarie understands that this would bring Ebos up to Sigma Healthcare's ((SIG)) footprint breadth, depth and capacity headroom.

Risks around catalysts still look skewed to the upside, the broker suggests. Defensive characteristics are likely to be questioned post-result, but the broker counters long term volatility data bears out defensive nature of animal/healthcare segments.

Target falls to NZ$39.78 from NZ$41.72, Outperform retained.

Current Price is $30.19. Target price not assessed.

Current consensus price target is $36.32, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates EBO as Buy (1) -

UBS retains Buy and cuts the 12-month target to NZ$39.50 from NZ$44.50 after a sizeable FY26 earnings reset as well as higher capex.

FY25 underwhelmed (underlying 2H25 EBITDA missed by -5%) and FY26 guidance embeds lower Community Pharmacy gross margins and higher operating costs, partly offset by stronger Institutional Healthcare.

Forecasts are reduced: EPS -20%/-19%/-18% for 2026-28, with FY26 roughly flat on FY25 before a 17% rebound in FY27 on improved PBS wholesaler funding.

UBS argues valuation remains appealing for a diversified, cash-generative business (circa 20x FY27 P/E), though a short-term re-rating catalyst is hard to identify post reset.

Current Price is $30.19. Target price not assessed.

Current consensus price target is $36.32, suggesting upside of 24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

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

Fletcher Building continues to experience a challenging macro backdrop, which was confirmed at the company's FY25 results and FY26 outlook as detailed by Morgan Stanley.

Sales from A&NZ fell -9% in FY25, some -2% below consensus, with a decline in earnings (EBITDA) of -25% in line.

Concrete earnings fell -26%, building products down -21%, distribution down -61%, Australia fell -32%, and construction rose 86%, while residential & development declined by -42%.

Commentary states the outlook remains subdued and cautious through FY26. Positively, net debt fell and a strategic review with divestments is being undertaken.

Morgan Stanley lowers its earnings (EBIT) forecasts by -7% for FY26 and -2% for FY27. Target price rises to $3.13 from $3.04. No change in Equal-weight rating. Industry View: In-Line.

Target price is $3.13 Current Price is $2.77 Difference: $0.36
If FBU meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.13, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Bell Potter rates FEX as Buy (1) -

Fenix Resources reported FY25 earnings (EBITDA) of $56m and profit of $5m, below Bell Potter’s forecasts due to weaker iron ore revenue and higher-than-expected depreciation.

Positively, operating cash flow reached $72m with free cash flow (FCF) of $8m, after -$64m of capital expenditure despite an -18% fall in the iron ore price, highlight the analysts. Net debt at June 30 was $26m.

FY26 guidance implies to the broker iron ore sales of 4-4.4mt, up 75% year-on-year, underpinned by Shine and Beebyn-W11. Costs are guided to -$70-80/wmt compared with -$73/wmt in FY25, with several initiatives expected to lower costs and capital expenditure.

A 1c fully franked dividend was declared, representing 137% of profit.

The broker retains a Buy rating with a 40c target price.

Target price is $0.40 Current Price is $0.32 Difference: $0.08
If FEX 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 FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates FLT as Buy (1) -

Citi notes Flight Centre Travel's FY25 profit before tax (PBT) of $289m was at the midpoint of the guidance issued a few weeks ago.

Leisure was an outperformer in total transaction value terms and beat at the EBITDA line, but was down -4% y/y on macro headwinds. Corporate missed at the EBITDA level due to one-off factors in Asia.

No guidance was provided for FY26 but the company expects 1H underlying PBT to be relatively flat and retained its longer-term focus on delivering 2% underlying PBT lift. 

The broker estimates only 1-2% organic sales growth is needed to meet its FY26 PBT forecast which is easier to beat if macroeconomic conditions remain steady. 

The broker upgraded FY26-27 EBITDA forecasts by 4% reflecting a better corporate outlook/Asia reversal. Underlying PBT changes are
more muted owing to higher D&A and interest.

Buy. Target unchanged at $15.10.

Target price is $15.10 Current Price is $12.38 Difference: $2.72
If FLT meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FLT as Outperform (1) -

On further analysis, Macquarie believes Flight Centre executed well considering the headwinds it faced in FY25. Some green shoots are appearing with strong TTV for Leisure & Corp, including a record July for Corporate Travellers in TTV.

Current indications suggest this segment will see increased spending in FY26 after a "subdued" FY25.

Target price rises 9% to $16.55 from $15.30, with EPS estimates tweaked by the analyst, down -0.9% for FY26 and -1.5% for FY27.

Outperform rating unchanged.

***

Flight Centre Travel had downgraded guidance previously and earlier today released its FY25 financials. Macquarie, upon first glance, remarks underlying pre-tax profit was tracking ahead of the previous year after Q3, but finished almost -10% below.

No specific guidance is provided at this stage for FY26, but underlying pre-tax profit is expected to be flat in H1.

The company has undertaken for $450m in capital management initiatives and more is promised for FY26. Management is talking up strategic responses, including cost optimisation, capital discipline, portfolio refinement etc, to counter the cycle.

Target price is $15.20 Current Price is $12.38 Difference: $2.82
If FLT meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates FLT as Buy (1) -

Flight Centre Travel's FY25 result was broadly in line with Morgans’ expectations, with total transaction value of $24.5bn up 3.3% but profit before tax down -9.8% to $289.1m due to weaker margins.

Operating cash flow (OCF) fell -67% on a timing issue, though a 29c fully franked dividend was declared, above the broker's forecast, lifting the payout ratio to 52%.

Corporate missed the analysts' expectations, dragged down by Asia, which posted a -$21.5m loss versus a prior-year profit, while Leisure also underperformed on softer UK/Europe and US bookings.

Corporate Traveller in the US was a bright spot with 12% transaction growth, notes Morgans, while European operations showed margin improvement.

Guidance suggests to the broker flat 1H26 profit before tax, stronger than expected but weaker than consensus. Acceleration is anticipated in 2H26 as Asia returns to profit, UK operations improve, and internal projects deliver cost benefits.

Morgans lifts its valuation to $15.65 from $15.35 and retains a Buy rating.

Target price is $15.65 Current Price is $12.38 Difference: $3.27
If FLT meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates FLT as Buy (1) -

Despite Flight Centre Travel's FY25 normalised net profit of $171m missing its forecast of $212m, Ord Minnett remains convinced of the investment thesis for the stock.

The difference was due to higher effective tax rate.

The broker reiterated the structural headwinds facing the company are caused by materially lower override payments from Qantas Airways ((QAN)) and others, and recently exacerbated by a shift in demand towards short-haul destinations.

Forecasts mostly unchanged. Buy. Target rises to $13.60 from $13.02.

