Australian Broker Call

Macquarie rates 29M as Outperform (1) -

Macquarie resumes coverage on 29Metals with an Outperform rating and $0.50 target, citing a repaired balance sheet and restart optionality at Capricorn.

The $150m entitlement offer funds Gossan Valley remediation, working capital and restart studies, with Capricorn assumed to restart following potential TSF3 approval in 2H2026.

Macquarie forecasts circa -$225m in restart capex across 2027-28, first production in 1Q2029 and nameplate output of 23kt in 2030 at an AISC of US$4.00/lb, generating a post-tax IRR of 16.6%.

Guidance for 2026 is incorporated at 22kt copper and 45kt zinc from Golden Grove, with group EPS forecasts lowered by -85%, -30% and -38% across 2026-2029 before recovering in 2030.

Target price is $0.50 Current Price is $0.41 Difference: $0.095
If 29M meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Morgan Stanley rates A1N as Underweight (5) -

Morgan Stanley keeps an Underweight rating on ARN Media and lowers its price target to $0.35 from $0.40 (-13%), arguing the strategic reset under a new CEO is sensible but cannot offset radio’s structural decline.

The broker says consensus still looks too optimistic on the next 2–3 years, with time spent listening seen as falling and advertising budgets likely to follow audiences towards streaming.

The media company's market update showed 2025 revenue down by -10% to $285m and adjusted EBITDA -23% lower to $47.5m (both below expectations), net debt is reduced to $68m and the dividend is cut to zero.

Forecast EPS trimmed to 5.8c from 6.07c in 2026 and to 5.3c from 5.46c in 2027.

Commentary states the key swing factors are any cyclical ad recovery or metro share gains/cost-out delivery (and sale value for the Hong Kong outdoor asset) versus ongoing competitive pressure and faster audience erosion.

Target price is $0.35 Current Price is $0.35 Difference: $0
If A1N meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 ABB as Overweight (1) -

Morgan Stanley lifts its price target to $6.30 from $6.00 and reiterates an Overweight rating, keeping an In-Line industry view, after a solid 1H FY26 result.

1H EBITDA improved 13.5% to $75m and full-year EBITDA guidance is lifted to $162–167m from $157–167m, with NBN market share at 8.8% (+0.4ppts) and Consumer Broadband gross margin up +15.7% to $102.2m.

The broker argues the AGL Telco ((AGL)) and Nexgen acquisitions should support in excess of 15% NBN market share and more than 30% EPS CAGR to FY28, alongside upgraded medium-term targets of $2bn revenue and EBITDA margin above 13.5%.

Forecasts are updated, lifting EBITDA by 2%–4% across FY26–28 and adjusting EPS -2% to positive 8%.

Target price is $6.30 Current Price is $5.08 Difference: $1.22
If ABB meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.08, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates ACE as Speculative Buy (1) -

Acusensus delivered a strong 1H26 result, with revenue up 40% y.y in line with Morgans, and adjusted EBITDA up 9%, supported by new contract ramp up in New Zealand and Western Australia.

The International segment delivered positive EBITDA of $0.9m for the first time, while operating cash flow was $1.3m and the balance sheet strengthened to $41.0m cash following a $30.0m equity raise and new debt facility.

FY26 revenue guidance and EBITDA were reaffirmed, implying stronger 2H momentum from full run rate contracts and further domestic expansion.

Earnings forecasts are tweaked higher. Speculative Buy retained with a $2.30 target price

Target price is $2.30 Current Price is $1.72 Difference: $0.58
If ACE meets the Morgans target it will return approximately 34% (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 AIZ as Downgrade to Underperform from Outperform (5) -

Macquarie observes Air New Zealand’s 1H26 result underscores the recovery is proving more complex than simply returning grounded aircraft to service.

The loss of -NZ$59m missed the bottom of guidance, and even adjusting for a -NZ$90m net engine headwind, comparable profitability remains well below last year as cost inflation, maintenance and weaker cargo weigh on earnings, the broker comments.

Earnings forecasts have been materially downgraded with FY26 PBT to a loss -NZ$128m from -NZ$16m and FY27 to NZ$36m from NZ$194m, with a meaningful recovery now pushed out to FY28.

The stock is downgraded to Underperform from Outperform and the target price lowered to NZ$0.51 from NZ$0.67, reflecting slower EBITDA recovery and higher net debt.

Management’s strategic review is now central, with Macquarie estimating NZ$150-NZ$200m of additional benefits are required to restore returns to an acceptable ROIC.

Current Price is $0.47. Target price not assessed.

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: -1.0

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

Bell Potter rates ALC as Buy (1) -

Alcidion Group's 1H26 revenue, up 44% year on year, was an 11% beat to Bell Potter. An increase in third-party sales during the half (and expected to continue in 2H26) resulted in gross margin declining to 83% from 87%.

Operating expenses were largely in line with expectations and continue to reduce as a percentage of revenue (67% in 2H26 vs 74% in 2H25). The net result was a slight beat to Bell Potter's forecast earnings and profit.

FY26 guidance largely reaffirmed previous guidance other than a revenue target of greater than $50m. Alcidion is set to post a record full-year result, the broker suggests, which will be boosted by the finalisation of the UHSx contract in Q4 FY26.

Target falls to 16c from 17c, Buy retained.

Target price is $0.16 Current Price is $0.11 Difference: $0.055
If ALC meets the Bell Potter target it will return approximately 52% (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 ALX as Neutral (3) -

Upon further review of Atlas Arteria's FY25 results, Citi retains its $4.80 target. A strong dividend yield is noted, but a limited growth profile keeps the analyst's rating at Neutral.

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

Citi highlights from today's results for Atlas Arteria FY25 proportional toll revenue rose 9.4% on the prior year to $2,012.3m. Proportional earnings (EBITDA) also increased 9.3%, slightly above the consensus estimate but below the broker's forecast.

Free cash flow (FCF) of $506m was marginally below consensus and -1.8% under the broker’s estimate. A weaker US dollar benefited results alongside solid traffic growth, explain the analysts in an early assessment.

Traffic increased 8.2% at Dulles Greenway and 1.4% at the French APRR toll road network, while Chicago Skyway's declined -0.3%.

The final dividend of 40c was maintained. The broker is encouraged by management guiding to the same FY26 dividend, despite additional French taxes. The stock price is expected to react favourably today.

Target price is $4.80 Current Price is $4.80 Difference: $0
If ALX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates ALX as Outperform (1) -

Atlas Arteria delivered FY25 proportionate EBITDA of $1,466m, in line with Macquarie, with stronger traffic across most assets offset by overhead costs running at 10% of cashflow.

Dividend guidance remains at 40c despite the extension of the French temporary tax, while Greenway’s 8.5% traffic growth supports a stronger pricing pathway pending the SCC decision later in 2026.

Earnings forecasts are trimmed by -3.2% in FY26 and only slightly thereafter, reflecting currency headwinds and elevated overheads.

Target slips $5.43 from $5.55. Outperform retained, with Greenway pricing progress and improved Skyway traffic key catalysts.

Target price is $5.43 Current Price is $4.80 Difference: $0.63
If ALX meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates ALX as Downgrade to Trim from Hold (4) -

Morgans downgrades Atlas Arteria to Trim from Neutral with a target price of $4.31 from $4.58.

Interim earnings result was largely in line at the operating level, but higher costs, adverse FX movements and APRR valuation decay reduced Morgans’ business as usual valuation by -28cps to $3.99 per share.

First time FY26 DPS guidance of 40cps implies around an 8.1% cash yield. The analyst estimates the payout can be sustained until mid 2028 using excess corporate cash, before potentially easing to 37c-38cps from 2H28 absent capital release from Chicago Skyway.

APRR delivered modest net profit growth while Chicago Skyway and Dulles Greenway both reported solid EBITDA growth, but with higher than expected costs, with Dulles distributions unlikely before FY29 at the earliest.

Target price is $4.31 Current Price is $4.80 Difference: minus $0.49 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.99, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates ALX as Neutral (3) -

Atlas Arteria’s FY25 proportional revenue of $2,098m and earnings (EBITDA) of $1,510m rose 9% on the prior year and were in line with both UBS and consensus estimates. Stronger growth is noted from Dulles Greenway and Chicago Skyway.

Operating cash flow (OCF) of $506m fell -4%, largely reflecting French Temporary Solidarity Tax (TST) impacts, explain the analyst, while margins were broadly stable across key assets.

2026 distribution guidance of 40cps was in line with the broker's forecast, with the payout ratio expected at the top end or above the 90-110% range due to the extended French TST.

UBS makes no material changes to its forecasts and retains a Neutral rating and $5.15 target price.

Target price is $5.15 Current Price is $4.80 Difference: $0.35
If ALX meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.99, suggesting upside of 4.0% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates AMI as Buy (1) -

Aurelia Metals’ 1H26 earnings (EBITDA) came in around -6% below estimates by Ord Minnett and consensus, reflecting slightly softer revenue of around -$5m and a small non-cash inventory adjustment.

The analysts highlight the balance sheet remains strong with $113m net cash, including restricted cash. The broker forecasts operating cash flow (OCF) of around $280m across 2H26 and FY27 to fund Federation, Great Cobar and Peak mill expansion projects.

These expansions are expected to support copper production of 35kt by FY27.

The broker's FY26 profit forecasts are reduced by around -14% on higher estimates for depreciation and finance costs, with a modest increase to interest rate costs.

Ord Minnett retains a Buy rating and its $0.50 target price.

Target price is $0.50 Current Price is $0.31 Difference: $0.195
If AMI meets the Ord Minnett target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $0.44, suggesting upside of 41.9% (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 ASG as Buy (1) -

UBS believes Autosports Group’s acquisition of South Australia-based Solitaire Automotive Group represents a strategic expansion into a new geography, aligned with the company’s premium brand focus.

The analyst notes Solitaire generates around $300m in revenue across 15 dealerships.

The broker also highlights the overall portfolio’s increased luxury exposure, which it believes is more resilient in a higher interest rate environment. It's also noted the sole retail rights of Solitaire for eight OEMs in South Australia provide strong market positioning.

UBS intends to incorporate the deal into forecasts following expected completion in April 2026. A Buy rating and $4.90 target price are maintained.

