Australian Broker Call

Macquarie rates A1N as Neutral (3) -

First half underlying EBITDA from ARN Media was "flat" Macquarie observes and the revenue outlook for the second half is also for "flat growth", albeit better than the -1.8% decline previously expected. EPS estimates for 2024 and 2025 are reduced by -44% and -52% to reflect softer economics from the Cody Hong Kong contracts.

The broker believes the group is gaining market share but cash flow remains challenging. Any dividend growth in the next 6-12 months is expected to be limited. Macquarie considers it too early in the advertising cycle to be positive about traditional media and retains a Neutral rating. Target is reduced to $0.46 from $0.63.

Target price is $0.46 Current Price is $0.61 Difference: minus $0.15 (current price is over target).
If A1N meets the Macquarie target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.58, suggesting downside of -2.8% (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

Citi rates ABG as Buy (1) -

For Abacus Group's FY24 results, Citi highlights an in-line dividend, while funds from operations (FFO) came in at the lower end of management's guidance.

A stable FY25 distribution guidance of 8.5cpu was provided, notes the broker, targeting a full-year payout ratio of 85%-95% of FFO.

The Buy rating is retained given an attractive dividend yield and large discount to net tangible assets, explains the analyst. Unchanged $1.35 target.

Target price is $1.35 Current Price is $1.13 Difference: $0.22
If ABG meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Macquarie rates ABG as Neutral (3) -

FY24 results from Abacus Group were ahead of Macquarie's expectations. Guidance is for broadly similar FFO/share to FY25.

The broker finds the operating metrics across key exposures solid, with office occupancy improving to 93.4%, re-leasing spreads elevated at 11.4% and incentives steady at 32%.

The externally-managed storage vehicle, Abacus Storage King ((ASK)), also reported an improvement in average revenue. Macquarie retains a Neutral rating and the target dips to $1.15 from $1.16.

Target price is $1.15 Current Price is $1.13 Difference: $0.02
If ABG meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates ABG as Buy (1) -

Abacus Group's FY24 result met Shaw and Partners' forecasts, the broker observing the company maintained its FY25 distribution guidance at 8.5c at a time when other A-REITs are cutting.

Add to that an estimated 50% franking and the broker appreciates the company's 7.6% partially franked yield.

Management advised it was receiving more enquiries for space, which boosted its confidence in its FY25 guidance.

On the asset front, the company bought an extra 17% of Myer Melbourne's CBD property for- $72m at a -10% discount to its FY23 valuation, observes Shaw and Partners.

Abacus Group also divested two properties with another sale under way, which the broker estimates should send gearing to just below 30% from 32% to 33% now.

The broker expects flat capital expenditure in FY25 before declining in FY26.

Buy rating retained, the company trading at a -35% discount to net tangible assets of $1.76. Target price is steady at $1.20.

Target price is $1.20 Current Price is $1.13 Difference: $0.07
If ABG meets the Shaw and Partners target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.23, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates ABY as Buy (1) -

At first glance, Adore Beauty reported better FY24 EBITDA results at the upper end of guidance, Citi notes, with good customer retention and cost management.

The August trading update of 7% is below the broker's 12% estimates and the 11% growth for 4Q24. 

Management lifted EBITDA margins guidance to 4%-5% for FY25. The broker likes the launch into physical trading and envisages slowing trading could be offset by better margins.

Target price is $1.50 Current Price is $1.10 Difference: $0.4
If ABY meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 12.2% (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

UBS rates ABY as Neutral (3) -

UBS notes on first take, Adore Beauty's FY25 trading update is softer than expected but management has come in with a higher than anticipated FY25 guidance.

The broker highlights sales were pre-recorded, but EBITDA margins are at the upper end of guidance, with good cost management.

Both margins and iKOU growth targets are viewed as positive.

Target price is $1.05 Current Price is $1.10 Difference: minus $0.05 (current price is over target).
If ABY meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.29, suggesting upside of 12.2% (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

Bell Potter rates AMA as Buy (1) -

AMA Group reported FY24 results which met management's FY24 EBITDA pre-announced guidance as part of the July equity raising.

Bell Potter notes the gearing has fallen to 0.6x and believes the balance sheet is now "repaired" with scope for further improvement post the sale proceeds of ACM Parts.

Management pre-guided FY25 EBITDA. The broker forecasts 5,6% EBITDA growth compared to 5.5% in FY24.

Buy rating. Target price is 7c, unchanged.

Target price is $0.07 Current Price is $0.05 Difference: $0.02
If AMA meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates ANZ as Underweight (5) -

The Australian prudential regulator APRA has announced it will require ANZ Bank to hold extra operating risk capital of $250m, taking the total add-on to $750m, as well as appoint an independent party to review recent risk governance issues in the market business.

The bank is also required to develop a remediation plan to address findings from the independent review. Morgan Stanley believes the additional capital overlay is modest as it reduces the CET1 ratio by only -6 basis points. This is not expected to have any impact on near-term capital management options.

Underweight. Target $26.20. Industry view: In-Line.

Target price is $26.20 Current Price is $29.30 Difference: minus $3.1 (current price is over target).
If ANZ 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 $27.07, suggesting downside of -8.8% (ex-dividends)

The company's fiscal year ends in September.

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

Ord Minnett rates ANZ as Hold (3) -

ANZ Bank has been hit with a further penalty from APRA after it ordered ANZ to hold an additional $250m in capital due to dissatisfaction over the bank's lack of progress on improving its management of non-financial risks.

The $250m is on top of an operational risk capital overlay of $500m imposed by APRA in 2019 following a bond market trading scandal, Ord Minnett notes.

ANZ is trading at a discount to peers but faces a number of additional challenges, the broker notes, such as the integration of Suncorp bank, a stark fall in returns from retail banking and a faltering New Zealand economy.

Ord Minnett retains Hold and target price of $27.50.

Target price is $27.50 Current Price is $29.30 Difference: minus $1.8 (current price is over target).
If ANZ meets the Ord Minnett 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 downside of -8.8% (ex-dividends)

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 ASG as Neutral (3) -

In a review of Autosports Group's FY24 results, Citi admires a "solid" outcome and management's ability to mitigate falling gross margins. Thanks to a skew to the luxury market (less impacted by competition) outperformance is expected over the next year.

Autosports also announced the acquisition of Stillwell Motor Group for -$55m, which the analysts note will add circa $345m revenue on an annualised basis.

The broker's target price decreases to $2.20 from $2.25, partly due to earnings changes and reduced market multiples. Neutral.

Target price is $2.20 Current Price is $2.11 Difference: $0.09
If ASG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 26.0% (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 ASG as Buy (1) -

UBS observes Autosports Group's FY24 results were -11% below the broker's expectations, although not surprising given the challenges and downgrades at other listed dealers.

Slowing revenue had the greatest impact on operations. The company is working with OEMs to reduce inventory levels to a target of 70days.

UBS lowers earnings forecasts by -10% and -4% for FY25/FY26, highlighting the Stillwell Motor acquisition, due for completion in October, could boost revenues by around 13% and EPS by double digits in better macro circumstances.

Target price falls to $2.90 from $3.10. Maintain Buy rating.

