Australian Broker Call

Bell Potter rates A2M as Hold (3) -

At its AGM, a2 Milk Co upgraded revenue growth guidance for FY26 with growth skewed to the first half. The upgrade is the result of a weaker New Zealand dollar and strong trading in most of its categories.

The EBITDA margin guidance of 15-16% is unchanged. Bell Potter assesses the stock is trading on a FY26 forecast PE of 36.5x with a three-year compound EPS growth profile of 10% per annum.

On this basis, the stock is not considered a compelling value play and a Neutral rating is maintained. Target is raised $9.70 from $9.60.

Target price is $9.70 Current Price is $9.30 Difference: $0.4
If A2M meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates A2M as Outperform (1) -

Macquarie highlights a2 Milk Co upgraded FY26 revenue growth guidance, which translates to up to 3pp increase vs market expectations. Upgrade was driven by IMF, other nutritionals, liquid milk, and a weaker NZD.

The company sees China IMF conditions stabilising, with supportive marriage trends and less supply-chain distribution. Vietnam is also growing strongly and remains a significant market.

The company reiterated plans for a NZ$300m special dividend pending Pokeno label amendments, and the broker sees potential for a larger capital return if approvals take longer.

FY26 EPS forecast lifted by 3.9% and FY27 by 6.2% on improved sales outlook and forex benefits.

Outperform retained. Target rises to $9.50 from $8.70 on earnings revisions, roll-forward and higher multiple (30x vs 28x).

Target price is $9.50 Current Price is $9.30 Difference: $0.2
If A2M meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Morgan Stanley rates A2M as Overweight (1) -

Management at a2 Milk Co's AGM upgraded FY26 guidance. Revenue is now expected to grow in the low double-digits and earnings (EBITDA) margins are held at 15-16%.

The upgrade reflects stronger-than-expected trading across IMF, other nutritionals and liquid milk products, explains Morgan Stanley,  with currency movements neutralised at the earnings line through offsetting hedging losses.

Profit is now forecast to rise slightly on FY25, while capex lifts to -NZ$60-80m from -NZ$50-70m, compared to the consensus estimate for -NZ$90m, observes the broker.

English-label IMF is expected to outperform China-label, according to management, while Pokeno integration and associated price adjustments continue to progress favourably.

Overweight. Target $10. Industry View: In-Line.

Target price is $10.00 Current Price is $9.30 Difference: $0.7
If A2M meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.51, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates A2M as Neutral (3) -

UBS retains a Neutral rating for a2 Milk Co, assessing the share price more closely captures an expected doubling of net profit by FY30. The broker notes the AGM update pointed to slightly stronger trading across infant formula, nutritionals and liquid milk.

Manufacturing losses at the new Pokeno plant are likely to be less than expected previously. EPS estimates are upgraded by 4-7% for FY26-28 on the back of NZ dollar weakness.

Target is raised to NZ$11.10 from NZ$10.55.

Current Price is $9.30. Target price not assessed.

Current consensus price target is $9.51, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Bell Potter rates AAC as Buy (1) -

Australian Agricultural Co posted 1H26 operating earnings (EBITDA) up 97% y/y, with revenue up 19% y/y. Bell Potter notes cattle sales being executed in the first half imply a higher 1H skew versus the prior corresponding period.

Domestic cattle prices have rebounded but remain materially undervalued, the broker adds, while challenges remain in food service within high-value markets.

Buy rating unchanged. Target price is raised to $1.95 from $1.90.

Target price is $1.95 Current Price is $1.50 Difference: $0.455
If AAC meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 AEL as Sell (5) -

Ord Minnett now expects the east coast gas supply to remain adequate until 2032, vs market expectations of a 2028 shortfall. This implies current wholesale prices of $9-13/GJ need not rise to incentivise new supply.

As a result, the broker cut the uncontracted LNG price forecast to $10/GJ from $15 for Wallumbilla gas, to $11/GJ from $12 for NSW, and to $13/GJ (from $15) for Victoria.

Target for Amplitude Energy trimmed to $2.39 (note the price also reflects recent 11-for-1 share consolidation). Sell rating.

Target price is $2.39 Current Price is $2.81 Difference: minus $0.42 (current price is over target).
If AEL meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.61, suggesting upside of 35.5% (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 AIA as Neutral (3) -

Citi has initiated coverage on the ASX listing of Auckland International Airport with a target price of $7.13

The broker likes the medium-term earnings growth story supported by the NZ$6bn capex program, but slower-than-expected air-traffic recovery is weighing on near-term earnings, suggesting caution.

As background, the broker's target price for the NZX listing is NZ$8.10.