Target price is $4.90 Current Price is $3.15 Difference: $1.75
If ASG meets the UBS target it will return approximately 56% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates ATA as Upgrade to Buy from Accumulate (1) -

Atturra’s 1H26 result was in line with December guidance, Morgans notes and FY26 guidance reaffirmed at $30m to $31m, implying a strong 2H recovery.

Revenue rose 28% y/y but margins were compressed by a contract dispute and a -$2m restructure cost, with EBITDA margins falling to 4% in 1H26 before expected to rebound to around 12% in 2H26.

Management maintains the disputed contract was a one off event. Operating cash flow is expected to recover in 2H, with net cash projected to reach around $55m by FY26 year end, according to the analyst.

The stock is upgraded to Buy from Accumulate on valuation grounds with an unchanged $0.80 target price.

Target price is $0.80 Current Price is $0.58 Difference: $0.22
If ATA meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates ATA as Buy (1) -

Shaw and Partners notes Atturra’s 1H26 result was largely in line with pre-announced metrics, with revenue up 28% and underlying EBITDA down -47% y/y.

Revenue was ahead of the broker’s forecast due to contract treatment, while cash EBITDA of $3.5m and gross FCF of -$8.5m were slightly below expectations. The 2H26 suggests a return to more normal operating conditions.

Shaw highlights AI as a structural growth driver, citing strong demand for advisory and data services, alongside growing traction in higher margin proprietary IP products such as Boomi ACP and Schlorarion, which could support a re-rate as revenues scale.

FY26 guidance is reiterated at revenue of $364m to $374m and underlying EBITDA of $30m to $31m, with only minor forecast changes, and the Buy, high risk rating is maintained.

Target unchanged at $1.15.

Target price is $1.15 Current Price is $0.58 Difference: $0.57
If ATA meets the Shaw and Partners target it will return approximately 98% (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

Shaw and Partners rates B4P as Buy (1) -

Beforepay’s 1H26 result was broadly in line with its December quarter Appendix 4C, with little new information, according to Shaw and Partners.

Management flagged it is evaluating a new funding facility, potentially including personal loans, to replace the current $55m facility expiring in October, which is believed as possibly cheaper, although no savings have been factored into estimates.

Commentary highlights personal Loan product is beginning to scale, with $6.8m written to date including $2.8m in the December quarter, with scope for meaningful earnings upside if originations approach levels required to materially lift NPAT.

Buy, High Risk rating and $3 target price are unchanged. No change to EPS forecasts.

Target price is $3.00 Current Price is $1.60 Difference: $1.4
If B4P meets the Shaw and Partners target it will return approximately 87% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BAP as Hold (3) -

Ord Minnett slashes its target for Bapcor to 75c from $2.30 following "weak" interim results. Earnings (EBITDA) fell -40% to $76.9m, broadly in line with the broker's forecast, while profit of $5.5m 'missed' after declining -54% on the prior year.

Revenue fell -2.3% to $973m, with all segments reporting lower sales and earnings, explain the analysts.

Net debt rose to $387.3m, lifting leverage to 3.4x and prompting a $200m equity raising at $0.60 per share, a -65% discount to the last close.

Like-for-like sales declined -0.9% in January, notes Ord Minnett, but FY26 EBITDA guidance of $150-160m implies stabilisation at current levels.

Ord Minnett downgrades its FY26 and FY27 earnings forecasts by -19% and -17%, respectively. Hold rating retained.

Target price is $0.75 Current Price is $0.87 Difference: minus $0.12 (current price is over target).
If BAP meets the Ord Minnett target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.76, suggesting upside of 102.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates BBT as Buy (1) -

Ord Minnett notes betr Entertainment delivered 13% organic turnover growth in 1H26, excluding TopSport, materially ahead of estimated broader market growth of 2-3%.

A normalised earnings (EBITDA) loss of -$13.2m was pre-reported. This included one-off impacts of -$7m from customer-friendly racing outcomes and -$6m in front-weighted brand and technology investment, explain the analysts.

Management reiterated its FY27 earnings target of $13-19m as marketing normalises.

Corporate cash of $26.7m supports liquidity, highlights Ord Minnett. Buy rating and $0.38 target price retained.

Target price is $0.38 Current Price is $0.25 Difference: $0.13
If BBT meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BOE as Sell (5) -

Ord Minnett notes Boss Energy’s interim result missed expectations across most statutory profit lines.

The analysts explain these outcomes were driven by two one-off, non-cash items including enCore Energy’s 100klb U3O8 repayment not recognised as revenue, and an inventory unwind from strategic stockpile sales. Both have nil cashflow impact, the broker reassures.

While Boss is positioned to meet FY26 guidance, Ord Minnett highlights material uncertainty around the wide wellfield spacing strategy at Honeymoon, with key validation data due in JunQ-26.

Ord Minnett retains a Sell rating and its $1.50 target price.

Target price is $1.50 Current Price is $1.64 Difference: minus $0.135 (current price is over target).
If BOE meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.81, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Shaw and Partners rates BOE as Buy (1) -

Shaw and Partners confirms Boss Energy’s 1H26 result was in line with previously released quarterly metrics.

FY26 guidance is unchanged at 1.6Mlb at AISC of US$41 to US$45/lb, with FY27 production also guided to 1.6Mlb at costs around 15% higher.

A review of the Honeymoon project confirmed a material deviation from the 2021 Enhanced Feasibility Study, which has now been formally withdrawn.

Management continues to assess wider well spacing to improve recoveries and lower reagent use, although this requires further analysis ahead of a new feasibility study targeted for 3Q26. 

Buy, HIgh risk rating and $3.15 target unchanged. No change to EPS forecasts.

Target price is $3.15 Current Price is $1.64 Difference: $1.515
If BOE meets the Shaw and Partners target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Shaw and Partners rates BWN as Buy (1) -

Bhagwan Marine's 1H26 EBITDA matched its late January pre-announcement and was slightly below 1H25 core EBITDA due to project timing.

Gross margin of 35% was materially stronger than Shaw and Partners had modelled and above FY25’s 29.8%, although revenue was softer, with management pointing to stronger 2H activity supported by existing contract wins and improving utilisation.

The Riverside Marine acquisition is viewed as a key value driver, lifting repeat revenue to 40%- 50%, diversifying geographically and by end market, and adding a capital light, high margin business generating EBITDA margins of around 40%.

It will also reduce the group's exposure to oil and gas to around 50% of revenue.

Buy, High Risk maintained. Target 90c. No change to EPS forecasts.

Target price is $0.90 Current Price is $0.46 Difference: $0.44
If BWN meets the Shaw and Partners target it will return approximately 96% (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

Shaw and Partners rates CCR as Buy (1) -

Credit Clear's 1H26 result, reflected its Australian business only, with sales growth of 7.5%, and 37% of incremental revenue converting to EBITDA, driving 22% EBITDA growth, albeit slightly below Shaw and Partners' expectations.

There was exceptional momentum noted among Tier 1 and Tier 2 clients, with revenue from these cohorts estimated to have grown around 20%, underscoring the quality of earnings despite lumpiness in legal collections and softer contribution from smaller clients.

FY26 revenue and EDBITDA guidance has been upgraded  to reflect the Arc Europe and DTS acquisitions, with a larger contribution expected in FY27 as integration costs fall away.

The broker has trimmed revenue assumptions modestly, reducing NPATA forecasts by -9% to 1-4% for FY26/FY27, respectively resulting in a lower target price to $0.40 from $0.44. Buy, High risk rating unchanged.

Target price is $0.40 Current Price is $0.21 Difference: $0.19
If CCR meets the Shaw and Partners target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates CHL as Buy (1) -

Interim results for Camplify Holdings revealed a normalised net loss of -$2.9m, slightly below Ord Minnett's -$2.4m estimate.

Earnings (EBITDA) improved by around $4m on the prior year as marketing spend declined and the focus shifted to higher-margin bookings, explain the analysts.

Net operating cash flow (OCF) improved materially to $12.2m from a -$1.8m outflow in the prior year, reflecting tighter cost control and working capital discipline, according to the broker.

Forward bookings of $34.2m versus $25.2m a year earlier point to a stronger H2, suggests Ord Minnett.

The broker lowers its target price to $0.67 from $0.71 and retains a Buy rating.

Target price is $0.67 Current Price is $0.34 Difference: $0.33
If CHL meets the Ord Minnett target it will return approximately 97% (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 CMM as Buy (1) -

Capricorn Metals posted a record result, effectively in line with Bell Potter. The positive surprise was the declaration of a maiden dividend of 5cps (fully franked).

Mt Gibson Gold Project development activities remain contingent on receiving full approval from the government and are currently in the final stages of assessment. The Karlawinda Expansion Project is progressing to plan and on track for commissioning in 1Q27.

This is an excellent result, Bell Potter suggests, reflecting an operational performance that has Capricorn tracking to the top end of guidance.

Commentary states this result maintains management's track record of delivery. It also demonstrates Capricorn’s gold price leverage.

Target rises to $16.10 from $14.30, Buy retained.

Target price is $16.10 Current Price is $14.72 Difference: $1.38
If CMM meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $18.77, suggesting upside of 27.5% (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 CMM as Outperform (1) -

Capricorn Metals delivered a strong 1H26 result, with underlying EBITDA of $215m in line with consensus and 9% above Macquarie. 

A maiden interim dividend of 5cps was declared, signalling a dual focus on growth and shareholder returns.

FY26 production guidance of 115-125koz at AISC of $1,530-1,630/oz is tracking to the upper end, while Mt Gibson is in final permitting stages with key federal and state approvals expected through 3Q26.

FY26 EPS forecasts are lifted by 4% with no changes beyond, reflecting the 1H beat and updated cost assumptions.

Outperform rating and $16.20 target unchanged.

Target price is $16.20 Current Price is $14.72 Difference: $1.48
If CMM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $18.77, suggesting upside of 27.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates COG as Buy (1) -

COG Financial Services' underlying 1H26 NPAT improved 11% y/y, still -9% below Morgans’ forecast, with group revenue up 8% and slightly under expectations.

Salary Packaging was the standout, commentary suggests, with revenue up 41% and EBITDA growth of a similar magnitude, driven by a balanced mix of organic growth and acquisitions, while increased equity ownership lifted earnings to shareholders by 63%.