Target price is $13.60 Current Price is $12.38 Difference: $1.22
If FLT meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates FLT as Buy (1) -

UBS maintains Buy and lifts its 12-month target to $14.00 from $13.70, arguing very low expectations (1yr fwd P/E 11.2x; 3-yr EPS CAGR circa 17%) leave room for a re-rate if trading improves.

FY25 landed broadly in line with UBS but a touch shy of consensus: TTV $24.5bn (3% y/y) and underlying PBT $289m (in line vs UBS; -2% vs consensus) after a soft 4Q; management guides to a “fairly flat” 1H26 PBT, with an update due at the 14 November AGM.

UBS models a flat 1H26 underlying PBT of $118m before partial recovery drives circa 13% 2H26 PBT growth; NPATA is trimmed 0% to -2% across FY26–FY29 while buy-backs lift EPS by circa 1% to 4%, prompting the modest target increase.

The broker points to early FY26 “rapid” TTV growth and ongoing productivity initiatives as supports, but stays watchful on geopolitics and consumer demand in the near term.

Target price is $14.00 Current Price is $12.38 Difference: $1.62
If FLT meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.93, suggesting upside of 17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates HZR as Buy (1) -

After doubling revenue in FY25, Shaw and Partners sees the results for Hazer Group as robust both financially and operationally.

A 145% increase in revenue to $8.1m (excluding interest) was well above expectations, while operating costs fell by -17% on the prior year.

The strategic alliance with Kellogg Brown and Root LLC (KBR) will provide near-term paid feasibility studies, allowing the group to move towards licensing agreements.

Commentary highlights there is also scope to increase the scale-up designs of up to 50kt of hydrogen p.a. to meet large-scale demand.

The broker opines this was a maiden year for the company to generate operating revenue for engineering services. Shaw and Partners broadly retains its earnings forecasts. Buy, High Risk, and target unchanged at 70c.

Target price is $0.70 Current Price is $0.36 Difference: $0.34
If HZR meets the Shaw and Partners target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates IEL as Outperform (1) -

Upon initial assessment, Macquarie concludes IDP Education reported $119m FY25 Adjusted EBIT, -50% yoy vs $115-125m guidance provided at the Jun-25 trading update.

The result is deemed in line with consensus ($119m) and only -1% below the broker's estimate ($121m).

FY26 Adjusted EBIT guidance is $115-125m, with the midpoint 4.7% ahead of consensus and in line with Macquarie ($119.7m).

Commentary highlights guidance is predicated on FY26 market volume compression of -20-30%, with Student placement fee increases of high-single/low-double digit and IELTS fee increases of mid-single digit.

Target $6.40. Outperform.

Target price is $6.40 Current Price is $4.54 Difference: $1.86
If IEL meets the Macquarie target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $5.55, suggesting downside of -5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates JIN as Accumulate (2) -

Jumbo Interactive’s FY25 result came in ahead of Morgans’ expectations, with revenue of $145.3m up 3% and earnings (EBITDA) of $68.3m up 5%. The broker's target price is raised to $12.90 from $11.30, and the Accumulate rating is maintained.

Profit of $42.4m was materially above the analyst's forecast, while a 30.5c final dividend brought the full-year payout to 54.5c, matching the prior year. Group margins were in line, with Managed Services the standout, highlights the broker, posting margins above guidance.

Lottery Retailing held up well despite softer jackpot activity, with disciplined cost control and digital penetration rising to 41.8%, explains Morgans. SaaS delivered 11.5% transaction growth and a 68.2% margin, while Managed Services recovered strongly, particularly in the UK.

Guidance for FY26 points to Australian margins of 46-50% and further growth in Managed Services, while a Powerball price increase from November 2025 should aid turnover, in the broker's view. 

Target price is $12.90 Current Price is $11.42 Difference: $1.48
If JIN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $12.94, suggesting upside of 5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates KAR as Buy (1) -

Citi highlights two positive developments for Karoon Energy; a 35% upgrade in 2P reserves at the Bauna project vs December 2024 and lower FPSO operating cost after taking over the FPSO operatorship.

New cost structure and implementation of life extension plan, and slowing in the decline rate in the past 18 months helped the upgrade. Citi expects US$30-40m cost savings annually once the transition completes, but another well issue means additional rig program is needed.

Catalysts ahead include sell-down of Neon where the broker expects US$200-300m proceeds from 40% stake sale. Who Dat East tieback, with FID expected in late 2025/early 2026 would increase exposure to higher Henry Hub gas pricing, the broker adds.

FY25 earnings estimates lowered after factoring in higher near-term transition costs, but FY26-27 estimates are broadly intact.

Buy. Target rises to $2.40 from $2.20. Upside catalyst watch expires Oct 21.

Target price is $2.40 Current Price is $1.90 Difference: $0.5
If KAR meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 19.1% (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: 0.4

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

Macquarie rates KAR as Neutral (3) -

Karoon Energy's first half earnings were 4% ahead of consensus, while the interim dividend was below consensus and based on 25% payout (20-40% guide), Macquarie notes.

The 2P reserve upgrade at Bauna was larger than the broker expected. The field is performing well, and life is extended to 2039. Bauna nevertheless has had another outage, driving production and earnings cuts in 2025/26.

Karoon looks relatively fairly valued on Macquarie's US$65/bbl long-term Brent price. Major organisational change, including a new CEO, has potential to be disruptive, the broker suggests.

Target rises to $1.90 from $1.80, Neutral retained.

Target price is $1.90 Current Price is $1.90 Difference: $0
If KAR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 19.1% (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: 0.4

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

Morgans rates KAR as Hold (3) -

The interim result for Karoon Energy was weaker year-on-year but marginally ahead of Morgans’ forecasts, with revenue of US$308m and earnings (EBITDAX) of US$200.5m. Profit of US$45m was down -61% year-on-year but slightly above the broker’s estimate.

A 2.4c unfranked dividend was declared, ahead of the analyst's expectations. Net debt was US$237.9m, with liquidity of US$452.1m.

Bauna 2P reserves were upgraded by 13.7mmbbl to 52.7mmbbl, extending field life to 2039, while Neon 2C resources increased 44% to 86.5mmbbl, strengthening the case for standalone development, suggests the analyst.

These upgrades were largely anticipated by Morgans, though offset by higher assumed FPSO sustaining capex and well intervention costs.

The broker sees upside in Bauna’s recovery trajectory but remains cautious given increased costs, oil price volatility, and execution risks. The target price rises to $1.90 from $1.85. Hold rating unchanged.

Target price is $1.90 Current Price is $1.90 Difference: $0
If KAR meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.12, suggesting upside of 19.1% (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: 0.4

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

Bell Potter rates KYP as Buy (1) -

FY25 revenue of $32.1m for Kinatico was pre-released. Earnings (EBITDA) of $4.3m and profit of $1.1m came in modestly below Bell Potter's forecasts due to lower capitalised R&D of $3.7m versus the broker’s $4m forecast.

Operating cash flow (OCF) of $5.3m was ahead of the broker's expectations, and closing cash was $10.2m. No dividend was declared.

