Australian Broker Call

UBS rates A1N as Sell (5) -

At first glance, UBS saw a softer result from ARN Media versus consensus expectations. Radio continues to be weighed down by a weak ad market. Metro and Digital both came in below the broker's expectation, with Regional slightly above.

The announcement of Video Audio is positive, in UBS' view, given global competitors have also introduced this medium and ARN suggests a $5bn digital video total addressable market.

The broker is watching for a potential capex step-up but commentary suggests use of existing facilities. Sell and 37c target.

Target price is $0.37 Current Price is $0.37 Difference: $0.005
If A1N meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 ABG as Buy (1) -

Citi assesses in-line interim results for Abacus Group, with FY26 funds from operations (FFO) guidance of 8.9-10cpu also broadly in line with the broker’s 9.2cpu forecast and 9.1cpu by consensus.

Office portfolio growth remains stable at 0.6% year-on-year, and self-storage equity returns declined with a -7% reduction in FFO, explain the analysts,

Retail grew 4.5% year-on-year with leasing spreads of 5.3% and occupancy of 97.1%, highlights the broker.

Citi notes discussions have commenced regarding internalisation of the Abacus Storage King ((ASK)) management agreement, which it expects will be a key focus for shareholders.

Buy. Target $1.40.

Target price is $1.40 Current Price is $1.06 Difference: $0.345
If ABG meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 21.1% (ex-dividends)

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 ABG as No Rating (-1) -

Abacus Group generated interim funds from operations (FFO) of around 4.5cpu, 4% above Macquarie's forecast, driven by lower tax and interest expense.

FY26 dividend guidance of 8.5cpu is reaffirmed, implying to the broker FY26 FFO of 8.95cpu at the top end of the 85-95% FFO payout range.

The net tangible assets (NTA) metric is $1.73 per security. The office-weighted average capitalisation rate rose by 5bps to 6.87% and retail by 4bps to 6.50%, observes the analyst.

Discussions are ongoing regarding potential internalisation of the Abacus Storage King ((ASK)) management agreement.

Macquarie is on research restriction and cannot provide neither a target nor a rating.

Current Price is $1.06. Target price not assessed.

Current consensus price target is $1.28, suggesting upside of 21.1% (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

Shaw and Partners rates ABG as Buy (1) -

Abacus Group's interim funds from operations (FFO) of $40.1m came in around -4% below Shaw and Partners' forecast and the prior period.

Operationally, occupancy averaged 91.3%, with leasing conditions stable and incentives declining, highlights the broker.

Distribution guidance is maintained at 8.5cpu, 50% franked, with the FY26 payout ratio expected to remain around 95%.

The analyst highlights the stock trades on a -40% discount to net tangible assets (NTA) with an attractive yield.

Investor concerns are noted around potential internalisation of the Abacus Storage King ((ASK)) management function. Shaw believes any loss of between -$18-20m in fee income could be largely offset through cost savings and capital redeployment.

Buy. Target $1.40.

Target price is $1.40 Current Price is $1.06 Difference: $0.345
If ABG meets the Shaw and Partners target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 21.1% (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

Bell Potter rates AMA as Buy (1) -

AMA Group's 1H26 statutory earnings were 4% above Bell Potter's forecast due to a beat on revenue while normalised earnings were -8% below, driven by a higher occupancy expense adjustment. There was no interim dividend as expected.

AMA maintained its FY26 guidance of normalised earnings between $70-75m. The company also said it “continues to progress on its journey to achieving earnings growth of 10% within our core vehicle collision repair business” and added it expects to achieve this “in the coming 3-4 years”.

Bell Potter sees the Q3 update in late April or early May as a potential catalyst given earnings are expected to return to around $20m or more which is consistent with what was achieved in Q1. Target falls to $1.25 from $1.30, Buy retained.

Target price is $1.25 Current Price is $0.71 Difference: $0.54
If AMA meets the Bell Potter target it will return approximately 76% (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 ARB as Downgrade to Neutral from Buy (3) -

On further inspection, Citi is downgrading the stock to Neutral from Buy until there is more certainty and confidence around management dealing with declining aftermarket sales in Australia.

The analyst sees both structural and cyclical headwinds for that business but remains upbeat on the US business. EPS forecasts are lowered by -2% for FY26-FY28 on lower margins and sales estimates. The target price is cut to $22.05 from $42.25, down more than -50%.

****

At first glance, Citi notes interim profit for ARB Corp of $42.2m is broadly in line with the consensus estimate, while the interim dividend of 34c came in ahead of the 28.9c forecast.

The broker highlights 26.1% US sales growth and improving ORW/4WP profitability, but notes Australian aftermarket sales fell -1.7% and OEM revenue declined -38%. Margins were pressured by currency and lower factory recoveries, explain the analysts.

Management guides to an improved 2H26 performance versus 1H and broadly flat margins year-on-year, though Citi expects consensus 2H profit growth forecasts will need to be trimmed.

Citi questions whether greater reinvestment may be required to reinvigorate core growth.

Buy rating. Target $42.25.

Target price is $22.05 Current Price is $21.36 Difference: $0.69
If ARB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (ex-dividends)

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 ARB as Outperform (1) -

Macquarie retains an Outperform rating on ARB Corp but lowers its target price to $29.95 from $35.80 following softer-than-expected interim results.

The outlook for the Australian Aftermarket and gross margins disappointed, while Export was the analyst's highlight.

Export sales rose 8.8% year-on-year to $136m, driven by US growth of 26.1%, while Australian Aftermarket revenue fell -1.7% to $204m, highlights the analyst.

The gross margin declined around -230bps to 56.3%.

Management expects the 2H26 performance will improve on H1 and be more in line with the prior year.

Target price is $29.95 Current Price is $21.36 Difference: $8.59
If ARB meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (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

Morgan Stanley rates ARB as Overweight (1) -

Morgan Stanley lowers its target for ARB Corp to $28 from $44 and reiterates the Overweight rating, while lowering EPS forecasts by -14.7% for FY26 and -13.1% for FY27. The stock's valuation is seen as "compelling" post the de-rating to 5yr-plus lows.

The broker highlights resilient relative performance, in Australia and UK markets with significant US runway, including store-in-store expansion, dealer activations across the 4WP/ORW network, broader distribution opportunities and the Poison Spyder relaunch.

Model changeovers, weaker offshore system sales and lower EMEA aid and relief spend have weighed on earnings, but these factors are viewed now as largely reflected in the base.  

Morgan Stanley views cyclical pressures as better understood and structurally supportive drivers intact.

****

On first look, ARB Corp announced a notable preliminary 1H26 miss, with the second quarter experiencing a slowdown across all businesses, Morgan Stanley explains.

Sales of $358m fell -1% y/y, some -7% below consensus, which infers around a -6% miss in 2Q26 on growth of 3.8% in 1Q26.

Profit before tax at $58m missed consensus by -14%, and cash conversion came in at around 85%. Australia aftermarket sales slipped -1.7%, with 1Q26 growth of 1% pointing to a 2Q26 decline of -4.4%.

The US remained upbeat with 26% sales growth, but the rest of the world slowed down, with a sizeable moderation in 2Q26 which counters the 1Q and AGM management outlook.

The analyst is seeking more details at the 1H26 results on Feb 24, particularly in relation to the negative surprise from exports in 2Q26.

Overweight. Target unchanged at $44. Industry View: In-Line.

Target price is $28.00 Current Price is $21.36 Difference: $6.64
If ARB meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (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 ARB as Upgrade to Buy from Accumulate (1) -

Morgans upgrades its rating for ARB Corp to Buy from Accumulate and sets a $31.85 target price, down from $32.00, following pre-released interim results.

Sales declined -1% to $358m and PBT fell -16% to $57.1m on gross margin compression of -235bps, explains the analyst.

The broker highlights Export as the standout, with US sales up 26% and ARB product sales through ORW/4WP rising 100% on a like-for-like basis. Aftermarket sales declined by -1.7%.

Operating cash flow (OCF) of $63.9m was strong, according to Morgans, leaving net cash of $59m and supporting a flat 34c interim dividend. 

Target price is $31.85 Current Price is $21.36 Difference: $10.49
If ARB meets the Morgans target it will return approximately 49% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (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 ARB as Buy (1) -

ARB Corp delivered a first half pre-tax profit that declined -18.8%, because of constrained new vehicle supplies, a weaker exchange rate with the Thai baht that affected gross margins, and lower battery overhead recoveries.

Ord Minnett expects a better second half, supported by a more favourable and a near fully hedged exchange rate, although takes a more conservative view on future earnings growth, reducing FY26-28 forecasts by -5-10%.

The broker retains a Buy rating and reduces the target to $31 from $37.

Target price is $31.00 Current Price is $21.36 Difference: $9.64
If ARB meets the Ord Minnett target it will return approximately 45% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (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

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

After a further review of ARB Corp's interim results, UBS lowers its target to $25.50 from $27.85 and upgrades to Buy from Neutral. The analysts spy an opportunity to buy a high quality business on depressed earnings.

A summary of the broker's initial thoughts follows.

On first inspection, ARB Corp's 1H26 results were largely pre-released, UBS notes, yet management's FY26 guidance infers consensus EPS downgrades of between -2% and -4%.

While some headwinds are in the past, the analyst points to other factors impacting ARB going forward, including labour constraints, lower OEM new vehicle sales and supply, as well as weakness in the Australian aftermarket due to softer sales of key vehicle models.