Target price is $7.13 Current Price is $6.73 Difference: $0.4
If AIA meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $7.13, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

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

Macquarie lifted refining margin forecasts for 4Q2025 and 2026 on expected tightness over the next 6-8 months, though still expects to be below spot levels. The broker reckons this will aid faster de-gearing post-M&A for Ampol and Viva Energy.

The broker's forecast for LRM (Lytton Refiner Margin) in 2H25 is US$13.35/bbl and for 1H26 is US$14.34/bbl. Improved refining conditions led to a 4% upgrade to Ampol's FY25 EPS forecast and a 10% to FY26. 

The broker highlights the company recently noted LRM rose to US$13.78/bbl in Oct from US$12.85/bbl in September, with a further increase in November.

Target rises to $36 from $32. Rating upgraded to Outperform from Neutral.

Target price is $36.00 Current Price is $31.24 Difference: $4.76
If ALD meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $34.50, suggesting upside of 12.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates APZ as Buy (1) -

Aspen Group has upgraded development settlements for FY27 to 200 lots and reiterated FY26 guidance for distributions of 11c a share and EPS of 20.1c at its AGM.

Bell Potter adjusts FY26-28 estimates up by 8-11% to account for improved parks business trading and development settlement profile.

The broker considers the business in good shape, noting it is well capitalised and remains "under owned" despite the recent inclusion in the ASX 300. Buy rating. Target is raised to $5.95 from $4.85.

Target price is $5.95 Current Price is $5.25 Difference: $0.7
If APZ meets the Bell Potter target it will return approximately 13% (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 AX1 as Buy (1) -

In an early assessment, Citi describes today's Accent Group AGM update as sharply weaker than expected, with year-to-date like-for-like sales down -0.4% vs consensus of 2.15%. Gross margins were also -160bps lower, against expectations for a rise.

The broker notes FY26 guidance relies on a 2H26 recovery in both sales and margins, both difficult to justify.

Management cut 1H26 earnings (EBIT) guidance to $55-60m (from around an implied $80.7m), around -28% below the consensus forecast. FY26 EBIT of $85-95m was a -23% downgrade at the midpoint, observe the analysts.

While October like-for-like sales lifted to 0.4%, Citi doubts the market will place any weight on this, given the scale of the guidance downgrade.

Buy. Target $1.83.

Target price is $1.83 Current Price is $1.20 Difference: $0.63
If AX1 meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 73.9% (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

Ord Minnett rates BPT as Hold (3) -

Ord Minnett now expects the east coast gas supply to remain adequate until 2032, vs market expectations of a 2028 shortfall. This implies current wholesale prices of $9-13/GJ need not rise to incentivise new supply.

As a result, the broker cut the uncontracted LNG price forecast to $10/GJ from $15 for Wallumbilla gas, to $11/GJ from $12 for NSW, and to $13/GJ (from $15) for Victoria.

Target for Beach Energy trimmed to $1.15 from $1.20. Hold retained due to caution on M&A risks, further potential delays to Waitsia in WA and uncertainty over whether the expected 20% FCF yield from FY28 can be translated into a stroner dividend yield.

Target price is $1.15 Current Price is $1.25 Difference: minus $0.1 (current price is over target).
If BPT 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 $1.11, suggesting downside of -6.8% (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

Ord Minnett rates BUB as Accumulate (2) -

For Ord Minnett, the Bubs Australia AGM was a bit of a non event, with the delay in the strategy update until after the 1H26 results in February 2026. The FDA permanent access approval remains pending.

Management did offer FY26 guidance and expects another strong year, with revenues to rise around 25% and underlying earnings (EBITDA) up 10 times. This is somewhat weaker than the broker anticipated.

The analyst lowered their FY26-FY28 earnings (EBITDA) forecasts by -10%, -8% and -9%, respectively.

Ord Minnett retains an Accumulate rating and 18c target.

Target price is $0.18 Current Price is $0.14 Difference: $0.035
If BUB meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 32.1% (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

Shaw and Partners rates BUB as Buy (1) -

Bubs Australia announced a "solid" outlook and guidance for FY26 at its AGM, according to Shaw and Partners.

FY26 revenue growth guidance is between 22-27% and earnings (EBITDA) guidance is $1.8m, which translates to $6.1m once one-offs are stripped. It aligns broadly with the analyst's forecasts for FY27 earnings (EBITDA) of $3m and FY28 of $12m.

The company also pointed to an inventory rebuild to meet robust US demand.

There are no changes to the broker's earnings estimates. Buy, High risk rating retained. Target unchanged at 20c.

