Australian Broker Call

Citi rates 360 as Buy (1) -

On further inspection, post the initial take below, Life360's post-result share price decline is somewhat excessive, although Citi stresses the MAU growth was softer than app data had suggested and FY26 guidance was not upgraded.

The broker expects MAU growth of around 18% y/y, with paying circle additions likely to remain above 200k in both 3Q and 4Q as subscription conversion holds.

New subscriber price increases in the US provide potential upside to average revenue per paying circle and FY27 earnings, although higher costs and weaker advertising gross margins may limit near-term EBITDA upside.

Citi views 3Q EBITDA margin guidance of 18% as conservative and expects a seasonal improvement to the high-20% range in 4Q.

Buy. Target US$66.65.

At first take, Citi notes Life360 announced a 2Q26 earnings (EBITDA) 'beat' with MAU net adds stronger, but the 3Q margin guidance came in weaker than expected at 18% versus expectations of 23%.

Net profit after tax of US$5m was better than the analyst's forecast due to a tax benefit of US$4m, but still down 28% y/y.

The earlier-than-expected tariff benefit boosted earnings (EBITDA) and underpinned the 'beat'.

Paying circles added 185k, better than forecast and a record for 2Q, but was down on 1Q at 201k adds. MAU net adds of 4.6m was better than anticipated, but US MAU net adds are below the broker's forecast and consensus.

Citi points to disappointing lower advertising gross margin, higher than expected opex including token costs, as well as higher stock-based compensation.

Annualised monthly revenue growth slowed to 29% y/y from 32% y/y in 1Q. Buy. Target $31.95.

Target price is $31.95 Current Price is $29.48 Difference: $2.47
If 360 meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $31.41, suggesting upside of 31.1% (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: 1.0

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

Citi rates AOV as Neutral (3) -

At first take, Citi notes Amotiv announced underlying earnings (EBITA) for FY26 that were in line with expectations and guidance but slightly higher than consensus.

Net profit after tax came in well below consensus due to an impairment charge on intangibles in the 4WD segment, alongside restructuring and redundancy costs. The final DPS of 23c was higher than consensus.

The analyst highlights the 4WD segment was affected by weaker volumes, notably Ranger and Hilux, as well as cost inflation.

Management continues to do well on its cost out program. FY27 guidance is for modest revenue and earnings (EBITA) growth with expectations of ongoing softness in new vehicle sales in SUV and ute segments.

The valuation remains undemanding but the analyst sees little reason for the stock to re-rate. Neutral with a $6.70 target price.

Target price is $6.70 Current Price is $7.41 Difference: minus $0.71 (current price is over target).
If AOV meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.99, suggesting upside of 40.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates AOV as Buy (1) -

At first glance, UBS views Amotiv's FY26 result as a reasonable result against the difficult Australian trading conditions, with offshore growth, stronger 2H26 margins and cost control supporting an underlying 'beat'.

Lighting, Power & Electrical was the standout, with EBITA up 11% to $75m versus the broker and consensus at $72m, while operating cash flow rose 4.5% to $190m and leverage improved to 1.85x EBITDA.

Management's FY27 guidance points to modest revenue and underlying EBITA growth, as offshore expansion, pricing and Amotiv Unified benefits offset continued weakness across A&NZ.

UBS remains upbeat on offshore momentum and expansion with Chinese OEMs, while noting Australian demand remains subdued.

Buy rated. Target $9.80.

Target price is $9.80 Current Price is $7.41 Difference: $2.39
If AOV meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.99, suggesting upside of 40.2% (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

Morgan Stanley rates ARF as Underweight (3) -

Arena REIT's third largest tenant, Edge Early Learning, did not pay its monthly rent on 3 August, and Arena REIT has issued the tenant a default notice.

Edge's missed August rent, after its request for a rent reduction was denied, raises concerns for Morgan Stanley. The issue now extends beyond one or two of the REIT's circa 280 centres.

Even if Arena REIT can backfill the Edge-tenanted centres in the event of a default, concerns are likely to linger around the ongoing viability of these tenancies, Morgan Stanley believes.

The portfolio's lease structure is attractive, and its 17-plus year WALE is the longest in the broker's coverage.

However, Morgan Stanley does not expect an asset-heavy, rent-collecting REIT to outperform if any uncertainty emerges around rental income security.

Downgrade to Underweight from Equal-Weight. Target falls to $2.65 from $3.75. Industry view: In-Line.

Target price is $2.65 Current Price is $2.56 Difference: $0.09
If ARF meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 49.2% (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

Ord Minnett rates ARF as Downgrade to Hold from Buy (3) -

Arena REIT has updated regarding rental payments from one of its tenants, Edge Early Learning. The company, which currently leases 31 properties across Queensland and South Australia, has requested a deferral or abatement of rent as it restructures.

