Australian Broker Call

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

Aroa Biosurgery delivered a first half result that was below forecasts amid a lower contribution from Tela Bio and Enform.

Morgans notes FY26 guidance has been reiterated although revises down estimates to slightly above the midpoint of the range (EBITDA of NZ$5-8m) following the downgrade at Tela Bio.

The broker highlights the current share price weakness and upgrades to Buy from Accumulate, also noting that compared with domestic peers the business is trading at attractive levels. Target edges down to $0.79 from $0.80.

Target price is $0.79 Current Price is $0.64 Difference: $0.155
If ARX meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Morgan Stanley rates ASX as Underweight (5) -

ASX futures volumes reveal November is on track to deliver more than 15% growth for a third consecutive month and rate futures volumes are up 21% in the month to date. This is ahead of Morgan Stanley's expectations.

Strong rate futures volumes support market revenue, yet the broker is mindful the benefits to the bottom line may be constrained by volume rebates.

Morgan Stanley retains an Underweight rating and $54.05 target. Industry View: In-line. 

Target price is $54.05 Current Price is $57.91 Difference: minus $3.86 (current price is over target).
If ASX meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $62.02, suggesting upside of 7.1% (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

Morgan Stanley rates BEN as Underweight (5) -

Bendigo & Adelaide Bank engaged Deloitte to conduct an investigation into suspicious activity. Deloitte has identified deficiencies in the bank's approach to the identification, management and mitigation of money laundering and terrorism financing.

Morgan Stanley notes outcomes on the cost of an uplift program to address all deficiencies are unknown at this stage. Once a program is decided, the broker expects the bank to raise a provision or add the program cost to its annual investment expenditure.

Underweight rating and $10 target. Industry View: In-Line.

Target price is $10.00 Current Price is $10.19 Difference: minus $0.19 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.10, suggesting upside of 8.8% (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

UBS rates DRR as Neutral (3) -

UBS has factored in non-core divestments by Deterra Royalties and the 3Q portfolio update, noting the portfolio moves align with strategy. The sales delivered a 28% pre-tax return, but the price achieved (about $86m) was below the broker's $100m valuation.

The broker notes there's still uncertainty on how proceeds will be used since there’s no urgent need to deleverage, fund growth, or alter dividends.

With the CEO departing, the broker reckons focus turns to incoming leadership for clarity on long-term direction and growth plans, given the now modest net debt.

Neutral retained. Target drops to $3.75 from $4.25 after updating for sale transaction and cost of capital.

Target price is $3.75 Current Price is $3.96 Difference: minus $0.21 (current price is over target).
If DRR meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.29, suggesting upside of 7.5% (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 FPH as Overweight (1) -

First-half revenue from Fisher & Paykel Healthcare was up 14% and ahead of Morgan Stanley's estimates. In terms of composition, hospital revenue was ahead of the broker with homecare in line.

FY26 guidance has been upgraded with the mid points of revised revenue up 0.9% and net profit up 4.8%.

The upgraded guidance, the broker assesses, reflects balanced contributions from favourable FX movements as well as better operating performance.

Overweight rating. Target is NZ$35.30. Industry view: In-Line.

Current Price is $31.83. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

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: 0.5

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

Citi rates HVN as Buy (1) -

Citi notes the robust momentum at Harvey Norman has continued, with the AGM trading update showing Australian franchisee like-for-like sales growth of 6.4% to November 20 from July 1. This aligns with the July trading update of 6.4% growth.

The analyst's forecast sits at 6.5% growth, and the consensus is 6.3% for 1H26 growth.

NZ experienced a slight rise in like-for-like sales growth, up to 8% from 7.2% in July, in local currency terms.

Citi retains its earnings estimates, Buy rating and $7.70 target price.

Target price is $7.70 Current Price is $7.39 Difference: $0.31
If HVN meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates IGL as Buy (1) -

Bell Potter views IVE Group's trading update at its AGM as a "soft" downgrade to FY26 guidance, with year-to-date revenue weaker than anticipated across both the retail and media sectors. This notably affected the group's catalogue business.