Target price is $2.90 Current Price is $2.11 Difference: $0.79
If ASG meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $2.63, suggesting upside of 26.0% (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 AX1 as Overweight (1) -

Morgan Stanley found the FY24 result from Accent Group was consistent with its Overweight rating and expects upside from strong execution will continue into FY25.

FY24 EBIT was in line with previous guidance. The new FY25 guidance of more tthan 50 stores appears conservative to the broker. Estimates for EPS are increased by 2-3% for FY25-26 to reflect better comparables growth and higher margins.

The main concern is wholesale sales, which were down -17% FY24, with the Morgan Stanley suspecting there could be some structural pressures in this segment. Target is raised to $2.50 from $2.45. Industry view: In-Line.

Target price is $2.50 Current Price is $2.05 Difference: $0.45
If AX1 meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 14.8% (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

Morgans rates AX1 as Add (1) -

FY24 earnings for Accent Group were in line with guidance provided in July, but Morgans highlights an improving retail and wholesale sales trajectory and moderating cost inflation. Some losses in Glue have also been eliminated, note the analysts.

In the first seven weeks of FY25, like-for-like sales rose by 3.5% year-on-year. Overall, the broker expects earnings will recover in FY25, and the negative share price reaction to FY24 results was overdone.

In line with the broker's forecast, a final dividend of 4.5cps (fully franked) was declared.

Add rating and $2.40 target price retained.

Target price is $2.40 Current Price is $2.05 Difference: $0.35
If AX1 meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 14.8% (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

UBS rates AX1 as Upgrade to Buy from Neutral (1) -

According to UBS, Accent Group reported FY24 earnings before tax and interest which met expectations.

In the first seven weeks of FY25, the company recorded like-for-like sales of 3.5%, slightly below the analyst's estimates, including weakness to peers such as Unversal Store ((UNI)) and slowing sales versus the previous 34-52 weeks of 5.9%.

Higher year-on-year comps also make it more challenging, the broker notes.

FY25 outlook is mixed because of store closures, loss-making Glue and sale of 14 Trybe stores.

UBS revises EPS forecasts by -6.9% for FY25 and -2.8% for FY26, as lower retail revenue and gross margins impact.

The stock is upgraded to Buy from Neutral, due to valuation de-rating. Target price $2.20.

Target price is $2.20 Current Price is $2.05 Difference: $0.15
If AX1 meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates BEN as Sell (5) -

Bendigo & Adelaide Bank reported a strong 2H24 revenue result according to first inspection from Citi.

FY24 cash earnings were 3% above the broker's estimate and 2% above consensus due to very low bad and doubtful debts.

Better net interest margins assisted 2H24 with higher home lending assisting HomeSafe asset revaluations income.

The broker likes the mortgage loan growth with higher net interest margins, the trend registered above peers.

Sell rating maintained.

Target price is $9.50 Current Price is $12.40 Difference: minus $2.9 (current price is over target).
If BEN meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.19, suggesting downside of -16.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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

Macquarie rates BOQ as Underperform (5) -

Macquarie asserts management's actions to address the underperformance of the franchise are necessary although there is execution risk. The decision to acquire owner-managed branches has some merit but, as the broker points out, this is costly.

While effectively paying $125m to purchase business that probably makes less than $10m, the decision does come with strategic flexibility and the scope to rationalise branches, Macquarie adds. A cleaner structure will also provide potential corporate appeal.

The strategy appears to align the mix towards business banking which has high returns, yet the broker points out this is more capital intensive. Underperform retained while the target is raised to $5.00 from $4.75.

Target price is $5.00 Current Price is $6.13 Difference: minus $1.13 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.41, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in August.

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

Ord Minnett rates BOQ as Lighten (4) -

Bank of Queensland faces tough challenges as a smaller bank and Thursday’s restructuring announcement comes as no real surprise, Ord Minnett suggests, given the industry environment in which it operates.

Restructuring aims to enhance financial performance, with the bank targeting an 8% return on equity and a 56% cost-to-income ratio by FY26.

The necessity of these measures is clear to Ord Minnett, but the broker has concerns that many former branch owners might become loan brokers after being forced out, given their skill set, potentially leading to significant reduction in the bank’s loan book.

Consequently, Ord Minnett views Bank of Queensland as a higher-risk investment and maintains a Lighten recommendation and target price of $5.00.

Target price is $5.00 Current Price is $6.13 Difference: minus $1.13 (current price is over target).
If BOQ meets the Ord Minnett target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.41, suggesting downside of -13.8% (ex-dividends)

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

Ord Minnett rates BRI as Buy (1) -

Big River Industries' FY24 revenue and earnings came in slightly above Ord Minnett's estimates and the broker assumes FY24 represents a cyclical trough. Management did not provide quantitative guidance, stating that “the market is expected to remain challenging over the coming year.”

While Ord Minnett expects challenging short-term conditions to remain, the broker believes the medium-to-longer term pipeline  continues to strengthen, buoyed by a chronic housing underbuild and elevated levels of migration.

The broker therefore views an improvement in single-family dwelling approvals as a potential catalyst for a re-rating. Target falls to $1.86 from $1.91. Buy retained based on a forecast 40% total shareholder return..

Target price is $1.86 Current Price is $1.38 Difference: $0.48
If BRI meets the Ord Minnett target it will return approximately 35% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Macquarie rates CAJ as Outperform (1) -

FY24 results from Capitol Health were better than Macquarie expected and ongoing expansion of gross margins is anticipated in FY25. The broker envisages significant earnings accretion from both revenue and cost synergies related to the Intregral Diagnostics ((IDX)) merger.

The merger is expected to be completed in November and the broker expects -$10m in annual cost synergies with a significant proportion achieved in year one.

A recovery in face-to-face GP consultation is also likely to be a catalyst. Outperform retained. Target edges up to $0.33 from $0.32.

Target price is $0.33 Current Price is $0.31 Difference: $0.02
If CAJ meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 4.9% (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 CBO as Hold (3) -

Cobram Estate Olives reported FY24 which were in line with Bell Potter's expectations. Net debt came in higher than forecast because of acquisitions and asset development costs of -$66.2m.

Management flagged strong sales growth; FY25 crops are expected to be in line with FY24 harvest with a 15% price increase from September in the US. 

Bell Potter upgrades EPS forecasts by 2% in FY25 and 5% in FY26,

Hold rating unchanged. The analyst notes some demand destruction from higher olive oil prices, with an increase in global production likely to impact on prices.

Target price revised to $1.85 from $1.95, due to higher net debt.

Target price is $1.85 Current Price is $1.67 Difference: $0.18
If CBO meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 17.7% (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

Ord Minnett rates CBO as Buy (1) -

Cobram Estate Olives has reported earnings up 62% and ahead of Ord Minnett's forecasts, assisted by a favourable pricing and margin
environment, record profit in the US and a higher fair value adjustment on olive oil inventory.

Underlying gross margins expanded to 33% and the broker sees further upside into 1H25 driven by the recent Australian price rises and flagged US price rises. Global supply remains constrained for the near term.

Although Ord Minnett's forecasts allow for medium-term normalisation in wholesale pricing, they also account for yield growth as recently planted groves mature and deliver higher output for broadly similar costs.