Management did not provide guidance but expects continued growth in workforce compliance technology, supported by new product launches. The broker's revenue forecasts for FY26 and FY27 remain unchanged, with growth in the low to mid-teens.

Bell Potter cuts its FY26 earnings forecasts by -6% and FY27 by -3% due to lower capitalised R&D, though strong earnings growth is still expected in both years. The broker retains a Buy rating with a 35c target price.

Target price is $0.35 Current Price is $0.28 Difference: $0.07
If KYP 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 FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates LIC as Neutral (3) -

Lifestyle Communities lost the application for a longer-term stay on the DMF, which means effective immediately it cannot charge DMF.

The outcome was in line with Citi's expectation, though the appeal against the VCAT decision means there could be an upside catalyst if it's successful. The timing is uncertain through.

Neutral. Target unchanged at $4.50.

Target price is $4.50 Current Price is $5.16 Difference: minus $0.66 (current price is over target).
If LIC meets the Citi target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.92, suggesting downside of -0.2% (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 LOV as Upgrade to Neutral from Sell (3) -

Lovisa Holdings' FY25 net profit of $86.3m missed Citi's forecast by -5% and consensus by -5.4%, and final dividend of 27c also missed both.

Costs were higher than expected and the broker is forecasting 20% increase in cost of doing business in FY26. Operating leverage will remain an uncertainty until the company is able to extract significant leverage on its fixed cost base, commentary suggests.

A key positive is acceleration in global store rollouts, which makes it difficult to underweight the stock, the broker reckons. 

Emerging Australia/NZ competition is a risk, but offset by strength in rest of the world, and potential upside catalyst comes from Claire’s situation. FY26 net profit forecast trimmed by -1% but FY27 increased by 3%.

Target lifted to $42.50 from $22.98 on change in valuation methodology to high-growth offshore names. Rating upgraded to Neutral from Sell.

Target price is $42.50 Current Price is $41.23 Difference: $1.27
If LOV meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.06, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates LOV as Downgrade to Equal-weight from Overweight (3) -

Morgan Stanley downgrades Lovisa Holdings to Equal-weight from Overweight on valuation grounds. Target rises to $42 from $35 post FY25 results.

The retailer lifted FY25 earnings 1.7% compared to a soft trajectory between 2H23-1H25, implying an acceleration in growth to over 3% in 2H25. There were some slight price rises, mainly due to US tariffs, and little alteration around promotional activity.

The analyst believes the positive comps can be retained. New net stores lifted by 121 in FY25, and a slightly lower result can be achieved in FY26.

Costs rose in FY25, with earnings (EBIT) missing consensus by -5% due to a decline in the margin of -100bps as funds were invested in the rollout of global stores.

Morgan Stanley lowers its FY26 earnings (EBIT) by -7% despite a higher sales assumption, due to expansion costs, with FY27 earnings (EBIT) down -1%.

Target price is $42.00 Current Price is $41.23 Difference: $0.77
If LOV meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $36.06, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates LOV as Downgrade to Accumulate from Buy (2) -

After analysing FY25 results for Lovisa Holdings, Morgans raises its target price to $44.50 from $35.00 and downgrades to Accumulate from Buy.

Results were mixed, in Morgans's opinion, with earnings (EBIT) of $138.7m up 8.2% year-on-year but -6% adrift of the broker's forecast due to higher operating costs.

Sales were ahead of the analyst's expectations, gross margins rose 100bps to 82%, and profit was $86.3m, -6% below forecast.

A final dividend of 27c brought the full-year payout to 77c. Store rollout accelerated, with 88 net openings in H2, taking the total to 1,041. 

Europe and the US were the strongest contributors to store growth, while competitor Claire’s bankruptcy could provide market share and real estate opportunities, explains the broker.

FY26 has started strongly, assesses Morgans, with like-for-like sales up 5.6% and total sales up 28%.

Costs as a share of sales worsened by -140bps to 50.8% due to expansion into higher-cost markets, supply chain upgrades, and IT investment, explains the  broker. It's felt costs will remain elevated in FY26 as Lovisa funds its global rollout.

Target price is $44.50 Current Price is $41.23 Difference: $3.27
If LOV meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $36.06, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates LYC as No Rating (-1) -

On Macquarie's early assessment, Lynas Rare Earths released mixed FY25 results, with an earnings 'miss' on small numbers but in-line cash flow.

Commentary highlights a new five-year plan was announced which focusses on resource expansion, NdPr production capacity growth and REE value chain extension.

The broker highlights the miner aims to fund its growth ambitions with an $750m placement and an $75m share purchase plan.

Macquarie is involved with the capital rainsing, as is Barrenjoey, and now under research restriction.

Target price is $9.00 Current Price is $14.73 Difference: minus $5.73 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.80, suggesting downside of -33.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates M7T as Buy (1) -

Mach7 Technologies’ FY25 result showed progress in recurring revenue and cost leverage, highlights Morgans, with revenue of $33.8m up 16% year-on-year but slightly below the broker’s $34.7m forecast.

Recurring revenue rose 20% to $25.3m, now 75% of group revenue and covering 80% of costs, point out the analysts, while adjusted earnings (EBITDA) narrowed to -$0.3m, close to breakeven.

The net loss incurred was -$6.2m against the broker’s forecast of -$4.8m, with operating cash flow (OCF) of $0.9m and a cash balance of $23.1m.

New logo wins remain limited, cautions Morgans, though client retention and expansion were strong. Strategic changes under the new CEO include resetting sales execution and strengthening customer support.

Morgans lowers its target price to 81c from $1.37 and retains a Buy rating. The broker expects recurring revenue momentum and new contract wins to drive operating leverage, though progress will take time.

Target price is $0.81 Current Price is $0.32 Difference: $0.49
If M7T meets the Morgans target it will return approximately 153% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates MCE as Speculative Hold (3) -

Matrix Composites & Engineering's FY25 revenue of $74.8m was down -5% year-on-year and missed forecasts by Bell Potter and consensus for $78.9m and $79.3m, respectively.

Commentary highlights the shortfall was largely due to around -$3m of Subsea project work slipping into FY26.

Earnings (EBITDA) of $5m missed forecasts due to weaker revenue and higher operating costs, explains the broker, while profit of -$4.2m compared with $3.7m in FY24. 

The current Subsea orderbook of around $57m is weighted to the second half of FY26, with potential for further awards over the next 6-12 months.

Management noted the drilling market has softened, with outstanding quotes falling to around $75m from $140m, though smaller projects worth $2-8m are flagged as opportunities.

Target of 28c and Speculative Hold rating maintained.

Target price is $0.28 Current Price is $0.24 Difference: $0.04
If MCE meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates MCE as Downgrade to Hold from Speculative Buy (3) -

Matrix Composites & Engineering’s FY25 result was weaker than Morgans expected, with revenue of $75m down -12% year-on-year and missing the broker's forecast by -7%. 

