Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

Recent copper-focused takeovers on the ASX deliver a clear signal to investors, suggests Shaw and Partners: if equity markets continue to undervalue developers and explorers, global majors will seize the opportunity.

The broker believes industry consolidation is likely to accelerate in a supportive copper price environment. Preferred copper exposures across the value chain are AIC Mines, FireFly Metals, and Sunstone Metals.

AIC Mines is the analysts' preferred copper producer, providing leveraged exposure to the Australian dollar copper price, consistent production and future growth.

Target $1.10. Buy.

Target price is $1.10 Current Price is $0.33 Difference: $0.77
If A1M meets the Shaw and Partners target it will return approximately 233% (excluding dividends, fees and charges).

Current consensus price target is $0.80, suggesting upside of 134.3% (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

Morgans rates AMC as Add (1) -

Morgans has undertaken a deep dive into the impact on share price performance of ASX-listed companies that have undergone transformational mergers or acquisitions.

The broker inspected 12 deals dating back to 2016, and on average, the share prices of the acquirers were lower over 1-day, 6-month, 1-year, and 2-year periods following the deal. Acquiring companies also typically underperformed the ASX200 over these timeframes.

While synergy targets were generally achieved, EPS accretion targets proved more challenging.

Morgans believes Amcor is a highly defensive business with strong global market positions, though it cautions that risks remain around the Berry Global merger. Management has a solid track record, and the broker believes the stock is trading at levels that offer long-term upside potential.

Add rating and $16 target retained.

Target price is $16.00 Current Price is $14.21 Difference: $1.79
If AMC meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $17.24, suggesting upside of 22.9% (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: 0.7

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

Macquarie rates APE as Outperform (1) -

Eagers Automotive reaffirmed its FY25 revenue guidance for revenue growth of over $1bn, but more importantly for Macquarie, the 1H/2H skew was made clear. The broker revised its expectation, now factoring in FY25 underlying profit before tax (PBT) skew of 46:54 from 49:51.

The broker believes there's upside risk to the revenue growth forecast from acquisitions or BYD outperforming on volumes. The company flagged flat 1H underlying PBT but is optimistic about 2H on improving trading conditions, interest cut  benefits and no one-off disruptions.

The broker cut FY25-27 EPS estimates on slightly lower new vehicle assumption. 

Outperform. Target rises to $20.35 from $16.39 as the broker rolled-forward valuation and lifted the multiple to the top end of the range at 20.1x.

Target price is $20.35 Current Price is $17.84 Difference: $2.51
If APE meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $16.86, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates APE as Add (1) -

Morgans notes that Eagers Automotive's trading update for the year-to-date to May shows profit before tax slightly above the level a year earlier, despite the timing of holidays and the Queensland cyclone.

Management stated the company is trading above expectations outlined in February, which offers some confidence for the 2025 full year, with potential positive tailwinds from lower interest rates.

Eagers also confirmed the signing of a term sheet to extend its long-term retail agreement with BYD Australia through a new 5-year dealer agreement, which will operate via the Retail JV entity, the analysts explain.

The broker has made minor adjustments to EPS forecasts, lowering 2025 by 0.6% and increasing 2026 by 2.9%. Morgans appreciates the scale of Eagers as a counterbalance to the generally cyclical nature of the business.

The target price has been raised to $19.15 from $16.20. No change to the Add rating.

Target price is $19.15 Current Price is $17.84 Difference: $1.31
If APE meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $16.86, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates APE as Neutral (3) -

Eagers Automotive's trading update for the year-to-date (ending April) revealed that underlying profit before tax was slightly above the same period last year, with indications that the positive trend has continued into May—despite cycling strong comparables from the previous year.

UBS notes margins appear to be weaker than expected, although May includes the impact of three acquisitions. Additionally, new vehicle deliveries are likely to be down, which may also be weighing on margins.

The broker believes the strong share price performance reflects market sentiment around potential interest rate cuts, with most of the anticipated benefits expected to materialise in the second half of 2025.

BYD and easyauto are trading at record levels, and UBS emphasises the business remains on track to achieve its $1bn revenue growth target for 2025, with further M&A opportunities likely.

Neutral rating maintained. Target price unchanged at $14.80.

