Australian Broker Call

Citi rates AIA as Buy (1) -

In a first glance, Citi notes Auckland International Airport reported underlying profit in line with guidance and the broker. Underlying earnings beat Citi with the dividend in line. Traffic was pre-announced for FY24.

Guidance for FY25 is above the broker despite weaker expected traffic in the period. The next key event is the ComCom final report on pricing review due in the March Q.

This will be the second consecutive year post FY24 that traffic will miss the airport's demand forecasts, Citi notes, potentially supporting management to target a higher return than ComCom cost of capital. The broker expects the stock to potentially outperform today on the guidance beat.

Buy and NZ$9.20 target retained.

Current Price is $6.86. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 19.6% (ex-dividends)

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: 0.5

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

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

ARB Corp's FY24 results were around Morgan Stanley's forecasts, with an acceleration in trading momentum evidenced in 2H24 and into FY25.

Notably, Australia aftermarket has five new stores including  upgrades to flagships stores, with an expanded Ford program; exports look to have stabilised in the 2H24.

The analyst is more upbeat on the US initiatives, OEM collaborations, including Toyota with the company in a better position for a cyclical uptick.

Morgan Stanley adjusts the EPS estimates by -2.8% and 2.2% for FY25/FY26.

Equal weight. Target lifted to $40.50 from $35.50. Industry view: In-Line. 

Target price is $40.50 Current Price is $41.60 Difference: minus $1.1 (current price is over target).
If ARB meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $41.25, suggesting downside of -1.6% (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 ATG as Hold (3) -

Articore (formerly Redbubble) posted an FY24 result largely in line with Morgans, with the key takeaway in the broker's view being the improved margin profile of its marketplaces given recent optimisation work by management, despite a tougher revenue environment.

While Morgans acknowledges the attractiveness of Articore’s global footprint and vast fulfiller and artist network, the broker notes the recent margin headwinds/customer acquisition cost pressures impacting the business, as well as the flagged softer consumer environment.

Pleasingly, the business has reacted to these challenging operating conditions by implementing cost-out initiatives and marketing spend optimisation.

Rolling forward valuation leads to a target price drop to 58c from 68c. Hold retained.

Target price is $0.58 Current Price is $0.35 Difference: $0.23
If ATG meets the Morgans target it will return approximately 66% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates ATG as Neutral (3) -

Articore Group posted FY24 results that were in line with expectations. UBS notes guidance for operating expenditure is "roughly flat" in FY25, a positive.

The broker commends the work done by management in reducing the cost base and generating more margin out of the fulfiller network and marketplace sellers.

The market appears to be pricing in a small chance of sustained future earnings growth an the broker retains a Neutral rating until the company shows the topline is achievable at profitable unit economics. Target is reduced $0.43 from $0.53.

Target price is $0.43 Current Price is $0.35 Difference: $0.08
If ATG meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $0.52, suggesting upside of 42.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates AUB as Overweight (1) -

Morgan Stanley believes AUB Group reported FY24 earnings in line with forecasts and consensus with a 59c dividend, some 4% better than expected.

Internationally, management is trying to reproduce the A&NZ strategy with recent UK acquisitions. The Tysers synergies are coming in ahead of expectations.

Management's FY25 guidance sits some -7% below the broker's forecasts and -4% below consensus. Accordingly, EPS forecasts are tweaked by -0.5% and -3.3% for FY25/FY26, respectively.

AUB Group is the preferred insurance broker stock for Morgan Stanley, with an expected 9% EPS growth rate p.a. between FY24-FY27, trading on attractive valuation.

Morgan Stanley retains an Overweight rating. Target price $37.65. Industry view is In-Line.

Target price is $37.65 Current Price is $32.88 Difference: $4.77
If AUB meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $36.31, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates AUB as Buy (1) -

AUB Group's FY24 result met recent guidance and Ord Minnett's forecasts but guidance disappointed consensus.

Ord Minnett considers the guidance to be conservative and is comfortable with its more upbeat forecasts.

The broker says markets are concerned the windfalls from a strong insurance premium cycle will naturally end, but Ord Minnett considers the company's business model to be defensive, albeit quite complex after the company's recent international expansion.

The broker also  appreciates the company's strong organic and inorganic growth prospects.

EPS forecasts grow between 9% to 10% over the forecast period.

Buy rating retained. Target price rises to $36.94 from $34.04.

Target price is $36.94 Current Price is $32.88 Difference: $4.06
If AUB meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.31, suggesting upside of 16.1% (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 AUB as Buy (1) -

UBS found the FY24 result from AUB Group in line with expectations. Tysers produced underlying growth of 14% with synergies ahead of run-rate targets.

The headwinds that have been flagged for FY25 are considered to be a "pull forward" or accretive in outer years, so the broker considers the outlook conservative. The medium-term margin expansion thesis remains intact and a Buy rating is maintained. The target is $36.80, raised from $34.50.

Target price is $36.80 Current Price is $32.88 Difference: $3.92
If AUB meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $36.31, suggesting upside of 16.1% (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 BAP as No Rating (-1) -

A negative performance form retail and wholesale segments with higher corporate costs impacted on the FY24 earnings for Bapcor, with Macquarie pointing to net profit down -24% year-on-year.

Revenue for the first five weeks is up 7.7% on the previous corresponding period.

The broker stresses the fundamentals are "strong" with management strengthened and a robust balance sheet of $280m in undrawn facilities.

Macquarie revises EPS forecasts by 2% and 4% for FY25/FY26, respectively.

No rating or target price, Macquarie is under research restrictions.

Current Price is $5.04. Target price not assessed.

Current consensus price target is $4.86, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates BAP as Hold (3) -

Bapcor’s FY24 result met previously downgraded expectations. Half-on-half, underlying second half revenue was stable, Morgans notes, but earnings were down -16%.

Significant restructuring was undertaken in June Q and Bapcor expects -$20-30m cost savings in FY25 from structuring to-date, skewed to 2H25. Other operational reviews are underway.

The underlying result shows there is a relatively resilient core business, Morgans suggests, given the degree of disruption. The group moves into a turnaround and operational focus year in FY25, but it's too early to be more positive.

Target rises to $5.35 from $4.95, Hold retained.

Target price is $5.35 Current Price is $5.04 Difference: $0.31
If BAP meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates BAP as Hold (3) -

Bapcor's FY24 result met guidance, which acknowledged a tough year. One-off costs of -$253.1m post tax primarily related to -$216.9m of asset impairments.

The company's Special Wholesale and Retail operations proved the main drag on performance, but Ord Minnett notes conditions appear to have stabilised.

Meanwhile, the broker observes company's cost out program is expected to yield at least -$70m less savings than forecast and net debt rose to $337.1m as inventories kicked up.

Management observed improved trading in the first weeks of the December half, but the broker retains its Hold rating, observing execution risks. The broker retains its $5.40 target price.

Target price is $5.40 Current Price is $5.04 Difference: $0.36
If BAP meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.86, suggesting downside of -2.6% (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

UBS rates BAP as No Rating (-1) -

UBS found the FY24 result messy although normalised net profit was within guidance ranges. The broker interprets a modestly positive share price reaction was due to a -$20-30m cost reduction plan for FY25.

Inventory was not "as bad as feared", while trade earnings held up and a network improvement is underway.

UBS recognises the incoming CEO is yet to start business and a broader strategy to turn the business around is likely forthcoming.

Until then, the market is expected to struggle to gain conviction either way on the stock. The broker is under restriction with no target or rating.

Current Price is $5.04. Target price not assessed.

Current consensus price target is $4.86, suggesting downside of -2.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgan Stanley rates BRG as Overweight (1) -

Sales growth for Breville Group has improved in the 2H24, notes Morgan Stanley, suggesting inventory has "normalised" which has been a concern for the market.

Americas and EMEA reported the strongest 2H24 growth because of new product launches and robust growth in Coffee, as well as distributors in EMEA, the analyst highlights.