Target rises to $1.98 from $1.97, Buy retained.

Target price is $1.98 Current Price is $1.67 Difference: $0.31
If CBO meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 17.7% (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

Shaw and Partners rates CBO as Buy (1) -

Cobram Estate Olives's FY24 result appears to have broadly met Shaw and Partners's forecasts and the company has provided long-range production guidance, which outpaced the broker's estimates.

The broker conservatively incorporates the low end of guidance into its modelling and upgrades discounted cash flow accordingly.

FY25 guidance was robust, off 25% domestic price increases enacted in April and 15% increases in the US set to start in September, thanks to a global shortage of oil.

The only cloudy spots were higher tax, depreciation and net debt observes the broker, which muted the extent of its upgrade.

Buy rating retained. Target price edges up to $2.10 from $2.05.

Target price is $2.10 Current Price is $1.67 Difference: $0.43
If CBO meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.98, suggesting upside of 17.7% (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

Morgan Stanley - Cessation of coverage

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

Bell Potter rates CHN as Speculative Buy (1) -

Bell Potter observes a number of board and budget changes for Chalice Mining.

Two directors will leave, effective August 31, and monthly expenditure will be lowered to -$1m per month from -$2.4m by the end of 2024.

The analyst highlights expenditure cuts align with the completion of work for the Gonneville pre-feasibility study which is due mid-2025.

Speculative Buy rating ad $5.15 target unchanged.

Target price is $5.15 Current Price is $1.13 Difference: $4.02
If CHN meets the Bell Potter target it will return approximately 356% (excluding dividends, fees and charges).

Current consensus price target is $2.88, suggesting upside of 150.7% (ex-dividends)

Forecast for FY23:

Forecast for FY24:

Market Sentiment: 0.7

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

UBS rates CKF as Buy (1) -

In the first 16 weeks of 1H25 sales advanced 1.1% for Collins Foods, below expectations of 3.7% from UBS, and 4.5% for consensus.

The results were mixed, according to the broker, including an improvement in KFC Australia; weakness in KFC Netherlands; notable weakness in KFC Germany; Taco Bell was flat but trending lower.

High inflation and weak consumer sentiment continue to affect the company, with management lowering FY25 guidance.

UBS revises EPS forecasts by -5% and -18% for FY25/FY26.

Target price falls to $10.40 from $11.50. Buy rating unchanged.

Target price is $10.40 Current Price is $7.58 Difference: $2.82
If CKF meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $10.25, suggesting upside of 34.2% (ex-dividends)

The company's fiscal year ends in May.

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 CLW as Neutral (3) -

Charter Hall Long WALE REIT has started its $50m share buyback as of August 23.

Citi observes there is minimal earnings accretion of 0.5%-1% on annualised earnings.

Neutral rating unchanged with the buyback viewed as a positive, but more downside to asset valuations is expected with pressure on FY26 earnings, the broker highlights.

Target price is $3.70 Current Price is $3.79 Difference: minus $0.09 (current price is over target).
If CLW meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.61, suggesting downside of -6.4% (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 CUV as Upgrade to Add from Hold (1) -

Following the recent progress update by Clinuvel Pharmaceuticals on the Phase 3 Vitiligo study highlighting challenges in patient retention and recruitment, and associated share price weakness, Morgans upgrades to Add from Hold.

The broker still considers the underlying erythropoietic protoporphyria (EPP) business as a cash cow with years of growth ahead. However, the analyst explains the ratings upgrade should be seen as only a short-term trade until several issues are addressed by management.

These issues include an ongoing lack of segmental disclosures and recent management and board turnover which have further exacerbated strategic direction concerns, notes Morgans.

The $16.00 target is unchanged.

Target price is $16.00 Current Price is $13.37 Difference: $2.63
If CUV meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.75, suggesting upside of 39.4% (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

Morgans rates CWP as Add (1) -

FY24 profit of $40.5m for Cedar Woods Properties was above the guidance range of $36-$39m and Morgans prior forecast of $37.8m - aided by the sale of the Williams Landing Shopping Centre. Lot revenue and gross profit were broadly stable for the period.

Management is guiding to 10% profit growth in FY25, supported by favourable operating conditions in most key states.

The analyst highlights the company's exposure to lower-priced stock in higher-growth markets, helping to drive earnings.

The target rises to $6.50 from $5.60. Add.

Target price is $6.50 Current Price is $5.54 Difference: $0.96
If CWP meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.67, suggesting upside of 18.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates DUG as Buy (1) -

Dug Technology's FY24 result outpaced Shaw and Partners' forecasts, the company post strong earnings (EBITDA) margin expansion to 34% from 30% as strong MP-FWI revenue dovetailed with improved operational efficiency.

Margin strength was skewed to the second half (38%), notes Shaw and Partners and the broker spies upside risk given the impending release of Elastic MP-FWI and improved pricing power.

The broker observes the contribution from the company's top 10 customers grew to $4m on average from $3m, and a record pipeline.

Buy rating retained. Target price rises to $3.60 from $3.45.

Target price is $3.60 Current Price is $3.18 Difference: $0.42
If DUG meets the Shaw and Partners target it will return approximately 13% (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 EDV as Neutral (3) -

Citi notes at first glance Endeavour Group reported FY24 net profit which came in line with consensus.

The broker observes the outlook is "softer" than anticipated. Retail and hotel sales have improved for the first seven weeks but growth numbers are tracking below consensus forecasts as the group cycles the FIFA Women's World Cup a year earlier.

Net finance costs are expected to be higher than estimated and capex at -$450m-$500m is above consensus. Neutral rated.

Target price is $5.94 Current Price is $5.53 Difference: $0.41
If EDV meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.90, suggesting upside of 14.1% (ex-dividends)

The company's fiscal year ends in June.

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 EVT as Neutral (3) -

At first glance, Citi highlights FY24 net profit from EVT Ltd is well below consensus, but underlying profit came in much as forecast.

The below-the-line items were higher than expected.

A 20c dividend was better than estimated. Recent movie box office results, like Deadpool & Wolverine, suggest to the analyst the right movies can still draw audiences to the cinema. 

Rydges Melbourne is noted as performing well and multiple options are being assessed for 525 George Street (Sydney).

The broker suggests 1Q25 could be challenged by the strong results from Oppenheimer and Barbie in 1Q24. Thredbo could meet FY25 guidance if the September snow arrives.

Target price is $11.50 Current Price is $11.03 Difference: $0.47
If EVT meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

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

Morgans rates EXP as Add (1) -

Following Experience Co's FY24 results, which missed consensus forecasts, Morgans lowers its target to 18c from 30c given uncertainty over when earnings will recover from covid impacts - mainly the lack of Chinese tourists.

Results missed in FY24 because of wet 4Q conditions particularly affecting Treetops Adventure and Skydive Australia in NSW, explains the broker.

Morgans is treating management’s $40m target for underlying earnings (EBITDA) in FY27 as an aspiration, not guidance.

As expected by the analysts, management provided no FY25 guidance.

The Add rating is maintained.