Target price is $14.80 Current Price is $17.84 Difference: minus $3.04 (current price is over target).
If APE meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.86, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates BBT as Add (1) -

Following the $130 million capital raising and the 2Q25 quarterly update, Morgans revisits its earnings estimates for BETR Entertainment, formerly known as BlueBet Holdings.

The analyst does not incorporate the PointsBet (PBH) merger into forecasts but highlights the stake represents a significant step for the company in achieving its market share targets of 10%-15%, while also serving to block the existing takeover proposal from Mixi.

Shares on issue have increased by approximately 406m, bringing the total to around 1bn shares.

The broker notes the company reported another robust quarter and forecasts activity will lift by around 3,800 accounts to nearly 160,000 as TopSport migrates onto the platform.

Add rating maintained. Target price is $0.47.

Target price is $0.47 Current Price is $0.33 Difference: $0.14
If BBT meets the Morgans target it will return approximately 42% (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 CIA as Buy (1) -

At first take, Champion Iron reported revenue and earnings (EBITDA) for FY25 which were below Citi's estimate by -1% and in line with consensus.

Lower realised prices were the contributing factor to the weaker-than-anticipated results, the broker explains.

The analyst notes the upgrading of Bloom Lake's capacity to direct reduction pellet feed is going as anticipated, with quarterly investment at around -CAD52m and -CAD440m in cumulative investment out of an expected total capex of -CAD471m.

Higher depreciation and amortisation resulted in net income coming in below Citi's forecast by -9% and -7% versus consensus. All-in-sustaining costs were also lower than forecast by -5%, with net debt also lower.

Citi notes a semi-annual dividend per share of CA1c.

Target price is $7.30 Current Price is $4.49 Difference: $2.81
If CIA meets the Citi target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Morgans rates COG as Speculative Buy (1) -

COG Financial Services reported 3Q25 net profit after tax growth of 9% year-on-year, slightly exceeding Morgans’ expectations. The company delivered strong results from novated leasing, the broker explains.

The analyst is positive on the recent sale of stakes in Centrepoint Alliance and Earlypay, viewing them as indicative steps toward streamlining the business.

Morgans has lifted its EPS estimates for FY25 and FY26 by approximately 1% and 2%, respectively, due to slight upgrades in the finance broking and aggregation segments.

The Speculative Buy rating is unchanged. The target price has been raised to $1.72 from $1.09 due to a higher ascribed valuation.

Target price is $1.72 Current Price is $1.56 Difference: $0.16
If COG meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.48, suggesting downside of -4.3% (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

Macquarie rates CWY as No Rating (-1) -

Macquarie went for a Cleanaway Waste Management-hosted visit to its material recovery facility in Western Sydney, and returned with a view the company remains on a structured improvement plan.

The broker notes solid waste implementation is well-advanced and the company is seeking national roll-out of the operating model by late 2025. While end-point outcomes are difficult to estimate, the analyst expects gains to be broad-based, financially and strategically.

The broker is under research restriction. No rating or target price.

Current Price is $2.73. Target price not assessed.

Current consensus price target is $3.06, suggesting upside of 11.8% (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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley notes Cleanaway Waste Management outlined its branch-led operating model, including a Sydney tour of a materials recovery facility.

The broker notes management retained FY25 earnings before interest and tax guidance at $395m–$425m, with the analyst positioned for $410m.

The materials recovery facility opened in April and has contracted 25ktpa out of 120ktpa capacity for "yellow bin" recycling of municipal waste. Lasers are used to sort the waste.

Target $3.08. Overweight. Industry View: In-Line.

Target price is $3.08 Current Price is $2.73 Difference: $0.35
If CWY meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.06, suggesting upside of 11.8% (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

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

Shaw and Partners describes Eroad’s FY25 result as a key inflection point, noting free cash flow rose to NZ$16m in FY25, or NZ$23.6m on a normalised basis, marking a turnaround from negative results in prior years.

Revenue reached NZ$194.4m, at the top end of guidance and slightly above the broker’s forecast, while earnings (EBITDA) of NZ$9.9m sit at the top end of the NZ$5-10m guidance range.

US growth confidence lifted with the company providing deal pipeline detail for the first time and maintaining a medium-term annual recurring revenue (ARR) growth target of 11-13%, note the analysts.

