Australian Broker Call

Morgans rates AEL as Add (1) -

Morgans reviews its assumptions post the first half result from Amplitude Energy, believing the market is applying an oversized discount to the prospects for growth.

While doing a "solid" job turning the operations and cost performance of the Gippsland and Otway gas operations around, the broker believes the stock would have materially re-rated on these fundamentals except for the concerns regarding the next phase of growth with the east coast supply project.

This is attributed to uncertainty surrounding JV partner Mitsui's protracted divestment of its stake, which has now been resolved. Morgans reduces the target to $0.28 from $0.31 and maintains an Add rating.

Target price is $0.28 Current Price is $0.22 Difference: $0.065
If AEL meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 23.9% (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 AFG as Upgrade to Outperform from Neutral (1) -

Australian Finance Group reported 1H25 cash EPS which declined -6%, and missed Macquarie's forecasts by -11%, due to higher operating expenses and a -73% drop in Thinktank earnings.

Residential lodgements rose 26% year-on-year in January, with AFG Securities settlements up 31%, offsetting a -7% decline in AFG Home Loan lodgements, the broker details.

AFG's loan book grew 23% to $5.1bn, with net interest margin improving.

The analyst upgrades the rating to Outperform from Neutral, citing positive earnings momentum and stabilising margins.

Target price increases -2.4% to $1.68, with valuation supported by circa 7% dividend yield and an attractive valuation.

Target price is $1.68 Current Price is $1.57 Difference: $0.11
If AFG meets the Macquarie target it will return approximately 7% (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 BUB as Hold (3) -

Bubs Australia's net revenue beat Bell Potter's forecast but EBITDA was lower than forecast and guidance largely due to forex shifts.

The broker has upgraded FY25 net revenue forecast by 2% and FY26 by 5% reflecting selling price, forex and volume.

The broker also pushed up EBITDA estimate to a $2.7m gain in FY25 from a loss of -$0.5m after incorporating insurance proceeds and lower marketing costs.

Target price is $0.155 (up from $1.50). Rating retained at Hold.

Target price is $0.16 Current Price is $0.13 Difference: $0.03
If BUB meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $0.16, suggesting upside of 34.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates BXB as Buy (1) -

UBS notes Brambles' 3Q25 like-for-like volume growth remains strong, supported by stabilising stock intensity after around 18 months of de-stocking.

The broker observes US and EU retailer stock intensity is now below pre-covid levels by -5% and 3%, respectively, but has remained stable since the last quarter.

Fast moving consumer goods sales volumes showed low single-digit year-on-year growth, with US and EU food and home and personal care categories tracking positive.

The analysts highlight management's FY25 guidance of growth in sales of 4%-6% assumes improving volume trends, driven mainly by net new business.

Target price remains at $22.80 with unchangedf Buy rating.

Target price is $22.80 Current Price is $21.12 Difference: $1.68
If BXB meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $21.24, suggesting upside of 0.9% (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: 0.7

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

Morgans rates CHL as Add (1) -

Morgans observes Camplify Holdings delivered a softer result versus expectations, amid platform migration disruption as well as weak consumer confidence impacting bookings.

As per the broker's commentary, elevated insurance costs also meant the gross profit margin contracted.

Morgans acknowledges the market was "arguably surprised" by the decline in bookings as well as the lower EBITDA, given the AGM commentary late last year, yet found some positives in the result including a cost reduction program and growth in the fleet.

Add rating retained. Target is reduced to $1.05 from $2.10.

Target price is $1.05 Current Price is $0.58 Difference: $0.47
If CHL meets the Morgans target it will return approximately 81% (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 DVP as Buy (1) -

Develop Global's 1H25 revenue beat Bell Potter's forecast but net profit missed due to drawdown expenses related to Trafigura borrowings. Operating cash flow rate rose to $17.6m from -8.4m the year before.

The broker changed mine development sequence. Under the new timeline, it no longer sees the need for an equity raising in FY26-27. The analyst also cut debt estimates for Sulphur Spring development.

EPS forecasts are lowered for FY25-27. No change to $4 target price or Buy rating.

Target price is $4.00 Current Price is $2.93 Difference: $1.07
If DVP meets the Bell Potter target it will return approximately 37% (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 EPY as Add (1) -

EarlyPay delivered first half underlying net profit of $2.6m and reaffirmed FY25 underlying net profit guidance of $6m. Morgans notes the stronger balance sheet and improvement in the earnings quality.

With operating improvements in place, the group now needs to execute, and FY26 is expected to benefit materially from operating leverage. The broker forecasts net profit growing to $8.2m in FY26. Add maintained. Target edges up to $0.30 from $0.29.

Target price is $0.30 Current Price is $0.21 Difference: $0.095
If EPY meets the Morgans target it will return approximately 46% (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 EVN as Reinstate Coverage with Hold (3) -

Morgans reinstates coverage of Evolution Mining with a Hold rating and $5.90 target. The company is the third largest gold miner listed on the ASX with a market capitalisation of $12.7bn and five gold mines in Australia and one in Canada.

The broker notes recent exploration success across several of its gold mines and the execution of the Mungari mill expansion. The latter should drive much of the growth expected in FY26-27.

While believing the stock is one-off the highest quality listed gold producers on the ASX, Morgans assesses the recent outperformance means the share price is presently trading at a premium valuation.

Target price is $5.90 Current Price is $6.14 Difference: minus $0.24 (current price is over target).
If EVN 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 $5.96, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Citi rates GPT as Buy (1) -

Management at GPT Group presented at a Citi conference noting a strategic shift toward funds management, with a focus on capital recycling and growth potential in its diversified portfolio, including retail, office, and logistics assets.

The group is confident in achieving long-term value creation through strong asset performance, especially in retail and logistics, while office assets are stabilising, observes the broker.

In the retail sector, GPT Group is benefiting from prime locations, high occupancies, and strong demand, while office assets are expected to experience rent growth due to limited supply, noted management.

Logistics demand remains high, with limited new developments, according to the group.

Citi's Buy rating and $5.00 target are retained.

Target price is $5.00 Current Price is $4.64 Difference: $0.36
If GPT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.27, suggesting upside of 13.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates HCL as Buy (1) -

Bell Potter highlights HighCom turned profitable in 1H25 on both reported and underlying basis, with net profit of $1.2m ahead of its -$0.2m estimate.

Revenue beat guidance and operating cash flow rose to $3.5m from -$6.3m at the end of 1H24. The broker is, however, disappointed with the orderbook tracking behind 1H25, noting further contracts are needed to sustain performance.

Speculative Buy rating and 35c target maintained.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If HCL meets the Bell Potter target it will return approximately 94% (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 HVN as Buy (1) -

Harvey Norman's aggregate sales rose 2.7% y/y in 1H25 versus 1.7% y/y in Jul-Oct revealed at the AGM.

Bell Potter notes the outperformance was at Australian franchising and New Zealand, offsetting the misses in Asia and higher costs.

The broker upgraded revenue forecasts after taking into account Australian growth momentum of 2.1% for January and 7% for the first 21 days of February, along with improvement in New Zealand.

The analyst also changed new store assumptions given store closures in NZ and a delayed timeline for the Malaysian store target of 80.

Target price rises to $6.0 from $5.8. Buy rating maintained.

Target price is $6.00 Current Price is $5.44 Difference: $0.56
If HVN meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.18, suggesting downside of -2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates IPH as Outperform (1) -

Macquarie notes IPH Ltd's Australian filing volumes declined -8.4% year-on-year FY25 to date, underperforming the market’s -3.7% decline. February filings fell -18%, reducing market share to 29.0%.

As per the broker's commentary, global indicators suggest continued weakness, with US PCT filings down -7.8% on a quarterly rolling basis. IPH's earnings forecasts remain unchanged, with no valuation adjustments.

The analyst highlights stabilising operational performance and expects 2H25 momentum to act as a catalyst. Macquarie maintains an Outperform rating with a $6.75 target price.

Target price is $6.75 Current Price is $4.84 Difference: $1.91
If IPH meets the Macquarie target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 35.2% (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 LM8 as Buy (1) -

Shaw and Partners notes Lunnon Metals' first targeted grade control drilling at Lady Herial confirms continuous, high-grade, shallow gold structures. 

The analyst points to the proximity of the 4.8mt Lefroy Gold Plant, owned by Lunnon's 30% shareholder, with spare capacity. Next steps include defining a resource, mine plan, and assessing treatment options.

Shaw and Partners likes Lunnon's strategic position in the historically significant Kambalda/St Ives gold camp, where major discoveries have continued over decades.

With $19.5m cash as of December, Lunnon is considered well-funded to advance exploration. But/High risk with unchanged 60c target.

Target price is $0.60 Current Price is $0.21 Difference: $0.39
If LM8 meets the Shaw and Partners target it will return approximately 186% (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 MME as Speculative Buy (1) -

MoneyMe delivered a first half result that was in line with expectations at the top line. The broker notes the loan book has grown 13% on the sequential half as the business returned to focus on growth.

Morgans believes the innovative product suite, targeting niche under-serviced markets, can drive further growth. There are some risks in the short term and the stock is trading at a discount versus valuation, hence a Speculative Buy rating is maintained. The target is 21 cents.

Target price is $0.21 Current Price is $0.17 Difference: $0.045
If MME meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MPL as Buy (1) -

Ord Minnett notes Medibank Private's FY25 guidance was modestly ahead of consensus, with 1H25 earnings exceeding expectations due to lower claims inflation and a favourable product mix. The interim dividend was in line with the broker's estimate.

Full-year claims inflation is now guided at 2.4-2.6%, implying around 3% in 2H25, which remains below market concerns, Ord Minnett notes.

A 3.99% premium rate increase, approved by the federal government, supports expectations of steady or expanding gross margins in FY25-26, the commentary suggests.

While policyholder growth was marginal at 0.4%, the analyst agrees with management margin preservation should be the priority, allowing for reinvestment when growth opportunities arise.

Ord Minnett lifts EPS estimates by 2%/6%/9% for FY25/26/27, raising the target price to $4.80 from $4.25. Buy rating re-iterated.

Target price is $4.80 Current Price is $4.43 Difference: $0.37
If MPL meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 4.2% (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

Morgans rates NEM as Initiation of coverage with Add (1) -

Morgans initiates coverage on Newmont Corp with an Add rating and $84 target. The company is the world's largest gold producer and completed its acquisition of Australia's Newcrest Mining in November 2023.

Newmont Corp divested six non-core operating and two development assets from both the original portfolio and from Newcrest.

The broker envisages strong tailwinds for the share price as several expansion projects are executed over 2025, particularly at the three Australian assets.

Target price is $84.00 Current Price is $68.48 Difference: $15.52
If NEM meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $83.20, suggesting upside of 22.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates NWH as Downgrade to Buy, High Risk from Buy (1) -

NRW Holdings faces a challenging near-term outlook due to the ongoing OneSteel administration process, highlights Citi, with around $106m in overdue receivables, expected to impact market sentiment.

Management remains cautiously optimistic about recovering some of these amounts through secured guarantees and first-ranking security, explains the broker.

Despite this uncertainty, the analysts note the company's earnings growth trajectory remains intact, with 95% of its FY25 revenue secured and a solid order book.

The broker's target falls to $3.85 from $4.05, reflecting lower earnings. The rating is downgraded to Buy/High Risk from Buy.

Target price is $3.85 Current Price is $2.98 Difference: $0.87
If NWH meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 24.3% (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 NWH as Add (1) -

NRW Holdings posted a first half result that was below expectations, as the mining division was affected by the weather, a scope reduction at Curragh and the cancellation of Mount Cattlin. FY25 guidance is re-iterated for EBITA of $205-215m.

The company has put OneSteel (Whyalla) in administration but there is no material earnings impact during the first half and Morgans notes there may be none in the second either, as Golding continues to provide mining services to the site.

Until there is more clarity on Whyalla, the broker assumes the mining contract continues as normal and does not forecast any recovery in receivables. Estimates for EBITA are trimmed by -2-4% for FY25-27.

Add rating retained with the target lowered to $3.40 from $3.85.

Target price is $3.40 Current Price is $2.98 Difference: $0.42
If NWH meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 24.3% (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

UBS rates NWH as Buy (1) -

NRW Holdings reported 1H25 earnings EBITA of $97m which missed consensus by -5%, with margins declining to 5.9%, a return to covid-era lows, UBS highlights.

Despite strong revenue growth in civils & mining, equipment and technology services, margin execution in mining was weaker.

Management reconfirmed FY25 guidance, though the broker expects the lower end at $206m to be more attainable, assuming improved execution in 2H25.

OneSteel owes $113m, but NRW holds first-ranking security over key assets and has resumed work under administrator direction.

The broker lowers its FY25-27 EPS forecasts by -7%/-10%, cutting the 12-month target price to $3.55 from $4.10.

Buy rating maintained, citing resource capex opportunities and an attractive valuation.

Target price is $3.55 Current Price is $2.98 Difference: $0.57
If NWH meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $3.54, suggesting upside of 24.3% (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

Shaw and Partners rates PNC as Buy (1) -

Shaw and Partners explains Pioneer Credit's 1H25 result was near expectations, triggering minor net profit after tax forecast changes.

Management's FY25 guidance for underlying net profit after tax remains over $9m, and over $18m in FY26.

Cash collections rose 2% to $71m, but the forecast is lowered to $155m from $170m for FY25. Pioneer purchased $33m in debt portfolios, maintaining a $90m FY25 target.

As per the commentary, management's FY26 guidance signals margin expansion with flat costs and 8% revenue growth.

Pioneer secured a $272.5m debt facility with lower costs, reducing interest by -$700,000 per 25bps rate cut. Net debt closed at $285m.

Target price stays at $0.80, Buy.

Target price is $0.80 Current Price is $0.49 Difference: $0.31
If PNC meets the Shaw and Partners target it will return approximately 63% (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 PXA as Add (1) -

First half operating earnings from Pexa Group were "solid" and slightly ahead of expectations, with Morgans noting the key positives of strong free cash flow and break even in digital solutions.

The broker lowers FY25-26 estimates for EPS because of a pullback in some of its international growth assumptions.

The stock is considered a quality, defensive play in technology and should also achieve some reasonable success in the UK, although Morgans acknowledges timing is uncertain in this jurisdiction.

Add retained. Target is reduced to $13.90 from $14.62.

Target price is $13.90 Current Price is $12.19 Difference: $1.71
If PXA meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.34, suggesting upside of 30.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates RDY as Add (1) -

First half results from ReadyTech Holdings were broadly in line with forecasts. Morgans notes the slow cloud migration in local government weighed on the result but this has been fixed with the acquisition of CouncilWise.

FY25 guidance has been downgraded by around -7% but still implies an improved second half, the broker points out.

The broker reduces estimates in line with guidance and believes the business is well-positioned to grow over the coming years as customers seek to modernise enterprise software and convert legacy systems.

Target is reduced to $3.45 from $3.74. Add.

Target price is $3.45 Current Price is $2.78 Difference: $0.67
If RDY meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.71, suggesting upside of 36.0% (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 RSG as Outperform (1) -

Resolute Mining reported preliminary 2024 results which met Macquarie's expectations, with 91% year-on-year earnings (EBITDA) growth driven by higher gold prices, stable costs, and marginally higher production.

The US$160m payment to the Malian government impacted net profit after tax, the broker highlights, causing a loss of -US$13m instead of the expected 2025 expense.

Management retained 2025 guidance of 275-300koz at an all-in-sustaining-cost of US$1,650-1,750/oz.

Net cash closed at US$25m for year end, beating consensus by 37%. The broker lowers 2024/2025 EPS forecasts by -11%/-14% due to the earlier mentioned expense recognition.

The target price reduces -4% to $0.45, with Outperform rating maintained.

Target price is $0.45 Current Price is $0.38 Difference: $0.07
If RSG meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates SDR as Buy (1) -

Siteminder's 1H25 results were weaker-than-expected by Citi, with revenue growth slowing to 14% year-on-year due to higher-than-anticipated currency headwinds and slower transaction revenue growth.

Positively, annual recurring revenue (ARR) grew faster than revenue growth at 18% year-on-year, reflecting momentum in the second quarter, as well as an early contribution from Smart Platform revenue, explains the broker.

The analysts also note FY26 should benefit from the roll-out of payment terminals.

Citi's target falls to $7.20 from $7.65. Buy.

Target price is $7.20 Current Price is $4.90 Difference: $2.3
If SDR meets the Citi target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $6.82, suggesting upside of 39.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Macquarie rates TPG as No Rating (-1) -

It is Macquarie's assessment TPG Telecom's FY25 free cash flow outlook is improving, supported by flat year-on-year opex, working capital benefits, and lower capex post-Vocus sale.

The broker comments early signs from the multi-operator core network (MOCN) deal are positive, with TPG’s mobile network coverage doubling and net subscriber additions reaching the highest level since 2H22.

Mobile revenue growth is supported by ARPU and a growiing subscriber base.

The analyst highlights 2025 earnings (EBITDA) guidance of $1,950-2,025m is consistent with 2024, with a stronger 2H expected due to MOCN costs and an internet-of-things contract.

Managment is looking at capital management options with Macquarie highlighting franking constraints limit a special dividend.

Macquarie lowers FY25/26/27/28 EPS by -25%/-5%/-3%/-13% but revises earnings (EBITDA) up from FY26.

The broker is under research restriction and does not provide a target price or rating.

Current Price is $4.51. Target price not assessed.

Current consensus price target is $4.79, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Morgans rates TPG as Hold (3) -

TPG Telecom delivered a 2024 result that was largely in line with expectations as is the EBITDA guidance for 2025.

Morgans believes 2025 will be "huge" with the company kicking off a significant marketing campaign to leverage its regional expansion deal with Optus.

This could materially increase the mobile customer base over time. The broker continues to believe the company's value brand should resonate strongly with cost-conscious consumers although awaits confirmation.

Hold rating. Target is reduced to $4.70 from $4.80.

Target price is $4.70 Current Price is $4.51 Difference: $0.19
If TPG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $4.79, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Shaw and Partners rates TYR as Buy (1) -

Tyro Payments' 1H25 result was in line with expectations, with FY25 guidance reiterated. Management maintains the FY26 target for the rule of 40, Shaw and Partners explains.

Gross profit rose 4% year-on-year, while EBITDA grew 21%, exceeding forecasts. Total transaction value was slightly below expectations. Operating cash flow was marginally lower than projected.

The broker observes despite weak macro conditions, gross profit improved through pricing adjustments and Health segment growth.

Churn remains elevated at circa 15%, though the analyst expects improvement. Loan originations increased 10%, with strong front book banking adoption.

Management expects to benefit from regulatory changes due to Tyro’s flexible pricing and technology. Shaw and Partners re-iterates a Buy rating with a $1.60 target price.

Target price is $1.60 Current Price is $0.85 Difference: $0.75
If TYR meets the Shaw and Partners target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $1.35, suggesting upside of 64.6% (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