Impressively, the company shrank inventory to 22% of sales from 31% at the peak while boosting gross margins 210 basis points, Morgan Stanley emphasises.

Morgan Stanley revises EPS forecasts by 2% in FY25 and 1.6% in FY26. The target lifts to $35 from $28. Overweight. Industry view: In-Line.

Target price is $35.00 Current Price is $31.01 Difference: $3.99
If BRG meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $31.87, suggesting upside of 0.9% (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

Morgans rates BRG as Hold (3) -

Breville Group delivered 8% earnings growth slightly ahead of the top-end of guidance and profit ahead of Morgans' forecast. It was another impressive result, the broker suggests, underscored by strong operating cash flow and an improved inventory position.

Morgans considers Brevile a high-quality and well managed business, which has continued to deliver resilient results despite cyclical end markets.

While the company is continuing to build momentum into FY25, the broker views recent share price outperformance as reflective of near-term growth prospects and prefers to wait for a more compelling entry point. Hold maintained.

Target rises to $30.05 from $26.00.

Target price is $30.05 Current Price is $31.01 Difference: minus $0.96 (current price is over target).
If BRG meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $31.87, suggesting upside of 0.9% (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 BRG as Buy (1) -

Breville Group's FY24 result nosed out guidance thanks to a kick-up in sales in the June half, two of the company's three regions delivering double-digit growth, observes Ord Minnett.

The company closed the year with net cash of $51m, up from net debt of $121.6m in FY23, net cash flow from operations jumping to $302.6m from $90.3m.

The broker observes the company has deleveraged faster than anticipated, providing the means for product development, acquisitions and geographic expansion. Ord Minnett adds the strong second half points to solid momentum heading into FY25.

Accumulate rating retained. Target price rises to $33 from $26.50.

Target price is $33.00 Current Price is $31.01 Difference: $1.99
If BRG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $31.87, suggesting upside of 0.9% (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

UBS rates BRG as Downgrade to Neutral from Buy (3) -

UBS found the headline results from Breville Group were strong, with inventory returned to "equilibrium" and the business to net cash. UBS upgrades long-term Asia-Pacific forecasts on the back of the successful ramp up in South Korea.

The result has improved confidence for acceleration in the top line in FY25. This is reflected in the price of the stock and while the broker continues to like the global expansion opportunity, the rating is downgraded to Neutral from Buy on valuation grounds. Target is $32.70.

Target price is $32.70 Current Price is $31.01 Difference: $1.69
If BRG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $31.87, suggesting upside of 0.9% (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 BXB as Upgrade to Neutral from Sell (3) -

Brambles' FY24 result was much stronger than Citi expected, with a strong margin beat and an upgrade to guidance.

The broker thought a period of consolidation was due after material growth, but based on the outlook believes Brambles may be the only stock on the ASX that doesn’t give back its pandemic gains.

On the improved quality of the business, Citi upgrades to Neutral from Sell, and awaits further understanding of the Irrecoverable Pooling Equipment Provision turnaround and return on investments at the upcoming investor day.

Target rises to $17.35 from $14.25.

Target price is $17.35 Current Price is $17.12 Difference: $0.23
If BXB meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $18.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Macquarie rates BXB as Outperform (1) -

FY24 results from Brambles had a lot of positives, including better than forecast profit with a lower provision for unrecovered pallets, Macquarie highlights, helping to raise margins by 1.8 points to 19.3%.

The provision for unrecoverable pallets is expected to continue to trend down to its lowest level as a percentage of revenue since 2019, to 2%, equivalent to the historical FY17 level.

Macquarie notes improved 4Q volumes; a $500m buyback and a lift in the payout ratio to 50%-70%, with balance sheet capacity for M&A of US$0.7bn-US$1.9bn.

Management offered in line guidance, triggering only slight tweaks to the analyst's forecasts. Overweight rating unchanged. Target price revised to $17.85.

Target price is $17.85 Current Price is $17.12 Difference: $0.73
If BXB meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgan Stanley rates BXB as Overweight (1) -

Morgan Stanley observes Brambles reported "solid" FY24 earnings.

The analyst believes management has successfully navigated the soft consumer and de-stocking environment, which meets the "Goldilocks" best case scenario, or no hit to earnings from softer volumes versus capex weakening.

Signs of improving demand and net new wins are appearing for FY25, the broker highlights, supporting revenue growth with a reduction in provisions for irrecoverable pallets/equipment.

Morgan Stanley revises EPS forecasts by 8% and 10% for FY25/FY26, respectively. Overweight rating. Target price $20. Industry View: In line.

Target price is $20.00 Current Price is $17.12 Difference: $2.88
If BXB meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $18.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Morgans rates BXB as Hold (3) -

Brambles' FY24 result was above Morgans' expectations and management’s guidance range. Key positives included strong margin improvement aided by a significant improvement in pallet cycle times and loss rates.

The announcement of US$500m on-market buyback and increase in dividend payout ratio reflects Brambles' healthy balance sheet, the broker notes, and the brighter outlook for cash flow generation.

The key negative in the broker's view were subdued volumes, impacted by destocking, dual sourcing from some customers, and SMEs delaying their switch over to pooling  due to lower white wood pallet prices.

Target rises to $17.95 from $15.15. Hold retained on valuation.

Target price is $17.95 Current Price is $17.12 Difference: $0.83
If BXB meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $18.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

UBS rates BXB as Buy (1) -

UBS observes the FY24 results for Brambles have demonstrated significant improvement in free cash flow which underpins a similar outcome in FY25, including a return to 4-6% sales growth.

The broker believes there will be more value to unlock as market confidence builds.

The company has also shown conviction with a higher payout ratio and the US$500m buyback and the broker retains a Buy rating. Target is raised to $19.10 from $17.40.

Target price is $19.10 Current Price is $17.12 Difference: $1.98
If BXB meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $18.54, suggesting upside of 2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.6

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

Citi rates CHC as Buy (1) -

Heading into Charter Hall's result, most investors were expecting a decline in earnings in FY25, Citi notes, but Charter Hall surprisingly guided to 4% year on year growth, with key drivers of cost cuts, expectations of transaction recovery, and stabilisation of asset values.

While Citi does see some downside to the office book, the broker believes FY25 guidance may be slightly conservative given no performance fees are included.

Citi believes Charter Hall's comments may give investors more comfort around the outlook. The stock remains the highest leveraged name to a recovery in commercial property, and the broker reiterates Buy. Target rises to $15.70 from $13.50.

Target price is $15.70 Current Price is $14.01 Difference: $1.69
If CHC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $13.84, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates CHC as Outperform (1) -

Macquarie observes Charter Hall management are seeing a turn in the market cycle, with transaction activity expected to increase in FY25.

The group's FY24 results came in better than expected, with funds under management softening slightly in the 2H24. The broker asserts some -$6.1bn in devaluations were the key driver of the weaker funds under management.

In FY25, the analyst forecasts another -2.5% in devaluations, moving to a recovery in 2H25.

Macquarie revises EPS forecasts by 11.5% and 11% for FY25/FY26, respectively.

Outperform rating remains. Target price lifts to $14.30 from $13.67.

Target price is $14.30 Current Price is $14.01 Difference: $0.29
If CHC meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.84, suggesting downside of -4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates COS as Hold (3) -

Cosol's FY24 EBITDA missed Bell Potter's estimate by some -7%, though the underlying equivalent (ex acquisition costs) kept disappointment limited to -3%. 

Both margins and top line proved lower than expected. Cash flow was weaker too, which means net debt is a negative surprise. Despite a payout ratio of 48%, above forecast, the dividend disappointed too.

Management tends not to qualify any guidance and the broker has reduced forecasts. Bell Potter highlights its growth forecasts for the next two years remain at 30% and 20% respectively (EBITDA).

The broker is hoping a trading update at the AGM in November might provide some visibility into how H1 FY25 is progressing. Target falls to $1.10 (-8%). Hold.