Broking and Aggregation delivered modest 3% revenue growth. EBITDA declined -1% on margin compression and higher investment spend, prompting Morgans to trim margin assumptions.

Morgans cuts FY26 and FY27 EPS forecasts by -4% to -5%, and lowers its target price to $2.09 from $2.57. Buy retained.

Target price is $2.09 Current Price is $1.54 Difference: $0.55
If COG meets the Morgans target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates COG as Upgrade to Buy from Hold (1) -

Following interim results for COG Financial Services, Ord Minnett  lowers its target price to $1.90 from $2.40 and upgrades its rating by two notches to Buy from Hold.

Management reported profit of $13.6m, up 11% and ahead of the broker's expectation. Earnings (EBITDA) of $22.3m also beat the analysts' prior estimate by 7%, driven by strength in salary packaging and novated leasing.

The board declared an interim dividend of 3.5c fully franked, also ahead of Ord Minnett's forecast.

The broker upgrades FY26 profit forecasts by 10% reflecting acquisitions and more than 20% organic growth in novated leasing.

Around -30% volume disruption is assumed from FY28 should the FBT exemption on electric vehicle novated leases be halved after a government review.

Target price is $1.90 Current Price is $1.54 Difference: $0.36
If COG meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates COG as Buy (1) -

COG Financial Services' 1H26 underlying EBITDA rose 12% y/y, reflecting a three month contribution from the EasiFleet and Fleet Network acquisitions, with earnings slightly below Shaw and Partners’ forecast.

Key operating metrics were stronger than expected, with novated lease settlements up 51% and salary packaging customers up 17%, supporting confidence that earnings momentum will carry into 2H26 and FY27.

Broking and Aggregation returned to growth in assets funded, while Lending continues to migrate towards an assets under management model, improving capital efficiency and profitability.

Buy, High risk rating and $2.45 target retained. EPS forecasts are tweaked slightly lower.

Target price is $2.45 Current Price is $1.54 Difference: $0.91
If COG meets the Shaw and Partners target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $2.29, suggesting upside of 48.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates COL as Outperform (1) -

In a flash update, Macquarie notes Coles Group's 1H26 supermarkets comp sales rose 3.4%, below consensus of 3.9% but ahead of Woolworths’ 3.0%, with momentum moderating to 2.4% in 2Q as prior competitor disruption benefits rolled off.

Inflation ex tobacco was 1.7% in 2Q, implying modest volume growth of 0.7%, while EBIT margin improved 55bps to 5.8% supported by a 65bps lift in gross margin and $133m of cost savings under its Simplify to Save and Invest program.

Early 2H sales growth of 3.7% remains below consensus, with management noting continued cycling of prior period industrial action and value focused consumer behaviour.

Liquor performance weakened, with 1H comps down- 3.6% and 2Q comps down -5.3%, reflecting softer demand and heightened competition, with early 2H sales down -2.5%.

Macquarie highlights ongoing cost out and strategic sourcing benefits are supporting supermarket profitability despite softer top line trends.

Outperform. Target $24.50.

Target price is $24.50 Current Price is $20.56 Difference: $3.94
If COL meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $24.67, suggesting upside of 20.0% (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

UBS rates COL as Buy (1) -

In a quick response to today's interim result release by Coles Group, UBS comments the 1H26 result, with NPAT (pre-significant items) of $676m (+12.5%) is broadly in line, despite Supermarkets underperforming expectations.

Commentary highlights group sales are $23.62bn (+2.5%) and Supermarkets EBIT (ex-significant items) is $1,234m (+14.6%), with 2Q like-for-like sales growth slowing to 2.4% and underlying gross margin lifting 65bp to 27.8%.

Liquor remains the weak spot, with EBIT down -37% to $42m and 2Q like-for-like sales -5.3%, while the first seven weeks of 3Q show Supermarkets sales up 3.7% and Liquor sales down -2.5%, both below expectations.

Capex guidance of -$1.2bn is maintained, and cash realisation is 94%. Buy rating and $25.00 valuation/target.

Target price is $25.00 Current Price is $20.56 Difference: $4.44
If COL meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $24.67, suggesting upside of 20.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates CUV as Buy (1) -

Clinuvel’s 1H26 revenue increased 4% year on year but was -2% below Bell Potter's forecast. Earnings and profit beat the broker's forecasts due to opex reducing materially from the preceding half. The company maintained an impressive 90%-plus gross margin.

The key driver of Bell Potter's investment thesis is the opportunity to expand Scenesse into the far larger vitiligo indication. The first vitiligo Phase 3 trial readout is quickly approaching (2H26). A successful readout would drastically de-risk this step-up in market opportunity and see renewed investor enthusiasm.

Lastly, the company’s adrenocorticotropic hormone program could come to market in the next 2 years and provide another interesting avenue for growth and diversification. Buy and $19 target retained.

Target price is $19.00 Current Price is $10.01 Difference: $8.99
If CUV meets the Bell Potter target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates CUV as Speculative Buy (1) -

Clinuvel Pharmaceuticals' 1H26 result was softer than Morgans expected, with product revenue up 4% y/y and EBITDA falling - 23%, as operating cost growth materially outpaced revenue and FX moved to a loss.

The balance sheet is strong but continued to reflect underutilisation of capital, commentary states. Expenses rose 22% y/y reflecting ongoing clinical investment, with margin compression likely to persist into 2H26.

The outlook remains tied to clinical catalysts, notably CUV105 Phase 3 vitiligo topline data in 2H26 and NEURACTHEL filings in 2026, the analyst remarks.

Target price slips to $13 from $14. Speculative Buy retained.

Target price is $13.00 Current Price is $10.01 Difference: $2.99
If CUV meets the Morgans target it will return approximately 30% (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 CWY as Outperform (1) -

Cleanaway Waste Management reported 1H26 underlying EBIT of $228.2m, up 17% and ahead of expectations, supported by margin improvement in Solid Waste and contributions from Contract Resources, while Liquids and Health Services were softer.

Management tightened FY26 EBIT guidance to $480–500m, up from $470–500m, reflecting cost-out gains, seasonality and improving efficiency.

The result included an $8.8m property profit and exclusions relating to historic EBA and remediation provisions, which slightly affected quality but were non-recurring in nature.

FY26–28 EPS forecasts rise slightly by up to 2.4%. No change to Outperform rating. Target remains at $3.40.

Target price is $3.40 Current Price is $2.55 Difference: $0.85
If CWY meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates CWY as Buy (1) -

Morgans notes Cleanaway Waste Management's 1H26 result was solid with a modest upgrade to FY26 EBIT guidance to $480m to $500m, although the increase to the midpoint was minor and cashflow disappointed.

Solid Waste Services again led performance and margin expansion, while Contract Resources contributed ahead of expectations, prompting an uplift to combined FY26 EBIT expectations for CR and Citywide.

Industrial and Health Services performance was softer with higher net finance costs and weaker than expected cash generation.

Management announced an indirect cost reduction program targeting at least $35m of annualised savings from FY27.

No change to Buy and $3.11 target price.

Target price is $3.11 Current Price is $2.55 Difference: $0.56
If CWY meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Ord Minnett rates CWY as Accumulate (2) -

Cleanaway Waste Management's first-half result beat both Ord Minnett and market expectations, driven by a stronger Solid Waste segment performance that offset weaker Oil, Technical and Health Services. 

Earnings (EBIT) guidance tightened to $480-500m from $470-500m. The revised range implies to the analyst H2 will contribute around 53% of FY26 earnings, supported by volume and price gains and improved Industrial and Health Services.

Full-year contributions from Contract Resources and Citywide are also expected to assist along with further cost savings.

Ord Minnett lowers its target price to $2.80 from $3.00 and retains an Accumulate rating.

Target price is $2.80 Current Price is $2.55 Difference: $0.25
If CWY meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 22.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates CWY as Buy (1) -

Cleanaway Waste Management's interim earnings (EBIT) exceeded the consensus forecast by 3%, observes UBS.

The analyst explains this outcome was boosted by 11% growth in Solid Waste Services on the prior year, while Industrial & Waste Services increased by 164% largely due to the Contract Resources acquisition.

A partial offset was provided by a -19% miss in Health Services.

Underlying free cash flow (FCF) fell -21% reflecting one-off restructuring, integration and higher tax payments, explains the broker.

FY26 EBIT guidance was lifted at the low end to $480-500m from $470-500m, with management highlighting Contract Resources synergies and cost savings benefits into H2. 

UBS retains a Buy rating and its $3.15 target price.

Target price is $3.15 Current Price is $2.55 Difference: $0.6
If CWY meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.11, suggesting upside of 22.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates DDR as Neutral (3) -

Macquarie believes Dicker Data’s enterprise strength is offset by growing risk into 2H, leaving risk and reward evenly balanced.

Revenue for 2025 slightly beat consensus but gross margin missed on a higher enterprise mix, with 2026 top-line expectations anchored to Gartner’s 9% IT spend growth forecast.

The broker expects 1H2026 to benefit from enterprise hardware refresh and AI-related demand, but warns SME customers, more than 80% of the book, may defer spending amid higher rates and potential supply-driven price increases into 2H.

EPS forecasts for FY26-28 are lifted 5% on stronger enterprise purchasing and lower finance costs from deleveraging, while the payout ratio is reduced to 80-100% to support balance sheet repair.

Neutral rating with $10.35 target price unchanged.

Target price is $10.35 Current Price is $10.05 Difference: $0.3
If DDR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

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

Morgan Stanley rates DDR as Overweight (1) -

Morgan Stanley keeps an Overweight rating and $10.30 price target for Dicker Data, with an In-Line industry view, after a 2025 result that beat the top end of guidance and shifts focus to 2026 growth pillars beyond PCs, on the broker's assessment.

Commentary highlights revenue up by 15% to $3,866m (above the $3.7–3.8bn guide), driven by Endpoint Solutions (+19%), Advanced Solutions (+11.8%) and Software (+21%), while EBITDA of $159.4m (+6%) is in line and pre-tax profit of $124.7m (+10.2%) beats the $120–124m guide.

The broker notes gross margin eased to 9% but argues this is a positive signal for an SMB rebound that could add circa 40bp, alongside stable working-capital days and more payout flexibility.

The broker highlights growing AI exposure as a distribution partner for AI data centres and sees scope for further vendor adds and medium-term offshore expansion.