Slightly better margins have countered the weaker revenue, with FY26 underlying net profit after tax now flagged at the bottom end of the previous guidance range of $50-54m.

The analyst has downgraded their EPS forecasts by -6% for FY26 and -7% for FY27, with an upgrade in the DPS for FY27 by 11%, reflecting the 55%-65% payout ratio.

Buy rating unchanged. Target price slips to $3.10 from $3.25.

Target price is $3.10 Current Price is $2.81 Difference: $0.29
If IGL meets the Bell Potter target it will return approximately 10% (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 IPG as Buy (1) -

IPD Group offered a four month trading update and 1H26 guidance at its AGM.

Earnings (EBITDA) for 1H26 are guided up 6.1% y/y at the midpoint of $24.8-$25.3m, with Bell Potter forecast at $24.9m and consensus at $24.4m.

The group highlighted robust demand for its integrated electrical solutions across commercial, industrial, infrastructure and data centre construction markets.

The broker makes no changes to its EPS forecasts. No change to Buy rating and $5 target price.

Target price is $5.00 Current Price is $3.68 Difference: $1.32
If IPG meets the Bell Potter target it will return approximately 36% (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 IPG as Buy (1) -

Shaw and Partners describes IPD Group's trading update at the AGM as "bullish," noting the guidance for 1H26 EBITDA and EBIT were ahead of its previous forecasts.

EBITDA and EBITA guidance for 1H26 point to 6.1% y/y and 5.7% y/y growth compared with the broker's prior forecasts of 3.5% and 5.2%, respectively.

Management is seeing broad-based recovery and positive momentum across all divisions, including CMI Cables. The broker upgraded forecasts, lifting FY26 EPS forecast by 4.6% and FY27 by 4.5%.

Target rises to $5.10 from $5.00, with an unchanged Buy.

Target price is $5.10 Current Price is $3.68 Difference: $1.42
If IPG meets the Shaw and Partners target it will return approximately 39% (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 LYC as Outperform (1) -

Lynas Rare Earths has indicated that power supply disruptions in Western Australia are affecting its operations at Kalgoorlie. The exact impact has not been disclosed yet Macquarie notes the operating situation was in batch production mode prior to the power concerns.

The company is working with the WA government on power supply and also evaluating off-grid solutions. This disruption coincides with a major shutdown at the cracking and leaching facility in Malaysia where the business expects to lose approximately one month of output.

Macquarie expects the market to remain tight fundamentally amid solid demand and the supply disruptions. Outperform rating and $17 target maintained.

Target price is $17.00 Current Price is $15.02 Difference: $1.98
If LYC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $14.04, suggesting downside of -6.8% (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

Ord Minnett rates LYC as Sell (5) -

Power supply issues at the Kalgoorlie plant have meant Lynas Rare Earths has a disrupted production schedule, with its Malaysian kilns also out for maintenance. Ord Minnett revises down estimates for neodymium Pr by -500t to 1200t for the December quarter.

The broker observes the market has "largely looked past" the outage, preferring to value the stock on longer-term expectations of share price appreciation rather than near-term operating issues.

Sell maintained along with the $11 target.

Target price is $11.00 Current Price is $15.02 Difference: minus $4.02 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.04, suggesting downside of -6.8% (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 LYC as Buy (1) -

Lynas Rare Earths announced power outages at its Kalgoorlie MREC (mixed rate earth carbonate) plant worsened in November. This is expected to result in an estimated one month of lost December quarter production, with LAMP maintenance unable to offset the shortfall.

UBS notes some near-term impacts should be partly mitigated via 2H catch-up and inventory sales, but cut FY26 NdPr production by -6% to 8.5kt. This pushed the forecast for FY26 EPS down by -17%.

Target trimmed to $17.70 from $17.80. Buy retained.

Target price is $17.70 Current Price is $15.02 Difference: $2.68
If LYC meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $14.04, suggesting downside of -6.8% (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

Shaw and Partners rates MAU as Buy (1) -

Magnetic Resources' latest drilling at the North 4 deposit within the Lady Julie Gold Project (LJGP) targeted infill and depth extensions across high-grade core.