Target price is $1.10 Current Price is $1.05 Difference: $0.05
If COS meets the Bell Potter target it will return approximately 5% (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

Ord Minnett rates COS as Buy (1) -

Cosol's FY24 result missed consensus and Ord Minnett's forecasts by -6% and -7% respectively due to contract timing, a disappointing performance from its recent acquisition AssetOn and the loss of the Ok Tedi contract.

On the upside, operating costs improved, falling to 18.9% of revenue from 20.5% and the OnPlan segment outperformed, meeting its $2.4m ARR exit target, resulting in a -$4m saving in deferred consideration.

Management advised M&A remained on the agenda and guided to a stronger FY25. The broker appreciates the visibility of the company's revenues.

Buy rating retained. Target price falls to $1.20 from $1.33.

Target price is $1.20 Current Price is $1.05 Difference: $0.15
If COS meets the Ord Minnett target it will return approximately 14% (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 CTD as Neutral (3) -

Corporate Travel Management reported FY24 earnings and FY25 guidance came in lower than Macquarie's forecasts.

The lower results in FY24 were attributed to a wind down of European humanitarian projects and the cessation of the UK bridging contract, Macquarie highlights.

In FY25, European margins will return to more normal levels with the rest of the world expected to grow revenue 10% and increase margins, offsetting the softness in Europe.

Adjusting for the changed outlook, the analyst revises EPS estimates by -23% and -18% for FY25/FY26, respectively.

Target price falls to $13.30 from $14.40. Neutral rating unchanged.

AGM is scheduled for October 31.

Target price is $13.31 Current Price is $12.27 Difference: $1.04
If CTD meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates CTD as Overweight (1) -

Morgan Stanley highlights Corporate Travel Management reported lower results across the board, than the re-based February guidance.

Europe declined -48% year-on-year because of reduced humanitarian projects and altered UK bridging contracts. A&NZ, North America, Asia all came in below 2H24 forecasts and underpinned the weaker FY24 results.

The broker expects increased automation to assist margins in FY25 with possibilities for M&A activity. Management is expected to offer a trading update at the October AGM.

Morgan Stanley revises EPS forecasts by -7.4% and -6.4% for FY25/FY26, respectively.

Target price revised to $17 from $17.70. Rating is Overweight. Industry view is In-Line.

Target price is $17.00 Current Price is $12.27 Difference: $4.73
If CTD meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates CTD as Add (1) -

Corporate Travel Management’s FY24 result was weaker than Morgans feared and came in below the guidance range. Management revised its FY25 outlook and provided guidance which was well below consensus expectations.

Management described FY25 as a reset year as it cycles special project work. Morgans has made material revisions to forecasts.

Yet while investors will have to be patient, the broker suggests, given 1H25 earnings will decline materially, Morgans believes Corporate Travel offers good value for those entering the stock at current levels.

Target falls to $15.95 from $20.65, Add retained.

Target price is $15.95 Current Price is $12.27 Difference: $3.68
If CTD meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates CTD as Hold (3) -

Corporate Travel Management's FY24 result appears too have disappointed Ord Minnett, the broker saying it raised more questions than answers.

Weak FY25 guidance had been expected but the reason (one-off-project work) surprised the broker, who says this creates confusion around resetting earnings expectations.

While the market has read this as meaning the worst is over, Ord Minnett is less certain, the broker observing the company appears to have retreated from its February FY25 earnings (EBITDA) guidance for its A&NZ and North American business.

EPS forecasts fall -10% in FY25; -6% in FY26; and are largely steady in FY27.

Hold rating retained. Target price falls to $12.20 from $13.16.

Target price is $12.20 Current Price is $12.27 Difference: minus $0.07 (current price is over target).
If CTD meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.25, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates CTD as Buy (1) -

Corporate Travel Management posted FY24 results that were below prior guidance although Shaw and Partners notes Australasia and North America both delivered underlying EBITDA growth of 39% in the second half.

Forecasts are revised to reflect the run rates in the results and the outlook for FY25, with underlying EBITDA estimates reduced for FY25 and FY26 by -6.4% and -4.5%, respectively.

The stock is trading well below the broker's target so a Buy rating is retained. Target is lowered to $15.90 from $17.30.

Target price is $15.90 Current Price is $12.27 Difference: $3.63
If CTD meets the Shaw and Partners target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.25, suggesting upside of 43.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates CWP as Buy (1) -

Cedar Woods Properties' FY24 proved significantly better than what Bell Potter had penciled in. It appears, consensus forecasts have been beaten by an even wider margin (16%).

The broker notes FY25 guidance is for net profit to grow by some 10%. Trough conditions clearly did not prevent Cedar Woods to continue strongly with settlements and maintain margins.

The balance sheet remains in good shape, the broker highlights, with gearing falling to 16.7%. Management kept its target for circa 50% payout ratio with a 25c fully franked dividend.

Bell Potter retains a very favourable view, seeing significant further upside as tailwinds for the property developer pick up. Buy. Target lifts to $6.50 from $5.75. Estimates have been lifted.

Bell Potter describes Cedar Woods Properties as well-managed, consistently identifying attractive acquisitions ahead of the cycle and
driving high margins.

Target price is $6.50 Current Price is $5.44 Difference: $1.06
If CWP meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates CWP as Initiation of coverage with Buy (1) -

Shaw and Partners initiates coverage of Cedar Woods Properties with a Buy rating and $7 target. The broker assesses this is a favourable time in the cycle, with the Australian property industry entering a phase where there is a housing shortage and prices remain elevated.

Construction input cost inflation has subsided and the 10 year bond yield is trending lower.

Management has guided to net profit growth of 10% in FY25 and the broker expects this to accelerate in FY26 to 35% as high margin projects in South Australia are delivered.

Target price is $7.00 Current Price is $5.44 Difference: $1.56
If CWP meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.37, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates CWY as Buy (1) -

Bell Potter found the FY24 result from Cleanaway Waste Management "robust". Estimates were beaten, with the highlight being 15% growth in underlying net profit and a final dividend of 2.55c.

Management has indicated fleet and branch optimisation initiatives are the key swing factors for FY25 EBIT guidance of $395-425m. The broker believes visibility on the company's Mission 500m EBIT target by FY26 has improved and retains a Buy rating. Target is raised to $3.30 from $3.15.

Target price is $3.30 Current Price is $2.95 Difference: $0.35
If CWY meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 2.1% (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 CWY as Outperform (1) -

Cleanaway Waste Management reported 2H24 net profit growth of 14% year-on-year.

Macquarie liked the improvement in the company's operational performance, including good results from landfill. Health services is turning around, and Qld solids (ex-landfill) are reporting higher profitability, above previous levels.

Management's FY25 guidance is on track for the FY26 target of $450m EBIT, the broker highlights.

EPS forecasts revised by -3% and -5% for FY25/FY26, respectively.

Target price moves to $3.25 from $3.15. Outperform rating unchanged.

Target price is $3.25 Current Price is $2.95 Difference: $0.3
If CWY meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 2.1% (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 CWY as Overweight (1) -

Morgan Stanley awaits the Cleanaway Waste Management investor call to assess the FY24 earnings result in full.

On first inspection, the analyst believes the market will react neutrally to both FY24 and FY25 guidance.

Notably, FY25 guidance is slightly above the broker's expectations, although higher interest charges are noted. Dividend payout policy remains at 50%-75% of net profit with 100% franking from 2H24.

Target $3.00. Overweight. Industry view: Cautious.

Target price is $3.00 Current Price is $2.95 Difference: $0.05
If CWY meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 2.1% (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 CWY as Downgrade to Hold from Add (3) -

Cleanaway Waste Management's second half growth of 8% year on year was 2% ahead of Morgans' expectations, with Solid Waste Services and Liquid Waste & Health Services beating and Industrial and Waste Services and Corporate and Associates missing.

This leveraged into earnings growth, the broker notes, but the leverage weakened at the profit line due to higher net finance costs. Net
finance cost, capex guidance and revised earnings growth outlook for impairment testing has moderated Morgans' bullish stance on the stock.