Shaw raises its target price to $1.80 from $1.40 and retains a Buy, High Risk rating.

Target price is $1.80 Current Price is $1.46 Difference: $0.34
If ERD meets the Shaw and Partners target it will return approximately 23% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Shaw and Partners rates FFM as Buy (1) -

Recent copper-focused takeovers on the ASX deliver a clear signal to investors, suggests Shaw and Partners: if equity markets continue to undervalue developers and explorers, global majors will seize the opportunity.

The broker believes industry consolidation is likely to accelerate in a supportive copper price environment. Preferred copper exposures across the value chain are AIC Mines, FireFly Metals, and Sunstone Metals.

FireFly Metals is the analysts' preferred copper developer. A big resource upgrade is anticipated in the September  quarter along with mining studies towards the end of 2025.

Target $1.90. Buy.

Target price is $1.90 Current Price is $1.05 Difference: $0.85
If FFM meets the Shaw and Partners target it will return approximately 81% (excluding dividends, fees and charges).

Current consensus price target is $1.68, suggesting upside of 60.3% (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

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

Morgan Stanley notes on first take Fisher & Paykel Healthcare reported FY25 revenue at the upper end of guidance, with hospital revenue advancing by 16% in constant currency terms and homecare revenue up 11% in constant currency.

The FY25 gross margin rose by 181bps, which was slightly better than the broker's and consensus expectations due to improved efficiency and overheads.

Management anticipates an improvement in FY26 gross margin and an impact of -50bps from US tariffs on NZ hospital products.

Morgan Stanley maintains an Equal-weight rating with a price target of NZ$36.70. Industry view: In-Line.

Current Price is $33.79. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates FPH as Neutral (3) -

Fisher & Paykel Healthcare's FY25 result slightly beat UBS' forecasts as higher margins offset slower hospital consumables growth in 2H25 and lower homecare revenues.

The broker cut FY26-27 EPS forecasts by -4% after factoring in lower hospital and homecare revenues, partly offset by better expense management.

The broker has incorporated US tariff impact of -$12m in FY26, which assumes exemptions for both Mexico and homecare imports.

Neutral. Target cut to NZ$37 from NZ$39.

Current Price is $33.79. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

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

Genesis Minerals is acquiring Focus Minerals ((FML)) for -$250m in cash, and Macquarie believes it will help pursue mill expansions consistent with the ASPIRE 400 strategy.

The broker believes the deal is EPS accretive, with EV/resource metric reducing -25% after the transaction, pointing to attractive resource per unit.

The analyst is factoring in mill expansions at Leonora and Laverton to a group capacity of 7.0Mtpa by FY31 from 4.4Mtpa currently.

FY25-26 EPS forecasts cut by -1% on higher near-term capex and interest expenses.

Target price increased to $5.10 from $4.20 on increased group production outlook. Rating upgraded to Outperform from Neutral.

Target price is $5.10 Current Price is $4.48 Difference: $0.62
If GMD meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $4.32, suggesting downside of -9.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates GMG as Outperform (1) -

Following the 3Q25 operational update from Goodman Group, Macquarie made negligible changes to EPS forecasts, lowering FY26 forecast by -0.2% and FY27 by -0.1%.

Target price trimmed marginally to $36.06 from $36.31. Outperform retained.

The broker's view from the 3Q update is recapped befow:

Management restated the key performance targets for data centres, but no new information was provided on lease contracts or capital partners. However, management highlighted they were in conversations with "several large customers" and "a range of potential investment partners."

The broker notes assets under management grew 1.7% to $85.8bn in the previous quarter and are expected to increase further upon completion of a new partnership in North America.

Target price is $36.06 Current Price is $34.33 Difference: $1.73
If GMG meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $36.17, suggesting upside of 6.5% (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

Morgan Stanley rates GMG as Overweight (1) -

Goodman Group reaffirmed FY25 EPS growth guidance of 9%, slightly below consensus of 10.5%, observes Morgan Stanley

Development yield on cost hit a record 9% year-to-date, with the 3Q alone estimated at around 11% led by the Vernon data centre, explains the broker.

No customers or capital partners have signed up for the 0.5GW data centre pipeline unveiled in February.

The analysts estimate work in progress (WIP) will rise to around $20bn over the next year, with Artarmon (Sydney), Paris, and Frankfurt soon to be added.