Target price is $0.20 Current Price is $0.14 Difference: $0.055
If BUB meets the Shaw and Partners target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $0.19, suggesting upside of 32.1% (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 CCL as Buy (1) -

Ord Minnett celebrates the one-year listing anniversary for Cuscal, highlighting the company has received APRA approval for the acquisition of Indue for $75m. The merger is expected to be finalised on December 1, four weeks prior to expectations.

The retracement in the share price on overall market weakness makes the stock attractive at current levels. At these levels, an investor is picking up the Cuscal business at fair value, with all of the Indue merger upside, in the broker's view.

Ord Minnett tweaks its net EPS forecasts by up 0.2% for FY26 and down -0.7% for FY27.

Target price lifts to $4.80 from $4.78. Retain Buy.

Target price is $4.80 Current Price is $3.72 Difference: $1.08
If CCL meets the Ord Minnett target it will return approximately 29% (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 CHC as Upgrade to Neutral from Underperform (3) -

At the AGM, Charter Hall upgraded FY26 OEPS guidance by 5.5%, implying 17% growth. Stronger transaction volumes are seen boosting earnings across Property Investment, Development Investment and Funds Management, Macquarie highlights.

The broker notes Charter Hall remains highly leveraged to the property cycle recovery, reflected in stronger FY26 momentum so far. This is reflected in $3.0bn net equity flows, accelerating transaction volumes, and real estate FUM up 4% since FY25.

The broker is drawn to Charter Hall's 13% 3-year OEPS compounded annual growth rate and potential for further upgrades. However,  valuation is seen as demanding on a bottom-up basis without leaning on relative metrics like price-earnings growth.

FY26 OEPS forecast increased by 6.3% and FY27 by 4.8%. Rating upgraded to Neutral from Outperform, and target rises to $23.83 from $19.01.

Target price is $23.83 Current Price is $23.64 Difference: $0.19
If CHC meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $23.51, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates CHC as Overweight (1) -

Charter Hall has upgraded FY26 guidance for earnings per share to $0.95 from $0.90 previously. Morgan Stanley notes the primary driver is greater-than-expected inflows while the guidance does not include any performance fees.

The broker flags the company's "enviable record" of profit upgrades and beats on earnings and expects momentum in the 2H to continue. This assumes further deployments of funds CCRF, and higher base management fees from an increase in assets under management.

Overweight. Target unchanged at $26.35.  Industry View: In-Line.

Target price is $26.35 Current Price is $23.64 Difference: $2.71
If CHC meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $23.51, suggesting downside of -4.6% (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

UBS rates CHC as Sell (5) -

UBS notes Charter Hall has upgraded earnings guidance at its AGM to $0.95 per security, reflecting 17% growth over FY25. Guidance has been underpinned by increased equity inflows across all sectors.

Given the dominant market position, the broker believes the business is well-placed to deploy capital to attractive opportunities and facilitate further earnings and asset growth.

The view is increasingly priced in, and as a result, a Sell rating is maintained.  Target is raised to $19.93 from $18.91.

Target price is $19.93 Current Price is $23.64 Difference: minus $3.71 (current price is over target).
If CHC meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $23.51, suggesting downside of -4.6% (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

Bell Potter rates CRD as Speculative Buy (1) -

Conrad Asia Energy is farming down to 75% participating interest in the Duyung PSC, Indonesia, retaining a 25% operating interest.

The company has entered a carry loan agreement for its 25% of the project funding, which will be repaid over the initial years of production.

Bell Potter observes the main benefit is the carry debt funding arranged by the incoming partner, being PT Nations Natuna Barat, a subsidiary of Asari Group. There is now a non-dilutionary path to production and cash flow at the Mako project.

The broker reduces the target to $1.10 from $1.25. Speculative Buy.

Target price is $1.10 Current Price is $0.76 Difference: $0.34
If CRD meets the Bell Potter target it will return approximately 45% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates DUR as Buy (1) -

Duratec offered no FY26 guidance at its AGM. Shaw and Partners notes the orderbook remains largely unchanged, while the tenders and pipeline have grown 12% since the AGM.

The mining and industrials orderbook fell -39% on the previous half, showing further weakness in the sector.

FY26-FY28 revenue forecasts are lowered by around -6%, and earnings (EBITDA) cut by -3% to -6%. Net profit after tax forecasts reduced by -4% to -7% for delays in contract wins from tenders.

The stock could be re-rated, the analyst states, on the award and delivery of the HMAS Stirling contract valued at around $500m and expected this quarter.

A Buy, High risk rating is retained. Target price slips to $2.10 from $2.20.