Target falls to $2.83 from $3.02 on higher debt service, higher lease costs, higher maintenance spend, and lower long term earnings generation. Given recent share price strength, the broker downgrades to Hold from Add.

Target price is $2.83 Current Price is $2.95 Difference: minus $0.12 (current price is over target).
If CWY meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.01, suggesting upside of 2.1% (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

UBS rates CWY as Buy (1) -

UBS notes the FY24 results from Cleanaway Waste Management were firm despite continued pressure from Veolia. FY25 guidance signals a "fairly easy" growth profile to the company's FY26 target, the broker adds.

UBS considers the $450m EBIT target for FY26 conservative, assuming a more consistent growth rate in FY25 that should mean the company hits $500m. Buy rating retained. Target is raised to $3.40 from $3.30.

Target price is $3.40 Current Price is $2.95 Difference: $0.45
If CWY meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $3.01, suggesting upside of 2.1% (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

Bell Potter rates CYG as Buy (1) -

Coventry Group confirmed in its FY24 result, with numbers pre-released, a material bias in performance to the fluid system business over trade distribution, as port trading conditions in New Zealand and Tasmania continued to have an impact.

Bell Potter was pleased with Konnect Australia's performance, with sales and profit growth 3% and 26%, respectively. Strong demand continues in Western Australian and Queensland resources sectors.

Bell Potter remains attracted to the restoration potential of Konnect Australia and considers the valuation undemanding. Target is reduced to $1.85 from $2.00. Buy rating.

Target price is $1.85 Current Price is $1.42 Difference: $0.43
If CYG meets the Bell Potter target it will return approximately 30% (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

Macquarie rates DMP as Neutral (3) -

Macquarie observes an improvement in the input costs, such as wheat and tomatoes for Domino's Pizza Enterprises in the FY24 results with some easing in pressures over FY25. Labour costs are expected to rise with the CPI rate.

The company reported franchisee EBITDA per store up 7% with slightly improved margins to 7.3% from 7%. Operationally France and Germany were negative; Japan is showing signs of improvement but remains challenged, the broker highlights.

EPS forecasts are lowered by -6% for FY25 for weaker same store sales growth and store closures.

Target price declines -5% to $35. Neutral rating unchanged.

Target price is $35.00 Current Price is $32.93 Difference: $2.07
If DMP meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $37.09, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates DMP as Hold (3) -

FY24 earnings (EBIT) for Domino's Pizza Enterprises were in line with Morgans forecast, but a sluggish start to FY25 sees the broker reduce its FY25 earnings estimate by -1.4%. Caution is also provided as downgrades by consensus will likely be more severe.

The broker's target falls to $33.20 from $37.00 largely reflecting a change in analyst, and the Hold rating is maintained. 

Guidance for earnings growth in FY25 has a 2H weighting, and while network expansion will be negligible, notes the analyst, management believes it can achieve same store sales (SSS growth) of between 3-6%.

Target price is $33.20 Current Price is $32.93 Difference: $0.27
If DMP meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $37.09, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates DMP as Downgrade to Hold from Buy (3) -

Domino's Pizza Enterprises' FY24 earnings met lowered forecasts and Ord Minnett observes the company has cut gearing but believes gearing is likely to expand again in FY25.

Trade to date in FY25 has been soft, same-store sales down 1.3%, and management doubts demand will improve soon.

The broker observes EPS has been falling for three years suggesting either poor execution, or that the company has taken on more projects than can be successfully managed.

EPS forecasts are cut -6% in FY25; -5% in FY26; and -6% in FY27, making the company's price-earning multiple appear toppy, in the broker's view.

Rating is downgraded to Hold from Buy. Target price falls to $31 from $42.00.

Target price is $31.00 Current Price is $32.93 Difference: minus $1.93 (current price is over target).
If DMP 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 $37.09, suggesting upside of 19.8% (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

UBS rates DMP as Neutral (3) -

FY24 underlying earnings from Domino's Pizza Enterprises were in line. The company has guided to growth in FY25 yet UBS is cautious, as for same-store sales growth to meet the 3-5 year outlook it depends on an improvement in France and Japan, which have been challenged markets.

Given the risk to growth and uncertainty of cost recovery from franchisees, as well as the recent volatility, the broker sticks with a Neutral rating. Target is reduced to $33.00 from $36.50.

Target price is $33.00 Current Price is $32.93 Difference: $0.07
If DMP meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $37.09, suggesting upside of 19.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates DTL as Overweight (1) -

Data#3 reported FY24 results which were in line with Morgan Stanley's expectations. The gross margin came in better than expected with an increasing trend anticipated by management.

Management offered no guidance as usual, but the broker notes a strong pipeline into FY25 including Ai tailwinds with Data#3 experiencing a conversion of initial assessments into contracts.

Morgan Stanley revises EPS forecasts by 5.1% for FY25 and 1.8% for FY26.

Target price revised to $10 from $8.40. Overweight rating. Industry View: In Line.

Target price is $10.00 Current Price is $9.18 Difference: $0.82
If DTL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $9.12, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates DTL as Hold (3) -

Data#3's FY24 result was in line with Morgans expectations, despite challenging 2H operating conditions, which appear likely to improve in FY25, potentially the first period of “normal” operating conditions in many years, notes the broker.

FY24 ended with strong EPS growth, an impressive return on equity (ROE) and a strong net cash position, highlights the broker. Upside is expected from the AI-upgrade cycle, which requires both hardware and software, point out the analysts.

The target rises to $8.65 from $7.50. Hold.

Target price is $8.65 Current Price is $9.18 Difference: minus $0.53 (current price is over target).
If DTL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.12, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates DTL as Downgrade to Sell from Neutral (5) -

UBS expects a slightly "below trend" increase in gross profit in FY25 for Data#3 of 9%, which would be similar to the 8% recorded in FY24.

There is risk to Queensland government expenditure with the upcoming election and Queensland budget cuts include specific reductions in the use of external consultants.

Risks are weighted to the first half of FY25 yet the broker also assesses the company's one-year forward PE is elevated at 29x and this leaves little margin for error. Rating is downgraded to Sell from Neutral. Target is $8.70.

Target price is $8.70 Current Price is $9.18 Difference: minus $0.48 (current price is over target).
If DTL 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 $9.12, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates EBO as Neutral (3) -

Ebos Group reported an in-line FY24 result, while FY25 earnings guidance is -2% lower than consensus at the mid-point. Citi views the mid-point of guidance as achievable, calculating it implies 5% organic top-line growth.

The unwinding of the Chemist Warehouse contract will be an -$80m headwind to earnings, Citi notes, partially offset by cost efficiencies and organic growth. Upside risks to guidance include M&A and a better consumer environment, especially for Animal Care.

Neutral retained, target rises to $33.00 from $31.50.

Target price is $33.00 Current Price is $33.60 Difference: minus $0.6 (current price is over target).
If EBO 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 $35.64, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates EBO as Outperform (1) -

Ebos Group reported 2H24 results which met consensus and Macquarie's expectations including a final NZ61.5c dividend, some 3% higher than the broker's forecast.

Management provided guidance which is not the norm, but the analyst views it as a positive given the Chemist Warehouse contract loss in July.

July trading is supportive of FY25 guidance, with a 1Q25 update expected in October. Macquarie revises the EPS forecasts by -4% and -7% for FY25/FY26, respectively.

Target price revised to NZ$40.50 from NZ$40.70. Outperform rating unchanged.

Current Price is $33.60. Target price not assessed.

Current consensus price target is $35.64, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates EBO as Add (1) -

Ebos Group's FY24 results aligned to consensus expectations. The FY25 guidance range, implying underlying EBITDA growth (ex-Chemist Warehouse) of between 5-10%, broadly corresponds with estimates by Morgans and consensus.

Management noted the base business (ex-Chemist Warehouse contract) grew underlying earnings by circa 8% in FY24.

After only minor changes to forecasts, the broker's target eases to $39.04 from $39.20, and the Add rating is unchanged.