Since the end of July, Arena has not received rent from Edge and will not agree to the deferral or abatement. It holds a bank guarantee and security deposits worth around $4m and continues to engage with Edge on the way forward.

The FY26 results have been delayed to 17 August to allow time for a review of the valuation of the Edge tenancies.

Ord Minnett suspects around 15% of Edge sites are re-let to other tenants at lower rents and 15% are sold below book value.

Rating is downgraded to Hold from Buy and the target reduced to $2.85 from $3.35.

Target price is $2.85 Current Price is $2.56 Difference: $0.29
If ARF meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.36, suggesting upside of 49.2% (ex-dividends)

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 ASB as Sell (5) -

Citi views Hanwha's indicative US$1.05-US$1.20bn offer for Austal's US operations positively, given execution risks around several early-stage defence programs and the historical challenges managing the business.

At the offer midpoint, the broker estimates Austal's remaining Australasian operations are valued at around 8.6x FY26 EBIT, which is considered undemanding given the defence pipeline.

Management announced it expects a FY26 EBIT loss of -$113m versus consensus for a $110m profit after recognising a non-cash provision against legacy US contractual claims.

The analyst notes Australasian FY26 EBIT of $62m is well ahead of $48m consensus, although Citi expects margins to ease in FY27 as new programs ramp up.

Sell retained with a $4.50 target.

Target price is $4.50 Current Price is $3.84 Difference: $0.66
If ASB meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.38, suggesting upside of 18.8% (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

Citi rates BBN as Buy (1) -

Citi sees Baby Bunting's six-week trading update and FY27 outlook as the key focus at Friday's result, with FY26 guidance considered relatively secure.

The analyst remains cautious after like-for-like sales growth appears to have slowed to around 0.7% over the final 19 weeks of FY26 from 6.7% in the first seven weeks of 2H26.

Softer consumer sentiment may be weighing on the segment, and encouraging customers to trade down or consider second-hand alternatives.

Comparables become easier early in FY27, with the first six weeks cycling 4.0% like-for-like growth compared with 7.5% across the latter part of FY26. The broker notes consensus expects A&NZ like-for-like sales growth of 1.75% in 1H27.

Buy rated. Target $2.70.

Target price is $2.70 Current Price is $1.17 Difference: $1.53
If BBN meets the Citi target it will return approximately 131% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 132.5% (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

Ord Minnett rates BET as Downgrade to Hold from Buy (3) -

Betmakers Technology has entered a scheme implementation deed with Tabcorp Holdings ((TAH)) at 24c a share on an all-cash basis. The offer has received board support, representing a 41% premium to the 1-month VWAP.

Ord Minnett considers the offer compelling and expects the proposal will be accepted in the absence of a superior offer. The proposed deal aligns the B2B technology, tote, data and content with Tabcorp's scale and established platforms.

The broker reduces the target to 24c from 27c and downgrades to Hold from Buy.

Target price is $0.24 Current Price is $0.22 Difference: $0.02
If BET meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates BOQ as Neutral (3) -

Bank of Queensland has outlined its $295m capital return, comprising a 15c special dividend and $196m on-market buyback, broadly in line with forecasts for a 20c special dividend and $170m buyback, according to Citi.

The migration of ME customers to the digital bank has also been completed, with -$47m of software and other impairments announced.

The impairments do not affect capital, but the analyst considers them indicative of the ongoing investment demands associated with technology transformation.

With the capital return and productivity initiatives now believed to be well understood, market attention is expected to shift back to the trade-off between growth and margins as market activity moderates.

Neutral rated. Target $6.80.

Target price is $6.80 Current Price is $6.83 Difference: minus $0.03 (current price is over target).
If BOQ meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.47, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in August.

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 BOQ as Underperform (5) -

Bank of Queensland has announced a capital return of $300m, comprising a $200m buyback and 15c special dividend. This follows the sale of its equipment finance portfolio.

Macquarie was expecting a larger special component, given the significant franking credits in the bank's wallet. The migration of around 350,000 ME customers to the new digital bank has now occurred and the bank is now focused on decommissioning legacy core platforms.

The broker reduces FY26 earnings estimates by -8% to reflect notable impairments in the second half. Target rises to $5.50 from $5.25 and the Underperform rating is maintained as earnings are expected to remain structurally challenged.

Target price is $5.50 Current Price is $6.83 Difference: minus $1.33 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.47, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in August.

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 CAR as Buy (1) -

Car Group announced in-line FY26 results according to Bell Potter with a rise in the full year dividend of 8%.