It delivered strong intercepts up to 149m at 1.24g/t Au and 33m at 2.06g/t Au. Shaw and Partners notes several assays are still pending, including holes hitting geology consistent with other high-grade cores, signalling further upside.

New mineralisation sits below the current pit and outside the resource, supporting potential resource growth and a larger underground mine, the broker highlights.

The project is “shovel-ready” with mining leases and key licences granted, moving toward financing. Buy, High Risk retained with unchanged $3.98 target.

Target price is $3.98 Current Price is $1.29 Difference: $2.69
If MAU meets the Shaw and Partners target it will return approximately 209% (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 MLX as Buy (1) -

Ord Minnett highlights an interview with Metals X's executive director, Brett Smith, considering it valuable insight into the company's plans. He indicated the company would like to grow its tin exports from 5000tpa at present to 20-22,000tpa.

The broker considers this a challenging target but potentially viable, along with substantial debt. The company could control that quantity of tin-in-concentrate by 2029-30 if it succeeds in buying 40% of Greentech and fully funds its combined 66% of the $500m Rentails project.

Ord Minnett retains a Buy rating and $1.05 target.

Target price is $1.05 Current Price is $0.83 Difference: $0.22
If MLX meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates MTS as Buy (1) -

Ahead of Metcash's 1H26 results on December 1, UBS notes its expectations are broadly in line with the market. The broker expects sales of $9.69bn, underlying EBIT of $253.7m, net profit of $136.1m and EPS of 12.3c.

Buy maintained on resilient Food & Liquor earnings and upside in Hardware as the cycle turns. Target unchanged at $4.35.

Target price is $4.35 Current Price is $3.83 Difference: $0.52
If MTS meets the UBS target it will return approximately 14% (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

Citi rates PME as Buy (1) -

Citi revised 2H26 sales forecast for Pro Medicus after factoring in new contract wins and the company update.

This led to single-digit upgrades to near-term forecasts. No change to Buy rating and $350 target.

Target price is $350.00 Current Price is $260.09 Difference: $89.91
If PME meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $322.77, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates RHC as Neutral (3) -

Citi notes Ramsay Health Care's trading update was upbeat, with 1Q revenue and EBIT growth slightly ahead of consensus.

The broker is cautious on extrapolating early strength and doesn't expect a full return to pre-covid margins, though still upgraded FY26 EBIT margin to 9.3% from 8.8%.

The broker notes a decision on Ramsay Sante (continental Europe) is due before February and reckons a sale appears unlikely. An in-specie distribution or partial retained stake may be pursued, likely needing shareholder approval but not seen as a major hurdle.

FY26 EPS forecast lifted by 6.2% but FY27 trimmed by -2.6%. Target rises to $36 from $33, with Neutral maintained.

Target price is $36.00 Current Price is $35.95 Difference: $0.05
If RHC meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $35.63, suggesting downside of -4.7% (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 RHC as Upgrade to Equal-weight from Underweight (3) -

First quarter revenue and earnings growth from Ramsay Health Care was robust and ahead of forecasts and Morgan Stanley upgrades to Equal-weight from Underweight, raising the target to $34.80 from $31.30.

The upgrade is also underpinned by a potential resolution in relation to the holding in Ramsay Sante. The company has finalised the strategic review of options relating to its 52.8% holding in the French health business with an update expected by February.

Based on a more favourable financial profile of the group and simplified business scope, the broker has highlighted the potential for a re-rating through an in-specie distribution of the holding in Ramsay Sante. Industry view is In-Line.

Target price is $34.80 Current Price is $35.95 Difference: minus $1.15 (current price is over target).
If RHC meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.63, suggesting downside of -4.7% (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

Ord Minnett rates RHC as Hold (3) -

Ramsay Health Care delivered a September quarter update that indicated revenue and operating earnings were ahead of the run rate the market expected for the first half of FY26.

Ord Minnett notes there was not sufficient commentary to gauge how well the NHS business in the UK was tracking while a recent update from Sante showed conditions had not worsened materially.