Target price is $39.04 Current Price is $33.60 Difference: $5.44
If EBO meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $35.64, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates EBO as Buy (1) -

Ebos Group's FY24 result met Ord Minnett's forecasts, thanks to strong revenue.

Management outlined a new strategy to offset the loss of the Chemist Warehouse contracts, focusing on base business growth, cost-outs, M&A; and improved community pharmacy market share. 

Ord Minnett appears to support the strategy, expecting it will result in a more diversified business and a stronger balance sheet. The broker forecasts a three-year EPS compound annual growth rate of 10% (excluding M&A upside). EPS forecasts fall -2% in FY25 and -4% in FY26.

The broker is awaiting the company's FY25 trading update to better assess FY25 guidance.

Buy rating retained. Target price rises to $35.50 from $33.50 to reflect lower capital expenditure and a discounted cash flow roll forward.

Target price is $33.50 Current Price is $33.60 Difference: minus $0.1 (current price is over target).
If EBO meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.64, suggesting upside of 7.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates EXP as Buy (1) -

Experience Co's FY24 result appears to have fallen shy of Ord Minnett's forecasts, improved earnings growing slower than expected as Chinese holiday visitors to Australia sat stubbornly at -54% below pre-covid levels.

The broker retains the faith for a 100% recovery but postpones that expectation to post FY27.

More concerning, says Ord Minnett, is the shareholder structure which has resulted in the company's quality assets trading well above the current share price and which will likely to continue to weigh on the share price until resolved. The broker expects management to address this in a strategic review.

The company closed the year with net debt of $8.9m (a miss) due to the repayment of finance lease liabilities but the broker expects a continued earnings recovery will restore the balance sheet.

EPS forecasts fall -62% in FY25; and -29% in FY26; and are steady in FY27. Buy rating retained. Target price eases -3% to 33c from 34c.

Target price is $0.33 Current Price is $0.16 Difference: $0.17
If EXP meets the Ord Minnett target it will return approximately 106% (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 FBU as Sell (5) -

Fletcher Building's FY24 result was broadly in line against lowered May guidance. No FY25 guidance was provided but management is expecting volumes to be down -10%-15% ahead of stabilisation in the second half.

Citi expects material consensus downgrades. Looking forward this may be the last downgrade, and the stock is trading near net tangible asset valuation, but for the broker there are just too many uncertainties.

These include a large potential FY25 earnings range, leverage that is already outside the range and a less than certain macro environment. As a result, Citi remains cautious and awaits updates on strategic moves from new management.

Target falls to NZ$2.97 from NZ$3.00, Sell retained.

Current Price is $3.01. Target price not assessed.

Current consensus price target is $2.77, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

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

Morgan Stanley observes Fletcher Building reported "solid" earnings in FY24.

The broker believes management is handling cashflow well considering the macro headwinds, with the balance sheet coming in better than expected.

Net debt is anticipated to continue to rise above the 2x target by the end of 1H25, but will remain within debt covenants. 

Morgan Stanley still expects a capital raising at some stage with management changes for the CEO, CFO and Chair roles yet to be announced.

The Equal-weight rating and $2.84 target are unchanged. Industry View: In-Line.

Target price is $2.84 Current Price is $3.01 Difference: minus $0.17 (current price is over target).
If FBU meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.77, suggesting downside of -7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

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

Due to the strong Helia Group share price performance, Macquarie believes the market is pricing a positive outcome for the CommBank ((CBA)) tender.

The market conditions remain soft with a sizeable increase in delinquencies, up 15% on the previous half, which the broker believes is a sign customers are falling behind on payments.

At 2.8x, the PCA ratio is well above target. Macquarie believes there is scope for increased capital management from buybacks and dividends

EPS forecasts are lifted 24% in FY24 and 2% in FY25.

The stock is downgraded to Neutral from Outperform. Target price falls to $3.80 from $3.90.

Target price is $3.80 Current Price is $3.90 Difference: minus $0.1 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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

Macquarie rates HLS as Neutral (3) -

Pathology and imaging in the 2H24 boosted the FY24 results for Healius to the upper end of guidance and 5% above the Macquarie forecast.

The positive momentum in pathology, volumes  up 4% over July/August suggest the trend is sustained with imaging revenue up 12%, the broker highlights.

Some $20m of transformation program benefits were achieved over the year, better than $15m anticipated. Macquarie believes this is a good indicator of improved efficiencies with revenue growth.

EPS forecasts are tweaked slightly. Target price moves to $1.60 from $1.45. Neutral rated.

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

Current consensus price target is $1.64, suggesting downside of -2.3% (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 HLS as Hold (3) -

While Morgans is encouraged by 2H improvement evident within FY24 results for Healius, the ongoing Pathology restructure raises uncertainty levels and makes forecasting challenging.

FY24 underlying profit matched recently updated guidance, with base business revenue growth of 6%, observe the analysts, yet margins compressed on inflationary pressures.

Morgans highlights Agilex Biolabs displayed strong growth and significant margin expansion due to new contact wins.

Hold rating maintained and target is increased to $1.48 from $1.28.

Target price is $1.48 Current Price is $1.66 Difference: minus $0.18 (current price is over target).
If HLS meets the Morgans target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.64, suggesting downside of -2.3% (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 HMC as Outperform (1) -

HMC Capital continues to target funds under management of $20bn at the FY24 earnings report which was better than Macquarie's and consensus expectations.

Higher investment income with lower income tax accounted for the better results. Assets under management have grown 80% in the last five years, underwriting a 44% compound average growth rate in EPS.

Management offered no guidance and Macquarie tweaked the earnings forecasts.

Target price lifted to $9.01 from $8.37. Overweight rating remains.

Target price is $9.01 Current Price is $7.80 Difference: $1.21
If HMC meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.46, suggesting downside of -7.0% (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

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

HMC Capital's FY24 pre-tax EPS of 37cpu was broadly in line with the consensus expectation for around 38cpu, and management is guiding to a "strong operating EPS growth trajectory" for FY25.

Assets under management (AUM) increased to $12.7bn, including $1.6bn from the recently announced new venture named Payton Capital Partners (focusing on private credit), notes the broker.

Equal Weight rating. Target $7.45. Industry View: In-Line. 

Target price is $7.45 Current Price is $7.80 Difference: minus $0.35 (current price is over target).
If HMC meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.46, suggesting downside of -7.0% (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

Morgans rates HPI as Add (1) -

FY24 results for Hotel Property Investments matched forecasts by Morgans. The net tangible assets (NTA) metric was stable with rental growth offsetting cap rate expansion, explains the analyst.

Adjusted funds from operations (FFO) increased by 2.7% in FY24 and the dividend was 19cpu. FY25 dividend guidance is for 19.5cpu, just short of the broker's prior 20cpu forecast.

The target eases to $3.69 from $3.71. Add.

Target price is $3.69 Current Price is $3.29 Difference: $0.4
If HPI 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: 0.5

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

Ord Minnett rates HSN as Buy (1) -

Hansen Technologies' FY24 result met Ord Minnett's forecasts but FY25 guidance proved a miss, due to higher than forecast amortisation of software and intangibles and tax rate (29%).

Earnings (EBITDA) margins fell to 29.8% from 31.9%, and management's FY25 guidance points to a further deterioration.

EPS forecasts fall  to reflect the FY25 guidance miss.

The company declared a franked 3cps dividend.

Buy rating retained. Target price falls to $6 from $6.80.

Target price is $6.00 Current Price is $4.68 Difference: $1.32
If HSN meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.50, suggesting upside of 42.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates HSN as Buy (1) -

Shaw and Partners observes the FY24 result from Hansen Technologies was strong and FY25 guidance is better than expected.

Guidance has been based on organic revenue growth of 5-7% and cash EBITDA between $75-85m, including Powercloud which is expected to lose no more than -$10m.

The broker upgrades FY25-27 revenue forecasts by 5-8%. Buy rating reiterated and the target raised to $7.20 from $6.90.