Target price is $2.10 Current Price is $1.80 Difference: $0.3
If DUR meets the Shaw and Partners target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 11.4% (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 EHL as Outperform (1) -

At the AGM, Emeco Holdings guided to moderate earnings growth, strong free cash flow and substantial deleveraging into FY26, Macquarie highlights.

FY26 EBITDA guidance was broadly unchanged, though depreciation was nudged to $165-170m (from $160-165m). Net capex is estimated at $155-160m, with no growth capex planned.

The broker notes strategic focus remains on lifting ROC to 20%  from the current run-rate of around 18%, driving cost efficiencies, improving utilisation, and expanding market share via Force.

Overall, the broker views the industry backdrop as positive, with strong Australian mining volumes, robust bulk commodities, and supportive gold sector demand.

FY26 EPS forecast trimmed by -4.5% and FY27 by -1.4% mainly reflecting updated depreciation assumptions. Outperform with unchanged target of $1.40.

Target price is $1.40 Current Price is $1.26 Difference: $0.135
If EHL meets the Macquarie 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: 1.0

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

Bell Potter rates GTK as Buy (1) -

Bell Potter reviews forecasts ahead of Gentrack Group's FY25 results, due Nov 24, suspecting the street is pricing in a lack of confidence in the company's ability to replace project revenue as existing projects roll off.

The broker retains forecasts for flat revenue of around NZ$233m with EBITDA at NZ$29m, noting caution as the growth outlook is predicated on transformation project wins and converting front-book revenue into recurring/back-book streams.

Bell Potter highlights the lack of positive utility-project news in an increasingly competitive market. Target is reduced to $9.80 from $13.20. Buy maintained.

Target price is $9.80 Current Price is $6.34 Difference: $3.46
If GTK meets the Bell Potter target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $9.77, suggesting upside of 45.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates GYG as Initiation of coverage with Sell (5) -

Citi views Guzman y Gomez as a strong operator with leading unit economics but considers the stock expensive at 25x FY26 earnings (EBITDA) versus roughly 7x for quick service restaurant (QSR) peers.

The analysts believe most domestic growth is priced in, with consensus assuming around 37 net new stores per year and strong Australia earnings growth. Citi initiates with a Sell rating and $21.05 target.

The broker argues rollout risks skew to the downside and sees limited likelihood of material offshore success given competition and low brand awareness.

Citi also expects limited same-store sales upside given soft app traffic and tougher comparatives.

Target price is $21.05 Current Price is $22.55 Difference: minus $1.5 (current price is over target).
If GYG meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.49, suggesting upside of 29.6% (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

Ord Minnett rates HUB as Accumulate (2) -

Ord Minnett resumes in-house coverage of Hub24 with an Accumulate rating and $113 target. The broker highlights an overall constructive view on platforms, as superannuation growth and rising advice needs support sustained net inflows.

Praemium is the broker's top pick in the space, with improving Powerwrap flows, Spectrum traction and FY26 OneVue synergies, while trading at a relative discount on 18x forward PE.

Hub24 retains a strong growth profile, in the analyst's view, with an EPS compound annual growth rate (CAGR) of 25% to FY28, though its 61x forward PE tempers Ord Minnett's conviction. 

Target price is $113.00 Current Price is $103.44 Difference: $9.56
If HUB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $115.97, suggesting upside of 16.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates IFT as Buy (1) -

Citi has initiated coverage on the ASX listing of Infratil. Target price $12.34

The broker believes Infratil's exposure to growth infrastructure segments like data centres and renewables should support NAV upside. The current discount of over -30% to reported NAV is well above the 14% historical average, making it an appealing entry point.

As background, the broker's target price for the NZX listing is NZ$14.20.

Target price is $12.34 Current Price is $10.27 Difference: $2.07
If IFT meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $12.34, suggesting upside of 23.0% (ex-dividends)

The company's fiscal year ends in March.

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 LOV as Buy (1) -

In an initial impression from the AGM, Citi suspects there could be minor earnings upgrades for Lovisa Holdings. This would stem from better sales growth, with the company reporting year-to-date sales growth of 26.2%, ahead of consensus.

The broker's focus is on what has driven slower like-for-like sales in recent times, and what benefit may come from the closure of Claire's in the US, as well as easier comparables over the remaining six weeks of the first half.

Buy rating. Target $42.50.

Target price is $42.50 Current Price is $34.82 Difference: $7.68
If LOV meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $42.32, suggesting upside of 41.0% (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 MIN as Neutral (3) -

At the AGM for Mineral Resources, UBS highlights the progress in overhauling governance and a revised capital management framework.

The broker assesses the company is making "sensible" responses to the succession risk as the founder's role has been instrumental. Chris Ellison will remain with the business until a suitable successor is identified.

