Australian Broker Call

Macquarie rates AGI as No Rating (-1) -

Macquarie makes some observations on the 1H 2025 trading update from Ainsworth Game Technology ahead of the Novomatic takeover, which the company continues to recommend at $1 per share.

The broker notes growth in revenue of 25% over the previous year, with underlying profit before tax flat and below the analyst's forecast by -11%.

The Australian operations benefited from the launch of the Raptor cabinet in February. In contrast, LatAm was weak due to import restrictions in Mexico and North America.

The analyst lowers EPS estimates by -9% for 2025/2026. Macquarie is on research restriction.

Current Price is $0.97. Target price not assessed.

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Bell Potter rates AVH as Speculative Hold (3) -

Bell Potter highlights 1Q 2025 revenue grew 86% on the previous year and was flat on the December quarter, with the top line missing consensus by -9%.

Opex rose by around US$1.4m due to higher salaries and other expenses, with an operating loss of -US$11.8m.

The loss represents a decline in earnings of -31% on a year earlier. The analyst explains the approval of Recell Go in mid-2024 has not achieved the expected growth in new clients in level 1 & 2 trauma centres, with lower than anticipated revenues.

Management has restructured sales, but Bell Potter believes the slow adoption of Recell Go is "concerning".

Speculative Hold retained. Target price falls to $2.70 from $3.50.

Target price is $2.70 Current Price is $2.30 Difference: $0.4
If AVH meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Shaw and Partners rates BCB as Buy (1) -

The highlight of Bowen Coking Coal's 3Q25 update was unit cost, which came below guidance at $133.5/t, leading the company to flag FY25 cost will be at the low end of $145-165/t guidance.

The company flagged cost reduction measures that could lead to further declines in cost of -$15-21/t , with some initiatives already completed, Shaw and Partners notes. 

Coal production in the weather-affected quarter was 619kt and saleable coal was 439kt. Shipments of 447t were better than expected.

The broker is bullish on the outlook for coal price, expecting an improvement in the HCC benchmark from March lows of US$173/t to US$225/t in the 2H of 2025 and potentially lift further on strong Indian demand.

EBITDA forecasts for FY25-27 lifted on lower costs. Buy. Target price $4 revised from 4c previously on 100:1 share consolidation.

Target price is $4.00 Current Price is $0.44 Difference: $3.565
If BCB meets the Shaw and Partners target it will return approximately 820% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates BOE as Buy (1) -

Ord Minnett raises its target price for Boss Energy to $6 from $4.50 and retains a Buy rating, citing strong momentum and the potential for a short squeeze.

Boss Energy has rallied by 66% in the past three weeks and now has the highest short interest on the ASX at 25% of shares outstanding.

The broker estimates more than half of this short interest may already be out-of-the-money and that it would take over 14 days of average trading volumes to clear it.

Ord Minnett models two uranium price scenarios, including a bear case of US$70/lb term and US$63/lb spot. Under both, Boss Energy continues to generate attractive free cash flow yields from FY28 due to the low costs of its Honeymoon project.

Target price is $6.00 Current Price is $3.94 Difference: $2.06
If BOE meets the Ord Minnett target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $3.97, suggesting upside of 0.8% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates CAT as Initiation of coverage with Buy (1) -

UBS has initiated coverage of Catapult International with a Buy rating and $5 price target, suggesting there is upside potential on the proviso growth forecasts can be achieved.

Assuming forecasts will be met, the broker is projecting a cash EBITDA of US$41m (A$63m) by FY28, which is EBITDA minus capex.

The broker also points out Catapult is to become a member of the ASX Technology Rule of 40 club, implying the shares should --at a minimum-- trade on 25x times EV/Cash EBITDA.

UBS's current valuation is derived from a combination of DCF and EV/Cash EBITDA. 

The investment thesis sees earnings growth being underpinned by the delivery of 20% p.a. recurring revenue growth alongside circa 50% incremental Cash EBITDA margins.

Current forecasts still imply two more years of losses (FY25 and FY26).

Target price is $5.00 Current Price is $4.28 Difference: $0.72
If CAT meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.50, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in March.