Catalysts are identified as continued ex-PC refresh momentum and incremental AI wins, while the key risk is lumpy hardware demand and margin volatility.

Target price is $10.30 Current Price is $10.05 Difference: $0.25
If DDR meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates DDR as Buy (1) -

Dicker Data delivered a "robust" 2025 result, assesses UBS, and is thought to be entering a new growth cycle. Drivers include data centre upgrades and AI-related deals, supported by partnerships with NeoCloud vendors, explain the analysts.

The broker expects 10% annual profit growth over the next three years, aided by cost control and lower interest costs.

Management commentary suggests to the analysts the company's software business remains relatively insulated from potential longer-term AI-driven shifts in SaaS models.

The majority of software expenditure is considered non-discretionary and the enterprise customer base is well entrenched, in management's view.

UBS raises its target price to $11.30 from $10.20 and retains a Buy rating.

Target price is $11.30 Current Price is $10.05 Difference: $1.25
If DDR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $10.65, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates DMP as Sell (5) -

Citi maintains its Sell rating for Domino's Pizza Enterprises following interim results. It's felt management is pursuing appropriate strategies to reduce the cost base, improve franchisee profitability and lower elevated gearing.

Despite this view, the analysts remain cautious given ongoing challenges in Japan and France and potential disruption from cost-out initiatives.

This morning the broker decided to reduce its target to $17.45 from $19.85. Sell maintained.

A summary of the broker's initial research follows.

At first look, Citi notes Domino’s Pizza Enterprises's 1H26 result was weak, with statutory NPAT of $40.9m missing consensus by -31% and the 25c dividend below 30.2c expected, while underlying NPAT was $60.1m.

Cost out initiatives are progressing, with $60–70m largely delivered and a further $15–25m identified, though still short of the $100m AGM target.

Asia earnings (EBIT) rose 8.5% but A&NZ earnings (EBIT) fell -9% on weaker volumes and reduced discounting.

Same store sales fell -2.5% in 1H26, down from -1.2% in the first 17 weeks, and having fallen -7% in the first eight weeks of 2H26 versus consensus of -0.2%, with weather and Chinese New Year timing cited as headwinds.

Guidance for modest FY26 NPAT growth of 2.9% has been reiterated, though the analyst questions the sustainability of the cost out strategy amid accelerating SSS declines.

Target price is $17.45 Current Price is $20.33 Difference: minus $2.88 (current price is over target).
If DMP meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.84, suggesting upside of 2.5% (ex-dividends)

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

Ord Minnett rates DMP as Buy (1) -

Management at Domino's Pizza Enterprises has flagged a weak start to H2, highlights Ord Minnett, with same-store sales falling -7.2% in the first eight weeks versus market expectations for 0.7% growth.

Severe weather in Europe and Chinese New Year timing were cited, raising concerns for the broker around negative operating leverage.

First-half earnings were broadly in line with the analyst's expectation, as a stronger Asia performance offset weaker Australasia, while franchisee profitability rose 4.3% to $103,000.

The broker believes exiting France and Japan would materially improve the outlook and notes further $15-25m in head office cost savings should support margins near term.

Ord Minnett lowers its target price to $23.00 from $24.00 and retains a Buy rating.

Target price is $23.00 Current Price is $20.33 Difference: $2.67
If DMP meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $20.84, suggesting upside of 2.5% (ex-dividends)

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

Bell Potter rates DOC as Hold (3) -

Doctor Care Anywhere reported revenues down -3% year on year and earnings flat on the prior year, Bell Potter reports. The company recorded its maiden full year result with profit of GBP1.2m relative to a -GBP6.3m loss in FY24.

The result was achieved via a large increase in gross profit margin –-up from 32% in the pcp to 43% in FY26-- along with a -GBP3m saving in overheads.

Commentary highlights the company is now generating regular months' earnings and is poised for the next leg of growth.

Management is well advanced on new products, Bell Potter notes, and the company is actively tendering for new B2B opportunities.

The broker reasonably expects announcements for contract wins in FY26, adding opportunities are abound for further growth in private sector virtual healthcare. 

Target rises to 20c from 17c, Hold retained.

Target price is $0.20 Current Price is $0.19 Difference: $0.015
If DOC meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

This company reports in GBP. 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 DRO as Buy (1) -

DroneShield reported 276% year on year revenue growth in 2025 in line with Bell Potter, while gross margin and earnings fell short. Stripping out share-based payments, which were unusually elevated during the year, underlying earnings of $36.5m was an improvement on the 2024 loss of -$4.0m.

Bell Potter believes DroneShield has a market leading offering and a strengthening competitive advantage owing to its years of battlefield experience and large and focused R&D team.

The broker expects 2026 will be an inflection point for the global industry with countries poised to unleash a wave of spending on detect and defeat solutions. Consequently, Bell Potter believes DroneShield should see material contracts flowing in.

Target falls to $4.80 from $5.00, Buy retained.

Target price is $4.80 Current Price is $3.62 Difference: $1.18
If DRO meets the Bell Potter target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DUG as Buy (1) -

Ord Minnett assesses Dug Technology delivered a "strong" interim result with revenue of $40.4m rising 30% on the prior year, beating the broker’s forecast by 21%.

This outcome was driven by stronger Services conversion and early commissioning of the Malaysian EPIC contract, explains the analyst.

Normalised earnings (EBITDA) of $13.6m exceeded both the broker’s and consensus estimates, up 161%, with operating cash flow (OCF) and free cash flow (FCF) also ahead of expectations.

The order book closed at $43.5m, providing momentum into a seasonally stronger H2, suggests Ord Minnett, with Software and High Performance Computing as a Service (HPCaaS) benefiting from EPIC’s ramp-up.

The broker retains a Buy rating and raises its target price to $2.93 from $2.82.

Target price is $2.93 Current Price is $2.17 Difference: $0.76
If DUG meets the Ord Minnett target it will return approximately 35% (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

Shaw and Partners rates DUR as Buy (1) -

Shaw and Partners notes Duratec’s 1H26 result reflected softer revenue, down -4.9% but normalised EBITDA up 2.0%, while NPAT rose 3.5%.

Revenue was impacted by project timing across Defence, Mining and Energy, although record contributions from Building and Emerging Sectors and improved gross margins supported profitability, with cash conversion easing to 67%.

The order book stands at $400m, with $1.8bn in tenders and a $4.6bn pipeline, and management expects a 2H26 ramp up in Defence works at HMAS Stirling alongside continued strength in Building and Energy.

Coverage transfers to a new analyst, forecasts have been tweaked, and the Buy, High risk rating is maintained with a higher $2.40 target price, up from $2.10.

Target price is $2.40 Current Price is $2.10 Difference: $0.3
If DUR meets the Shaw and Partners target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.15, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates ELD as Buy (1) -

Elders has announced the sale of the Killara feedlot (rural NSW) for $195.8m, a value well above the $119.3m book value of the assets, Bell Potter notes.

Since reporting FY25 results, urea pricing is up 13%, DAP is down -10% and glyphosate is down -16%. Pricing indicators are no longer the tailwind they were in early 1Q26, the broker points out.

Given dry conditions in Southern Australia through most of 1H26 this has seen Bell Potter revise down assumptions around gross margin and volume recovery in that business line in FY26.

The broker nevertheless sees encouraging signs for FY26, with livestock turnoff values exhibiting double digit year on year growth through 1H26 to date. Target falls to $9.00 from $9.45, Buy retained.

Target price is $9.00 Current Price is $7.26 Difference: $1.74
If ELD meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $8.63, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in September.

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 ELS as Buy (1) -

Elsight reported underlying earnings of $7.8m, -$0.9m below Bell Potter, driven by higher costs. The broker has raised up revenue forecasts on reduced conservatism with regard to the likelihood of repeat orders from the European drone defence OEM, Elsight’s key customer in 2025.

Bell Potter believes Elsight has developed a market leading product that is fully leveraged to the emerging use of unmanned systems in both a defence and commercial context.

In 2026, the broker expects Elsight to be a beneficiary of downstream demand from global defence departments, supporting a 115% hardware sales revenue growth estimate. Target rises to $5.80 from $5.50, Buy retained.

Target price is $5.80 Current Price is $4.73 Difference: $1.07
If ELS meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 FCL as Outperform (1) -

Fineos Corp delivered FY25 EBITDA growth of 50% to EUR30.4m, in line with Macquarie, with revenue up 3.9% and subscription revenue now around 55% of group sales, while free cash flow turned positive at EUR6.4m.

FY26 revenue guidance of EUR147m to EUR152m implies 6.2% to 9.8% growth, supported by pipeline visibility and existing client contracts, alongside continued margin expansion and cash generation.

Medium term targets point to a meaningful acceleration in subscription revenue mix, targeting 65% of revenue by FY27 and 75% by FY29, implying growth rates above Macquarie’s current forecasts.

EBITDA forecasts rise by 5% to 10% across the forecast period on higher revenue and operating leverage, with EPS changes amplified by the small base.

Outperform retained and target price nudged to $3.50 from $3.48

Target price is $3.50 Current Price is $2.58 Difference: $0.92
If FCL meets the Macquarie target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Bell Potter rates FRS as Initiation of coverage with Speculative Buy (1) -

Forrestania Resources is a Perth-based gold development/production company which has aggressively consolidated assets across the Southern Cross, Eastern Goldfields and Forrestania regions, Bell Potter notes.

The recent acquisition of the Lake Johnston processing plant supports a regional hub and spoke approach to development. Forrestania has a global resource across nine deposits totalling some 14.5Mt.

Forrestania is undervalued compared with peers on commonly cited multiples, Bell Potter notes. The broker expecst the miner to continue to participate in gold sector consolidation in Western Australia. 

Bell Potter initiates coverage with a Speculative Buy rating and $1.25 target.

Target price is $1.25 Current Price is $0.69 Difference: $0.56
If FRS meets the Bell Potter target it will return approximately 81% (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 GLF as Buy (1) -

Gemlife Communities reported underlying 2025 profit 4.4% above prospectus forecast and 3.7% above consensus. 2026 guidance has been set for earnings above prior consensus.

Gemlife's beat was driven by strong performance from the development business, Bell Potter notes. Average sale price was materially ahead of the broker's and prospectus forecasts.