Substantial groundwork sets up FY26 for material data centre progress, suggests Morgan Stanley, and potential profit realisation.

Overweight. Target $37.50. Industry View: In-Line.

Target price is $37.50 Current Price is $34.33 Difference: $3.17
If GMG meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $36.17, suggesting upside of 6.5% (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

Morgans rates GMG as Add (1) -

Morgans notes Goodman Group’s management re-affirmed FY25 EPS growth guidance of 9%, marking the first time since FY18 the group has not upgraded its guidance in the third quarter.

Economic uncertainty was highlighted as a key factor affecting customer decision-making in the logistics market, though management emphasised long-term demand remains intact.

Data centre demand continues to be strong, with Goodman benefiting from its exposure to metropolitan areas with low-latency locations.

The broker notes the yield on the cost of commencements stands at 9%, compared to a work-in-progress yield of 7.1%, indicating the profitability of recent project announcements.

The Add rating is retained, with Morgans emphasising Goodman offers the highest quality exposure among its REIT coverage. The target price has been raised to $36.65 from $35.30.

Target price is $36.65 Current Price is $34.33 Difference: $2.32
If GMG meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $36.17, suggesting upside of 6.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

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

Ord Minnett lowers its target for Goodman Group to $30.80 from $33.50, reflecting reduced long-term revenue expectations from its data centre pipeline. The broker's rating is also downgraded to Hold from Accumulate.

The broker notes lower-than-expected installed IT capacity conversion (32.5MW from 50MW), falling by circa -20% below prior assumptions.

This lower efficiency leads to a revised long-term pipeline valuation of $150bn (down from $190bn) and a cut in the broker's powerbank valuation to $100bn. The analyst's data centre segment’s per-share value is downgraded to $12.20 from $14.90.

Recent additions in Los Angeles and Hong Kong expand work-in-progress to $13.7bn, with data centres now comprising over half of Goodman's active projects.

Ord Minnett believes the risk profile of the group's data centre developments has increased without a corresponding lift in return metrics such as yield on cost.

The broker notes management maintained FY25 guidance.

Target price is $30.80 Current Price is $34.33 Difference: minus $3.53 (current price is over target).
If GMG meets the Ord Minnett target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $36.17, suggesting upside of 6.5% (ex-dividends)

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

UBS rates GMG as Buy (1) -

UBS observes Goodman Group's 3Q update met the broker’s expectations, with work-in-progress increasing by $0.7bn to $13.7bn, as data centre projects moved into production.

These developments are achieving a higher yield on cost, which UBS estimates to be over 10%.

However, commentary highlights the update fell short of investor expectations, with no upgrade to FY25 operating earnings (maintained at 9%), and no new announcements regarding asset sell-downs, data centre leasing, or joint venture initiatives.

The analyst remains Buy-rated, noting management cited "uncertainty" and the impact of "trade/global growth" as key factors influencing near-term sentiment.

Nonetheless, UBS maintains a positive long-term outlook, particularly for the data centre pipeline, where oversupply risk is believed to be limited.

No change to the Buy rating or $36 target price. EPS estimates remain unchanged.

Target price is $36.00 Current Price is $34.33 Difference: $1.67
If GMG meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $36.17, suggesting upside of 6.5% (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

Morgans rates HCW as Hold (3) -

Morgans highlights Healthscope represents around 50% of HealthCo Healthcare & Wellness REIT’s assets, and the hospital operator has now appointed administrators.

The CEO of Healthscope has identified three key issues: excessive debt, above-market rents, and underinvestment by private health insurers in the private healthcare sector.

The broker believes a rent reduction is likely for the REIT, although negotiations are expected to be uncertain and complex.

There is no change to the Hold rating. The target price has been lowered to $0.90 from $1.00.

Target price is $0.90 Current Price is $0.78 Difference: $0.12
If HCW meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $1.04, suggesting upside of 32.7% (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 HLS as Hold (3) -

Morgans has updated its earnings estimates for Healius following the sale of Lumus Imaging and the announcement of a circa $300 million special dividend.

Management has initiated a strategic revamp of the business. The broker notes that only 30% of the targeted initiatives have been completed, with approximately $110 million in cost savings and efficiencies still required to achieve high single-digit operating margins by FY27.

