Australian Broker Call

Citi rates ABB as Buy (1) -

Citi highlights solid August metrics for Aussie Broadband and Superloop pointing to further gains into September.

App downloads continued to rise, signaling ongoing market share growth, with Aussie Broadband managing this despite the divestment of its Buddy brand and associated disruption, note the analysts.

Citi expects both companies to be net beneficiaries given their value positioning, strong networks, and higher exposure to faster-speed plans.

Buy for Aussie Broadband unchanged. Target also unchanged at $6.15.

Target price is $6.15 Current Price is $5.67 Difference: $0.48
If ABB meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 4.6% (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

Citi rates ALL as Buy (1) -

Citi highlights Aristocrat Leisure's stronger operating momentum than Light & Wonder ((LNW)) in both outright sales and gaming operations, according to the latest Eilers & Krejcik North American Game Performance Database (GPD) data.

The broker notes the breadth and durability of Aristocrat’s leased games remain superior, with Phoenix Link driving net machine additions.

Aristocrat’s outright game portfolio is performing well, adds the analyst, supported by strong demand for the Baron cabinet. Upcoming game announcements at the Global Gaming Expo are expected to be the next catalyst for both companies.

Citi retains a Buy rating on both Aristocrat and Light & Wonder, with Aristocrat its preferred pick with an unchanged $71 target.

Target price is $71.00 Current Price is $68.47 Difference: $2.53
If ALL meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $73.09, suggesting upside of 6.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates ANZ as Neutral (3) -

ANZ Bank has outperformed by around 10% over three months, with Citi noting investor support for management’s strategy.

Ahead of the October strategy day, management announced a restructuring charge to cut about -3,500 staff and -1,000 contractors, and disclosed non-financial risk exposure with a resolution path.

While the broker highlights cost reduction potential, it notes investor focus is shifting to revenue growth, where ANZ has trailed peers.

Interest rate cuts in the US and weaker New Zealand data point to a tougher environment, though the analysts see this as manageable.

Citi retains a Buy rating and $32.50 target.

Target price is $32.50 Current Price is $33.27 Difference: minus $0.77 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $30.12, suggesting downside of -7.5% (ex-dividends)

The company's fiscal year ends in September.

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 CLV as Buy (1) -

The highlight of Clover's FY25 result, in UBS' view, was a strong 39% y/y sales growth in 2H, beating its expectation by 6%, along with sequential gross margin expansion and solid cost management.

This helped offset the softer tone for 1H26, with sales for the first four months (including forward orders) expected to be flat, missing the broker's expectation for 8% growth. Pull-forward of infant milk formula orders to 4Q25 was likely the reason.

The broker cut FY26 sales forecast by -4% to $87m but factored in higher gross margin and tighter opex. As a result, EPS forecasts for FY26-28 rise by 5-6%.

Buy. Target lifted to 75c from 68c.

Target price is $0.75 Current Price is $0.60 Difference: $0.15
If CLV meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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 CLW as Downgrade to Neutral from Buy (3) -

Citi sees limited near-term earnings growth for Charter Hall Long WALE REIT despite a strong share price rally. Operational earnings growth is expected to be around 3% over coming years as inflation returns to more normal levels.

Acquisitions have historically driven growth, notes the broker, but gearing has risen to around 40% following recent deals, above peers and near management’s tolerance. It's felt this factor could restrict further acquisitions.

Some asset value upside is possible through cap rate compression, though the analysts believe progress will be slower than peers.

Macquarie raises its target price to $4.70 from $4.40 and downgrades to Neutral from Buy.

Target price is $4.70 Current Price is $4.59 Difference: $0.11
If CLW meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Macquarie rates DNL as No Rating (-1) -

Macquarie notes China diammonium phosphate (DAP) price has risen to US$805/t, up US$200/t in 6 months, driven by reduced exports and strong India/Asia/Africa demand.

Dyno Nobel has leverage to DAP price through its Phospate Hill earnings, with $12m EBIT for each US$10/t move, based on the company's 1H25 result.

The company's FY25 production guidance is 740-800kt, and the broker's forecast is at the low end at 740kt. The company has targeted the September quarter for completion of fertiliser sale transactions, and Phospate Hill strategic review is also expected soon.

The broker lifted FY25 EPS forecast by 14% and FY26 by 17% on higher DAP price assumptions.

No rating or target price due to research restrictions.

Current Price is $3.03. Target price not assessed.

Current consensus price target is $2.92, suggesting downside of -5.1% (ex-dividends)

The company's fiscal year ends in September.

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

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

Golden Horse Minerals' assay results from the diamond drill program at its Hopes Hill Project in WA confirmed high-grade mineralisation at depth, validating earlier RC intercepts.

Shaw and Partners observes a wide mineralised envelope (86m) with very high-grade zones, suggesting strong continuity.