The target price is reduced to 25c from 30c, and the rating downgraded to Hold from Speculative Buy.

Earnings (EBITDA) of $5m fell -54% and were -24% below the analyst's estimate, highlighting the company’s significant operating de-leverage. Profit was a -$4.6m loss against the broker’s forecast of -$2.9m.

The Subsea order book has risen to $57m from $33m last year, which could support revenue of up to $90m in FY26, suggests Morgans.

Target price is $0.25 Current Price is $0.24 Difference: $0.01
If MCE meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates MIN as Underperform (5) -

Macquarie's first impression is Mineral Resources' underlying result reflected strong cost-out outcomes from a period of navigating a weak lithium market as well as a productivity focus on ramping up Onslow.

Underlying, the broker comments, the FY25 result was a 'beat', with in-line Revenue, Ebitda beating forecast by some 6% and an underlying -$0.1b loss beating consensus by 47%

The statutory loss of -$0.9b marked an -18% 'miss' on impairments. 

Capex was the only blemish on FY26, the broker comments, with volumes and cost mostly in line or slight beats.

Underperform. Target $31.

Target price is $31.00 Current Price is $37.45 Difference: minus $6.45 (current price is over target).
If MIN 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 $33.77, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

ANZ Bank ((ANZ)) did not release a trading update for 3Q25, but Morgan Stanley believes the recent operating trends for the bank have been as positive as for Westpac ((WBC)) and National Australia Bank.

The analyst considers the operating environment has improved for the banks, with low earnings risk and good balance sheets which are healthy and should underpin trading valuation multiples above post-COVID averages.

National Australia Bank is the preferred, while Westpac moves to the least preferred after Commbank ((CBA)).

Target price is raised to $42.50 from $39.80. The stock is upgraded to Overweight from Equal-weight.

 Industry View: In-Line.

Target price is $42.50 Current Price is $41.95 Difference: $0.55
If NAB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $35.36, suggesting downside of -17.5% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates NEC as Neutral (3) -

Excluding Domain, Nine Entertainment reported a decline in FY25 earnings (EBITDA) of -11% on the prior year, which was slightly better than Macquarie's forecast by 1% and consensus by 3%.

Sale proceeds from the Domain sale of $1.4bn net of tax are expected on August 27, with a $780m return to shareholders via a 49c special dividend per share with 70c franking credits, and a move to net cash of $88m expected at Dec 31, 2025, which offers investment options.

The analyst expects investment spend will concentrate on core digital assets like Stan, 9Now, and digital publishing but does not exclude M&A.

For FY26, Macquarie forecasts flat earnings and cuts its EPS estimates post the removal of Domain by -39% for FY26 and -35% for FY27.

Neutral rated with a $1.25 target price after the removal of research restrictions.

Target price is $1.25 Current Price is $1.84 Difference: minus $0.59 (current price is over target).
If NEC meets the Macquarie target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Ord Minnett notes Nine Entertainment paid 49c special dividend from proceeds of majority stake sale in Domain. FY25 operating earnings beat expectations on strong growth in Stan streaming and better-than-expected performance in publishing.

The company expects continued earnings growth in FY26 but didn't provide quantitative guidance. The broker cut FY26 EPS by -16.4% and FY27 by -11.5% after removing Domain earnings from the model.

Target lifted to $1.80 from $1.70. Rating downgraded to Hold from Accumulate.

Target price is $1.80 Current Price is $1.84 Difference: minus $0.04 (current price is over target).
If NEC meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.65, suggesting upside of 1.9% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates NEU as Buy (1) -

Neuren Pharmaceuticals' interim revenue of $28.3m rose by 16% year-on-year, in line with pre-released figures, derived entirely from royalties on Daybue sales.

Earnings beat Bell Potter’s forecasts due to a lower R&D expense and a $5.2m currency benefit. Cash at June 30 stood at $300m following a $50m buyback, with interest income of $6.3m more than covering corporate costs.

Neuren is expected to receive $62-67m in royalties in 2025 (bell Potter forecasts $64m) based on Acadia’s Daybue sales guidance.

While R&D spend will increase in the second half as Phase 3 trials progress, royalty and interest income should ensure another profitable year, suggest the analysts. A potential $50m milestone payment in 2026 tied to EU approval would further strengthen the balance sheet.

The broker retains a Buy rating with a $22.00 target price.

Target price is $22.00 Current Price is $19.00 Difference: $3
If NEU meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $23.83, suggesting upside of 22.2% (ex-dividends)

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

Macquarie rates NIC as Neutral (3) -

Macquarie's early assessment is Nickel Industries' 1HCY25 financial result is a 'miss', with underlying Ebitda/NPAT of US$159m/US$26m below consensus by respectively -11% and -63%.

No dividend was declared for the half.

Macquarie explains Nickel Industries has been battling through a challenging period and holding back on the dividend is seen as prudent balance sheet management.

Target 75c. Neutral.

Target price is $0.75 Current Price is $0.75 Difference: $0
If NIC meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 43.5% (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

Macquarie - Cessation of coverage

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

Shaw and Partners rates PNC as Buy (1) -

Pioneer Credit reported FY25 cash collection up 1% to $142m, which missed Shaw and Partners' forecast and was attributed to the timing of debt portfolio purchases, with considerable purchases made in 4Q25 which left little time for collections.

The FY25 cost-to-serve ratio at 32% versus forecast at 35% was a positive surprise.

This offers some confidence to the analyst around FY26 collections, and management guided to FY26 net profit after tax of $18m, a rise of 80% on the just released FY25 result, as well as positive free cash flow for the current fiscal year.

Shaw and Partners expects procurement of $95m in debt portfolios in FY26 versus $69m in FY25.

Buy, High Risk. Target unchanged at 80c.

Target price is $0.80 Current Price is $0.60 Difference: $0.2
If PNC meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates PTM as Neutral (3) -

UBS places the Neutral rating and $0.53 12-month target under review ahead of the L1 merger vote on 22 September 2025 (completion targeted for 1 October, with a rename to L1 Group/L1G).

FY25 underwhelmed (yet again) as statutory net profit of $6.3m missed consensus at $20.7m on a 77% tax rate and higher turnaround costs, and no final dividend was declared.

The broker says revenue pressure from -39% less in FUM persists, though cost-out has reached $29.4m since Dec-23 (above the $25m target) and merger synergies are now estimated at $29–35m; management frames the deal as “highly EPS accretive”.

UBS cuts 2026 forecast EPS by -26% and lifts 2027 by 20% given costs-to-achieve in FY26 before savings in FY27.

Shares have rallied more than 70% since June, so the broker keeps its rating and target under review pending the shareholder vote.

Target price is $0.53 Current Price is $0.81 Difference: minus $0.28 (current price is over target).
If PTM meets the UBS target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates QAN as Neutral (3) -

Qantas Airways, upon initial appraisal, released a solid FY25 result, in line with expectation, Macquarie concludes.