Morgans remains cautious. The target price has been cut to $0.96 from $1.32 (previously $1.35). Hold rating retained.

Target price is $0.96 Current Price is $0.84 Difference: $0.12
If HLS meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.14, suggesting upside of 33.7% (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 IFT as No Rating (-1) -

Infratil's FY25 proportionate EBITDA beat its own guidance by 2% at mid-point but FY26 guidance (excluding Manawa Energy) missed Macquarie's forecast by -3%.

FY25 dividend was also lower than the broker's expectation and the company guided to dividend growth in line with inflation vs 4% estimated.

The company stated the target to double EBITDA for CDC data centres by FY27 is conservative. Gurin Energy's FID is targeted for late-2025.

About NZ$1bn of non-core asset sales was also flagged over the next few years. The broker cut FY26 EPS forecast by -9% and FY27 by -2%, on lower guidance.

Due to research restrictions, Macquarie does not currently have a rating or target for Infratil.

Current Price is $9.36. Target price not assessed.

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

IPD Group's trading update was disappointing, in Shaw and Partners' view, with management expecting FY25 earnings (EBITDA and EBIT) to be respectively -8% and 9% below FY24 pro-forma levels.

Project delays and weaker performance in the CMI Cables division were cited as reasons by management. Revenue is still expected to grow year-on-year, particularly across core IPD, EX Engineering and Minto Plugs.

The broker notes CMI Cables and Addelec are expected to fall by -7.6% and -12.6%, respectively due to commercial construction headwinds and specific project delays.

Gross margins are under pressure, points out the analyst, as the revenue mix shifts toward more competitive, large-scale projects. Positively, operating expenses as a percentage of revenue have improved and cash conversion remains above 100%.

Shaw reduces its target price to $4.80 from $5.50 and retains a Buy, High Risk rating.

Target price is $4.80 Current Price is $3.00 Difference: $1.8
If IPG meets the Shaw and Partners target it will return approximately 60% (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

Morgans rates LOV as Add (1) -

Morgans observes Lovisa Holdings' LinkedIn announcement of the opening of its 1,000th store this week, which the analyst highlights as a major milestone for the company.

The announcement coincides with the departure of CEO Victor Herrero on May 30, with incoming CEO John Cheston, formerly of Smiggle, set to take the helm.

The broker also notes a new jewellery concept in the UK, called Jewells UK, although details remain limited. Seven stores and an online presence are scheduled to launch on May 30.

Morgans continues to favour Lovisa, believing there is scope for the company to evolve into a global brand, supported by ongoing investment in new markets, including China. However, the company will need to fund this expansion.

Add rating maintained, with a target price of $35.

Target price is $35.00 Current Price is $32.64 Difference: $2.36
If LOV meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $29.68, suggesting downside of -9.6% (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

Morgan Stanley rates MIN as Overweight (1) -

After a trip to Mineral Resources' Onslow Iron project, Morgan Stanley analysts reckon there's a real potential to operate 10% above nameplate capacity by August 2026 once transshipper 6 arrives. This could lead to FY27 upgrades.

The broker noted the current speed limit on the haul road is set to be removed by the end of September, paving the way to meet or even exceed the 35Mtpa target. Even at the current speed limit of 65km/hour, the company demonstrated upside potential for traffic.

Finally, the broker notes the repair work is on track to achieve the September completion target.

Overweight. Target unchanged at $35.

Target price is $35.00 Current Price is $25.71 Difference: $9.29
If MIN meets the Morgan Stanley target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $28.89, suggesting upside of 16.4% (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

Morgans rates MIN as Add (1) -

Mineral Resources has downgraded its Onslow shipment guidance by approximately -8% to 7.8–8.0Mt due to haulage issues. Morgans does not view this as a significant concern, given the use of contractors and with just one month remaining in FY25.

The company is now targeting Onslow unit FOB costs of $49/wmt, up from the previous $45/wmt estimate. Sustaining capex is expected to average $2/wmt over the life of the mine.

Management has flagged capex of -$150m-$200m for the construction of the Onslow wet plant, due for completion by FY29. The broker notes the potential for achieving around 38Mtpa capacity by FY27.

Malcolm Bundy has been appointed as the new Chairman, effective June 1.