Target price is $0.18 Current Price is $0.16 Difference: $0.02
If EXP meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FPH as Neutral (3) -

Should current favourable conditions continue, Citi believes Fisher & Paykel Healthcare (March year-end) can achieve the top end of FY25 profit guidance, which has been upgraded by around 3% on strong 1H growth across all products.

FY25 revenue guidance was maintained given the variability in 2H northern hemisphere seasonal hospitalisation rates.

Management also supplied 1H profit guidance of between NZ$150-160m, which is 10% above the consensus estimate, notes the broker.

Neutral rating. The broker's target is raised to NZ$33.50 from NZ$28.75 on higher earnings forecasts and a higher mid-term growth rate.

Current Price is $32.83. Target price not assessed.

Current consensus price target is $23.06, suggesting downside of -29.4% (ex-dividends)

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: 0.0

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

Ord Minnett rates HMY as Accumulate (2) -

Harmoney generated 15% revenue growth during FY24 on only 2% of loan book expansion. The conversion from top line to bottom line
growth was impacted by higher funding costs, hence adjusted earnings missed Ord Minnett's expectations.

Early progress on Stellare 2.0 has been positive, the broker suggests, given a higher rate of customer applications, and Ord Minnett expects the platform to assist Harmoney’s operating cost to income ratios and cost of customer acquisition metrics.

The company remains well placed to grow market share more profitably looking forward, and industry consolidation has the potential to increase price-to-book multiples from the current cyclical lows, the broker suggests.

Target falls to 74c from 86c, Accumulate retained.

Target price is $0.74 Current Price is $0.41 Difference: $0.33
If HMY meets the Ord Minnett target it will return approximately 80% (excluding dividends, fees and charges).

Market Sentiment: 0.5

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

Shaw and Partners rates HPG as Buy (1) -

hipages Group's FY24 result outpaced guidance and Shaw and Partners' forecasts, margins stepping up as strong revenue paired with controlled costs.

The broker observes annual revenue per unit grew 11% as the company monetised its platform and expects this will drive further revenue growth over the next couple of years. 

Shaw and Partners is particularly positive on the launch of tradiecore and its potential to improve monetisation and boost retention.

Buy rating reiterated. Target price rises to $1.60 from $1.40.

Target price is $1.60 Current Price is $1.43 Difference: $0.17
If HPG meets the Shaw and Partners target it will return approximately 12% (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

Morgans rates IAG as Hold (3) -

Morgans highlights the key FY24 insurance profit and revenue numbers for Insurance Australia Group were largely in line with forecasts, despite a miss against consensus on profit.

The profit miss was largely due to lower investment income and non-operating expenses, explains the analyst.

FY25 guidance is for "mid-to-high single digit" gross written premium (GWP) growth and a reported insurance margin of between 13.5%-15.5%. Risks for the latter are tilted to the upside, suggests the broker.

Hold rating retained. The broker's target rises to $7.52 from $7.36 after incorporating lower earnings forecasts which were offset by a valuation roll-forward.

Target price is $7.52 Current Price is $7.45 Difference: $0.07
If IAG meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $7.65, suggesting upside of 2.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgan Stanley rates IEL as Overweight (1) -

Morgan Stanley notes student visas fell -39% in the second quarter and for the year to June issuance is down -19%. The decline has been driven by changes to migration policies with international students restricted bringing dependents.

The broker's forecasts for IDP Education account for a -7.5% decline in FY25 multi-destination placement volumes. Overweight rating. Target is $19.20. Industry View: In-Line.

Target price is $19.20 Current Price is $14.64 Difference: $4.56
If IEL meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $19.13, suggesting upside of 27.6% (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

Ord Minnett rates IFL as Hold (3) -

Insignia Financial's FY24 result was in line with recent guidance and Ord Minnett's forecasts from an earnings perspective, but the cut to the dividend was a surprise.

Looking forward, accelerated cost initiatives drive earnings upgrades, but cash flow demands are likely to persist in the short term, the broker suggests.

More broadly, Insignia is currently undergoing significant change, from the Advice reset, to synergy realisation and platform upgrades. The cash flow demands of this remedial work is persisting, Ord Minnett notes.

Hold and $2.55 target retained.

Target price is $2.55 Current Price is $2.33 Difference: $0.22
If IFL meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 2.5% (ex-dividends)

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

UBS rates IGL as Buy (1) -

IVE Group reported slightly better than forecast 2H24 earnings compared to UBS forecasts.

Underlying revenue seemed to be weakening over 2H24, offset by higher margins.

On first take, UBS notes FY25 guidance is below expectations and guidance excluding a Lasoo loss in-line with FY24, and restructuring/integration costs.

Dividend guidance for FY25 is steady at 18c per share, the broker notes.

Target price is $2.60 Current Price is $2.14 Difference: $0.46
If IGL meets the UBS target it will return approximately 21% (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

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

Following the first half result from Iluka Resources, Morgan Stanley retains an Equal-weight rating and updates its model, allowing for the 6% better dividend compared with forecasts.

Cost assumptions are updated for Cataby and Jacinth Ambrosia. Target is reduced to $6.60 from $6.75. Industry view is In-Line.

Target price is $6.60 Current Price is $5.82 Difference: $0.78
If ILU meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.15, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

UBS rates ILU as Neutral (3) -

UBS highlights Iluka Resources' 1H24 results were largely pre-reported at the June quarter update, offering no surprises.

The broker remains concerned around the circa -$600m funding gap for Iluka's Eneabba rare earths project with government conversations continuing.

Accounting for the build-up in inventory and some model tweaking, UBS revises EPS forecasts by 23% and 17% for FY25/FY26, respectively.

Neutral rating. Target price $7.05 unchanged.

Target price is $7.05 Current Price is $5.82 Difference: $1.23
If ILU meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $7.15, suggesting upside of 19.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

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

Bell Potter highlights Inghams Group FY24 net profit came in under forecast, due to weakness in the Australian business, with pressure on volumes despite earnings per kg rising to the highest level since 2019.

The broker points to the loss of volume from the company's largest client as the Woolworths Group ((WOW)) contract re-aligns for FY25. Volume guidance is for 1%-3% growth year-on-year.

Eearnings forecasts decline by -16% for FY25 and -15% for FY26 on reduced volumes and pricing.

The stock is downgraded to Hold from Buy. Target price falls to $3.30 from $4.35.

Target price is $3.30 Current Price is $3.09 Difference: $0.21
If ING meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates ING as Outperform (1) -

Macquarie believes the shift in supply agreements between Inghams Group and Woolworths shows the risks that producers carry with key customers.

Inghams has historically been over-indexed to Woolworths. Management has pointed out it has more balanced indexation with remaining customers and has also won additional contracts as it looks to offset the change, although expects a volume decline of -1-3% over FY25 as it re-bases.

Macquarie still considers the valuation attractive, despite taking a conservative view on FY25 guidance. EPS is reduced by -12% for FY25 and FY26. Target is reduced -17% to $3.50 and an Outperform rating is maintained.

Target price is $3.50 Current Price is $3.09 Difference: $0.41
If ING meets the Macquarie target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates ING as Add (1) -

In Morgans assessment, lower prices in the wholesale channel were likely the main culprit for Inghams Group's FY24 results missing expectations held by the broker and consensus. Volumes were stronger-than-expected.