Pipeline de-risking continues, supporting the ramp-up in active projects with a further seven projects contributing from 2H26/1H27. The stock trades at an attractive valuation given the likelihood of upcoming inclusion in the ASX300, Bell Potter suggests.

Target rises to $6.15 from $5.55, Buy retained.

Target price is $6.15 Current Price is $5.35 Difference: $0.8
If GLF meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 11.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates HLO as Buy (1) -

Helloworld Travel's 1H26 result was slightly ahead of Morgans expectations, supported by acquisitions and a recovery in leisure travel demand.

Revenue margin expanded to 5.1% from 4.6% due to improved supplier outcomes and stronger higher margin land sales, while EBITDA margin lifted to 29.0% with management expecting further improvement in 2H26.

FY26 underlying EBITDA guidance of $64m to $72m, up 15% to 30%, was reiterated, implying a stronger 2H skew, with forward bookings and ticketed air sales indicating solid momentum into FY27.

FY26 to FY28 EBITDA forecasts lift by 2.6% to 4.0%, reflecting improved trading conditions and accretive acquisitions.

Buy retained with the target price up to $2.58 from $2.50.

Target price is $2.58 Current Price is $1.80 Difference: $0.785
If HLO meets the Morgans target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 29.8% (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 HMC as Buy (1) -

HMC Capital’s 1H26 result showed strong recurring revenue growth but softer headline earnings, with management fee revenue up 34% to $84.5m and AUM rising 4% to $19.5bn.

Operating NPBT of 10.1cps was well below Morgans expectations due to timing of Energy Transition gains.

FY26 guidance of 40c-plus pre tax EPS and a 12c dividend was reaffirmed, implying a materially stronger 2H supported by fair value gains and the KKR Energy Transition transaction.

The KKR partnership, expected to close mid 2026, will de risk the balance sheet, reduce gearing and unlock a 5.7GW development pipeline, while funds management EBITDA of around $85m in FY26 remains largely unrecognised in the current share price.

Earnings forecasts for FY26 to FY28 slips -2%, -14% and +9% respectively, reflecting lower transaction and performance fee assumptions and higher balance sheet leverage post the Neoen acquisition.

Buy retained. Target price reduced to $4.45 from $4.85

Target price is $4.45 Current Price is $2.78 Difference: $1.67
If HMC meets the Morgans target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $3.91, suggesting upside of 40.6% (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 HVN as Buy (1) -

Upon first assessment, Citi comments Harvey Norman's H1 underlying result seems to have slightly 'missed' against its own estimate as well as versus consensus.

Weaker than expected franchise system sales feature as well. Commentary highlights the added trading update looks in line with retailer peers' pace of growth, but is nevertheless below forecast.

The interim dividend of 14.5 cps is, yet again, slightly below Citi's 15 cps forecast.

Buy. Target price $7.90.

Target price is $7.90 Current Price is $5.76 Difference: $2.14
If HVN meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 30.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates HVN as Outperform (1) -

At first glance, Macquarie notes Harvey Norman's 1H26 PBT excluding property revaluations of $370m was -3% below consensus, with Australia softer than expected, while New Zealand outperformed.

In Australia, franchisee comp sales rose 4.7% in 1H26, broadly in line with peers, and PBT increased 14%, highlighting operating leverage, with growth driven by technology categories and AI-enabled devices.

January comp sales were 3.6%, cycling 2.1%, below 2H26 consensus expectations of 5.7%.

Internationally, NZ was the standout, with PBT around 17% ahead of consensus on comp sales growth of 7.3%, translating to 32% PBT growth.

Malaysia comps rose 3.3%, supported by technology, with six additional leases signed underpinning guided store growth.

The UK delivered comp growth of 17.8% from a single store, with a second opening confirmed for April and a third lease under negotiation, although losses widened on a full half cost base.

Outperform. Target $7.60.

Target price is $7.60 Current Price is $5.76 Difference: $1.84
If HVN meets the Macquarie target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $7.52, suggesting upside of 30.5% (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

Macquarie rates IEL as Neutral (3) -

IDP Education delivered a significant 1H26 EPS beat --up around 50% on Macquarie and consensus-- driven by robust price increases, stronger Australian student placement volumes and higher gross margins, although multi-destination volumes disappointed.

FY26 adjusted EBIT guidance has been lifted modestly to $120m to $130m from $115m to $125m, with market volume assumptions unchanged at -20% to -30%, reflecting ongoing policy and visa headwinds across key markets.

The analyst remains cautious on rising Australian visa rejection rates, UK immigration policy tightening and weak Canadian student sentiment, despite upside potential from the UK HOELTS tender and the IELTS China launch.

Adjusted EPS forecasts are increased by 4%, 11% and 3% across FY26 to FY28, reflecting stronger margins and cost control, partly offset by weaker volume growth.

Neutral retained and target price cut to $5.45 from $6.00.

Target price is $5.45 Current Price is $4.66 Difference: $0.79
If IEL meets the Macquarie target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 32.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Morgan Stanley keeps an Equal-weight rating and $4.85 price target, and upgrades FY26 adjusted EBIT guidance to $120–130m from $115–125m, driven by yield improvement and confidence in IDP Education's cost-out program.

1H26 adjusted EBIT of $88m is down -14% y/y but 48% ahead of consensus, while revenue reduced -5% to $462m yet still beats expectations, the broker comments, suggesting seasonality rather than a step-change in trading.

IELTS volumes retreated by -7% y/y to 638k but pricing is up 8% to $332, while student placement volumes have fallen -25% to 34k as average placement fees went up 17% to $5,627.

The broker maintains a $25m FY26 cost-out (skewed to 2H) and continues to assume market volumes decline -20% to -30% y/y, with earnings also expected to be heavily weighted to 1H due to UK mix.

Commentary states potential catalysts are delivery of the 2H cost-out and any stabilisation in student flows (plus potential IELTS consolidation), while the primary risk is a longer-than-anticipated downturn in migration or weaker execution on costs amid new entrants.

Target price is $4.85 Current Price is $4.66 Difference: $0.19
If IEL meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 32.2% (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 IEL as Buy (1) -

IDP Education’s 1H26 result was better than UBS feared, with earnings benefiting from a revenue recognition change. The latter shifted around $10m in earnings (EBITA) between halves and included a one-off $6m provision benefit, explain the analysts.

Despite these benefits, underlying performance still exceeded the broker's forecast.

Earnings guidance was upgraded to $120-$130m from $115-$125m, and IELTS volumes rose 5% half-on-half, outperforming the analysts' forecast. Operating costs were down -2% year-on-year and on track for a -7% decline in H2, highlights UBS.

Student placement volumes in Canada and the US fell -81% and -62% respectively, though Australia proved more resilient, suggests the broker.  

UBS raises its target price to $8.05 from $7.80 and retains a Buy rating.

Target price is $8.05 Current Price is $4.66 Difference: $3.39
If IEL meets the UBS target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $6.16, suggesting upside of 32.2% (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 IPD as Buy (1) -

ImpediMed reported slightly better than expected results for 1H26, with revenue 3.2% better than Bell Potter and the operating earnings loss -9.4% lower than the broker due to lower than estimated opex. Gross margins were relatively stable at 87%.

While Lymphoedema sales have been underwhelming to date, the broker notes, ImpediMed has reported that its oncology pipeline stands at 700 units, up 12.5% year on year. National Insurance coverage now stands at 93%, with half of the US states at more than 95%.

The company has now launched its Heart Health offering with first sales in Texas. ImpediMed is also launching into the weight management market to capitalise on the rapid adoption of GLP-1 therapies which are used by more than 15m Americans.

Target falls to 3c from 4.5c, Buy retained.

Target price is $0.03 Current Price is $0.02 Difference: $0.013
If IPD meets the Bell Potter target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $0.07, suggesting upside of 233.3% (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 IPD as Speculative Buy (1) -

Morgans highlights ImpediMed's 1H26 result missed expectations, with revenue below forecast, as delays in hospital purchasing weighed on device sales and operating costs outpaced forecasts.

Recurring SOZO usage fees rose 26% and ARR increased 15% while reimbursement coverage for BCRL expanded to 93% of US covered lives. Early traction was achieved in heart failure and body composition markets

Liquidity concerns persist given a net loss of -$12.3m, net debt position and ongoing cash outflows.

FY26 and FY27 forecasts are downgraded by -10.8% and -17.2% respectively.

Speculative Buy retained. Target price is cut to $0.05 from $0.10, reflecting higher execution risk and funding sensitivity.

Target price is $0.05 Current Price is $0.02 Difference: $0.033
If IPD meets the Morgans target it will return approximately 194% (excluding dividends, fees and charges).

Current consensus price target is $0.07, suggesting upside of 233.3% (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 IRE as Buy (1) -

Management at Iress released 2025 results including earnings (EBITDA) ahead of both Ord Minnett and consensus expectations, as well as company guidance.

It's noted cost savings accounted for around 80% of the beat, alongside 7% revenue growth from continuing operations.

Margins in Asia-Pacific and UK Wealth expanded by 6.0ppt and 7.4ppt, respectively, highlights the broker, with a further -$12-15m in cost savings targeted in 2026. It's felt these factors support management's 25% earnings margin goal by the end of 2026.

Ord Minnett raises its target price to $11.60 from $11.00 and retains a Buy rating.

Target price is $11.60 Current Price is $7.46 Difference: $4.14
If IRE meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgans rates JIN as Buy (1) -

Jumbo Interactive delivered a solid 1H26 result, Morgans comments, with TTV up 16% and underlying EBITDA up 23%, as offshore segments offset softer Australian jackpot activity.

Lottery Retailing was impacted by fewer large jackpots and higher marketing spend, but Managed Services and Prize Draw performed strongly, prompting upgrades to Canada EBITDA growth of 20% to 25% and higher UK guidance.

SaaS trends remain healthy excluding Lotterywest, the broker highlights, with RSL Queensland on track for a 1Q27 go live that is expected to materially lift segment scale.

Earnnings forecasts were tweaked higher across FY26 and FY27. No change to Buy rating and target at $14.90.

Target price is $14.90 Current Price is $9.69 Difference: $5.21
If JIN meets the Morgans target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $13.05, suggesting upside of 34.7% (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

Bell Potter rates LNW as Buy (1) -

Light & Wonder reported 2025 earnings 1% above consensus. The North American installed base grew units to 48.33k, ahead of Bell Potter of 48.00k, with the base business growing by 700 units. The beat to consensus was driven by margin expansion initiatives.

