Australian Broker Call

Bell Potter rates 4DX as Speculative Buy (1) -

Bell Potter points to two significant announcements from 4DMedical in 2H24, including the US distribution agreement with Philips and the presentation of the company's technology CT:VQ at the Radiological Society of North America.

The broker highlights the company's future revenues lack transparency, leading Bell Potter to downgrade EPS forecasts for FY25/FY26 by -1% and -63%.

4DMedical is expected to report a 1H25 loss of -$19m with cash reserves of $16m, the analyst states.

Target price slips to 70c from 75c. No change to Speculative Buy rating.

Target price is $0.70 Current Price is $0.52 Difference: $0.18
If 4DX meets the Bell Potter target it will return approximately 35% (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 ANN as Neutral (3) -

Citi notes Ansell's 1H25 reported EPS came in above consensus by 9% on better-than-anticipated revenue and reduced interest costs, the broker explains.

In 2H25 the company expects $17m from cost savings, $72m from the Kimberly-Clark acquisition (KBU), and a one-off from exiting the household glove market, Citi explains.

Industrial margins are flagged to be stable, with a major improvement in Healthcare margins.

Management lifted guidance for FY25 at the midpoint by 4%, which infers to the analyst a rise in 2H25 consensus of around 3.5%.

Citi increases EPS estimates by 3%-6% for FY25 to FY27 based on improved revenue expectations and lower margins.

Target price rises to $38 from $32.50. No change to Neutral rating.

Target price is $38.00 Current Price is $37.77 Difference: $0.23
If ANN meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $36.30, suggesting downside of -2.1% (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: 0.2

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

Macquarie rates ANN as Outperform (1) -

Ansell reported 1H25 earnings before interest and tax, which came in better than consensus estimates due to solid growth in both industrial and healthcare, Macquarie notes.

The company also announced better-than-expected revenues, as industrial benefited from growth in mechanical and chemical, offset by slightly increased freight rates. Healthcare saw support from cost savings and fulfilling delayed surgical orders, the analyst states.

Management's revised EPS guidance of US118-US128c implies growth of 12% to 21% compared to prior guidance. Macquarie raises EPS forecasts by 4% for FY25/FY26 following the upgrade in guidance.

Outperform rating unchanged. Target price moves up to $40.30 from $32.

Target price is $40.30 Current Price is $37.77 Difference: $2.53
If ANN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.30, suggesting downside of -2.1% (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: 0.2

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

Morgans rates ANN as Hold (3) -

Morgans notes Ansell’s first-half results exceeded expectations, with strong double-digit top and bottom-line growth, leading to a target price increase by the broker to $33.38 from $27.10.

Healthcare rebounded as channel inventory destocking and production slowdowns eased, while Industrial sales and margins improved due to new product introductions and higher pricing.

The broker retains a Hold rating, citing limited further upside in Healthcare and potential sales leakage or customer disruptions as Kimberly-Clark’s Personal Protective Equipment business enters a transition period.

Morgans also highlights the need for price increases and cost reductions to offset rising input costs and tariffs.

Target price is $33.38 Current Price is $37.77 Difference: minus $4.39 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.30, suggesting downside of -2.1% (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: 0.2

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

UBS rates ANN as Neutral (3) -

At first glance, Ansell reported a robust 1H25 result, with revenue up 30% and sitting above consensus by 12%, UBS highlights.

Earnings before interest and tax, EPS, and DPS all came in better than consensus estimates.

The analyst notes some of the result is due to a recovery from de-stocking in the previous corresponding period. Management guided to slower growth in 2H25, with possible forex "headwinds."

The broker flags possible revenue slippage from healthcare after a joint service agreement with Kimberley Clark ends in FY26.

UBS lifts EPS estimate by 7% for FY25 and lowers FY26 by -7% in FY26. Target price is raised to $38.20 from $36. No change to Neutral rating.

Target price is $38.20 Current Price is $37.77 Difference: $0.43
If ANN meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $36.30, suggesting downside of -2.1% (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: 0.2

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

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

For smaller banks in the February reporting season, Morgan Stanley suggests investors focus on revenue growth and margin trends. The analysts are not expecting major surprises around either costs or credit quality.

While loan growth has been strong in H1 for Bendigo & Adelaide Bank, the broker believes the recent margin expansion will come to an end.

Morgan Stanley forecasts expense growth of 3% half-on-half, but anticipates FY25 guidance will be maintained.

Target price $12. Equal-weight. Industry View In-Line.

Target price is $12.00 Current Price is $13.50 Difference: minus $1.5 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.94, suggesting downside of -19.2% (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 BRG as Neutral (3) -

In early thoughts on today's broadly in-line 1H results by Breville Group, Citi suggests management's execution and category tailwinds remain intact, but valuation concerns remain at current multiples.

The broker observes profit for the half of $97.5m beat the consensus forecast by 1%, and the 18 cent interim dividend was in line.

The analyst highlights double-digit growth across all three geographies in global product, in constant currency, led by category growth in coffee.

The Global Product gross margin fell to 37.4% (Citi 37.8%) from 38.1% in the previous corresponding period due to elevated shipping costs in EMEA and the strong US dollar, explains the broker.

Taking into account the slightly stronger half, the analyst feels FY25 EBIT growth guidance of 5-10% may be conservative given consensus previously implied 12% growth.

Target $36.51. Neutral.

Target price is $36.51 Current Price is $37.72 Difference: minus $1.21 (current price is over target).
If BRG 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 $34.56, suggesting downside of -6.3% (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

UBS rates BRG as Neutral (3) -

UBS notes Breville Group reported solid 1H25 sales, up 10%, which came in 1% higher than the broker's forecast, with net profit after tax meeting expectations.

Growth in America at 11% was slightly lower than anticipated, EMEA performed broadly in line but below consensus, while APAC was the standout at 16%, well above both the analyst's and consensus forecasts.

Management continues to expand offshore with direct distribution into the Middle East, which started in January, as well as direct distribution into China, the broker explains, which will likely lead to longer-term earnings growth upgrades.

FY25 guidance appears to be a bit light, UBS highlights, ahead of the earnings call. Neutral rated. Target $32.70.

Target price is $32.70 Current Price is $37.72 Difference: minus $5.02 (current price is over target).
If BRG meets the UBS target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.56, suggesting downside of -6.3% (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

Ord Minnett rates BSL as Accumulate (2) -

BlueScope Steel is due to report 1H25 results on 17 February, and Ord Minnett expects the company's North Star mill in Ohio will show a significant rise in earnings before interest and tax due to a widening US hot rolled coil spread, a weaker AUD, and increased volumes.

In APAC, the broker anticipates the hot rolled coil spread to shrink. US tariffs are expected to improve the US steel business, resulting in higher volumes and prices.

Ord Minnett lowers EPS estimates by -16% and -15% for FY25 and FY26, respectively.

The target rises to $24 from $22.60. Accumulate rating unchanged.

Target price is $24.00 Current Price is $21.90 Difference: $2.1
If BSL meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $23.73, suggesting upside of 8.9% (ex-dividends)

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

Macquarie rates CAR as Neutral (3) -

CAR Group reported 1H25 net profit after tax of $177m, up 9% year-on-year but below expectations, Macquarie notes.

The broker observes management reiterated FY25 earnings guidance, suggesting to Macquarie that margins will remain flat at 56% and net profit after tax will see good growth.

Notably, used car demand in Australia remains robust, with a preference over new vehicles, the analyst highlights.

The price rise in North America is expected in 4Q25, which has caused concern around management lowering revenue guidance to solid from good growth previously.

Macquarie points to ongoing capex at 10% of revenue, viewed as sensible for product innovation.

The analyst tweaks EPS estimates lower by -3% for FY25-FY27. Target price is lifted 5% to $39. Neutral rating retained, with caution around the stock's high valuation.

Target price is $39.00 Current Price is $38.36 Difference: $0.64
If CAR meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $41.47, suggesting upside of 10.6% (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

Morgan Stanley rates CAR as Overweight (1) -

While CAR Group's 1H earnings (EBITDA) margin was unchanged, pro forma earnings (exit from Australian Tyres business unit) came in -1.8% below the consensus forecast mainly due to unfavourable currency movements, explains Morgan Stanley.

Management reiterated FY25 group guidance, confident in "good growth" for pro forma revenue, earnings, and adjusted profit.

Overweight rating. Target $42. Industry view: Attractive.

Target price is $42.00 Current Price is $38.36 Difference: $3.64
If CAR meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $41.47, suggesting upside of 10.6% (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

Morgans rates CAR as Upgrade to Add from Hold (1) -

Morgans raises its target for CAR Group to $41.40 from $37.20 and upgrades to Add from Hold following a resilient first-half result, with pro forma revenue growth of 9-30% across key markets.

The broker attributes the negative share price reaction on results day to a slight earnings (EBITDA) miss versus consensus and a deferral of a price rise for Trader Interactive in the US.

The 50%-franked interim dividend of 38.5c was in line with consensus, according to the broker.

Morgans notes management continues to build the foundations for long-term growth in Australia and internationally.

Target price is $41.40 Current Price is $38.36 Difference: $3.04
If CAR meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $41.47, suggesting upside of 10.6% (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

UBS rates CAR as Buy (1) -

UBS believes CAR Group reported a "credible" 1H25 result against what the analyst describes a challenging macro environment on first inspection.

The broker highlights dealer revenue grew 10% year-on-year with private up 7% and media rising 10%.  Excluding LatAm, aspects of the business were weaker than anticipated and the stock is expected to trade lower.

In term of management guidance, good growth was flagged for FY25 across revenue, earnings and net profit after tax with gross margins slightly below the broker's forecast.

US revenue outlook has been lowered with a delay in price rise to 2H25 and LatAm is flagged to generate "strong growth" and Asia "good growth".

UBS tweaks EPS estimates lower by -2% and -4% for FY25/FY26. Target price is raised to $45 from $42.60 after adjusting the valuation multiple applied to the stock.

Target price is $45.00 Current Price is $38.36 Difference: $6.64
If CAR meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $41.47, suggesting upside of 10.6% (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

Citi rates CSL as Buy (1) -

Upon first assessment, Citi analysts believe CSL's H1 underlying net profit missed consensus by some -4%, with Seqirus to blame where both revenues and gross margin disappointed.

Behring and Vifor, the two other major divisions, outperformed expectations. Management has re-affirmed FY25 guidance with Citi noting this comes with a larger FX headwind of -US$90m versus previous guidance of -US$50m.

While Behring grew by 10% there was also a major contract loss for the Specialty division which caused a -20% decline for Kcentra sales.

Gross margin at Behring beat consensus by 20bp at 51.1%. The broker observes management is suggesting the cost of collecting plasma is falling.

Target $345. Buy.

Target price is $345.00 Current Price is $270.34 Difference: $74.66
If CSL meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $332.13, suggesting upside of 29.3% (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: 1.0

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

UBS rates CSL as Buy (1) -

UBS was encouraged by Behring's performance in 1H25, with gross margin lifting 118bps year-on-year or 174bps in constant currency.

Revenue growth for Behring met expectations, while Vifor revenue growth was above consensus by 7%. However, the group gross margin at 67% was below consensus by -144bps.

Seqirus' performance was weak, per the broker's commentary, with revenues coming in -10% below consensus and -6% below the broker's forecast.

Overall, net profit after tax was a miss, coming in -7% below consensus, which UBS attributes to Vifor's and Seqirus' margins.

A weak US flu market contributed to the Seqirus result. Buy rating and $320 target retained pre-earnings call.

Target price is $320.00 Current Price is $270.34 Difference: $49.66
If CSL meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $332.13, suggesting upside of 29.3% (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: 1.0

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

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

In an outcome better-than-expected by Morgan Stanley, Dicker Data has provided dividend guidance for Q4 of 11 cents, implying EPS of around 44 cents for the financial year, in line with the consensus forecast.

While awaiting full details at 2024 results on February 27, the broker sees the 11 cent dividend as de-risking the results by removing an uncertainty overhang after a weaker 1H.

Equal-weight rating. Target price $10. Industry View: In-Line.

Target price is $10.00 Current Price is $8.50 Difference: $1.5
If DDR meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $10.57, suggesting upside of 18.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.7

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

Ord Minnett rates DMP as Hold (3) -

Domino's Pizza Enterprises' new CEO, Mark van Dyck has announced the closure of -205 loss-making stores in 4Q25, of which -172 are in Japan, Ord Minnett highlights.

Van Dyck also reiterated 1H25 guidance, with a dividend in line with the previous year. Same-store sales growth has started well, up 4.3% in the first five weeks of 2025, Ord Minnett notes.

The company is due to report 1H25 earnings on 25 February.

The target price rises to $33 from $30. Hold rating retained. The broker lifts EPS forecasts by 4% for FY25 and 10% for FY26.

Target price is $33.00 Current Price is $36.00 Difference: minus $3 (current price is over target).
If DMP meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.01, suggesting upside of 0.8% (ex-dividends)

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

Bell Potter rates DXC as Buy (1) -

Dexus Convenience Retail REIT reported 1H25 funds from operations at 10.4c, which was better than Bell Potter's estimate by 5%, and FY25 guidance was restated by management at 20.6c.

Notably, valuations increased for the first time since 2021 as portfolio income advanced, countering a slight rise in the cap rate to 6.41%, the analyst explains.

Gearing positively came in at the lower end of the target range at 28.7% after the sale of assets in 1H25.

Bell Potter highlights Dexus Convenience Retail REIT as one of the preferred exposures to externally managed REITs, with a high yield of around 7.1% while trading at a discount to NTA of circa -20%.

No change to Buy rating. Target $3.30.

Target price is $3.30 Current Price is $2.89 Difference: $0.41
If DXC meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 10.5% (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

Ord Minnett rates DXC as Accumulate (2) -

Ord Minnett views the 1H25 result from Dexus Convenience Retail REIT as broadly meeting expectations. Management reiterated FY25 guidance, and Stage 1 of Glass House Mountains commenced, the analyst states.

Funds from operations were slightly better than forecast but declined -1% on the previous period due to asset sales and slightly higher debt costs.

The REIT's NTA rose by 0.3% to $3.57 per share, supported by a $3.2m increase in property valuations.

Ord Minnett raises the target price to $3.13 from $3.11 and rates the stock Accumulate on an attractive yield of 7.2% and a discount to NTA of -19%.

Target price is $3.13 Current Price is $2.89 Difference: $0.24
If DXC meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 10.5% (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

Morgan Stanley rates GDG as Overweight (1) -

Morgan Stanley sees strategic and financial sense in Generation Development's -$320m acquisition of managed accounts specialist Evidentia, funded via $75m in scrip and a $288m equity raise at $4.15 per share.

The transaction, which completes this month, will propel Generation Development to the number one player in managed accounts (circa 12% market share) in Australia, and the broker forecasts low double-digit EPS accretion in FY26.

Overweight. Target price $4.90. Industry View: In-Line.

Target price is $4.90 Current Price is $4.65 Difference: $0.25
If GDG meets the Morgan Stanley target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 5.0% (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

Ord Minnett rates GDG as Buy (1) -

Ord Minnett describes the acquisition of Evidentia Group for -$320m by Generation Development as potentially forming a powerhouse in the fast-growing domestic managed account market.

Although a full price is being paid, Evidentia is expected to add 10% to EPS and is being funded via a $287.9m equity raising and $75.1m in equity issued to Evidentia shareholders, the analyst explains.

Ord Minnett lifts EPS forecasts by 12% to 14% for FY26 and FY27. Buy rating remains unchanged. Target price increases to $5 from $4.50.

Target price is $5.00 Current Price is $4.65 Difference: $0.35
If GDG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 5.0% (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 IKE as Speculative Buy (1) -

Bell Potter details the unlikely successful takeover of ikeGPS Group following discussions with a private equity group in late 2024.

The offer at around 90c per share is in line with the broker's valuation for the company and represents a circa 62% premium to the February closing share price.

The potential long-term tailwinds for growth in distribution networks for utilities and communications networks in North America, the analyst explains, suggest major shareholders will reject the offer in favour of value creation from the company.

ikeGPS Group has also disclosed an additional NZ$2.6m in new contracts in January, which Bell Potter notes is usually a quieter time.

No change to Speculative Buy rating and 93c target price.

Target price is $0.93 Current Price is $0.72 Difference: $0.215
If IKE meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Macquarie rates IPL as Neutral (3) -

Macquarie notes Incitec Pivot's Phosphate Hill continues to face challenges, with FY25 guidance at around 7% growth to 740-800kt due to flooding and sulphuric acid plant disruptions, the broker explains.

Management has continued the sale of the fertiliser distribution business, which commenced in early January and is expected to finish by mid-2025. The Geelong closure is also reported as progressing well.

The analyst lifts EPS forecasts by 7.5% in FY25 and 0.2% in FY26.

Target price slips to $3.09 from $3.15. No change to Neutral rating. The share buyback was recently paused and stood at half of the targeted $400m as of 23 January, most likely due to the fertiliser sale, Macquarie highlights.

Target price is $3.09 Current Price is $2.94 Difference: $0.15
If IPL meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in September.

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 IPL as Equal-weight (3) -

From yesterday's business update by Incitec Pivot, Morgan Stanley highlights in-line trading at the core explosive businesses, though another production disruption at Phosphate Hill damages sale prospects, suggest the analysts.

The company continues to target a binding sale agreement for the Fertilser business by mid-2025.

FY25 production at Phosphate Hill was lowered to 740-800kt from 790-860kt due to gas supply issues, rail service interruption and additional maintenance, explains the broker.

Management expects FY25 explosives earnings will be in line with prior guidance.

Target price: $2.90. Equal-weight. Industry view: In-Line.

Target price is $2.90 Current Price is $2.94 Difference: minus $0.04 (current price is over target).
If IPL meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.22, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in September.

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

UBS rates IPL as Buy (1) -

UBS notes Incitec Pivot's trading update, which revealed the company is performing broadly in line with management's FY24 outlook provided in November.

The analyst points to Dyno Nobel meeting expectations, while fertilisers have been downgraded due to issues with sulphuric acid and weather impacting rail freight.

UBS believes the ability to achieve the Dyno Nobel transformation could be a potential positive catalyst for the company.

The broker lowers EPS forecasts by -1% for FY25/FY26 due to forex mark-to-market adjustments, offset by production downgrades at Phosphate Hill.

Unchanged Buy rating and $3.50 target price.

Target price is $3.50 Current Price is $2.94 Difference: $0.56
If IPL meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in September.

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

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

Shaw and Partners notes Janison Education's pre-announced first-half results showed improvements in revenue, earnings, and cash flow compared to the prior corresponding period.

The broker highlights strong new business momentum, with the pipeline expanding by 280% year-on-year.

Management expects the business to be free cash flow neutral in the second half and to close FY25 with a cash balance similar to the current $9.6m.

The 33c target and Buy (High risk) rating are retained.

Target price is $0.33 Current Price is $0.20 Difference: $0.13
If JAN meets the Shaw and Partners target it will return approximately 65% (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 JBH as Downgrade to Hold from Buy (3) -

Bell Potter notes JB Hi-Fi's 1H25 revenue and net profit after tax were better than expected, alongside a robust trading update for January, including like-for-like sales growth of 7.1% for JB Hi-Fi Australia, 10% for NZ, and 5.9% for The Good Guys.

Accounting for an increase in revenue growth assumptions, the analyst lifts net profit after tax forecasts by 2.8% and 3.8% for FY25 and FY26, respectively.

Bell Potter downgrades the stock to Hold from Buy due to the current valuation. Target price lifts 1% to $99.

Target price is $99.00 Current Price is $97.78 Difference: $1.22
If JBH meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $94.31, suggesting downside of -5.4% (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 JBH as Buy (1) -

Citi notes JB Hi-Fi's 1H25 is earnings before interest and tax came in above the consensus estimate by 3% but below the broker's top-of-the-market forecast by -4%.

Sales generated were above Citi's estimate by 1%, although Australian gross margins were lower than anticipated. The broker highlights a robust performance from The Good Guys, with like-for-like sales up 11.9% against the broker's forecast of 5%.

Management's robust cost control offset increased competitive actions and pressure on JB Hi-Fi Australia's gross margin, which declined by -17bps versus the analyst's forecast of up 20bps.

Like-for-like sales in January rose 7.1%, with The Good Guys up 5.9%. On balance, concerns over a weaker gross margin are expected to be countered by a strong start to 2H25.

Citi lowers earnings forecasts by -2% to -3% for FY25 to FY27 on the back of lower gross margins at JB Hi-Fi Australia and The Good Guys, with higher sales slightly offsetting the impact.

Buy rated with a $110 target price.

Target price is $110.00 Current Price is $97.78 Difference: $12.22
If JBH meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $94.31, suggesting downside of -5.4% (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

Macquarie rates JBH as Outperform (1) -

Macquarie points to another robust result for JB Hi-Fi, with earnings coming in better than expected, driven by strong sales and ongoing growth into January, the analyst observes.

The broker explains that Australian consumers acquiring technology-based products boosted key product categories, alongside strong sales events such as Black Fortnight.

JB Hi-Fi has a very strong balance sheet, which the analyst applauds for offering flexibility, including a net cash position of circa $555m, though December is always higher. The broker forecasts net cash to retreat to around $280m by the end of FY25.

Macquarie lifts EPS estimates by 2%-3% over FY25-FY27 due to higher expected sales from JB Hi-Fi Australia.

Target price rises 3% to $111. Outperform rating retained.

Target price is $111.00 Current Price is $97.78 Difference: $13.22
If JBH meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $94.31, suggesting downside of -5.4% (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 JBH as Underweight (5) -

While first half earnings (EBIT) for JB Hi-Fi beat the consensus estimate by 1%, the earnings margin was a -10bps miss, observes Morgan Stanley.

For JB Hi-Fi Australia and The Good Guys, gross margins fell by -17bps and -25bps, respectively, due to increasing competition, explains the broker.

For January trading, management stated "Whilst we are pleased to see sales momentum continue into January, we remain cautious given the uncertainty in the retail market and the continued competitive activity".

On the later conference call with brokers, management suggested Australian dollar weakness will likely impact home appliances/big and bulky, but will be market wide and not specific to JB Hi-Fi.

Underweight rating. Target $69.20. Industry View: In-line.

Target price is $69.20 Current Price is $97.78 Difference: minus $28.58 (current price is over target).
If JBH meets the Morgan Stanley target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $94.31, suggesting downside of -5.4% (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 JBH as Hold (3) -

Morgans notes JB Hi-Fi's first-half gross margins declined by only -9bps to 22.1% despite a highly promotional and competitive environment, with the overall results exceeding consensus expectations.

Profit for the half beat the broker’s forecast by 5.5% and consensus by 2.6%, while comparative sales growth was particularly strong in the second quarter, continuing into January.

Morgans raises the target price to $92 from $87 but maintains a Hold rating, citing a valuation of approximately 23x FY26 price earnings as expensive compared to the 10-year average of around 14x.

Target price is $92.00 Current Price is $97.78 Difference: minus $5.78 (current price is over target).
If JBH meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $94.31, suggesting downside of -5.4% (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 JBH as Upgrade to Hold from Lighten (3) -

Ord Minnett upgrades JB Hi-Fi to Hold from Lighten and raises the target price to $89 from $85 following the 1H25 earnings report.

The broker believes the strong results contrast with the challenging market conditions described by management, attributing the performance to good cost management and market share gains. Same-store sales growth in January has been strong.

Ord Minnett lifts the forecast fully-franked dividend per share to 310c from 280c.

The fall in the stock price post-result makes the valuation more appealing, leading to the rating upgrade, the broker explains.

Target price is $89.00 Current Price is $97.78 Difference: minus $8.78 (current price is over target).
If JBH meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $94.31, suggesting downside of -5.4% (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

UBS rates JBH as Sell (5) -

UBS notes 1H25 net profit after tax for JB Hi-Fi came in above consensus by 2%, driven by Australia and The Good Guys, which were above the market but below the broker's expectations.

Competition and the earnings mix weighed on margins, the analyst notes, offset by the cost of doing business/sales, which improved.

The company reported robust like-for-like sales in January across all its brands, UBS states.

UBS lifts EPS estimates by 3% and 4% for FY25/FY26, respectively. Target price rises on higher earnings forecasts and valuation to $90 from $72. No change to Sell rating.

Target price is $90.00 Current Price is $97.78 Difference: minus $7.78 (current price is over target).
If JBH meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $94.31, suggesting downside of -5.4% (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 JDO as Overweight (1) -

For smaller banks in the February reporting season, Morgan Stanley suggests investors focus on revenue growth and margin trends. The analysts are not expecting major surprises around either costs or credit quality.

Regarding Judo Capital, the broker forecasts a 1H margin at the top end of the 2.75-2.85% guidance range and the loan loss charge to be slightly below the consensus forecast. Results are due February 18.

Overweight. Target price $1.75. Industry View: In-Line.

Target price is $1.75 Current Price is $1.94 Difference: minus $0.185 (current price is over target).
If JDO meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.84, suggesting downside of -4.4% (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

Macquarie rates JLG as Outperform (1) -

Macquarie considers the 4Q24 results from Johns Lyng's US peer FirstService Corp, which reported revenue growth of 16%, underpinned by weather and large loss claims.

The analyst notes Johns Lyng's exposure to storm activity stood at around 4% of revenue in FY24. The company provides make-safe services and offers disaster management. The broker believes CAT recovery work could boost near-term performance.

Macquarie forecasts around 12% revenue growth for the US operations.

Johns Lyng is due to report 1H25 earnings on 25 February and remains Outperform rated with a $4.90 target price.

Target price is $4.90 Current Price is $3.54 Difference: $1.36
If JLG meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $4.49, suggesting upside of 23.0% (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 LGI as Buy (1) -

When LGI reports next month, Bell Potter forecasts EBITDA of $8.0m (46.5% margin), profit of $3.3m and 6% EPS growth.

The analysts are expecting "solid" results in both H1 and H2 and then a material step-up for earnings from FY26 as management is currently boosting MW capacity across its project portfolio, with key upgrades at Eastern Creek and Mugga Lane.

Bell Potter maintains a Buy rating and $3.55 target.

Target price is $3.55 Current Price is $3.00 Difference: $0.55
If LGI meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.43, suggesting upside of 15.6% (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 LNW as Buy (1) -

Ahead of Light & Wonder's Q4 result on February 26, Bell Potter adjusts its forecasts only slightly, but highlights the positive February 7 ruling by the Federal Court of Australia.

The court denied Aristocrat Leisure’s ((ALL)) request for an interlocutory injunction against Dragon Train. The broker explains the ruling means all Dragon Train units can remain on the gaming floors in Australia, alleviating a key market concern.

The Buy rating and $180 target are maintained.

Target price is $180.00 Current Price is $149.94 Difference: $30.06
If LNW meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $174.00, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.8

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

UBS rates MQG as Neutral (3) -

Macquarie Group's 3Q25 update is highlighted as another earnings miss by UBS, with the company indicating net profit after tax for the nine months is now flat compared to growth of 13.9% in 1H25, the analyst explains.

The broker estimates the bank would need to generate a strong 4Q25 result to achieve consensus expectations, which management highlighted it remains confident in achieving, with FY25 consensus net profit after tax of $3.8bn.

Performance across divisions was mixed. UBS points to annuity-style businesses, MAM and financial services, as strong, while market-related businesses were down year-on-year. Commodities and global markets declined due to timing issues on North American Power & Gas.

UBS expects consensus FY25 EPS growth of 8% to be revised down before the earnings call. Neutral rated. Target $235.

Target price is $235.00 Current Price is $227.89 Difference: $7.11
If MQG meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $225.84, suggesting downside of -2.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Morgan Stanley rates ORA as Overweight (1) -

After a period of research restriction on Orora, Overweight-rated Morgan Stanley resumes coverage with a target of $2.80, down from $2.90. Industry view: In Line.

Following the sale of the North American packaging business, Orora Packaging Solutions, the broker likes the remaining (and more focused) beverage packaging business, highlighting quality assets, minimal net debt, and attractive cash flow potential.

The analysts believe the negative impacts of Trump's potential 25% tariff on Mexican goods into the US is fully reflected in the current Orora share price.

Morgan Stanley notes management has the ability to serve US markets from other locations, in particular from the company's Ras al Khaimah (RAK) facility in Dubai.

Target price is $2.80 Current Price is $2.28 Difference: $0.52
If ORA meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 17.0% (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

Macquarie rates PFP as Outperform (1) -

Macquarie notes 1H25 reported deaths grew 4.9% year-on-year in NSW, Vic, and Qld, with 1Q25 reporting growth of 9.4%, while 2Q25 volumes were flat, the broker explains.

The analyst views 1H25 volumes as in line with expectations, with potential upside to earnings estimates in the medium term.

No material changes to the broker's EPS estimates. Target price lifts to $7.15 from $7. Outperform rating retained.

Target price is $7.15 Current Price is $5.95 Difference: $1.2
If PFP meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 12.7% (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

Bell Potter rates PLS as Buy (1) -

Prior to Pilbara Minerals' 1H result on February 20, management has provided an earnings and operational update.

While a negative update, the broker had forecast a weak financial result and lithium prices have since stabilised and the P1000 Expansion Project has achieved first ore. Also, Train 1 at the hydroxide joint venture is now selling battery-grade products.

The analysts' forecasts are unchanged and the Buy rating and $3.00 target are maintained.

Target price is $3.00 Current Price is $2.20 Difference: $0.8
If PLS meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 25.8% (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 PLS as Neutral (3) -

With Pilbara Minerals' upcoming 1H25 earnings on February 20, Citi makes minor earnings forecast adjustments for pre-release items, including one-off items from the Posco joint venture.

The analyst believes these items, including inventory adjustments for the JV lithium plant, should not be a surprise to the market.

No change to the Neutral rating and $2.40 target price. Citi is not expecting anything "new" from the results.

Target price is $2.40 Current Price is $2.20 Difference: $0.2
If PLS meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.67, suggesting upside of 25.8% (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 RGN as Buy (1) -

On first inspection, Citi notes Region Group reported a stable 1H25 result, though cost inflation remains an issue and exceeded growth in rental, population growth, and limited space, the analyst explains.

Management retained funds from operations guidance of 15.5c for FY25, with limited retail floor space relative to population growth supporting increased leasing spreads.

Citi flags a recent rise in short interest in the stock over the last two months as Mosaic Brands ((MOZ)) has moved into administration.

Citi retains a Buy rating with a target price of $2.60.

Target price is $2.60 Current Price is $2.18 Difference: $0.42
If RGN meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

UBS rates RIO as Neutral (3) -

UBS attaches a high likelihood of Rio Tinto including the resolution for review on the merits of the company's dual listing structure at the upcoming AGM agenda on 19 February as requisitioned last December by a shareholder.

UBS states 77% of the company's shareholders are in Plc and only 23% in Ltd, compared to BHP Group at around 40% Plc before the collapse of its dual listing.

Focus on the potential collapse of the dual listing could place pressure on the spread, which is around 22%, with Ltd trading at a premium to Plc.

UBS retains a Neutral rating. No change to the $124 target price. Unwinding the dual listing is viewed by the broker as more challenging for Rio Tinto than BHP.

Target price is $124.00 Current Price is $119.32 Difference: $4.68
If RIO meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $128.58, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.5

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

UBS rates SGH as Buy (1) -

UBS highlights a robust performance from Boral, which assisted SGH Ltd in reporting 1H25 earnings before interest and tax (EBIT) above consensus estimates by 5%.

Revenue for the period advanced 2%, and group EBIT grew 10%, with industrial services up 10%. Underlying net profit after tax increased 17%, exceeding both the broker's and consensus forecasts.

Management reiterated FY25 guidance and is aiming for gearing at two times leverage by fiscal year-end.

Buy rated with a $56 target pre-earnings call.

Target price is $56.00 Current Price is $48.66 Difference: $7.34
If SGH meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $52.98, suggesting upside of 2.6% (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

Ord Minnett rates SGM as Accumulate (2) -

Sims is due to report on 25 February and Ord Minnett finds it challenging to identify a potential positive driver of earnings momentum that would support an improved valuation.

The broker highlights a difficult outlook for ferrous scrap prices, with semi-finished imports by Turkish companies at levels not seen in more than two decades, acting as a substitute.

Ord Minnett lifts FY25 EPS by 16% and lowers FY26 EPS by -13%. Target price slips to $12.40 from $13.60. No change to Accumulate rating.

Target price is $12.40 Current Price is $13.71 Difference: minus $1.31 (current price is over target).
If SGM meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.26, suggesting downside of -1.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates SIG as Neutral (3) -

Based on Sigma Healthcare's recent trading update, Citi has lifted earnings forecasts for the company to reflect a three-year average compound growth rate in earnings before interest and tax of 24% on a pro forma basis.

The earnings upgrade last Friday came after the upgrade from Chemist Warehouse, including improved margins and ongoing market share gains.

The broker believes there is considerable opportunity to advance market share for the merged group, which currently stands at around 26% of the domestic pharmacy market, including taking sales from supermarkets.

Citi is positive on the domestic growth story for Sigma but has yet to gain conviction around the longer-term growth story on offshore expansion before being more positive on the stock's valuation, which trades at a premium to other listed retail companies.

Neutral rated with a $2.90 target price.

Target price is $2.90 Current Price is $2.83 Difference: $0.07
If SIG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in January.

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

UBS rates SWM as Sell (5) -

UBS, at first inspection, notes Seven West Media reported 1H25 results in line with expectations. Revenue fell -6%, and net profit after tax declined by -41%, which was slightly below consensus but higher than the broker's estimate.

The analyst highlights management's guidance for 3Q25, with bookings trending up in low single digits as positive, as well as a return to revenue and earnings growth in 2H25.

Pre-earnings call, UBS is Sell rated with a 15c target.

Target price is $0.15 Current Price is $0.17 Difference: minus $0.02 (current price is over target).
If SWM meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.15, suggesting downside of -16.7% (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

UBS rates VSL as Neutral (3) -

UBS' first take on Vulcan Steel's 1H25 results was a slight beat on expectations, with net profit after tax higher than expected, despite steel volumes declining by -9%, which was better than the broker's forecast of -13%.

Average sales prices declined by -9% versus the expected -3%, while metals volumes and prices outperformed forecasts.

Due to ten fewer trading days in 2H25 than in 1H25, UBS sees downside risks to consensus earnings estimates, as the outlook for NZ remains challenging and is unlikely to recover until 2H25, the analyst believes.

Management offered no quantitative guidance.

Neutral rating and $7.10 target price retained.

Target price is $7.10 Current Price is $6.80 Difference: $0.3
If VSL meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

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: 0.0

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

Citi rates WDS as Sell (5) -

Citi highlights the lack of earnings consensus for Woodside Energy's upcoming 2H24 results as inferred by the 16% variance around the mean, both positive and negative,

The analyst notes considerable uncertainty over the Australian government's Petroleum Resource Rent Tax which could impact on dividends.

Citi's net profit after tax forecast sits below consensus by -4% the broker states and remains cautious in the short term, suggesting investors could assess lowering exposure to the stock to "equal-weight."

Woodside is set to report 2024 results on 14 February. No change to Sell rating and $23 target price.

Target price is $23.00 Current Price is $24.49 Difference: minus $1.49 (current price is over target).
If WDS 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 $27.07, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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