Australian Broker Call

Citi rates ABG as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Abacus Group for FY25 is 1.6% ahead of consensus. Buy. Target unchanged at $1.35.

Target price is $1.35 Current Price is $1.17 Difference: $0.18
If ABG meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 7.8% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates AIS as Buy (1) -

Aeris Resources announced June quarter update with 6.2kt of copper from Tritton produced and all-in-sustaining costs of $4.22/lb, both lower than Bell Potter's forecasts.

Cracow produced 11koz of gold with costs of $3075/oz, which were above the analyst's estimate of $2731/oz. Mt Colin has stopped production and the miner is considering sale options.

FY25 copper equivalent production came in at 42.1kt compared to guidance between 40-48kt and met cost guidance, Bell Potter highlights.

Commentary concludes it was overall a robust performance due to Tritton with good leverage to the copper price and increasing production at Tritton.

The analyst views Aeris Resources as vulnerable to a takeover and as a potential target. Bell Potter retains a Buy rating and a 35c price target.

Target price is $0.35 Current Price is $0.21 Difference: $0.14
If AIS meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $0.29, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates AL3 as Speculative Buy (1) -

Bell Potter explains AML3D reported better than anticipated June quarter negative operating cash flow of -$2.9m against an estimate of -$4.5m, with FY25 customer receipts up 77% on a year earlier to $2.9m.

At fiscal year end, cash on hand stood at $30.3m and the company looks well funded for its growth aims.

Over the quarter, the US manufacturing and technology centre was opened in Ohio, with the commissioning of the Arcemy System at Austal and entry into the UK defence sector with an alloy test contract.

Commentary suggests the acceleration in US defence contract wins anticipated in 2H2025 was the highlight from AML3D's update.

Bell Potter retains a Speculative Buy rating. Target rises to 40c from 35c. No change to the broker's earnings estimates.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If AL3 meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates AL3 as Buy (1) -

AML3D ended the June quarter with $30.4m cash and no debt, with customer receipts of $2.9m and quarterly cash burn narrowing to –$0.46m, highlights Shaw and Partners.

FY25 investments totalled -$1.1m in R&D and -$2.1m in capex focused on Arcemy upgrades and its Ohio facility, explains the analyst. 

The broker notes the US Navy issued a non-binding Letter of Intent designating Arcemy printers pivotal to a $150–200m modernisation program, elevating AML3D’s profile in defence manufacturing.

Commercial wins included a first US energy contract and alloy qualification work with BAE Systems in the UK, while Austal USA ((ASB)) activated the largest Arcemy system. 

Shaw maintains a Buy rating and $0.40 target price.

Target price is $0.40 Current Price is $0.28 Difference: $0.12
If AL3 meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates ALC as Downgrade to Hold from Buy (3) -

Bell Potter downgrades Alcidion Group to Hold from Buy as the current share price reflects the strong execution in FY25 and the outlook, the analyst explains.

The group announced a robust June quarter update with record results for both cash received and net operating cash flow.

FY25 operating cash flow came in at $5.8m, which was a $12.9m improvement on FY24, the broker states. With cash of $17.7m, the balance sheet is stronger.

Bell Potter raises earnings (EBITDA) estimates for FY25–FY26, with the FY25 forecast of $4.7m now in line with guidance.

Target price is lifted to 13c from 11c.

Target price is $0.13 Current Price is $0.13 Difference: $0
If ALC meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates ARB as Overweight (1) -

Morgan Stanley sees ARB Corp's upcoming August result as a key catalyst, with tariff uncertainty on steel and aluminium creating a wide range of outcomes and potential stock volatility.

Despite this, the broker views any weakness as a tactical buying opportunity, given ARB’s intact long-term global growth story and discounted valuation versus its five-year average.

The analysts expect the market to look beyond transitional impacts in FY26 and shift focus to FY27 earnings.

They believe ARB’s outlook is supported by its US expansion through 4WP/ORW, growing OEM partnerships, e-commerce initiatives, and continued momentum across both international and domestic markets.

The broker's FY26 and FY27 EPS forecasts are cut by -8% and -7%, respectively, mainly on lower gross margin assumptions due to tariffs and FX, and tempered export growth.

Morgan Stanley retains an Overweight rating and the target price falls to $40 from $46. Industry view: In-Line. 

Target price is $40.00 Current Price is $34.93 Difference: $5.07
If ARB meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $37.69, suggesting upside of 8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates ASK as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Abacus Storage King for FY25 is -1.0% below consensus.

Buy. Target unchanged at $1.73.

Target price is $1.73 Current Price is $1.56 Difference: $0.17
If ASK meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates BAP as Neutral (3) -

Citi observes the turnaround in Bapcor's financial metrics is taking much longer than anticipated, with rising concerns over the company's accounting and audit practices which management disclosed date back to 2021 and were formerly identified and dealt with.

The analyst does not like the lack of explanation for the resignation of three directors, which makes the near-term outlook even more uncertain.

Citi asks: when will Bapcor achieve earnings before interest and tax of $205m, last seen at the peak in FY22?

The broker lowers the FY25 net profit after tax forecast by -17%, -25% for FY26, and -27% for FY27 due to a more subdued outlook for sales across all segments.

Target price falls -28% to $3.90. Neutral rating maintained.

Target price is $3.90 Current Price is $3.66 Difference: $0.24
If BAP meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 3.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates BAP as Downgrade to Neutral from Outperform (3) -

Macquarie reports FY25 adjusted profit guidance of $81–82m by management at Bapcor is -15% below consensus and the broker's own estimates, and places 2H earnings around -30% below expectations.

The analyst notes revenue declined across all segments except Trade, which grew 1.4% year-on-year, although trading conditions softened in May and June.