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

Morgans rates CRN as Downgrade to Hold from Speculative Buy (3) -

Morgans remains of the view coal prices have found their floor and the risk is for upside, but moderated its outlook for prices, resulting in cuts to target prices for coal stocks.

The broker believes worsening supply-side dynamics, rather than demand, will nudge prices higher. Downside risk looks limited given current prices are becoming uneconomic for miners.

Queensland PHCC price forecast for FY25 cut by -2% to US$198.6, and for FY26 trimmed by -5% to US$201. Newcastle thermal coal price forecast cut by -5% to US$120.4 for FY25 and by -13% to US$108.1 for FY26.

In the near term, the broker expects companies to focus on costs and delay capex, and highlights cuts to dividends are likely

Sharp cut in Coronado Global Resources' target price to 18c from 90c as the broker sees valuation risk on liquidity challenges.

Rating downgraded to Hold from Speculative Buy.

Target price is $0.18 Current Price is $0.17 Difference: $0.01
If CRN meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 28.4% (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: 0.2

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

Morgan Stanley rates CSL as Overweight (1) -

Morgan Stanley notes the US government may pursue most favoured nation (MFN) pricing for pharmaceuticals, potentially lowering drug prices. The MFN model links Medicare payments to the lowest GDP-adjusted price paid by an OECD country.

For CSL, the broker highlights plasma-derived therapies were excluded from the previous MFN model in 2020 and remain exempt from price negotiations under the Inflation Reduction Act (IRA).

Overall, the analyst estimates up to 25% of CSL’s revenue could be exposed to MFN pricing but awaits further clarity from forthcoming policy announcements.

No change to the analyst's $313 target price and Overweight rating for CSL. Industry View: In-Line. 

Target price is $313.00 Current Price is $235.14 Difference: $77.86
If CSL meets the Morgan Stanley target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $327.51, suggesting upside of 36.0% (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: 1.0

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

Citi rates DNL as Neutral (3) -

Commenting after Dyno Nobel's 1H25 result, Citi highlights the Transformation program remains on track with management having delivered $89 of net benefits to date. Improving leverage is also noted.

The broker's target rises to $2.55 from $2.45 on a valuation roll-forward and a higher assumed multiple to reflect progress in Fertiliser separation. Neutral retained.

Target price is $2.55 Current Price is $2.62 Difference: minus $0.07 (current price is over target).
If DNL 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 $2.92, suggesting upside of 11.2% (ex-dividends)

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

Macquarie rates DNL as No Rating (-1) -

Dyno Nobel reported better than expected 1H25 net profit after tax, according to Macquarie, at $88m versus the analyst's expectation of $67m.

The Americas performed stronger than anticipated and Asia-Pacific weaker. The company also announced the sale of the fertiliser division, including land and Perdaman, with net proceeds as per the presentation at $606m to Ridley Corp ((RIC)), closing in 3Q 2025.

Macquarie believes the company's transformation is proceeding well, with $25m in benefits in the latest reporting period and management reconfirming previous target benefits of 40%–50% to be achieved by the end of FY25.

The broker lifts EPS forecasts by 7% for FY25 and lowers FY26 by -5%. Due to research restrictions the stock is not rated.

Target price is $3.09 Current Price is $2.62 Difference: $0.47
If DNL meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 11.2% (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

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

While Dyno Nobel's 1H underlying explosives performance appears solid to Morgan Stanley, the suggestion made is the market will likely wait for a full fertiliser separation.

First half earnings (EBIT) of $174m beat forecasts by the broker and consensus by 13% and 8%, respectively. Proceeds of $375m for Fertiliser Distribution appears underwhelming to the analysts.

Phosphate Hill FY25 production guidance of 740-800kt is unchanged. Management noted the negative impact from US tariffs will be "minor with mitigation".

Target price: $2.90. Equal-weight. Industry view: In-Line.

Target price is $2.90 Current Price is $2.62 Difference: $0.28
If DNL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 11.2% (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

Morgans rates DNL as Hold (3) -

Several takeaways from Dyno Nobel's 1H25 results announcement, and the final impact in terms of Morgans' forecasts is an upgrade to FY25 EBIT and net profit estimates and a downgrade to FY26-27.