The broker highlights inflationary headwinds and a shift towards in-home dining (Retail) from out-of-home (QSR and Food Service) channels due to cost-of-living pressures.

FY25 earnings (EBITDA) guidance was also weaker than consensus estimates. A phased reduction in Woolworths Group ((WOW)) volumes under a new contract was probably the main cause of a share price fall on result's day, suggest the analysts.

The target falls to $3.66 from $4.25. Add.

Target price is $3.66 Current Price is $3.09 Difference: $0.57
If ING meets the Morgans target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates JIN as Sell (5) -

Citi gleans from the post-FY24 results conference call with management at Jumbo Interactive the revenue impact from discontinuing lotteries in Canada is only around -CAD800,000.

Management is currently looking at other opportunities in both Canada and the UK. The company walked away from a potential acquisition in May due to the vendor wanting to renegotiate terms.

Sell rating. $15.50 target.

Target price is $15.50 Current Price is $13.40 Difference: $2.1
If JIN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $16.47, suggesting upside of 20.2% (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 JIN as Outperform (1) -

Macquarie hails a record result in FY24 for Jumbo Interactive, with the business guiding to further growth in FY25.

Lottery retailing outperformed, supported by jackpot activity, while managed services disappointed although these businesses generate less than 10% of overall earnings, the broker points out.

Macquarie's margin assumptions are at the midpoint of guidance and imply 47% at the group level. Outperform rating and $17.45 target.

Target price is $17.45 Current Price is $13.40 Difference: $4.05
If JIN meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.47, suggesting upside of 20.2% (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 JIN as Overweight (1) -

Morgan Stanley notes the "very strong" FY24 result from Jumbo Interactive was sold off sharply because of the reduced earnings outlook for the Canadian division. There is also the threat of cycling tough comparables in FY25.

The broker points out investors were "rightly frustrated" with the performance of the Canadian bolt-on Stride, where earnings were below the levels at which the business was acquired in 2021 and revenue guidance was downgraded and costs lifted.

Morgan Stanley considers the reinvestment in the core business and via opportunistic buybacks attractive, and asserts any further M&A must involve better strategic context for the assets being acquired.

EPS estimates are lowered by -9% for FY25 a -6% for FY26. Target is reduced to $19.50 from $20.80. Overweight. Industry view: In Line.

Target price is $19.50 Current Price is $13.40 Difference: $6.1
If JIN meets the Morgan Stanley target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $16.47, suggesting upside of 20.2% (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 JIN as Add (1) -

Morgans believes the negative share price reaction to Jumbo Interactive's FY24 result was excessive. The main surprise for the market, suggests the broker, was guidance for softer margins in FY25, primarily due to a slowdown in the software-as-a-service platform Stride.

The FY24 results exceeded forecasts by the analyst and consensus by 2%, driven by an exceptionally strong period for Lottery Retailing.

Management expects the FY25 group underlying EBITDA margins to be within the 46-48% range.

The final dividend of 27.5 cents brought the total FY24 dividend to 54.5 cents, compared to the broker's 56 cent estimate.

The target price falls to $16.80 from $17.70, and the Add rating is unchanged.

Target price is $16.80 Current Price is $13.40 Difference: $3.4
If JIN meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $16.47, suggesting upside of 20.2% (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 JIN as Lighten (4) -

Jumbo Interactive delivered FY24 operating earnings slightly ahead of Ord Minnett's forecasts, with the lottery retailing operations the standout performer as divisional earnings jumped 40% on a year ago thanks to a string of large jackpot lotto draws.

The company’s software-as-a-service business won two new contracts in Queensland and reported 19% growth in total transaction on
a year ago, but the managed services division fell short.

Jumbo guided to an FY25 earnings margin below the market’s prior forecast, principally due to higher technology and data costs and related staff expenses, and increased software development spending in the Stride business.

Ord Minnett has cut forecasts to account for higher costs. Target falls to $13.10 from $14.50, Lighten retained.

Target price is $13.10 Current Price is $13.40 Difference: minus $0.3 (current price is over target).
If JIN meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.47, suggesting upside of 20.2% (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

Citi rates KGN as Sell (5) -

Citi points to a better-than-expected trading update at the Kogan.com FY24 results with both revenue growth, margins ahead of estimates.

The broker questions how much can be extrapolated over the balance of 1H25, given the revenue mix and shift to platform-based revenue.

Citi believes the market will like the update. Sell rating unchanged.

Target price is $4.15 Current Price is $4.34 Difference: minus $0.19 (current price is over target).
If KGN meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.95, suggesting upside of 41.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Citi rates LFG as Buy (1) -

Liberty Financial reported FY24 results slightly below consensus and a bit soffer than expected, according to Citi's first observations.

Revenues and net interest margins missed forecasts and management pointed to a "stablising" but lower net interest margin.

Interestingly, some rate increases were not passed on; cost management was highlighted by the broker as good.

At current share price levels, Citi believes a lot has been priced in to the -20% underperformance against the Small Ords.

Questions are likely to focus on secured finance origination for the company as it has been a growth generator for Liberty Financial, the broker suggests.

Target price is $4.25 Current Price is $3.50 Difference: $0.75
If LFG meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

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 LFS as Neutral (3) -

For perspective, the impact in monetary terms of Latitude Group's -4% 1H earnings miss against the consensus forecast is negligible in the context of the upcoming earnings recovery, suggests Citi.

Compared to the previous corresponding period, the broker highlights circa 30bps of net interest margin (NIM) expansion, along with volume and receivables growth of around 14% and 3%, respectively.

Management remains confident price rises will deliver 2H margin expansion, aided in time by rate cuts which will lower the cost of funds.

The Neutral rating and $1.15 target are unchanged.

Target price is $1.15 Current Price is $1.15 Difference: $0
If LFS meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $1.06, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in December.

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

Bell Potter rates LGI as Buy (1) -

Bell Potter observes investment in MW capacity across LGI's portfolio as the main reason for FY24 earnings coming in below the analyst's expectations. 

The broker believes FY24 was a transition year, noting a delay in installation of generation/battery units from FY26 to FY27.

Boosted supply from Mugga Lane (ACT) and Bingo/Eastern Creek (NSW) will assist in FY25 and FY26.

Bell Potter revises EPS forecasts for the changes with a -25% and -36% decline in FY25/FY26, respectively.

Target price adjusts to $3.40 from $3.25. Buy rating unchanged.

Target price is $3.40 Current Price is $2.85 Difference: $0.55
If LGI meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 18.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates LGI as Buy (1) -

LGI's FY24 result met guidance but FY25 guidance disappointed Shaw and Partners.

The broker observes battery roll-outs have boosted biogas and electricity production and that labour productivity was on the up.

Shaw and Partners says the company is riding the capital expenditure cycle, which should position the company for a strong uptick in earnings.

Buy rating and $3.60 target price retained.

Target price is $3.60 Current Price is $2.85 Difference: $0.75
If LGI meets the Shaw and Partners target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.37, suggesting upside of 18.8% (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

Morgans rates MAF as Add (1) -

MA Financial's 1H FY24 result was in line with the consensus forecast. Morgans feels earnings have reach a bottom as management commentary suggests a materially stronger EPS outlook for the 2H compared to H1.