Target price is $25.50 Current Price is $21.36 Difference: $4.14
If ARB meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $28.06, suggesting upside of 14.9% (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 AUB as Outperform (1) -

Macquarie reinstates coverage on AUB Group after a period of research restriction with an Outperform rating and sets a $35.81 target price.

Interim profit of $90.4m was a rise of 13.9% year-on-year and met the midpoint of January guidance, observes the broker. Strength was displayed across most segments offset by weaker New Zealand margins.

Impacted by the corporate market, New Zealand Broking margins fell -480bps to 31.5%.

FY26 guidance for underlying profit of $220-230m is around 2% higher, reflecting acquisitions, partly offset by -$3.9m FX and -$3.2m of funding headwinds, commentary highlights.

Target price is $35.81 Current Price is $23.76 Difference: $12.05
If AUB meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $34.31, suggesting upside of 45.2% (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 AUB as Overweight (1) -

Morgan Stanley argues AI-related disintermediation risks are overstated despite near term valuation pressure.

The broker highlights brokers’ rising system share, with intermediated premiums now over 50% of the Australian market, up over 10ppt over a decade, and Lloyd’s placements increasing to circa 21% of commercial premiums, reinforcing structural positioning.

Management upgraded FY26 UNPAT guidance to $220–230m, with Morgan Stanley forecasting $227m, up 13.5% y/y, and lifting UNPAT estimates by circa 2% in FY26 and 8–10% in FY27–28 on stronger EBITA margins. 

EPS forecasts fall -4 to–6% due to equity issuance. EPS growth of 7–8% is expected through FY28 and BizCover’s ChatGPT-enabled quoting is seen as complementary rather than disruptive, supporting efficiency gains. 

Overweight. Target lowered to $31.15 from $45. Industry view: In-Line.

Target price is $31.15 Current Price is $23.76 Difference: $7.39
If AUB meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $34.31, suggesting upside of 45.2% (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 AUB as Buy (1) -

UBS lowers its target for AUB Group by -$1.00 to $34.00, following interim results. Buy maintained.

A summary of the broker's initial thoughts follows.

At first take, UBS notes AUB Group's 1H26 underlying NPAT was pre-guided, with NZ missing expectations and the other divisions coming in stronger than anticipated.

Management upgraded FY26 underlying NPAT guidance to $220-$230m, including the Prestige acquisition, versus $215m-$227m previously, representing growth of 9.9% and 14.9% y/y.

Growth is flagged to come organically, up 4.3%, with acquisition growth of 8.7%.

Target price is $35.00 Current Price is $23.76 Difference: $11.24
If AUB meets the UBS target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $34.31, suggesting upside of 45.2% (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 AX1 as Neutral (3) -

At first glance, Citi notes Accent Group's 1H26 profit was -9% below consensus and down -41% year on year driven by lower gross margin, higher D&A and net interest. An interim dividend of 3.25cps was declared, slightly below 3.5cps consensus.

While the result missed expectations, Citi thinks the set up into FY27 looks interesting given consensus earnings growth seems conservative when taking into account that the Glue and MySale losses won’t continue in FY27 and the business should benefit from the strengthening AUD.

Neutral and $1.08 target retained.

Target price is $1.08 Current Price is $0.83 Difference: $0.25
If AX1 meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 7.7% (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 AX1 as Neutral (3) -

At first glance, UBS notes Accent Group's 1H26 earnings were in line with guidance, and 2H26 guidance is reiterated.

First eight weeks retail sales are flat, with gross margin in line with a year ago, but a rising AUD will support the back end of FY26 and FY27 gross margins.

Neutral and a $1.10 target.

Target price is $1.10 Current Price is $0.83 Difference: $0.27
If AX1 meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 7.7% (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

Citi rates BHP as Neutral (3) -

The target price lifts to $53 from $52 with Citi highlighting there was a lot to like about BHP Group's interim results.

The 24% plus rally in the share price is the only factor restraining the analyst from upgrading the stock to Buy.

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BHP’s interim earnings (EBITDA) of $15.5bn and free cash flow (FCF) of $4.3bn beat consensus forecasts, highlights Citi, though EPS missed by -6% on higher tax. Overall, the result is seen as supportive of earnings momentum.

The broker highlights upgraded copper guidance at Escondida for FY26 and FY27, with unit costs expected at the lower end.

The dividend of US73c exceeded the consensus expectation for US63c, the analysts note, implying a 60% payout ratio.

The analysts see potential for positive earnings revisions by consensus in FY26 and FY27 for underlying earnings.

Target price is $53.00 Current Price is $54.75 Difference: minus $1.75 (current price is over target).
If BHP meets the Citi target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $52.58, suggesting downside of -6.7% (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 CCL as Buy (1) -

Cuscal delivered a strong result, Bell Potter suggests, with the highlight being an upgrade to the guidance for high-single digit transaction volume growth, and mid-teens earnings growth; incorporating the combined businesses before integration costs.

The key surprise was elevated net interest and good early progress on Indue with an initial contribution. An interim dividend of 4.5c was declared, consistent with policy for 40-60% payout. A more cautious approach is applied in the first half generally speaking, the broker notes.

Cuscal screens cheaply factoring in run-rate cost synergies, Bell Potter notes, remains well capitalised to return capital, assess further acquisitions and is benefitting from strong client performance and structural tailwinds. Target rises to $5.10 from $4.60, Buy retained.

Target price is $5.10 Current Price is $4.23 Difference: $0.87
If CCL meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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) -

First half results from Cuscal were better than Ord Minnett expected. A substantial $15-20m in post tax synergies from the Indue acquisition should underwrite earnings growth of around 20% per annum for the next three years, the broker asserts.

The Buy rating is also predicated on defensive earnings growth, capable management and an ungeared balance sheet. Target is $5.13. The next catalysts include the RBA retail payments review with the final determinations in March and potential ASX300 index inclusion.

Target price is $5.13 Current Price is $4.23 Difference: $0.9
If CCL meets the Ord Minnett target it will return approximately 21% (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

UBS rates CNI as Neutral (3) -

At frirst glance, UBS notes Centuria Capital's 1H26 result was slightly above consensus, and FY26 guidance has been raised. Dividend guidance is reaffirmed.

Centuria Capital is showing good momentum, UBS suggests, and is on track to achieve its $1bn gross transaction target for FY26.

Neutral and $2.03 target.

Target price is $2.03 Current Price is $1.94 Difference: $0.095
If CNI meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.18, suggesting upside of 14.0% (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

Bell Potter rates CRN as Speculative Hold (3) -

Coronado Global Resources reported underlying earnings of -US$144m (loss), in line with expectation. No dividend was declared, as expected. CEO Douglas Thompson has resigned.

Logan will be idled from 2Q26, offset by increased production with the Mammoth and Buchanan expansions expected to operate in steady state supporting lower mining cash costs and capex.

While Coronado’s key focus is on deleveraging, it has flagged potential for a 2Mtpa Mammoth Phase 2 underground operation. In the near-term, operational performance should lift with the ramp-up of Mammoth and the Buchanan expansion projects, Bell Potter notes.

Bell Potter maintains a Speculative Hold recommendation, recognising balance sheet risks. Target falls to 38c from 43c.

Target price is $0.38 Current Price is $0.32 Difference: $0.065
If CRN meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in December.

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

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

Macquarie raises its target for Coronado Global Resources to 50c from 40c and upgrades to Neutral from Underperform, citing recent share price weakness and an improving balance sheet.

Also, given the high degree of operational and financial leverage, the analyst considers the stock relatively undervalued given the difference between spot and implied pricing.

2025 profit fell -18% while net debt 'missed' by -7% versus consensus, the broker highlights.

FY26 production and capex guidance were broadly in line with the analyst's forecasts. Operating costs were 4% better than expected.

Macquarie estimates free cash flow (FCF) upside of US$0.14-US$0.27bn in 2026 at coal prices of US$220-242/t.

Target price is $0.50 Current Price is $0.32 Difference: $0.185
If CRN meets the Macquarie target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates CRN as Hold (3) -

2025 results from Coronado Global Resources were in line with expectations. Ord Minnett incorporates the Logan closure and despite recent management changes still forecasts positive free cash flow over the year.

Production is expected to be broadly stable in 2026 with the Logan closure offsetting the uplift at Mammoth and the expanded Buchanan mine.

The broker balances expectations for increased profits with the high debt levels and historical reliability issues and retains a Hold rating. Target is reduced to $0.37 from $0.45.

Target price is $0.37 Current Price is $0.32 Difference: $0.055
If CRN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in December.

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 CRN as Buy (1) -

Coronado Global Resources reported full year earnings, with revenue and costs pre-released. The focus of the result was 2026 guidance, UBS notes, with unit costs versus market expectations at the top end likely to result in consensus upgrades.

As anticipated, no dividend was declared, as net debt peaks. Coronado flagged further optionality in the portfolio, but UBS remains cautious, with deleveraging needed prior to any commitment to further growth.

The broker's earnings forecast has been revised -50% lower for FY26 and target falls to 36c from 39c. Buy retained as UBS continues to see good risk/reward as volumes lift next 12 months.

Target price is $0.36 Current Price is $0.32 Difference: $0.045
If CRN meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $0.40, suggesting upside of 25.8% (ex-dividends)

The company's fiscal year ends in December.

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 CWP as Buy (1) -

Cedar Woods Properties announced 1H26 earnings per share of 47.4c, 31% above Bell Potter and 61% above consensus, with a dividend of 14.0c. 