Adjusted earnings (EBITDA) rose 9% to $700m versus the broker's $710m forecast, with the group margin stable at 56%.

Management's FY27 guidance targets constant currency revenue growth of 11%-14%, adj EBITDA growth of 10%-13% and adj NPAT growth of 9%-13%, with capex remaining around 10% of revenue.

The analyst points to strong momentum entering FY27, including a 22% increase in 4Q lead volumes at Trader Interactive, while margin pressure from investment in North America and Asia is expected to be largely offset by operating leverage in Australia and Latin America.

Retain Buy with a $34.60 unchanged target price.

Target price is $34.60 Current Price is $29.70 Difference: $4.9
If CAR meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $32.86, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Macquarie rates CAR as Neutral (3) -

The FY26 result from Car Group was consistent with expectations, revealing revenue trends slowed in the second half and Latin America was affected by the sale of a business.

Consumer sentiment in Australia and Asia has softened in the wake of the war in the Middle East.

Macquarie expects net profit in FY27 of $437m, at the lower end of guidance. Expansion in Australia and Latin America is seen as offset by North American and Asia.

The broker reduces estimates for EPS in FY27 by -4% and FY28 by -3%. Neutral rating. The target is raised to $29.80 from $28.50.

Target price is $29.80 Current Price is $29.70 Difference: $0.1
If CAR meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $32.86, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Morgans rates CAR as Buy (1) -

Car Group's FY26 result was solid overall and broadly in line with Morgans' expectations. Double-digit constant-currency growth in revenue and earnings across its offshore regions (US, LatAm, South Korea) is considered a highlight.

FY27 guidance implies double-digit revenue and earnings growth is maintained into FY27, Morgans notes, with investment in key growth regions, AI, and product ongoing.

Commentary posits Car continues to lay the foundations for longer-term growth within Australia and internationally whilst fortifying the moat around its business by enabling dealers to bring most of the transaction online.

Morgans remains attracted to the long-term growth opportunity, both domestically and offshore. Target rises to $34.00 from $33.40, Buy retained.

Target price is $34.00 Current Price is $29.70 Difference: $4.3
If CAR meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $32.86, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Ord Minnett rates CAR as Buy (1) -

Car Group reported revenue of $1.25bn in FY26, slightly below estimate and largely due to the exit of CAR10 in Brazil, while net profit of $407m was modestly ahead.

Ord Minnett notes, against investor concerns, the company delivered strong growth across all its geographies, reflecting increasing product penetration. Key has been the investment in AI.

Car Group has also signalled market conditions have improved with lead volumes making a robust start in FY27. The broker reiterates a Buy rating with a $35 target price.

Target price is $35.00 Current Price is $29.70 Difference: $5.3
If CAR meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $32.86, suggesting upside of 12.8% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

UBS rates CAR as Buy (1) -

On further inspection, post the first take below, UBS believes Car Group’s FY27 outlook is increasingly de-risked following an in-line FY26 result and slightly better-than-expected guidance.

The analyst retains FY27 revenue growth forecast of 10.5%, below guidance of 11%-14%, while EBITDA growth forecast of 10% sits at the bottom of the 10%-13% range, leaving potential upside if automotive volumes remain resilient.

Forecast FY27 NPAT increases by around 7%, primarily due to lower D&A assumptions. 

Buy is reiterated, with the broker viewing the 15x forward EBITDA multiple as attractive given expected low double-digit EBITDA growth. Target price is raised to $34.50 from $32.80.

****

At first glance, Car Group delivered a mixed FY26 result with revenue weaker than UBS expected, driven by Australia and Webmotors, and EBITDA in line, due to better Australian and US costs.

FY27 guidance is slightly better than forecast, up 11%-14% amid incremental reinvestment in the US and Korea.

In Australia, the company is guiding to high single-digit revenue growth. Target price is $32.80. Buy.

Target price is $34.50 Current Price is $29.70 Difference: $4.8
If CAR meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $32.86, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.9

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

Macquarie rates CEN as Outperform (1) -

Contact Energy has guided to EBITDAF in FY27 of NZ$1.05bn, below Macquarie's forecasts and considered conservative. FY26 EBITDA was higher than the most recent company guidance, with the distribution in line.

The company has indicated that potential equity investment in the Stratford DC may allow shareholders to capture a share of the site's energy and fibre infrastructure.

Macquarie currently factors in no value for this asset while pointing out that vending the asset into the joint venture could form the basis of any initial equity stake.

Target edges up to NZ$10.88 from NZ$10.67 and an Outperform rating is maintained.