A second diamond rig has been mobilised to the site, lifting total rigs to four, accelerating drilling and freeing RC capacity for regional targets.

The broker reiterates continued drilling could materially increase resource confidence and underpin future development studies.

Buy, High Risk. Target unchanged at 81c.

Target price is $0.81 Current Price is $0.70 Difference: $0.11
If GHM meets the Shaw and Partners target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie - Cessation of coverage

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates JHX as Neutral (3) -

James Hardie Industries' AGM materials and incentives suggest to Citi a weaker outlook than consensus. Product differentiation growth and market share targets are cut to around 2%, implying no growth above market.

North America earnings (EBITDA) margin targets of above 28.5% for FY25-28 fall short of consensus near 31-32%, highlights the analyst.

The broker notes return on capital employed (ROCE) hurdles are lowered to 25-35% from 40-50%, while total shareholder returns (TSR) is now benchmarked against the S&P500 rather than peers.

Sales growth targets of at least 2% also contrast badly with consensus of high- to low-double digits, points out Citi.

Target $33. Neutral.

Target price is $33.00 Current Price is $29.56 Difference: $3.44
If JHX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $35.55, suggesting upside of 26.3% (ex-dividends)

The company's fiscal year ends in March.

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

Morgan Stanley rates MIN as Overweight (1) -

Mineral Resources announced the pricing of US$700m Senior Unsecured Notes due April 2031 at 7%, aiming to use the proceeds to refinance existing debt of US$700m at 8.125% due May 2027. Settlement is due on October 1, and the first interest payment is on April 1.

Morgan Stanley expects the reduction in interest rates to underpin a rise in EPS forecasts by 2.2% in FY26 and 2.1% for FY27.

Mineral Resources is viewed as having faced a debt "optics" issue with market concerns over the level and cost of the miner's debt profile, though serviceability and refinancing remained manageable.

Overweight. Target remains at $41.50. Industry View: Attractive.

Target price is $41.50 Current Price is $38.82 Difference: $2.68
If MIN meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.62, suggesting downside of -9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgan Stanley rates MYR as Overweight (1) -

Higher than anticipated cost of doing business in 2H25 resulted in Myer reporting an earnings miss with Morgan Stanley pointing to higher costs over the second half, including an additional -$11m of support office investment.

Positively, sales momentum has picked up with the trading update at 3.1% growth, better than the analyst's outlook but insufficient to offset the negative cost impacts on sentiment and forecasts.

The launch of Myer Exclusive Brands and loyalty relaunch in October should support forecast sales growth for FY26 at 3.6% with an 80bps expected improvement in the gross margin.

Morgan Stanley cuts its net profit after tax forecasts by -34% for FY26 after factoring in higher cost of doing business at the top end of guidance of around 30% of expected sales.

Overweight. Target trimmed to $0.77 from $1.00. Industry View: In-Line.

Target price is $0.77 Current Price is $0.48 Difference: $0.29
If MYR meets the Morgan Stanley target it will return approximately 60% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates MYR as Downgrade to Hold from Accumulate (3) -

Myer's FY25 profit of $36.8m was well below forecasts by Ord Minnett and consensus, with no final dividend as higher cost-of-doing-business (CODB) offset stronger 2H like-for-like sales.

Cost pressures have persisted into FY26, highlights the analyst, though early sales growth of 3.1% year-on-year was ahead of forecasts.

FY26 guidance for a 29-30% CODB margin signals to Ord Minnett further increases from the Apparel Brands integration and higher office spending.

The broker estimates -$15–20m in additional costs will be embedded, while distribution centre issues reduced FY25 earnings by -$16m.

Ord Minnett lowers its target price to 67c from 86c and downgrades to Hold from Accumulate.

Target price is $0.67 Current Price is $0.48 Difference: $0.19
If MYR meets the Ord Minnett target it will return approximately 40% (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

Macquarie rates PRU as Outperform (1) -

Macquarie made minor FY26-27 EPS downgrades for Perseus Mining to factor in a small project delay.

Outperform. Target unchanged at $4.10.

Target price is $4.10 Current Price is $4.79 Difference: minus $0.69 (current price is over target).
If PRU meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.20, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates PTM as Neutral (3) -

UBS updated earnings forecasts and valuation for L1 Group (ASX code L1G), the entity formed from the merger of Platinum Asset Management and L1 Capital ((LSF)).

EPS forecast for FY26 upgraded by 11% and for FY27 by 19% from L1 contribution and cost synergies. The broker estimates L1 will bring in management fees of around $90-100m and gross performance fees of $98-112m, implying profit of around $100m over FY26-27.

Target rises to 79c from 53c. Neutral retained given pending dilution impact, with 1.67m shares to be issued by the company, taking existing shareholders to 26% of the combined group, and execution risks.

Target price is $0.79 Current Price is $0.73 Difference: $0.065
If PTM meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Morgan Stanley rates RDX as Overweight (1) -

Continuing with small/mid cap ideas from Morgan Stanley, the analyst has a high conviction on earnings and outlook post reporting season. Redox made the list with 2H25 earnings coming in above revised guidance amid global uncertainty and disruption.

The analyst believes 10% organic revenue growth, the historical average, is not discounted in the share price and maintains the rate remains possible. The 2H25 results infer the 1H25 earnings disappointment was a one-off reset.

Redox operates in a highly fragmented chemical distribution market and Morgan Stanley sees growth optionality for earnings-accretive M&A additions. The AGM is rescheduled for Oct 8.

Overweight rating retained. Target remains at $3.50. Industry view: In-Line.

Target price is $3.50 Current Price is $2.82 Difference: $0.68
If RDX meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.35, suggesting upside of 18.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates SDR as Buy (1) -

Citi observes from SiteMinder's investor day there were no changes to financial guidance and a focus by management on the pivot to a broader revenue and demand platform.

The broker highlights progress in Smart Platform products, including optimisation within Channels Plus which lifted bookings share to around 3% in customer trials.

The broker also notes improvements in the Dynamic Revenue Plus pricing engine, with recommendations now available within seven days. The launch of UltraSync is also seen as providing full booking data visibility.

At full attach rate, new products could lift revenue capture to 1.5% of gross bookings from 0.3%, highlight the analysts.

Buy rating. Unchanged $8.00 target.

Target price is $8.00 Current Price is $7.27 Difference: $0.73
If SDR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.88, suggesting upside of 8.5% (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

Ord Minnett rates SDR as Buy (1) -

SiteMinder's investor day reinforced Morgans’ view the current share price reflects little value for potential upside from Channels Plus and Dynamic Revenue Plus.

Industry feedback over 18 months suggests to the broker Channels Plus could disrupt hotel distribution by streamlining rate and room management across online travel agents.

The analysts also note Dynamic Revenue Plus could be transformational but selling at scale cost effectively remains a challenge, though the go-to-market strategy offered some comfort.

Morgans’ earnings forecasts are unchanged with guidance reaffirmed. Unchanged Buy rating and $7.97 target.

Target price is $7.97 Current Price is $7.27 Difference: $0.7
If SDR meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $7.88, suggesting upside of 8.5% (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

Citi rates SLC as Buy (1) -

Citi highlights solid August metrics for Aussie Broadband and Superloop pointing to further gains into September. App downloads continued to rise, signaling ongoing market share growth.

The broker expects both companies to be net beneficiaries given their value positioning, strong networks, and higher exposure to faster-speed plans.

Superloop benefited from launching a 500Mbps plan for Exetel ahead of industry-wide speed acceleration in September, explain the analysts.

Early signs show healthy uptake of 500Mbps plans, according to Citi, and feedback across challenger telcos has been positive, with strong net-adds but no material shift in churn.

Buy for Superloop unchanged. Target also unchanged at $3.75.

Target price is $3.75 Current Price is $3.32 Difference: $0.43
If SLC meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 8.3% (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

Citi rates STO as Buy (1) -

Following the collapse of the XRG transaction for Santos, Citi highlights persistent execution risks in Australian energy M&A.

The broker believes negotiations failed over tax exposure, domestic supply obligations and the sequencing of approvals, rather than due diligence issues.

Santos’ production outlook remains solid, in the view of the analysts, at around 120mmboe a year from 2026-2030, underpinned by Barossa and Pikka, with growth capex moderating post-2026.

Strong free cash flow (FCF) generation of around US$11.5bn over FY26-30 underpins valuation support, suggests the broker.

Citi lowers its target price to $7.50 from $8.70 and maintains a Buy rating.

Target price is $7.50 Current Price is $6.74 Difference: $0.76
If STO meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $7.80, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates TCL as Buy (1) -

Following a management meeting with Transurban Group, Citi points to stronger free cash flow (FCF) growth from operational cost control and potential upside from a $10bn project pipeline.

While the New South Wales toll review remains a risk, suggests the broker, management expects government contracts will be honoured, limiting near-term impact on cash flow and distributions.

The analysts note opportunities include two greenfield toll road projects in the US with Ferrovial, Brisbane network upgrades, and possible I-95 expansion.

While benefits are more than five years away, they support medium-term growth in Citi's view. Strong debt market access and multi-year savings from systems and contract optimisation are also noted.

The broker retains a Buy rating and a $16.10 target price.

Target price is $16.10 Current Price is $14.09 Difference: $2.01
If TCL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $14.31, suggesting upside of 3.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Bell Potter rates TLG as Speculative Buy (1) -

Bell Potter recently attended a site visit to Talga Group's Natural Graphite Anode plant in Lulea, Sweden. The proposed refinery with Economic Value Added qualification is within the Lulea industrial park and circa 15 mins from the main city.

The company has approved power for 40MW for the refinery for stage 1 at 19.5ktpa of anode production with samples produced from Vittangi ore.

The analyst highlights the high grade, crystallinity, and fine flake of Vittangi make it very attractive for battery anodes. The in-house technology with notable intellectual property around coating, shaping, and anode recycling is also considered very appealing.

No change to Speculative Buy rating and $1 target.

Target price is $1.00 Current Price is $0.45 Difference: $0.555
If TLG meets the Bell Potter target it will return approximately 125% (excluding dividends, fees and charges).

Current consensus price target is $0.77, suggesting upside of 70.4% (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 TLX as Overweight (1) -

Morgan Stanley retains an Overweight rating and $25.60 target price on the back of Telix Pharmaceuticals' Gozellix product receiving US CMS (Centers for Medicare & Medicaid Services) transitional pass through starting Oct 1.

The analyst views this positively and notes it should assist with the increased uptake for Gozellix among the CMS patient population, which is estimated at around 20% of patients who are treated in outpatients.

A transitional pass through permits a separate payment in addition to payment for imaging in outpatients, the analyst explains.

Target price is $25.60 Current Price is $16.38 Difference: $9.22
If TLX meets the Morgan Stanley target it will return approximately 56% (excluding dividends, fees and charges).

Current consensus price target is $28.40, suggesting upside of 82.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

UBS rates TLX as Buy (1) -

UBS notes Telix Pharmaceuticals' Gozellix agent was granted Transitional Pass-Through (TPT) status by the Center for Medicare and Medicaid Services effective October 1.

This provides a reimbursement advantage versus lower-priced F-18 PET competitors like Pylarify and Posluma. The longer shelf-life improves hospital logistics and scheduling flexibility for physicians, the broker highlights.

The broker expects strong adoption in 4Q25, making FY25 revenue guidance of US$770–800M achievable, with potential upside if launch momentum exceeds expectations.

Model updated to factor in RLS acquisition and pushing back Zircaix launch by two years. 

Buy. Target cut to $31 from $36.

Target price is $31.00 Current Price is $16.38 Difference: $14.62
If TLX meets the UBS target it will return approximately 89% (excluding dividends, fees and charges).

Current consensus price target is $28.40, suggesting upside of 82.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Bell Potter rates TNE as Hold (3) -

Bell Potter highlights TechnologyOne has flagged the "launch of groundbreaking AI-driven functionality" alongside a Q&A session for investors at its upcoming Oct 9 annual showcase event, which is normally targeted at customers rather than investors.

The analyst believes some significant announcements will be made around the new AI offering and it is likely to be viewed positively. The accompanying Q&A session infers there might be some financial updates or implications announced on issues like pricing, TAM, or margins.

Bell Potter retains its earnings estimates with expected profit before tax growth of 19% for FY25 and 20% each for FY26 and FY27.

Target price is lifted to $38.50 from $35.75, up 8% on a higher valuation ascribed to the stock. No change to Hold rating.

Target price is $38.50 Current Price is $38.22 Difference: $0.28
If TNE meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $38.04, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates TUA as Buy (1) -

Tuas today released its FY25 results. The later conference call with management left Citi (at first glance) more positive on the outlook.

The broker highlights group earnings (EBITDA) included acquisition costs, which masked an underlying margin above 45.3%.

A broadband average revenue per user (ARPU) uplift reflects migration to 10Gbps from 2.5Gbps plans and the broker believes this higher level should be maintained. A gross margin step down stems from investment to support growth, explain the analysts.

Subscriber growth in FY26 is tracking in line with the historic pace of around 100,000 per half, while the SGD12 per month mobile plan is seen driving ongoing ARPU gains.

Target $9.95. Buy.

Target price is $9.95 Current Price is $7.35 Difference: $2.6
If TUA meets the Citi target it will return approximately 35% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

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 VUL as Speculative Buy (1) -

Bell Potter attended a popular site visit to Vulcan Energy Resources' Phase 1 Lionheart lithium project in Germany's Upper Rhine Valley last week. The analysts noted the high quality of the executive team and senior management, and the technical de-risking of the project.

First production is underway, both on time and on budget. Brine from Vulcan's wells is being taken and producing lithium chloride solutions as planned.

The company is completing debt funding for the Phase 1 project with conditional commitments of EUR1.4bn from seven commercial banks and the European Investment Bank, as well as EUR100m in grant funding.

Bell Potter expects a project manager partner will help with the EUR2.2bn funding, including the -EUR1.4bn in capex.

Target lifts to $6.25 from $6.10. No change to Speculative Buy rating.

Target price is $6.25 Current Price is $4.75 Difference: $1.5
If VUL meets the Bell Potter target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

This company reports in EUR. 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