Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

Shaw and Partners reiterates a positive stance on AIC Mines with the stock price significantly underperforming peers in the last three months, the analyst highlights, regarding higher-than-expected non-cash depreciation charges in FY25.

At spot copper prices the company is anticipated to be able to generate strong free cashflow in the current year. The broker suggests the stock currently represents a good opportunity into a Federal Reserve easing cycle.

Buy rated (High risk). $1.10 target price.

Target price is $1.10 Current Price is $0.35 Difference: $0.75
If A1M meets the Shaw and Partners target it will return approximately 214% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates ADH as Initiation of coverage with Hold (3) -

Bell Potter widens its existing coverage of household goods retailers by beginning research on Harvey Norman and JB Hi-Fi with Buy ratings. The analysts also start with Hold ratings for Adairs and Kogan.com.

All four retailers are well placed to benefit from falling interest rates in 2025, in the broker's view. Some green shoots are emerging in growth trends for big ticket items such as consumer electronics and furniture in Australia and the US/UK, note the analysts.

For Hold-rated bedding/homewares retailer Adairs, Bell Potter believes a slower near-term outlook, driven by the limited growth in the store footprint, is already priced into shares.

Overall, the broker suggests the longer-term opportunity is large in the expanded total addressable market (TAM) opportunity of
both homewares and furniture.

A $2.00 target is set.

Target price is $2.00 Current Price is $2.05 Difference: minus $0.05 (current price is over target).
If ADH meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.08, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates ALL as Buy (1) -

Post meetings with US gaming industry suppliers, operators and other stakeholders, UBS has reiterated the positive outlook for Aristocrat Leisure.

Expectations of more US online gambling legalisation is highlighted as a long-term tailwind for the company with a further 10-15 US states likely to come on board against the six legal states currently.

The broker believes this improves the likelihood of the target US$1bn revenue in FY29, compared to the UBS forecast of US$852m, with further share of iCasino content and an increased share of iLottery revenue.

Aristocrat Leisure is due to report FY24 results on Nov 13 with the analyst confident the company can report over 6000 net installs.

Buy rating unchanged. Target price rises to $63.50 from $56 on market share gains, higher iGaming revenue and stronger industry demand.

Target price is $63.50 Current Price is $56.49 Difference: $7.01
If ALL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $57.47, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Citi rates BHP as Buy (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lowers BHP Group's  EPS forecasts by -8% in FY25 and -1% in FY26.

Buy rating and $46 target unchanged. 

Target price is $46.00 Current Price is $42.70 Difference: $3.3
If BHP meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $45.47, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates BKW as Buy (1) -

Citi's first take on Brickworks' FY24 earnings of $61.2m is the company performed well above consensus at $32.3 and the broker's forecast of $15.7m.

Much of the increase resulted from higher property valuations of $54m against the Citi estimate of a decline of -$42m in 2H24. Building products generated an increase in EBITDA of $6m due to a better performance in North America.

Management pointed to weaker demand for building products in NSW and Victora as well as North America. Growth in property net rental income over the medium term is anticipated, some 40% uplift as rental leases expire.

Citi is Buy rated with a $37.50 pre the earnings call.

Target price is $37.50 Current Price is $26.60 Difference: $10.9
If BKW meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $29.80, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Shaw and Partners rates BMT as Buy (1) -

Beamtree Holdings announced a second coding contract in Saudi Arabia worth $1.4m with the Centre for National Health Insurance.

Shaw and Partners notes the contract is for two years and will generate revenue of over $500k. The broker believes the contract "reinforces" annual recurring revenue for the company and the FY25 guidance.

Both coding and Saudi Arabia are highlighted as growth opportunities for Beamtree Holdings.

The Buy, High risk rating and 70c target are maintained.

Target price is $0.70 Current Price is $0.31 Difference: $0.395
If BMT meets the Shaw and Partners target it will return approximately 130% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates CAR as Buy (1) -

Citi updates the earnings outlook for CAR Group on the back of softer recreational vehicle trends in the US alongside a higher AUD forecast.