The airline's outlook is described as "stronger", mitigated by start-up costs. Macquarie adds revenue expectation is better but offset by costs.

Neutral. Target $10.40.

Target price is $10.40 Current Price is $11.11 Difference: minus $0.71 (current price is over target).
If QAN meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.18, suggesting downside of -7.7% (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 RDY as Buy (1) -

Ord Minnett describes ReadyTech Holdings' FY25 result as underwhelming with revenue, cash and underlying EBITDA all falling short of the broker's forecasts. Upgrade delays in the local government division was the key reason behind the soft result.

The broker notes the February acquisition of CouncilWise will address the delays, and there's already early traction with five confirmed upgrades in 4Q25.

The broker sees the FY26-27 guidance as somewhat de-risked and likely conservative, as the company is currently operating at the required cadence of $10m/half contract wins to meet FY27 guidance.

Material changes have been made to forecasts following the soft result and guidance downgrade. Buy. Target trimmed to $2.86 from $3.75. 

Target price is $2.86 Current Price is $2.40 Difference: $0.46
If RDY meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 51.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates REP as Buy (1) -

UBS maintains Buy and cuts its 12-month target to $0.70 from $0.75, citing a small FY25 miss and a modestly softer FFO/DPS track; FY26 DPS guidance of 5.0–5.2c is in line with the broker.

FY25 FFO missed UBS by -2% as lower property NOI outweighed cheaper funding, while like-for-like NOI rose 3.2% with 98% occupancy and a 7.1-year WALE; healthcare now accounts for circa 50% of portfolio value versus a 80% medium-term target.

Gearing sits at 39% (30–40% target) and management prioritises capital recycling; some $120m was sold since Sept-23 at a 5.7% yield to fund a $300m-plus healthcare pipeline targeting 7%-plus yields, which the broker views as cyclically attractive.

Forecasts are trimmed and the target reflects a wider cap rate (30bps) with NAV at $0.73 and DCF at $0.67; UBS expects DPU growth (2% CAGR) to lag FFO (3%) as the REIT balances reinvestment and leverage.

Target price is $0.70 Current Price is $0.62 Difference: $0.08
If REP meets the UBS 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

Citi rates RIO as Neutral (3) -

Rio Tinto simplified its structure with a new operating model and changes to the executive team, and Citi notes the reduction in reporting lines to new CEO Simon Trott is a welcome development.

The company will have three key businesses: iron ore, aluminium & lithium, and copper. The Borates & Iron/Titanium feedstocks business is being shifted to COO Bold Baatar for strategic review, and the broker notes it is sub-scale, non-core and filled with operational challenges

The CEO of minerals and the Australian division will leave as a result of this change.

Neutral. Target unchanged at $119.

Target price is $119.00 Current Price is $116.63 Difference: $2.37
If RIO meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $115.50, suggesting upside of 0.1% (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

Macquarie rates RIO as Neutral (3) -

The incoming CEO of Rio Tinto, Simon Trott, announced restructuring plans including changing the Executive Leadership Team and moving assets.

Macquarie notes the Minerals Division has been disbanded, with Simandou and Iron Ore Canada moving under Iron Ore, Matt Holcz in charge. Lithium is moving to Aluminium under Jerome Pecresse. Iron, Titanium, and Borates will be under CCO Bold Baatar, and Sinead Kaufman, former head of the division, is leaving.

The CEO Australia role has been demoted to "Head of" Australia role, which enables the Australian-born CEO, Trott, to engage with Government and First Nations. Kellie Parker is leaving the business.

The analyst agrees with the simplification to assist with improving returns and lowering risks around portfolios, which was a negative compared to BHP Group ((BHP)).

Higher realised price assumptions for borates and titanium result in a lift in Macquarie's EPS forecasts of 2%-7% for 2026 onwards. Target price rises 2% to $110. Remain Neutral rated.

Target price is $110.00 Current Price is $116.63 Difference: minus $6.63 (current price is over target).
If RIO meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $115.50, suggesting upside of 0.1% (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

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

Morgan Stanley is positively disposed to the simplification of Rio Tinto's management structure post years of expansion.

The miner is being changed to three product groups, Iron Ore, Aluminium & Lithium, and Copper, to "drive accountability and value creation."

Disposals are possible with the review of non-core operations, which could lead to further capital releases and reinvestment in other areas. The titanium business has been reported as up for sale previously. Assets in Borates & Titanium stood at circa US$3.7bn at 1H2025, or circa 5% of the total assets.

No new target was set by Rio, but Morgan Stanley believes the new structure will facilitate efficiency gains when labour costs rose over 40% from 2020-2024, broadly in line with peers and the covid impact.

Equal-weight rating. Target $118. Industry View: Attractive.

Target price is $118.00 Current Price is $116.63 Difference: $1.37
If RIO meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $115.50, suggesting upside of 0.1% (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

Citi rates S32 as Neutral (3) -

Citi's initial appraisal is South32's FY25 result is broadly in-line but higher FY26 costs are a "modest negative". 

Management provided first time FY27 production guidance and the broker notes FY26 production guidance is unchanged except for Mozal Aluminium and Cannington.

Looking to FY27, South32 expects 4% production growth at Worsley Alumina as the refinery returns towards nameplate capacity with improved access to bauxite and 5% growth at Sierra Gorda due to higher planned copper grades.

Neutral. Target $3.20.

Target price is $3.20 Current Price is $2.91 Difference: $0.29
If S32 meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Citi rates SDR as Buy (1) -

Citi notes SiteMinder's FY25 underlying EBITDA of $14m missed its forecast by -11% and the consensus by -5% due to higher costs. There was a boost from higher R&D capitalisation, so the miss on capex-adjusted EBITDA was even larger.

Among the positives was an acceleration in annual recurring revenue (ARR) to 27% y/y, suggesting stronger growth in 2H25 from 1H's 22% y/y. Property growth was 12.6% y/y, with net adds of 2.9k in 2H, beating consensus.

Negatives included a softness in gross margin to 65.8% vs forecast of 66.9%, and slowdown in EMEA growth.

The broker notes the EBITDA miss was a negative but FY26 EBITDA consensus forecast is unlikely to shift much due to expectations of higher revenue from accelerating ARR.

Buy. Target price $6.45.

Target price is $6.45 Current Price is $6.60 Difference: minus $0.15 (current price is over target).
If SDR meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.00, suggesting upside of 5.1% (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

Macquarie rates SDR as Outperform (1) -

SiteMinder reported an inline FY25 result with 19% growth in revenue on the prior year, which met analyst expectations but was viewed as robust against the market's lower confidence. Underlying earnings (EBITDA) grew noticeably to $14m versus $1m in FY24.

Positive free cash flow was a first for the company, and annual recurring revenue of $273m was considered a standout and has de-risked FY26 expectations of circa $282m. Scope for further acceleration exists with the Smart Platform ramp-up.