The 'beat' was driven by higher settlement volume and further expansion in gross development margin reflecting ongoing strength across key markets.

FY26 guidance, already upgraded twice this year, has been upgraded again for profit growth of between 30% and 35%.

This upgrade should be considered in the context of management’s conservative track record, Bell Potter notes (beating last five sets of guidance).

The broker sees little justification for Cedar Woods' de-rating, believing the quality of earnings continues to improve. Target rises to $10.20 from $10.00, Buy retained.

Target price is $10.20 Current Price is $8.13 Difference: $2.07
If CWP meets the Bell Potter 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

Shaw and Partners rates CWP as Buy (1) -

Shaw and Partners retains a Buy rating on Cedar Woods Properties and increases its target price to $9.55 from $9.40 after a stronger-than-expected 1H26 result.

Gross margin exceeded the broker's expectations by around 100bps, and the prior period by roughly 400bps, driven by higher selling prices, explains the analyst.

Management upgraded FY26 profit growth guidance to 30-35% from above 20%. Pre sales have reached $748m, with just over 50% to settle in FY27, supporting medium-term earnings visibility, highlights the analyst.

Commentary highlights net debt is $85m with gearing of 10%, leaving balance sheet capacity to fund growth.

Target price is $9.55 Current Price is $8.13 Difference: $1.42
If CWP meets the Shaw and Partners target it will return approximately 17% (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 CXL as Buy (1) -

Shaw and Partners highlight 1H26 revenue growth of 20.7% for Calix, 5.6% ahead of the broker's estimate.

Gross profit increased by 37.5% to $6.7m on a 40% margin. Operating cash outflow narrowed -65% to -$6.2m and operating costs fell -30%, highlights the analyst.

The broker points to progress on the capital-light strategy, including a binding term sheet with PLS Group ((PLS)) that removes further funding requirements and releases $11.4m in capital.

Shaw notes multiple commercial milestones, including new US contracts and ARENA grant support, underpinning medium-term revenue growth.

Buy rating and $1.70 target are maintained.

Target price is $1.70 Current Price is $1.03 Difference: $0.67
If CXL meets the Shaw and Partners target it will return approximately 65% (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 DBI as Buy (1) -

Target price is lifted to $6 from $5.30 and Dalrymple Bay Infrastructure remains Buy rated due to the growing dividend and further upside optionality although the stock is trading at the higher end of its valuation range.

***

Citi's first glance assessment of Dalrymple Bay Infrastructure's 2025 release is that EBITDA looks largely in-line but FFO appears materially ahead at $173M versus consensus at $149m and Citi's own estimate of $175m.

Distribution is the real story, the broker posits, with 2H25's 12.875c some 5% ahead of consensus and 1H26 13.5c guidance some 10% ahead.

It seems the payout ratio increased to the upper end of 60-80% range, commentary adds.

The broker summarises the case as follows: overall, today's update implies a yield of 5-6% growing at 8-9%, which should justify the recent strong share price action.

Target price is $6.00 Current Price is $5.43 Difference: $0.57
If DBI meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 8.1% (ex-dividends)

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 DBI as Downgrade to Neutral from Outperform (3) -

Macquarie increases its target price to $5.45 from $5.33 for Dalrymple Bay Infrastructure and downgrades to Neutral from Outperform due to the recent share price rally.

FY25 earnings (EBITDA) of $294m are in line with the broker's expectation, while profit is lower due to -$103m in debt refinancing break costs.

The company refinanced $1.07bn of debt to lower funding costs and support a higher payout ratio, explains the analyst.

An 8% lift to dividend guidance was a material surprise to Macquarie. The 2026 dividend expectation has risen around 10% to 27.5c and the payout ratio has moved to the upper end of the 60-80% range.

Target price is $5.45 Current Price is $5.43 Difference: $0.02
If DBI meets the Macquarie target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.60, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates DBI as Downgrade to Hold from Accumulate (3) -

Morgans raises its target for Dalrymple Bay Infrastructure to $5.35 from $5.10, due to forecast changes and a valuation roll-forward, following a "solid" FY25 result. The broker's rating is downgraded to Hold from Accumulate after recent share price strength.

The underlying earnings (EBITDA) margin remained exceptionally strong in the mid-94% range, highlights the analyst. Management expects FY26 corporate costs to be broadly flat on FY25 at -$16.8m.

Dividend guidance for the 12 months to June 2026 is increased by around 8% to 26.37cpu. Management is now targeting the upper end of its 60-80% funds from operations (FFO) payout range, explains the broker.

Target price is $5.35 Current Price is $5.43 Difference: minus $0.08 (current price is over target).
If DBI 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 $5.60, suggesting upside of 8.1% (ex-dividends)

The company's fiscal year ends in December.

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

Citi rates DMP as Sell (5) -

At first look, Citi notes Domino’s Pizza Enterprises's 1H26 result was weak, with statutory NPAT of $40.9m missing consensus by -31% and the 25c dividend below 30.2c expected, while underlying NPAT was $60.1m.

Cost out initiatives are progressing, with $60–70m largely delivered and a further $15–25m identified, though still short of the $100m AGM target.

Asia earnings (EBIT) rose 8.5% but A&NZ earnings (EBIT) fell -9% on weaker volumes and reduced discounting.

Same store sales fell -2.5% in 1H26, down from -1.2% in the first 17 weeks, and having fallen -7% in the first eight weeks of 2H26 versus consensus of -0.2%, with weather and Chinese New Year timing cited as headwinds.

Guidance for modest FY26 NPAT growth of 2.9% has been reiterated, tyhough the analyst questions the sustainability of the cost out strategy amid accelerating SSS declines and maintains its Sell recommendation.

Target $19.85.

Target price is $19.85 Current Price is $21.67 Difference: minus $1.82 (current price is over target).
If DMP meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.51, suggesting upside of 11.3% (ex-dividends)

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

UBS rates DMP as Buy (1) -

At first glance, UBS notes Domino's Pizza Enterprises' 1H26 earnings were above consensus but below the broker.

Commentary sobserves same store sales growth in the first eight weeks has been weak, negatively impacted by weather in the Netherlands and Germany, the later Chinese New Year, and the planned reduction in deep discounts.

Cost saving targets are reiterated as part of the $100m cost savings announced at the 2025 AGM. FY26 profit guidance is reiterated.

Buy and a $25.50 target.

Target price is $25.50 Current Price is $21.67 Difference: $3.83
If DMP meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $21.51, suggesting upside of 11.3% (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

Citi rates EVT as Buy (1) -

Target price is lowered to $16.85 from $17.30, previously. Citi maintains a Buy rating.

****

At first look, EVT Ltd announced 1H26 net profit after tax which slightly missed consensus, Citi notes, with an 18c dividend per share better than the 11c per share forecast by consensus.

Germany EBIT rose 54% due to robust local content, and Thredbo EBITDA advanced 31% due to a good winter season.

Hotels EBITDA rose 6% on 5.7% revenue growth and was impacted by works at QT Gold Coast and Queenstown, the analyst remarks.

Citi sees guidance for 2H26 as tracking in line with market expectations, with few surprises in the result.

Target price is $16.85 Current Price is $12.98 Difference: $3.87
If EVT meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $16.85, suggesting upside of 30.2% (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

Citi rates FLT as Buy (1) -

Flight Centre Travel delivered a first half result that was ahead of Citi's estimates while FY26 guidance has been reaffirmed.

In an initial view, the broker points out guidance implies a 38-62% skew and given the softer run into the results expects positive price action.

Corporate drove the beat to estimates in terms of composition while leisure was largely in line. Buy rating and $16.75 target.

Target price is $16.75 Current Price is $13.28 Difference: $3.47
If FLT meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $17.13, suggesting upside of 33.6% (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 FLT as Buy (1) -

At first glance, UBS saw a solid result from Flight Centre Travel, with underlying profit 5% ahead of consensus driven by Asia delivering $5m of profit versus -$4m of losses a year ago.

There was significant turnaround in Leisure, the broker notes. Corporate new business wins were a tad lower than hoped, but provided a big turnaround in the productivity story which has been a disappointment previously.

Flight Centre reaffirmed profit guidance with the 1H/2H earnings skew in line with the normal range. Buy and $16.45 target retained.

Target price is $16.45 Current Price is $13.28 Difference: $3.17
If FLT meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $17.13, suggesting upside of 33.6% (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 FMG as Neutral (3) -

At first glance, UBS concludes Fortescue's key 1H26 earnings metrics were a touch soft, but the 62c dividend is a beat. There is no change to FY26 production, cost or capex guidance.

Fortescue has commenced implementation of an optimised Hematite life-of-mine plan, anticipated to deliver a lower unit cost profile and enhanced capital efficiency.

The miner expects to finalise acquisition of Alta Copper imminently, with immediate focus on tech reviews, community engagement, and advancing studies. The Belinga Iron Ore Project continues to progress.

Neutral and $20 target.

Target price is $20.00 Current Price is $20.20 Difference: minus $0.2 (current price is over target).
If FMG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.50, suggesting downside of -2.9% (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: -0.2

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

Macquarie rates FPH as Outperform (1) -

Management at Fisher & Paykel Healthcare has issued higher revenue and profit guidance, prompting Macquarie to raise its target to NZ$45.80 from NZ$42.00. Outperform rating maintained.

At the midpoint, revenue guidance increased by 4% to NZ$2.30bn and profit by 6% to NZ$460m, driven by strong Hospital activity and efficiency gains, with FX now broadly neutral, explains the broker.