The Asset Management division delivered record gross flows, rising by 15% on the previous corresponding period, notes the broker.

Management also announced a new $1bn real estate credit vehicle in partnership with global private equity manager Warburg Pincus.

The target rises to $5.46 from 5.33 on a valuation roll-forward, explains Morgans.  Add.

Target price is $5.46 Current Price is $5.15 Difference: $0.31
If MAF meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.15, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates MPL as Hold (3) -

Morgans assesses a "solid" FY24 result for Medibank Private with profit and the interim dividend of 9.4 cents beating consensus forecasts by 3% and 7%, respectively.

The broker notes a favourable claims environment in Health Insurance (HI), solid Non-Resident HI business growth, and an improving performance for Medibank Health.

The Non-Resident gross margin expanded by 60bps on the previous corresponding period to 34.2% with Non-Resident gross profit rising by 37%, highlights Morgans.

Morgans raises its target to $4.05 from $3.75 and maintains a Hold rating.

Target price is $4.05 Current Price is $3.94 Difference: $0.11
If MPL meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.03, suggesting upside of 4.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates MVF as Buy (1) -

The timing and amount of the class action settlement are viewed as unfortunate for Monash IVF's FY24 results which came in below Bell Potter's expectations.

The conclusion of the four-year "episode" is believed to be a positive, enabling the company to move on and refocus back on its operations.

Bell Potter transfers coverage of the stock with updated earnings forecasts of around 15% growth in net profit in FY25, noting improved market share.

EPS forecasts are tweaked by 0.4% and -1.3% for FY25/FY26, respectively. Buy rating unchanged. Target price moves to $1.85 from $1.40.

Target price is $1.85 Current Price is $1.23 Difference: $0.62
If MVF meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $1.56, suggesting upside of 32.0% (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 MXI as Buy (1) -

MaxiPARTS' FY24 earnings increased 24.4% to the top end of guidance provided in May. While near-term trading conditions have
slowed, Ord Minnett views this as temporary.

The company retains opportunities to drive revenue growth from organic opportunities and recent acquisitions.

Trading conditions remain mixed, the broker notes, with weaker conditions on the East Coast partly offset by stronger trading conditions in WA, and cost of doing business pressures will persist in FY25.

Ord Minnett believes the company has potential to drive significant improvement in operating margins and returns in coming years. Target falls to $2.60 from $2.85, Buy retained.

Target price is $2.60 Current Price is $1.80 Difference: $0.8
If MXI meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Citi rates NHF as Buy (1) -

On first inspection, Citi highlights nib Holdings' FY24 earnings came in well below forecasts and -5% under consensus.

Notably, claims were above the industry average for the first three quarters at 6.6% versus 4.9% and 6.6% for 4Q24.

The broker attributes hospital claims for the lower margins, down -280 basis points to 19.4%. The dividend was also below forecast at 17c.

Citi expects share price weakness and earnings downgrades on the back of its preliminary inspection of the FY24 report.

Target price is $8.60 Current Price is $7.27 Difference: $1.33
If NHF meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.13, suggesting upside of 34.5% (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

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

While Objective Corp's FY24 result was broadly in line with forecasts by Morgans and consensus, annual recurring revenue (ARR) growth of 11% missed the 12.7% expected by the broker.

Management reiterated the 15% net ARR growth target for FY25, yet the broker prefers to stay conservative with a 13.3% forecast due to the risk of slippage for future deals.

The $14 target is unchanged, but the broker's rating is downgraded to Hold from Add on valuation.

Target price is $14.00 Current Price is $13.00 Difference: $1
If OCL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting downside of -10.0% (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

Shaw and Partners rates OCL as Buy (1) -

Objective Corp's FY24 result missed guidance at the annual recurring revenue level due to timing, but delayed deals should land in FY25 observes Shaw and Partners.

Management has guided to FY25 ARR growth of 15%, outpacing the broker by 1 percentage point.

Costs and cash flow outpaced resulting in a record closing cash balance of $100m, observes the broker.

Buy rating and $14.40 target price retained.

Target price is $14.40 Current Price is $13.00 Difference: $1.4
If OCL meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting downside of -10.0% (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 PLS as Neutral (3) -

Citi's first take on the proposed $1bn facility acknowledges it will increase "flexibility and liquidity" for Pilbara Minerals with debt at June end of $359m.

The company also updated its capital management, including a 1.5x debt/EBITDA leverage ratio.

Vis-a-vis the proposed takeover of Latin Resources ((LRS)), the analyst highlights feedback from investors has not been positive.

FY25 guidance was updated at the June quarter. Neutral. $2.90 target price.

Target price is $2.90 Current Price is $2.98 Difference: minus $0.08 (current price is over target).
If PLS 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 $2.94, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Macquarie rates PLS as No Rating (-1) -

Macquarie observes at first glance Pilbara Minerals missed FY24 net profit expectations by -8%.

Management flagged a $1bn capital management debt restructuring and target leverage ratio of under 1.5x.

The broker is on research restrictions. No target price or rating.

Current Price is $2.98. Target price not assessed.

Current consensus price target is $2.94, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.2

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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios' record FY24 result appears to have met upgraded guidance and management is saving FY25 guidance for the annual general meeting in October.

Revenue rose 68% year on year, work for hire jumped 46% and Original IP soared 103%. Earnings hit the top end of guidance.

Shaw and Partners spies plenty of catalysts in FY25 and retains its forecasts.

Buy rating and $1 target price reiterated.

Target price is $1.00 Current Price is $0.59 Difference: $0.41
If PLY meets the Shaw and Partners target it will return approximately 69% (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

Macquarie rates PNV as Outperform (1) -

FY24 net profit and EBIT from PolyNovo were well ahead of Macquarie's expectations. Customer acquisition supported sales growth with total customer accounts up 66%. Sales growth forecasts are 43% for FY25.

Macquarie envisages several near-term positive catalysts, noting the BARDA trial has reached its target enrolment and the company will engage with the US FDA for potential PMA approval of BTM as a class III medical device for full thickness burns.

The broker adds the company also has significant longer-term opportunity in additional indications. Outperform. Target is raised to $2.85 from $2.75.

Target price is $2.85 Current Price is $2.61 Difference: $0.24
If PNV meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting downside of -8.2% (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 PNV as Add (1) -

While largely pre-released FY24 results for PolyNovo were broadly in line with expectations, Morgans raises its target to $2.85 from $2.50 given a move into profitability triggers a lower assumed weighted average cost of capital (WACC).

Profit for the period of $5.3m (Morgans forecast $3.6m), benefited from a $3.6m tax benefit.

Management continues to investigate expansion into new countries such as Japan, China, and Brazil.

The broker's Add rating is unchanged.

Target price is $2.85 Current Price is $2.61 Difference: $0.24
If PNV meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Bell Potter observes strong growth, both organic and inorganic from PSC Insurance at the FY24 results.

EPS came in slightly higher than the broker's forecast.

Target price moves to $6.19 from $6.02 as the company moves towards the agreed merger/takeover by The Ardonagh Group.