Retail remains challenged, assesses Macquarie, with FY25 revenue down -3.5%, as Bapcor flagged lower discretionary spending, heightened competition, and promotional strategy changes.

Specialist Wholesale fell -3.1%, impacted by consolidation activity and ERP integration, explains the broker. Cost savings hit the top end of the -$20–30m target, but offsetting strategic investments are expected.

Macquarie lowers its target price to $3.80 from $5.85 and downgrades to Neutral from Outperform.

Target price is $3.80 Current Price is $3.66 Difference: $0.14
If BAP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates BAP as No Rating (-1) -

Bapcor’s downgraded FY25 pro forma profit guidance of $81–82m came in well below consensus of $95.8m, notes Morgan Stanley.

Reported profit is expected to fall further to $31–34m, impacted by -$43.3–45.3m in impairments, with around 78% being non-cash, explain the analysts.

Sales underperformed across all divisions, assesses the broker, with Trade growing just 1.4% year-on-year versus consensus at 3.3%, while other segments declined -3–4%.

The company will also restate FY24 comparatives, reducing retained earnings by -$24m due to historical overstatements.

Three non-executive directors, including former interim CEO Mark Bernard, have resigned, underscoring governance and operational concerns, suggests the broker, as the company undergoes a further reset.

Morgan Stanley is unable to provide a rating and target at present as it is acting as a financial advisor to Bain Capital's proposed acquisition of the company. Industry view is In-Line.

Current Price is $3.66. Target price not assessed.

Current consensus price target is $3.85, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates BAP as Downgrade to Hold from Accumulate (3) -

Morgans notes Bapcor has delivered a disappointing FY25 update with profit of between $81–82m, down -14% year-on-year and implying a -21% decline in second-half earnings.

All divisions recorded sales declines in 2H25, with particularly weak trading in May–June, highlights the broker. 

Management also flagged -$48–50m in significant items and a -$24m overstatement in past profits, alongside the immediate resignation of three Board members.

The analysts see few positives, noting Specialist Wholesale disruptions were deeper than expected, Trade momentum slowed, and Retail and NZ conditions remain weak.

Execution risk remains high, suggests the broker, given the group’s size and complexity, and recent deterioration has reduced near-term earnings confidence.

Morgans' forecasts for EPS across FY25–27 have been cut by -18.1% to -32.5%. The rating is downgraded to Hold from Accumulate and the target price reduced to $3.70 from $5.95.

Target price is $3.70 Current Price is $3.66 Difference: $0.04
If BAP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates BAP as Hold (3) -

Bapcor's trading update downgraded FY25 earnings guidance with underlying net profit after tax to $81m–$82m compared to Ord Minnett's estimate of $98.2m and consensus at $95.8m.

Management flagged FY25 revenue of $1,944m, below the analyst's estimate by -4.7% with 2H25 trading below expectations, particularly for May and June which are the largest two months for Trade.

There was also a sizeable disruption to Specialist Wholesale on consolidation of activities, and the retail segment also remains challenged on lower consumer spending.

Cost savings of -$20m to -$30m are at the upper end of the range. Ord Minnett cuts earnings estimates by -14% to -16% for FY25–FY27.

Hold rating remains. Target falls to $4 from $5.30.

Target price is $4.00 Current Price is $3.66 Difference: $0.34
If BAP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.85, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates BRG as Neutral (3) -

Breville Group launched its highest-priced espresso machine in Australia. Citi believes the company is attempting to elevate the brand by offering customers a choice between manual and automatic functionality.

The broker sees the high price point as a key risk, though it also notes the previous product, Oracle Jet's 1H25 sales exceeded expectations.

The broker recently lowered its FY26 EBIT forecast and sees FY26 guidance as key focus at the August 20 results.

Neutral. Target unchanged at $32.10.

Target price is $32.10 Current Price is $31.26 Difference: $0.84
If BRG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $35.01, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates BWP as Neutral (3) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's FY25 EPS forecast is 0.5% higher than consensus. Neutral. Target unchanged at $3.40.

Target price is $3.40 Current Price is $3.51 Difference: minus $0.11 (current price is over target).
If BWP meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.82, suggesting upside of 9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates CEN as Resume coverage with Outperform (1) -

Macquarie resumes coverage of Contact Energy post the completion of the Manawa Energy acquisition with a NZ$11.53 target price, up from NZ$11.20 (last published), and an Outperform rating.

The analyst does not believe the transaction was competitive, as there are foreign investment policy hurdles regarding Manawa's hydropower generation assets. 

Management has guided to a rise in dividend per share of NZ$0.01 in FY26 and between NZ$0.02–$0.03 in FY27, with indications the Board will permit the payout to come in above the target range, even though the Manawa earnings contribution is not expected to fully normalise until FY28.

Macquarie forecasts a decline in EPS estimates of -4% for FY25 and -7% for FY26 after incorporating Manawa.

Current Price is $8.24. Target price not assessed.

The company's fiscal year ends in June.

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 CHC as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects Charter Hall to be favoured by investors looking to expand their REIT exposure due to an improving macro backdrop. EPS forecast for FY25 is -0.4% below the consensus.

Buy. Target unchanged at $22.50.

Target price is $22.50 Current Price is $19.63 Difference: $2.87
If CHC meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $19.96, suggesting upside of 2.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates CLW as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker notes Charter Hall Long WALE REIT's FY26 consensus earnings forecasts have seen meaningful upgrades. EPS forecast for FY25 is 0.4% ahead of the consensus.

Buy. Target unchanged at $4.40.

Target price is $4.40 Current Price is $4.07 Difference: $0.33
If CLW meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.20, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates CQR as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker notes FY25 earnings revisions have been mostly positive for retail names like Charter Hall Retail REIT as demand outstrips supply and on real rental growth.

Buy. Target unchanged at $4.20.