Current Price is $7.44. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

UBS rates CIP as Buy (1) -

UBS views Centuria Industrial REIT's result as broadly in line, with FY27 guidance modestly ahead of consensus, including FFO of 18.8c-19.2c and DPS of 17.3c.

Like-for-like net operating income growth of 5.2% exceeded the broker's forecast, while NTA increased to $4.01 and gearing improved to 34.9%.

Leasing spreads averaged 30% excluding capped options and cold storage renewals, although occupancy eased to 95.2% and several key vacancies remain.

UBS believes FY27 performance will partly depend on leasing execution, with divestments and the buyback also supporting guidance.

Buy. Target price $3.39.

Target price is $3.39 Current Price is $3.03 Difference: $0.36
If CIP meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.26, suggesting upside of 4.3% (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 CRN as Neutral (3) -

At first glance, Coronado Global Resources' 2Q underlying EBITDA of US$7m was below UBS at US$9m but ahead of consensus for a -US$10m loss, while net loss of -US$99m missed expectations following a Logan impairment.

Capex is expected at the lower end of FY26 guidance of US$150m–US$175m, with mining cost guidance maintained despite adverse currency movements.

Two new Glencore offtake agreements provide up to US$75m in prepayments, strengthening liquidity and funding flexibility, the analyst notes.

UBS sees continued improvement in operations, free cash flow and balance sheet risk, with FY26 guidance unchanged. Neutral rating and the $0.21 target are retained.

Target price is $0.21 Current Price is $0.19 Difference: $0.02
If CRN meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $0.26, suggesting upside of 52.9% (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: 0.0

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

Bell Potter rates CU6 as Speculative Buy (1) -

Bell Potter views Clarity Pharmaceuticals' latest Secure trial update as supportive, with seven patients achieving complete responses to 67Cu SARbisPSMA and encouraging PSA outcomes at the 8GBq dose.

Among patients in the expansion cohort, 63% recorded PSA reductions of at least -50%, despite participants having received extensive prior treatment and generally only two or three doses in the study.

The analyst also notes tolerability remains favourable, with adverse events predominantly mild and one patient experiencing temporary grade-three events.

Further Secure data are expected in 2H2026, while the broker anticipates first commercial revenue in calendar 2028 and notes FY26 cash of around $178m. Speculative Buy and the $6.40 valuation are unchanged.

Target price is $6.40 Current Price is $2.84 Difference: $3.56
If CU6 meets the Bell Potter target it will return approximately 125% (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 DXC as Buy (1) -

Dexus Convenience Retail REIT's FY26 result was broadly in line, with FFO per share of 20.9c matching Bell Potter's forecasts and consensus.

FY27 guidance implies FFO per share of around 20.4c, down -2.3%, as the weighted average cost of debt rises to 5.5% from 4.8%, while the 20.9c distribution guidance is around 3% ahead of prior expectations.

The broker expects earnings growth to resume in FY28 as rental increases, developments and the buyback begin to outweigh financing pressures, with gearing of 30.6% providing balance sheet flexibility.

Around 30% of the 5% buyback has been completed, while greater exposure to non-fuel income, particularly QSR tenants, is viewed positively as EV adoption increases.

No change to Buy rating and $3.15 target price.

Target price is $3.15 Current Price is $2.69 Difference: $0.46
If DXC meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.5

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

Bell Potter rates IDX as Buy (1) -

Integral Diagnostics announced a trading update ahead of FY26 results on 25 August and expects FY26 revenue of $788m-$790m and operating EBITDA of $164m-$165m, both below Bell Potter's forecasts and consensus.

Flagged FY26 operating NPAT of $47m-$48m was also slightly softer than expected, while the EBITDA margin improved to around 80 basis points to 20.8%-21.0%.

The analyst believes benefits from MRI licence deregulation are taking longer to emerge, particularly in Victoria, while pricing and FX may also have affected the New Zealand business.

FY26-FY28 EBITDA forecasts are reduced by -4.4%, -6.1% and -7.6%, respectively, alongside a higher WACC and lower valuation multiple.

The target falls to $3.60 from $3.80, with the broker suggesting longer-term investors could use near-term share price weakness to increase exposure. Buy.

Target price is $3.60 Current Price is $2.13 Difference: $1.47
If IDX meets the Bell Potter target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 54.8% (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 IDX as Outperform (1) -

Integral Diagnostics has pre-reported FY26 results, with revenue and operating EBITDA below Macquarie's forecasts. Margins were in line with guidance at 21%. Results will be published on August 25.

The broker envisages several supportive aspects going forward, with the mix shifting benefits to "higher fee modalities" supported by MRI deregulation and CT lung cancer screening.