There is no change to the Add rating. The target price has been raised to $26 from $23. Morgans states that Mineral Resources remains a high-risk investment due to elevated debt levels and a challenging outlook for lithium.

Target price is $26.00 Current Price is $25.71 Difference: $0.29
If MIN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $28.89, suggesting upside of 16.4% (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

Macquarie rates MVF as Outperform (1) -

Macquarie notes total Medicare IVF cycles rose 4.6% y/y in April, taking the 2H25 year-to-date growth to 5.1% y/y. Fresh cycles were up 2.9% y/y and frozen were up 8%.

The broker expects domestic market cycles growth of 0.4% in 2H25, but sees Monash IVF losing market share, and hence forecasts a decline of -2.6%.

The broker's current forecasts have not accounted for any potential upside from genetic testing that was added to MBS in November 2023, where a portion could be converted to IVF cycles.

Outperform. Target retained at $1.30.

Target price is $1.30 Current Price is $0.61 Difference: $0.69
If MVF meets the Macquarie target it will return approximately 113% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 75.8% (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

Morgan Stanley rates MYR as Overweight (1) -

Following Myer's investor day, Morgan Stanley observes management appears to be making early progress on its turnaround and integration of the Apparel brands.

Execution risk remains elevated due to the complexity of the transformation, notes the broker.

The company has outlined a clear strategy and leadership structure to manage delivery, highlight the analysts, and synergy targets look achievable and may exceed initial expectations. 

Morgan Stanley retains an Overweight rating and a target price of $1.05. Industry view: In-Line. 

Target price is $1.05 Current Price is $0.69 Difference: $0.36
If MYR meets the Morgan Stanley target it will return approximately 52% (excluding dividends, fees and charges).

The company's fiscal year ends in July.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates PFP as Upgrade to Buy from Accumulate (1) -

Ord Minnett lowers its EPS forecasts for Propel Funeral Partners by -10.7% for FY25, -11.4% for FY26, and -10.8% for FY27 due to lower-than-expected funeral volumes. The analyst notes a weaker death rate and falling excess mortality post-covid.

Guidance is for H2 operating earnings (EBITDA) to fall -17% short of market expectations and -13% below the broker’s prior estimate, leading to near-term negative operating leverage.

While acknowledging covid-driven excess deaths are declining, Ord Minnett points to a longer-term structural tailwind from Australia’s ageing population. ABS data are projecting a death rate CAGR of 2.6% from 2025-2030 and 2.9% from 2031-2040.

The broker sees continued opportunity for industry consolidation, with Propel holding $144m in funding capacity and accounting for just 9% of a highly fragmented market.

Ord Minnett cuts its target to $5.50 from $6.05 but upgrades to Buy from Accumulate on valuation grounds following a -16% share price decline over the past two months.

Target price is $5.50 Current Price is $4.53 Difference: $0.97
If PFP meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $5.74, suggesting upside of 28.1% (ex-dividends)

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 RAD as Speculative Buy (1) -

Bell Potter believes Radiopharm Theranostics may be close to generating revenue after the phase 2a clinical trial study of RAD101 showed encouraging data. The company is now enrolling patients for the phase 2b study, and the expectation is for headline data by mid-2026.

The broker notes the company is well-funded with $36.9m in cash as of March 31, and long-dated options that would raise $70m.

Speculative Buy. Target cut to 5c from 7c as the broker removed revenues from Trivahexin from forecasts.

Target price is $0.05 Current Price is $0.03 Difference: $0.02
If RAD meets the Bell Potter target it will return approximately 67% (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 RTH as Buy (1) -

Ord Minnett assesses a positive trading update from RAS Technology, highlighting annualised recurring revenue (ARR) of $21.1m, up 15% from H1 and in line with the broker’s expectations.

The broker explains growth was driven by the company’s recent Hong Kong acquisition and ongoing contract wins/extensions.

Underlying ARR is growing at around 20% year-on-year, and management points to a strong opportunity pipeline heading into FY26.

The broker retains a Buy rating and makes no changes to earnings forecasts. Unchanged $1.78 target. 

Target price is $1.78 Current Price is $0.98 Difference: $0.8
If RTH meets the Ord Minnett target it will return approximately 82% (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

Morgans rates SIQ as Hold (3) -

Morgans retains a Hold rating on Smartgroup Corp following its 1Q25 update, noting solid leasing activity.