In the capital allocation framework, the liquidity buffer has increased to $1bn while the leverage target is now 2.0x net debt to EBITDA. Dividends will now only be paid if liquidity and leverage thresholds are met and the policy is to pay out up to 50% of the underlying net profit.

Target is $52.60. Neutral maintained.

Target price is $52.60 Current Price is $50.78 Difference: $1.82
If MIN meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $49.79, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates MTS as Neutral (3) -

Ahead of Metcash's 1H26 earnings on December 1, Citi is forecasting net profit of $134.7m, around 3% above consensus, but highlights its FY26 forecast is in line with consensus.

The broker notes Supermarkets and Liquor businesses remain soft, and Hardware indicators have deteriorated.

Neutral. Target unchanged at $3.90.

Target price is $3.90 Current Price is $3.84 Difference: $0.06
If MTS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.15, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in April.

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 MVF as Outperform (1) -

At the AGM, Monash IVF updated FY26 guidance, now expecting FY26 underlying net profit at low end of $20-23m guidance, prompting Macquarie to cut its forecasts to $20.3m from $21.6m.

The company also provided 1H26 underlying net profit guidance of $10-10.5m, which led the broker to trim its forecast to $10.1m from $10.9m. Weaker fresh cycle growth vs market was cited as the key reason.

Despite a challenging FY26, the broker expects around 7% growth in FY27-28, supported by an improving macro backdrop and resilient underlying demand. EPS forecast for FY26 trimmed by -6% and by -5.7% for FY27.

Outperform. Target cut to $0.94 from $1.00.

Target price is $0.94 Current Price is $0.62 Difference: $0.32
If MVF meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.91, suggesting upside of 48.4% (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

Ord Minnett rates MXI as Buy (1) -

MaxiPARTS offered a trading update which showed conditions continue to be quite "subdued" according to Ord Minnett, notably across Sydney and Melbourne.

Management anticipates a weaker 1H26 result but has retained a positive outlook they can achieve FY26 expectations. A new branch in Kalgoorlie is trading above expectations and should boost 2H26 revenue.

The analyst has downgraded their earnings forecasts by -5% to -6% for FY26-FY28 on the weaker start to FY26.

Target slips to $2.95 from $3. No change to Buy rating.

Target price is $2.95 Current Price is $2.37 Difference: $0.58
If MXI meets the Ord Minnett target it will return approximately 24% (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 NWL as Hold (3) -

Ord Minnett resumes coverage of Netwealth Group with a Hold rating and $29 target. The broker highlights an overall constructive view on platforms as superannuation growth and rising advice needs support sustained net inflows.

Praemium is the broker's top pick in the space, with improving Powerwrap flows, Spectrum traction and FY26 OneVue synergies, while trading at a relative discount on 18x forward PE.

Netwealth Group continues to grow well, in Ord Minnett's view, but near-term uncertainty from First Guardian weighs on the outlook.

Target price is $29.00 Current Price is $28.43 Difference: $0.57
If NWL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $34.03, suggesting upside of 25.4% (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

Ord Minnett rates ORG as Hold (3) -

Faced with several near term headwinds, Ord Minnett reconsiders its earnings outlook for Origin Energy.

The analyst expects the east coast gas market supply will be sufficient until 2032, against market expectations for a supply shortage by 2028, which infers current wholesale prices will not need to rise.

The broker downgrades their uncontracted LNG estimates to $10 per GJ from $15 for Wullumbilla gas, to $11 per GJ from $12 for NSW gas, and to $13 per GJ for Victorian gas.

Bad and doubtful debts for Octopus in the UK could rise, which would flow through to Origin also.

Ord Minnett lowers its EPS forecasts by -1.8% for FY26 and -2.4% for FY27. A Hold rating retained with an $11 target.

Target price is $11.00 Current Price is $11.58 Difference: minus $0.58 (current price is over target).
If ORG meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.20, suggesting upside of 6.8% (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 PGC as Buy (1) -

At its AGM, Paragon Care has flagged execution on integration initiatives is tracking to plan. Management has set FY26 underlying EBITDA guidance at $97.5-107.5m with the transition to the FY27 and five-year growth plans underway.

The business continues to work with Infinity and parties for debt restructuring and the payment plan, expecting to recover the majority of receivables in the second half of FY26.

Ord Minnett remains positive regarding the medium-term opportunity, highlighting quality management and significant longer-term growth drivers. Buy rating and $0.50 target maintained.

Target price is $0.50 Current Price is $0.30 Difference: $0.2
If PGC meets the Ord Minnett 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

Shaw and Partners rates PMT as Buy (1) -

Shaw and Partners updates its lithium price forecasts for expectations around ongoing tightness in the market due to strong demand from EVs, batteries and AI data centres.