Macquarie reiterates an Outperform rating. Efficiencies from greater use of teleradiology further support margin expectations. Target is reduced to $3.35 from $3.50.

Target price is $3.35 Current Price is $2.13 Difference: $1.22
If IDX meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $3.44, suggesting upside of 54.8% (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 IMR as Speculative Buy (1) -

Imricor Medical Systems posted a first half result which highlighted solid clinical and regulatory progress, Morgans comments.

Revenue remains modest, but sales momentum should increase in 2H26 and FY27 with NorthStar, European and hopefully Middle East sales to be the highlight.

Morgans has revised down revenue forecasts for FY26, noting lower revenue due to procedures being added to the atrial flutter trial rather than commercial sales.

The broker has increased R&D and clinical costs across the forecast period. As a result, EPS has decreased -33.5%/-17.6%/-68.5% for FY26/FY27/FY28. The clinical trials underway have the potential to significantly increase the addressable market, Morgans suggests.

Target falls to $2.90 from $2.94, Speculative Buy retained.

Target price is $2.90 Current Price is $1.98 Difference: $0.92
If IMR meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates MND as Neutral (3) -

Macquarie suggests Monadelphous Group is "enjoying a purple patch", projecting FY26 revenue up 34% with maintenance up 20%. End markets appear robust with the work book at elevated levels.

FY27 is expected to be a lower-growth year, and maintenance revenue is likely to go backwards with the non-repeat of several large shutdowns that occurred in FY26.

Neutral rating retained. Target is lowered to $33.00 from $33.95.

Target price is $33.00 Current Price is $30.67 Difference: $2.33
If MND meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates MND as Hold (3) -

Morgans downgraded Monadelphous Group to Hold in February on fears it was reaching for growth in FY27 and that the November 1H27 revenue guide could underwhelm.

That is now reflected in consensus and, with order book support in Engineering & Contracting and possibly heavy turnaround activity in Maintenance, Morgans believes risk is skewed to the upside.

Material outperformance for Monadelphous was always going to hinge upon its ability to recapture pre-FY20 margins, Morgans notes. FY25 and 1H26 demonstrated the margin leverage in E&C, which looks set to continue, and positions the company well for an upgrade cycle.

Morgans upgrades back to Buy from Hold, target rises to $35.80 from $33.85.

Target price is $35.80 Current Price is $30.67 Difference: $5.13
If MND meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $33.48, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Bell Potter rates NCK as Buy (1) -

Nick Scali's FY26 net profit after tax met Bell Potter's forecast and consensus, with stronger margins and earlier-than-expected UK profitability offsetting softer conditions in A&NZ.

A&NZ written sales orders fell -3.7% in 2H26 and were flat over the first five weeks of FY27, although transaction values held up while the business cycled strong prior-year comparables.

The analyst points to stronger UK momentum, generating $0.8m of net profit after tax in 2H26, while written sales orders rose 35% early in FY27. Management sees scope for 60-70 stores longer term.

The broker cuts FY27-FY29 net profit after tax forecasts by -15%, -14% and -12%, respectively, primarily reflecting weaker A&NZ revenue and associated operating deleverage, partly offset by stronger gross margin assumptions.

Buy is retained and the target falls to $21 from $22, with the broker continuing to rate Nick Scali highly given its margin resilience and UK expansion potential.

Target price is $21.00 Current Price is $17.02 Difference: $3.98
If NCK meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.4

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

UBS rates NEM as Buy (1) -

UBS views Newmont Corp's agreement with Barrick over Nevada Gold Mines and Fourmile as positive, removing a major uncertainty surrounding future cash returns and the relationship between the partners.

Newmont will make a net -US$1.95bn payment to Barrick, leaving pro-forma net cash of around US$1.5bn, within its US$1bn-$3bn target range.

At spot gold prices, the analyst estimates Newmont could still return more than US$3bn through dividends and buybacks in 2H26, taking FY26 shareholder returns above US$7bn.

The agreement gives Newmont a 38.5% interest in Fourmile, which could ultimately add around 275koz of attributable annual production from the early 2030s.

Resolution of the dispute is also expected to support a more constructive partnership between Newmont and Barrick.

Buy rated. Target is lifted to $185 from $180.

Target price is $185.00 Current Price is $159.48 Difference: $25.52
If NEM meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $188.20, suggesting upside of 14.0% (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: 1.0

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

Macquarie rates PRN as Outperform (1) -

Perenti is optimising its portfolio to focus on lower-risk geographies. African project revenue share has declined to 52% in the first half, a trend Macquarie expects will continue in FY27-FY28 as the North American expansion gains pace.