Bell Potter expects a continuation in Light & Wonder's re-rate as long as the company executes on its strategy. Heightened investment in R&D will drive continued growth, the broker suggests, particularly in the Premium leased market.

Further, the broker believes the company's R&D engine is difficult to replicate with AI and therefore gives the company an enduring moat. Target falls to $220 from $230, Buy retained.

Target price is $220.00 Current Price is $134.21 Difference: $85.79
If LNW meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $208.43, suggesting upside of 55.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Bell Potter rates LYC as Sell (5) -

Lynas Rare Earths' 1H26 revenue saw a 62% year on year increase driven by a 49% increase in the basket price. The basket price increase was driven by a combination of higher premiums achieved for NdPr and a greater volume of NdPr sales as a portion of total sales, Bell Potter notes.

The earnings margin of 37% was an improvement on 15% a year ago, but remains below the peak of 68% in 2H22, during which the achieved basket price was similar to current levels.

This is in part due to the increased cost base, Bell Potter notes, which has expanded 32% over that period as Kalgoorlie ramps up, and the relatively benign NdPr production growth, which is up only 4% since 2H22.

The fundamentals are improving, however the broker continues to see a significant premium applied to the stock. Target rises to $11.60 from $11.15, Sell retained.

Target price is $11.60 Current Price is $18.98 Difference: minus $7.38 (current price is over target).
If LYC meets the Bell Potter target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.83, suggesting downside of -21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates LYC as Outperform (1) -

Lynas Rare Earths delivered a mixed 1H26 result, with revenue in line and underlying EBITDA broadly meeting Macquarie's expectations, but underlying EBIT missed on higher D&A and admin costs, resulting in an -8% net profit after miss.

Free cash flow was slightly negative in the half, while the balance sheet remains strong with around $1.0bn in cash and a net cash position.

China domestic NdPr prices approaching US$130/kg provide a meaningful near-term tailwind, with analysts estimating spot pricing would lift earnings by 33%, 12% and 16% across FY26-28.

FY26 EPS forecast is lifted by 8% on stronger pricing, partly offset by higher D&A in outer years. Outperform retained and target price increased 6% to $18.50

Target price is $18.50 Current Price is $18.98 Difference: minus $0.48 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.83, suggesting downside of -21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Ord Minnett rates LYC as Sell (5) -

While Ord Minnett raises its target for Lynas Rare Earths by $3.00 to $14.00, the broker's Sell rating is kept due to the current valuation.

The company reported interim profit of $80m, up from $2m in the prior half, largely reflecting higher NdPr prices, explain the analysts.

China’s benchmark reached US$114/kg ex-VAT, above market expectations of US$110/kg, driven by supply restrictions rather than demand, suggests the broker.

While Lynas is benefiting as customers price off China, Ord Minnett notes the stock trades on a forward EV/EBITDA multiple of around 15x versus an historical average of 10.6x. 

Target price is $14.00 Current Price is $18.98 Difference: minus $4.98 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.83, suggesting downside of -21.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates MAP as Speculative Buy (1) -

Microba Life Sciences' 1H26 result was broadly in line with expectations, with statutory revenue down -9.5% reflecting legacy roll off, while core testing volumes surged 113% and Explorer accounted for 55% of revenue, Morgans comments.

Underlying loss improved 6% y/y with annualised staff savings and lab consolidation benefits supporting a structurally leaner cost base.

Earnings forecasts are tweaked. Speculative Buy and 29c target are unchanged.

Target price is $0.29 Current Price is $0.09 Difference: $0.205
If MAP meets the Morgans target it will return approximately 241% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates MM8 as Speculative Buy (1) -

Matsa Resources’ Ravensthorpe DFS confirms an 80kozpa AuEq operation at an AISC of $2,279/oz and upfront capital of -$138m, generating $859m in pre tax cash flow and an IRR of 87% at $5,200/oz gold, Morgans notes.

The project is now fully funded following a US$50m offtake linked senior facility and concentrate agreement with Trafigura, alongside positive EPBC approval and final investment decision, removing a key development overhang.

Forecasts are updated for DFS inputs, funding structure and commodity prices, with first gold now expected in 4Q27 following a six month deferral.

Target price rises to 87c from 61c. Speculative Buy unchanged.

Target price is $0.87 Current Price is $0.48 Difference: $0.395
If MM8 meets the Morgans 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

Morgans rates MTO as Buy (1) -

Morgans highlights a robust 1H26 result from Motorcycle Holdings coming in modestly ahead of expectations.

Vehicle sales were a standout, with new units up 23% and used up 18%, both on materially improved gross profit, while EBITDA increased 21% and balance sheet strength improved with net debt at just $6m.

The integration of Peter Stevens Motorcycles and Harley Heaven is tracking ahead of expectations, with margins above legacy retail operations and further improvement anticipated as the business transitions to business as usual.

EPS forecasts are tweaked down -3% for FY26 and up 4% for FY27. No change to Buy rating. Target lifts to $4.77 from $4.50.

Target price is $4.77 Current Price is $2.85 Difference: $1.92
If MTO meets the Morgans target it will return approximately 67% (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 MVF as Hold (3) -

Monash IVF’s declines in 1H26 revenue, gross margins and earnings were not as bad as consensus had forecast. Margins declined -360bps, which is a good reflection of the challenges the company has faced via a combination of brand and industry headwinds, Bell Potter notes.

Clinical pregnancy rates remain positive and new patient registrations have stabilised, the broker reports, which is a leading indicator of future IVF activity.

After the challenges of 2025, new leadership has an opportunity to reset the business, right size its resourcing, adjust the operating model and pursue growth initiatives. Until we see a broader industry recovery, Bell Potter remains cautious on Monash’s prospects.

Target falls to 75c from 77c, Hold retained.

Target price is $0.75 Current Price is $0.70 Difference: $0.055
If MVF meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 20.0% (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 MVF as Speculative Buy (1) -

Monash IVF's 1H26 result was in line with prior guidance, with underlying NPAT down - 34% y/y and FY26 guidance reiterated at $20m, Morgans comments.

Revenue declined reflecting weakness in Australia where market share fell 2.5% to 19% amid reputational headwinds, while International revenue rose 14% supported by stimulated cycle growth.

EBITDA fell 1-5% with margins contracting 350bps to 22%, driven by negative operating leverage, inflationary pressures and the absence of price rises in key markets, commentary suggests.

Net profit after tax forecasts fall by -4% and -7% for FY26/FY27 respectively. Speculative Buy unchanged. Target trimmed to 87c from 90c.

Target price is $0.87 Current Price is $0.70 Difference: $0.175
If MVF meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 20.0% (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 MVF as Buy (1) -

Ord Minnett explains Monash IVF's 1H26 underlying profit fell -34% to $10.4m, reflecting Australian revenue down -3% and stimulation cycles falling by -12%.

The broker also notes an earnings (EBITDA) margin contraction of -350bps, along with a market share decline of -250bps to 19%.

International revenue rose 14%, while free cash flow (FCF) was $5m, with higher capital expenditure of -$10m expected to moderate.

FY26 profit guidance of $20m was reiterated, with management targeting a return to sector growth in FY27.

Ord Minnett trims its FY26-28 profit forecasts by between-2-5% and lowers its target price to $0.90 from $0.95. Buy rating retained.

Target price is $0.90 Current Price is $0.70 Difference: $0.205
If MVF meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 20.0% (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

Bell Potter rates NIC as Buy (1) -

Nickel Industries' 2025 financial result was in line with Bell Potter's revenue forecast but below the earnings forecast on higher D&A charges, taxes, financing costs and an impairment.

While technically a 'miss' at the profit line, Bell Potter views the result as a positive one that continues to demonstrate the fundamental strength and profitability of the miner's vertically integrated business model.

Nickel Industries is in a position of exceptional leverage to the nickel price in the event of its recovery off cyclical lows, Bell Potter notes. The industry has seen the closure or suspension of projects globally, tightening any potential supply response.

The broker sees the potential for significant earnings growth and margin expansion in 2026. Target rises to $1.45 from $1.30, Buy retained.

Target price is $1.45 Current Price is $1.01 Difference: $0.44
If NIC meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 22.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Morgans rates NUZ as Speculative Buy (1) -

Neurizon Therapeutics has dosed the first patient in the HEALEY ALS Platform Trial, advancing NUZ-001 into a pivotal Phase 2/3 study and marking a key clinical milestone, Morgans remarks.

Enrolment across around 160 patients is expected to complete by end  2026, with topline results anticipated around end 2027, shifting focus to recruitment progress and last patient in.

Funding is secured for the full program, leaving clinical outcomes as the primary remaining risk, the analyst cites.

Speculative Buy retained. No change to 28c target.

Target price is $0.28 Current Price is $0.09 Difference: $0.188
If NUZ meets the Morgans target it will return approximately 204% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Morgans rates NXT as Buy (1) -

NextDC delivered a slightly better than expected 1H26 result, Morgans highlights,, with EBITDA 7% ahead of consensus, while reiterating FY26 guidance for revenue of $390m to $400m and EBITDA of $230m to $240m.

December 2025 was a record sales month, with 416MW now contracted, underpinning more than $700m of FY29 underlying EBITDA without additional wins.

Ramp up of contracted capacity has accelerated materially, with FY27 billing MW expectations tripling in six months, reflecting stronger AI related demand and faster customer deployment.

Morgans lifts forecasts and increases capex assumptions. Buy retained with the target price raised to $20.50 from $19.00, citing contracted growth visibility and potential corporate appeal.

Target price is $20.50 Current Price is $13.88 Difference: $6.62
If NXT meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $20.98, suggesting upside of 51.1% (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 NXT as Buy (1) -

UBS believes NextDC is entering a transformational growth phase, with 172MW newly contracted and 157MW scheduled for activation in FY27. These positives lift contracted earnings (EBITDA) to around $718m versus the broker’s $239m FY26 forecast.

The forward order book has reached 297MW, with a 7% first-half earnings beat driven by lower corporate costs, explain the analysts.

FY26 guidance for $390-400m of revenue and $230-240m in earnings is unchanged, albeit with capital expenditure raised to -$2.4-$2.7bn from -$2.2-2.4bn.