The company has indicated its strategic review of Sante was complete but would not reveal the options until the first half results in February.

Ord Minnett raises estimates for EPS by 1.1% for FY26 and 3.2% for FY27, with the target increasing to $34.75 from $32.80. Hold maintained.

Target price is $34.75 Current Price is $35.95 Difference: minus $1.2 (current price is over target).
If RHC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.63, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates SLC as Outperform (1) -

Macquarie trimmed Superloop's FY26 and FY27 EPS forecasts by -4% and FY28 by -3% after tempering its user growth assumptions for the Consumer segment.

The broker recognises this cohort is less weighted to premium price points and therefore less exposed to that part of the market.

Outperform. Target cut to $3.30 from $3.55.

Target price is $3.30 Current Price is $2.65 Difference: $0.65
If SLC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $3.50, suggesting upside of 31.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Shaw and Partners rates SRG as Buy (1) -

SRG Global announced $650m of new contract wins across A&NZ, taking FY25-26 total to over $3.0bn, including Total Ams (TAMS)  acquisition. The contracts are with blue-chip clients across multiple sectors.

The company maintained FY26 guidance for over $163m EBITDA and over $125m EBITA, including 8 months of TAMS contribution.

Shaw and Partners lifted FY27 EBITDA forecast by 1.8% and FY28 by 4.6%. Target rises to $3.15 from $2.75 on forecast upgrades and valuation roll-forward.

Buy, High Risk maintained.

Target price is $3.15 Current Price is $2.84 Difference: $0.31
If SRG meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.08, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates TPW as Buy (1) -

Citi's first reaction to Temple & Webster's trading update at the AGM is a slight surprise at the rate of slowing in revenue growth, given expansion and recent updates from competitors.

Year-to-date revenue growth slowed to 18% vs 1H26 consensus of 23% y/y, and implies only 14% growth over the last 14 weeks, the broker highlights.

Black Friday timing may be weighing on sales, in the broker's view, but remains worried about marketing team departures. FY26 EBIT margin guidance stays at 3-5% (consensus 4.3%), though the broker is more cautious as comps get tougher through 1H26.

Buy. Target price $34.32.

Target price is $34.32 Current Price is $20.44 Difference: $13.88
If TPW meets the Citi target it will return approximately 68% (excluding dividends, fees and charges).

Current consensus price target is $27.22, suggesting upside of 96.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates VAU as Outperform (1) -

Vault Minerals has settled all gold forward sales contracts for the second half of FY26, fully funded from existing cash reserves and eliminating all gold hedging for that period.

Macquarie assesses this should accelerate the transition to a mostly unhedged production profile within six months.

This has limited impact on valuation and cash flow metrics for FY26, the broker points out, but will bring forward exposure to spot prices by six months. Outperform rating and $6.50 target unchanged.

Target price is $6.50 Current Price is $0.78 Difference: $5.725
If VAU meets the Macquarie target it will return approximately 739% (excluding dividends, fees and charges).

Current consensus price target is $2.78, suggesting upside of 268.7% (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

Citi rates WEB as Buy, High Risk (1) -

After a further review of Web Travel's 1H26 results, Citi lifted the FY26 EBIT forecast by 1% and FY27 by 5%.

Buy, High Risk. Target rises to $5.60 from $5.50.

Early commentary follows:

In an early take, Citi expects Web Travel's 1H26 results to be positively received following margin improvement and solid TTV (total transaction value) growth in a volatile macro backdrop.

1H26 EBITDA of $82m beat the consensus by 5% and revenue margin of 6.5% came ahead of the consensus of 6.3%. TTV was 21% higher at $3.17bn, which was pre-reported.

FY26 EBITDA guidance of $147-155m is in line with consensus at the midpoint, and seasonally stronger 2H margins suggest to the broker the full-year revenue margin may meet or exceed the 6.5% target.

Target price is $5.60 Current Price is $4.37 Difference: $1.23
If WEB meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates WEB as Outperform (1) -

Web Travel produced first half earnings that were in line with Macquarie's estimates. The broker highlights the strong balance sheet, with liquidity that provides flexibility as convertibles mature in April 2026, and more capital management is expected post this date.