The timing of new contracts is expected to result in a softer first half. The broker reduces EPS estimates for FY26 by -2% and FY27 by -5%, ahead of the results. Target rises to $2.85 from $2.70. Outperform.

Target price is $2.85 Current Price is $2.39 Difference: $0.46
If PRN meets the Macquarie target it will return approximately 19% (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 QBE as Neutral (3) -

Macquarie reviews offshore results as a read-through for QBE Insurance's first half results on 14 August.

The broker estimates premium rates improved to 3.2% for QBE, with property continuing to deteriorate across both reinsurance and insurance markets.

Given current multiples, ahead of the peak catastrophe season, the broker retains a Neutral rating. Target is $24.42.

Target price is $24.42 Current Price is $23.91 Difference: $0.51
If QBE meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $26.11, suggesting upside of 10.3% (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: 0.4

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

Morgans rates RMD as Buy (1) -

ResMed's June Q result was broadly in line, with another quarter of double-digit earnings per share growth, gross margin expansion and strong cash generation, Morgans notes.

While headline guidance appears soft, Morgans points out it includes only two months of MatrixCare, excludes Noctrix revenue and incorporates Astral headwinds.

Normalising for these items implies underlying revenue growth of around 5%-7% and EPS growth of approximately 12%-14%, which remains consistent with recent operating momentum.

While inflationary pressures persist, commentary counters that ongoing productivity initiatives, manufacturing efficiencies and modest pricing actions will more than offset these headwinds and support continued gross margin expansion through FY30.

Morgans views ResMed's fundamentals as sound, with consistent execution, strong cash generation and structural growth tailwinds from expanding diagnosis and resupply. Target falls to $39.50 from $40.97, Buy retained.

Target price is $39.50 Current Price is $30.09 Difference: $9.41
If RMD meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $38.88, suggesting upside of 24.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.7

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

Macquarie rates SBM as Reinstate Coverage with Outperform (1) -

Following the sell-down, St. Barbara retains a 40% interest in the Simberi project. The company is targeting commissioning of the ball mill in the fourth quarter of FY27 and flotation plant in the fourth quarter of FY28, ahead of first production.

Commentary explains the sell-down has injected sufficient cash to fund sulphide expansion whilst progressing Touqyoy and the 15-mile Hub projects.

Macquarie reinstates coverage with a 96c target and Outperform rating.

Target price is $0.96 Current Price is $0.60 Difference: $0.365
If SBM meets the Macquarie target it will return approximately 61% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SGH as Buy (1) -

At first glance, UBS views SGH Ltd's FY26 result as broadly in line, with EBIT up 1% to $1.6bn as 14% growth at Boral and 1% at WesTrac offset weaker performance at Coates, EBIT down -7%, and Energy EBIT down -21%.

Underlying net profit after tax met expectations but missed consensus by -3%. The final DPS at 32c is as expected.

Operating cash flow rose 5% to $1.49bn, ahead of the broker's $1.22bn forecast, while leverage finished at 1.8x.

FY27 guidance for flat to low-single-digit EBIT growth matches the analyst's expectations, with currency-related pricing pressure at WesTrac masking underlying growth closer to mid-single digits.

UBS highlights resilient demand across mining, infrastructure and construction, while balance sheet capacity provides scope for further M&A.

The previously announced share buyback of up to $500m is also expected to support the share price.

Buy. Target $58.

Target price is $58.00 Current Price is $46.34 Difference: $11.66
If SGH meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $52.83, suggesting upside of 26.4% (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

Bell Potter rates SKY as Speculative Buy (1) -

Bell Potter likes Sky Metals' Tallebung pre-feasibility (PFS) study, outlining a 7.3-year operation producing an average 2,040tpa of tin alongside tungsten and silver by-products.

The study estimates $139m of pre-production capex, average annual EBITDA of $116m and a post-tax net present value (8% discount rate) of $309m, while an AISC of US$5,653/t positions the project in the lower half of the global tin concentrate cost curve.

The analyst sees further upside from resource growth and mine optimisation, as the PFS incorporates only 66% of the current resource, with a DFS targeted for the March quarter of calendar 2027.

A final investment decision is planned for late calendar 2027 and first production could follow in mid-calendar 2028.

Speculative Buy retained with a higher target price of 40c from 35c.

Target price is $0.40 Current Price is $0.25 Difference: $0.15
If SKY meets the Bell Potter target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates TAH as Equal-weight (5) -

Tabcorp Holdings has announced its intention to acquire BetMakers Technology ((BET)) at an implied 6.1x enterprise value to earnings multiple.

The strategic logic is sound, Morgan Stanley suggests, however near-term accretion is predicated on the ability to deliver cost synergies.