Target price is $4.20 Current Price is $3.80 Difference: $0.4
If CQR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.89, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates CRN as Speculative Hold (3) -

Coronado Global Resources announced saleable coal production of 3.7mt versus Bell Potter's estimate of 4.1mt, with sales lower than expected at 3.7mt.

Mining costs of US$92/t compared to the analyst's forecast of US$101/t, down -US$51m on an absolute basis due to an inventory gain which assisted.

With realised met coal pricing of US$148/t, the analyst estimates group earnings (EBITDA) of -$2m, much lower than the expected -US$42m.

Cash at quarter end stood at US$262m with net debt of US$238m. Management retained 2025 earnings guidance. Bell Potter lifts EPS estimates by 9% for 2025 and 1% for 2026.

No change to Speculative Hold rating while acknowledging the risks to the miner's balance sheet with ongoing weak coal markets. Target lifts to 19c from 17c.

Target price is $0.19 Current Price is $0.20 Difference: minus $0.01 (current price is over target).
If CRN meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.17, suggesting downside of -33.6% (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: 0.0

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

Shaw and Partners rates CXL as Buy, High Risk (1) -

Calix has secured a $44.9m grant from the Australian Renewable Energy Agency (ARENA) to develop a Green Iron Demonstration Plant based on its ZESTY (Zero Emissions Steel Technology) process.

This process uses electric heating and hydrogen to produce green iron.

The grant accounts for nearly 40% of Calix’s market cap and is contingent on matched funding, expected to come from a currently unnamed partner, observes Shaw and Partners. Speculation has suggested Fortescue ((FMG)) could be involved.

The plant will provide toll processing of iron ore to support the development of a green steel supply chain and includes an engineering study for future commercial deployment, explains the analyst.

The final investment decision (FID) is targeted for FY26, with procurement and construction to begin that year and operations to follow from 2028.

Shaw notes the project follows earlier pilot trials funded by Arena which proved the technology’s viability using low-grade Pilbara ores.

Target price unchanged at $1.70, and Buy, High Risk rating remains.

Target price is $1.70 Current Price is $0.68 Difference: $1.02
If CXL meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates DXS as Neutral (3) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker sees most downside for REITs like Dexus that had debt costs significantly below spot as of December 2024.

Neutral. Target unchanged at $7.80.

Target price is $7.80 Current Price is $6.98 Difference: $0.82
If DXS meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates DYL as Speculative Buy (1) -

Deep Yellow's June quarter update showed Ausenco's ongoing detailed engineering for the plant, with most areas somewhere between 34%-52% complete, Bell Potter highlights.

The miner has eight contracts awarded for US$30m in value and an additional four approved for award with a US$10m value. The analyst notes final negotiations are being done for mining contractors, with a targeted start date of late 2026.

The broker believes further upside to the share price beyond the U308 spot price is the de-risking of Tumas towards development and optimisation of the mine schedule, with ore reserves sufficient for 30 years of operation.

Bell Potter believes Deep Yellow could sustain mining production levels of 3.6mlbs p.a. for several years on increased capacity of 4.5mtpa to 5mtpa or higher grades from FY30 onwards.

Speculative Buy rating unchanged. Target rises to $1.85 from $1.45.

Target price is $1.85 Current Price is $1.78 Difference: $0.07
If DYL meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates FEX as Buy (1) -

Fenix Resources announced iron ore production of 753kwmt for 4Q25 against Bell Potter's forecast of 673kwmt, and record quarterly sales up 8% on the previous quarter to 760kwmt, above the analyst's estimate.

Cash costs lowered -6% on the March quarter to $72wmt for Iron Ridge and Shine at $52wmt, down -24%, boosted by the sale of lower grade inventories.

Net cash flow from operations was $24m, cash on hand at quarter end was $57m, and Bell Potter views the result as "strong".

The analyst lifts EPS estimates by 33% for FY25 and 9% for FY26. Buy unchanged. Target moves to 40c from 41c.

Target price is $0.40 Current Price is $0.31 Difference: $0.09
If FEX meets the Bell Potter target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FMG as Neutral (3) -

Following Fortescue's strong June quarter update, Citi lifted FY25 EBITDA forecast by 6% and FY26 by 3.8%.

Target price rises to $18.40 from $16.00. Neutral maintained.

The broker has a short-term downside view on the stock.

Yesterday, the broker responded as per below.

At first glance, Citi believes Fortescue delivered a strong June 2025 quarter today, shipping a record 55.2mt of iron ore for FY25 shipments of 198.4mt, up 4% year-on-year.

Hematite C1 costs were low at US$16.29/wmt in the quarter (FY25: US$17.99/wmt), supported by a favourable strip ratio of 1.3 times, explain the analysts. Net debt declined to US$1.1bn at June 30 from US$2.1bn in March, helped by a US$300m working capital release.

FY25 results will include a -US$150m pre-tax writedown on the Gladstone PEM50 project. Energy spending (including opex and capex) is expected to fall to around -US$700m in FY26 (opex + capex), down from circa -US$1.1bn in FY25.

FY26 guidance includes shipments of 195-205mt (including 10-12mt from Iron Bridge), hematite C1 costs of US$17.50–18.50/wmt, metals capex of -US$3.3-4.0bn, energy capex of circa -US$300m and opex of around -US$400m.

Citi sees the cost performance and energy spend reduction as a positive.

Target price is $18.40 Current Price is $19.00 Difference: minus $0.6 (current price is over target).
If FMG meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.51, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Macquarie rates FMG as Downgrade to Underperform from Neutral (5) -

Macquarie downgrades Fortescue to Underperform from Neutral on expectations of lower iron ore prices in 2H2025, with a lift in target price to $17 due to lower cost expectations.

The miner reported better-than-expected 4Q25 production and shipments, up 5%, with hematite costs coming in -6% lower than anticipated and net debt reduced by approximately -US$0.8bn.