The analyst's forecasts now sit at the midpoint of guidance, assuming 2H constant currency Hospitals growth broadly in line with H1 and around 50bps gross margin improvement.

Current Price is $33.21. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

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: 0.5

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

UBS rates GEM as Neutral (3) -

UBS slashes its target for G8 Education to 38c from 72c following deteriorating operating conditions in 4Q25. The broker sees a high level of uncertainty heading into 2026.

Despite an undemanding valuation, Neutral rating maintained.

FY25 revenue of $947m marked a fall of -7% year-on-year and missed the analysts' $975m forecast as well as the $960m expected by consensus.

Underlying earnings (EBIT) of $93m were a decline of -19% while profit of $59m was broadly in line with the broker's forecast.

Occupancy trends remain weak, note the analysts, down -7.8% in the first six weeks of 2026.

Target price is $0.38 Current Price is $0.37 Difference: $0.015
If GEM meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 GLF as Neutral (3) -

On first take, Gemlife Communities announced 2025 underlying profit after tax which beat consensus forecasts and was 5% above consensus and Citi's forecasts.

Settlement volumes came in below prospectus forecasts by -6%, but pricing was 12% above due to a higher release of premium lots.

Management's new 2026 guidance for EPS stands at 28.5-30c, inferring EPS growth of 20-27% y/y, which is 11% above consensus and 10% higher than the analyst's forecast.

Development settlements are flagged at 420 for 2026 by the company, another beat on consensus and the broker's 408 estimate, with around 60% or 348 contracts in hand/expressions of interest.

Neutral. Target $5.60.

Target price is $5.60 Current Price is $5.10 Difference: $0.5
If GLF meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.56, suggesting upside of 4.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Bell Potter rates HMC as Hold (3) -

HMC Capital announced 1H26 earnings per share of 10.1c, -35% below consensus, driven by a lower contribution from non-recurring income streams, but HMC has reiterated FY26 guidance of at least 40.0c (pre-tax), ahead of consensus at 36.2c. 

Dividend guidance of 12.0c is in line with consensus and prior years.

FY26 is shaping up to be an Energy Transition-dominated year, Bell Potter suggests. The business is in the process of refocussing rather than broadening its horizons as it works through investments that require considerable effort and time.

Success in shoring up existing investments and deploying into Credit, unlisted Real Estate and Private Equity redeployment will be key. Bell Potter cuts its target to $3.20 from $4.25, Hold retained.

Target price is $3.20 Current Price is $2.82 Difference: $0.38
If HMC meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 42.0% (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

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

HMC Capital has reaffirmed its pre-tax operating EPS target of at least $0.40 for FY26, expecting lower returns in private equity will be offset by fair value gains in energy transition.

Macquarie asserts the share price is reflecting an overly negative view of the business, signalling -12% discount to NTA. Demonstrating growth and continued execution remain key and the broker upgrades to Outperform from Neutral. Target is reduced to $3.96 from $4.63.

Target price is $3.96 Current Price is $2.82 Difference: $1.14
If HMC meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 42.0% (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 HPG as Buy (1) -

Shaw and Partners reiterates a Buy rating on hipages Group and lowers its target price to $2.50 from $2.80 following interim results and lower FY26 guidance.

First-half revenue rose by 11% year-on-year and beat the broker's forecast, while earnings (EBITDA) of $11.2m rose by 29%. Margins of 25% and free cash flow (FCF) outperformed on lower costs.

FY26 revenue guidance is trimmed to $90-91m, though margin and free cash flow guidance are unchanged, which the broker believes highlights intact operating leverage.

Platform engagement reached 15% adoption with a 7 percentage point improvement in retention, observes Shaw.

Management signaled growing benefits from AI across search, product and operations. 

Target price is $2.50 Current Price is $0.86 Difference: $1.64
If HPG meets the Shaw and Partners target it will return approximately 191% (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 HUB as Buy (1) -

Citi lifts its target for Hub24 to $106.75 from $100.60 and raises net profit after tax forecasts by 4%-7% for FY26-FY28, due to higher forecast flows and revenue margin, alongside a lower tax rate. 

Wealth platforms are considered as having a relatively low AI disruption risk and could benefit from a growing advice market, the broker argues.

There is also potential upside to the estimated terminal market share assumption around 25% due to growth in core segments, like SMAs. Buy.

****

Post a strong H1 performance that saw Citi analysts lift their forecasts and price target, the broker asks whether platform operators such as Hub24 should not be valued more highly?

While a 47x FY27 PE multiple is demanding, the analysts acknowledge, they add their belief that wealth platforms face comparatively low AI disruption risk.

As a matter of fact, Citi argues platforms such as Hub24's could well benefit from an expanding advice market.

As such, the broker sees potential upside to its 25% terminal market-share assumption as managed-account adoption continues to grow, inflows from industry-funds increase, and a shift in adviser behaviour toward single-platform usage continues.

Buy. Target $100.60.

Target price is $106.75 Current Price is $92.56 Difference: $14.19
If HUB meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $111.89, suggesting upside of 17.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates IDX as Outperform (1) -

Following a better-than-expected interim result for Integral Diagnostics, Macquarie increases its target price to $3.50 from $3.40 and reiterates an Outperform rating.

Revenue was largely in line with the broker's forecast, with domestic organic growth of 7.4% year-on-year, while earnings (EBITDA) were an around 3% 'beat' and the margin was 70bps above expectation at 20.6%.

The analyst expects 70bps of earnings margin expansion in H2, supported by MRI deregulation, CT uplift from the National Lung Cancer program, and higher merger cost synergies of over $14m.

Target price is $3.50 Current Price is $2.26 Difference: $1.24
If IDX meets the Macquarie target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 50.6% (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

Ord Minnett rates IDX as Buy (1) -

Integral Diagnostics posted first half underlying EBITDA and margins that were ahead of expectations. Ord Minnett notes, on a less positive note, the Australian business continues to lose market share.

While the earnings quality was lower than anticipated the broker believes results are pointing in the right direction, ergo improved margin trajectory, balance sheet and operating outlook. Minor upgrades of 3-6% are made to FY26-28 EPS estimates.

Ord Minnett retains a Buy rating and $3.30 target.

Target price is $3.30 Current Price is $2.26 Difference: $1.04
If IDX meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $3.60, suggesting upside of 50.6% (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 INA as Buy (1) -

Citi retains a Buy rating and Ingenia Communities is the most preferred land lease name.

An improving development margin outlook, as well as trading over a -35% discount to peers make the stock appealing, the broker exclaims.

****

In an initial assessment, Ingenia Communities' interim underlying profit of $62.1m implies to Citi EPS of 15.2c, down -10% year-on-year but 4% ahead of the consensus forecast. FY26 EPS guidance of 32.5-34.0c was maintained.

Development settlements of 248 exceeded the 242 consensus estimate, highlight the analysts. Settlements rose to 301 post period-end and contracts on hand were up 20% year-on-year to 440.

The Development earnings (EBIT) margin of 30% was below Citi’s 31.2% estimate and down from 31.8% in FY25, reflecting higher selling and marketing costs.

A positive share price reaction is expected given recent weakness in the lead up to the result.

Target price is $6.60 Current Price is $4.35 Difference: $2.25
If INA meets the Citi target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 26.9% (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 INA as Neutral (3) -

UBS notes Ingenia Communities shares sold off despite delivering a solid result, with underlying earnings beating consensus by 4%, FY26 guidance upgraded to the top end of the prior range, and management providing upbeat commentary on land lease sales rates and demand.

Encouragingly, management flagged no deterioration in sales rates or protracted sale-to-settlement timeframes, despite a cash rate hike this year and expectations for more to come.

While UBS is confident Ingenia will deliver earnings at or above its target range for FY26, the broker is cognisant the full impact of a higher rate outlook is yet to be felt by the residential market and sits below consensus across FY27-28.

Neutral and $5.00 target retained.

Target price is $5.00 Current Price is $4.35 Difference: $0.65
If INA meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.63, suggesting upside of 26.9% (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

Macquarie rates KLS as No Rating (-1) -

Macquarie highlights a strong 1H26 result for Kelsian Group, with revenue 3% ahead of consensus and earnings (EBITDA) margin expansion of 64bps. Profit came in 2% above the broker’s expectations and 9% ahead of consensus.

Marine and International Bus delivered 21% revenue growth and 310bps of margin expansion, highlights the analyst, though Australian Bus margins compressed by -290bps due to cost pressures.

FY26 earnings guidance is upgraded by $4m at the midpoint.

Tourism assets are to be sold to Journey Beyond for $161m subject to ACCC/FIRB approval in 1H27.

The broker is on research restriction and cannot provide a rating or target.

Current Price is $4.17. Target price not assessed.

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 KLS as Buy (1) -

UBS retains a Buy rating on Kelsian Group and increases its target price to $5.60 from $5.50 following a "clean" 1H26 result and the announced divestment of the Tourism portfolio.

Subject to approvals, $161m sale to Journey Beyond is expected to improve group quality, lift Marine margins towards the mid-20% range and reduce maintenance capex by $9–11m, the analysts highlight.

Revenue of $1,188m is an increase of 11% year-on-year and beats the broker's expectation, while earnings (EBITDA) of $154m is a rise of 16% and 4% ahead of the broker.

FY26 guidance for underlying earnings is raised to $303-312m from $297-310m.