The broker believes the market is moving from oversupply to a period of tightness and assumes a long term spodumene concentrate price of US$1,600t versus consensus expectations of US$1,200t-US$1,400t.

Buy, High risk rating unchanged. Target $1.20 is retained for PMET Resources with its high-grade, tier one Shaakichiuwaanaan Project.

Target price is $1.20 Current Price is $0.52 Difference: $0.68
If PMT meets the Shaw and Partners target it will return approximately 131% (excluding dividends, fees and charges).

Current consensus price target is $0.69, suggesting upside of 35.3% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates PPS as Buy (1) -

Ord Minnett resumes coverage of Praemium with an Buy rating and $1.15 target. The broker highlights an overall constructive view on platforms as superannuation growth and rising advice needs support sustained net inflows.

Praemium is the broker's top pick in the space, with improving Powerwrap flows, Spectrum traction and FY26 OneVue synergies, while trading at a relative discount on 18x forward PE.

Target price is $1.15 Current Price is $0.79 Difference: $0.36
If PPS meets the Ord Minnett target it will return approximately 46% (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 QBE as Hold (3) -

Bell Potter notes the update from QBE Insurance is due November 27, anticipating a relatively benign third quarter. Short bond yields have been stable while the first half revealed strong returns on risk assets.

Premium rate increases are positive but have been slowing and the broker will be watching whether the trend is flattening or continuing to soften.

Crop, which represents 10% of the company's retained premiums, is not expected to reveal significant claims, yet US farmers have had a difficult 2025 and this may present an issue with affordability going into 2026.

Hold rating and $21.20 target unchanged.

Target price is $21.20 Current Price is $19.68 Difference: $1.52
If QBE meets the Bell Potter target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $24.22, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Citi rates REH as Neutral (3) -

In an initial glance at the Reece AGM update, Citi notes the first quarter EBIT was down -18%. The main positive is group sales were up 8% (up 6% cfx), comprised of 2% like-for-like and 4% non-organic growth, implying the acquired stores may be larger than average.

The broker assesses this "neutral" result should have been expected given the off-market buyback. Some concerns should be erased, given positive like-for-like sales momentum in Australasia.

Neutral rating and $13.10 target.

Target price is $13.10 Current Price is $10.75 Difference: $2.35
If REH meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $12.05, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.3

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

Ord Minnett rates RIO as Accumulate (2) -

Rio Tinto has recently signalled a reduction in production of -40% at the Yarwun alumina refinery in Gladstone commencing October 2026 to allow time to find a new way to deal with the waste. At the current capacity, the tailings dam will be full by 2031.

Potentially, solutions include dry tailings storage or neutralisation, both of which would have environmental benefits. If an economically viable method of dealing with the tailings is not found, Ord Minnett expects the refinery will close for good in 2035.

In terms of bauxite, the curtailment will release around 3mtpa of ore from the Weipa and Gove operations in Far North Queensland and Northern Territory for export, which the broker considers a modest positive.

Accumulate rating and $136 target.

Target price is $136.00 Current Price is $132.12 Difference: $3.88
If RIO meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $129.42, suggesting upside of 1.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Citi rates SGP as Buy (1) -

Citi highlights several positives from Stockland’s Master Plan Comminities strategy update. It's noted sales have materially lagged underlying population-driven demand for three years, creating near-term upside pressure across the sector.

Strategic land acquisitions made at cyclical lows underpin margin strength, suggets the broker, with the residential book averaging eight years in age and carrying embedded price growth.

Citi also sees resilient demand given Stockland's relative affordability, with around 90% of FY26-27 product sitting within First Home Buyer scheme caps.

Victoria’s market shows signs of recovery, according to the analysts, while FY26 settlements will skew towards Queensland. 

Buy retained for Stockland. Target unchanged at $6.90.

Target price is $6.90 Current Price is $6.20 Difference: $0.7
If SGP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.51, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates SGP as Neutral (3) -

At an investor briefing, Stockland showcased progress in its masterplanned communities execution.

Macquarie notes FY26 settlement target was re-affirmed and indicated potential productivity-led growth in FY27 if conditions stay favourable.

With solid sales and settlement momentum, the broker sees modest upside to earnings guidance.

No change to forecasts. Neutral maintained with unchanged target of $6.16.

Target price is $6.16 Current Price is $6.20 Difference: minus $0.04 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.51, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates SHL as Neutral (3) -

Following a complete analysis, Citi lifted Sonic Healthcare's FY26 EPS forecast by 2% and FY27 by 1%, after accounting for lower depreciation and interest costs, plus forex and housekeeping charges.