UBS notes funding is supported by a $6.4bn debt facility and proposed $500m subordinated notes, underpinning expansion across S4, M4 and S5. Buy rating and $22.55 target price are maintained.

Target price is $22.55 Current Price is $13.88 Difference: $8.67
If NXT meets the UBS target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $20.98, suggesting upside of 51.1% (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 OCL as Buy (1) -

Objective Corporation’s 1H26 result showed ARR up 12% y/y with adj EBITDA of $25.8m implying a 40% margin, while gross FCF of $11.5m was a standout and net cash closed at $95m, Shaw and Partners notes.

FY26 ARR growth guidance has been revised to 10% to 14% from 15%, which management attributes to timing around Build Australia deployments and delayed cloud migrations rather than demand weakness.

The deferrals are viewed as setting up a stronger FY27, with broader Build adoption and potential migration catch up. The analysts expect ARR growth to re accelerate to 15% next year.

Management rejected the SaaS disruption narrative, positioning AI as a productivity accelerant.

Earnings forecasts have been trimmed by some -4 4%. Buy, High risk rating reiterated. Target price slips to $22.10 from $23.90.

Target price is $22.10 Current Price is $12.93 Difference: $9.17
If OCL meets the Shaw and Partners target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $21.90, suggesting upside of 69.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates PPT as Neutral (3) -

In a further review of Perpetual's interim results, Citi continues to view a potential Wealth Management sale, or alternative outcome, as the key determinant of near-term share price performance.

Primarily due to the first-half earnings beat, the broker lifts its EPS forecasts by 10% for FY26, 4% for FY27 and 2% for FY28. Citi retains a Neutral rating and its $19.70 target price.

A summary of the broker's initial thoughts follows.

Today's release of Perpetual’s interim results revealed core earnings of $113m, around 14% above Citi’s forecast, driven by stronger revenue in Asset Management and higher seed income.

In an initial review, the analysts note slightly lower costs and a lower tax rate.

Asset Management profit of $107m rose 4% on the prior year and beat forecasts by both Citi and consensus, while Corporate Trust grew solidly and Wealth Management profit fell -19% on negative jaws. 

There was no material update on the Wealth Management sale process.

FY26 cost growth guidance was improved to 1-2% from 2-3%, supporting potential earnings upgrades, the broker suggests.

The unfranked interim dividend of 59c was ahead of the 56.5c consensus estimate with a 60% payout ratio.

Target price is $19.70 Current Price is $18.54 Difference: $1.16
If PPT meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.28, suggesting upside of 14.8% (ex-dividends)

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 PPT as Outperform (1) -

Macquarie highlights Perpetual’s 1H26 result as a clear beat, with EPS 14.2% above its estimates and 11.4% above consensus, driven by stronger revenues, tight cost control and a lower effective tax rate.

Revenue was modestly ahead of forecasts, supported by Asset Management and Corporate Trust fee margins, while operating expense growth of 0.9% y/y reflected disciplined cost control.

The $70m to $80m cost out target by FY27 remains on track, with $60m of annualised savings achieved to date, and management reiterated confidence in delivery.

EPS forecasts are upgraded by 9.7% for FY26 and 7.3% for FY27 and FY28, primarily reflecting stronger Corporate Trust performance and lower cost growth.

Outperform. Target price lifted to $23.85 from $22.25 with further cost out potential and value upside from a potential Wealth sale.

Target price is $23.85 Current Price is $18.54 Difference: $5.31
If PPT meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $21.28, suggesting upside of 14.8% (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 PPT as Equal-weight (3) -

Morgan Stanley keeps an Equal-weight rating and $19.70 price target on Perpetual, with an In-Line sector view, after 1H26 underlying EPS beats expectations by 10% and the dividend by 2%–4%.

The broker highlights tighter cost control, with FY26 underlying total expense growth now guided to 1%–2% (from 2%–3%) as simplification efficiencies accrue, though it notes total expenses can be distorted by below-the-line program costs.

Commentary identifies Corporate Trust as standout with EBITDA up 11% y/y (helped by one-off implementation fees), while Asset Management’s EBITDA beats by 15% on an underlying basis.

Wealth EBITDA is down -12.5% y/y as sale uncertainty weighs on revenue and costs rise.

Catalysts identified are clearer progress and timing on the proposed Wealth sale (and flow-through of the simplification program), while the primary risk is seen in ongoing questions around earnings quality alongside market-driven margin pressure and outflows.

Target price is $19.70 Current Price is $18.54 Difference: $1.16
If PPT meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.28, suggesting upside of 14.8% (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 PPT as Neutral (3) -

A 1H26 profit beat by Perpetual was driven by stronger cost control in Asset Management, explains UBS. Operating expenses fell -1.6% on the prior year, with divisional earnings (EBITDA) 12% ahead of consensus.

Wealth disappointed the analysts with underlying profit before tax (PBT) down -20% and earnings falling by -12%.

Group expense growth was contained at -0.9%, with FY26 guidance improved to -1-2% from -2-3%, supported by simplification benefits and favourable currency, explains the broker.

UBS believes potential proceeds from the Wealth sale are unlikely to fully extinguish the group’s $742m gross debt.

The broker lowers its target price to $20.35 from $20.60 and retains a Neutral rating.

Target price is $20.35 Current Price is $18.54 Difference: $1.81
If PPT meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $21.28, suggesting upside of 14.8% (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 PXA as Outperform (1) -

Today's interim result by Pexa Group revealed EPS of 11.76c, 61% ahead of Macquarie's estimate and 123% above consensus, supported by stronger Australian volumes and margins and lower UK losses.  FY26 guidance was reiterated.

In an early assessment, the earnings (EBITDA margin) of 58% was well ahead of the analyst's expectation, despite market share of 89.9% slightly below forecasts. 

Australian revenue of $181.8m also beat the broker's forecast, with market volumes of 2.44m exceeding both Macquarie and consensus estimates.

International revenue of $33.5m was a 'miss' though earnings losses of -$19.6m were narrower than expected by Macquarie, with cash outflows tracking within guidance.

Net debt/EBITDA improved to 1.4x.

Outperform rating. Target price $19.15.

Target price is $19.15 Current Price is $14.98 Difference: $4.17
If PXA meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 16.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates PXA as Buy (1) -

In a quick assessment of Pexa Group's H1 result, UBS concludes the performance is stronger-than-expected, driven by record Australian exchange volumes and lower opex, though unchanged FY26 guidance implies a softer 2H as UK costs step up.

Core operating EBITDA is up 19% to $85.8m (margin 39.9%) and core NPATA up 33% to $40.3m, comfortably ahead of expectations.

The broker attributes the beat to Australian revenues benefiting from transaction volumes up 7.7% y/y and cost efficiencies (opex down -2.6% y/y), while International remains loss-making (operating EBITDA -$19.6m).

Buy. Target $17.

Target price is $17.00 Current Price is $14.98 Difference: $2.02
If PXA meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.41, suggesting upside of 16.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates QAN as Buy (1) -

Citi lowers its target for Qantas Airways to $12.10 from $12.45 and retains a Buy rating following interim results.

A summary of yesterday's research by the analysts follows.

Qantas Airways' interim profit before tax (PBT) of $1,456m came in around 2% ahead of the consensus estimate, notes Citi, in an early assessment of today's ASX release.

Domestic unit revenue rose by 3% in line with guidance and International came in at the top end of 2-3% revenue guidance, highlights the broker.

The analyst notes Jetstar earnings (EBIT) were around 8% ahead of consensus at $492m. International earnings of $300m missed the consensus estimate, with operating margin down -90bps on higher wage and investment costs, the broker explains.

Capital management was increased to around $450m, including a base dividend lifted to $300m and a $150m buyback.

For H2 FY26, Citi notes Domestic available seat kilometres have been lowered by -100bps, while International capacity remains broadly unchanged.

Revenue per available seat kilometre (RASK) guidance appears broadly in line with the broker's expectation. 

Target price is $12.10 Current Price is $9.95 Difference: $2.15
If QAN meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 23.6% (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 QAN as Outperform (1) -

Qantas Airways achieved a solid 1H26 result, with EBIT up 5% on y/y and ahead of Macquarie's expectations, driven by stronger than anticipated performances in Jetstar and Domestic.

Domestic yields surprised positively and Jetstar leveraged new fleet benefits, while International remained the weak spot as US overcapacity pressured load factors and yields, prompting capacity redeployment to Asia.

Management lifted the base dividend 20% and announced a $150m buyback, signalling confidence in cash generation and balance sheet capacity despite elevated capex tied to fleet renewal and Project Sunrise, commentary concludes.

EPS forecasts are tweaked slightly and the target price is trimmed to $12.00 from $12.29 while retaining an Outperform rating.

The broker continues to back earnings growth from fleet renewal, cost discipline and Jetstar momentum to offset softer International conditions.

Target price is $12.00 Current Price is $9.95 Difference: $2.05
If QAN meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 23.6% (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

Morgan Stanley rates QAN as Overweight (1) -

Qantas Airways delivered a solid 1H26 result on resilient demand, Morgan Stanley notes, supported by capital management. With Jetstar and Loyalty momentum building and fleet renewal on track, the broker sees upside risk to medium-term expectations.

Positives for Morgan Stanley included resilient demand, capital management and fleet renewal. The broker is concerned about international headwinds and cost pressures.

Target falls to $12.50 from $12.60, Overweight retained. Industry view: In Line.

Target price is $12.50 Current Price is $9.95 Difference: $2.55
If QAN meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 23.6% (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 QAN as Buy (1) -

Ord Minnett coimments Qantas delivered a 1HFY26 result broadly in line with expectations and declared a higher than anticipated interim dividend, with standout performance from Jetstar Domestic, which achieved a record 22% EBIT margin.

Ord Minnett views the market’s -9% share price pullback as overdone, attributing it to concerns around cost pressures and softer US travel demand, despite no material issues in the result.

Jetstar benefited materially from fleet renewal. EPS forecasts are trimmed and target slips to $12.80 from $13.

Buy retained, with Ord Minnett highlighting valuation appeal given Qantas’ domestic duopoly position, loyalty program strength and a near -20% P/E discount to global peers.