Target price is $5.60 Current Price is $4.17 Difference: $1.43
If KLS meets the UBS target it will return approximately 34% (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

UBS rates L1G as Neutral (3) -

At first glance, UBS suggests L1 Group delivered a strong 1H26 result, with underlying profit 24% ahead, driven by a better costs outcome.

While the cost outlook is well ahead, near term fee waivers will partly offset with fuller P&L benefits to flow through into FY28, UBS notes.

Total revenues beat by 6%, although driven by gains on seed which the broker sees as largely one-off. Costs were the primary driver of the operating beat, with the run-rate for synergies tracking ahead of plan.

Neutral and $1.12 target.

Target price is $1.12 Current Price is $1.19 Difference: minus $0.07 (current price is over target).
If L1G meets the UBS target it will return approximately minus 6% (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

Shaw and Partners rates LAU as Buy (1) -

Shaw and Partners retains a Buy rating on Lindsay Australia with an unchanged $1.00 target price after a "solid" 1H26 result. The broker notes improving conditions across Transport and Rural, despite margin pressure from higher input costs.

Pre-AASB16 underlying earnings (EBIT) of $30.2m rose by 13.4% year-on-year and beat the analyst's estimate by 6.7%, with the SRT Logistics acquisition delivering early synergies. Further benefits are expected.

Post-AASB16 revenue increased 24.8% to $540.3m, while underlying earnings (EBITDA) rose by 16.0% and profit was broadly flat.

Gearing is elevated at 2.23x, notes Shaw, but expected to trend back towards the 1.7-1.8x target range over 6-12 months.

Target price is $1.00 Current Price is $0.71 Difference: $0.29
If LAU meets the Shaw and Partners target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $0.93, suggesting upside of 34.8% (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 LLC as Hold (3) -

Ord Minnett was disappointed with the first half result from Lendlease Group as the operating loss was several times larger than expected amid large downward property revaluations and impairment charges relating to US, UK and Singapore assets.

There was a material increase in gearing and a weaker-than-expected outcome from the capital release unit which was established to divest assets.

The broker believes meeting the 15% gearing target by the end of FY26 is unlikely given there are only $460m in assets under sale contracts so far.

On a more positive note, operating earnings from the integrated development and construction division were ahead of expectations. Hold rating maintained. Target is $4.95.

Target price is $4.95 Current Price is $4.20 Difference: $0.75
If LLC meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.48, suggesting upside of 31.5% (ex-dividends)

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 LNW as Buy (1) -

Light & Wonder delivered earnings that were ahead of Citi's estimates, according to a first review of 2025 results, with the 'beat' coming through in the margin.

The company expects another strong year of net profit and earnings growth and the broker notes its departure from providing a guidance range for 2026. This is considered appropriate and in line with the company's closest peer, Aristocrat Leisure ((ALL)).

Citi expects the stock to trade "broadly flat" suspecting a lack of quantitative guidance may disappoint some investors. Buy rating and target of $175.00.

Target price is $175.00 Current Price is $137.11 Difference: $37.89
If LNW meets the Citi target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $212.71, suggesting upside of 60.1% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

Bell Potter rates MAD as Buy (1) -

Mader Group reported profit up 17% year on year, -7% below Bell Potter's expectations. Australia and North America profitability is anticipated to improve in 2H26, the broker notes, as revenue lifts quicker than the respective segment’s cost bases.

The interim dividend was deferred to bring forward achievement of net cash (excluding leases) to support the company’s financial position before it embarks on a “more aggressive approach to organic and inorganic growth opportunities".

Mader continues to expand rapidly into adjacent markets in Australia and convert well on business development opportunities across North America, Bell Potter suggests, with labour recruitment and deployment into the region the key constraint.

Target rises to $9.70 from $9.00, Buy retained.

Target price is $9.70 Current Price is $8.50 Difference: $1.2
If MAD meets the Bell Potter target it will return approximately 14% (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 MAD as Outperform (1) -

Macquarie rates Mader Group Outperform and lowers its target price to $10.20 from $10.40 following the 1H26 result.

The broker highlights 1H26 revenue growth of 18% y/y, with Australia up 19% and North America up 13%, and notes the company has achieved 49% of its $1bn-plus revenue target and 47% of its $65m-plus net profit after tax target under the five-year plan.

Earnings (EBITDA) margins softened to 11.6% due to around -$6m in additional bonus provisions and inflationary pressures, management expects stronger 2H margins as provisions normalise.

The growth outlook in Australia is viewed as positive and “far from saturated”, with North America seeing an accelerating pipeline and circa 100 unfilled roles, and potential for M&A under a revised strategy expected in Apr/May.

Earnings forecasts are tweaked down for FY26/FY27/FY28 by -3%/-3%/-4%, respectively, reflecting modest downgrades to revenue growth and margins.

Target price is $10.20 Current Price is $8.50 Difference: $1.7
If MAD meets the Macquarie target it will return approximately 20% (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 MGH as Outperform (1) -

Maas Group's 1H26 earnings (EBITDA) met consensus expectations, with Civil Construction & Hire revenue rising 55% y/y and margins expanding 110bps to 15.5%, supported by electrical work and higher plant utilisation.

FY26 EBITDA guidance has been increased to $250–280m, around 2% above consensus at the midpoint, Macquarie  notes with non-CM businesses expected to contribute $120–140m, while the Firmus contract is anticipated to materially support 2H26 and FY27 earnings.

Capital recycling remains on track toward a $200m 2026 target and the broker expects residential settlements of 240–260 lots in FY26, skewed to the top end. EPS forecasts are revised by up by 3% in FY26 and down -15% for FY27 reflecting post-result changes and the removal of the CM division from end-1H27.

Outperform rating is unchanged and target price slips to $5.25 from $5.55.

Target price is $5.25 Current Price is $4.08 Difference: $1.17
If MGH meets the Macquarie target it will return approximately 29% (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 MGH as Buy (1) -

Morgans retains a Buy rating on Maas Group with a $5.20 target price, up from $5.10, following a "strong" 1H26 result and upgraded guidance.

FY26 guidance for underlying earnings (EBITDA) was raised by circa 4% to $250-$280m. The contribution from the non-construction Materials (CM) businesses is expected to be in the range of $120-$140m.

For the half, underlying earnings (EBITDA) of $115.3m rose by 21% year-on-year and beat the broker's forecast by 6%. Profit of $40.6m increased by 26% while EPS grew 16%.

The Civil Construction & Hire (CC&H) division, the bulk of what will remain post the sale of CM, delivered a return on capital employed (ROCE) of 20%, double that achieved in 1H25, highlights Morgans.

The broker notes the sale will leave around $700m net cash, with redeployment at these attractive returns (mentioned above) key to the investment case.

Target price is $5.20 Current Price is $4.08 Difference: $1.12
If MGH meets the Morgans target it will return approximately 27% (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

Bell Potter rates MI6 as Speculative Buy (1) -

Minerals 260 has announced it has signed a $220m strategic funding package with Franco Nevada Corporation to accelerate and de-risk the development of its 100%-owned 4.5Moz Bullabulling Gold Project in WA.

In Bell Potter's view, the pricing of the tranches of the deal is at a material premium to market and represents a strong endorsement by one of the world’s most capable and successful gold investment companies.

Minerals 260 offers gold exposure via the 4.5Moz Bullabulling Resource, valuation uplift through discovery success, project advancement and de-risking as the project progresses towards production, the broker notes.

Speculative Buy retained, target rises to 90c from 75c..

Target price is $0.90 Current Price is $0.60 Difference: $0.305
If MI6 meets the Bell Potter target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 61.5% (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

Bell Potter rates MND as Buy (1) -

Monadelphous Group reported underlying earnings up 46% year on year and 5% ahead of Bell Potter's forecast. Group revenue (including JV sales) was up 46%, in line with guidance.

Engineering Construction division revenue was up 67%, reflecting significant growth in work delivered from contracts awarded over the past 18 months, greater activity at Zenviron and an expansion of end-to-end capabilities.

Maintenance and Industrial Services revenue was a record and up 32%, with growth driven by increased turnaround activity and brownfield energy work delivery, and sustained elevated demand from iron ore clients.

Bell Potter expects Monadelphous can sustain current strong operating momentum across the Group in the short-term given its contracted position and further work package awards likely to land in 2H26.

Target rises to $37 from $33, Buy retained.

Target price is $37.00 Current Price is $32.43 Difference: $4.57
If MND meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $35.41, suggesting upside of 15.6% (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

Citi rates MND as Buy (1) -

Target price is raised to $36.75 from $28.75 with a Buy rating unchanged.

****

Citi analysts are in awe. That's the one standout observation to make from their initial reaction to today's interim report release by Monadelphous Group.

This result, say the analysts, "demonstrated why it is considered to be a high-quality contractor with razor-sharp focus on risk, capacity and cost management".

Needless to say, the bottom line is much higher than what was forecast. Guidance has been upgraded to circa 30% growth for FY30, some 6% higher than forecasts by Citi's assessment, but EBITDA could well end up 15% higher.

Citi adds Monadelphous management is well-known for being conservative.

Buy. Target $28.75.

Target price is $36.75 Current Price is $32.43 Difference: $4.32
If MND meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.41, suggesting upside of 15.6% (ex-dividends)

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 MND as Downgrade to Neutral from Outperform (3) -

Macquarie downgrades Monadelphous Group to Neutral from Outperform and raises its target price to $33.95 from $31.00 following a strong 1H26 result.