BetMakers is a technology and content supplier Tabcorp already works with, and vertical integration supports Tabcorp's tote and omni-channel ambitions.

However, with BetMakers generating broadly break-even profit, accretion rests on the delivery of the targeted synergies rather than acquired earnings.

Acquisition notwithstanding, Morgan Stanley upgrades Tabcorp to Equal-weight from Underweight on key structural initiatives, however, the ongoing regulatory inquiry is likely to limit the scope for outperformance.

Target rises to 96c from 93c. Industry view: In Line.

Target price is $0.96 Current Price is $0.92 Difference: $0.045
If TAH meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting upside of 16.5% (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

Citi rates TCL as Neutral (3) -

Ahead of Transurban Group's FY26 result on Thursday 13th, Citi emphasises much of the defensive qualities of the toll road operator, including over 90% of revenues CPI-linked and subject to fixed "escalators", is priced in.

The circa 4.9% dividend yield is marginally higher than bond yields.

Neutral rated. Target $15.60.

Target price is $15.60 Current Price is $14.62 Difference: $0.98
If TCL meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $14.28, suggesting downside of -2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Citi rates TWE as Buy (1) -

Citi raises the target price on Treasury Wine Estates to $6.57 from $5.50. Buy rated.

Target price is $6.57 Current Price is $5.66 Difference: $0.91
If TWE meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

UBS rates TWE as Neutral (3) -

Treasury Wine Estates has lifted FY26 EBITS guidance to $492.3m from $480m-$490m, while FY27 is still expected to be in line with or above FY26, implying an improved outlook from Penfolds, UBS notes.

Penfolds is expected to contribute around 75% of FY27 EBITS, and is benefiting from stronger China depletion trends, tighter distribution controls and improving volumes and margins.

The analyst points out Americas remains challenging, with -$558.4m of impairments and strategic review costs in 2H26, while UBS lowers divisional EBITS forecasts by around -5%.

FY26 and FY27 underlying EPS forecasts rise 3%, supported by higher Penfolds earnings and lower gearing, with net debt/EBITDAS improving to 2.8x and a target below 2x by FY28.

Neutral rated. Target price is raised to $6.25 from $5.

Target price is $6.25 Current Price is $5.66 Difference: $0.59
If TWE meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.51, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Ord Minnett rates VMM as Speculative Buy (1) -

Viridis Mining & Minerals is a top pick for Ord Minnett and August is a key month for catalysts. The broker expects the Colossus DFS as well as a binding offtake agreement with Solvay before the end of the month.

European HREO prices may have surged, but there is no volume moving and China FOB remains the only relevant index for offtake agreements between commercial parties, commentary highlights.

The broker points out that for Viridis, this pricing is beneficial because 94% of its saleable product is NdPr and the China FOB price is US$129/kg, ahead of the US floor price of US$110/kg.

Speculative Buy rating. Target is lifted to $6.00 from $4.70.

Target price is $6.00 Current Price is $4.19 Difference: $1.81
If VMM meets the Ord Minnett target it will return approximately 43% (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

Citi rates WBC as Neutral (3) -

On further inspection post the initial take below, Citi notes asset quality remains benign, although overlays, scenario adjustments and RWA migration point to some deterioration in risk settings.

The broker sees downside risk to FY27 NIM forecasts as deposit competition and adverse mix weigh on the outlook, with elevated bank valuations leaving little tolerance for earnings downgrades.

Neutral rating is retained, with ANZ Bank ((ANZ)) and National Australia Bank ((NAB)) preferred given the greater challenges facing retail banking. Target slips to $37 from $37.50.

EPS forecasts are tweaked lower for FY26 and FY27. No changes to DPS forecasts.

On a first look, Citi notes Westpac reported June Q cash earnings in line with consensus. Citi believes the result delivered slightly lower revenue than expected but offset by a better performance on costs.

The net interest margin of 1.89% was below 1.90% consensus. Asset quality was broadly as expected. Overall, Citi thought that sentiment on the conference call was most negative for NIM, where there looks to be downside risk to FY27 consensus.

Neutral and $37.50 target retained.

Target price is $37.00 Current Price is $35.70 Difference: $1.3
If WBC meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Macquarie rates WBC as Underperform (5) -

Westpac delivered a soft trading update, Macquarie observes, with third quarter pre-provision earnings -2% below forecasts, primarily reflecting margin pressure.

The broker assesses the revenue outlook is challenging, with management flagging mortgage competition and much of the benefit from higher rates now factored in. While the pressures are more visible at Westpac, Macquarie considers the challenges are sector-wide.

EPS estimates are reduced by -1% for FY26 and -3% for FY27. Underperform rating and $30 target.