The analyst believes there are some downside risks to 1H25 earnings compared to consensus estimates with an improvement in growth over 2025 as industry conditions improve.

Citi lowers net profit estimates by -2% for FY25.

Buy rating and $39.50 target price unchanged.

Target price is $39.50 Current Price is $36.88 Difference: $2.62
If CAR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $38.52, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates CIA as Buy (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lifts the Champion Iron FY26 EPS forecast by 5%.

No change to Buy rating and $7.20 target price.

Target price is $7.20 Current Price is $6.75 Difference: $0.45
If CIA meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.12, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates DRR as Neutral (3) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lowers Deterra Royalties' EPS forecasts by -11% in FY25 and -3% in FY26.

Neutral rating and $4.35 target unchanged.

Target price is $4.35 Current Price is $3.85 Difference: $0.5
If DRR meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.37, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates FMG as Neutral (3) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lifts Fortescue's FY25 EPS estimate by 1%.

No change to Neutral rating and $19.40 target price. 

Target price is $19.40 Current Price is $18.85 Difference: $0.55
If FMG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $18.28, suggesting downside of -6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Macquarie rates FSF as Outperform (1) -

Fonterra Shareholders Fund delivered another strong performance in FY24, Macquarie comments, with continuing EPS of 70c, down just -5cps on the previous corresponding period, despite materially lower price relativities.

The broker highlights key positives in the net improvement in Consumer and Foodservice margins. The board declared a 15 cent special dividend on top of the 40 cent ordinary dividend.

Macquarie's target rises by 32% to NZ$4.61 largely resulting from tax changes and the associated cost of capital impact. Outperform.

Current Price is $4.26. Target price not assessed.

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Ord Minnett rates HLS as Sell (5) -

Ord Minnett notes the proposed sale of Lumus diagnostic imaging to Affinity Equity Partners by Healius for net proceeds of more than $800m.

More details are expected around the time of completion in March 2025 with the sale allowing Healius to capitalise on the new strategy for its pathology buisness and degearing the balance sheet.

The broker expects a $439 share buyback, a net zero debt position alongside a fall in corporate expenses of -25%. Earnings forecasts will be changed when the deal is completed but EPS for FY26 is expected to lift around 28% from current forecasts.

The Sell rating and $1.37 target are maintained.

Target price is $1.37 Current Price is $1.70 Difference: minus $0.325 (current price is over target).
If HLS meets the Ord Minnett target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.50, suggesting downside of -13.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Shaw and Partners rates HPG as Buy (1) -

With hipages Group's share price declining -15% from the peak post FY24 results, Shaw and Partners revisits the value proposition for the company.

The analyst believes Tradiecore engagement underpins expectations of a lower churn rate to around 30% in FY27 from circa 41% currently and will be a key aspect for improved financials. 

Management did not re-confirm its medium-term targets. The analyst highlights the company's new plans that incorporate both job leads and job management into a monthly $20 subscription fee should underwrite earnings growth.

The stock is trading a 1.8x FY25 revenue which the broker believes is too cheap.  Buy, High risk rating and $1.60 target price.

Target price is $1.60 Current Price is $1.21 Difference: $0.39
If HPG meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates HVN as Initiation of coverage with Buy (1) -

Bell Potter widens its existing coverage of household goods retailers by beginning research on Harvey Norman and JB Hi-Fi with Buy ratings. The analysts also start with Hold ratings for Adairs and Kogan.com.

All four retailers are well placed to benefit from falling interest rates in 2025, in the broker's view. Some green shoots are emerging in growth trends for big ticket items such as consumer electronics and furniture in Australia and the US/UK, note the analysts.

For Harvey Norman, Bell Potter highlights a material competitive advantage (reducing occupancy cost pressure exposure) due to collectively owning around 40% of stores (franchised in Australia and company operated offshore). 

The company should also benefit from an upgrade cycle of consumer electronics due in 2024-25, driven by AI enhancements, explains the broker.

A target of $5.80 is set.

Target price is $5.80 Current Price is $4.85 Difference: $0.95
If HVN meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.98, suggesting upside of 0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Bell Potter rates JBH as Initiation of coverage with Buy (1) -

Bell Potter widens its existing coverage of household goods retailers by beginning research on Harvey Norman and JB Hi-Fi with Buy ratings. The analysts also start with Hold ratings for Adairs and Kogan.com.

All four retailers are well placed to benefit from falling interest rates in 2025, in the broker's view. Some green shoots are emerging in growth trends for big ticket items such as consumer electronics and furniture in Australia and the US/UK, note the analysts.

Bell Potter is bullish on JB Hi-Fi, identifying similarities to some of the best-in-class global business models such as Costco.

As the market leader in Australia’s consumer electronics retailing, the company should benefit from an upgrade cycle of consumer electronics due in 2024-25, driven by AI enhancements.

A target of $87 is set.

Target price is $87.00 Current Price is $78.61 Difference: $8.39
If JBH meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $72.10, suggesting downside of -10.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Bell Potter rates KGN as Initiation of coverage with Hold (3) -

Bell Potter widens its existing coverage of household goods retailers by beginning research on Harvey Norman and JB Hi-Fi with Buy ratings. The analysts also start with Hold ratings for Adairs and Kogan.com.

All four retailers are well placed to benefit from falling interest rates in 2025, in the broker's view. Some green shoots are emerging in growth trends for big ticket items such as consumer electronics and furniture in Australia and the US/UK, note the analysts.

Bell Potter's Hold rating for Kogan.com is because some segments such as the broader marketplace continue to lag in performance.

More positively, the key Products division has returned to growth and the company should benefit from an upgrade cycle of consumer electronics due in 2024-25 driven by AI enhancements, explains the broker.

The analysts highlight the Kogan First (KF) membership program presents significant recurring revenue upside to the earnings base.

A target of $5.20 is set.

Target price is $5.20 Current Price is $5.10 Difference: $0.1
If KGN meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.07, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates KMD as Neutral (3) -

FY24 underlying earnings (EBITDA) for KMD Brands were in line with Macquarie's expectations and at mid-point of guidance with opex savings partly offsetting a decline in sales.

Pre-reported group sales declined by -11.2% year-on-year reflecting weakness in consumer sentiment, a challenging sales environment, and Rip Curl and Oboz cycling record sales, explains the analyst.

Because of a tougher macro environment and ongoing wholesale channel constraints, Macquarie expects ongoing headwinds across all brands.

The target eases to 45c from 47c. Neutral.

Target price is $0.45 Current Price is $0.46 Difference: minus $0.01 (current price is over target).
If KMD meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.40, suggesting downside of -11.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Citi rates LLC as Buy (1) -

Today, the ACCC has announced it will not oppose the deal for Lendlease to sell the Australian Communities business to a JV between Stockland and Supalai, accepting a court-enforceable undertaking which requires Stockland to divest the Forest Reach masterplanned community project in the Illawarra region of NSW.

The transaction is now subject to FIRB and relevant landowner approvals. Analysts at Citi view the ACCC announcement as a positive for both Buy-rated Stockland and Lendlease.

For Stockland, FY25 guidance is now considered cum upgrade. Citi predicts circa 4% upside, and more for FY26. For Lendlease this means yet another positively concluded deal, suggesting management is executing on its intentions.

Buy rating retained for Lendlease with an unchanged price target of $7.10.

Target price is $7.10 Current Price is $7.05 Difference: $0.05
If LLC meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.48, suggesting downside of -8.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Macquarie rates LNW as Outperform (1) -

Macquarie sees an around -US$70m annual earnings (AEBITDA) impact from the preliminary injunction granted to Aristocrat leisure ((ALL)) relating to the commercialisation of Dragon Train.

Management intends to seek clarification around the injunction and appeal the order.

Further to litigation with Aristocrat, Light & Wonder also faces litigation from Evolution Gaming, with allegations (media article) relating to copying math files and payout structures for table games.

2025 earnings guidance was reiterated, suggesting to Macquarie either the business was previously tracking ahead of guidance or levers will be pulled to manage operating costs and bring forward product launches.

The target falls by -9% to $169. Outperform.

Target price is $169.00 Current Price is $134.61 Difference: $34.39
If LNW meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $168.40, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

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

UBS has changed its tune on Light & Wonder post the fall of -18% in the share price from the Nevada Court Dragon Train injunction.

Post industry meetings UBS is more upbeat on the gross gaming revenue potential in the US, as well as the shift to premium leased and further legalisation of US iGaming,

Management reconfirmed FY25 earnings target of $1.4bn prior to the ruling and UBS expects further market share gains in North American slot revenue.

The stock is upgraded to Buy from Neutral with the target price down to $166 from $169. UBS would like to see management offer new targets beyond FY25.

Target price is $166.00 Current Price is $134.61 Difference: $31.39
If LNW meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $168.40, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Morgan Stanley rates MQG as Overweight (1) -

While Morgan Stanley acknowledges a lot of the growth recovery has already been baked into the share price, Macquarie Group still offers multi-year double digit earnings growth. The target is increased to $250 from $234. Overweight. Industry view: In-Line.

The broker has gained more confidence in this view post the greater-than-expected interest rate cut in the US which should boost confidence in a global M&A recovery. It's felt the market is missing the group's operating leverage plus new growth options.

These options are within private credit, insurance vehicles to raise funds under management (FUM) for asset management, along with 
data centres and digital infrastructure, explains the broker.

Target price is $250.00 Current Price is $228.12 Difference: $21.88
If MQG meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $209.62, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Citi rates NCK as Buy (1) -

Citi extrapolates an improving UK outlook for Nick Scali on the back of the recent FY24 results from the company's major UK competitor DFS.

The broker highlights the expectation of an improving market with DFS forecasting volume growth of 2% to 3% and orders have returned to  growth in the first 12 weeks of FY25 (June year-end).

Against this macro backdrop, Citi believes it will be easier for Nick Scali to execute a better UK performance with the rebranding and refurbishment of its stores.

The broker retains a Buy rating and $16.35 target price.

Target price is $16.53 Current Price is $15.88 Difference: $0.65
If NCK meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $16.26, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates NHC as Neutral (3) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

The broker lowers FY25 EPS estimate by -14%. No change to Neutral rating and $4.85 target price.

Target price is $4.85 Current Price is $4.91 Difference: minus $0.06 (current price is over target).
If NHC meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.95, suggesting downside of -0.2% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates NWL as Initiation of coverage with Hold (3) -

Bell Potter initiates research coverage on Netwealth Group with a Hold rating as the outlook for a strong pipeline is already priced into the current share price. But upside risk exist to the broker's flow assumptions due to potential benefits from adjacencies.

Overall, Bell Potter sees ongoing independent financial adviser (IFA) win rates and dealer group churn providing a significant growth runway for the group.

Netwealth offers customers an array of Wrap and Superannuation-based portfolio and investment management tools, enabling a transparent and efficient way to buy/sell, monitor and administer assets, explain the analysts.

A $23.90 target is set.

Target price is $23.90 Current Price is $24.57 Difference: minus $0.67 (current price is over target).
If NWL meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.19, suggesting downside of -10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates PDN as Buy (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi raises EPS forecasts for Paladin Energy by 6% in FY25 and 5% in FY26.

Buy rating with $15 target price, down from $15.20.

Target price is $15.00 Current Price is $10.64 Difference: $4.36
If PDN meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $14.16, suggesting upside of 23.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgan Stanley rates PMV as Overweight (1) -

FY24 results for Premier Investments were in line with Morgan Stanley's forecasts. However, a -3.5% year-on-year fall in total global sales for the first seven weeks of FY25 is tracking lower than the 4.5% consensus sales growth expectation for the 1H.

The broker highlights Peter Alexander's strong execution continues with the UK expansion on track, and the analysts suggest a -7% sales decline in FY24 at Smiggle is more transitory than structural.

The potential Myer ((MYR))/Premier Apparel merger would create material shareholder value, in Morgan Stanley's opinion.

Overweight rating unchanged. Target price falls to $35.75 from $39.50. Industry view: In-Line.

Target price is $35.75 Current Price is $30.61 Difference: $5.14
If PMV meets the Morgan Stanley target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $32.63, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Bell Potter lowers its target for Platinum Asset Management to $1.10 from $1.21 and downgrades to Hold from Buy as the board weighs a takeover bid from Regal Partners ((RPLL)).

The broker feels Platinum shareholders may be better served by accepting the certainty of Regal shares and any short-term upside over the existing uncertain turnaround plan by management at Platinum.

Alternatively, as Regal's offer is scrip and the bid premium is low, the analysts suggest management may be able to attract a higher bidder.

Target price is $1.10 Current Price is $1.13 Difference: minus $0.025 (current price is over target).
If PTM meets the Bell Potter target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Citi rates REA as Buy (1) -

For now at least Citi believes REA Group has decided to pause the Rightmove takeover after the company's statement that the latest offer "materially" undervalued Rightmove.

The broker thinks the market was concerned REA Group would pay too much for Rightmove and finds it hard to justify an offer of GBP8 per share compared to the third offer price of GBP7.70.

Citi's Rightmove analyst points to issues around the large equity component of the offer with the REA Group analyst proposing an equity raising would allow for the cash component of an offer to be raised.

Buy rated with a $230 target unchanged.

Target price is $230.00 Current Price is $192.39 Difference: $37.61
If REA meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $218.46, suggesting upside of 9.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates REG as Outperform (1) -

Macquarie updates its forecasts for Regis Healthcare after the recently announced reforms by the Australian government, as part of a new Aged Care Act.

As part of the updated forecast, the  broker fully captures additional funding for everyday living as well as RAD retention (a total of $15 per resident per day).

The broker also adjusts forecasts to incorporate the Ti Tree acquisition involving two residential aged care homes.

The broker's target rises to $6.50 from $5.50 largely due to increasing EPS numbers in the outer years of the forecast period. Outperform.

Target price is $6.50 Current Price is $6.14 Difference: $0.36
If REG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates RIO as Neutral (3) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lowers Rio Tinto's EPS forecasts by -3% in 2024/2025.

Neutral rating and $123 target price maintained.

Target price is $123.00 Current Price is $120.85 Difference: $2.15
If RIO meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $127.42, suggesting upside of 3.5% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.7

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

Citi rates S32 as Buy (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi cuts South32's EPS forecast by -20% in FY25. Buy rating retained while the price target lifts to $3.90 from $3.25.

Target price is $3.90 Current Price is $3.43 Difference: $0.47
If S32 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 8.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Citi rates SGP as Buy (1) -

Today, the ACCC has announced it will not oppose the deal for Lendlease to sell the Australian Communities business to a JV between Stockland and Supalai, accepting a court-enforceable undertaking which requires Stockland to divest the Forest Reach masterplanned community project in the Illawarra region of NSW.

The transaction is now subject to FIRB and relevant landowner approvals. Analysts at Citi view the ACCC announcement as a positive for both Buy-rated Stockland and Lendlease.

For Stockland, FY25 guidance is now considered cum upgrade. Citi predicts circa 4% upside, and more for FY26. For Lendlease this means yet another positively concluded deal, suggesting management is executing on its intentions.

The Buy rating and $5.30 target are maintained.

Target price is $5.30 Current Price is $5.29 Difference: $0.01
If SGP meets the Citi target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.00, suggesting downside of -5.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates SIG as Neutral (3) -

Sigma Healthcare reported in line 1H25 results according to Citi. Management is guiding to over 40% growth in volumes in FY25 with a seven-month contribution from the Chemist Warehouse contract valued at over $2bn per annum. It commenced on July 1.

The ACCC is due to report its decision on the merger with Chemist Warehouse on Oct 24.

Management guided to FY25 EBIT of $50m-$60m with a margin goal of 1.5% to 2.5% in the medium term, the analyst highlights.

Citi tweaks EBIT forecasts down by -1% in FY25 and lifts FY26 by 3%. Neutral rating unchanged.

Target price increases to $1.40 from $1.30.

Target price is $1.40 Current Price is $1.37 Difference: $0.03
If SIG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.21, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates SIG as Underperform (5) -

Sigma Healthcare's 1H normalised profit rose by 303% to $13.7m and a 50 cent interim dividend was declared.

Underlying revenue growth of 17.3% was driven by Amcal and DDS aggregate growth of 13%, explains Macquarie, and a small contribution from the new chemist Warehouse supply contract.

Due to mix shifts, the analyst predicts the Chemist Warehouse PBS contract will dilute margins, but Sigma should realise higher gross profit dollars driven by increased volume.

Chemist warehouse remains a growth engine, notes the broker, with store rollout opportunities set to underwrite earnings growth in the coming years. Macquarie assigns a 60% chance of the Sigma/Chemist Warehouse merger being approved.

The target rises by 11% to $1.00. Underperform.

Target price is $1.00 Current Price is $1.37 Difference: minus $0.37 (current price is over target).
If SIG meets the Macquarie target it will return approximately minus 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.21, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates SIG as Hold (3) -

Morgans assesses Sigma Healthcare reported 1H25 earnings which met expectations with FY25 EBIT guidance in line with the broker's forecast. Management reconfirmed a medium-term EBIT margin target of 1.5% to 2.5%.

The broker believes the ACCC will approve the merger with Chemist Warehouse with the decision expected on Oct 24.

Morgans makes no changes to FY25 earnings forecasts and highlights the transition to supply over $2bn in PBS medicines to Chemist Warehouse on July 1 from Symbion, Ebos Group ((EBO)) is progressing well.

Hold rating unchanged. Target price lifts to $1.23 from $1.14.

Target price is $1.23 Current Price is $1.37 Difference: minus $0.14 (current price is over target).
If SIG meets the Morgans target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.21, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates SIG as Accumulate (2) -

Sigma Healthcare reported a "two-speed" 1H25 result according to Ord Minnett. The base business came in below the broker's forecast by -2% while Chemist Warehouse generated better than expected profit before tax by 15% compared to the analyst's estimate.

FY25 guidance came in slightly below expectations but Chemist Warehouse continues to rollout new stores, 35, both internationally and domestically.

Ord Minnett lifts EPS forecasts by 14% in FY26 and assumes an 80% probability the merger proceeds.

Target price lifts 4% to $1.40 with an unchanged Accumulate rating.

Target price is $1.40 Current Price is $1.37 Difference: $0.03
If SIG meets the Ord Minnett target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.21, suggesting downside of -14.3% (ex-dividends)

The company's fiscal year ends in January.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Citi rates SMR as Buy (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lowers EPS forecasts for Stanmore Resources by -28% and -23% in 2024/2025.

No change to Buy rating and $3.55 target price.

Target price is $3.55 Current Price is $2.99 Difference: $0.56
If SMR meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates WHC as Upgrade to Buy from Neutral (1) -

Citi includes the latest commodity price changes for key metals stocks and states China stimulus a "positive but more required."

Iron ore and uranium prices are basically unchanged. Copper price forecasts decline -5% in 2024 and -2% in 2025. Nickel price estimates fall -8% in 2025 and -11% in 2026 with aluminium down -3% and -2% for 2024/2025, respectively.

Coking coal falls by -6% to -7% for 2024 to 2026. Manganese declines -7% in 2024 and up 6% in 2025; alumina is raised 3% in 2025 and 6% in 2025.

The broker highlights the greatest upside potential over the next year from current spot prices for uranium, manganese and coking coal, with the biggest weakness for brent oil and alumina.

Citi lowers EPS forecasts for Whitehaven Coal by -50% in FY25 and -12% in FY26.

Whitehaven Coal is upgraded to Buy from Neutral with a decline in the target price to $7.60 from $8.30.

Target price is $7.60 Current Price is $6.71 Difference: $0.89
If WHC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $8.68, suggesting upside of 24.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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