Net profit after tax tose 53% y/y and was 7% ahead of Macquarie and 17% above consensus expectations, with revenue of $1.53bn and earnings (EBITDA) margin of 7.59% both exceeding expectations.

Management's FY26 revenue growth guidance was lifted to 30% growth from 20-25%, with margins flagged to be maintained in 2H, supported by strong execution and favourable mix.

EPS forecasts are raised by 11%/9%/9% for FY26/FY27/FY28, respectively, but the analyst sees a high bar into FY27, forecasting group revenue growth of 2% after 32% in FY26.

Target price is $33.95 Current Price is $32.43 Difference: $1.52
If MND meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $35.41, suggesting upside of 15.6% (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 MND as Downgrade to Hold from Buy (3) -

Morgans lifts its target price for Monadelphous Group to $33.85 from $29.00 following a strong 1H26 result. The broker's rating is downgraded to Hold from Buy on valuation.

Earnings (EBITDA) rose by 58% year-on-year and beat the broker's forecast by 15%, while profit increased by 70% excluding prior insurance proceeds. These outcomes were supported by solid margins and strong cash conversion, observes the analyst.

FY26 revenue guidance is upgraded to around 30% growth from 20-25%, with margins expected to be maintained. The broker expects growth to moderate in FY27 as one-off hook-up and commissioning projects roll off.

Morgans sees upside for Monadelphous Group increasingly reliant on securing major contracts such as Nolans.

Target price is $33.85 Current Price is $32.43 Difference: $1.42
If MND meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.41, suggesting upside of 15.6% (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

UBS rates MND as Neutral (3) -

Monadelphous Group posted a first half earnings result that was ahead of expectations, underpinned by EBITDA margin expansion and better-than-expected revenue growth.

Strong demand was noted by UBS in the construction segment across the iron ore and energy sectors amid expanded capability from acquisitions.

Maintenance revenue rose 32%, reflecting an increase in energy sector turnaround activity and sustaining capital project work. The company is now guiding to FY26 revenue growth of 30%.

UBS expects a group EBITDA margin in FY26 of 7.6%. Neutral retained. Target is raised to $35.50 from $27.00.

Target price is $35.50 Current Price is $32.43 Difference: $3.07
If MND meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $35.41, suggesting upside of 15.6% (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 MP1 as Buy (1) -

In the wake of interim results for Megaport, Morgans retains a Buy rating and increases its target price to $16.00 from $15.50 after identifying a number of one-off costs embedded in 2H26 guidance.

The broker now expects a normalised 2H26 exit rate earnings (EBITDA) margin of between 16-17%, excluding marketing events, product launches and new geography costs.

US dollar weakness is weighing on reported earnings, highlights the analyst.

The broker's FY26 forecasts are unchanged, while FY27 and FY28 operating cost assumptions are reduced by -8 and -10%, respectively.

It's felt management has re-established momentum in the core business. This has been achieved by strengthening the go-to-market strategy, refining product pricing, expanding the depth of its offering and bolstering sales and support capability, explains the analyst.

Target price is $16.00 Current Price is $7.38 Difference: $8.62
If MP1 meets the Morgans target it will return approximately 117% (excluding dividends, fees and charges).

Current consensus price target is $16.35, suggesting upside of 101.9% (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

Bell Potter rates NAN as Upgrade to Hold from Sell (3) -

Nanosonics reported 1H26 revenues of $102.2m (consensus of $105m), up 9% year on year, while earnings of $8.5m were modestly ahead of consensus but only in line with the prior first half.

The US remained the powerhouse for revenue growth, Bell Potter notes, generating double digit percentage growth across capital sales and consumables

However, total revenues failed to exceed the prior sequential period for the first time since the end of the covid period due to the combination of currency headwinds and slowing consumables sales.

Target falls to $3.60 from $4.10, but Bell Potter upgrades to Hold from Sell based on valuation. In the broker's view the stock is oversold and the current market price represents a reasonable entry point.

Target price is $3.60 Current Price is $3.28 Difference: $0.32
If NAN meets the Bell Potter target it will return approximately 10% (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

Morgans rates NAN as Buy (1) -

Nanosonics provided a mixed result with revenue softer than Morgans expected while cost control was better.

The company has reaffirmed guidance which signals for the broker a "cleaner" second half, with better growth, margins and operating leverage on a constant currency basis.

Headwinds in FX are expected to persist. Morgans is cautiously optimistic, continuing to envisage value in the installed base, traceability advantages and CORIS potential. Buy rating. Target is reduced to $4 from $5.

Target price is $4.00 Current Price is $3.28 Difference: $0.72
If NAN 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: 0.5

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

Macquarie rates NEC as No Rating (-1) -

Nine Entertainment's 1H26's continuing operations earnings (EBITDA) of $192m, rose 6% y/y, in line with guidance, while net profit after tax of $95m rose 30% y/y benefiting from discontinued businesses.

Macquarie states it is cautiously optimistic on ad market stabilisation, citing positive business confidence, though it expects the Total TV market to decline -7% in FY26 with structural pressures persisting, partly offset by momentum in Stan and publishing.

The broker now forecasts FY26 continuing operations earnings (EBITDA) of $310m, down -4% y/y, excluding radio and NBN and not yet including QMS.

EPS forecasts are cut by -1%/-10%/-7% for FY26/FY27/FY28, reflecting updated guidance and outlook assumptions.

Macquarie is under research restriction on Nine Entertainment. No rating or target price.

Current Price is $1.07. Target price not assessed.

Current consensus price target is $1.61, suggesting upside of 50.5% (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

UBS rates NEC as Neutral (3) -

Nine Entertainment beat UBS estimates in the first half amid a better-than-expected cost performance. The top line across both free to air and BVOD, affected by the Olympics in the prior corresponding period, drove a -17% revenue decline in total TV.

Heading to the second half the broker is constructive on this segment, with the business set to benefit from strong program line up.

Estimates for revenue and earnings are lowered by an average of -1-3% although net profit forecasts have been lifted because of the lower-than-expected interest expense and D&A. Neutral reiterated. Target is reduced to $1.13 from $1.22.

Target price is $1.13 Current Price is $1.07 Difference: $0.065
If NEC meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.61, suggesting upside of 50.5% (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

Morgans rates NGI as Upgrade to Buy from Accumulate (1) -

Morgans upgrades Navigator Global Investments to Buy from Accumulate, pointing out that while first half net profit was well below forecasts underlying EBITDA was "comfortably ahead".

FY26 guidance is for adjusted EBITDA to be down versus FY25 on lower performance fees in NGI Strategic, which the broker asserts is "somewhat broad". EPS estimates are lowered by -1% for FY26 and -2% for FY27.

All up, Morgans believes the result was reasonable as underlying performance was better than anticipated, the company is comfortable with consensus estimates, and the acquisition pipeline appears active. Target is reduced to $3.35 from $3.71.

Target price is $3.35 Current Price is $2.65 Difference: $0.7
If NGI meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 38.1% (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: 1.0

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments beat Ord Minnett's EBITDA estimates in the first half as the Lighthouse Partners performance fee was better than expected.

Performance fee revenue of $39m was a new six-monthly record while base management fees were in line with expectations.

While the NGI Strategic contribution was modest the broker points out the second half is seasonally much stronger. Ord Minnett considers the business a "cash flow machine" that benefits from a diversified portfolio, retaining a Buy rating. Target is reduced to $3.55 from $3.70.

Target price is $3.55 Current Price is $2.65 Difference: $0.9
If NGI meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $3.47, suggesting upside of 38.1% (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: 1.0

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

Bell Potter rates NOU as Buy (1) -

Noumi reported 1H26 underlying earnings ahead of Bell Potter's expectations, driven by a stronger than expected result in the Dairy & Nutritionals platform.

Revenue growth in 2Q26 was ahead of the broker's expectations driven by the turnaround in the Dairy business. The focus is now on investing profits from dairy into accelerating top line growth in the branded plant portfolio.

A resolution to the capital structure in the next 18 months could also clear the path to recognising material tax assets, Bell Potter notes.

Buy and 18c target retained.

Target price is $0.18 Current Price is $0.12 Difference: $0.06
If NOU meets the Bell Potter target it will return approximately 50% (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 NXT as Buy (1) -

Citi expects NextDC to announce an inline result and forecasts 1H26 earnings (EBITDA) of $111m, up 5% and 2% above consensus due to marginally higher revenue.

The market is expected to focus on the update regarding the JV partner for S4/S7 development and funding, with circa -$4.3bn in capex over the next two years, the analyst explains.

Citi remains upbeat on the data centre environment and points to NextDC's headcount up 11% y/y as at Dec 2025.

Earnings (EBITDA) forecasts for FY27 are upgraded by 12% to reflect higher than expected contract wins in 1H26, which should flow to billing in FY27.

Buy rated with a $19 target price.

Target price is $19.00 Current Price is $13.28 Difference: $5.72
If NXT meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $20.61, suggesting upside of 47.7% (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

Macquarie rates PFP as Outperform (1) -

Propel Funeral Partners delivered first half earnings that were below Macquarie's estimates largely on the back of weaker revenue and lower volumes. No FY26 guidance was provided.

Current funding capacity is at high levels and provides significant opportunity for acquisitions in the near term.

Long-term fundamentals are attractive and the broker reiterates an Outperform rating, with M&A continuing to represent significant earnings upside. Target edges down to $5.75 from $5.80.

Target price is $5.75 Current Price is $4.41 Difference: $1.34
If PFP meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 35.2% (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 PFP as Overweight (1) -

Morgan Stanley retains its Overweight rating on Propel Funeral Partners and lowers its price target to $6.00 from $6.50 following the 1H26 result.