Target price is $7.20 Current Price is $4.68 Difference: $2.52
If HSN meets the Shaw and Partners target it will return approximately 54% (excluding dividends, fees and charges).

Current consensus price target is $6.50, suggesting upside of 42.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates HSN as Buy (1) -

Hansen Technologies posted a FY24 result that was broadly in line with expectations. UBS notes the core business allayed fears and delivered revenue growth of 7% while the energy segment stood out with 15% growth, benefiting from market tailwinds.

The broker is positive on the investment case and maintains a Buy rating. The business has attractive, predictable and resilient earnings growth and UBS believes investment market should shift its view to focus explicitly on cash EBITDA. Target is raised to $6.40 from $6.20.

Target price is $6.40 Current Price is $4.68 Difference: $1.72
If HSN meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $6.50, suggesting upside of 42.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates IAG as Buy (1) -

While Insurance Australia Group's earnings fell short of Citi, like Suncorp ((SUN)), IAG continues to have a positive outlook with robust, if slowing, levels of premium growth and good prospects for margins, at least ex the already known headwind from its new reinsurance deal.

The broker believes guidance could prove conservative given the likely strong tailwind of earned premium outpacing inflation. IAG had guided to lower fee income losses but they were instead higher than expected, but IAG suggests they will reduce materially in FY25.

Citi still prefers IAG over Suncorp and retains Buy. Target rises to $8.20 from $8.00.

Target price is $8.20 Current Price is $7.22 Difference: $0.98
If IAG meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 1.2% (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 IAG as Outperform (1) -

Macquarie assesses Insurance Australia Group FY24 were in line with expectations. FY25 guidance came in lower than anticipated.

Gross written premium advanced 11.3% in FY24 but home and motor vehicles volume products are starting to decline.

Management expected "stable claims" inflation in FY25, and the balance sheet remains solid, permitting another $350m buyback.

Macquarie anticipates the possible sale of the Commercial Lines business, with the company applying for an additional APRA licence.

EPS forecasts are revised by -3.1% in FY26 and -0.8% in FY26. Unchanged target price of $8 and Overweight rating.

Target price is $8.00 Current Price is $7.22 Difference: $0.78
If IAG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 1.2% (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 IAG as Equal-weight (3) -

Insurance Australia Group's FY24 cash profit missed forecasts by Morgan Stanley and consensus by -3% and -5%, respectively. It's felt "solid" in-line FY25 guidance and a larger-than-expected new buyback of $350m should support the stock price.

The FY24 reported margin of 15.6% was 10-20bps ahead of the consensus forecast, while a 14.5% underlying margin was a -20%, miss, note the analysts.

The Equal-weight rating is retained, and the target is increased to $6.85 from $6.60. Industry view: In-line.

Target price is $6.85 Current Price is $7.22 Difference: minus $0.37 (current price is over target).
If IAG meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.44, suggesting upside of 1.2% (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

Ord Minnett rates IAG as Buy (1) -

Insurance Australia Group's FY24 cash earnings fell -5% short of consensus forecasts while gross written premium and insurance margins were in line, observes Ord Minnett.

The broker says the result points to a margin recovery and an improved insurance value proposition for customers, the company's premium rate increase outpacing that of rival Suncorp.

Some volume has been sacrificed to quality in the process, a preferred position, in the broker's view.

Management declared a 17c dps, in line with consensus forecasts, and the company announced a $350m on-market buyback.

EPS forecasts rise 1% for FY25 and beyond. Buy rating retained on valuation. Target price rises to $8.25 from $8.10.

Target price is $8.25 Current Price is $7.22 Difference: $1.03
If IAG meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $7.44, suggesting upside of 1.2% (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 IAG as Neutral (3) -

Insurance Australia Group demonstrated strong margin expansion in its FY24 results, UBS notes, so FY25 guidance of 13.5-15.5% appears conservative.

There remains the burden of higher reinsurance costs and growth initiatives but UBS believes this is countered by current repricing.

The broker continues to like general insurers and envisages strong profitability will be sustained into FY25 at the very least. The shares are not considered cheap and so a Neutral rating is maintained with a target of $7.10.

Target price is $7.10 Current Price is $7.22 Difference: minus $0.12 (current price is over target).
If IAG meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.44, suggesting upside of 1.2% (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 ILU as Buy (1) -

Iluka Resources' first half profit was down -34% year on year but 2% ahead of Citi, with the dividend in line.

Citi waits for an update on the rare earths refinery due later this year. Iluka stated that it was balancing progressing critical path works while funding arrangements with the government are being concluded. At books close, the government refinery loan of $1.25bn was drawn down to $151m.

The broker comments there was nothing new on the market outlook than that provided with the June quarterly. Buy and $7.80 target retained.

Target price is $7.80 Current Price is $5.82 Difference: $1.98
If ILU meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 22.0% (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

Macquarie rates ILU as Upgrade to Outperform from Neutral (1) -

Iluka Resources reported strong 1H2024 results, Macquarie observes, including a 30% increase in earnings and 3% better than expected dividend of 4c.

The broker sees earnings tailwinds from resilient zircon prices, improved synthetic rutile prices in the 2H and better conditions in the rare earths market.

Due to the stock's underperformance compared to mineral sands prices, Iluka Resources is upgraded to Outperform from Neutral,

Target price revised 1% to $7.10.

Target price is $7.10 Current Price is $5.82 Difference: $1.28
If ILU meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 22.0% (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

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

Iluka Resources' underlying earnings (EBITDA) and profit beat the consensus forecast by 2% and 18%, respectively, while the 4 cent final  dividend beat forecasts by Morgan Stanley and consensus by 6%.

In line with both the broker and consensus were cash (including leases) of $131.3m and operating cash flow.

Equal-weight rating. Target $6.75. Industry view is In-Line.

Target price is $6.75 Current Price is $5.82 Difference: $0.93
If ILU meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.20, suggesting upside of 22.0% (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 IMD as Hold (3) -

Bell Potter is encouraged by the resilience of the integrated Imdex group as solution selling gathers pace. The FY24 results, broadly in line, showed despite challenging operating conditions the company could gain market share and grow Devico revenue.

Directional drilling revenue was up 15%, reflecting expansion in the US, Africa and Australia. The broker retains a Sell rating to reflect a bearish view on ongoing exploration activity, although believes the business can withstand the challenges. Target is raised to $1.90 from $1.60.

Target price is $1.90 Current Price is $2.05 Difference: minus $0.15 (current price is over target).
If IMD meets the Bell Potter target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.17, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates IMD as Neutral (3) -

Imdex's FY24 revenue and earnings were broadly in line with forecasts by Macquarie and consensus.

The base business revenue fell by -4% amid falling global exploration spend, but 11% revenue growth was generated by Devico (acquisition completed in February 2023), resulting in 7% overall revenue growth on the previous corresponding period.

While Macquarie notes exploration levels remain steady, S&P forecasts 2024 global exploration spend will decline by around -5% partly due to the high-cost operating environment and funding constraints for juniors The broker retains a Neutral rating.

The target falls to $2.20 from $2.42 after the analyst revises earnings forecasts and increases the assumed risk-free rate to 4.2%.

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

Current consensus price target is $2.17, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgans rates IMD as Add (1) -

Imdex's FY24 results were largely as Morgans expected though management's outlook commentary was a disappointment as exploration activity has yet to increase despite positive macroeconomic trends.

Still, the broker's positive investment thesis incorporates a prolonged trough for junior miner raisings, and key lead indicators are trending in the right direction. It's felt the turning point in the exploration cycle is imminent.

Add rating. The target eases to $2.40 from $2.50.

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

Current consensus price target is $2.17, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates IMD as Buy (1) -

UBS found the FY24 result from Imdex  "in line". The outlook signalled a relatively flat market and the broker notes the stock sold off as consensus growth expectations were optimistic.

UBS points out this relates to the exploration cycle where activity levels are "stubbornly benign" despite "healthy" gold prices.

The merits of the Devico acquisition continue to shine, the broker adds, delivering revenue growth of 9% despite a down market. Buy rating retained. Target is raised slightly to $2.35.