Macquarie highlights the stock has re-rated since initiating coverage and expects a further re-rating going forward, with management's track record of meeting or beating expectations and the ramp-up in Smart Platform, which will boost revenue growth to the 30% target.

The analyst's earnings forecasts are largely unchanged. Target price rises 33% to $8.11 from $6.09. The Investor Day is slated for September 23. No change to Outperform rating.

Target price is $8.11 Current Price is $6.60 Difference: $1.51
If SDR meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates SDR as Buy (1) -

Ord Minnett notes SiteMinder's FY25 normalised net loss of -$17.2m was worse than its forecast of -$11.4m. The broker didn't comment on the miss, instead noting the company should have provided a conservative revenue growth guidance of 20% vs 30%.

Going forward though, the broker believes 30% revenue growth is more likely to be achieved.

The broker suggests the core new product C-plus could potentially be a game changer, with material revenue and earnings potential. DRP outlook is also positive, though not as transformational as C-plus.

The broker revised forecasts to factor in lower reveneue from old product and higher revenue from new ones. The net result is a downgrade to FY26 EPS forecast but 6% upgrade to FY27.

Buy. Target rises to $7.44 from $7.11.

Target price is $7.44 Current Price is $6.60 Difference: $0.84
If SDR meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates SDR as Buy (1) -

It was an important result for SiteMinder, UBS claims, which saw positive free cash flow, accelerating average recurring revenue and important milestones achieved. 

UBS believes part of the share price appreciation was a re-rate out of the potential travel-related bucket and more into the tech bucket, as SiteMinder demonstrated strong growth and resilience despite a challenging macro for travel.

There was fear that the transaction component of the business might be adversely impacted by a global slowing in travel. It is still early days for the Smart portfolio of products and UBS needs to see ongoing momentum.

The broker continues to like SiteMinder's market leadership positioning in a tech market with plenty of greenfield opportunities. Target rises to $8.30 from $6.50, Buy retained.

Target price is $8.30 Current Price is $6.60 Difference: $1.7
If SDR meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 5.1% (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

Macquarie rates SFR as Neutral (3) -

It is Macquarie's early appraisal that Sandfire Resources' FY25 underlying net profit of US$111m is -2% below expectations (consensus) driven by higher net interest expense and taxation.

FY26 operating cost and capex guidance are deemed as broadly in line with expectations.

Neutral. Target $12.

Target price is $12.00 Current Price is $12.72 Difference: minus $0.72 (current price is over target).
If SFR meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.80, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Bell Potter rates SIG as Upgrade to Hold from Sell (3) -

Bell Potter raises its target for Sigma Healthcare to $2.85 from $2.00 and upgrades to Hold from Sell in the wake of FY25 results. The broker's FY26 EPS forecast is raised by 16% due to a better gross margin forecast and lower debt.

Sigma reported FY25 proforma revenue of $9.6bn, within 1% of the analysts' forecast, while earnings (EBIT) of $903.4m were modestly below expectations.

Operating cash flow (OCF) was around $600m, with free cash flow of $590m against gross debt of $890m. Net debt of $752m was -$550m lower than the broker had expected, providing a material uplift to Bell Potter's FY26 EPS growth and equity valuation.

The broker notes like-for-like Chemist Warehouse network sales growth of 10.9% in FY25, with momentum continuing into July. It's felt store network expansion in Australia and overseas remains on track, supported by under-utilised distribution centre capacity.

Management's guidance for synergy cost savings has been upgraded to $100m annually by FY28-29 from $60m, though system integration complexity limits the pace of delivery, cautions Bell Potter.

Target price is $2.85 Current Price is $3.04 Difference: minus $0.19 (current price is over target).
If SIG meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates SIG as Neutral (3) -

Sigma Healthcare's proforma FY25 EBIT (including associates) of $903m beat Citi's forecast of $891m.

The broker highlights a key positive was sustained double-digit like-for-like sales growth in the Chemist Warehouse network continued into FY26, and lifted its forecast to 10% from 8% for FY26.

Other positives include potential for significant growth in domestic and international stores, and the upgrade of synergies to $100m from $60m. The broker increased FY26 EBIT forecast by 1% to reflect higher sales growth in Chemist Warehous. 

Neutral. Target rises to $3.10 from $2.90 on earning revisions and roll-forward.

Target price is $3.10 Current Price is $3.04 Difference: $0.06
If SIG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates SIG as Underperform (5) -

Sigma Healthcare released FY25 results accounting for the reverse acquisition of Sigma by Chemist Warehouse, effective in February. Top-line growth remains robust, Macquarie notes, with momentum continuing in FY26.

Chemist Warehouse sales are growing double digits year on year. Sigma earnings are expected to double between 2025-28 as the company exploits organic and international growth opportunities.

Sigma continues to deliver on its growth strategy, with a market-leading offer, and strong execution across the top-line and bottom-line. However, at a one-year forward PE of 48x, Macquarie sees valuation as stretched.

Underperform retained, target falls to $2.50 from $2.60.

Target price is $2.50 Current Price is $3.04 Difference: minus $0.54 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates SIG as Overweight (1) -

Morgan Stanley’s main takeaways from Sigma Healthcare's FY25 earnings call were a slight acceleration in trading into 2H25, with warehouse and distribution costs growing basically in line with inflation. Some technology costs and additional labour costs in overseas markets were noted.

FY25 results were in line with expectations and consensus, with earnings of $834.5m. Chemist Warehouse same-store sales growth increased 11.3% in 2H25, with the trading update stating FY26 year-to-date double-digit growth. New stores came in at 35, consistent with historical precedent.

There were no major synergies in FY25, while new opportunities will create higher synergy targets and more benefits going forward.

Expansion into other markets includes Europe, with Ireland store economics similar to A&NZ. My Chemist conversions will be completed over the next two months. Health & beauty remains competitive, but all categories are growing and gaining market share.

No slowdown in GLP-1 uptake is expected in FY26 after a shortage in FY25.

Morgan Stanley retains an Overweight rating with a $3.30 target price. Industry View: In-Line.

Target price is $3.30 Current Price is $3.04 Difference: $0.26
If SIG meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates SIG as Upgrade to Accumulate from Hold (2) -

Following Sigma Healthcare's FY25 results, Morgans raises its target to $3.39 from $3.12 and upgrades to Accumulate from Hold.

Outcomes were broadly in line with the broker's expectations, with revenue up 82% to $6.0bn and EBIT of $834.5m, slightly above the broker’s forecast but just below consensus.

Like-for-like sales across the Chemist Warehouse network rose 11.3%, while profit increased 40% to $579.1m, supported by strong free cash flow (FCF) of $546m. explains Morgans.

A final dividend of 1.3c was declared, and net debt of $752.2m came in below the company’s stated range.