EBIT in 1H came in at $87.8m, and while it was -46% lower y/y, it beat Morgans' forecast of $78.6m. EBIT of $174.2m was also higher than the broker's $163m forecast. The analyst lifted FY25 forecasts on a lower AUD, higher fertiliser prices and lower depreciation.

FY26-27 forecasts were lowered due to the dilutionary impact of the fertilisers' business sale. The company announced sale of the distribution, Gibson Island real estate and Perdaman offtake agreement for a gross of $835m and a net $606m.

The broker reckons the sale prices were lower than expected due to lower implied multiples. The company also announced it will recommence share buybacks.

Hold. Target cut to $2.82 from $3.15.

Target price is $2.82 Current Price is $2.62 Difference: $0.2
If DNL meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 11.2% (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

Ord Minnett rates DNL as Buy (1) -

Ord Minnett maintains a Buy rating on Dyno Nobel, highlighting ongoing strategic progress as the company shifts focus to its explosives business following divestments in fertilisers.

Dyno Nobel announced the sale of its fertiliser distribution business and related assets for a combined $606m (net of costs), with most proceeds expected in the second half of FY25.

Management is still in discussions to sell its Phosphate Hill operation, though Ord Minnett assumes it will be closed, balancing operational and tax benefits against remediation expenses.

While first-half FY25 EPS exceeded the analyst's expectations by around 15%, earnings (EBIT) growth in explosives was only 4%. The broker reduced its target price to $3.10 from $3.45.

Target price is $3.10 Current Price is $2.62 Difference: $0.48
If DNL meets the Ord Minnett target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 11.2% (ex-dividends)

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

UBS rates DNL as Buy (1) -

UBS views the sale of the fertiliser business by Dyno Nobel as the major aspect of the company's 1H25 earnings report. The company has agreed to divest the division to Ridley Corp ((RIC)) for $375m, which will provide working capital of $121m, the analyst explains.

Total proceeds are in line with UBS's expectations. The company also announced the sale of its Perdaman Urea offtake contract for $145m and the sale of Gibson Island for around $100m.

The broker notes Dyno Nobel reported better-than-expected earnings before interest and tax for the period, beating consensus by 8%, albeit still down -18% on a year earlier.

Asia Pacific declined -17% due to lower coal volumes, and performance for the Americas fell -44% due to the WALA sale and maintenance impacts.

Management retained its FY25 outlook. Buy rated with a $3.25 target price, down from $3.50.

Target price is $3.25 Current Price is $2.62 Difference: $0.63
If DNL meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $2.92, suggesting upside of 11.2% (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

Macquarie rates FPR as Outperform (1) -

Macquarie notes FleetPartners Group reported 1H25 net profit after tax of $38.9m, which is at the upper end of management's guidance range and was down -7% on a year earlier.

Assets under management and operating fleet grew 6%, despite some impacts on new business written, which fell by -17% on the previous year due to the Accelerate program. Net operating income advanced 8%. End-of-lease income declined -18%, which met expectations.

A pickup in 90-plus day arrears by 70bps was a result of system cutover disruptions, the broker explains.

Macquarie lifts EPS forecasts by 8.5% for FY25 and 7.6% for FY26. Target price rises 3.3% to $3.77 from $3.65. No change to Outperform rating.

Target price is $3.77 Current Price is $3.04 Difference: $0.73
If FPR meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in September.

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

Morgan Stanley rates FPR as Overweight (1) -

First half results for FleetPartners Group were in line with March guidance, notes Morgan Stanley, with expectations for 2H New Business Writings (NBW) positively surprising the broker.

In a potentially strong outcome, new guidance implies underlying 2H organic NBW growth of circa 10% when accounting for backlog release tailwinds in the 2H, explain the analysts.

Unchanged target price of $3.90. Given higher for longer end-of-lease (EOL) income should support capital optionality, a more nimble business post system consolidation to capture share, and organic runway, Morgan Stanley remains Overweight. Industry View. In-Line.