Target price is $2.35 Current Price is $2.05 Difference: $0.3
If IMD meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.17, suggesting upside of 4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates IRE as Accumulate (2) -

Iress's June-half result appears to have pleased Ord Minnett, thanks to strength in the UK, APAC Wealth and lower staff costs; and management upgraded 2024 guidance by 8% at the midpoint, expecting a jump in revenue in the December half, observes the broker

Ord Minnett expects consensus upgrades given June-half depreciation and amortisation also beat market forecasts.

Buy recommendation retained. Target price rises to $12 from $11.30.

Target price is $12.00 Current Price is $9.78 Difference: $2.22
If IRE meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $10.44, suggesting upside of 5.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.1

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

Ord Minnett rates JDO as Buy (1) -

Judo Capital's FY24 result outpaced consensus forecasts by 6% and Ord Minnett's forecasts by 5% thanks to strong new business struck on stable margins.

The broker observes an improvement in asset quality, reversing the trend set in its March-quarter deterioration; and that management has managed to control costs well.

EPS forecasts fall -1% across FY25 to FY27 but the broker points out its forecasts still imply EPS growth of 25% in FY25; 72% in FY26 and 43% in FY27, thanks to the company's strong operating leverage allowing it to build a bigger loan book.

The broker observes another $1.8bn in new business is about to be written, auguring well for FY25.

Buy rating retained. Target price rises to $1.80 from $1.59.

Target price is $1.80 Current Price is $1.58 Difference: $0.22
If JDO meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 6.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates MGH as Outperform (1) -

Maas Group's FY24 underlying earnings (EBITDA) met the top end of management's guidance and beat Macquarie's forecast by 1%.

The FY25 outlook is for further revenue and profit growth. Management notes a strong external project pipeline in Civil Construction
& Hire and Commercial Construction.

For FY24, the broker highlights strong operating cash flows and conversion, while asset reclying hit the FY24 target, with more to come in FY25, and proceeds of $65m expected in H1.

Outperform retained and target rises to $4.95 from $4.55.

Target price is $4.95 Current Price is $4.49 Difference: $0.46
If MGH meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MGH as Add (1) -

Underlying earnings (EBITDA) for Maas Group rose by 27% in FY24 to $207.3m, attaining the top end of management guidance and meeting the consensus forecast.

Construction materials grew by 58%, with existing businesses (acquired pre-July 2022) accounting for most of the increase.

The quarry business continues to grow volumes, along with average selling price (ASP) increases and cost of production (COP) reductions, explains the broker.

After $40.2m of asset revaluations and gains on the sale of property, plant and equipment (PP&E) in FY24, management anticipates these revaluations and sales will continue through FY25.

The Add rating and $5.20 target for Maas Group are maintained.

Target price is $5.20 Current Price is $4.49 Difference: $0.71
If MGH meets the Morgans target it will return approximately 16% (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 NSR as Buy (1) -

Citi found the FY24 results from National Storage REIT in line with expectations. Revenue per average square metre growth was up 3.1% as a result of strong group rate growth of 7.1%, the broker notes, despite slightly lower occupancy of 82%.

Management remains focused on driving overall revenue through development, acquisition and organic growth. Cost of capital ticked down in the period.

National Storage continues to drive market share in the Australian self-storage Industry through a strong development and acquisition pipeline, Citi notes. Target rises to $2.70 from $2.60, Buy retained.

Target price is $2.70 Current Price is $2.41 Difference: $0.29
If NSR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates NSR as Neutral (3) -

Macquarie highlights evidence of a recovery in revenue per available metre (RevPAM) from National Storage REIT's FY24 results where underlying EPS matched forecasts by the broker and consensus.

The RevPAM measure rose by 2% half-on-half driven by rate as occupancy moderated, explains the analyst, and management expects the rate of growth will continue through FY25.

FY25 guidance of at least 11.8cps for underlying earnings was in line with Macquarie's expectations.

The target rises to $2.51 from $2.44. Neutral.

Target price is $2.51 Current Price is $2.41 Difference: $0.1
If NSR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.43, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates NST as Buy (1) -

In a first glance at Northern Star Resources' result, Citi saw underlying numbers bang in line following the June Q update. The dividend exceeded expectations and buyback optionality has been extended to Sep-25 with $128m remaining.

With FY25 guidance already released, there was not a lot aside from D&A guidance, Citi notes, which was above consensus.

Buy and $15.90 target retained.

Target price is $15.90 Current Price is $14.90 Difference: $1
If NST meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $15.51, suggesting upside of 2.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates PWR as Hold (3) -

Peter Warren Automotive continues to experience margin pressures.

Gross margin contracted -130 basis points to 16.3% in 2H24, Morgans notes, which the broker believes is worse than its peers due to the group's brand/OEM mix

Inventory remained stable over 2H24, with financing costs up some 16%.

FY25 guidance is for continued revenue growth. New car margins are expected to stay under pressure, which represent around 68% of revenue.

Morgans reduces the EPS forecasts by -6.5% and -8% for FY25/FY26, respectively. Hold rating. Target price falls to $1.86 from $1.98.

Target price is $1.86 Current Price is $1.71 Difference: $0.15
If PWR meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates PWR as Hold (3) -

Peter Warren Automotive's FY24 result outpaced guidance and Ord Minnett's forecasts despite a fall in gross profit margins as rising new car supply took its toll, but the company is not yet out of the woods, opines the broker.

Ord Minnett expects margins will continue to struggle, but expects this will be offset by solid performances from the service, parts and aftermarket business.

Management advised it will keep a keen eye to inventory levels (which weighed in FY24) as new car supply rises; and continued cost-outs, to relieve margin pressure.

Hold rating retained. Target price falls to $1.88 from $1.95.

Target price is $1.88 Current Price is $1.71 Difference: $0.17
If PWR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates PXA as Outperform (1) -

Pexa Group's FY24 result came in at the top end of revenue guidance, beat on earnings (EBITDA), and was broadly in line with Macquarie's capex expectations.

An ongoing recovery in transfer volumes aided the Exchange businesses, explains the broker, while cost-out initiatives helped Digital Solutions to achieve break even. Optima, on the other hand, disappointed with an around -$10m earnings loss.

The revenue growth guidance range of 13-19% is reliant on further transfer volume growth, suggest Macquarie.

Outperform rating retained and the target is increased to $16.90 from $16.80.

Target price is $16.90 Current Price is $13.88 Difference: $3.02
If PXA meets the Macquarie target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $15.77, suggesting upside of 12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Morgans rates PXA as Hold (3) -

Morgans observes Pexa Group reported FY24 earnings somewhat below consensus, with revenue meeting expectations.

Management offered  in-line guidance. although net profit seems to be below expectations due to higher depreciation/amortisation charges and interest expenses.

The UK targets continue for Pexa Group. Management flagged circumstances beyond control may challenge the timeline targets.

Morgans reduces EPS forecasts by over -10% for FY25/FY26.

Target price lifts to $14.71. Hold rating maintained.

Target price is $14.71 Current Price is $13.88 Difference: $0.83
If PXA meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.77, suggesting upside of 12.8% (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

Macquarie rates QAL as Outperform (1) -

FY24 EPS for Qualitas of 9.1cps was bang on Macquarie's forecast. The broker forecasts an EPS of 12.4cps in FY25, which is around the midpoint of management's 11.50-12.91cps guidance range.

Management is witnessing signs of the next residential development cycle, notes the broker, with off-the-plan realisation values for new projects rising and building costs moderating.

The target falls to $2.94 from $3.09. Outperform.

Target price is $2.94 Current Price is $2.33 Difference: $0.61
If QAL meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates RIC as Buy (1) -

UBS flags the cyclical/macro-driven headwinds that have plagued Ridley Corp over the last 6-9 months amid soft poultry sector volumes, weak tallow prices and underperformce in water.

These are expected to unwind and FY25 EBITDA growth is forecast around 15%, which includes an $8m incremental contribution from the OMP acquisition.