Revenue of $118.8m and earnings (EBITDA) of $30.3m were broadly in line wiith forecasts but below consensus by -3% and -5% respectively, with EBITDA margin of 25.5% down -50bps y/y and cash conversion of 95%.

The broker sees scope for re-rating given the stock trades on circa.25x NTM P/E versus Invocare’s 36x takeout multiple and highlights defensive structural drivers, including demographic tailwinds, pricing power and bolt-on M&A capacity of over $180m.

 FY26–FY28 EPS forecasts are revised by less than -1%, reflecting softer organic sales offset by bolt-on M&A and lower interest costs.

Industry view: In-Line.

Target price is $6.00 Current Price is $4.41 Difference: $1.59
If PFP meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $5.88, suggesting upside of 35.2% (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

Shaw and Partners rates PLY as Buy (1) -

Playside Studios' interim revenue of $20.4m was a decline of -28% year-on-year but landed at the top end of guidance, highlights Shaw and Partners.

Earnings (EBITDA) of $9.5m included a $7.9m digital games tax offset (DGTO) claim, notes the broker. Cash costs fell -21% as restructuring delivered around $7m in savings.

The broker highlights upcoming game title Mouse as a key near-term catalyst, with nearly 1.3m wishlists and a launch delay to 16 April seen as value-accretive and not impacting FY26 forecasts.

External Projects sentiment is improving, with management investing in business development and targeting revenue above FY24 levels over time, points out the analyst.

Shaw retains a Buy rating and 44c price target.

Target price is $0.44 Current Price is $0.30 Difference: $0.14
If PLY meets the Shaw and Partners target it will return approximately 47% (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

Bell Potter rates PPS as Buy (1) -

Praemium delivered a strong result, Bell Potter notes, consistent with prior aspiration for double digit revenue growth and slight operational leverage.

The company does not provide net inflow guidance but mentioned it expects meaningful flows to follow the recent client onboarding.

Praemium has reissued an expectation for -$9m in net salary cost reductions from the announced restructure, outlining tailwinds for operating expenses and capitalised costs.

Yet cost reduction remains the smallest opportunity in the opinion of management, relative to transformation in the technology offering and revenue growth. 

Praemium's update offered little surprises and remains well placed to reinvigorate sales growth while making its operations leaner, Bell Potter concludes.

Buy and $1.20 target retained.

Target price is $1.20 Current Price is $0.72 Difference: $0.485
If PPS meets the Bell Potter target it will return approximately 68% (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 PRN as Buy (1) -

Citi lowers its target for Perenti to $3.00 from $3.10.

Buy rating retained and FY26 earnings forecasts are lowered.

****

From today's interim results for Perenti, Citi highlights a -5% revenue miss and -10% earnings (EBITA) miss for Contract Mining. This segment accounts for more than 70% of group earnings, highlight the analysts.

In an early assessment, the broker believes underlying fundamentals remain intact, supported by steady Contract Mining revenue and improving momentum in Drilling Services.

It's noted guidance downgrades were solely driven by Australian dollar strength rather than operational weakness.

Citi expects second-half revenue to be similar to H1 with potential upside in FY27 from new North American work. it's expected drilling rig utilisation will rise above 75% in 2H, supporting margin improvement in Drilling Services.

Target price is $3.00 Current Price is $2.39 Difference: $0.61
If PRN meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.83, suggesting upside of 15.6% (ex-dividends)

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

Citi rates SCG as Buy (1) -

Citi 's target price is lowered to $4.40 from $4.60 while retaining a Buy rating.

****

From today's FY25 results for Scentre Group, Citi highlights at first glance funds from operations (FFO) of $1,188m rose 4.9%. It's felt operational momentum is being supported by 99.8% occupancy, 4.5% rent escalations and 3.2% leasing spreads.

Net operating income (NOI) grew 4.8% like-for-like.

FY26 funds from operations (FFO) guidance of at least 23.73cpu implies to the broker growth of at least 4%, alongside distributions expected to rise 4% to 18.43cpu.

Around $2.2bn in capital raised via joint ventures has created significant redeployment capacity, in the analysts' view, despite near-term dilution. 

The broker sees upside from capital recycling into higher-return opportunities and observes the stock trades at a -14% discount to economic net asset value (NAV).

Target price is $4.40 Current Price is $3.75 Difference: $0.65
If SCG meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.2% (ex-dividends)

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 SCG as Upgrade to Neutral from Underperform (3) -

Scentre Group delivered a 2025 result that was slightly ahead of Macquarie's estimates. Guidance for 2026 is for "at least 4%" growth in free funds from operations, reflecting dilution from the distribution reinvestment plan.

The company intends to redeem US$750m in 2030 senior bonds, to execute on a refinancing opportunity after asset sales, which will provide a margin benefit that is partially offset by a higher debt balance.

The broker notes the stock is now trading in line with historical earnings multiples and at 6% premium to book and upgrades to Neutral from Underperform on valuation. Target rises to $3.73 from $3.64.

Target price is $3.73 Current Price is $3.75 Difference: minus $0.02 (current price is over target).
If SCG meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.25, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

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 SCG as Neutral (3) -

Scentre Group provided a "strong" operating result for 2025 although 2026 guidance for FFO growth of 4% was well below expectations, UBS points out.

The broker struggles to reconcile guidance and 2025 second half net operating income, and questions why a business which is generating comparable net operating income growth of 4% and has debt refinance tailwinds should be generating bottom-line FFO growth in excess of 5%.

UBS is constructive on the fundamental backdrop for retail malls but does not consider the growth-adjusted multiples for the stock very compelling. Neutral retained. Target is reduced to $4.10 from $4.20.

Target price is $4.10 Current Price is $3.75 Difference: $0.35
If SCG meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.25, suggesting upside of 13.2% (ex-dividends)

The company's fiscal year ends in December.

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 SDF as Buy (1) -

A Buy rating on Steadfast Group is retained and Citi lowers its target price to $6.00 from $6.50, primarily reflecting a -10% increase in the valuation discount.

The 1H26 result was a circa -2% miss, attributed largely to timing, while average premium rates stabilised at around 2.4% y/y with solid growth across larger product classes.

Management's FY26 EPS growth guidance of 6%-10% growth was reaffirmed, with M&A and cost discipline expected to offset moderating rate momentum.

EPS forecasts are trimmed by around -1% across FY26–FY28.

The stock is trading around13x P/E, a record discount of circa -50% to its 10-year median relative to the market, which is viewed as overstating concerns around CEO transition and AI disruption.

Target price is $6.00 Current Price is $4.20 Difference: $1.8
If SDF meets the Citi target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.89, suggesting upside of 37.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates SDF as Overweight (1) -

Steadfast Group's softer 1H26 underlying NPAT came in -2.5%/-4% below consensus/Morgan Stanley's forecasts, with underlying earnings (EBITA) some -1 to –2% short of expectations, while the 8.2c dividend missed expectations by -5% to -7%.

The broker notes FY26 guidance was reaffirmed, implying a stronger 2H skew of 43%/57% versus 46%/54% for consensus, supported by circa $11m in 2H cost reductions, profit commission timing, improved Agencies volumes and a step up in International earnings.

Morgan Stanley highlights rebounding Australasian pricing to 2.7% in Jan-26, a proposed -$195m 2H acquisition pipeline after -$239m in 1H, and clearer head office disclosures.

Overweight. Target $6.74.

Target price is $6.74 Current Price is $4.20 Difference: $2.54
If SDF meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $5.89, suggesting upside of 37.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates SDF as Buy (1) -

UBS notes the first half result from Steadfast Group missed estimates at the net profit line while broadly in line at the EBITA level.

The company is relying on cost levers and accelerating "trapped capital" to deliver guidance for the full year in a soft cycle, the broker observes.

The new merger rules do not appear to be impeding progress on trapped capital with more than $330m to be spent domestically over FY26.

The broker assesses, while organic growth is getting tougher, multiples are undemanding and retains a Buy rating. Target is reduced to $6.00 from $6.30.

Target price is $6.00 Current Price is $4.20 Difference: $1.8
If SDF meets the UBS target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $5.89, suggesting upside of 37.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates SDR as Buy (1) -

On initial inspection, Citi notes SiteMinder's 1H26 earnings (EBITDA) missed expectations by -4% and came in -9% below consensus.

R&D capitalisation was lower than anticipated, meaning adjusted earnings (EBITDA) were in line at a loss of -$1.9m, but the analyst did not include -$0.9m of restructuring costs taken below the line. Underlying net profit after tax was a loss of -$4m, which met forecasts.

ARR growth (constant currency) was 27% y/y and property growth at 12.3% y/y was a slight beat. Gross margin rose to 67.8% from 66.9%, and management is pointing to robust momentum in DR-plus going into 2H26.

Buy. Target $6.75.

Target price is $6.75 Current Price is $2.94 Difference: $3.81
If SDR meets the Citi target it will return approximately 130% (excluding dividends, fees and charges).

Current consensus price target is $7.90, suggesting upside of 144.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates SDR as Buy (1) -

SiteMinder delivered free cash flow in the first half that missed expectations and UBS suspects, at first glance, minimal acceleration of recurring revenue will likely disappoint the market.

The company has guided to continued annual recurring revenue growth in the second half along with improved adjusted EBITDA. The broker points out FX will be a headwind in the second half. Buy rating and $8.30 target.