Although described as a "perverse" outcome, the analyst believes the -US$150m write-down of the electrolyser factory and once-subsidised hydrogen hub is a "step forward" for Fortescue, signalling a commitment to a more conservative technology and innovation strategy.

Accounting for the June quarter update and FY26 guidance, Macquarie tweaks EPS estimates by 1% to 4% for FY25–FY26.

Target price is $17.00 Current Price is $19.00 Difference: minus $2 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.51, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Morgan Stanley rates FMG as Overweight (1) -

Fortescue's FY25 net debt of US$1.1bn beat Morgan Stanley and consensus forecasts of US$1bn and US$0.9bn, respectively. FY26 guidance was positive on production and costs, with capex broadly in line.

FY25 hematite production of 52.4mt was 5.5% above the consensus forecast, and shipments of 52.8mt exceeded by 5.6, observe the analysts. C1 costs of US$16.3/wmt also beat consensus by 8.4%, helped by a favourable strip ratio, explains the broker.

Iron Bridge shipments of 2.4mt were well ahead, of the broker's forecast, while mined ore lagged by -47%. Fortescue exited two hydrogen projects, incurring a -US$150m write-down.

FY26 shipment guidance of 200mt missed Morgan Stanley's expectation by -1%, with unit cost guidance -5% lower than consensus. Capex of -US$3.95bn is US$550m above the broker's forecast, mainly on higher decarbonisation spend.

Overweight. Target $18.60. Industry View: Attractive.

Target price is $18.60 Current Price is $19.00 Difference: minus $0.4 (current price is over target).
If FMG 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 $17.51, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.1

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

Ord Minnett rates FMG as Buy (1) -

Ord Minnett describes Fortescue's June quarter report as "impressive" with the miner solidly exceeding expectations across all metrics, including production, costs and net debt.

Fortescue achieved records for No.3 iron ore for shipments and production for both the quarter and full year.

Guidance for FY26 was in line with market estimates for shipments and cost guidance was lower than consensus. A strip ratio of 1.7 times was guided in the short to medium term versus 2 times previously.

Ord Minnett believes the FY26 outlook was positive, with management flagging Beijing is expected to place curbs on Chinese steelmakers but nothing has happened to date.

Buy. Target unchanged at $20.

Target price is $20.00 Current Price is $19.00 Difference: $1
If FMG meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $17.51, suggesting downside of -4.6% (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 GMG as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects upside surprise from Goodman Group and sees growth expectations driven by data centre pipeline and funding. EPS forecast for FY25 is 1.1% ahead of consensus.

Buy. Target unchanged at $40.

The broker has a 90-day upside catalyst watch expiring October 1.

Target price is $40.00 Current Price is $34.97 Difference: $5.03
If GMG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $37.24, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates GNC as Upgrade to Buy from Hold (1) -

Bell Potter upgrades GrainCorp to Buy from Hold with a higher target price of $8.45 from $7.85 due to the outlook for east coast yields improving recently.

In addition, canola crush margins have risen, while the weaker share price offers an opportunity ahead of September Abare crop report, commentary suggests.

Near-term rainfall forecasts have improved for the east coast post the June Abare crop report, while CSIRO Wheatcast modeling suggests a 71% chance of east coast crops exceeding median yields, with a 29% chance of coming in above the long-term average.

Spot crush margins are now aligned with a year ago after a weaker patch earlier in 2025, the broker suggests.

There is no change to EPS estimates.

Target price is $8.45 Current Price is $7.57 Difference: $0.88
If GNC meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.67, suggesting upside of 14.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates GOZ as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Growthpoint Properties Australia for FY25 is -0.7% below consensus.

Buy. Target unchanged at $2.60.

Target price is $2.60 Current Price is $2.38 Difference: $0.22
If GOZ meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.47, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates GPT as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects GPT Group's results to continue to set a foundation for medium-term growth.

Buy. Target unchanged at $5.

Target price is $5.00 Current Price is $5.02 Difference: minus $0.02 (current price is over target).
If GPT 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 $5.32, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

Morgan Stanley highlights its June insurance premiums survey showed a slowing in new home and motor premiums, with home up 1% y/y and motor down -1.5% y/y.

Among insurers, Insurance Australia Group increased premiums the most in motor insurance but reduced the most in home.

The broker expects the company to deliver solid FY25 results with 4% gross written premium growth vs 4.0-4.5% guidance, and ITR margin of 17.3%, at the top end of the 15.5-17.5% guidance.

Equal-weight. Target unchanged at $8.35. Industry View: In-Line.

Target price is $8.35 Current Price is $8.54 Difference: minus $0.19 (current price is over target).
If IAG 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 $9.01, suggesting upside of 6.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates INA as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects earnings guidance from Ingenia Communities to beat forecasts on stronger sales.

Buy. Target unchanged at $6.20.

Target price is $6.20 Current Price is $5.24 Difference: $0.96
If INA meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 12.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates KAR as Buy (1) -

Following Karoon Energy's June quarter update, Citi lowered the production outlook for Who Dat but sees volumes supported by infill and sidetrack drilling across FY25-26. FY25 production forecast cut by -1.2% and FY26 by -14.6%.

The broker now assumes final investment decision in late-2025, first production from FY28, and gross capex of US$725m. CEO succession is expected to be an overhang on the stock.

FY25 and FY26 net profit forecast cut by -9%. Buy. Target unchanged at $2.20.

Target price is $2.20 Current Price is $1.91 Difference: $0.29
If KAR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.13, suggesting upside of 12.2% (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

Macquarie rates KAR as Downgrade to Neutral from Outperform (3) -

Macquarie lowers its target for Karoon Energy to $1.80 from $2.15 and downgrades to Neutral from Outperform, citing elevated uncertainty from the CEO transition and a subdued oil price outlook.

June quarter production of 25kb/d at Bauna was solid, assesses the broker, with Floating Production, Storage and Offloading (FPSO) vessel uptime at 94.5%, tracking toward the top end of guidance.

FPSO operations will be managed in-house from 1H26, observes the analyst.

The Who Dat joint venture will pursue a final investment decision on Who Dat East in late 2025 or early 2026. The Neon project is progressing, highlights Macquarie, with front-end engineering underway and a -30–50% farm-down targeted by end-2025.

Target price is $1.80 Current Price is $1.91 Difference: minus $0.11 (current price is over target).
If KAR meets the Macquarie target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.13, suggesting upside of 12.2% (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

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

Morgan Stanley expects a muted market reaction to Karoon Energy's June quarter update, despite revealing strong production and solid operational progress.

Net revenue interest (NRI) production of 2.9MMboe was a rise of 25% quarter-on-quarter, and up 37% year-on-year, beating Morgan Stanley and consensus estimates by 2% and 3%, respectively.

NRI represents the share of production a company is entitled to after accounting for royalty payments and other similar deductions.

Revenue of US$159.7m rose 7% quarter-on-quarter but missed the broker's forecast by -10% due to timing of Bauna shipments and weaker realised prices. Capex was -US$102.9m, below forecast, with -US$93.5m attributed to the Bauna FPSO acquisition.

The company also announced a CEO transition as more leadership moves to Houston.

Target $1.80. Equal-weight. Industry View: In-Line.

Target price is $1.80 Current Price is $1.91 Difference: minus $0.11 (current price is over target).
If KAR meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.13, suggesting upside of 12.2% (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 LIC as Neutral, High Risk (3) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Lifestyle Communities for FY25 is 0.7% ahead of consensus.

Neutral, High Risk. Target unchanged at $4.50

Target price is $4.50 Current Price is $4.60 Difference: minus $0.1 (current price is over target).
If LIC meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.92, suggesting upside of 25.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates LLC as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Lendlease Group for FY25 is 6.1% ahead of consensus.

Buy. Target unchanged at $6.80.

Target price is $6.80 Current Price is $5.26 Difference: $1.54
If LLC meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

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

Morgan Stanley flags Lendlease’s FY25 result on August 18 as a potential catalyst, with the focus on whether a $500m share buyback is announced. A buyback was previously linked to progress on capital recycling and a clear path to target gearing, note the analysts.

Three scenarios are outlined by the broker: a confirmed buyback could lift the stock 5–10%, reaffirmation of buyback plans would see little reaction, while a delay or cancellation could pressure the share price by around -5%.

Morgan Stanley’s base case is no buyback, but a reiteration of intent. 

Equal-weight. Target $7.12. Industry view: In Line.

Target price is $7.12 Current Price is $5.26 Difference: $1.86
If LLC meets the Morgan Stanley target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $6.61, suggesting upside of 27.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates LYC as Sell (5) -

Citi assesses Lynas Rare Earths' June quarter update as solid, with NdPr production rising to 2.08kt and approaching the long-term capacity goal of 10.5kt/year.

Sales volumes were in line with expectations, and the average selling price of $60/kg was described as impressive relative to spot NdPr prices. However, costs were higher than expected, pushing the broker's FY25 earnings estimate down -17%.

The broker lifted FY26 earnings by 9% on slightly higher NdPr prices, partly offset by higher unit costs.

Sell. Target unchanged at $5.50.

Target price is $5.50 Current Price is $10.65 Difference: minus $5.15 (current price is over target).
If LYC meets the Citi target it will return approximately minus 48% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.29, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates LYC as Underperform (5) -

Macquarie highlights Lynas Rare Earths achieved price premiums in the June quarter, around 4% better than expected for realised prices at $60.2/kg rare earths oxide, which is estimated to have been underpinned by approximately 10% higher NdPr realised prices.

The company delivered its first batch of Dysprosium Oxide (Dy) and Terbium Oxide (Tb) production, while quarterly production of NdPr exceeded 2kt for the first time.

Macquarie continues to favour rare earths, as the market is expected to tighten over 2H2025, with the forecast NdPr price unchanged at over US$75/kg for the period and over US$90/kg forecast for 2026.

The analyst notes its production forecast changes result in a decline in EPS estimates by -38% for FY25 and -9% for FY26.

No change to Underperform rating. Target rises approximately 13% to $9.

Target price is $9.00 Current Price is $10.65 Difference: minus $1.65 (current price is over target).
If LYC meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.29, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgan Stanley rates LYC as Overweight (1) -

Lynas achieved an average rare earth oxide (REO) price of $60.2/kg (the highest since June 2022) in the June 2025 quarter, exceeding forecasts by Morgan Stanley and consensus by 7.1% and 6.7%, respectively.

The uplift reflects new supply chains and pricing agreements not tied to the market index, explains the broker.

NdPr oxide production of 2.1kt beat the consensus forecast by14.6%, observe the analysts, with total REO output of 3.2kt also exceeding forecasts.

Heavy rare earths Dy and Tb were commercially produced in Malaysia, the first such non-China output in decades, amid strong customer demand, points out Morgan Stanley.

While sales volumes were -5.7% below estimates at 2.8kt, higher pricing supported $170.2m in revenue, in line with Morgan Stanley and 9.5% ahead of consensus. 

Target $11.00. Overweight. Industry View: In-Line.

Target price is $11.00 Current Price is $10.65 Difference: $0.35
If LYC meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.29, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates LYC as Sell (5) -

Lynas Rare Earths announced better than expected NdPr production for the June quarter of 2,080t, which was well in excess of the prior quarter at 1,500t and a record. The received price at $60/kg was also the highest since July 2022 and unit costs declined, with a positive cash margin of $16/kg.

The broker notes absolute costs rose 48% on the prior quarter due to the Kalgoorlie plant, where earnings (EBITDA) came in below expectations by -35% at $30m.

Management pointed to increased magnet output from Japan, which offset China's export restrictions.

A Sell rating is retained, as the analyst does not view the $9.5bn market cap as justified given the expected earnings outlook. Target remains at $7.80.

Target price is $7.80 Current Price is $10.65 Difference: minus $2.85 (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 $8.29, suggesting downside of -22.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates MGR as Neutral (3) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker's EPS forecast for Mirvac Group for FY25 is -0.3% below consensus.

Neutral. Target unchanged at $2.3.

Target price is $2.30 Current Price is $2.22 Difference: $0.08
If MGR meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.32, suggesting upside of 5.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates MP1 as Buy (1) -

Citi sees Google Cloud's 2Q update as boding well for NextDC ((NXT)) and Megaport's outlook, as it indicated demand continues to outstrip infrastructure capacity.

Order backlog was up by a strong 38% y/y, and FY25-26 capex forecasts were upgraded. The company's revenue growth accelerated in 2Q and the Google Cloud Platform outpaced broader cloud growth.

No change to forecasts. Buy. Target unchanged at $9.

Target price is $9.00 Current Price is $14.69 Difference: minus $5.69 (current price is over target).
If MP1 meets the Citi target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $12.05, suggesting downside of -17.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates MQG as Neutral (3) -

Citi compares Macquarie Group's AGM trading update to last year, as the company guided to 1Q26 earnings being "down" y/y.

Given 1Q25 was particularly soft, the broker reckons it implies earnings will be well short of the $1bn per quarter expected by consensus. Expectations for FY26 were skewed to 2H, but after the update, the broker expects the skew to 2Q and 2H to be greater.

Overall, the broker assesses the update as soft but sees investors looking through the volatility. No change to forecasts.

Neutral. Target unchanged at $200.

Target price is $200.00 Current Price is $213.84 Difference: minus $13.84 (current price is over target).
If MQG meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $221.98, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Equal-weight (3) -

Macquarie's 1Q26 net profit contribution fell an estimated -10% year-on-year, though Morgan Stanley notes full-year divisional guidance was maintained.

Macquarie Capital (MacCap) and Banking & Financial Services performed well, with MacCap a standout surprise to the broker. An offset was provided by weaker results in Macquarie Asset Management (MAM) and Commodities and Global Markets (CGM).

CGM underperformed expectations due to reduced North American Gas & Power trading despite supportive market conditions, explain the analysts. MAM’s softer quarter was attributed to delayed investment income.

The CFO transition, with Alex Harvey stepping down, surprised some investors despite a planned handover, observe the analysts.

Consensus forecasts likely require adjustment, in the broker's view, as 1H26 expectations appear high at 20% growth versus Morgan Stanley’s 6% estimate.

The broker expects a muted share price near-term, with earnings recovery now more reliant on a strong 2H26.

Equal-weight rating. Target $216.  Industry View: In-Line.

Target price is $216.00 Current Price is $213.84 Difference: $2.16
If MQG meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $221.98, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in March.

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 MQG as Accumulate (2) -

Ord Minnett is sympathetic to the challenges facing Macquarie Group as highlighted at yesterday's AGM.

The broker announced 1Q26 earnings were lower than a year ago in asset management and commodities and global markets, which exceeded the gains in banking and financial services and Macquarie Capital. No actual financial metrics were offered and FY26 guidance was retained.

The group also received shareholder votes of more than 25% against its remuneration report, which is technically a 'first strike' in legalese. Ord Minnett believes it is a "tricky" situation for Macquarie as it balances compliance across more than 200 regulatory entities and retaining staff with lower compensation packages.

The retirement of the long-standing CFO is no surprise to the analyst and supports the view that CEO Shemara Wikramanayake is not going anywhere at this stage.

No changes were made to the broker's EPS estimates with an Accumulate rating and $245 target retained.

Target price is $245.00 Current Price is $213.84 Difference: $31.16
If MQG meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $221.98, suggesting upside of 3.9% (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

Morgan Stanley rates NEC as Overweight (1) -

Morgan Stanley identifies Nine Entertainment's FY25 result on August 27 as a key catalyst. The analysts note an investor focus on the early FY26 trading update, the structure of a flagged capital return, and the strategic direction post-Domain sale.

The broker expects the update to include September quarter advertising market guidance, with attention on cost control. A possible capital return of $700m from the around $1.4bn in Domain Holdings Australia ((DHG)) proceeds is also anticipated.

Investors are also seeking clarity on future capital allocation and M&A appetite in the “new NEC”.

Morgan Stanley sees three scenarios: a base case with expectations met, a bullish case with upside surprises in trading and return, and a downside case involving weak guidance and limited capital return.

The broker views the first scenario as most likely and maintains Nine Entertainment as a catalyst-driven idea ahead of the result.

Target $1.90. Overweight. Industry View: Attractive.

Target price is $1.90 Current Price is $1.67 Difference: $0.23
If NEC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 10.1% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates NEM as Buy (1) -

Citi notes Newmont Corp's 2Q25 update was stronger than expected with EPS of US$1.43/share exceeding its forecast of US$1.27/share, and EBITDA of US$3.0bn beating the US$2.8bn forecast.

The company is on track to meet FY25 production guidance of 5.6Moz after 1H production came in at 2.8Moz. Free cash flow was a record US$1.7bn on record gold prices and working capital benefit.

Cost of US$1,375/oz was lower than 1Q, but sustaining capex is expected to increase in 2H.

Buy. Target unchanged at $95.

Target price is $95.00 Current Price is $91.88 Difference: $3.12
If NEM meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $102.40, suggesting upside of 7.4% (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: 0.9

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

Citi rates NSR as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects upside surprise from National Storage REIT and sees a positive growth outlook driven by improving occupancy and revenue per metre.