Target price is $30.00 Current Price is $35.70 Difference: minus $5.7 (current price is over target).
If WBC meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Morgan Stanley rates WBC as Underweight (5) -

Morgan Stanley believes Westpac's June Q update shows revenue headwinds are emerging. Earnings were softer than expected. The miss was revenue-led, while expenses were broadly in line. Credit quality remained sound.

The post-budget run-rate in average monthly mortgage applications was 26k, which was -20% lower than the March quarter. The bank's expectation of 4.7% system growth in FY27 assumes investor loan growth of 4.5%, which seems too optimistic to Morgan Stanley.

June Q 'core' margin was below consensus. The broker believes management commentary on competition and deposit mix shift is cautious. Target falls to $30.00 from $30.50, Underweight retained. Industry View: Cautious.

Target price is $30.00 Current Price is $35.70 Difference: minus $5.7 (current price is over target).
If WBC meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates WBC as Trim (4) -

Westpac's June Q earnings growth did not track to the earnings growth expected by the market, Morgans notes, notwithstanding both revenue and costs were impacted by short-term and seasonal factors.

Profit grew 2% versus the first half FY26 average, below second half consensus expectations of 4%. Both revenue and cost growth tracked below second half expectations and impairment charges were above, Morgans reports.

Westpac has a similar asset base and funding mix and domestic retail concentration as the premium priced CommBank ((CBA)). However, its growth, profitability and return on tangible equity have been weaker which is ultimately reflected in Westpac’s weaker valuation metrics.

If the bank can close the gap by achieving its FY29 targets (cost-to income and ROTE superior to the peer average) then Morgans suggests the forecast earnings upside could be significant.

However, Westpac’s track record means this is not without risk of disappointment. Target falls to $31.67 from $33.07, Trim retained.

Target price is $31.67 Current Price is $35.70 Difference: minus $4.03 (current price is over target).
If WBC meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.5

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

Ord Minnett rates WBC as Upgrade to Lighten from Sell (4) -

Westpac posted underlying net profit of $1.8bn in the third quarter, up 2%. Ord Minnett notes the profit performance was relatively steady but was outweighed by commentary on margins and housing credit.

Management has signalled heightened mortgage and deposit competition. The CET1 ratio was 12.1%, down from the March quarter's 12.4% but still well above target of 11.25%, largely because of the first half dividend payment and growth in risk-weighted assets.

The correction in the share price has narrowed the downside to the target, the broker contends, and the rating is therefore raised to Lighten from Sell. Target is $31.

Target price is $31.00 Current Price is $35.70 Difference: minus $4.7 (current price is over target).
If WBC meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

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

UBS rates WBC as Buy (1) -

Post the first take, below and management's conference call, UBS makes some slight changes to earnings forecasts, down -14% for FY26 and FY27.

The Westpac result was largely as expected. The analyst believes it is too soon to draw conclusions around investor mortgage growth rates post the Federal Budget's change to negative gearing.

Management did note some "green shoots" with the prior week seeing a rise in application volumes. The bank suggested customers are more sensitive to interest rate expectations than the proposed tax changes.

Buy rated. Target $45.

Westpac's third quarter trading update was largely in line with UBS' expectations amid softer mortgage applications. Net interest margins edged up while the run rate on net profit is slightly below forecasts.

Interest-only investor mortgages as a percentage of the portfolio were up, which the broker suspects might reflect behavioural shifts and a lengthening duration of the book.

UBS was pleased institutional margins were higher albeit offset from competition in New Zealand. The focus is on translating volume growth into revenue momentum and earnings. Asset quality remains largely benign, UBS adds.

Buy rating and $45 target.

Target price is $45.00 Current Price is $35.70 Difference: $9.3
If WBC meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $34.11, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in September.

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

Morgans rates WRK as Buy (1) -

Wrkr has completed a capital raising and provided an operational update. While the slower client ramp-up behind the capital raise is disappointing, Morgans sees it as a timing issue rather than a structural one.

The drivers behind Wrkr's expected near term earnings uplift remain intact, Morgans suggests, underpinned by signed contracts now converting to revenue.

Wrkr sits at the crossroads of SuperStream, Single Touch Payroll, Standard Business Reporting, and Payday Super -- a combination forming a deep, defensible moat, Morgans suggests.

FY26 has been a pivotal year, with significant new client onboarding laying the groundwork for a pathway to FY27 profitability.

Backed by structural tailwinds, Wrkr is well placed for long-term growth, in Morgans' view. Target falls to 12c from 14c, Buy retained.

Target price is $0.12 Current Price is $0.08 Difference: $0.036
If WRK meets the Morgans target it will return approximately 43% (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