The broker shifted FY26 EBITDA split to 46%/54% and lowered EBITDA estimate by -1.2%, as 2H looked demanding and margin expansion appears limited due to the dilutive LADR Lab Group acquisition.

Neutral maintained. Target cut to $23.50 from $24.00 on forex impacts on EBITDA further out.

At first glance, the broker noted:

Sonic Healthcare re-stated its FY26 earnings (EBITDA) guidance at the AGM for 11% growth in constant currency and pointed to a 45% 1H earnings weighting. This compares with the Citi estimate of 49% and the consensus of 48%.

Both depreciation and interest costs were flagged to be lower than the previous guidance, with depreciation some -50bps lower at the midpoint and interest at the bottom end of the 15-20% range.

Citi views the 2H earnings skew may temper the share price reaction. 

Target price is $23.50 Current Price is $22.84 Difference: $0.66
If SHL meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $27.17, suggesting upside of 18.2% (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 SHL as Neutral (3) -

Sonic Healthcare’s 1H to date (July-Oct) revenue rose 12% on a constant-currency basis, including 5% organic growth, aligning with Macquarie's around 11% constant currency and 4.5% organic forecasts.

FY26 earnings (EBITDA) guidance of $1.87-1.95bn was reaffirmed, with the analyst’s revised estimate now at the midpoint following lower depreciation and interest guidance.

The broker cites margin dilution from recent acquisitions and expects 2H26 to account for around 54-55% of annual earnings.

Macquarie retains a Neutral rating and $25.20 target.

Target price is $25.20 Current Price is $22.84 Difference: $2.36
If SHL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $27.17, suggesting upside of 18.2% (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 SHL as Equal-weight (3) -

Morgan Stanley increases EPS estimates for Sonic Healthcare by 2% following updated FY26 guidance. EBITDA guidance was reiterated at $1.87-95bn, with the first half expected to represent around 45-46% of the full year.

The broker expects acquisitions and FX movements will provide positive contributions to FY26, with its forecasts implying constant currency earnings growth of around 5%.

Target is raised to $24.50 from $23.80. Equal-weight rating. Industry View: In-Line.

Target price is $24.50 Current Price is $22.84 Difference: $1.66
If SHL meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $27.17, suggesting upside of 18.2% (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

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

Morgans raises its target for SKS Technologies to $4.25 from $3.80 and upgrades to Buy from Accumulate. A strong outlook is anticipated following upgraded FY26 guidance, a $130m Victorian data-centre award and the acquisition of Delta Elcom.

Delta Elcom adds NSW exposure, notes the broker, where market size exceeds Victoria and offers meaningful contract opportunities.

Revenue is now expected to reach $320m, with PBT of $28.8m reflecting margin expansion as the business scales, explains the analyst.

Work in hand has risen to around $304m, with significant FY27 visibility, according to Morgans, and a large data-centre tender pipeline.

Target price is $4.25 Current Price is $3.47 Difference: $0.78
If SKS meets the Morgans target it will return approximately 22% (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 STO as Accumulate (2) -

Ord Minnett now expects the east coast gas supply to remain adequate until 2032, vs market expectations of a 2028 shortfall. This implies current wholesale prices of $9-13/GJ need not rise to incentivise new supply.

As a result, the broker cut the uncontracted LNG price forecast to $10/GJ from $15 for Wallumbilla gas, to $11/GJ from $12 for NSW, and to $13/GJ (from $15) for Victoria.

Target for Santos trimmed to $8.00 from $8.10. Accumulate maintained, wth the broker seeing limited near-term catalysts for the share price after the XRG consortium takeover was abandoned.

Target price is $8.00 Current Price is $6.63 Difference: $1.37
If STO meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.55, suggesting upside of 17.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgans rates TEA as Buy (1) -

Tasmea's acquisition of domestic workforce solutions provider WorkPac is seen by Morgans as strategically significant, adding a deeper labour pool, and improving mobilisation speed. The deal also supports Tasmea's goal to self-perform services, explains the anlyst.

The broker highlights EPS accretion of around 10% (5-6% including dilution from a September acquisition), with WorkPac delivering strong margins and an attractive 2.8x EBIT multiple.

Synergies extend beyond the company's usual revenue benefits to include payroll, procurement and systems integration that may lift margins further, suggests the analyst.

Morgans also notes pro forma leverage falls to around 0.5x as the deal is net-cash positive.

Buy rating retained and target increased to $5.40 from $5.00.

Upfront consideration totals -$50.2m in cash and equity, with two -$5.25m cash earn-outs tied to earnings over the next two years.