Target price is $3.90 Current Price is $3.04 Difference: $0.86
If FPR meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $3.77, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in September.

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 JHX as Neutral (3) -

Citi notes James Hardie Industries' original projection for pro-forma leverage to be 2.8x Net Debt/EBITDA following completion of the Azek deal was based on a higher profit projection than the current consensus estimate.

The broker explains the market has weakened post due diligence and FY26 uncertainty has increased due to the current tariffs scenario.

Neutral. The target is reduced to $43.20 from $56.

Target price is $43.20 Current Price is $38.42 Difference: $4.78
If JHX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $50.91, suggesting upside of 28.8% (ex-dividends)

The company's fiscal year ends in March.

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: 0.6

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

Ord Minnett rates LOT as Speculative Buy (1) -

Ord Minnett retains a Speculative Buy rating on Lotus Resources and a 35c target, citing resilient cash flow and upside leverage to uranium prices.

The broker highlights Lotus has committed sales of 3.5mlb of U308 at fixed prices of around US$80/lb, insulating it from downside risk.

Under a bear case uranium scenario of US$70/lb term and US$63/lb spot, the analyst forecasts Lotus would  generate a 12% free cash flow yield from FY28.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If LOT meets the Ord Minnett target it will return approximately 94% (excluding dividends, fees and charges).

Current consensus price target is $0.33, suggesting upside of 71.1% (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 LOV as Sell (5) -

Citi highlights the recent voluntary administration of accessories retailer Colette Hayman, and the expected closure of its 39 stores, presents a medium-term market share opportunity for Lovisa Holdings in Australia.

The broker warns this benefit may be partly offset by the rapid rollout of Harli + Harpa, a more direct competitor, which has already opened 27 stores (26 in Australia and one in South Africa) since launching in November last year.

In the short term, Citi sees risk Lovisa could lose share to Colette due to aggressive clearance discounts of -60-80% across its store network.

While the long-term outlook may include share gains, the broker remains cautious given near-term competitive pressures and maintains its Sell rating. Target unchanged at $25.86.

Target price is $25.86 Current Price is $27.31 Difference: minus $1.45 (current price is over target).
If LOV meets the Citi target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $29.68, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates MDR as Hold (3) -

MedAdvisor has received a non-binding letter of intent for its A&NZ business from an undisclosed US global software company (market cap over US$100bn), Bell Potter explains.

The terms include $35m cash upfront with a cash earn out of around $7.4m over three years and a five to seven week due diligence period to achieve a binding agreement. 

Management is expected to employ around $17.6m to lower debt. The broker believes the deal is "reasonable" and notes there could be a higher offer with the most likely bidder, EBOS Group ((EBO)) due to its 9% equity stake.

Target price lifted to 10c from 9c with no change in Hold rating.

Target price is $0.10 Current Price is $0.10 Difference: $0.001
If MDR meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

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

Morgans rates NHC as Add (1) -

Morgans remains of the view coal prices have found their floor and the risk is for upside, but moderated its outlook for prices, resulting in cuts to target prices for coal stocks.

The broker believes worsening supply-side dynamics, rather than demand, will nudge prices higher. Downside risk looks limited given current prices are becoming uneconomic for miners.

Queensland PHCC price forecast for FY25 cut by -2% to US$198.6, and for FY26 trimmed by -5% to US$201. Newcastle thermal coal price forecast cut by -5% to US$120.4 for FY25 and by -13% to US$108.1 for FY26.

In the near term, the broker expects companies to focus on costs and delay capex, and highlights cuts to dividends are likely

Target for New Hope cut to $4.50 from $4.90 as the broker set the price at a discount to NPV because of the uncertain short-term coal price outlook. Add maintained.

Target price is $4.50 Current Price is $3.86 Difference: $0.64
If NHC meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $4.31, suggesting upside of 9.7% (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

Ord Minnett rates PDN as Buy (1) -

Ord Minnett retains a Buy rating on Paladin Energy with a $9.50 target, underpinned by robust cash flow and leverage to uranium prices.

The broker expects Paladin’s free cash flow to turn negative from FY28 due to capital expenditure for its Patterson Lake South project, but still finds its base case free cash flow (FCF) yield of 8-10% appealing.

Even under a bear case of US$70/lb term and US$63/lb spot prices, FCF yield remains acceptable, suggests the broker, at 4-5% in FY27–29.

Paladin’s net asset value under this downside case is estimated at $5.45, which is only modestly below the recent share price of $6.37, points out the analyst.

Target price is $9.50 Current Price is $6.50 Difference: $3
If PDN meets the Ord Minnett target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $8.51, suggesting upside of 33.1% (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

Macquarie rates PNI as Outperform (1) -

Macquarie retains an Outperform rating on Pinnacle Investment Management and lowers the target price to $25.10 from $27.37 following a third quarter update.

Funds under management (FUM) rose 2.9% to $159.9bn, driven by $6.2bn of net inflows, particularly from retail and international affiliates, observes the broker.

While equity market volatility prompted -3% EPS downgrades for FY25 and -7-10% cuts for FY26-30, Pinnacle's investment performance remains robust, in the analyst's opinion.

Macquarie highlights 88% of strategies are outperforming benchmarks over five years, around 28% of FUM is eligible to earn performance fees, and over half is at or near high watermark thresholds.

Management reiterated confidence in its medium-term outlook, supported by FUM diversification, strong balance sheet flexibility.

Target price is $25.10 Current Price is $19.51 Difference: $5.59
If PNI meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $22.80, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

UBS rates PXA as Buy (1) -

UBS views the 3Q25 update from Pexa Group as in line with management's reiterated guidance for FY25. Australian exchange volumes grew 4.1% on a year earlier, which met the broker's estimate due to more robust performance in lower-margin refinances, up 12.8%.

The broker anticipates market share at 90% in the period to be retained and to increase slightly from Tasmania's move from refinances into transfers, and the Northern Territory refinance launch.

UBS notes weaker UK remortgage volumes, with sales and purchases reporting growth.

The analyst believes the share price is discounting limited UK growth, but if Pexa can entice bank and conveyancer customers --as FCA approval is in place-- there is potential upside to the share price.

Buy rated with a $15.30 target price.

Target price is $15.30 Current Price is $11.67 Difference: $3.63
If PXA meets the UBS target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $15.26, suggesting upside of 29.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates QBE as Add (1) -

Morgans considers QBE Insurance's 1Q25 update as broadly in-line, with gross written premium (GWP) growth tracking slightly higher than guidance, and 1H25 net catastrophe claims run-rate pointing to $630m vs $549m guidance.

The insurer reaffirmed FY25 GWP growth guidance and combined operating ratio forecast of 92.5%.

Minor changes to the broker's forecasts. Target price rises to $24.07 from $23.79, mainly on valuation roll-forward.

Add maintained. The broker notes the stock trades at a significant discount to peers at 11.8x earnings vs Suncorp Group ((SUN)) and Insurance Australia Group ((IAG)) at 17-19x earnings.

Target price is $24.07 Current Price is $22.48 Difference: $1.59
If QBE meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $23.73, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Bell Potter rates REA as Buy (1) -

REA Group reported 12% revenue growth for 3Q25, Bell Potter observes, with market interruptions from public holidays and Easter resulting in flat listings for the period, although a decline in Melbourne of -3% was more than accommodated for by a rise in Sydney of 4%.

Management anticipates between 13%–15% Buy yield growth in FY25 compared to the analyst's forecast of 16%, while highlighting more challenging comps for 4Q25 year-on-year for listings, with guidance set at 1%–2% for FY growth.

Opex guidance has been retained at low double-digit growth.

Bell Potter lowers EPS estimates by -3.3% and -1% for FY25/FY26.

Target price lifts to $267 from $264. No change to Buy rating.

Target price is $267.00 Current Price is $241.49 Difference: $25.51
If REA meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $269.57, 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

UBS rates RIC as Buy (1) -

UBS notes the acquisition of Dyno Nobel's ((DNL)) fertiliser distribution business for $300m, plus call options to acquire the Geelong North Shore property for $75m, by Ridley Corp.

The acquisition will be debt-funded at $144m, along with a $125m equity raising at $2.12 per share and vendor notes of $50m.

UBS expects the acquisition will be over 25% EPS accretive in FY26, including approximately $7m in synergies, and believes it will create a new "growth pillar" for the company as the number one operator in bulk stockfeeds, packaged ingredients, and now fertiliser distribution.

The deal also further diversifies Ridley's exposure to broadacre cropping and horticulture. Buy rated with a $2.80 target price.

Target price is $2.80 Current Price is $2.33 Difference: $0.47
If RIC meets the UBS target it will return approximately 20% (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

Macquarie rates SDF as Outperform (1) -

April premium rate growth slowed across most product lines for Steadfast Group compared to March, notes Macquarie, with particularly weak results in strata insurance, down -6.9%, though personal motor was a relative bright spot.

Despite short-term softness, Macquarie maintains its FY25 earnings forecasts, supported by a robust March quarter (after a 6.2% jump in pricing) and expectations for stronger June quarter performance.

Macquarie highlights strong earnings momentum but acknowledges weaker price momentum in the share price and the near-term risk from flat premium rates.

The analyst retains an Outperform rating on Steadfast Group and a $6.80 target price.

Target price is $6.80 Current Price is $5.94 Difference: $0.86
If SDF meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 14.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates SMR as Add (1) -

Morgans remains of the view coal prices have found their floor and the risk is for upside, but moderated its outlook for prices, resulting in cuts to target prices for coal stocks.

The broker believes worsening supply-side dynamics, rather than demand, will nudge prices higher. Downside risk looks limited given current prices are becoming uneconomic for miners.

Queensland PHCC price forecast for FY25 cut by -2% to US$198.6, and for FY26 trimmed by -5% to US$201. Newcastle thermal coal price forecast cut by -5% to US$120.4 for FY25 and by -13% to US$108.1 for FY26.

In the near term, the broker expects companies to focus on costs and delay capex, and highlights cuts to dividends are likely

Target price for Stanmore Resources cut to $3.35 from $4.10 as the broker set the price at a discount to NPV because of the uncertain short-term coal price outlook. Add maintained.

Target price is $3.35 Current Price is $1.90 Difference: $1.45
If SMR meets the Morgans target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates SUL as Neutral (3) -

Macquarie highlights a slowdown in total sales in the first 18 weeks of 2H25 to growth of 4.5%, versus 7% annual growth in the first seven weeks of trade.

Macpac sales growth has weakened the most, to 1.3% against 13% over the corresponding periods, which management attributes to exposure to the NZ market.

Gross margin as a percentage appears to have declined by -190bps to 44.2% over the 2H25 period, and Macquarie accordingly lowers its forecast gross margin to 44.3% for the period, down from 46% previously.

Competition for Supercheap Auto and Rebel is expected to continue. The broker's EPS forecasts are lowered by -4% and -9.3% for FY25/FY26.

Neutral maintained. Target is reduced to $14.10 from $15.40, down -8%.

Target price is $14.10 Current Price is $14.17 Difference: minus $0.07 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.24, suggesting upside of 6.5% (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

Morgans rates WHC as Add (1) -

Morgans remains of the view coal prices have found their floor and the risk is for upside, but moderated its outlook for prices, resulting in cuts to target prices for coal stocks.

The broker believes worsening supply-side dynamics, rather than demand, will nudge prices higher. Downside risk looks limited given current prices are becoming uneconomic for miners.

Queensland PHCC price forecast for FY25 cut by -2% to US$198.6, and for FY26 trimmed by -5% to US$201. Newcastle thermal coal price forecast cut by -5% to US$120.4 for FY25 and by -13% to US$108.1 for FY26.

In the near term, the broker expects companies to focus on costs and delay capex, and highlights cuts to dividends are likely

Whitehaven Coal remains the broker's preferred pick because of scale, liquidity and investor acceptance.

Add. Target cut to $7.25 from $9.20, as the analyst sets the price at a discount to NPV because of the uncertain short-term coal price outlook.

Target price is $7.25 Current Price is $5.24 Difference: $2.01
If WHC meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $6.66, suggesting upside of 23.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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