Buy. Target unchanged at $2.70.

The broker has a 90-day upside catalyst watch on the stock expiring September 10.

Target price is $2.70 Current Price is $2.34 Difference: $0.36
If NSR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates NST as Downgrade to Neutral from Buy (3) -

After assessing Northern Star Resources' June quarter update as mixed and highlighting there was no clarity on capex/costs post-FY26, Citi added $165m to its FY27-28 capex forecast.

The broker also cut EBITDA forecast for FY26 by -3% and for FY27 by -7%. The company is expected to draw $750m debt in 1H27 from its $1.5bn facility to partially fund the Hemi development project. 

Rating downgraded to Neutral from Buy. Target price trimmed to $18 from $21.

Target price is $18.00 Current Price is $16.27 Difference: $1.73
If NST meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates NST as Outperform (1) -

Northern Star’s June quarter production of 446koz and sales of 444koz were in line with Macquarie and consensus expectations. FY26 guidance was re-confirmed.

All-in sustaining costs (AISC) of $2,197/oz were broadly as expected, while net debt was marginally softer due to lower-than-expected cash acquired from the De Grey Mining transaction, explains the analyst.

Macquarie raises its longer-term AISC forecast by 4% and rotates costs to capex from opex, resulting in forecast EPS cuts of -7% in FY26 and 2-8% upgrades from FY27-30.

The broker cuts its target price to $25.00 from $27.00 and retains an Outperform rating.

Target price is $25.00 Current Price is $16.27 Difference: $8.73
If NST meets the Macquarie target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates NXT as Buy (1) -

Citi sees Google Cloud's 2Q update as boding well for NextDC and Megaport's ((MP1)) outlook as it indicated demand continues to outstrip infrastructure capacity.

Order backlog was up by a strong 38% y/y, and FY25-26 capex forecasts were upgraded. The company's revenue growth accelerated in 2Q and the Google Cloud Platform outpaced broader cloud growth.

No change to forecasts. Buy. Target unchanged at $18.35.

Target price is $18.35 Current Price is $14.30 Difference: $4.05
If NXT meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $19.66, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NXT as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

Buy retained for NextDC. Target unchanged at $18.35.

Target price is $18.35 Current Price is $14.30 Difference: $4.05
If NXT meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $19.66, suggesting upside of 36.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates QOR as Downgrade to Hold High Risk from Buy High Risk (3) -

Shaw and Partners lowers its rating on Qoria to Downgrade to Hold High Risk from Buy High Risk following the company’s June quarter update, which included FY25 results and initial FY26 guidance. The 52c target is unchanged.

The broker questions the achievability of the company’s goal to reach free cash flow breakeven in FY26, pointing to a narrow $15m cash balance and FY25 cash burn of around -$18m including interest.

FY25 ended with annual recurring revenue (ARR) of $145m, revenue of $117m, and operating earnings of $15.4m, though reported cash earnings were negative -$14.7m, highlights the broker.

FY26 guidance implies to the analyst 20% revenue growth, a 22% EBITDA margin and flat net debt, which the broker finds difficult to reconcile with expected cash costs and interest burden.

Shaw believes FY27 should be an improvement as Qoria completes its product consolidation and gains flexibility to reduce debt and reinvest in growth.

Target price is $0.52 Current Price is $0.54 Difference: minus $0.02 (current price is over target).
If QOR meets the Shaw and Partners target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates REG as Buy (1) -

Regis Healthcare announced the acquisition of Rockpool Residential Aged Care, which brings forth four facilities and 600 beds across SE Qld for a net price of -$135m and an additional circa $40m of RAD inflows as the Oxley facility ramps up, according to Ord Minnett.

The net price per bed is $158k and equates to a valuation of 6.8 times EV/EBITDA, the analyst highlights, which is viewed as a "quality" deal for Regis.

Post-transaction net cash will be around $60m, and there is a forecast boost to earnings estimates by Ord Minnett of 8% for FY27 on a rise in beds of 8%.

Maintain Buy rating. Target lifts to $8.60 from $8.25

Target price is $8.60 Current Price is $7.71 Difference: $0.89
If REG meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates SCG as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects upside surprise from Scentre Group, with sales growth expected to be stronger than consensus. 

Buy. Target unchanged at $3.90.

Target price is $3.90 Current Price is $3.71 Difference: $0.19
If SCG meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.79, suggesting upside of 2.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates SEK as Buy (1) -

Citi notes the June employment report from Seek showed a slowing in the rate of decline in new job ads.

New job ads for 2H25 in Australia were down -7% y/y, and -14% y/y lower in New Zealand based on data until May. Overall, the broker expects 2H25 Australia/NZ volume to be in line with its -8% y/y forecast.

Forward-looking indicators are seen as mixed, with rising consumer and business confidence a positive, but some delay in rate cuts and a rise in unemployment expectations a negative.

The broker sees FY26 revenue expectation for Australia/NZ as optimistic, with its forecast sitting -2% below consensus. 

Buy. Target unchanged at $28.50.

Target price is $28.50 Current Price is $24.19 Difference: $4.31
If SEK meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $28.31, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates SGP as Buy (1) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some companies to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker expects Stockland to be favoured by investors looking to expand sector exposure amid improving macro backdrop.

Buy. Target unchanged at $6.

Target price is $6.00 Current Price is $5.42 Difference: $0.58
If SGP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.78, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Shaw and Partners rates SMI as Buy, High Risk (1) -

Santana Minerals has released its June quarter activities report, headlined by an updated pre feasibility study (PFS), further resource extension success, and the acquisition of key land, highlights Shaw and Partners.

The revised PFS outlines a scaled-back 1.2mtpa operation (versus 1.5mtpa previously), expanding to 1.8mtpa by year five, notes the broker. This staged development approach cuts pre-production capital by -$50m but results in a higher cost base.

Exploration success outside the current Mineral Resource Estimate footprint has been highlighted, suggesting upside potential to Shaw. The acquisition of Ardgour Station land also secures surface rights critical for project development, explain the analysts.

The broker sees these developments as strategic refinements aimed at capital efficiency while maintaining resource growth potential.

Buy, High Risk. Target unchanged at $1.36.

Target price is $1.36 Current Price is $0.59 Difference: $0.77
If SMI meets the Shaw and Partners target it will return approximately 131% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates STP as Buy (1) -

Management at Step One Clothing has downgraded its FY25 earnings outlook, with expected EBITDA of $17.4m down -4% year-on-year and -15% below Morgans’ prior forecast.

The company cited a difficult consumer environment, with sales increasingly reliant on promotional events, putting pressure on gross margins.

Revenue for FY25 is expected to be $86.9m, up 3% on FY24 but -5% below the broker's forecast. Profit is expected to be $12.6m, up 1% year-on-year.

The cash balance declined to $33m from $39m, most likely due to higher inventory levels, suggests the broker.

Despite these challenges, Morgans sees ongoing strength in customer retention and long-term growth in newer markets, such as the UK, and the expanding women’s product line.

The broker lowers its target price to $1.50 from $2.25 and maintains a Buy rating.

Target price is $1.50 Current Price is $0.68 Difference: $0.82
If STP meets the Morgans target it will return approximately 121% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates SUN as Overweight (1) -

Morgan Stanley highlights its June insurance premiums survey showed a slowing in new home and motor premiums, with home up 1% y/y and motor down -1.5% y/y.

Among insurers, Suncorp Group increased premiums the most in home insurance.

The broker expects the company to deliver solid FY25 results with 8% gross written premium growth vs mid to high single digit guidance, and ITR margin of 11.7%, at the top end of the 10-12% guidance. 

Overweight. Target unchanged at $25.20. Industry View: In-Line.

Target price is $25.20 Current Price is $20.43 Difference: $4.77
If SUN meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $22.43, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates VCX as Neutral (3) -

Citi has a moderately positive outlook on Australian real estate stocks ahead of the reporting season, expecting some to benefit from stabilising and even falling cap rates, and lower interest costs.

Laggards are expected too, as finance costs remain elevated and fund management redemptions continue to be filled. 

Higher growth asset classes like retail, data centres, industrial, residential and self-storage are expected to capture investors' interest while the office sector continues to be a relative laggard.

The broker notes Vicinity Centres has seen both positive EPS consensus revisions and relative stock performance since the February earnings season.

Neutral. Target unchanged at $2.40.

Target price is $2.40 Current Price is $2.46 Difference: minus $0.06 (current price is over target).
If VCX meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.34, suggesting downside of -3.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates WDS as Neutral (3) -

Second quarter production of 50.1MMboe for Woodside Energy exceeded Macquarie's expectation, driven by a strong performance from Sangomar, which operated above nameplate at 101kb/d. Revenue of US$3.3bn beat consensus by 10%.

Full-year guidance was narrowed to 188–195MMboe, with 23% of LNG sold at spot prices, indicating to the broker a higher second-half skew.

Major projects remain broadly on track, believes the analyst, with Scarborough 86% complete and first LNG expected in 2H 2026. Louisiana LNG reached 22% completion, and Beaumont New Ammonia is now 95% complete.

The broker's earnings forecasts increase by 9% in 2025 and by 18% and 27%, respectively, in 2026 and 2027, reflecting stronger volumes and lower PRRT expense. The target price is increased to $26.00 from $24.00. Neutral rating maintained.

Target price is $26.00 Current Price is $25.26 Difference: $0.74
If WDS meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $26.42, suggesting upside of 1.3% (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: 0.2

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

UBS rates WDS as Neutral (3) -

Woodside Energy reported a strong June quarter, assesses UBS, supported by Sangomar oil production reaching nameplate capacity and updated 2025 guidance pointing to lower unit costs.

The broker sees potential consensus EPS upgrades of around 6% for 1H25 following new line-item guidance and stronger-than-expected performance.

UBS has completed a detailed modelling review of Louisiana LNG post-FID, lifting the risked valuation to 85% from 75% and noting lower assumed tariffs improve economics.

Despite challenges from brownfield peers, Louisiana compares favourably to other US greenfield LNG projects, in the broker's opinion. It's noted equity sell-downs remain a key commercial milestone to watch.

UBS lifts its price target to $25.00 from $23.30 and retains a Neutral rating.

Target price is $25.00 Current Price is $25.26 Difference: minus $0.26 (current price is over target).
If WDS meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.42, 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

Citi rates WHC as Buy (1) -

Whitehaven Coal delivered June-quarter saleable production of 7.76mt, up 5% quarter-on-quarter and 9% above Citi’s forecast. FY25 unit costs came in at around $139/t, below guidance of $140–155/t.

Run-of-mine (ROM) coal production rose 15% to 10.6mt. Capex for FY25 totaled circa -$390m, below the guided -$440–550m range, and net debt stood at $0.6bn after the first -US$500m payment for Blackwater and Daunia, explains the broker.

FY25 revenue mix was 64% metallurgical and 36% thermal coal, with the company focused on margin and cost management amid softer pricing, observes Citi.

June-quarter pricing was solid, according to the analysts, with QLD operations realising US$136/t for met coal (74% of Platts PLV HCC), while NSW achieved US$105/t (105% of NEWC6000). 

Buy. Target $7.00.

Target price is $7.00 Current Price is $7.03 Difference: minus $0.03 (current price is over target).
If WHC 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 $6.72, suggesting downside of -3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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