Target price is $5.40 Current Price is $4.60 Difference: $0.8
If TEA meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.85, suggesting upside of 7.8% (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

Morgan Stanley rates TLX as Overweight (1) -

Telix Pharmaceuticals' ZIRCON-X study showed Zircaix could change clinical management in 49% of cases and potentially avoid biopsy in 23%, Morgan Stanley highlights.

Zircaix is an imaging agent for diagnosing and characterising ccRCC (clear-cell renal cell carcinoma), a common type of kidney cancer.

The broker notes Zircaix is already referenced in US and European guidelines, but FDA approval was delayed in August due to a request for more data and supplier issues.

The broker is assuming a 2H26 launch, with a risk-weighted $2.10/share contribution to its valuation.

Overweight. Target unchanged at $25.40. Industry View: In-Line.

Target price is $25.40 Current Price is $13.88 Difference: $11.52
If TLX meets the Morgan Stanley target it will return approximately 83% (excluding dividends, fees and charges).

Current consensus price target is $27.20, suggesting upside of 97.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

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

Macquarie lifted refining margin forecasts for 4Q2025 and 2026 on expected tightness over the next 6-8 months, though still expects to be below spot levels. The broker reckons this will aid faster de-gearing post-M&A for Ampol and Viva Energy.

The broker's forecast for GRM (Geelong Refiner Margin) in 2H25 is US$13.87/bbl and for 1H26 is US$13/bbl. Improved refining conditions led to a 17% upgrade to Viva Energy's FY25 EPS forecast and a 33% to FY26. 

The broker notes Viva's cat cracker returned in mid-Oct, and with Geelong likely fully optimised from mid-Nov after ULSG commissioning, full run-rate capability is likely. This positions the company well to capture margins.

Target rises to $3.20 from $2.00. Rating upgraded to Outperform from Neutral.

Target price is $3.20 Current Price is $1.98 Difference: $1.225
If VEA meets the Macquarie target it will return approximately 62% (excluding dividends, fees and charges).

Current consensus price target is $2.80, suggesting upside of 40.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates WDS as Hold (3) -

Ord Minnett now expects the east coast gas supply to remain adequate until 2032, vs market expectations of a 2028 shortfall. This implies current wholesale prices of $9-13/GJ need not rise to incentivise new supply.

As a result, the broker cut the uncontracted LNG price forecast to $10/GJ from $15 for Wallumbilla gas, to $11/GJ from $12 for NSW, and to $13/GJ (from $15) for Victoria.

Target for Woodside Energy unchanged at $25. Hold retained, with the broker noting long-term outlook remains attractive, but the long wait for FCF to translate to higher dividend yield tempers its view.

Target price is $25.00 Current Price is $26.12 Difference: minus $1.12 (current price is over target).
If WDS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $25.80, suggesting upside of 1.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

Morgans rates WJL as Hold (3) -

Morgans observes a materially weaker-than-expected 1H26 for Webjet, with bookings down -8%, revenue -1% lower and earnings (EBITDA) falling -9% to $14.4m as reinvestment weighed on margins.

The broker notes Webjet Group is now effectively “in play” following Helloworld’s ((HLO)) $0.90 indicative offer.

First half operating cash flow (OCF) disappointed the broker, though net cash remains strong at $111.9m and a 2c dividend was declared.

FY26 earnings guidance is cut to $30-32m (down -9-14% on FY25) as soft domestic leisure demand persists, explain the analysts, while Locomote will lift revenue but trim earnings.

Morgans cuts forecasts and maintains a Hold rating with a $0.90 target.

Target price is $0.90 Current Price is $0.89 Difference: $0.01
If WJL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

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 WOR as Outperform (1) -

At the AGM, Worley guided to a more pronounced 1H:2H earnings skew due to one-off restructuring costs and minor project cancellations (Shell Rotterdam), Macquarie observes. The company re-affirmed its outlook for modest FY26 growth.

The broker is now modelling a 40:60 NPATA split vs 43:57 prior, with material above-line restructuring costs in 1H. Cost-out benefits are expected to flow in 2H26 and more fully in FY27.

Adjusting for about $25m post-tax restructuring, the broker reckons the underlying skew would be 43:57, with Venture Global's CP2 project expected to ramp in 2H as it enters construction.

The company will detail its 3-5 growth strategy at Investor Day in May 2026.

FY26 EPS forecast trimmed by -2% on higher restructuring costs in 1H. Outperform with a lower target of $15.75 from $16.00.

Target price is $15.75 Current Price is $13.22 Difference: $2.53
If WOR meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $17.76, suggesting upside of 35.7% (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