The broker highlights synergy targets have been materially upgraded to $100m per year by 2028, up from $60m, primarily from supply chain and corporate cost savings. One-off costs to achieve these synergies will also increase to around -$95-100m.

Management noted FY26 has started strongly with double-digit like-for-like sales growth.

Target price is $3.39 Current Price is $3.04 Difference: $0.35
If SIG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates SIQ as Outperform (1) -

Upon initial assessment, Macquarie comments Smartgroup Corp's net profit growth of  11.6% yoy slightly outperformed its own estimate but consensus was positioned 3.5% higher.

Underlying EBITDA margin improved 210bps yoy to 40%, in line with 2H24, boosted by revenue growth of 7% higher than opex growth of 4%.

The broker quotes management as saying "see continued opportunities to further elevate business performance beyond 2027".

Outperform. Target $9.06.

Target price is $9.06 Current Price is $8.04 Difference: $1.02
If SIQ meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 11.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates SXL as Underweight (5) -

Southern Cross Media reported FY25 adjusted earnings (EBITDA) up 34% to $71m, which was below consensus by -1%, according to Morgan Stanley.

FY26 guidance for earnings (EBITDA) is $78m-$83m against consensus at $73m, which was a positive surprise.

The analyst continues to be downbeat on the FM radio market, viewing it as having structural challenges, which has led to a more bearish view than consensus on the outlook for FM radio revenues and asset values, with a long-term Underweight rating on Southern Cross.

The radio ad market remains small, but the media company claims to be winning market share, with FM radio at around 85% of revenues.

Morgan Stanley confirms these results show the first positive year of earnings from the four-year start-up audio streaming business LiSTNR. EPS forecasts are upgraded for FY26/FY27.

Target price is $0.65 Current Price is $0.84 Difference: minus $0.19 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.67, suggesting downside of -21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates TAH as Neutral (3) -

Tabcorp Holdings reported FY25 earnings up 23% year on year and 6% ahead of consensus, with cost-out the main driver, Macquarie notes. FY25/26 earnings growth is mostly underpinned by the new Victorian licence annualisation benefits and cost-out.

Tabcorp is still in early-stage execution of its turnaround strategy, which includes new management across the businesses. Early progress has been fast; the cost-out/containment is impressive, albeit targeting low-hanging fruit, and the five-pillar plan allows Macquarie to monitor future progress.

Execution risk is nevertheless higher from here, the broker suggests, across stakeholders, regulatory outcomes, and with the wagering industry as competitive as ever. Target rises to 90c from 70c, Neutral retained.

Target price is $0.90 Current Price is $0.88 Difference: $0.02
If TAH meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting downside of -5.1% (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

Morgans rates TAH as Upgrade to Accumulate from Hold (2) -

Tabcorp Holdings' FY25 results beat Morgans’ expectations, with Wagering and Media revenue slightly below forecast but offset by $39m in cost savings, 30% above guidance.

The broker raises its target to $1.02 from 75c and upgrades its rating to Accumulate from Hold.

Product initiatives and a 20% lift in digital retail turnover partly offset softer wagering trends, explains Morgans, while Gaming Services is expected to deliver low single-digit growth.

Profit was supported by the first positive equity contribution from Dabble, observes the analyst, while the new Victorian licence delivered $83.7m in earnings (EBITDA).

A 2c unfranked dividend was declared, well above Morgans' forecast, and leverage improved to 1.6 times.

Management guides to FY26 capex of -$120-140m and depreciation and amortisation of -$215-225m, while highlighting national tote reform as a strategic ambition. 

Target price is $1.02 Current Price is $0.88 Difference: $0.14
If TAH meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting downside of -5.1% (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 TAH as Upgrade to Buy from Hold (1) -

Ord Minnett highlights Tabcorp Holdings's FY25 operating earnings beat forecasts on cost savings and higher revenue. Betting turnover was flat y/y in 2H after a -4% decline in 1H, suggesting the company gained or at least held market share.

FY26 guidance was cautious but indicates some improvement after the company said it was expecting modest y/y growth in the wagering market.

The broker believes higher operating leverage positions the company for stronger benefit from revenue growth. FY26-27 EPS forecasts lifted significantly.

Rating upgraded to Buy from Hold. Target lifted to $1.02 from 64c.

(The coverage was last updated on Aug 30, 2024).

Target price is $1.02 Current Price is $0.88 Difference: $0.14
If TAH meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting downside of -5.1% (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

Morgans rates TLS as Hold (3) -

Following a better understanding of the shape of Telstra’s Depreciation and Amortisation profile over the coming years, Morgans has lowered its FY26/27 D&A forecasts by -2-3%. This lifts FY26 and FY27 earnings per share forecasts by 3.5%.

Morgans sees Telstra Group as expensive relative to historically fundamental value (long term PE), but acknowledges the company's defensive earnings stream, reasonable earnings certainty and management targets to “grow cash earnings by mid-single digit CAGR to FY30” will appeal to some.

Heightened competition remains a challenge as is the potential for less rational pricing, the broker notes, albeit the latter seems less likely based on current trends. Target rises to $4.80 from $4.70, Hold retained.

Target price is $4.80 Current Price is $4.89 Difference: minus $0.09 (current price is over target).
If TLS meets the Morgans target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.89, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates TYR as Neutral (3) -

Tyro Payments' FY25 gross profit rose 4.4% year on year, driven by a strong performance in the Hospitality payments vertical, Macquarie notes. Improved trading in fourth quarter total transaction value (up 5.3%), has accelerated in the initial seven weeks of FY26.

Tyro Retail & Hospitality front book growth was 29% year on year. Tyro entered four sub-verticals in FY25, Pet Health, Aged Care,
Unattended Payments and Auto. These verticals have a payments total addressable marked of $40bn-pls, Macquarie notes.

The broker considers the risk/reward, reflecting recent third-party interest, initial FY26 trading momentum and a more optimistic medium term outlook, to be balanced at current prices. Neutral retained, target rises to $1.23 from 82c.

Target price is $1.23 Current Price is $1.19 Difference: $0.04
If TYR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.38, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgan Stanley rates TYR as Resume with Underweight (5) -

Morgan Stanley resumes coverage of Tyro Payments with an Underweight rating and a $1 target price. Industry View: Attractive.

The payments company reported FY25 revenue up 3%, which was in line with consensus, while gross profit up 4% on the prior year was below consensus by -2%.

FY26 guidance is for gross profit of $230m-$240m, with consensus at $240m, and earnings (EBITDA) margins of 28.5%-30%.

The analyst highlights it is a well-run company, but there is increasing local and global competition which could constrain medium-term earnings and total transaction values versus consensus expectations.

The consensus earnings (EBITDA) margins of 40% over the next decade are viewed as too high and Morgan Stanley models margins at 30%.