Target price is $12.80 Current Price is $9.95 Difference: $2.85
If QAN meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 23.6% (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

UBS rates QAN as Buy (1) -

Qantas Airways' 1H26 underlying profit before tax (PBT) rose 5% on the prior year and came in 1% ahead of the consensus estimate, explains UBS.

A modest revenue miss was more than offset by lower operating costs, depreciation and interest, note the analysts, while Domestic earnings (EBIT) lagged expectations and Jetstar outperformed.

Base dividends were lifted 20% to 19.8cps fully franked, equating to $300m, and a $150m buyback was announced, exceeding the broker’s expectations for capital returns.

FY26 capacity growth of 4% and Loyalty earnings growth of 10-12% were reaffirmed, with fuel costs guided to -$2.5bn.

UBS trims its FY26 profit forecast by -2%. The broker's target price rises to $11.60 from $11.50 given modest changes to earnings estimates, mark to market on fuel/FX, higher dividends, more buyback, and time value. The Buy rating is maintained.

Target price is $11.60 Current Price is $9.95 Difference: $1.65
If QAN meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.30, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates QOR as Buy (1) -

Qoria's 1H26 revenue grew 24% and was 3% above Bell Potter's forecast, driven by better Qustodio/Consumer revenue than forecast. Underlying earnings grew 68%, -12% below forecast, driven by a lower gross margin and higher administration costs.

There was no interim dividend, as expected. Qoria maintained FY26 guidance on annual recurring revenue growth, free cash flow and earnings margin.

While Qoria continues to perform to expectations, the issue appears more to do with the lack of clarity or visibility around Aura and the proposed reverse takeover, Bell Potter suggests.

The lack of detail is causing the share price to be in a bit of a holding pattern. Target falls to 60c from 75c, Buy retained.

Target price is $0.60 Current Price is $0.31 Difference: $0.29
If QOR meets the Bell Potter 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

Ord Minnett rates QOR as Buy (1) -

Qoria’s 1H26 result was broadly in line with Ord Minnett's expectations, with revenue up 25% driven by strong ARR growth in the US of 25% and A&NZ of 37%, alongside disciplined cost control.

Adjusted EBITDA rose 68% on incremental margins of 33%, with gross margin at 70% and strong cash conversion of 115% supporting free cash flow growth of 102%.

Management continues to guide to at least 20% revenue growth in FY26, with UK pipeline momentum, price optimisation initiatives and ongoing operating leverage supporting the outlook.

Buy retained with an unchanged $0.76 target price, with the stock trading at a significant discount to the implied Aura merger valuation.

Target price is $0.76 Current Price is $0.31 Difference: $0.45
If QOR meets the Ord Minnett target it will return approximately 145% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates RDY as Buy (1) -

Ord Minnett highlights ReadyTech’s 1H26 result disappointed, with revenue down -3% and Cash EBITDA down -20%, reflecting ongoing churn in its mature product portfolio, slower CouncilWise conversions and elongated enterprise sales cycles.

FY26 revenue guidance was downgraded to $125m to $127m and Cash EBITDA margins revised to low teens, with FY27 guidance withdrawn entirely, highlighting near term operational uncertainty.

Despite softer optics, commentary highlights the group secured several flagship contract wins including a 10-yr Government deal and an enterprise Justice contract, while Ready Workforce continues to grow strongly.

Buy retained on valuation grounds, with the target price reduced -35% to $1.85. Earnings forecasts are cut for FY26/FY27.

Target price is $1.85 Current Price is $1.26 Difference: $0.59
If RDY meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 139.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates RDY as Buy (1) -

ReadyTech Holdings' 1H26 revenue growth was in line with guidance, but fell short of Shaw and Partners' forecast. Cash EBITDA was up 3% y/y but the 16% margin was lower than the broker's estimate.

The company expects revenue growth to accelerate to 8-11% in FY26 vs 7% in FY25 and further to 12-15% in FY27. However, this fell short of the broker's estimates, prompting a -5% downgrade to FY26-27 revenue forecasts.

Cash EBITDA forecasts were also cut by around -20% for FY26-27. Target trimmed to $4.20 from $4.50 on lower near-term cashflows.

Buy, High risk rating retained.

Target price is $4.20 Current Price is $1.26 Difference: $2.94
If RDY meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).

Current consensus price target is $3.02, suggesting upside of 139.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates RHC as Neutral (3) -

The analysts at Citi are encouraged by Ramsay Health Care's interim results with revenue 2% ahead of the broker’s forecast and earnings (EBIT) a 3% 'beat'. 

The underlying earnings margin rose 40bps, suggesting to the broker the nadir has been reached and the margin could reach 9.9% in FY26.

Citi points to broad-based improvement across admissions, theatre utilisation, cost control and revenue indexation. It's thought additional support is provided by the planned National Capital Private Hospital acquisition in FY27.

UK operations face volume headwinds, notes the analyst, who forecasts 2% constant currency growth in FY26. 

The broker raises its target price to $41.40 from $39 and retains a Neutral rating.

Target price is $41.40 Current Price is $43.07 Difference: minus $1.67 (current price is over target).
If RHC meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.67, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates RHC as Underweight (5) -

It is Morgan Stanley's assessment Ramsay Health Care's 1H26 EBIT beat by 4% and net profit by 15% on lower net interest and a larger other-income benefit, while underlying Australian EBIT margin is down -10bp y/y but excluding Joondalup impacts it is up 40bp.

The broker flags wholly-owned funding group underlying NPAT of $201m versus group underlying NPAT of $172m (a loss at Ramsay Sante), alongside only modest offshore tariff increases and no indexation in the UK and France.

Forecast EPS lifted by +2%/+1%/+2% across FY26–28 as net interest is revised to $601m (from $609m) and the effective tax rate assumption rises to 35% (from 33%), plus updated FX.

Potential catalysts identified include better-than-expected indexation and volume outcomes (including PHI contract settings) and value realisation from the Ramsay Sante in-specie distribution, while the key risks are wage inflation/labour tightness and reimbursement pressure in the UK/France leaving consensus margins too high.

Morgan Stanley lifts its price target to $35.70 from $34.20 (+4%) and keeps an Underweight rating with an In-Line industry view.

Target price is $35.70 Current Price is $43.07 Difference: minus $7.37 (current price is over target).
If RHC 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 $37.67, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates RHC as Hold (3) -

Morgans explains Ramsay Health Care delivered a stronger than expected 1HFY26 result, with underlying NPAT of $172m up 8% and ahead of consensus, assisted by lower finance costs and favourable non controlling interest movements.

Underlying EBIT rose 7%, driven by improving Australian activity and stable EU performance, while UK Acute held steady and Elysium remained soft but continues its restructuring.

Australian margins improved excluding funding changes at Joondalup, though ongoing wage pressures, insurer negotiations and cost headwinds temper confidence in the sustainability of earnings growth.

FY26 guidance remains qualitative, with management expecting activity growth across regions, while capex and digital spend appear to be moderating to manage cost pressures.

No change to Hold rating. Target lifts to $40.77 from $35.22.

Target price is $40.77 Current Price is $43.07 Difference: minus $2.3 (current price is over target).
If RHC meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.67, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates RHC as Neutral (3) -

After a review of interim results released by Ramsay Health Care, UBS notes the Australian operations benefited from a higher acuity mix, improved theatre utilisation and market share gains.

Domestic margins, excluding the revised Joondalup contract, lifted 40bps and management guided to continued earnings (EBIT) growth momentum.

The impact of the Joondalup contract represents an approximate -$15m headwind in the half, suggest the analyst, partly offset by additional flu-related funding and reduced agency usage.

Full-year domestic capital expenditure guidance was tightened to -$385-400m, with development capital expenditure reduced to -$170-190m from -$200-250m. These changes reflect stronger capital discipline and focus on asset utilisation, suggests the broker.

 UBS notes UK volumes face near-term pressure from NHS funding constraints. UBS retains its Neutral rating and $35.90 target price.

Target price is $35.90 Current Price is $43.07 Difference: minus $7.17 (current price is over target).
If RHC meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.67, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates RIC as Buy (1) -

Ridley Corp has reported interim earnings (EBITDA) of $55.4m, -1% below consensus, notes UBS. Strength in Bulk Stockfeeds, up 25% on the prior year, was offset by weaker Packaged/Ingredients, down -28%, explain the analysts.

The newly acquired IP fertiliser business beat the consensus estimate by 10% in its first three months, highlights the broker.

Most Packaged/Ingredients headwinds are expected to reverse in H2, aided by plant de-bottlenecking, higher slaughter rates and modest commodity price recovery.

Operating cash flow (OCF) of $30m was in line with consensus, with net debt of $257m.

UBS trims its underlying profit forecasts by -2% over the next two years. The target price is reduced to $3.20 from $3.50. Buy rating maintained.

Target price is $3.20 Current Price is $2.88 Difference: $0.32
If RIC meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global generated better-than-expected 1H26 adjusted earnings following pre-reported revenues via quarterlies, Bell Potter reports. US revenues grew 43% year on year which includes the benefit from the Curated Social acquisition and integration in Dec 2024.

RMA announced a multi-year strategic partnership with North American real estate brokerage franchisor, RE/MAX, to access and integrate within a 75k agent network and automate agent and team reviews syndicated across both RE/MAX and RateMyAgent websites.

Bell Potter's recommendation is based on early-stage success in penetrating the large US market, which is in a monetisation phase and represents a significant opportunity to convert unpaid into paid subscriptions. Target rises to 13c from 10c, Speculative Buy retained.

Target price is $0.13 Current Price is $0.07 Difference: $0.065
If RMY meets the Bell Potter target it will return approximately 100% (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 SIG as Hold (3) -

Key numbers in Sigma Healthcare's 1H26 were comfortably ahead of consensus and Bell Potter's forecast. Revenues up 15% year on year and earnings up 18.3% have been identified as the highlights.

Growth is expected to ease from this point as the group begins to cycle GLP-1 sales in the prior period. Growing the domestic store footprint remains difficult, Bell Potter notes.

The group expects to add 24 new franchisees domestically in 2H26 but commentary counters the key will be how many it loses along the way and the net adjustment to the network footprint.

Meanwhile, Sigma is only part way through its cost out program. Hold and $3.00 target retained.

Target price is $3.00 Current Price is $2.84 Difference: $0.16
If SIG meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26: