Australian Broker Call

Citi rates A2M as Buy (1) -

Citi is increasingly convinced a2 Milk Co is a "Buy", having reduced estimates for FY25 and FY26 to reflect weaker guidance and lowered the target by -10% to $7.04.

The broker is now more certain that supply issues led to the weaker guidance and this is a short-term issue, providing a buying opportunity amid share price weakness, as key metrics around demand remain strong.

Target price is $7.04 Current Price is $5.74 Difference: $1.3
If A2M meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting upside of 11.8% (ex-dividends)

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: 0.4

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

Ord Minnett rates A2M as Accumulate (2) -

a2 Milk Co's FY24 result broadly met forecasts but FY25 margin guidance disappointed Ord Minnett due to operational problems and a recently settled legal action with Synlait Milk ((SM1)), the company's infant formula supplier.

Ord Minnett considers management commentary around impending supply chain mergers (as the company attempts to tighten supply chain control and product registration in China), acquisitions and capital expenditure to be a tad unsettling, particularly given a lack of clear strategy and assessment of returns.

The broker is also concerned about China's heavy revenue weighting, observing lower birth rate forecasts for the country.

Hold rating retained. Target price falls to $6.50 from $6.90.

Target price is $6.50 Current Price is $5.74 Difference: $0.76
If A2M meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.32, suggesting upside of 11.8% (ex-dividends)

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: 0.4

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

Citi rates ANN as Neutral (3) -

FY24 results from Ansell were in line with the midpoint of guidance although better than Citi had anticipated, given a one-off pricing benefit as well as lower operating expenditure. Guidance for adjusted FY25 EPS of US107-127c is ahead of expectations.

The broker points out the wide range in guidance is indicative of the uncertainty being faced at the macro level amid the integration of the KBU acquisition. This keeps the rating at Neutral. Target is raised to $32.50 from $27.25.

Target price is $32.50 Current Price is $29.76 Difference: $2.74
If ANN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $28.71, suggesting downside of -0.4% (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 FY24 earnings before interest and tax 4% higher than Macquarie's expectations, due to the industrial division.

The 2H24 proved to be considerably stronger with better healthcare revenues after destocking. The productivity program served up around -US$21m in savings.

Guidance suggest FY25 EPS at the midpoint, which is slightly higher than the broker's forecast.

Macquarie revises EPS forecasts by 3% and 1% for FY25/FY26, respectively and anticipates a circa 13% compound annual growth rate out to FY27.

Outperform rated unchanged with a revised target price of $32 from $28.15.

Target price is $32.00 Current Price is $29.76 Difference: $2.24
If ANN meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $28.71, suggesting downside of -0.4% (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 found the FY24 results from Ansell mixed, with earnings supported by one-off items. Industrial sales and margins both improved on manufacturing efficiencies and carryover pricing that offset declining sales and contracting margins in healthcare as well as industry destocking.

While the momentum across key divisions is encouraging, the broker notes numerous uncertainties make forecasting challenging and a Hold rating is retained. Target is raised to $27.10 from $25.61.

Target price is $27.10 Current Price is $29.76 Difference: minus $2.66 (current price is over target).
If ANN meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.71, suggesting downside of -0.4% (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

Ord Minnett rates ANN as Upgrade to Hold from Lighten (3) -

Ansell's FY24 EPS outpaced consensus forecasts by 9% thanks to strong performances from the industrial and healthcare divisions and FY25 guidance outpaced by 6%.

Ord Minnett observes cash flow conversion of 131% proved a pleasant surprise given concerns about expensive one-off costs.

Most importantly for the broker, the company posted a strong rise in organic growth in the June half after a protracted period of struggle (which had triggered a downgrade in the broker's rating), suggesting destocking in gloves and life sciences is complete.

Rating is upgraded to Hold from Lighten. Target price rises to $27.80 from $24.30.

Target price is $27.80 Current Price is $29.76 Difference: minus $1.96 (current price is over target).
If ANN meets the Ord Minnett target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.71, suggesting downside of -0.4% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.2

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

Macquarie rates ARB as Neutral (3) -

Macquarie observes ARB Corp announced FY24 results which were in line with forecasts.

Aftermarket sales advanced 5.4% in FY24 due to strong fleet sales and dealer channels, the broker highlights.

US sales fell -6.5% in FY24 with the 2H24 showing an improvement, returning to 2% growth.

ARB Corp improved its balance sheet; net cash rose 26% with management on the lookout for opportunities.

Macquarie revises EPS forecasts by -0.8% and -1.5% for FY25/FY26, respectively.

Target price lifts 8% to $43.80. Neutral rating unchanged.

Target price is $43.80 Current Price is $42.32 Difference: $1.48
If ARB meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $40.42, suggesting downside of -2.8% (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

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

FY24 results for ARB Corp met Morgan Stanley's expectations and the 1Q of FY25 kicked-off in positive style. It's felt 2H FY24 momentum for Australian Aftermarket will carry into FY25.

For the Export segment, the broker suggests 2H stabilisation after several halves of -8-14% declines will be viewed as a positive by the market.

Equal-weight. Target is $35.50. Industry view: In-Line. 

Target price is $35.50 Current Price is $42.32 Difference: minus $6.82 (current price is over target).
If ARB meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.42, suggesting downside of -2.8% (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

Morgans rates ARB as Hold (3) -

ARB Corp posted net profit in FY24 of $102.7m, up 16% and in line with expectations. Morgans notes the robust outlook across all key divisions and the resilient aftermarket performance.

The company has outlined expansion plans domestically and offshore and the broker continues to rate it as a high-quality business.

Near-term expectations are fully captured in the current valuation so a Hold rating is maintained. Target is reduced to $38.50 from $39.10.

Target price is $38.50 Current Price is $42.32 Difference: minus $3.82 (current price is over target).
If ARB meets the Morgans target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.42, suggesting downside of -2.8% (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

Ord Minnett rates ARB as Buy (1) -

ARB Corp's FY24 result fell shy of consensus' and Ord Minnett's forecasts albeit on strong profits and gross margins. 

Ord Minnett believes the good times will continue, observing a strong order book, stabilised new-vehicle supply and retail store development. The company's export order book expanded in FY24 and the broker expects it should soon return to growth.

Buy rating retained. Target price rises to $46 from $44.

Target price is $46.00 Current Price is $42.32 Difference: $3.68
If ARB meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $40.42, suggesting downside of -2.8% (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

UBS rates ARB as Sell (5) -

UBS observes the positive share price reaction to ARB Corp's FY24 results, which were in line, as indicative of positive incremental US growth; a solid to positive outlook for aftermarket/export orders; another FY25 Toyota contract and 4 plus new store openings in FY25.

Much of this and the FY25 earnings outlook is believed to be discounted in the stock, with little potential seen for consensus earnings upgrades at this stage.

Sell rated and unchanged $34.50 target price. UBS makes minimal changes to EPS forecasts.

Target price is $34.50 Current Price is $42.32 Difference: minus $7.82 (current price is over target).
If ARB meets the UBS target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $40.42, suggesting downside of -2.8% (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

Macquarie rates BBN as Neutral (3) -

FY24 earnings exemplified the tough macro conditions for Baby Bunting with sales down -3.4% and same store sales falling -6.3% Macquarie notes.

Management guided to an improvement in gross margins to 40% in FY25 from 36.8% for FY24, while sales ticked up 3.5% in the first seven weeks of FY25 on last year.

The company had 74 stores at June end, no new stores were opened in the 2H24. Management expects three large and three small store format openings in FY25.

Macquarie revises EPS forecasts by 30% and 6.6% in FY25/FY26, respectively.

Neutral rating unchanged. Target price lifted to $1.65 from $1.40.

Target price is $1.65 Current Price is $1.66 Difference: minus $0.01 (current price is over target).
If BBN meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 12.9% (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

Morgan Stanley rates BBN as Overweight (1) -

Noting Baby Bunting had pre-released FY24 earnings in late-June, Morgan Stanley observes FY25 comparatives so far have turned positive with a 2% lift in earnings and a 3.5% rise in sales in the first seven weeks.

The FY24 gross margin was up 19bps year-on-year to 37.3%. Management reiterated the 40% gross margin target for FY25 with cost-of-doing-business (CODB) reinvestment and reinstated NPAT guidance of $9.5-12.5m.

Target $1.95. Overweight. Industry view: In Line.

Target price is $1.95 Current Price is $1.66 Difference: $0.29
If BBN meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 12.9% (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

Morgans rates BBN as Downgrade to Hold from Add (3) -

Morgans notes headline results from Baby Bunting were in line with guidance with the business expecting to return to positive growth in sales and margins in FY25.

The company's core customer is financially stretched and competitors have been discounting aggressively to stimulate sales, which creates challenging conditions. Guidance for net profit in FY25 is $9.5-12.5m and the broker points out it is one of very few retailers to do so given the current uncertainty.

An external consultant has been engaged to upgrade the store network and assist in revitalising the design. Rating is downgraded to Hold from Add as there is limited scope for a re-rating. Target is reduced to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.66 Difference: $0.04
If BBN meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 12.9% (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

Ord Minnett rates BBN as Hold (3) -

Baby Bunting's FY24 result appears to have met Ord Minnett's subdued expectations.

Looking ahead, the broker observes a 3.5% jump in the first seven weeks of FY25 trading, suggesting stabilising conditions.

Management retains FY25 gross profit margin guidance of 40% but the broker considers them to be ambitious given challenging retail conditions and the higher cost of living, expecting wage inflation and higher freight prices will weigh.

Hold rating and $1.60 target price retained. 

Target price is $1.60 Current Price is $1.66 Difference: minus $0.06 (current price is over target).
If BBN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.74, suggesting upside of 12.9% (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

Macquarie rates BRG as Outperform (1) -

In a first glance by Macquarie, today's Breville Group's FY24 results were in line with expectations by the broker and consensus.

In the 2H, there was double-digit revenue growth for the Americas, the EMEA region and the Coffee category in the Global Product segment, explains the broker.

The A&NZ region remains weak, impacting negatively on overall APAC region growth, highlights the analyst.

Target $28.60. Outperform.

Target price is $28.60 Current Price is $29.63 Difference: minus $1.03 (current price is over target).
If BRG meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.48, suggesting downside of -11.4% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates BXB as Sell (5) -

Justifying a strong share price leading into FY24 results, Brambles today revealed metrics much stronger-than-expected by Citi (in an early assessment), and FY25 guidance was upgraded.

For FY24, group earnings (EBIT) grew by 17% compared to guidance for between 13-15% and sales accelerated by 600bps quarter-on-quarter, note the analysts, with both price and volumes increasing sequentially.

Towards the lower end of the broker's forecast, management announced a $500m buyback, while FY25 guidance for 8-11% EBIT growth is above the “high-single-digit” expectation.

Sell. Target $14.25.

Target price is $14.25 Current Price is $15.67 Difference: minus $1.42 (current price is over target).
If BXB meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.44, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Macquarie rates BXB as Outperform (1) -

In an early research note, Macquarie notes today's FY24 profit figure for Brambles exceeded forecasts by the broker and consensus by 5%. CHEP USA was the highlight, in the analyst's view, given a 6% beat against consensus and a turnaround from Q3.

FY25 guidance is for sales revenue growth (constant currency) of between 4-6%, and underlying profit growth of 8-11%. 

An on-market share buyback in FY25 of up to $500m was announced (within expectation, suspects the broker) and the dividend payout ratio will increase to between 50-70% from 45-60%.

Outperform. Target $16.25.

Target price is $16.25 Current Price is $15.67 Difference: $0.58
If BXB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.44, suggesting downside of -4.0% (ex-dividends)

The company's fiscal year ends in June.

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: 0.4

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

Citi rates CHC as Buy (1) -

In a first glance at today's FY24 result by Charter Hall, Citi notes EPS of 75.8cpu was broadly in line with guidance of 75cpu, while FY25 guidance beat the consensus estimate by around 5%.

Slightly ahead of the analyst's estimate, real estate funds under management (FUM) declined by -9% to $65.5bn as valuation declines were offset by lower capex and higher divestments.

The weighted average cap rate across the portfolio widened by around 70bps (versus the previous corresponding period) to 5.5%, resulting in valuation declines of -8.3% over the last year, explains Citi.

Target $13.50. Buy.

Target price is $13.50 Current Price is $12.10 Difference: $1.4
If CHC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.27, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates CHC as Outperform (1) -

After taking a first look at today's broadly in-line FY24 results for Charter Hall, Macquarie highlights FY25 operating EPS (OEPS) guidance of 79cpu convincingly beat forecasts by the broker and consensus for 71.5cpu and 75cpu, respectively.

The analyst awaits the conference call hookup with management to reveal movements in transaction volumes and devaluations.

FY24 OEPS of 75.8cpu beat the broker's forecast and guidance by around 1%, as 2H equity flows remained weak and funds under management (FUM) moderated to $65.5bn.

Target $13.67. Outperform.

Target price is $13.67 Current Price is $12.10 Difference: $1.57
If CHC meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $13.27, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates DMP as Buy (1) -

On first impressions, Citi assesses the balance sheet for Domino's Pizza Enterprises is out of danger territory although the underlying business is still less than optimal. FY24 net profit of $120.4m was in line with expectations, given the July update.

The company is guiding to FY25 growth with first half growth in Australasia/Europe offset by marketing investment in Japan.

Group wide growth is expected in the second half, reliant on the easing of external headwinds in Malaysia and an improved performance in France.

Buy rating and $45.35 target.

Target price is $45.35 Current Price is $33.41 Difference: $11.94
If DMP meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $40.48, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates DRR as Neutral (3) -

The FY24 net income and revenue from Deterra Royalties were broadly in line with Citi's estimates.

Mining Area C achieved annual production of 125mwtpa which was down -1%. South Flank ramped up to full capacity of 80mwtpa on a run-rate basis, as planned.

The broker retains a Neutral rating with an unchanged $4.35 target ahead of the Trident acquisition, which is subject to UK court approval.

Target price is $4.35 Current Price is $3.77 Difference: $0.58
If DRR meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 11.9% (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 DRR as Neutral (3) -

Deterra Royalties reported results were mixed with EBITDA meeting Macquarie's expectations; dividend and EPS were lower than forecast.

A 14.4c final dividend was -2% below the broker's estimate, due to non-cash hedging costs.

Management highlighted it is moving to a minimum 50% payout ratio. Macquarie cuts dividend per share estimates by -9%, -11% for FY25/FY26, respectively, because of debt paydown on the Trident Royalties acquisition.

Neutral rating unchanged. Revised target price of $3.90, down -3%.

Target price is $3.90 Current Price is $3.77 Difference: $0.13
If DRR meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 11.9% (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 DRR as Equal-weight (3) -

FY24 revenue and underlying earnings (EBITDA) for Deterra Royalties were in line with forecasts by consensus and Morgan Stanley.

Free cash flow was also in line with both, but a -4% miss on profit compared to consensus translated to the same percentage miss for the dividend of 29.3 cents.

Equal-weight rating. Target $3.70. Industry view: Attractive. 

Target price is $3.70 Current Price is $3.77 Difference: minus $0.07 (current price is over target).
If DRR 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 $4.31, suggesting upside of 11.9% (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 DRR as Buy (1) -

Deterra Royalties's FY24 result appears to have broadly met consensus forecasts, save for the dividend, which proved a -4% miss due to a currency derivative loss, observes Ord Minnett.

The payout ratio of 100% met guidance.

Ord Minnett observes Deterra Royalties is seeking to expand its portfolio, focusing on bulk, base and battery commodities, with deal-size likely to be critical to funding arrangements and ipso facto the payout ratio.

Deterra Royalties' bid for Trident Royalties has received shareholder approval and is awaiting UK court approval this quarter.

Buy rating and $4.80 target price retained.

Target price is $4.80 Current Price is $3.77 Difference: $1.03
If DRR meets the Ord Minnett target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 11.9% (ex-dividends)

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 DRR as Buy (1) -

UBS believes the market has "overreacted" to the Trident acquisition with Deterra Royalties looking to diversify away from its BHP Group ((BHP)) mining royalties and is looking to expand its portfolio.

FY24 results were in line with expectations but somewhat below consensus, the broker notes.

Buy rating and $4.80 target maintained with the stock trading at a -30% discount to net asset value, more than compensating for the change in dividend policy to a minimum 50% payout, UBS highlights.

Target price is $4.80 Current Price is $3.77 Difference: $1.03
If DRR meets the UBS target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 11.9% (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 DXS as Neutral (3) -

On further reflection regarding the FY24 results from Dexus, Citi notes the operating performance was "relatively resilient", although headwinds remain for FY25 with higher hedge rate increases and higher base effects from performance fee recognition in FY24.

The broker observes the business continues to build a strong funds management platform, moving further towards investing alongside partners.

Neutral retained. Target is reduced to $7.30 from $8.20.

Target price is $7.30 Current Price is $6.83 Difference: $0.47
If DXS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 10.7% (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

Macquarie rates DXS as Neutral (3) -

Dexus continues to experience a tough operating environment with FY25 guidance below forecasts from Macquarie.

The REIT is looking to recycle $2bn of divestments over FY25 to FY27, with a $1bn in divestment lowering gearing by around -4.5points versus 32% at June end.

Interestingly, the broker comments, industrial remains -15.4% under-rented, with funds under management declining and management targeting less than 50% exposure to any one sector.

Macquarie revises dividend forecasts with a change in the payout policy to 80%-100% from 100% of funds generated.

Target price $6.52 from $6.51. Neutral rated.

Target price is $6.52 Current Price is $6.83 Difference: minus $0.31 (current price is over target).
If DXS meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.62, suggesting upside of 10.7% (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

Morgan Stanley rates DXS as Underweight (5) -

FY24 funds from operations (FFO) of 65.4cpu for Dexus was broadly in line with Morgan Stanley's forecast. FY25 guidance for between 44.5-45.5cpu compares to forecasts by consensus and the broker for 48cpu and 49cpu, respectively.

Management has altered the dividend policy to 80-100% (from 100%) of adjusted FFO. This change makes sense to the analysts as Dexus wants to make additional co-investments beyond major committed capex.

FY25 dividend guidance is for 37cpu compared to 48cpu in FY24.

The broker highlights near-term headwinds remain with incentives and vacancies expected to remain elevated in Office.

Underweight rating. Target $8.14. Industry View: In-Line.

Target price is $8.14 Current Price is $6.83 Difference: $1.31
If DXS meets the Morgan Stanley target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 10.7% (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

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

EnviroSuite's FY24 earnings (EBITDA) proved a solid miss on Bell Potter's forecasts thanks to a -2% miss on revenue and a miss on gross margins (50.6% vs the broker's forecast 52%). As usual, no guidance was provided.

Bell Potter had been expecting a profit of $0.3m and instead the company posted a -$1.2m loss. Adjusted EBITDA was $1.1m, -$0.5m below Bell Potter's expectations due to more positive net adjustments than anticipated.

The big hit was a surprise -$18.3m goodwill impairment charge, which took the company's net loss to -$32.2m.

Cash flow disappointed, the company posting an operating cash outflow of -$2.4m, compared with Bell Potter's expectations of a $0.4m inflow.

The company closed the year with net debt of -$4.2m compared with a forecast of -$0.6m and the broker expects EnviroSuite's balance sheet will prove something of a millstone.

Rating downgraded to Hold from Buy. Target price halves to 4c from 8c.

Target price is $0.04 Current Price is $0.04 Difference: minus $0.001 (current price is over target).
If EVS meets the Bell Potter target it will return approximately minus 2% (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: 0.0

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

Citi rates FBU as Sell (5) -

Fletcher Building's FY24 earnings (EBIT) of $509m matched the consensus forecast as management lowered guidance recently in May, notes Citi. Misses in Distribution and Concrete were offset by beats in Construction and Residential.

The analyst anticipates a cautious share price reaction given a strong share price coming in and an overall messy result.

Positively, net debt improved and management's engagement with capital partnership options for Residential should be a positive for growth, suggests the broker.

Target NZ$3.00. Sell rated.

Current Price is $3.09. Target price not assessed.

Current consensus price target is $2.77, suggesting downside of -8.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Bell Potter rates GT1 as Buy (1) -

Green Technology Metals has announced a binding equity placement to and a strategic partnership with leading South Korean Battery Metals business EcoPro Innovation of 64m Green Technology Metals shares over two tranches at a price of 12.5c a share.

The broker highlights the price represnts a 95% premium to the previous close and 40% premium to the 90-day VWAP. The placement will raise $8m and provide EcoPro with a 16.6% stake in Green Technology Metals, observes Bell Potter.

EcoPro will be entitled to conditional board representation and the companies have developed a Framework Agreement to facilitate potential joint ventures at Green Technology Metals's upstream mine projects and its proposed downstream lithium conversion facility.

Bell Potter appreciates EcoPro's credentials and proprietary lithium processing technology and believes the deal could de-risk Green Technology Metals' funding outlook.

Buy rating retained. Target price falls to 19c from 39c to reflect the dilution.

Target price is $0.19 Current Price is $0.09 Difference: $0.105
If GT1 meets the Bell Potter target it will return approximately 124% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates HUB as Buy (1) -

HUB24's FY24 result fell a tad shy of consensus' and Bell Potter's forecasts.

The company posted solid growth in platform funds under and administration and revenues but margins slipped.

Operating cash flow of $88.2m proved a solid beat on the broker's forecast of $79.6m due to 108% cash realisation.

The company closed the year with net cash of $58.1m and declared an attractive final dividend of 19.5c a share, observes Bell Potter.

The broker calculates FY26 guidance implies a compound annual growth rate of 18% at the midpoint and observes the company is off to a strong start in FY25.

EPS forecasts rise 8% in FY25; 5% in FY26; and 4% in FY27.

Buy rating retained. Target price rises to $59 from $53.20.

Target price is $59.00 Current Price is $51.53 Difference: $7.47
If HUB meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $52.06, suggesting downside of -2.8% (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 HUB as Neutral (3) -

Macquarie assesses FY24 net profit from Hub24 was ln line with consensus and slightly below for platform revenue/EBITDA.

The company reported record platform inflows, up 62% year-on-year with funds under administration rising 30% year-on-year.

Capex rose over FY24 on the platform; management suggested FY25 cost growth in the low-mid teens with Macquarie forecasting around 16% growth. The broker is still expecting EBITDA margin increases of around 350 basis points in FY25.

Macquarie revises EPS forecasts by 7.5% for FY25 and 5% for FY26,

The target price rises to $51 from $39.40. Neutral rated.

Target price is $51.00 Current Price is $51.53 Difference: minus $0.53 (current price is over target).
If HUB meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.06, suggesting downside of -2.8% (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 HUB as Overweight (1) -

Hub24's FY24 earnings and revenue were broadly in line with consensus expectations and a trading update suggests the first quarter of FY25 is also meeting forecasts, notes Morgan Stanley.

Should the early-FY25 run-rate hold, the broker estimates $5.5bn in funds under administration (FUA) will be added to reach $89.9bn at quarter's end, slightly ahead of the consensus figure.

Management also provided a first-time FY26 Platform target of $115-123bn, just -2% shy of the consensus estimate. 

Overweight rating. The target rises to $56.50 from $51.00 due to higher expected operating leverage and a lower tax rate, explains Morgan Stanley. Industry view: In-Line.

Target price is $56.50 Current Price is $51.53 Difference: $4.97
If HUB meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $52.06, suggesting downside of -2.8% (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

Morgans rates HUB as Hold (3) -

Hub24 delivered a FY24 result that was in line with expectations. Morgans found the outlook comments "incrementally positive". Product offerings continue to dominate and the broker expects the business will become entrenched as a market leader in the platform sector.

Flows are observed to be off to a strong start for FY25 and Morgans remains attracted to the long-term growth profile, expecting share price appreciation will follow.

In the short term, a market-led pullback is expected to provide another entry opportunity and a Hold rating is maintained. Target is raised to $54.90 from $45.05.

Target price is $54.90 Current Price is $51.53 Difference: $3.37
If HUB meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $52.06, suggesting downside of -2.8% (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 HUB as Buy (1) -

Hub24's FY24 result met consensus' forecasts and fell a touch shy of Ord Minnett's forecasts, the company posting a strong result across most metrics.

FY25 guidance was broadly positive, management spying positive flows and opportunities for operating leverage (headcount growth is expected to ease) that should create postiive margin jaws.

The broker downgrades its earnings forecasts, believing it may have been six to 12 months ahead of the curve with its expectations of margin expansion but they remain strong, Ord Minnett estimating a two-year EPS compound annual growth rate of 28%.

Buy rating retained. Target price rises to $55 from $50.

Target price is $55.00 Current Price is $51.53 Difference: $3.47
If HUB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $52.06, suggesting downside of -2.8% (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 IAG as Buy (1) -

At first glance, Insurance Australia Group posted cash earnings for FY24 that were lower than Citi estimated. Insurance profit was largely in line.

As expected, gross written premium growth of 11.3% was driven by stronger rates. The main disappointment was fee-based income, mainly because of Motorserve's car servicing loss of -$20m and a loss of -$6m from Carbar prior to its sale.

FY25 guidance is in line with expectations and the outlook remains strong, which the broker believes should be enough to support the share price. Target is $8. Buy rating maintained.

Target price is $8.00 Current Price is $7.44 Difference: $0.56
If IAG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.34, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates ILU as Buy (1) -

Citi's initial review of today's 1H result by Iluka Resources suggests refinery uncertainty may overshadow a 2% profit beat against expectations (an 11% beat versus consensus). It's felt the market reaction today will be neutral.

In an attempt to balance progression of critical path works while funding arrangements with the Australian Government are being concluded, Iluka spent -$49m on the refinery in H1. An update on the refinery will not occur until later in H2.

The government refinery loan of $1.25bn was drawn down to $151m at June 30.

Citi comments management provided nothing new on the market outlook beyond commentary in the June quarterly.

Buy. Target $7.80.

Target price is $7.80 Current Price is $5.68 Difference: $2.12
If ILU meets the Citi target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $7.18, suggesting upside of 23.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates INA as Buy (1) -

Further to the FY24 results from Ingenia Communities, Citi assesses FY25 guidance is conservative, given the greater contribution from higher-priced NSW projects in the development joint ventures.

Earnings certainty remains high with line of sight on 470 settlements. The main positive in the results, the broker suggests, is the unveiling of a new strategy which should ensure around 8-12% EPS growth consistently over the next 3-5 years.

A Buy rating is reiterated with the target raised to $6.15 from $5.30.

Target price is $6.15 Current Price is $5.37 Difference: $0.78
If INA meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.65, suggesting upside of 6.4% (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

Ord Minnett rates INA as Buy (1) -

Ingenia Communities' FY24 result landed at the top end of guidance, outpacing Ord Minnett's forecasts by 3% on the revenue line and 1% on earnings.

Ord Minnett has faith in the company's ability to meet FY25 guidance, which outpaced the broker by 4% and 8% respectively.

The broker expects medium-to-long-term margins should receive a boost as the company's new CEO rolls out his strategy, which entails a strong focus on cost reduction and efficiency.

This is despite macroeconomic headwinds, thanks in part to expected strong structural demand for land lease communities, resilience in Holidays and M&A catalysts, opines the broker.

Buy rating retained. Target price rises to $5.90 from $5.50.

Target price is $5.90 Current Price is $5.37 Difference: $0.53
If INA meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.65, suggesting upside of 6.4% (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 IRI as Buy (1) -

Integrated Research's FY24 earnings (EBITDA) outpaced Bell Potter's forecasts by 6% and revenue fell -1% shy.

Net profit after tax sharply outpaced thanks to a tax benefit of $0.4m compared with broker's expectation of a -$3.8m tax expense.

Management surprised the broker with a 2c fully franked dividend (the broker forecast 0.5c) and the company closed the year with $31.9m in cash.

Integrated Research does not offer guidance but management did perceive some softness in the renewals book, though advised new business and its upsell pipeline had risen, observed the broker.

Bell Potter downgrades forecasts due to the lack of visibility. Buy rating retained. Target price falls to 95c from $1.05.

Target price is $95.00 Current Price is $0.65 Difference: $94.35
If IRI meets the Bell Potter target it will return approximately 14515% (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 JDO as Sell (5) -

On a further review, Citi notes the FY24 results from Judo Capital were well received with the market appreciating further detail on guidance, which was reiterated for 15% growth in pre-tax profit.

It appears investors were "clearly relieved" with the detail, yet the broker believes the targets are "optimistic" and several things need to "go right".

Citi is cautious and believes SME banking will continue to be more volatile as the economy slows. Sell rating retained with the re-rating of the shares seen as not fully factoring in the risk profile. Target is raised to $1.35 from $1.26.

Target price is $1.35 Current Price is $1.53 Difference: minus $0.18 (current price is over target).
If JDO meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.52, suggesting downside of -3.9% (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

Macquarie rates JDO as Upgrade to Neutral from Underperform (3) -

Macquarie acknowledges post the FY24 Judo Capital earnings release, the company has "delivered on existing promises".

Loan growth grew half-on-half to 10% from 9% in the 1H24; bad and doubtful debts increased slightly and the bank advanced its deposit book at around $1bn in 2H24.

The broker believes the 2.8%-2.9% net interest margin guidance for FY25 is too "ambitious".

A soft landing is viewed as a potential positive. The analyst revises EPS forecasts by 5% and 11% for FY25/FY26, respectively with coverage change to a new analyst.

Rating upgraded to Neutral from Underperform. Target price rises to $1.60 from $1.00.

Target price is $1.60 Current Price is $1.53 Difference: $0.07
If JDO meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting downside of -3.9% (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

Morgan Stanley rates JDO as Upgrade to Overweight from Equal-weight (1) -

Morgan Stanley raises its target for Judo Capital  to $1.75 from $1.30 and upgrades to Overweight from Equal-weight after 2H profit exceeded forecasts by the broker and consensus by 2% and 3%, respectively. Industry View: In-Line.

Management slightly upgraded FY25 profit (PBT) guidance. Management commentary (along with 2H trends) provided the broker with greater confidence. It's felt operating leverage will drive a step change in return on equity (ROE) over the next 2-3 years.

Morgan Stanley also has less near-term concerns around credit quality after the non-performing loan ratio fell in the 4Q.

Target price is $1.75 Current Price is $1.53 Difference: $0.22
If JDO meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting downside of -3.9% (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

Morgans rates JDO as Add (1) -

Judo Capital met expectations with its FY24 results, which Morgans observes underpin guidance for 15% growth in pre-tax profit in FY25.

The broker points out the company will not pay dividends while it retains capital to support its loan growth aspirations. As a result it is high risk versus the major banks, given it is a challenger operating entirely in the SME area.

If the targeted return on equity in the low to mid teens is met, Morgans asserts the stock at this stage should trade at a price:book value at or above 1x, which at current prices would generate double-digit annualised returns for investors.

Add rating maintained. Target is raised to $1.69 from $1.54.

Target price is $1.69 Current Price is $1.53 Difference: $0.16
If JDO meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting downside of -3.9% (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

Macquarie rates KMD as Neutral (3) -

KMD Brands reported a 4Q24 sales decline, Macquarie notes, with group sales down -5% versus an -11% fall in 3Q24.

The broker believes the results show a slight improvement with FY24 EBITDA guidance meeting expectations, including a -30 basis point fall in the gross margin because of promotional activity.

Macquarie notes group inventory lowered by around -$25m with a circa -$21m fall in working capital. EPS forecasts are revised by -92.5% and -13.7% for FY24/FY25, respectively.

Target price moved to 47c from 51c. Neutral rated.

Target price is $0.47 Current Price is $0.47 Difference: $0
If KMD meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $0.41, suggesting downside of -14.6% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

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

Bell Potter rates MAD as Buy (1) -

At a glance, Mader Group's FY24 result missed Bell Potter's forecasts on most metrics due to a sharply lower contribution from North America. Australian operations outpaced.

Despite the miss, the result was broadly strong the company posting strong increases in most metrics.

Management declared a 4cps fully franked final dividend, taking the full-year payment to 7.8cps.

FY25 and net profit after tax guidance also fell short of the broker's forecasts and management reiterated its intention to reach a net cash position while maintaining growth and a dividend payout ratio of 33% (FY24 was 31%). The broker considers guidance to be conservative.

The company closed the year with net debt of $39.6m ($52.4m in FY23) and free cash flow jumped to $28.1m from -$6.2m in FY23, which Bell Potter sheets back to strong earnings and less capital expenditure.

EPS forecasts fall -16% in FY25; -14% in FY26; and -12% in FY27.

Buy rating retained. Target price eases to $6.80 from $7.60.

Target price is $6.80 Current Price is $5.70 Difference: $1.1
If MAD meets the Bell Potter target it will return approximately 19% (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 MND as Hold (3) -

At a glance, Monadelphous Group's FY24 result outpaced guidance, revenue falling shy of Bell Potter's forecasts and earnings (EBITDA) proving a beat, as did the EBITDA margin, thanks to stronger than forecast Engineering Construction revenues.

Management declared a 33cps dividend, taking the full-year dividend to 58cps, a 14% beat on the broker's forecasts.

For FY25, the company foresees higher production volumes, which it expects will sustain its capital and maintenance activity; a growing renewables pipeline and continued robust demand for maintenance services in energy, observes the broker.

The company closed the year with net cash of $131.6m ($89.6m in FY23) and free cash jumped 64% on FY23 to $99.9m thanks to a sharp rise in operating cash flows to $187.7m ($93.3m in FY23) due to an unwind in working capital.

EPS forecasts rise 1% in FY25; 3% in FY26; and 3% in FY27. Hold rating retained. Target price rises to $13.80 from $13.60.

Target price is $13.80 Current Price is $13.19 Difference: $0.61
If MND meets the Bell Potter target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.37, suggesting upside of 11.5% (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 MND as Buy (1) -

Citi found the commentary from Monadelphous Group in the wake of the FY24 results "upbeat", given company is typically conservative.

The reason for the optimism is the securing of $3bn in contracts in FY24, which effectively covers around 1.4 years of revenue based on the broker's FY25 forecasts.

High levels of construction activity continue and labour availability appears to becoming less of an issue. There is also a "healthy" cash balance which could be deployed in the short term to deliver expansion or diversify capabilities.

Citi remains bullish and retains a Buy rating with an unchanged target of $16.20.

Target price is $16.20 Current Price is $13.19 Difference: $3.01
If MND meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $14.37, suggesting upside of 11.5% (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

Morgans rates MND as Hold (3) -

Monadelphous Group delivered FY24 results were ahead of expectations and, Morgans asserts, the contractor appears poised to deliver robust growth for the E&C segment in FY25 and FY26.

While the second half margin expansion was significant, a normalised margin reveals a smaller improvement and, in the broker's view, highlights the difficulty in margin expansion given the "heft" of the maintenance business.

Morgans maintains a Hold rating, conscious of overzealous margin assumptions in FY25. Target is raised to $13.80 from $13.20.

Target price is $13.80 Current Price is $13.19 Difference: $0.61
If MND meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $14.37, suggesting upside of 11.5% (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

UBS rates MND as Neutral (3) -

Monadelphous Group reported FY24 results including 11% revenue growth and 32% increase in the construction sector, UBS notes with strength in iron ore, lithium and renewable energy projects.

Management pointed to "significant pipeline" of opportunities in resources/energy and decarbonisation.

UBS revises the target price by -7% to $14 on the back of EPS forecast declines of -5% for FY25-FY27. Revised forecasts still equate to a compound average EPS growth rate of 6%.

Neutral.

Target price is $14.00 Current Price is $13.19 Difference: $0.81
If MND meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $14.37, suggesting upside of 11.5% (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 NSR as Buy (1) -

On a first take, Citi found the FY24 results from National Storage REIT in line with expectations, noting continued development and acquisition momentum. Guidance is for 4.4% growth in EPS in FY25.

There were 46 active development projects in train, along with joint venture and development partnerships. Buy rating and $2.60 target.

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

Current consensus price target is $2.40, suggesting downside of -0.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Morgan Stanley rates NXL as Overweight (1) -

Morgan Stanley maintains an Overweight rating and hikes the target for Nuix to $5.31 from $2.85 after FY24 results and new FY25 guidance confirm ongoing progress. Industry view is Attractive.

For FY24, revenue and earnings (EBITDA) growth beat the broker's forecasts by 5% and 2%, respectively.

Industry feedback on cloud-based platform Nuix Neo is positive and key to the analysts' positive investment thesis, as is a favourable multiple comparison to peer Palantir Technologies.

Target price is $5.31 Current Price is $4.77 Difference: $0.54
If NXL meets the Morgan Stanley target it will return approximately 11% (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

UBS rates NXT as Buy (1) -

UBS points to potential risks around NextDC's S5 due to statements from the NSW Dept of Planning, Housing and Infrastructure which said it proposes to not allow data centres near to Macquarie Park Metro Station.

The broker stresses this is a "proposal" but has the potential to complicate the S5 development with S3, S6 estimated to have around 16MW/13MW of spare capacity, respectively.

UBS adjusts EPS forecasts for the $1.3bn equity raising with S5 requiring DA approval; S5 and S4 are not included in forecasts.

The Buy rating and target price of $20.10 are retained.

Target price is $20.10 Current Price is $17.52 Difference: $2.58
If NXT meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting upside of 14.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

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

Morgan Stanley highlights 1H revenues for oOh!media grew by 3% but were well behind overall Australian out-of-home (OOH) growth of 8% over the same period. Management confirmed market share losses though expects a pick-up in H2.

Revenue and underlying earnings in H1 missed consensus forecasts by -5% and -7.6%, respectively.

The broker feels the market is underestimating industry competition which caps profitability, returns and long-term growth rates.

The target falls to $1.60 from $1.80. Equal-weight. Industry View: Attractive.

Target price is $1.60 Current Price is $1.43 Difference: $0.175
If OML meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.67, suggesting upside of 25.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Bell Potter rates PGC as Buy (1) -

Heading into Paragon Care's FY24 results, Bell Potter advises the merger of the company with CH2 in June will have implications for reporting.

Firstly, the newly merged company will contain one year of CH2's earnings and one month of Paragon's, observes Bell Potter, and given it was a reverse takeover, CH2's accounts will be used for the FY23 comparable period.

The broker provides merged financial statements and estimates and advises investors focus on earnings, debt and guidance.

Buy rating retained. Target price rises 7c to 52c.

Target price is $0.52 Current Price is $0.43 Difference: $0.095
If PGC meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

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

Citi rates PRN as Buy (1) -

Citi derives comfort from the free cash flow and leverage revealed by Perenti in the FY24 results, which came despite the headwinds from drilling services.

The broker suggests the decision to declare a dividend in the second half at a higher payout is an indication of the improving outlook.

Forecasts are trimmed primarily because of a lower contribution from the underground business and the inclusion of ongoing idoba costs. Target is lowered to $1.15 from $1.30 and the Buy rating is maintained.

Target price is $1.15 Current Price is $1.00 Difference: $0.15
If PRN meets the Citi target it will return approximately 15% (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

Ord Minnett rates REP as Buy (1) -

RAM Essential Services Property Fund's FY24 result met consensus and Ord Minnett's forecasts thanks to a solid June half and FY25 guidance met consensus and Ord Minnett's forecasts.

The broker observes the company sold three assets for $49m and that another $100m in sales are under due diligence. It expects the proceeds will be used to cut debt and fund the company's buyback.

As per the broker, the highlight proved to be an announcement that the company will become a healthcare REIT, management planning to reweight the portfolio to 80% healthcare assets given the strong fundamental outlook for the industry.

Buy rating retained. Target price rises 2.7% to 74c from 72c.

Target price is $0.74 Current Price is $0.67 Difference: $0.075
If REP meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Bell Potter rates RFG as Buy (1) -

Retail Food's FY24 earnings (EBITDA) met guidance, missed consensus' forecasts and outpaced Bell Potter.

The broker observes softness in Coffee, Cafe & Bakery but the Ribs brand met Bell Potter's forecast while new acquisition Beefy's proved a solid beat.

Bell Potter spies a few economic headwinds and leasing challenges.

Buy rating retained on valuation. Target price falls -15% to 11c from 13c.

Target price is $0.11 Current Price is $0.07 Difference: $0.036
If RFG meets the Bell Potter target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates RWC as Buy (1) -

Further to the FY24 results, which beat expectations, Citi notes challenges still persist for Reliance Worldwide but conditions favour the business more so when compared with peers.

Specifically, its plumbing jobs are less discretionary and require minimal debt. The business should therefore generate more operating leverage and a Buy rating is retained. Target is raised to $5.85 from $5.20.

Target price is $5.85 Current Price is $5.12 Difference: $0.73
If RWC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

Macquarie rates RWC as Outperform (1) -

Macquarie believes the FY24 earnings result from Reliance Worldwide reflected good operational management in the face of challenging macro conditions.

Operationally, the Americas were "solid"; UK market has stabilised with APAC experiencing some earnings "leakage" as manufacturing operations were transferred.

The FY24 result was slightly better than expected with ongoing efficiency cost outs anticipated into FY25.

Management guided to 1H25 flat revenue with stable margins.

Macquarie revises EPS forecasts by 3% and 4% for FY25/FY26, respectively.

Target price lifts to $6.40 from $6. Outperform rating unchanged.

Target price is $6.40 Current Price is $5.12 Difference: $1.28
If RWC meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

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

Despite challenging repair and remodel (R&R) markets, "solid" in-line to slightly ahead FY24 results suggest to Morgan Stanley Reliance Worldwide is performing well.

Management provided no formal FY25 guidance, but expects new product, revenue initiatives and cost reduction to help offset some of the impact from softer trading conditions.

Equal-weight. Target $4.70. Industry view: In-Line.

Target price is $4.70 Current Price is $5.12 Difference: minus $0.42 (current price is over target).
If RWC meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

Morgans rates RWC as Add (1) -

The FY24 results from Reliance Worldwide were slightly better than Morgans expected. While volumes were soft in all regions because of weaker remodelling and residential new construction, this was mitigated by new product revenue and the acquisition of Holman.

The broker assesses the business has defensive characteristics, noting the healthy balance sheet and new product offering.

While the operating environment may have been challenging recently, if expectations for lower interest rates materialise, Morgans suspects this will have a positive impact on demand going forward.

An Add rating is maintained and the target raised to $5.75 from $5.25.

Target price is $5.75 Current Price is $5.12 Difference: $0.63
If RWC meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

Ord Minnett rates RWC as Accumulate (2) -

Reliance Worldwide's result appears to have missed consensus and Ord Minnett's forecasts due to costs relating to the closure of Supply Smart, EMEA restructuring and DC rationalisation.

Cash flow rose 9.6% and the company closed the year with net debt of $421.1m.

Given flat earnings (which proved a beat on the broker) and subdued end markets, the broker expects more of the same in the December half of FY25.

Ord Minnett is slightly more optimistic for the June half, expecting new production initiatives and believes the purchase of Holman positions the company well for a potential upturn in housing markets.

Accumulate rating retained. Target price rises to $5.70 from $5.60.

Target price is $5.70 Current Price is $5.12 Difference: $0.58
If RWC meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

UBS rates RWC as Buy (1) -

UBS highlighted Reliance Worldwide is seeing operational improvements into FY25, with higher depreciation/amortisation charges offsetting a positive FY25 EBITDA upgrade.

The broker likes the return to earnings growth for the core operations, pointing to M&A opportunities in some regions like the Holman acquisition which can be earnings accretive.

UBS revises EPS forecasts by -3% for FY25, due to the higher depreciation/amortisation.

Buy rating and $5.90 target maintained.

Target price is $5.90 Current Price is $5.12 Difference: $0.78
If RWC meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.72, suggesting upside of 12.1% (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: 0.8

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

Citi rates SCG as Neutral (3) -

On first view, Scentre Group delivered first half results that were in line with expectations, confirming it expects FFO to be in the range of 21.75-22.25c per security in 2024, which represents 3-5.4% growth.

Tthe company announced a tender offer for up to US$550m of its outstanding non-call 2026 subordinated notes, intending to fund the repurchase through the issue of new AUD-denominated subordinated notes.

Citi expects this will produce strong earnings accretion if executed. Neutral rating and $3.10 target.

Target price is $3.10 Current Price is $3.40 Difference: minus $0.3 (current price is over target).
If SCG meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.34, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Citi rates SGM as Buy (1) -

After FY24 results from Sims beat Citi's estimates, the FY25/26 EBIT estimate is revised down -6%/7% on lower volumes.

The FY24 EBIT of $43m was "roughly" double the company's May expectations and reflected a better-than-expected performance in Australasia and North America.

Citi retains a Buy rating and remains positive on the long-term ferrous/non-ferrous scrap demand. Target is reduced to $13.00 from $13.50.

Target price is $13.00 Current Price is $11.02 Difference: $1.98
If SGM meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $12.14, suggesting upside of 12.8% (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 SGM as No Rating (-1) -

Sims served up mixed FY24 results according to Macquarie including below forecast and consensus earnings while the operating "performance" was better than expected.

The loss before interest and tax was greater than forecast and sales volumes declined -1.2% year-on-year, with operating costs up 7.6%.

Management highlighted inflationary pressures are anticipated to continue to impact on the company, with ongoing cost reductions expected.

Macquarie revises EPS forecasts by -11.6% for FY25 and 1.7% for FY26.

The broker is under restriction. No target price or rating.

Current Price is $11.02. Target price not assessed.

Current consensus price target is $12.14, suggesting upside of 12.8% (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 SGM as Accumulate (2) -

Sims' FY24 top-line result outpaced forecasts but net profit after tax proved a miss, as higher net interest and tax costs took their toll.

Despite operating profit of $43m outpacing forecasts, Ord Minnett observes it remains substantially below Sims' five-year average of $300m as the company continues to battle operational problems, inflation and tough scrap markets.

Management expects conditions to remain tough and the broker forecasts lower scrap prices, observing prices since June 30 are tracking below those of the June half.

EPS forecasts fall -42% in FY25; and -2% in FY26 and FY27 to reflect the broker's lower scrap price forecasts and the sale of the company's UK operations, which it considers to be prudent given it bolsters the balance sheet and cuts debt.

Accumulate rating retained. Target price rises to $12.05 from $11.60 to reflect the reduction in net debt.

Target price is $12.05 Current Price is $11.02 Difference: $1.03
If SGM meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.14, suggesting upside of 12.8% (ex-dividends)

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 SGM as Buy (1) -

Sims' turnaround is "underway" but looks set to take longer than anticipated, UBS comments.

The broker highlights a challenging 2H24 as management continues to rationalise the operations including cost out programs.

A turnaround in earnings will be challenging in the absence of a market recovery, the analyst stresses.

A Buy rating and $13.50 target price are retained.

Target price is $13.50 Current Price is $11.02 Difference: $2.48
If SGM meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $12.14, suggesting upside of 12.8% (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 SRG as Buy (1) -

SRG Global's FY24 result outpaced Ord Minnett's forecasts thanks to strong organic growth in Asset Maintenance and a recovery in Mining Services in the June half.

The result was coupled with the announcement of the acquisition of Diona, which provides asset maintenance services to the water security and energy transition sectors. 

Ord Minnett considers the acquisition multiple of 6x to be fair given the company's five-year revenue visibility, recurring revenue, and growth in target markets.

Conviction Buy rating retained. Target price rises to $1.13 from $1.06 to reflect the acquisition.

Target price is $1.13 Current Price is $0.88 Difference: $0.25
If SRG meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 37.0% (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

Citi rates SSM as Buy (1) -

At first glance, the FY24 results from Service Stream signalled solid cash conversion and margin improvement with growth momentum continuing into FY25. The utilities margin did not improve as much as Citi anticipated, while telco outperformed expectations.

The higher dividend compared with forecasts is also considered another indication of improving visibility on growth and the broker remains bullish on the stock with a Buy rating and $1.55 target.

Target price is $1.55 Current Price is $1.39 Difference: $0.16
If SSM meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.41, suggesting downside of -3.7% (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

Bell Potter rates SVR as Hold (3) -

Solvar's FY24 result was broadly in line (with revenue falling a tad shy of consensus forecasts) and Bell Potter believes earnings have hit a low, expecting a recovery in FY25.

A $13m add-back of goodwill and legal expenses helped normalised net profit after tax into the top end of guidance, albeit still down on FY23, observes the broker.

The broker expects the NZ book will continue to drag as it runs down (closes) but this should release about $65m in capital, observes the broker, suggesting this will be redeployed into the Australian business.

EPS forecasts rise 5.6% in FY25; and 11.2% in FY26. Rating is upgraded to Buy from Hold. Target price rises to $1.30 from 91c.

Target price is $1.30 Current Price is $1.14 Difference: $0.165
If SVR meets the Bell Potter target it will return approximately 15% (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

Morgans rates SVR as Add (1) -

Morgans found the FY24 result from Solvar in line with forecasts. The business is a high-yield non-bank lender in the automotive space and the broker believes it has the potential  to be a turnaround story for the near to medium term.

There are headwinds relating to the New Zealand business and legacy regulatory issues, with the stock currently trading at a discount to book value and peers as a result.

The broker reduces FY25-26 loan book forecasts by -3-4% to align more closely with FY25 guidance and retains an Add rating. Target edges down to $1.38 from $1.40.

Target price is $1.38 Current Price is $1.14 Difference: $0.245
If SVR meets the Morgans target it will return approximately 22% (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 TLC as Buy (1) -

Lottery Corp posted FY24 EBIT of $719m, in line with Citi's estimates. At first glance, the first half of FY25 is off to a sound start as Powerball hits a $100m jackpot.

The operating expenditure guidance for an incremental -$12m in separation costs could disappoint the market, the broker acknowledges.

The special dividend is encouraging, which Citi assesses is a first step to a sustained lift in the payout ratio. Buy rating and $5.60 target.

Target price is $5.60 Current Price is $4.92 Difference: $0.68
If TLC meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 16.3% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates VCX as Neutral (3) -

Further to the FY24 results, Citi notes Vicinity Centres continues to transform its portfolio and the growth outlook by recycling lower-growth assets. The broker lifts FY25 and FY26 FFO estimates by 2.6% and 2.9%, respectively.

Neutral rating retained. Target is raised to $2.20 from $2.10.

Target price is $2.20 Current Price is $2.20 Difference: $0
If VCX meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.09, suggesting downside of -5.7% (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

Macquarie rates VCX as Neutral (3) -

Vicinity Centres' reported earnings came in slightly above Macquarie's expectations, with FY25 guidance meeting forecasts.

The broker highlights a robust consumer as positive with the group investing around -$470m in FY25 across a number of assets, compared to -$290m in FY24.

Leasing spreads continued to weaken in the 2H24 but are forecast to remain stable into FY25; lost rent is expected to peak in FY25, while the broker likes the Joondalup acquisition, which will be earnings positive from year one.

Neutral rating unchanged. Target price lifts 9% to $2.04.

Target price is $2.04 Current Price is $2.20 Difference: minus $0.16 (current price is over target).
If VCX meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.09, suggesting downside of -5.7% (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

Morgan Stanley rates VCX as Underweight (5) -

FY24 funds from operations (FFO) for Vicinity Centres of 14.6cpu beat the 14.5cpu consensus estimate, while FY25 guidance of between 14.5-14.8cpu compares to the consensus expectation for 14.5cpu, observes Morgan Stanley.

Operationally, things are going well, the broker observes, and more asset recycling is anticipated. Management is signaling a push into more premium retail, acquiring a 50% stake in Lakeside Joondalup for -$420m, while recycling out of neighbourhood-style assets.

Underweight. Target $2.17. Industry View: In-Line.

Target price is $2.17 Current Price is $2.20 Difference: minus $0.03 (current price is over target).
If VCX 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 $2.09, suggesting downside of -5.7% (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

Macquarie rates VNT as Outperform (1) -

In an early review of 1H results by Ventia Services, Macquarie notes in-line profit. FY24 guidance was upgraded to 10-12% from 7-10%, though consensus was already sitting at 11% pre-result, notes the broker.

The broker highlights a standout performance in the Defence & Social Infrastructure and Telecommunications segments with earnings rising by 19% in FY24.

Target $4.40. Outperform.

Target price is $4.40 Current Price is $4.47 Difference: minus $0.07 (current price is over target).
If VNT meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.23, suggesting upside of 1.5% (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

Macquarie rates WHC as Neutral (3) -

Macquarie previews FY24 earnings for Whitehaven Coal and forecasts a -5% decline in EPS due to increased finance costs.

The final dividend is anticipated to be -25% lower than consensus.

The broker also is wary on FY25 guidance as production risks at recently acquired Blackwater and Dauna are probable due to the removal of debt.

Going into the result, Macquarie revises EPS forecasts by -18% and -16% for FY25/FY26, respectively.

Target price falls -8% to $8. Neutral rating unchanged.

Target price is $8.00 Current Price is $7.36 Difference: $0.64
If WHC meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.46, suggesting upside of 31.3% (ex-dividends)

The company's fiscal year ends in June.

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

Macquarie rates WTC as Neutral (3) -

In a first look at today's FY24 result for WiseTech Global, Macquarie observes earnings (EBITDA) were in line with expectation and profit beat estimates by both the broker and consensus.

FY25 earnings guidance beat the consensus forecast by around 4% and management expects a 2H skew with implied revenue acceleration in FY25 via organic means and acquisition, observes the broker.

The analyst expects the market to focus on the -21% year-on-year fall in organic revenue from exiting CargoWise customers. Also, the currency tailwind of FY24 is expected to reverse in FY25.

More positively, there were three new contracts wins and three new products revealed, highlights Macquarie.

Target $81.90. Neutral.

Target price is $81.90 Current Price is $94.38 Difference: minus $12.48 (current price is over target).
If WTC meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $95.86, suggesting downside of -14.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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