There is increased confidence in hitting FY27 targets, the broker adds, amid strong demand and industry trends. Target reduced to $6.85 from $6.98 and the Outperform rating is retained.

Target price is $6.85 Current Price is $4.37 Difference: $2.48
If WEB meets the Macquarie target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates WEB as Upgrade to Equal-weight from Underweight (3) -

Web Travel delivered 1H26 results that were largely pre-announced, and Morgan Stanley considers it generally better vs modest market expectations. FY26 guidance appears "very achievable", given the historical seasonality of higher take rates in the 2H.

The broker lowers EBITDA estimates by -3% for FY26 and lifts FY27-28 by 4% and points out a broader trend of lower take rates amongst peers has persisted. This trend is meaningfully impacting the company's earnings power.

There is also the prospect of significant consensus earnings downside if the Australian dollar appreciates.

The risk-reward is now more balanced, and Morgan Stanley upgrades to Equal-weight from Underweight. Target raised to $4.40 from $4.00. Industry View: In-Line.

Target price is $4.40 Current Price is $4.37 Difference: $0.03
If WEB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Web Travel posted strong growth in the top line in 1H26, although this did not translate into strong net profit growth, Morgans observes. Cash flow was better than expected, and the broker was pleased that top-line growth had actually accelerated.

FY26 guidance is a little stronger than expected, and the broker upgrades EBITDA estimates for FY26 and FY27 by 3.4%.

The outlook comments for FY27 were also considered upbeat, and the rating is upgraded to Accumulate from Hold. Target is raised to $5.20 from $4.88.

Target price is $5.20 Current Price is $4.37 Difference: $0.83
If WEB meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

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 WEB as Buy (1) -

Web Travel delivered 1H26 results that revealed it continues to win material market share despite the macro headwinds, providing FY26 EBITDA guidance of $147-155m.

Ord Minnett acknowledges the business is not "immune" to the macro headwinds but believes transaction growth is primarily driven by execution. An ability to grow total transaction value above the market growth rate also underpins its positive investment view.

Buy rating retained. Target is reduced to $7.00 from $7.53.

Target price is $7.00 Current Price is $4.37 Difference: $2.63
If WEB meets the Ord Minnett target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates WEB as Buy (1) -

Web Travel's 1H26 result largely met expectations, Shaw and Partners observes, with solid execution driving 22% y/y TTV (total transaction value) growth. Revenue rose 20% and EBITDA was up 21% despite a tough travel market.

The highlight was TTV margin which came in above guidance at 6.5%. 

Ongoing bedbank consolidation and tech advantages for major players support a potential re-rate from 8.2× NTM EBITDA toward low-teens multiples, the broker believes. At the same time, the broker sees Google’s AI travel push as a medium-term risk.

FY26-28 revenue forecasts lifted by around 3% and TTV margin estimates expanded by 10bps. Buy, Medium Risk retained, with a higher target of $6.50 from $6.40.

Target price is $6.50 Current Price is $4.37 Difference: $2.13
If WEB meets the Shaw and Partners target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates WEB as Buy (1) -

The highlight of Web Travel's 1H26 results for UBS was the 6.5% margin, which beat the guidance of 6.2-6.4% and the consensus of 6.3%. TTV (total transaction value) growth of 22% was also solid, given global travel headwinds.

The broker sees potential for a 6.6% margin in FY26, and if it is also accompanied by 22% TTV growth, the company could meet the upper end of the $148-155m EBITDA guidance.

The broker's scenario analysis shows adding $1bn TTV annually while holding margins could drive FY27 EBITDA to $205m, well ahead of consensus.

With continued market outperformance and margin durability, the broker believes Web is due for a re-rating even on conservative long-term assumptions. Target rises to $6.15 from $5.75, and Buy retained.

Target price is $6.15 Current Price is $4.37 Difference: $1.78
If WEB meets the UBS target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting upside of 32.1% (ex-dividends)

The company's fiscal year ends in March.

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