Target price is $8.30 Current Price is $2.94 Difference: $5.36
If SDR meets the UBS target it will return approximately 182% (excluding dividends, fees and charges).

Current consensus price target is $7.90, suggesting upside of 144.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

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

Following 'solid" interim results for SKS Technologies, Morgans raises its target to $5.10 from $4.25 and downgrades to Accumulate from Buy.

Profit (NPAT) of $8.8m was a 51.7% year-on-year increase and beats the broker’s forecast by around 22%. PBT margins also exceeded expectation, despite project phasing between large data centre jobs, explains the analyst.

FY26 guidance for Revenue of $340m and PBT of $34m was reaffirmed.

Work in hand has risen to around $304m, with significant FY27 visibility, according to Morgans, and a large data-centre tender pipeline.

Target price is $5.10 Current Price is $4.49 Difference: $0.61
If SKS meets the Morgans target it will return approximately 14% (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 SSM as Buy (1) -

At first look, Citi notes Service Stream's 1H26 underlying NPATA was 4%–7% ahead of expectations, despite revenue and EBITDA missing forecasts by -3% to -5% and -3% respectively, primarily due to Telco contract transitions and program completions.

The broker states Utilities margins improved to 5.5%, up 130bps y/y, ahead of expectations and consensus at 5.1%, while work in hand increased to $9.2bn from $7.6bn at FY25 and cash conversion strengthened to 148%.

Margin dilution in Telco and higher capex and leasing cashflows, at the upper end of the 2–2.5% of revenue target over the next two years, were key negatives.

The broker expects a reversion to a traditional 2H earnings skew, with forecasts assuming a 48:52 1H:2H split, supported by Utilities margin expansion, a Telco recovery in 2H and Defence mobilisation.

No quantitative guidance was provided, but management continues to expect earnings growth in FY26. 

Buy. Target $2.65.

Target price is $2.65 Current Price is $2.11 Difference: $0.54
If SSM meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 32.0% (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

UBS rates SSM as Buy (1) -

Service Stream delivered underlying net profit in the first half that was ahead of expectations and reiterated guidance for earnings growth and margin improvement in FY26.

At first glance, UBS considers the results "fine", with no change to long-term revenue expectations for the new NBN contract, while a new Optus agreement has been won that supports a return to growth in the second half and FY27.

The utility segment is clearly tracking ahead of expectations, the broker adds. Buy rating and $2.80 price target.

Target price is $2.80 Current Price is $2.11 Difference: $0.69
If SSM meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 32.0% (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 SXL as Neutral (3) -

At first glance, Southern Cross Media reported a "solid" top line, UBS remarks, which supported an earnings (EBITDA) beat, with January TV trading ahead of the market.

Revenue for 1H26 rose 13% above the broker's forecast and earnings (EBITDA) beat by 52%, with underlying NPAT 279% above UBS's expectations.

Divisionally, radio revenues rose 3.2% y/y, SWM TTV ad revenues slipped -2% y/y, pre-reported, and opex was 10% higher than forecast.

January trading conditions appear robust, with TV up 3% y/y and Radio continuing to take market share.

Neutral. Target 75c.

Target price is $0.75 Current Price is $0.61 Difference: $0.145
If SXL meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Market Sentiment: -0.5

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

Morgans rates TEA as Buy (1) -

Tasmea posted a first half result that was slightly below expectations. Morgans was encouraged by the performance in civil and electrical although the gains in this area were more than offset by softer earnings in the "seemingly lumpy" mechanical segment.

Cash generation was the highlight. Given the specialist maintenance focus and blue-chip customer base, the broker anticipates high recurring revenue growth and rates the stock a Buy, reducing its target to $5.25 from $5.40.

Target price is $5.25 Current Price is $3.54 Difference: $1.71
If TEA meets the Morgans target it will return approximately 48% (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

Morgans rates TTX as Speculative Buy (1) -

Tetratherix provided first half results that were in line with forecasts. Morgans is concentrating on the upcoming catalysts including FDA submissions and clearance for the bone regeneration products such as Tegenix and TegenEOS.

Highlights included the signing of a development agreement by BioOptics with Alcon (a global eye care specialist) and advancement of clinical programs.

Target unchanged at $5.76. Speculative Buy retained.

Target price is $5.76 Current Price is $3.80 Difference: $1.96
If TTX meets the Morgans target it will return approximately 52% (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

Morgans rates TYR as Buy (1) -

Morgans notes Tyro Payments delivered a first half operating EBITDA that was comfortably ahead of consensus, driven by growing operating leverage.

The main negative was softer topline growth as revenue, while growing 6%, was -11% below consensus. The business has a large addressable market and has made recent improvements in profitability, which encourages the broker.

Long-term value is envisaged, and with the stock trading at a healthy discount to valuation, a Buy rating is maintained. Target is reduced to $1.55 from $1.70.

Target price is $1.55 Current Price is $0.96 Difference: $0.59
If TYR meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $1.30, suggesting upside of 37.8% (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 VEA as Outperform (1) -

Macquarie maintains its Outperform rating on Viva Energy and cuts its target price to $2.70 from $3.00 following 2025 results that were in line with earnings ( EBITDA ) of $701m and a 60% non-refining dividend payout.

Convenience & Mobility outlook has again been downgraded, with management citing supply chain challenges, cost duplication and tobacco weakness.

Earnings growth in 2026 expected to be modest despite OTR store sales growth of 10% ex-tobacco and 27% in fuel in a limited sample.

Commentary highlights Commercial & Industrial remains the key earnings driver at 66% of group earnings (EBITDA), while refining margins are improving and Geelong is expected to deliver a cleaner year in 2026.

Macquarie highlights a -$556m lease impairment and notes the $500m C&M EBITDA target may be delayed beyond 2028 and potentially reduced.

EPS forecasts are cut by -9.8%/-3.6%/-0.9% for 2026/27/28, reflecting lower C&M margins and a slower growth trajectory.

Target price is $2.70 Current Price is $1.87 Difference: $0.83
If VEA meets the Macquarie target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 38.4% (ex-dividends)

The company's fiscal year ends in December.

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

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

Viva Energy's 2025 results were broadly in line with Morgan Stanley's expectations, while management flagged a more positive 2026 outlook.

2025 replacement cost earnings (EBITDA) fell -6% y/y, broadly in line with forecasts, while underlying NPAT went down -28% y/y and beat consensus by 8%, supporting a fully franked final dividend of 3.94c and 2025 DPS of 6.8c, around 59% of NPAT.

The broker notes Convenience & Mobility tobacco headwinds appear to have stabilised, fuel margins remain robust, and 40–60 new stores are targeted in FY26, weighted to 2H.

Equal-weight. Target $2.09. Industry view: In-Line.

Target price is $2.09 Current Price is $1.87 Difference: $0.22
If VEA meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 38.4% (ex-dividends)

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 VEA as Buy (1) -

Viva Energy delivered 2025 underlying net profit along with a final dividend that exceeded Ord Minnett's expectations.

One feature of the result, the broker points to, was a decision to slow the roll-out of the On-The-Run stores, as the company focuses on optimising the supply chain.

Including conversion of its existing convenience sites, Viva Energy now plans to open 40-60 new OTR stores this year, deferring an expected $60m into 2027 from 2026. The strategy and earnings growth expectations will also be reviewed in the second half of the year.

Ord Minnett reduces 2026 estimates for EPS by -7.9% and raises 2027 forecast by 1.4%. Buy rating. Target is $2.50.

Target price is $2.50 Current Price is $1.87 Difference: $0.63
If VEA meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 38.4% (ex-dividends)

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

UBS rates VEA as Buy (1) -

Viva Energy beat estimates with its 2025 result amid stronger outcomes in convenience and mobility. UBS asserts the main highlight was the decision to slow the pace of conversions of On-The-Run stores to focus on better execution.

Deferring the cessation of the Coles Group ((COL)) product supply agreement by six months is also helping to mitigate execution risk although a period of higher costs is likely for duplicate supply chains.

The broker considers the reset provides a clear opportunity for value and growth oriented investors and retains a Buy rating. Target is reduced to $2.40 from $2.60.

Target price is $2.40 Current Price is $1.87 Difference: $0.53
If VEA meets the UBS target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.42, suggesting upside of 38.4% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates VSL as Buy (1) -

UBS views Vulcan Steel's 1H26 result as "solid" on initial inspection, despite a challenging operating environment. 1H26 earnings (EBITDA) were inline with expectations and consensus, with management offering no quantitative guidance.

Commentary suggests there are some signs of the industry stabilising and recovering, with a higher degree of confidence around a NZ recovery.

The Australian outlook is described as mixed. Some recovery in volumes is expected to carry into 2H26.

Buy. Target $7.65.

Target price is $7.65 Current Price is $6.53 Difference: $1.12
If VSL meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

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

Morgans rates VYS as Speculative Buy (1) -

Vysarn delivered a first half result that was slightly ahead of forecasts. The target of $20m in pre-tax profit was reiterated and Morgans suspects this is conservative, given technology is still expected to deliver a second half skew.

The broker calculates the company could add another $10m in EBIT without any dilution, using a combination of its acquisition facility, cash and deferred scrip.

The next catalyst is an update on the Water Corp process for acquiring 10 gigalitres of water for Port Hedland. Speculative Buy rating. Target is raised to $0.90 from $0.64.

Target price is $0.90 Current Price is $0.83 Difference: $0.07
If VYS meets the Morgans target it will return approximately 8% (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