Rating moved to Hold from Buy with the deal completion expected in September. No final dividend was declared.

Target price is $6.19 Current Price is $6.10 Difference: $0.09
If PSI meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.96, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates REG as Outperform (1) -

At first view, Macquarie observes Regis Healthcare reported slightly better FY24 results with improved occupancy rates to 94.1% from 91.5%. August 19 at 95.5%.

Average care minutes rose to 210.5 and mandated minutes also increased.

The company has a "solid" balance sheet, viewed as offering growth opportunities by the analyst. Management has offered no quantitative guidance.

The broker likes the outlook for Regis Healthcare from a good industry backdrop, better government funding and potential M&A activity.

Target price is $5.50 Current Price is $4.40 Difference: $1.1
If REG meets the Macquarie target it will return approximately 25% (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 RFF as Buy (1) -

FY24 results from Rural Funds came in higher than Bell Potter's forecasts with an 18% lift in revenues and a dividend of 5.86c which met expectations.

Farming operations were the reason for the stronger results post a loss from farming in 1H24.

Net debt improved with a shifting of macadamia capex to FY25.

Bell Potter believes the circa -33% discount to the market net asset value is "excessive". Buy rated.

Target price revised to $2.50 from $2.40.

Target price is $2.50 Current Price is $2.07 Difference: $0.43
If RFF meets the Bell Potter target it will return approximately 21% (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

Macquarie rates RMS as Outperform (1) -

FY24 results from Ramelius Resources were 5% above Macquarie expectations and 10% above consensus on first inspection.

A 5c dividend came in 25% higher than consensus, with net cash slightly better at $414m from reduced lease liabilities, the broker notes.

Management has made no changes to FY25 guidance. Outperform rating.

Target price is $2.10 Current Price is $2.09 Difference: $0.01
If RMS meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $2.38, suggesting upside of 15.9% (ex-dividends)

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

Ord Minnett rates SBM as Hold (3) -

St. Barbara’s FY24 result was slightly softer than Ord Minnett's expectation, owing mainly to higher expensed care and maintenance costs at Atlantic. This shouldn’t faze the market, the broker suggests, as focus remains on the next iteration at Simberi.

The sulphides expansion project is tracking slightly ahead of schedule with the next flowsheet and process study due for the fourth quarter FY25. The broker currently excludes the project from its base case.

Ord Minnett's forward-looking estimates remain unchanged, but a higher cash position drive a target increase to 24c from 23c, Hold retained.

Target price is $0.24 Current Price is $0.26 Difference: minus $0.02 (current price is over target).
If SBM meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Market Sentiment: 0.5

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

Macquarie rates SGP as No Rating (-1) -

FY24 FFO/share of $0.33 was ahead of Macquarie's forecasts while Stockland has guided to FY25 of 32-33c/share. The broker notes increased momentum in residential sales although remains concerned about Victoria.

Victoria is experiencing elevated cancellations, driven by affordability and changes in circumstances, and this will affect first quarter sales. The company is targeting FY25 development operating profit margins in the low 20% range and settlements of 5300-5700 lots.

Macquarie  is currently on research restriction.

Current Price is $4.93. Target price not assessed.

Current consensus price target is $4.97, suggesting downside of -1.4% (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

Ord Minnett rates SGP as Accumulate (2) -

Stockland's FY24 operating earnings marginally exceeded consensus expectations, as the developer continues to revamp its business structure and tighten its focus on residential projects away from retirement and retail assets.

The result underscores the company’s pre-eminent role in residential development and its strong business foundations, Ord Minnett suggests, and its entry into so-called urban place-making projects such as Waterloo in Sydney adds to the stock’s attraction.

Post the result, the broker has raised operating earnings estimates and its target to $4.70 from $4.55. Accumulate retained.

Target price is $4.70 Current Price is $4.93 Difference: minus $0.23 (current price is over target).
If SGP meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.97, suggesting downside of -1.4% (ex-dividends)

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

Morgan Stanley rates SLC as Overweight (1) -

Further to the FY24 results from Superloop, Morgan Stanley assesses the risk/reward remains highly attractive and anticipates the business can deliver 18% organic revenue growth to FY27.

Wholesale is expected to be the fastest-growing division over the next three years, supported by recent contract wins. Aspirations for EBITDA margins of 15% or more are also considered highly achievable.

Target is raised to $2.10 from $1.85. Overweight. Industry view: In-line.

Target price is $2.10 Current Price is $1.72 Difference: $0.38
If SLC meets the Morgan Stanley 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: 1.0

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

Citi rates SMR as Buy (1) -

1H24 results for Stanmore Resources were better at first take than Citi's expectations with a surprise 4.4c dividend.

Cash costs came in below the broker's forecasts with increased sales volumes and lower cash costs offsetting the weaker realised prices.

Management revised 2024 guidance for the Mavis underground closure in Millennium Complex, resulting in lower yearly output.

Higher production from the core assets is expected to offset the loss, particularly from Poitrel.

Citi believes the market will like the dividend and lower cash costs.

Target price is $3.95 Current Price is $3.13 Difference: $0.82
If SMR meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

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: 1.0

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

Macquarie rates SPK as Outperform (1) -

Spark New Zealand posted FY24 earnings that are slightly below recent guidance, with Macquarie noting the market responded negatively to this as well as the weaker-than-expected guidance for FY25.

FY25 guidance is for EBITDAI of NZ$1.165-1.220bn and a dividend of NZ27.5c, both below Macquarie's forecasts. FY25 and FY26 estimates for EPS are lowered by -7% and -4%, respectively.

Yet, the company continues to offer "dependable" modest EBITDA growth which supports a medium-term forecast dividend growth rate of 3.5% and the broker asserts this attribute is valued by investors, despite the downgrade. Outperform. Target is reduced to NZ$4.94 from NZ$5.08.

Current Price is $3.63. Target price not assessed.

The company's fiscal year ends in June.

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: 0.7

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

Morgan Stanley rates SPK as Overweight (1) -

FY24 results from Spark New Zealand, at first glance, were a sign that telcos are not immune to lower economic growth, Morgan Stanley asserts.

The products are defensive by nature but growth in New Zealand has been harder to come by across all divisions in the second half of FY24 and the result showed a modest shortfall compared with the broker's expectations.

Growth in mobile, cloud and data centres was offset by declines in government, enterprise and consumer devices. A cost reduction program for FY25 has been announced to reduce operating costs by a net -NZ$30m.

Target is steady at NZ$5.50. Overweight rating retained. Industry view: In-line.

Current Price is $3.63. Target price not assessed.

The company's fiscal year ends in June.

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: 0.7

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

Macquarie rates SUL as Neutral (3) -

Super Retail posted growth in all brands except Rebel in FY24 with online sales growth of 9% representing 12% of sales. Macquarie notes strong trading in the early part of the first half of FY25 has delivered 3% like-for-like sales growth.

The results were in line, but the strong exit rates improve the broker's confidence in like-for-like sales forecasts. FY25 is tracking ahead of expectations yet is assessed to be factored into the current share price and a Neutral rating is retained. Target rises to $17.80 from $13.80.