Target price is $1.00 Current Price is $1.19 Difference: minus $0.19 (current price is over target).
If TYR meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.38, suggesting upside of 14.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates VEA as Neutral (3) -

Macquarie believes Convenience & Mobility (C&M) earnings have transcended through the trough, and the analyst’s confidence in around 80-100 conversions p.a. has risen. Earnings (EBITDA) for C&M in 1H2025 came in at the upper end of February's disappointing guidance at $74m.

Sales growth for the converted stores is circa 8% and improving against the decline in Express store sales of 3%. The analyst highlights the Express network is considerably worse off than anticipated, at a cost of -$1.5m conversion per site, with ten done.

Commercial & Industrial was flat YoY and continues to generate 75% of group earnings (EBITDA). Refining margins have improved, and the Geelong cracker turnaround is progressing.

Macquarie lifts EPS forecast for 2025 by 10.5% on higher assumed refining earnings and lower D&A, and FY26 EPS estimate lifts 1.9% on increased C&M earnings. No change in Neutral rating. Target price rises 7% to $2.25.

Target price is $2.25 Current Price is $2.08 Difference: $0.17
If VEA meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates WBC as Underweight (5) -

ANZ Bank ((ANZ)) did not release a trading update for 3Q25, but Morgan Stanley believes the recent operating trends for the bank have been as positive as for Westpac and National Australia Bank ((NAB)).

The analyst considers the operating environment has improved for the banks, with low earnings risk and good balance sheets which are healthy and should underpin trading valuation multiples above post-COVID averages.

National Australia Bank is the preferred, while Westpac moves to the least preferred after Commbank ((CBA)).

Target price is raised to $32.10 from $29.20. Underweight. Industry View: In-Line.

Target price is $32.10 Current Price is $38.50 Difference: minus $6.4 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.05, suggesting downside of -20.4% (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

Citi rates WES as Sell (5) -

Citi, upon initial review, comments Wesfarmers reported FY25 Group EBIT (incl. associates) of $4,186m, in-line with both its own and consensus expectations.

Bunnings and Kmart each beat EBIT forecasts, though slightly. A final dividend of 110 cps was declared, slightly below Citi's 12c estimate.

Additionally, a capital management distribution of $1.50 per share was announced.

The broker finds it an in-line result but doubts whether the reasonable trading update is good enough considering the very strong price action into the result.

The capital management initiative should be taken well, the report concludes. Target $60. Sell.

Target price is $60.00 Current Price is $91.68 Difference: minus $31.68 (current price is over target).
If WES meets the Citi target it will return approximately minus 35% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $73.23, suggesting downside of -20.1% (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

Morgans rates WGN as Accumulate (2) -

Wagners Holding Co delivered another "strong" result, growing operating earnings 9.0% year on year, exceeding Morgans' expectations by 14.2%, as the business offset Project completions with an expanded Construction Materials division.

Cement volumes remained stable, while concrete volumes grew 65%. Prices generally improved, and the business continued to extract operational efficiencies.

Morgans sees FY26 as a "fallow" period as the business invests across both Construction Materials and Composite Fibre Technologies, before earnings grow circa 16% in FY27/28.

Target rises to $2.75 from $2.10, Accumulate retained.

Target price is $2.75 Current Price is $2.45 Difference: $0.3
If WGN meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates WOR as Buy (1) -

The highlight of Worley's FY25 result was 9.2% EBITDA margin, beating Citi's 8.4% forecast and was also ahead of the company's guidance of 8.0-8.5%. Strong pricing power, disciplined contracting with over 80% reimbursable and supportive market structure helped.

The company expects margin to sustained at 9.0-9.5% in FY26, prompting the broker to upgrade its forecast to 9.2% from 8.1% earlier. 

In FY25, resources was the prime growth driver with integrated energy the secondary growth engine. In terms of regions, Middle East delivered strong EBITA contribution, offsetting the weakness in Europe.

The broker notes CP2 contribution is still to build and is more weighted to FY27. The broker lowered FY26 revenue forecast but lifted margin assumptions across each segment, and now forecasts 8% y/y EBITDA growth.

Buy. Target rises to $17.50 from $17.00.

Target price is $17.50 Current Price is $14.00 Difference: $3.5
If WOR meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $17.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates WOR as Outperform (1) -

Worley posted a solid in-line FY25, Macquarie suggests, driven by stronger margins compensating for weaker revenue.

Margins exceeded upper-end guidance driven by rate improvements, this in turn reflects 46% sole-sourced work and a benign competitive environment.

Worley is not seeing material project delays or cancellations from tariff-related uncertainty, the broker notes, with larger customers taking a long term view. This is also a reflection of Worley's end-market and geographic diversity.

A solid cash backed result and outlook should see the stock continue to close some of the valuation discount evident since April tariffs were first announced, Macquarie suggests. Target rises to $16.00 from $15.77, Outperform retained.

Target price is $16.00 Current Price is $14.00 Difference: $2
If WOR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $17.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates WOR as Buy (1) -

UBS maintains Buy and keeps its 12-month target for Worley at $21.00; FY25 was in line with EBITA up 10% y/y and margin ex procurement 9.2% (2H at 10%).

The broker highlights order book growth of 30% versus 3Q on CP2 LNG Phase 1, backlog ex-CP2 up 4%, book-to-bill 1.3x, and leverage 1.4x, with the $500m buy-back program circa 34% complete.

UBS forecasts moderate FY26 growth with a higher EBITA margin of 9.0–9.5%, and sees CP2 construction driving FY27/28 EBITA growth of 20%/16%.

Forecasts have increased. The broker argues valuation remains appealing versus peers and prior-cycle multiples, with a potential Phase 2 FID in 2026 as the key medium-term catalyst.

Target price is $21.00 Current Price is $14.00 Difference: $7
If WOR meets the UBS target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $17.64, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates WOW as Hold (3) -

Woolworths Group's FY25 underlying profit of $1,385m was in line with Bell Potter’s forecast. Revenue of $69.1bn rose 4% year-on-year, while earnings (EBITDA) of $5,707m fell -4%.

Results were negatively impacted by industrial action in Australian Food and supply chain commissioning costs, highlight the analysts. Significant items of -$569m included a -$346m impairment of Big W.

Net debt ended at $5,055m compared with $3,963m in FY24, while operating cash flow (OCF) improved to $4bn.

Positively, the broker notes Australian Food sales grew 2.1% in the first eight weeks of FY26 versus Coles Group ((COL)) at 4.9%, with EBIT expected to grow mid-to-high single digits.

New Zealand Food is showing improvement, Big W EBIT is projected to turn positive, and $400m in corporate savings are targeted by the end of 2025, highlights the broker.

Bell Potter cuts its FY26 profit forecast by -2% and FY27 by -8%. The broker lowers its target price to $29.80 from $31.90 and retains a Hold rating.

Target price is $29.80 Current Price is $28.51 Difference: $1.29
If WOW meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $30.82, suggesting upside of 9.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates WOW as Neutral (3) -