A number of initiatives are expected to improve the organic earnings growth story in FY25 and UBS retains a Buy rating. Target is $2.75.

Target price is $2.75 Current Price is $2.22 Difference: $0.53
If RIC meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates SCG as Neutral (3) -

Scentre Group continues to drive operational momentum with average specialty rent escalations of 5.5% as a result of its lease escalation structure, Citi notes. Average leasing spreads are illustrative of the negotiating power that retail landlords have relative to retailers in the current market.

Scentre has the highest weighted average cost of debt in the sector as a result of its subordinated notes. As these are repaid, Citi anticipates finance costs will reduce creating an earnings tailwind for the REIT.

Scentre is the highest growth retail real estate stock in Citi's subsector coverage with anticipated compound earnings growth of 5% over the next three years. Target rises to $3.50 from $3.10. Neutral retained on valuation.

Target price is $3.50 Current Price is $3.40 Difference: $0.1
If SCG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates SCG as Outperform (1) -

Scentre Group's 1H funds from operations (FFO) aligned with forecasts by Macquarie and consensus.

The broker anticipates lower interest expenses given management also announced the tender of US$550m of its outstanding non-call 2026 subordinated notes. This means the group is offering to repurchase these notes from current holders before maturity date.

In isolation, this transaction should provide an around 1% tailwind to FFO per annum, according to the analyst.

For Scentre Group, the broker's target rises to $3.60 from $3.45 upon removal of a retail discount given ongoing strong operating conditions. Outperform.

Target price is $3.60 Current Price is $3.40 Difference: $0.2
If SCG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Morgan Stanley rates SCG as Overweight (1) -

Scentre Group's 1H funds from operations (FFO) of 10.95cpu were in line with Morgan Stanley's 11cpu forecast. Management maintained FY24 guidance for between 21.75-22.25cpu.

While operations were strong in FY24, the broker points out Property Expenses worsened by -10%, while Property Revenue only increased by 5%, potentially highlighting the impact of an uplift in costs such as labour and security.

Target $3.79. Overweight. Industry view: In-Line.

Target price is $3.79 Current Price is $3.40 Difference: $0.39
If SCG meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.45, suggesting upside of 1.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates SKT as Outperform (1) -

Despite a 2H slowdown, SKY Network Television delivered a FY24 result in line with Macquarie's forecasts. However, FY25 EBITDA guidance of between NZ$150-NZ$170m missed forecasts by the broker and consensus by -10% and -4%, respectively.

More positively, the dividend outlook (which is key, according to the analyst) was strongly reaffirmed.

The broker's Outperform rating is retained in the belief the company is one of the most undervalued stocks on the New Zealand market.

The NZ$3.32 target is also unchanged after Macquarie's valuation discount was lowered to -20% from -30% to reflect improving execution risk for management's three-year strategic plan.

Current Price is $2.48. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgan Stanley rates SLC as Overweight (1) -

Superloop's FY24 earnings (EBITDA) were in line with pre-guidance, notes Morgan Stanley, while both FY25 and FY26 earnings guidance matched the consensus estimates.

Of concern, suggest the analysts, capex will remain elevated into FY25 to support growth. FY25 capex guidance is for -$28-30m compared to the consensus forecast for -$30m.

Positively, Morgan Stanley notes strong cash flow conversion of 92%, while consumer net addition momentum continues into H2.

Target $1.85. Overweight. Industry view: In-line.

Target price is $1.85 Current Price is $1.70 Difference: $0.15
If SLC meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Market Sentiment: 1.0

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

Morgans rates SLC as Add (1) -

Post a better-than-expected FY24 earnings report, Morgans believes Superloop is just warming up for an even more impressive FY25 as guidance is lifted to around 65% growth in EBITDA. At the mid-point there is no change, but the broker views upside risk.

The company reported 23% organic growth with consumer/NBN up 32.9%. Cost controls were robust, including a decline in opex to 16% form 18% of revenues.

Morgans highlights the growth ambitions for Origin Energy's ((ORG)) are expected to be an integral boost to both companies; the Origin contract is forecast to add $14m to FY25 earnings.

Target price raised to $1.90 from $1.80. Add rating unchanged.

Target price is $1.90 Current Price is $1.70 Difference: $0.2
If SLC 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

Bell Potter rates SM1 as Hold (3) -

Synlait Milk has announced a recapitalisation proposal for its business by two major shareholders. Firstly there is a proposed equity injection of NZ$217.8m, with NZ$185m from Bright and NZ$32.8m from a2 Milk ((A2M)). Between them they would hold 85.08% of the stock.

Following this, Bright would hold 65.25% and a2 Milk continues to hold 19.83%. The recap requires special shareholder approval but in the absence the company would likely file for insolvency, Bell Potter points out.

Even after the raising, the business remains highly leveraged which needs to be considered in the context of supply cessation notices that have the potential to take effect in FY26, the broker adds. Hold rating and $0.47 target maintained.

Target price is $0.47 Current Price is $0.44 Difference: $0.03
If SM1 meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.47, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -0.3

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

Macquarie rates SM1 as Underperform (5) -

Bright Dairy's holding in Synlait Milk rises to 65% from 39% after Bright and a2 Milk ((A2M)) participated in a NZ$217.8m recapitalisation plan, which lowers net debt to around NZ$313m, highlights Macquarie.

Bright Dairy will subscribe to NZ$185m of shares and a2 Milk will garner NZ$32.8m shares.

Underperform. The broker's target rises by 29% to NZ45 cents reflecting the impact of the recapitalisation plan (12cps), removal of -20% discount for balance sheet but also the introduction of a -20% discount for loss of control.

Current Price is $0.44. Target price not assessed.

Current consensus price target is $0.47, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -0.3

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

Citi rates SSM as Buy (1) -

There is no shortage of positives from Service Stream's result, Citi suggests, including solid cash conversion, utilities margin improvement, second half telco performance, maintaining a net cash position, and work-in-hand uplift.

A string of new contract awards and a 97% contract retention rate provide stability over the next couple of years, Citi notes. Growing optimism around the near to medium term outlook is exemplified in the board’s decision to declare dividend well ahead of expectations.

A net cash balance and cash conversion exceeding 100% demonstrate that Service Stream has certainly turned a corner since the start
of FY24, the broker believes. Target rises to $1.70 from $1.55, Buy retained.

Target price is $1.70 Current Price is $1.46 Difference: $0.24
If SSM meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 5.9% (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

Ord Minnett rates SSM as Buy (1) -

Service Stream's FY24 result outpaced Ord Minnett's forecasts by 2%, thanks to a strong beat on free cash flow, the company returning to a net cash position (excluding leases).

The broker expects the company's balance sheet will be further bolstered in FY25, providing a strong foundation for growing market share and expansion into adjacent sectors such as Defence and Social Infrastructure; not to mention M&A.

Ord Minnett notes the company's share of revenue from less-capital intensive operations and maintenance work has reach 70%, providing greater visibility of earnings and cash flow.

Given the strong infrastructure service market, the broker retains its Buy rating and raises its target price to $1.64 from $1.37.

Target price is $1.64 Current Price is $1.46 Difference: $0.18
If SSM meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.55, suggesting upside of 5.9% (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

Citi rates STO as Neutral (3) -

While Santos' first half profit was a miss on a higher cost base, Citi expects much of this is temporary and has not carried this through
into future periods. Regardless, the miss sees the broker downgrade its 2024 earnings estimate by -3%.

PNG LNG production is nonetheless holding up better than feared and Citi also upgrades the ramp-up profile for Barossa given positive flow-test data.

The quantum of free cash flow in the outlook charts is a touch lower in the outer years but much higher than the broker's prior forecasts in 2025-26. Citi believes the weak share price reaction will prove temporary, and retains a preference for Santos over Woodside Energy ((WDS)).

Neutral and $8.00 target retained.

Target price is $8.00 Current Price is $7.48 Difference: $0.52
If STO meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.25, suggesting upside of 10.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24: