Australian Broker Call

Citi rates ABG as Buy (1) -

Citi's initial response has a positive undertone with Abacus Group's FY25 release showing FY25 FFO of 9.3cps in line with the broker's estimate but also ahead of market consensus at 9cps.

FY26 FFO guidance is 8.9cps to 10cps in line with Citi's 9.5cps forecast, with consensus forecasting 9.3cps.

Commentary highlights weighted average cap rate up 27bp to 6.77% resulting in NTA down -2.3% to $1.72 placing the stock at a -28% discount to NTA.

Other metrics cited include occupancy up 30bp to 92.1% and DPS 8.50cps flat YoY; Office like for like rent up 4.3%, Retail like for like rent growth of 3.5%, Self Storage 10.1% NTA growth and 13.9% income growth on management fees.

Buy. Target $1.35.

Target price is $1.35 Current Price is $1.25 Difference: $0.1
If ABG meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting downside of -2.3% (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 ALK as Accumulate (2) -

Alkane Resources delivered a slightly softer FY25 result than expected by Ord Minnett, with earnings (EBITDA) of $93m compared to the broker’s $103m forecast due to higher administrative and operating costs.

The accounts reflected Alkane only, with the merger with Canadian-based Mandalay Resources completed after June 30.

The broker believes attention now shifts to the combined outlook due in September, with expectations for 157koz of gold in FY26 at costs (AISC) of -$2,921/oz and -$32m of growth capex. Production is forecast to rise to 175koz in FY27.

The analysts' earnings forecasts have been lowered to account for higher costs and increased depreciation assumptions at Tomingley, though this is offset by a lower tax figure.

Ord Minnett’s $1.00 target price and Accumulate rating remain unchanged.

Target price is $1.00 Current Price is $0.92 Difference: $0.08
If ALK meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates AMA as Buy (1) -

AMA Group’s FY25 result was ahead of Bell Potter’s expectations, with earnings (EBITDA) of $62.6m, above the broker’s $60.9m forecast and guidance of $58-62m.

Revenue of $1,013m also exceeded the broker’s $946m estimate, while operating cash flow was strong at $75.8m and free cash flow positive at $10m.

FY26 guidance for earnings of $70-75m compares to Bell Potter's $70.2m forecast, with growth led by AMA Collision and Wales revenue, while ACM Parts (previously traeted as a discontinued operation) remains included.

Bell Potter upgrades FY26-FY27 revenue and earnings forecasts but cuts profit and EPS estimates on higher depreciation and tax.  Dividends are expected from 2H26. The broker raises its target price to 13c from 12c and retains a Buy rating.

Target price is $0.13 Current Price is $0.09 Difference: $0.04
If AMA meets the Bell Potter target it will return approximately 44% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates AMA as Accumulate (2) -

AMA Group's FY25 normalised EBITDA of $62.6m was ahead of the $58-62m guidance and Morgans reckons the highlight was strong operating cash flow of $75.8m vs $42.5 the year prior.

Excluding ACM Parts, EBITDA of $67.4m was well ahead of the broker's forecast of $60.3m. For FY26, the company guided to EBITDA of $70-75m, prompting the broker to downgrade its forecast by -3.6% to $73.2m.

The broker's FY28 EBITDA margin target, excluding ACM Parts, is 8.7%, which it now believes may be conservative relative to the company's medium-term goal of 10% margin.

Accumulate. Target trimmed to 11c from 12c.

Target price is $0.11 Current Price is $0.09 Difference: $0.02
If AMA meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates AX1 as Buy (1) -

On further inspection, Citi raises its target price to $1.83 from $1.67 with net profit after tax forecasts largely unchanged. The higher target reflects a roll forward of the discounted cash flow from FY35 and higher peer and market valuations.

Last Friday's sell-off is seen offering an attractive entry point to start a position in Accent Group, one of the larger small-cap retailers. Buy rated.

The sell-off is correlated to the category/brand exposure for the group and the analyst is seeing some positive green shoots.

****

Citi's first assessment is Accent Group's FY25 net profit of $57.7m has missed consensus by -4% but was broadly inline with the broker's own $58.9m forecast (though still below it)

The miss is attributed to disappointing sales, gross margins and higher net interest. CODB was better managed than expected.

A final dividend of 1.5cps was declared, -35% below consensus of 2.3cps on the broker's assessment.

Given a number of other retailers are reporting relatively much better trading updates, Citi suggests the market will be disappointed.

Also, one saving grace for Accent shareholders, the broker comments, is that Frasers can’t exceed 26% ownership for the next 3 years.

Target $1.67. Buy.

Target price is $1.83 Current Price is $1.37 Difference: $0.46
If AX1 meets the Citi target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates AX1 as Overweight (1) -

Accent Group's earnings fell -0.2% in FY25, in line with guidance. Second half gross profit margins declined -75bpt year on year, approximately in-line with the June trading update, Morgan Stanley notes. Like for like sales growth slowed to -1.0% in the second half from 2.9% in the first.

The Skechers agreement has been extended out to 2035, continued growth is planned for HOKA and UGG, and the Lacoste and Dickies brands will start contributing in FY26. Accent's FY26 guidance premised on low single-digit sales growth, store growth and maturation, incremental profit form TAF.

Overweight and $1.95 target retained. Industry view: In Line.

Target price is $1.95 Current Price is $1.37 Difference: $0.58
If AX1 meets the Morgan Stanley target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates AX1 as Upgrade to Buy from Hold (1) -

Accent Group's FY25 EBIT was down -0.2% but came at the upper end of the $108-111m guidance, Morgans notes. Sales growth in 2H was down -1.7% y/y but had worsened in the final 3 weeks to -6% decline from -2.5% in the 23 weeks prior.

On the positive side, sales momentum improved in FY26 with a 0.8% y/y rise in the first seven weeks. However, the FY26 EBIT guidance of high to mid-single digit growth disappointed.

The broker cut FY26 EBIT forecast by -2% to match the guidance, estimating -3% lower revenue on lower store openings.

Target price trimmed to $1.65 from $1.85. Rating upgraded to Buy from Hold.

Target price is $1.65 Current Price is $1.37 Difference: $0.28
If AX1 meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates AX1 as Buy (1) -

Accent Group's FY25 result featured earnings in line with guidance, but FY26 guidance below expectation, UBS notes. Like for like sales growth for FY25 was mixed, with FY26 guided tro low single digit.

Broader sales revenue growth drivers exist for Accent, UBS suggests, including ongoing store growth, TAF conversions, new distributed brands and the strong performance across HOKA & Nude Lucy especially.

Despite guidance being below market, UBS retains Buy due to a growth outlook underpinned by robust store openings, vertical brands expansion, TAF corporatisation and Sports Direct optionality, and an attractive valuation. Target falls to $1.70 from $1.80.

Target price is $1.70 Current Price is $1.37 Difference: $0.33
If AX1 meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.81, suggesting upside of 21.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BEN as Sell (5) -

It is Citi's first assessment Bendigo & Adelaide Bank's FY25 cash earnings of $515m have beaten consensus by some 1%.

A -$540m goodwill impairment and restructuring costs were pre-released. Slightly higher costs saw core earnings of $737m falling below consensus at $740m.

Commentary adds a higher tax was also a drag though this was mitigated by a BDD reversal of some $15m. All in all, the broker argues today's was a lower quality bottom line beat.

Citi analysts suggest the focus of the result will be on management's 2030 targets, with the release of a ROE target in excess of 10% by 2030.

Relative to 2H25's 7.1% ROE, commentary states this is a substantial uplift and will require further information for the market to ascribe value. Sell. Target $9.75.

Target price is $9.75 Current Price is $12.99 Difference: minus $3.24 (current price is over target).
If BEN meets the Citi target it will return approximately minus 25% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $10.50, suggesting downside of -20.7% (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 BRG as Hold (3) -

Morgans notes Breville Group's FY25 result was strong, with net profit up 15% y/y, and coming at the top end of guidance. Gross profit was largely in line with the broker's forecast and margin improved slightly.

The broker highlights FY26 is an uncertain year and a structural reset one as the company transitions to relocated production due to US tariffs. The broker expects higher costs on account of this to be also be felt in FY27, suggesting a more gradual margin recovery.

Minor revisions to forecasts, with FY26 EPS cut by -1.1% and FY27 by -2.4%.

Target rises to $36.05 from $30.75 on roll-forward and revisions to valuations. Hold retained.

Target price is $36.05 Current Price is $35.13 Difference: $0.92
If BRG meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $36.73, suggesting upside of 5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates BXB as Overweight (1) -

Brambles delivered a solid FY25 result, Morgan Stanley suggests, supported by margin expansion and strong free cash flow generation. Volume growth remains soft, however the broker sees upside once consumer activity improves.

Volumes were impacted by softening consumer demand, which is expected to continue into FY26. Morgan Stanley sees upside to positive low single digits over time given the defensive nature of end products.

Brambles  is investing significantly in digital initiatives, including for Serialisation. However, there's uncertainty around the final Serialisation technology approach and time line. Morgan Stanley thinks investors are likely to continue debating whether the target of 15%-plus return on invested capital is achievable.

The broker acknowledges valuation is stretched, however the company continues to execute in a tough macro environment. Overweight retained, target rises to $28 from $22. Industry view: In Line.

Target price is $28.00 Current Price is $25.97 Difference: $2.03
If BXB meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $26.88, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. 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

Morgans rates BXB as Upgrade to Hold from Trim (3) -

Morgans described Brambles' FY25 result as solid, delivered amid a challenging macroeconomic backdrop especially in the US. Sales missed the broker's forecast by -1% but EBIT was 2% ahead.

Like-for-like volumes fell -1% y/y but the momentum improved in 4Q25, with net new business growth of 3%. The broker expects this to bode well for FY26 outlook.

For FY26, the company expects 3-5% sales growth in constant forex terms, and the broker is forecasting 4%. The broker reckons margin expansion remains key with FY28 margin improvement upgraded to 300bps vs FY24 from 200bps before.

The broker lifted FY26-28 EBIT forecast by 5-7% on higher confidence in the company's execution. Rating rises to Hold from Trim.

Target increases to $25.70 from $19.75.

Target price is $25.70 Current Price is $25.97 Difference: minus $0.27 (current price is over target).
If BXB meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.88, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. 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

UBS rates BXB as Neutral (3) -

Brambles' FY25 sales growth finished at 3.0%, below April guidance for 4-5%, but underlying earnings were up 10.0%, in line with consensus. CHEP Europe/Middle East/Africa was the highlight, UBS notes, growing earnings by 14%.

The result leads UBS  to upgrade forecasts and valuation but the broker thinks upside is still limited following share price strength.

Nevertheless, themes resonating well are confidence in free cash flow, more margin expansion coming, the relative defensiveness of Brambles' underlying demand exposure and levers available to withstand cyclical pressure.

These themes appear to be overriding concerns about the FY26 volume environment, and in UBS' view are unlikely to
change any time soon. Target rises to $25.90 from $24.00, Neutral retained.

Target price is $25.90 Current Price is $25.97 Difference: minus $0.07 (current price is over target).
If BXB meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $26.88, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

This company reports in USD. 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

Bell Potter rates CBO as Hold (3) -

Cobram Estate Olives reported FY25 profit of $49.6m, -7% adrift of Bell Potter’s expectations, with revenue of $335.5m up 22% year-on-year but also short of the broker’s $374.6m forecast.

Earnings (EBITDA) of $116.6m rose 76% and were in line with the broker, driven by a $90.6m self-generating and regenerating assets (SGARA) gain versus $43.8m in the prior year.

Operating cash flow was $57.3m against the analysts' $87.6m estimate, while net debt increased to $263.8m from $214m, above the broker's $220.4m forecast.

Guidance points to FY26 earnings below FY25, notes the broker.

Bell Potter raises its target price to $2.90 from $2.35, factoring in additional US planted hectares and a lower assumed orchard NPV discount rate. The Hold rating is maintained.

Target price is $2.90 Current Price is $3.05 Difference: minus $0.15 (current price is over target).
If CBO meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.14, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates CBO as Accumulate (2) -

Cobram Estate Olives reported FY25 earnings (EBITDA) of $116.2m, just ahead of Ord Minnett’s $115.4m forecast, with operating cash flow up 21% year-on-year.

While valuation multiples are high, the broker points out groves in Australia and the US are only partly mature.

US earnings of $6.6m marked a rise of 14%, with branded sales above 65% of the mix, highlight the analysts. Australian sales grew 4% in 2H25, while inventory adjustments were stronger than expected.

Ord Minnett updates forecasts for higher Californian investment and normalised Australian capex of -$10-15m. The broker raises its target price to $3.22 from $2.66 and retains an Accumulate rating.

Target price is $3.22 Current Price is $3.05 Difference: $0.17
If CBO meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

Cobram Estate Olives' FY25 sales missed Shaw and Partners' forecast but EBITDA was ahead of forecast.

The broker reckons the company is at an inflection point with shift towards volume-driven growth from price-driven as groves mature.

Competitor discounting is now returning in Australia but the broker expects the company to maintain revenue/litre from stronger brand and tactical discounting.

In the US, pricing and mix are expected to provide tailwinds, with significant supply expected from FY27-29 from maturing groves.

Buy, High Risk. Target lifted to $3.30 from $2.85, as the broker values on 10.6x FY27 EBITDA.

Target price is $3.30 Current Price is $3.05 Difference: $0.25
If CBO meets the Shaw and Partners target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.14, suggesting downside of -1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates CCL as Buy (1) -

Cuscal delivered a solid maiden FY25 result, according to Bell Potter, with earnings growth in all core capabilities.

Recent payments data are in line with Bell Potter's forecast, lifting the broker's confidence Cuscal will achieve its estimate of an 8% run rate for transaction volumes going into FY26. 

The analysts are also optimistic about the opportunity to increase volumes from recent mergers where the acquirers are contracted to the company. Mergers quoted were MyState ((MYS))/Auswide, Regional/Summerland and BankAustralia/Qudos.

Unchanged Buy rating. Target rises to $4.50 from $3.50, as Bell Potter removes downside risk in the valuation after Tyro Payments ((TYR)) dropped out of the SmartPay ((SMP)) acquisition process.

Target price is $4.50 Current Price is $3.67 Difference: $0.83
If CCL meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates CCL as Buy (1) -

Cuscal reported FY25 profit of $38.4m, in line with Ord Minnett’s $38.2m forecast. A 5.5c dividend was declared.

The -$75m acquisition of Indue, expected to complete by December 2025, is set to materially lift earnings through $15-20m of after-tax cost synergies, back ended into year three, explains the broker.

The deal is cash funded, with implementation costs front loaded in the first two years, but earnings accretion is significant at more than 50% of FY25 profit, highlights Ord Minnett.

Ord Minnett raises its target price to $4.80 from $3.75, largely due to the acquisition and retains a Buy rating, keeping Cuscal on its Conviction List.

Target price is $4.80 Current Price is $3.67 Difference: $1.13
If CCL meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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 CCR as Buy, High Risk (1) -

Shaw and Partners highlights Credit Clear's very good operating metrics in FY25 as the company recorded 12% sales growth and converted 66% of that into EBITDA, and 78% of EBITDA into operating cash.

However, the FY26 guidance was conservative in the broker's view as the revenue of $50-52m points to only 40% conversion to EBITDA. The broker is assuming 18% EBITDA margin in FY26 vs 16% in FY25, with potential for over 27% in FY27.

Share buyback was announced which adds value while market share gains with Tier 1 clients support long-term growth, the broker observes.

Buy, High Risk. Target trimmed to 40c from 44c.

Target price is $0.40 Current Price is $0.24 Difference: $0.16
If CCR meets the Shaw and Partners target it will return approximately 67% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates CDA as Outperform (1) -

Codan reported a robust FY25 earnings beat according to Macquarie, with net profit after tax 5% better than expected and 4% above consensus.

Revenue also beat by 5% versus consensus, a rise of 23% on the prior year with good organic growth and the Kagwerks acquisition.

Metal detection revenue lifted 16% on the prior year with a 310bps rise in the margin. FY26 communications revenue guidance is 15%-20% with a long-term 10%-15% growth rate. Metal detection will be supported by four new products and good West African conditions.

Macquarie lifts its EPS forecasts by 14% for FY26 and 12% for FY27. Target price rises 60% to $27.15 from $17 due to the upgrade in earnings estimates, with smaller rises in outer year forecasts.

Outperform rating retained.

Target price is $27.15 Current Price is $28.34 Difference: minus $1.19 (current price is over target).
If CDA 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 $24.48, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Ord Minnett rates DOW as Upgrade to Accumulate from Hold (2) -

Following Downer EDI's FY25 results, Ord Minnett raises its target to $7.70 from $6.80 and upgrades to Accumulate from Hold.

The company reported operating earnings ahead of the broker's forecast as $100m in cost savings drove 1.15 percentage points of margin expansion.

A higher dividend payout was declared and a $230m buyback announced.

Management expects FY26 revenue to be flat to -3% due reduced work on the Queensland train manufacturing project and the end of a Victorian contract. This will be partially offset by stronger margins, the broker believes.

Target price is $7.70 Current Price is $7.34 Difference: $0.36
If DOW meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.62, suggesting upside of 3.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates DUG as Buy (1) -

Dug Technology reported FY25 earnings (EBITDA) broadly in line with Ord Minnett and consensus.

While profit fell to -$4.4m (loss) from $3.3m in FY24, the broker highlights a record order book of $52m, up 44% year-on-year, with around 95% expected to convert within 12 months, providing strong FY26 revenue visibility.

There were $46m of new service wins in 2H25 and growth in higher-margin software revenue of 13%, highlight the analysts. 

Offices in the Middle East and Brazil expand the pipeline, while the broker forecasts capex already accounted for should allow free cash flow to improve by $16m in FY26.

Future upside is expected from DUG Nomad and DUG Cool, which are not yet materially contributing. Ord Minnett lowers its target price to $2.08 from $2.18 and retains a Buy rating.

Target price is $2.08 Current Price is $1.45 Difference: $0.63
If DUG meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

The highlight of Dug Technology's FY25 result was record order book of $52m, driven by $45.7m awards in 2H25. Shaw and Partners is now comfortable forecasting $20m contract wins per quarter going forward.

FY25 revenue and EBITDA missed the broker's forecast, and operating cash flow was also a slight miss, but the broker expects cash conversion to improve after 97% was recorded in 2H25.

The broker notes geographic expansions in Abu Dhabi and Brazil are already delivering and sees upside risk for FY26-27.

Buy, High Risk. Target unchanged at $3.

Target price is $3.00 Current Price is $1.45 Difference: $1.55
If DUG meets the Shaw and Partners target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates EDV as Neutral (3) -

Citi's early response is that Endeavour Group's FY25 performance is broadly in line with guidance and market forecasts (though strictly taken below consensus) with the 6.3c final dividend beating the forecast 5.8c.

But the negative news has come through via the accompanying trading update, implying weakness in retail is persisting for longer than expected.

The broker comments this may increase concerns around structural headwinds facing liquor. Target $4.54. Neutral.

Target price is $4.54 Current Price is $4.20 Difference: $0.34
If EDV meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.26, suggesting upside of 2.7% (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

Bell Potter rates EOS as Buy (1) -

Electro Optic Systems reported interim revenue of $44.1m, down -61% year-on-year but ahead of Bell Potter’s $43.9m forecast and within guidance.

Defence revenue fell -62% while Space rose 29%. The gross margin of 75% beat the broker’s 61% forecast, and earnings (EBITDA) of -$13.3m were also better than the broker’s -$18.6m forecast.

Profit fell to -$44.8m (loss), below the analysts' expectation on higher depreciation and FX losses.

The broker points out cash outflow improved to -$9.2m from -$30.6m in 1H24, supported by a $60m customer payment, with $130m cash on hand post EM Solutions sale. Capex was -$10.2m.

Contract backlog was $307m, with interest in multiple HELW projects each above $500m, highlight the analysts.

Bell Potter retains a Buy rating with a $5.70 target price, up from $5.00.

Target price is $5.70 Current Price is $4.92 Difference: $0.78
If EOS meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 EOS as Buy (1) -

Electro Optic Systems reported a weak 1H FY25 result, according to Ord Minnett, in line with forecasts by the broker and market expectations.

Revenue of $44.1m marked a fall of -58% year-on-year. The earnings (EBITDA) loss was -$13.3m versus the broker’s -$22.3m forecast. An adjusted profit loss of -$44.8m was deeper than expected due to one-off interest and tax items.

The company is now well capitalised, suggest the analysts with $130m cash and no debt, an order book of $307m compared to $136m previously, and an opportunity pipeline exceeding $2.5bn. 

Ord Minnett raises its target price to $4.70 from $4.25 and retains a Buy rating.

Target price is $4.70 Current Price is $4.92 Difference: minus $0.22 (current price is over target).
If EOS meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 Buy (1) -

Post further analysis, Citi lowers its FY26 revenue forecast by -4% due to subdued market conditions. Better earnings (EBIT) margins leave the FY26 forecast unchanged at NZ$437m.

Target price slips to NZ$3.50 from NZ$3.55. Buy rating retained on better cost control, ahead of a pending recovery in housing.

****

Citi notes Fletcher Building's FY25 EBIT beat the consensus by 2%, with construction and corporate the standouts, while concrete and the Australian unit lagged. Disclosures improved.

The company didn't provide FY26 guidance but the broker highlights the consensus is implying growth of NZ$61m EBIT.

However, FY25 EBIT had losses of nearly -NZ$31.4m which would reverse plus there'd be some benefit of further Digital cost-saving in additional to improvement in the Australian business.

Overall the broker reckons FY26 consensus EBIT looks achievable. 

Current Price is $2.78. Target price not assessed.

Current consensus price target is $3.04, suggesting upside of 9.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Macquarie rates FSF as Outperform (1) -

Fonterra Shareholders Fund announced the sale of its Consumer business to Lavtalis for NZ$3.845bn or NZ$4.22bn when including Bega licenses held by the Australian business.

Macquarie highlights a NZ$2 or circa NZ$3.2bn capital return is expected, and the price achieved seems to be good and in excess of the capital employed, and relative to what Fonterra is currently trading around at under 10x earnings (EBIT).

Fonterra will continue to supply raw milk and other products, including dairy ingredients, to the divested businesses with a long-term supply agreement of ten years with a right to renew. The analyst estimates this to be worth around NZ$80m of earnings (EBIT) per annum.

Target price rises to NZ$7.33 from NZ$6.89, and Outperform maintained.

Current Price is $4.57. Target price not assessed.

The company's fiscal year ends in July.

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

Bell Potter rates GMG as Buy (1) -

Goodman Group reported FY25 operating EPS of 118c, in line with Bell Potter’s forecast and consensus, and modestly ahead of guidance for 9% year-on-year growth.

FY26 operating EPS guidance of 128.6c implies 9% growth, with the broker at 129.9c and consensus at 131.2c, while DPS guidance of 30c is unchanged.

The analysts observe power secured for data centres increased slightly to 2.7GW with 0.7GW stabilised, while industrial assets remain materially under-rented, particularly in Australia and the US.

Occupancy softened, but the broker expects under-supply and high economic rents to cap downside risk.

Bell Potter's FY26-28 EPS forecasts are adjusted by -1% to 1%, respectively, reflecting divisional changes and updated capex deployment.

The Buy rating is unchanged. The target rises to $40.75 from $39.35.

Target price is $40.75 Current Price is $33.90 Difference: $6.85
If GMG meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates GMG as Upgrade to Accumulate from Hold (2) -

Goodman Group's FY25 operating EPS (OEPS) grew 9.8% y/y, beating guidance but was in line with Morgans' forecast and the consensus.

FY26 guidance is for 9% OEPS growth which the broker thinks is conservative as the REIT typically upgrades guidance through the year, though it didn't do so in FY25.

The broker notes data centres now account for 57% of work in progress, expecting this to drive production rate over the medium term, while noting commencement yields are 9.2% vs portfolio average of 7.5%.

The backdrop for logistics is soft but supported by supply constraints in key markets. The broker cut FY26 OEPS forecast by -1% and FY27 by -4%.

Target rises to $38.40 from $37.20 on lower cost of debt assumption. Rating upgraded to Accumulate from Hold.

Target price is $38.40 Current Price is $33.90 Difference: $4.5
If GMG meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates GQG as Outperform (1) -

GQG Partners reported 1H2025 slightly better than expected results, 0.5% above consensus and 2.8% above Macquarie's forecast, due to strong performance fees and improved cost management.

The base management fees at 47.8bps missed consensus at 49.4bps and the analyst at 49.3bps, with a changing mix in FUM to US equities from emerging markets.

August's FUM infers outflows of -US$0.4bn since July 31, and relative performance has worsened since Dec 2024 due to defensive positioning.

Commentary states the fund manager has turned around underperformance in the past. Macquarie highlights historical net flows are not directly correlated to performance.

The analyst tweaks EPS lower by -0.8% for 2025 and -1.3% for FY2026. No change to Outperform rating. Target slips to $2.63. Analyst coverage is transferred.

Target price is $2.63 Current Price is $1.78 Difference: $0.85
If GQG meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 44.5% (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

Morgan Stanley rates GQG as Overweight (1) -

GQG Partners' first half profit beat consensus by 1-2% on better other income, reflecting stronger interest and dividend income, Morgan Stanley notes.

Base fees fell to 48.2bp in the first half from 50.6bp in the second half FY24 and missed consensus of 49.5-50bp. GQG cited strategy and vehicle mix-shifts.

This will be a focus, the broker suggests, given first half flows were skewed to wholesale, which in theory is higher margin.

GQG is pushing though into self-managed accounts and Active ETFs. Overweight and $3.04 target retained. Industry view: In Line.

Target price is $3.04 Current Price is $1.78 Difference: $1.26
If GQG meets the Morgan Stanley target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 44.5% (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

Morgans rates GQG as Hold (3) -

Morgans notes GQG Partners' 1H25 headline earnings beat its forecast by 5% but this was driven by performance fees and non-operating income. Operating metrics were in line with expectations.

Flows remain an uncertainty after July saw a -US$1.4bn outflow following net inflow in 1H25 of US$8bn. For now, the broker is taking comfort from no major outflow reported at the update.

Still, the broker expects wholesale channel flows to slow, noting international strategy is best placed for steady inflows while some institutional outflow could occur in the near term.

FY25 net profit forecast lifted by 3.8% on performance fees while FY26 cut by -0.9% on lower management fee margins.

Target trimmed to $1.90 from $2.10. Hold retained.

Target price is $1.90 Current Price is $1.78 Difference: $0.12
If GQG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 44.5% (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

Ord Minnett rates GQG as Buy (1) -

GQG Partners reported first-half 2025 distributable earnings matching Ord Minnett's expectation though the mix was weaker as management fees fell short and performance fees filled the gap.

Expenses rose with additional staff, but pleasingly the cost-to-income ratio remained low at 24%, highlights the analyst.

The broker suggests fund flows are under pressure, with forecasts for second-half 2025 outflows lifted to -US$6bn from -US$1.5bn and new outflows of -US$10bn assumed for 2026.

Portfolios remain defensively positioned, limiting near-term alpha contribution unless markets retreat, highlights Ord Minnett.

The broker lowers its target price to $2.80 from $3.20 and maintains a Buy rating.

Target price is $2.80 Current Price is $1.78 Difference: $1.02
If GQG meets the Ord Minnett target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 44.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates GQG as Buy (1) -

GQG Partners' first half distributable earnings were 2% above consensus, but quality was lower given lower management fee revenues and higher performance fees, UBS notes, with lower opex the offset.

Fee margins saw significant compression to 48.2bps, driven by strategy-related mix-shift (less emerging markets, more US) and vehicle mix (the rise of Retail SMAs).

Time will tell whether the defensive pivot will pay off, but in the interim UBS thinks outflow risk looks manageable in the context of the stock's valuation (7.4x PE and 12% yield). Buy and $2.35 target retained.

Target price is $2.35 Current Price is $1.78 Difference: $0.57
If GQG meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $2.54, suggesting upside of 44.5% (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

Morgan Stanley rates GYG as Overweight (1) -

A moderation of same store sales growth in the fourth quarter and 7-week trading update introduces uncertainty around Guzman y Gomez's ability to deliver comparable growth over next couple of years, Morgan Stanley suggests.

The broker has reduced estimates, acknowledging that growth may be harder to achieve given the increase in consumer brand awareness and day-part expansion has already achieved.

While management emphasised the business is being run for long term network and revenue growth over margin outcomes, the inclusion of a five-year Australia underlying earnings margin target of 10% was met with caution from investors.

The margin suggests a lower trajectory of medium term growth, Morgan Stanley notes, however the long term growth algorithm remains intact. Overweight retained, target falls to $31.20 from $41.90. Industry view: In Line.

Target price is $31.20 Current Price is $23.70 Difference: $7.5
If GYG meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $29.43, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates GYG as Buy (1) -

Morgans observes Guzman y Gomez' FY25 result was slightly softer than expected, with segment underlying EBITDA missing its forecast by -2% and the consensus by -3%.

Same-store sales growth slowed to 8.3% y/y in 4Q from 11.1% in 3Q impacted by "Clean is the new Healthy" initiatives, and 1Q26 slowed further to 3.7%.

Underlying EBITDA margin guidance of 5.9-6.3% was below the broker's 6.4% forecast, but the broker reckons it is conservative.

Still, the broker lowered underlying EBITDA forecasts by -13% for FY26 and by -16% for FY27 on lower corporate store margins, higher G&A and higher US losses.

Buy. Target trimmed to $30.60 from $38.00.

Target price is $30.60 Current Price is $23.70 Difference: $6.9
If GYG meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $29.43, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates GYG as Neutral (3) -

Guzman y Gomez's FY25 result featured underlying earnings below market expectations due to the US but Australia performed better-than-expected. US underlying earnings losses in FY26 are expected to exceed FY25's, UBS notes.

UBS retains Neutral rating due to concerns around Australian same store sales growth and downgrades to consensus earnings offset by stronger earnings margin expansion, a strong long-term growth outlook, and sharp share price weakness post the FY25 result.

Target falls to $26.50 from $31.00.

Target price is $26.50 Current Price is $23.70 Difference: $2.8
If GYG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $29.43, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates HLI as Downgrade to Underperform from Neutral (5) -

Macquarie stresses Helia Group continues to return capital to shareholders, announcing another special 27c dividend which is estimated to be circa $70m in capital. The group reported underlying net profit after tax of $126m, which was better than expected.

Incurred claims were negative at -$27m for 1H2025, a positive surprise, with 2025 guidance set at negative claims. Cost-out opportunities were mentioned but few further updates around its business review were provided.

Macquarie lifts its EPS forecasts by 14% for 2025 and 8% for 2026 due to lower claims and interest costs after the repayment of Tier 2 debt. Reinsurance costs have also been reduced, offset with a reduction in buybacks.

The analyst changes the valuation method to a dividend discount model to account for the increase in capital returns, with considerable excess capital on the balance sheet.

The stock is downgraded to Underperform from Neutral as the valuation looks excessive. Target price rises to $4.10 (after dividends paid out).

Target price is $4.10 Current Price is $5.73 Difference: minus $1.63 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 HLS as Hold (3) -

Morgans notes Healius' FY25 result was softer than expected with revenue of $1.34bn missing consensus of $1.371bn, and EBIT meeting consensus but down -27% y/y impacted by Cyclone Alfred.

Overall pathology volumes posted 3.3% growth, and while 2H growth slowed to 1.6%, specialist attendances rose 2.7% and genomic diagnostics surged 34.7%. Labour costs were up 4.9%, but FY26 expense growth is expected to be flat on productivity gains and optimised collection hours.

One positive is the progress on T27 turnaround program targeting high single-digit margin by FY27, though execution risk remains high. Another reason for optimism is early signs of volume stabilisation in Agilex Biolabs.

FY26 EBIT forecast cut by -22% and FY27 by -3% mainly on higher D&A.

Hold. Target trimmed to 87c from 96c.

Target price is $0.87 Current Price is $0.83 Difference: $0.04
If HLS meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.84, suggesting upside of 0.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

hippages Group delivered a solid FY25 result, assesses Morgan Stanley, with revenue up 10% to $83m and earnings (EBITDA) up 20% to $20m, broadly in line with expectations.

Free cash flow (FCF) rose 162% to $5.6m, reflecting operating leverage and efficiency gains, explains the broker.

Average revenue per user (ARPU) grew 9% to $2,267. Subscriber numbers were flat, with growth in Australia offset by a decline in New Zealand as the subscription model was introduced, point out the analysts.

All Australian tradie customers were migrated to the Tradiecore platform, with 13% adopting job management features, highlights the broker.

FY26 guidance is for 10-12% earnings growth at a 24-26% margin and free cash flow of $8-10m.

The target rises to $1.37 from $1.35. Equal-weight retained. The broker believes flat subscriber growth needs to accelerate to drive medium-term growth. Industry View: Attractive.

Target price is $1.37 Current Price is $1.29 Difference: $0.08
If HPG meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Shaw and Partners rates HPG as Buy (1) -

hipages Group delivered a solid FY25 result, assesses Shaw and Partners, with revenue of $83.1m up 10% year-on-year and earnings (EBITDA) of $19.6m up 20%.

Margins of 24% were at the top end of guidance, with free cash flow of $5.6m and year-end cash of $25.6m.

The broker highlights average revenue per user (ARPU) growth of 8% in Australia and 23% in New Zealand, with subscribers steady at 36,600 and expected to rise 3-5% in FY26.

The analysts point to long-term cash EBIT margin guidance of 30%, well above current levels, though it forecasts 26% by FY35.

Shaw trims near-term revenue forecasts by around -5% but raises long-term margin assumptions. The broker lifts its target price to $2.80 from $1.90, largely due to higher assumed longer-term cash margins, and retains a Buy rating.

Target price is $2.80 Current Price is $1.29 Difference: $1.51
If HPG meets the Shaw and Partners target it will return approximately 117% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates IMD as Neutral (3) -

At first glance, Citi notes Imdex's FY25 missed expectations. Revenue of $431m was above estimates due to better Americas and Africa/Europe performance, which was offset by APAC.

Margins from Africa/Europe were a beat, with earnings (EBITDA) above expectations by 8%-9%. Hub-IQ connected sensors rose 11% on the prior year, and the balance sheet remains strong. Revenue from Krux and Datarock was positive, up 86% and 63%, respectively.

Higher net interest costs weighed on net profit after tax, and a 2.5c dividend was a decline of -11% on the prior period and a big miss.

Citi continues to be cautious on the company's outlook despite some positive signs with SaaS revenue growth and the take-up of Hub-IQ.

Shares are likely to trade lower today, commentary suggests. Neutral rated. Target $3.15.

Target price is $3.15 Current Price is $3.37 Difference: minus $0.22 (current price is over target).
If IMD meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.02, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates ING as Hold (3) -

Inghams Group reported FY25 profit of $95.2m, below Bell Potter’s $109.6m forecast and down -13% year-on-year. Revenue of $3,152m fell -3% against the broker’s $3,217m estimate.

Underlying earnings (EBITDA) of $392.2m were down -17% and missed the broker's forecasts. Pre-AASB16 earnings (EBITDAL) of $236.4m was in line with guidance of $236-250m.

Operating cash flow (OCF) of $122.4m compared to $160.4m in FY24, with adjusted net debt rising to $534m from $476.4m. Volumes fell -3% year-on-year and EBITDAL per kg was down -2%.

FY26 guidance implies EBITDAL of $215-230m versus the broker’s $248m, with earnings skewed to the second half. Bell Potter cuts its EBITDAL forecasts by -18% for FY26 and -10% for FY27.

The target price falls to $2.75 from $3.60. Hold rating maintained.

Target price is $2.75 Current Price is $2.83 Difference: minus $0.08 (current price is over target).
If ING meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.03, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates ING as Neutral (3) -

Although Inghams Group reported a strong NZ FY25 result with underlying earnings (EBITDA) of circa $53m, which beat Macquarie's forecast by 22% and consensus by 13% due to better cost management, the FY26 guidance came in well below expectations.

FY25 underlying earnings (EBITDA) slightly missed the analyst and consensus, resulting from a deterioration in the Australian market.

The group has set FY26 underlying earnings (EBITDA) at $215m-$230m, lower by around -7% to -13% to prior estimates, or -10% at the midpoint.

Leverage rose by 0.3x over FY25 to 1.8x due to a lift in net debt from the Bostock acquisition.

Macquarie lowers its EPS forecasts by -21% and -23% for FY26/FY27. No change to Neutral rating. Target falls -27% to $2.70.

Target price is $2.70 Current Price is $2.83 Difference: minus $0.13 (current price is over target).
If ING meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.03, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates ING as Upgrade to Hold from Trim (3) -

Inghams Group's FY25 result missed consensus and came at the lower end of guidance following a tough 4Q25 for reasons including loss of Woolworths ((WOW)) contract, shift to lower margin customers and cost-of-living pressures.

The bright spot was New Zealand which saw 12.6% EBITDA growth. FY26 EBITDA guidance for $215-230m is -3-9% below FY25 and well below consensus.

The guidance assumes modest growth in core poultry volume, a slight fall in net selling prices and rise in operating costs. 1H26 is expected to be weak but a rebound is assumed in 2H on early signs of stronger demand from retailer chicken promotions.

FY26 EBITDA forecast downgraded by -11.5% to the bottom end of guidance. Target cut to $3.03 from $3.58. Rating upgraded to Hold from Trim.

Target price is $3.03 Current Price is $2.83 Difference: $0.2
If ING meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.03, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates LFS as Neutral (3) -

On first take Latitude Group announced 1H2025 cash earnings of $46.2m, which met Citi and consensus expectations. Risk-adjusted income was also in line via improved NIM, up around 50bps, and good volumes offset by higher net charge-offs.

Receivables rose around $7bn or 9% on the prior year, the highest in five years, underpinned by robust volume growth from Pay, up 15%, and Money, up 8%.

Citi makes minor EPS revisions of a rise of 2% for 2025 and down -5% for 2026.

Neutral rating retained with a new target price of $1.20.

Target price is $1.20 Current Price is $1.14 Difference: $0.06
If LFS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 LFS as Equal-weight (3) -

Morgan Stanley believes Latitude Group is making more progress on its self-help strategy. Commentary states Latitude delivered a good first half result with strong revenue trends and improved operating leverage.

At the same time, the operating environment remains supportive for both margins and volumes, in the broker's view. However, Morgan Stanley thinks management will need to sustain this momentum to drive a re-rating from current levels.

The report suggests Latitude's margin outlook remains constructive in the RBA easing cycle, supported by lower funding costs and repricing actions.

Latitude continues to demonstrate strong volume momentum, Morgan Stanley notes, with the first half marking a new record in Money originations and a sustained lift in card purchase volumes.

Equal-weight retained, target rises to $1.30 from $1.25. Industry view: In Line.

Target price is $1.30 Current Price is $1.14 Difference: $0.16
If LFS meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 MP1 as Neutral (3) -

Target price is lowered to $15.45 from $15.95. No change in Neutral rating.

****

Following a full review of Megaport's FY25 result, Citi cut FY26 EBITDA forecast by -19% and FY27 by -15% on higher investment expenses. The broker maintained the guidance is likely conservative, and sees material EBITDA margin expansion from FY28 onwards.

Target cut to $15.45 from $15.95. Neutral retained.

Earlier the broker noted Megaport's FY25 reported EBITDA exceeded its forecast by 1% on stronger revenue, and FY26 revenue guidance was also a beat. EBITDA guidance, however, was a big miss on higher investment expenses.

The positives in the result included strong customer growth in 2H, highest since 1H22, new products making up 25% of annual recurring revenue growth and operating cash flow beating the broker's forecast by 6%.

On the negative front was net port adds coming in -1% below estimates, higher D&A expenses and higher share-based payments.

FY26 EBITDA guidance is -25% below the broker's forecast and capex of $50m compares with the consensus of $31m.

Target price is $15.45 Current Price is $14.20 Difference: $1.25
If MP1 meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $14.51, suggesting downside of -9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

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

In the wake of FY25 results by Monash IVF, Bell Potter lowers its target to 77c from $1.15 and downgrades to Hold from Buy.

Management reported FY25 profit of $27.4m, in line with revised guidance but with a weak second half, highlights the broker.

Revenue fell -6.2% half-on-half and assisted reproductive services declined -12%, with Victoria the main driver, observe the analysts. Market share in Stimulated Cycles fell -70bps to 21%.

Commentary highlights no final dividend was declared, and net leverage rose to 1.7 times from the class action settlement. Three new fertility specialists were added and review findings were benign, supporting stabilisation.

FY26 guidance of $20-23m implies a -21.5% fall, and the broker's forecasts are cut to the low end on brand damage and macro pressures.

Target price is $0.77 Current Price is $0.70 Difference: $0.07
If MVF meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates MVF as Outperform (1) -

Monash IVF reported in-line FY25 results with FY26 guidance coming in lower than Macquarie expected, which is expected to rebase earnings and push out a recovery into FY27.

FY26 guidance of underlying net profit after tax at $20m-$23m compared to the analyst's previous estimate at $27.5m, due to softer new patient registrations in 2H25, down -10.1%, with price increases delayed across the eastern states.

A more challenging Vic market is viewed as the key issue due to adverse macro conditions and higher competition.

Macquarie lowers its EPS forecasts by -21% in FY26 and -2% in FY27. Target price falls -23% to $1 from $1.30. No change to Outperform rating due to upside in the medium term with an improving macro environment.

Target price is $1.00 Current Price is $0.70 Difference: $0.3
If MVF meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates MVF as Speculative Buy (1) -

Monash IVF's FY25 underlying net profit fell -8.1% y/y but was in line with guidance and consensus. Revenue rose 6.7% to $271.9m, beating Morgans' forecast of $264.1m, driven by price increases and strong frozen embryo transfer growth.

FY26 net profit guidance of $20-23m was a big miss vs consensus and the broker's forecast, as weak 2H25 domestic demand is expected to persist.

The broker reckons the guidance appears conservative but is realistic even if volumes stabilise, given the fixed cost base and timing of Brisbane flagship ramp-up.

FY26 underlying net profit forecast cut by -17.7% and FY27 by -13.4%.

Target trimmed to $0.96 from $1.00. Speculative Buy retained.

Target price is $0.96 Current Price is $0.70 Difference: $0.26
If MVF meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates MVF as Buy (1) -

In line with Ord Minnett's forecast and management's guidance, Monash IVF reported FY25 profit of $27m, down -8% year-on-year. 

Revenue pressures, operational incidents, and higher depreciation and interest costs weighed on performance, highlights the broker, while new patient registrations also fell -10% in the second half.

Domestic stimulated cycles declined -5% with market share losses in Victoria and Queensland, note the analysts, while margins slipped -20bps to 24.4%. Net debt to earnings was 1.7 times after -$39m in class action payments.

No final dividend was declared.

FY26 guidance of $20-23m implies a -22% fall at the midpoint, with the broker positioning at the lower end of the range. Recovery is expected in FY27 as revenue growth returns and costs are leaner.

Ord Minnett keeps its target price at 95c and maintains a Buy rating.

Target price is $0.95 Current Price is $0.70 Difference: $0.25
If MVF meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $0.92, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates MXI as Buy (1) -

MaxiPARTS reported FY25 profit of $8.8m, up 40.5% year-on-year and in line with Ord Minnett’s $8.7m forecast.

The result highlights to the analyst ongoing operational gains and a stronger financial position, despite revenue headwinds during the year.

Sales rose 9.5% to $267.1m, just below the broker’s $271.7m forecast, with growth slowing in the second half. Earnings (EBITDA) of $27.3m were up 18.4% and matched forecasts, while margins improved to 10.2%.

Net debt fell to $7.2m from $15.9m, supported by strong cash flow, highlights the analyst.

The broker believes customer demand will remain steady. FY26-FY27 earnings forecasts are upgraded by 2-5% on stronger margins.

Ord Minnett retains a Buy rating. target rises to $3.00 from $2.60.

Target price is $3.00 Current Price is $2.40 Difference: $0.6
If MXI meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates NHF as Neutral (3) -

At first take, nib Holdings reported robust FY25 EPS with underlying net profit of $239m, slightly better than consensus at $237m. nib NZ realised a loss of -$2.9m, which was less than the analyst and consensus forecast at -$12m, with 2H25 profit a surprise of $7.2m.

arhi net margins were 7.3% versus guidance at 6%-7%, with gross arhi margin down -120bps on the prior period to 18%. Net margins met expectations.

A final 16c dividend was better than expected by 2c and equals a 71% payout ratio versus the 60%-70% target range.

Citi views the result as strong, with arhi margin boosted by reserve releases but slightly below expectations. The stock is seen as likely to trade sideways on the FY25 result.

Neutral rated. Target $6.95.

Target price is $6.95 Current Price is $7.71 Difference: minus $0.76 (current price is over target).
If NHF meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.07, suggesting downside of -11.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates NSR as Buy (1) -

Following a full review of National Storage REIT's FY25 result, Citi left FY26 forecasts unchanged but raised FY27 underlying EPS estimates on higher vacancy and fees from third-party agreements.

The analyst points to continued earnings momentum with robust FY26 guidance, including a recovery in occupancy and leasing momentum.

An occupancy rate of 90% is targeted. Lower finance costs are also flagged to improve earnings growth, with lower cap rates and higher NTA per share.

Target price rises to $2.80 from $2.70. Buy maintained.

The broker has a 90-day upside catalyst watch on the stock expiring September 10.

****

In a first take, Citi noted: National Storage REIT's FY25 underlying EPS of 11.9c met its forecast and the consensus. 

Core portfolio occupancy improvement was driven by 2.5% rate growth and overall REVPAM growth of 1%.

FY26 guidance for underlying EPS of 12.4c is in line with consensus and the broker's forecast.

Target price is $2.80 Current Price is $2.50 Difference: $0.3
If NSR meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates NWH as Buy (1) -

A mixed year for NRW Holdings finished on a strong note, UBS declares. The company delivered cash backed second half earnings growth of 17%, taking the full year to 11% year on year, in line with guidance.

The highest multiple Minerals, Energy & Technolgies segment was the standout, delivering second half earnings margin of 7.3%.

Four years ago NRW, upon creating the METS segment, outlined its expectation or ambition that this segment deliver margins of between 7-8%, UBS notes.

The outlook appears to be well supported by a number of iron ore related capex projects. UBS notes Civil's tender pipeline increased a massive $6.0bn versus December-24 levels, reflecting the supportive end-market backdrop for NRW.

Target rises to $4.00 from $3.55, Buy retained.

Target price is $4.00 Current Price is $3.81 Difference: $0.19
If NWH meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $3.81, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates NWL as Neutral (3) -

Citi has added a 90-day upside catalyst watch on Netwealth Group expiring Nov 20, expecting an upgrade to FY26 net flows at the 1Q26 trading update (likely Oct 16).

On further inspection, the analyst lowers earnings (EBITDA) forecasts by -2% and -3% for FY26/FY27 due to a miss on FY25 earnings (EBITDA) and higher costs in FY26.

The group has started 1Q26 strongly with net flows of $2.55bn over the first seven weeks, with FY26 flow guidance of around 4% growth.

Neutral rated. Target lifted to $35.50 from $33.65.

****

In the first take of FY25 result, the broker wrote:

Citi sees potential for Netwealth Group's shares to underperform after FY25 net profit missed consensus by -1%, and EBITDA missed by -1% vs consensus and -2% vs the broker's forecast.

The key positive was strong start to FY26, implying $2.6bn in net flows until August 18. Revenue margin in 2H25 was better than forecast, adviser numbers increased and operating cash flow plus dividend was stronger than expected.

Negatives included a miss on admin fees vs the broker's forecast, higher D&A and potential costs for First Guardian.

The broker will be looking for split between market movement and net flows in the call.

Neutral. Target price $33.65.

Target price is $35.50 Current Price is $36.22 Difference: minus $0.72 (current price is over target).
If NWL 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 $33.38, suggesting downside of -8.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Objective Corporation reported FY25 annual recurring revenue (ARR) of $120m, up 15.1% and in line with guidance, observes Shaw and Partners.

Revenue of $120m was below the broker's forecast, while cash earnings of $27.2m were also softer, though free cash flow of $27.6m beat expectations. The group ended FY25 with $99m in cash and no debt.

The broker notes hitting the 15% ARR target is significant after two years of misses, with growth supported by product expansion, AI and the upcoming Build launch.

The analysts forecast cash earnings to rise 18% in FY26 and to exceed 20% in subsequent years, placing the company among a select group of ASX technology stocks with this level of growth.

Shaw upgrades its long-term revenue forecasts and raises its target price to $23.90 from $15.50, also driven by higher forecast cashflows and a lower cost of capital. Buy, High Risk rating kept.

Target price is $23.90 Current Price is $21.60 Difference: $2.3
If OCL meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $20.93, suggesting upside of 1.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates PLS as Outperform (1) -

Upon initial assessment of Pilbara Minerals' FY25 release, Macquarie analysts believe the overall performance is a net negative, as earnings and net profit fell short of forecasts.

But cashflow is seen as the positive stand out.

Depreciation also missed by -33% in reflection of the commissioning of the P850m project, the report highhlights.

Macquarie does emphasise Pilbara Minerals remains its preferred exposure to lithium on the ASX. Outperform. Target $1.90.

Target price is $1.90 Current Price is $2.11 Difference: minus $0.21 (current price is over target).
If PLS meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.83, suggesting downside of -16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates PRN as Buy (1) -

Citi's early assessment of Perenti's FY25 release today has a positive tone. In particular the 'earnings beat' and 'optimistic outlook' are singled out as positives.

The broker has spotted no real surprises for FY25 given recent guidance around free cash for the year, leverage and revenue/EBITA.

Contract Mining has come in below expectations but the analysts suggest this could be due to a significant transition in projects throughout the year.

In the absence of meaningful recovery in exploration drilling, Citi expects free cash in FY26 likely to be skewed to 2H just like in the past two years. 

Buy. Target $2.20.

Target price is $2.20 Current Price is $2.09 Difference: $0.11
If PRN meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $1.84, suggesting downside of -16.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

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

PWR Holdings reported FY25 revenue of $130.1m, in line with Bell Potter’s $130.3m forecast. Earnings (EBITDA) of $25.5m and profit of $9.8m were both -2% below the broker’s estimates.

Cash flow conversion was strong at 136%, highlight the analysts, with net debt of $8.1m, though the final dividend of 2c fell short of the broker’s 4.8c forecast.

Margin guidance was weaker than expected by Bell Potter, with costs from US tariffs, cyber accreditation and CEO transition weighing on profit.

Management expects FY26 revenue growth in Motorsports and Aerospace & Defence, with muted growth in OEM and Aftermarket.

Bell Potter lowers its target price to $7.75 from $8.00 and downgrades to Hold from Buy..

Target price is $7.75 Current Price is $7.75 Difference: $0
If PWH meets the Bell Potter target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Morgans rates PWH as Downgrade to Accumulate from Buy (2) -

Morgans' highlights PWR Holdings' FY25 result was stronger than expected, with revenue growth decline less than expected, but the outlook on margin was a disappointment.

Management expects modest margin improvement driven by productivity and operating leverage, but offset by US tariffs, US cybersecurity accreditation, CEO transition and higher ongoing costs from the new Australian facility.

The broker cut its FY26 net profit margin forecast to 10.8% from 14.7% previously expected. But this is expected to rise to 13.1% in FY27 and to 18% in FY29 based on guidance for it to trend back to towards FY24's 17.8% level.

The broker remains positive on the outlook for strong aerospace and defence demand, eVTOL potential, and new MRO (maintenance, repair, overhaul) opportunities.

Target trimmed to $8.50 from $8.80. Rating downgraded to Accumulate from Buy.

Target price is $8.50 Current Price is $7.75 Difference: $0.75
If PWH meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates PWH as Neutral (3) -

A largely in-line FY25 result from PWR Holdings was comfortably overshadowed by an outlook for another transition year in FY26, UBS notes, as PWR invests and positions itself for the next phase of growth.

"Modest margin improvement" in FY26 surprised to the downside, while commentary suggested a slightly more subdued outlook for the top-line versus consensus.

The more modest share price move implies to UBS the market is still willing to look through FY26 to improving earnings from FY28 onwards.

The broker thinks the business is currently passing through trough margin/earnings conditions, however at this point  struggles to see valuation upside given elevated uncertainty around earnings in the near term. Retain Neutral. Target rises to $7.90 from $7.50.

Target price is $7.90 Current Price is $7.75 Difference: $0.15
If PWH meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $8.23, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates QAL as Outperform (1) -

Qualitas reported in-line EPS of 12.3c for FY25. Net funds management missed expectations, with net performance fees better than Macquarie's forecast at $8.1m versus $7.4m.

Management pointed to the pool of embedded and unrecognised performance fees for the next seven years to rise 2%, but recognition may not be in a straight line.

Corporate costs lifted 25% due to new Melbourne office space, while a $500m transaction may be delayed post indication in May due to its complexity.

Macquarie lifts its EPS forecasts by 1.7% for FY26 and 3% for FY27 post FY26 guidance, which infers 13%-25% EPS growth versus 35% in FY25.

The analyst likes the structural drivers and sees the business as well supported. No change in Outperform. Target rises 6.7% to $3.98.

Target price is $3.98 Current Price is $3.65 Difference: $0.33
If QAL meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates QUB as Buy (1) -

On further inspection, Citi makes small earnings (EBIT) changes of -2% for FY26 and up 2% for FY27, with lower interest expenses resulting in underlying net profit after tax upgrades.

Target price moved to $4.90 from $4.65. No change in Buy rating, as the analyst sees valuation support with Patrick having "firmed up" and further momentum to the group's return on capital employed to the target 12% over the medium term.

****

Qube Holdings announced in-line FY25 results for net profit after tax, Citi notes at first take, but underlying net profit after tax grew 6%, which is slightly above 5% guidance.

Logistics & Infrastructure earnings (EBITDA) grew 3%, with Ports & Bulks lower than expected by -2%. Patricks met expectations with consensus.

The company expects to achieve strong net profit after tax growth in FY26, underpinned by Logistics & Infrastructure and a modest result from Ports & Bulks.

Target price is $4.90 Current Price is $4.30 Difference: $0.6
If QUB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.56, suggesting upside of 7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates REH as Neutral (3) -

Citi's early impression is Reece released FY25 EBIT towards the lower end of pre-guide and also below consensus.

Compositionally, commentary suggests North America's performance was better than soft expectations and A&NZ performed modestly below forecasts.

The report highlights, despite the tough environment, management continues to invest in the business and store rollout.

While no quantitative guidance is provided, Citi believes outlook commentary implies A$NZ momentum may be close to a bottom.

However, the subdued environment in the US might still prevail for the next 12-18 months. Neutral. Target $15.98.

Target price is $15.98 Current Price is $14.07 Difference: $1.91
If REH meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $15.76, suggesting upside of 32.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.2

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

Bell Potter rates RFF as Buy (1) -

Rural Funds reported FY25 adjusted funds from operations (AFFO) of $44.7m, up 5% year-on-year and slightly ahead of Bell Potter’s $44.1m forecast.

The final distribution of 5.87c was in line with the broker's expectations, while operating cash flow rose to $55.7m from $45.2m. Net debt ended at $803.1m, reflecting -$35.9m in net asset investment.

Water-adjusted net asset value (NAV) fell slightly to $3.08 per unit from $3.14 at FY24, mainly from swap movements, explain the analysts.

FY26 guidance includes adjusted FFO of 11.7c versus Bell Potter's 12.0c forecast, with dividend guidance maintained at 11.73c.

Bell Potter cuts its AFFO forecasts by -3% for FY26 and -2% for FY27, but sees the -35% discount to NAV as excessive given improving commodity conditions and stronger counterparties. The broker retains a Buy rating with a $2.45 target.

Target price is $2.45 Current Price is $1.97 Difference: $0.48
If RFF meets the Bell Potter target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates RMS as Outperform (1) -

It is Macquarie's first assessment today's FY25 result by Ramelius Resources surprised to the upside on lower opex. The final 5c dividend met the broker's estimate but consensus had a 22% higher expectation.

Net cash missed the forecast by -$60m due to a build in leases.

Macquarie describes today's release as a "solid" performance and now looks forward to FY26 guidance and the company's five-year plan, to be released in Q2 FY26.

Outperform. Target $3.10.

Target price is $3.10 Current Price is $2.87 Difference: $0.23
If RMS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 3.2% (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 RRL as Sell (5) -

On further inspection Citi notes Regis Resources' FY25 was near expectations, with a surprise 5c (FF) dividend facilitated by the pull forward of franking credits, with a tax payment expected in 3Q26.

FY26 guidance was pre-released, with the analyst noting a 7% rise in 2026 EPS estimate on a higher assumed gold price of $4,556/oz from $4,407/oz.

Changes are not sufficient to alter the target price set at $3.80. Sell rating unchanged.

****

Judging from Citi's early response, it looks like management at Regis Resources pulled a rabbit out of their hat and positively surprised with a 5c fully franked dividend.

Most of FY25 metrics had been pre-released. Citi reports management has been able to somehow pull forward franking credits.

Target price is $3.80 Current Price is $4.07 Difference: minus $0.27 (current price is over target).
If RRL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.22, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates RRL as Neutral (3) -

Regis Resources missed FY25 expectations slightly due to higher costs, and the 5c (FF) dividend came in -17% below Macquarie's estimate but above consensus by 75%.

FY25 net profit after tax missed the analyst's forecast by -6% and -7% versus consensus. Revenue was broadly in line, but cost of goods sold and other costs were higher than anticipated.

Net cash at fiscal year end was lower by -$58m than forecast due to a rise in leases in 2H25 on the first half.

Macquarie tweaks EPS estimates lower by -1% to -2% for the long term, with a higher cash payment flagged for 3Q26.

Neutral rating retained. Target price lowers by -2% to $4.40.

Target price is $4.40 Current Price is $4.07 Difference: $0.33
If RRL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates RRL as Accumulate (2) -

Regis Resources' FY25 revenue was a record $1.647bn, beating Morgans' forecast by 4%. Underlying EBITDA, however, missed the broker's forecast by -3%, and net profit was a record $254m.

FY26 guidance for 350-380koz gold sales was in line with the consensus. Cost guidance was slightly above consensus but reflects strategy to monetise higher cost ounces from Duketon in the current favourable gold price environment.

The broker highlights the cash generation outlook is strong on sustained high gold prices, supporting further dividends or other capital management initiatives.

FY26 revenue forecast upgraded by 1% but underlying EBIT downgraded by -6%

Accumulate. Target trimmed to $5.00 from $5.10 after earnings revisions and roll-forward.

Target price is $5.00 Current Price is $4.07 Difference: $0.93
If RRL meets the Morgans target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates RRL as Neutral (3) -

Regis Resources has closed out FY25 with $517m cash and bullion on hand and has restarted dividends, UBS notes, declaring a 5cps fully franked payment.

With key elements pre-released with the June Q production report, UBS notes earnings and profit were both a miss compared to consensus, though overall the result shows a turnaround from FY24.

As a hedge-free, debt-free, A$ gold miner, Regis continues to generate strong cash flows and trade on strong free cash flow yields. UBS trims its target to $4.55 from $4.60 on minor modelling adjustments and remains Neutral rated.

Target price is $4.55 Current Price is $4.07 Difference: $0.48
If RRL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $4.22, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

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

Macquarie downgrades Resolute Mining to Neutral from Outperform as the share price has risen over 100% over the last six months.

As a result of a higher depreciation charge, the miner announced lower than expected 1H2025 net profit after tax of US$71m, which was below consensus by -16% and under the analyst's estimate by -41%. Underlying earnings beat consensus and met Macquarie's forecast.

Guidance for 2025 was retained at 275-300koz, with consensus at 284koz, at an all-in-sustaining-cost of US$1,650-US$1,750.

Macquarie lowers its EPS forecast post result by -26% due to a higher assumed depreciation charge.

Target price remains at 75c. Doropo is singled out as important with resources & reserves and an updated definitive feasibility study due in 4Q2025.

Target price is $0.75 Current Price is $0.74 Difference: $0.01
If RSG meets the Macquarie target it will return approximately 1% (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: 0.0

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

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

Resolute Mining's first-half 2025 operating earnings came in ahead of Ord Minnett’s expectations, though higher depreciation and inventory movements meant profit fell short of expectation.

Management maintained full-year production guidance across Syama in Mali, Mako in Senegal and Doropo (Ivory Coast).

After incorporating increased cost forecasts at Mako, Ord Minnett lowers its target price to 80c from 90c and downgrades to Hold from Buy.

Target price is $0.80 Current Price is $0.74 Difference: $0.06
If RSG meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

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

Market Sentiment: 0.0

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

Ord Minnett rates SBM as Hold (3) -

St. Barbara announced slightly softer than expected FY25 earnings (EBITDA) of -$32m versus Ord Minnett's forecast of $11m, with net profit after tax down -$52m against the analyst's $1m forecast.

FY26 guidance will be offered in Sept, and expectations are around 63koz at all-in sustaining costs of circa $4,150/oz.

The analyst expects investors will continue to focus on LOM extension at Simberi, with a feasibility study on track for 2Q26 and formal mining lease authorisation extension to 2038 viewed as imminent. It is not included in Ord Minnett's forecasts.

Hold rating retained. Target lifts 7% to 29c per share.

Target price is $0.29 Current Price is $0.34 Difference: minus $0.05 (current price is over target).
If SBM meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgans rates SFR as Hold (3) -

Morgans revised Sandfire Resources' FY25 forecasts to account for one-off adjustments flagged by the company at the 4Q update.

The broker is now forecasting FY25 revenue of US$1.176bn, underlying EBITDA of US$528m and statutory net profit of US$97m.

The broker also updated valuation methodology to a blended one from 100% DCF based.

Target rises to $12.55 from $11.40. Hold maintained.

Target price is $12.55 Current Price is $12.01 Difference: $0.54
If SFR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $11.80, suggesting downside of -6.6% (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: 0.1

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

Macquarie rates SKT as Outperform (1) -

SKY Network Television achieved an in-line FY25 result which met guidance. A NZD22c dividend was announced, which supports the target dividend of NZD30c for FY26.

The company announced a new rugby deal which Macquarie views as an "excellent" result, as well as negotiation of NZ international cricket rights from 2026/2027 for six years.

Macquarie lowers its EPS forecasts by around -8% and -4% for FY26/FY27 due to a change in guidance and the timing of cost savings from the new rugby contract.

SKY also announced the 100% acquisition of shares in Discovery NZ for NZ$1, which should offer revenue diversification and incremental earnings (EBITDA) of NZ$10m for FY28.

Outperform retained. Target set at NZ$3.56.

Current Price is $2.84. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Citi rates STO as Buy (1) -

It is Citi's early assessment Santos' interim performance released today was "solid", beating consensus by some 3%. Implied core EBITDA is considered in line with the broker's forecast.

Dividend surprises as expectations were for a second half skew.

Pikka first oil now brought forward to 1Q26 and Barossa still targeting first LNG in 3Q25 are both seen as positives.

Citi thinks the share price will be well supported today. Buy. Target $8.89.

Target price is $8.89 Current Price is $7.76 Difference: $1.13
If STO meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.64, suggesting upside of 10.3% (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: 0.7

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

Ord Minnett rates SUL as Downgrade to Accumulate from Buy (2) -

Ord Minnett highlights an FY25 net profit beat from Super Retail due to robust Super Cheap Auto and Rebel results, which represent around 51% and 29% of group earnings.

Like-for-like sales growth picked up in May and June, with better cost management boosting margins.

Sales growth for Super Cheap on a like-for-like basis ended the fiscal year at circa 2.5%, up from no growth in January through April. The rate picked up again in FY26 to date, to 3.3%.

Management pointed to Rebel store theft as a major issue, with organised gangs involved rather than random shoplifting, which impacted margins in 2H25 by -60bps to -70bps. The trend is unlikely to change into FY26.

Ord Minnett lifts EPS forecasts by 6.3% for FY26 and 12.2% for FY27. The stock is downgraded to Accumulate from Buy on valuation grounds. Target rises to $19 from $15.50.

Target price is $19.00 Current Price is $18.66 Difference: $0.34
If SUL meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $18.48, suggesting downside of -0.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates SWM as No Rating (-1) -

Seven West Media's FY25 result met Morgan Stanley's forecasts, with revenue of $1,354m down -4% year-on-year and earnings (EBITDA) of $159m down -15%, in line with consensus.

The broker highlights cash-backed earnings of $110m were materially below adjusted levels, while net debt rose to $301m and no dividend was declared.

Structural declines in TV audiences and advertising revenue was the key issue, point out the analysts, with fixed costs and programming commitments amplifying the fall in earnings power.

Industry consolidation may provide some benefits, but the broker cautions it does not offset structural change.

Underweight rating. Target falls to 15c form 17c. Industry View: Attractive.

Target price is $0.15 Current Price is $0.14 Difference: $0.01
If SWM meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.17, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates TLX as Initiation of coverage with Overweight (1) -

Morgan Stanley initiates coverage of Telix Pharmaceuticals with a price target of $25.60 and an Overweight rating. 

Telix is focused on the development and commercialisation of diagnostic and therapeutic radiopharmaceutical technologies.

The broker sees recent share price underperformance as reflecting price competition, higher-than-expected first half costs and a US SEC regulatory matter.

The broker sees a number of near-term positive catalysts, with meaningful upside from lifecycle management and pipeline candidates.

Industry view: In Line.

Target price is $25.60 Current Price is $18.33 Difference: $7.27
If TLX meets the Morgan Stanley target it will return approximately 40% (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: 1.0

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

Citi rates UNI as Buy (1) -

After a deeper look at Universal Store's FY25 result, Citi lifted FY26 net profit forecast by 4% and FY27 by 3% on higher sales, partly offset by higher costs.

The analyst believes the company continues to do an "excellent job" at sourcing and merchandising product, with better than expected sales and gross margin trends.

Target rises to $11.28 from $10.53 on earnings revisions and higher peer and market multiples. Buy retained.

****

At first glance, the broker wrote:

Universal Store broadly met Citi's forecast on FY25 net profit but fell short of consensus by -4%. The broker reckons higher cost of doing business and net interest expenses were the reasons.

Among the positives, were a 100bps rise in gross margin to 61.1% vs the broker's 60.4% forecast, net cash beating forecast and cash conversion at 105% vs 97% in FY24 on higher payables and lower receivables.

Negatives include a 130bps y/y increase in cost of doing business/sales as the company boosted talent. Sales via wholesale channel fell -14% and the broker expects this part to remain challenging in FY26.

Update for FY26 so far was impressive in the broker's view given all three businesses are cycling double-digit comparables.

Target price is $11.28 Current Price is $8.90 Difference: $2.38
If UNI meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $10.66, suggesting upside of 23.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates VEE as Buy (1) -

Veem's FY25 result met its very recently issued guidance, but sales fell short of Morgans' forecast by -5%, EBITDA missed by -9%, though net profit was in line.

The main surprise was lack of 2H dividend but the broker reckons the company is retaining optionality to invest in robotics and new equipments.

The broker expects defence sales recovery to begin in 1H26, though Gyro sales are expected to remain volatile.

EBITDA forecasts cut by -14-13% over FY26-28 on lower sales growth assumptions for gyros and propellers, and slower margin recovery. Buy. Target trimmed to $1.30 from $1.50.

Target price is $1.30 Current Price is $1.05 Difference: $0.25
If VEE meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates VYS as Speculative Buy (1) -

Morgans notes Vysarn had pre-released FY25 numbers, so there were no major surprises in the result announcement, though EBITDA of $21.4m did beat its forecast by 2%.

The industrial division was the outperformer, posting a strong rebound in 2H after chronic underutilsation in 1H. The company has flagged the 2H25 run-rate of $19.6m profit before tax as the baseline for FY26.

The broker notes the company has flexibility to make further acquisitions, and could add $10m profit before tax via acquisitions, which would be nearly 50% addition to FY26 forecast of $21m.

Minor changes have occurred to forecasts with EBITDA lifted by 1-2% over FY26-27, with profit forecasts largely unchanged.

Speculative Buy. Target rises to 64c from 58c.

Target price is $0.64 Current Price is $0.54 Difference: $0.1
If VYS meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates WJL as Buy (1) -

Ord Minnett envisages an interesting AGM next week for Webjet Group on the back of a recent takeover offer and management initiatives, including a planned $25m share buyback.

The group is also to pay special dividends once there are enough franking credits generated. The third is to acquire Locomote Holdings for -$17m to improve the speed to market in the SME travel segment.

The analyst flags concerns again over the move to "attack" the SME business travel segment with a digital offering, as it is considered already very competitive with limited management experience in this space.

Ord Minnett lowers its EPS estimates by -2% for FY26 and -10% for FY27.

Target falls to $1.37 from $1.76. Buy rating retained as the stock appears to be attractively valued.

Target price is $1.37 Current Price is $0.94 Difference: $0.43
If WJL meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Citi rates ZIP as Buy (1) -

On further inspection, Citi believes Zip Co is trending to cash earnings (EBITDA) of $240m-$250m, some 11%-16% above consensus, with a flexible operating margin guidance of 16%-19% and a notable increase in opex seen as unlikely.

This compares to expected 35% growth in total transaction value plus 4% net transaction margin, plus growth in operating margin of 17.5%, which can be achieved with 25% opex growth.

US momentum remained robust in 4Q25 at 40% growth, and lower funding costs boosted net transaction margins. An update on the US IPO is expected in 1H26.

Target $3.10. Buy rated.

****

Citi's first assessment is Zip Co's FY25 update has beaten forecasts on the back of stronger growth in US total transaction value (TTV). Margin and opex guidance seem in line with expectations.

Commentary highlights expected credit loss provision was -7% lower than forecast. Management is guiding to US TTV growth of 35%-plus in FY26.

Target price is $3.10 Current Price is $3.75 Difference: minus $0.65 (current price is over target).
If ZIP meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.07, suggesting upside of 1.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates ZIP as Buy (1) -

Zip Co reported a "comfortable" beat according to Ord Minnett for FY25 results versus June's guidance update.

Commentary suggests operational momentum into FY26 is strong. The 4Q25 cash earnings (EBITDA) of $57.3m infer an annual run rate of circa $229m, which exceeds consensus at $215m.

A dual Nasdaq listing was also proposed, with increasing US investor interest as Zip evolves its US market presence.

Ord Minnett has raised its earnings (EBITDA) forecasts by 8%-11% for FY26-FY28. Target price rises 35% to $4.60. Buy rating retained with a return to US growth over 4Q25.

Target price is $4.60 Current Price is $3.75 Difference: $0.85
If ZIP meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ZIP as Buy (1) -

Zip Co delivered a strong FY25 result, UBS suggests, which saw cash earnings beat consensus by 6%.

The strong performance was driven by accelerating US momentum, with fourth Q total transaction value (TTV) growing 49% year on year and adding 250k customers in the quarter.

Management remains confident in US expansion, supported by new product initiatives, growth in BNPL penetration and interest rate cuts to provide industry tailwinds.

Australian revenue continued to illustrate a recovery story, with TTV returning to growth in FY25 and excess spread expansion which, commentary suggests, reflects improved funding costs and net bad debts performance.

UBS views guidance as relatively conservative given the operating leverage in the business while the US business is growing so strongly at low loss rates. Buy retained, target rises to $4.50 from $3.40.

Target price is $4.50 Current Price is $3.75 Difference: $0.75
If ZIP meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.07, suggesting upside of 1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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