Target price is $17.80 Current Price is $17.87 Difference: minus $0.07 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.75, suggesting downside of -7.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Telix Pharmaceuticals reported 1H24 results including revenue, up 65% which was pre-released.

Gross margins moved to 66% from 63% with pricing forecast to remain stable, Bell Potter notes.

EBITDA came in below market consensus, but adding back NASDAQ listing costs, it met the broker's expectations.

The stock is downgraded to Hold from Buy because of the share price appreciation. Target unchanged at $21.30.

Target price is $21.30 Current Price is $19.18 Difference: $2.12
If TLX meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

Macquarie rates TYR as Outperform (1) -

Tyro Payments reported FY24 EBITDA which met Macquarie's expectations and consensus forecasts.

At first glance the FY25 EBITDA guidance is below consensus by some -2% to -3%.

Macquarie believes macro factors are impacting on Tyro Payments with management seeking to manage pricing as an offset.

Lightspeed churn remains a risk, the analyst highlights.

Target price is $1.45 Current Price is $0.98 Difference: $0.47
If TYR meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 37.4% (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

UBS rates TYR as Buy (1) -

UBS observes at first glance, Tyro Payments reported FY24 results within guidance.

The broker notes transactions values remained "soft" because of the challenging discretionary backdrop, but the improvement in 2H24 margins was a positive and offset transaction values.

Transaction churn rose notably to 15.5% from 12%.

Management provided no July trading update, with UBS pointing to FY25 guidance in the midpoint of consensus forecasts.

Target price is $1.55 Current Price is $0.98 Difference: $0.57
If TYR meets the UBS target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $1.51, suggesting upside of 37.4% (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

Bell Potter rates UNI as Buy (1) -

Universal Store reported FY24 earnings at the upper end of guidance. The dividend was better than forecast, according to Bell Potter, at the top end of payout ratio policy.

Revenue growth for the first seven weeks has come in at 15% in like-for-like sales and store guidance has improved for FY25.

The broker expects 12 net new stores in FY25 against 9-15 guidance with like-for-like guidance of 8% in 1H25 and 5.5% for FY25.

Group margins at 60.1% were better than Bell Potter's forecasts and ahead of consensus.

EPS forecasts are revised by 2% and 4% for FY25/FY26, respectively.

Target price lifted to $7.80 from $6.65. Buy rating unchanged.

Target price is $7.80 Current Price is $6.88 Difference: $0.92
If UNI meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting upside of 6.9% (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

UBS rates UNI as Buy (1) -

Universal Store reported better than expected FY24 results, UBS notes, and came with indications of a strong start to 1H25 with like-for-like sales rising above estimates.

The broker attributes the strength to better merchant "execution", challenging conditions for competitors and a lower annual comparison,

EBIT margins expanded 90 basis points to 16.3% with improved cost management.

UBS raises EPS forecasts by 5% and 7% for FY25/FY26, respectively with a lift in target price to $8 from $6.28. Retain Buy rating.

Target price is $8.00 Current Price is $6.88 Difference: $1.12
If UNI meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting upside of 6.9% (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

Macquarie rates VEA as Outperform (1) -

Macquarie on first take believes Viva Energy reported "solid" 1H24 results with EBITDA meeting expectations.

Net profit was 8% higher than consensus but met the broker's forecast,

Macquarie points to 1H24 as a "transformative period" post the on-the-run acquisition and now management is looking to commence store upgrades which coincides with a period of lower refining margins.

Over the next 12-months 30 stores are slated for upgrades to the on-the-run format.

Outperform rating.

Target price is $4.25 Current Price is $3.05 Difference: $1.2
If VEA meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 24.2% (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 VEA as Buy (1) -

On first take, UBS highlights Viva Energy reported a "solid" 1H24 result with the dividend at the upper end of guidance.

The company experienced "strength" in commercial and industrial.

UBS believes the market will continue to focus on convenience and mobility. Outside of SA, on-the-run convenience is guided to $2.5m sales per store on average versus the existing Reddy Express network at $1.2m.

The broker likes the targeted 20%-plus return on capital from the on-the-run conversions with another 30 forecast in the next year.

Buy rating unchanged.

Target price is $3.55 Current Price is $3.05 Difference: $0.5
If VEA meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting upside of 24.2% (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

Morgans rates VEE as Add (1) -

Margin improvement evident in FY24 results for Veem was a key highlight for Morgans, reflecting efficiency benefits and good cost control. Earnings (EBITDA) and profit exceeded the broker's forecasts by 7%, with all divisions generating strong revenue growth.

The core business will continue to generate similar levels of activity in FY25, according to management.

The broker's Add rating and $2.25 target are retained.

Target price is $2.25 Current Price is $1.84 Difference: $0.41
If VEE 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: 1.0

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

Citi rates WDS as Neutral (3) -

Following Woodside Energy's 1H line item guidance on August 15, Citi upgrades its 1H earnings forecast but notes uncertain trading outcomes following the inclusion of the Beaumont and Driftwood projects into the portfolio.

The analysts are not particularly thrilled by either project. Mainly in reference to Driftwood, the broker points out any project requiring right-tail kurtosis to achieve an acceptable rate of return deserves a higher cost of equity.

Beaumont is now incorporated into the broker's forecasts. Neutral rating. Target falls to $25 from $28.

Target price is $25.00 Current Price is $25.84 Difference: minus $0.84 (current price is over target).
If WDS 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 $30.75, suggesting upside of 16.7% (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

Macquarie rates WDS as Outperform (1) -

Ahead of Woodside Energy's first half results on August 27, Macquarie factors in the Beaumont clean ammonia plant acquisition. This is expected to be accretive from 2027 and the broker models a 10.4% internal rate of return, highly dependent on blue premium.

Macquarie forecasts EBITDA of US$4.49bn and suspects consensus views have not fully factored in the Scarborough sell down into the dividend. An interim dividend of US51c is forecast, based on 60% payout ratio.

After two transactions are completed, the broker believes the business will have a far more compelling growth story in traditional energy and clean ammonia. Outperform. Target is $33.

Target price is $33.00 Current Price is $25.84 Difference: $7.16
If WDS meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $30.75, suggesting upside of 16.7% (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

Morgans rates WGN as Add (1) -

Morgans maintains its $1.25 target for Wagners Holding Co following FY24 results, given a recent trading update by management.

The broker highlights strong operating conditions through the final months of H2, resulting in a Construction Materials EBIT margin
of 16.4%, up by 330bps on H1.

A final dividend of 2.5 cents was declared.

The Add rating is maintained.

Target price is $1.25 Current Price is $0.92 Difference: $0.33
If WGN meets the Morgans target it will return approximately 36% (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 WTC as Neutral (3) -

Citi raises a list of potential questions for management at WiseTech Global in the wake of FY24 results, including: how much contribution is assumed from the three new products within FY25 guidance?

Also, if the new platform is a completely different architecture, doesn't this imply additional support costs given two systems will be running live?

Neutral and $90 target retained.

Target price is $90.00 Current Price is $120.14 Difference: minus $30.14 (current price is over target).
If WTC meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $109.17, suggesting downside of -8.3% (ex-dividends)

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