The broker's profit forecasts fall by between -2.6% to -4.8% across FY25-27 due to reduced revenue expectations and risks linked to electric vehicle (EV) policy cessation, while the FY25 EBITDA forecast was trimmed by -2.4%.

The eventual phase-out of the government’s EV discount policy poses a medium-term earnings headwind, caution the analysts.

Although average monthly lease orders rose 9% compared to 2H24, Morgans believes the pull-forward in demand from plug-in hybrid vehicles (PHEVs) limits scope for future outperformance.

The broker's target falls to $7.95 from $8.95.

Target price is $7.95 Current Price is $7.26 Difference: $0.69
If SIQ meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $9.02, suggesting upside of 23.5% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates SLH as Hold (3) -

Morgans lowers its target price for Silk Logistics to $1.70 from $2.14, applying a -20% discount to the $2.14 per share takeover offer from DP World (Australia) due to ongoing regulatory uncertainty.

The ACCC review of the DP World acquisition has resumed, with an updated decision expected by 10 July 2025. Until regulatory clarity is achieved, the scheme meeting scheduled for 20 June 2025 may be postponed.

Separately, interim earnings were mixed, assesses the broker, with group earnings (EBIT) of $15.6m down -13.7% year-on-year, while revenue rose 4.1% to $287.8m.

Port Logistics delivered strong revenue and earnings growth, but Contract Logistics saw a -3.7% decline in revenue and -11.6% drop in earnings, reflecting softer warehouse utilisation, suggests the analyst.

Target price is $1.70 Current Price is $1.50 Difference: $0.2
If SLH meets the Morgans target it will return approximately 13% (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 SOL as Downgrade to Hold from Add (3) -

Morgans raises its target for WH Soul Pattinson to $37.50 from $36.20 and downgrades to Hold from Add due to share price strength following interim results.

The broker's investment thesis remains supported by consistent long-term performance, including 25 consecutive years of dividend growth. The dividend per share is forecast to rise to $1.02 in FY25 and reach $1.09 by FY27.

The group continues to benefit from strong liquidity, a diversified portfolio across equities, property, and private equity, and an uncorrelated return profile versus the market, highlights the analyst.

Target price is $37.50 Current Price is $39.72 Difference: minus $2.22 (current price is over target).
If SOL meets the Morgans target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in July.

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

Shaw and Partners rates STM as Buy (1) -

Recent copper-focused takeovers on the ASX deliver a clear signal to investors, suggests Shaw and Partners: if equity markets continue to undervalue developers and explorers, global majors will seize the opportunity.

The broker believes industry consolidation is likely to accelerate in a supportive copper price environment. Preferred copper exposures across the value chain are AIC Mines, FireFly Metals, and Sunstone Metals.

Sunstone Metals is the analysts' preferred copper explorer. Unchanged 3 cent target and Buy, High Risk rating.

Target price is $0.03 Current Price is $0.02 Difference: $0.01
If STM meets the Shaw and Partners target it will return approximately 50% (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

Morgans rates SVR as Add (1) -

Morgans maintains an Add rating on Solvar, raising the target price to $1.75 from $1.55 following the company's recently acquired 19.9% strategic stake in EarlyPay ((EPY)). The latter aligns with the group’s upcoming entry into the commercial auto lending market.

The broker believes a full acquisition of EarlyPay could deliver earnings accretion of 3-9% depending on the funding mix, with revenue synergies likely from expanded distribution and cross-sell potential in SME finance.

No major changes were made to forecasts, though valuation roll-forward and the share buyback were factored into the higher price target.

Solvar continues to face near-term headwinds, including net interest margin compression and legacy regulatory matters in New Zealand, explains the broker. It's thought the medium-term outlook is supported by earnings leverage as rates ease.

Target price is $1.75 Current Price is $1.63 Difference: $0.12
If SVR meets the Morgans target it will return approximately 7% (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 TLS as Hold (3) -

Telstra Group's new “Connected Future 30” strategy includes the same target of continuing to grow dividends, notes Bell Potter, but management flagged its “franking balance is tight”.

The company may “consider partially franked dividends if growing full franked dividends is not possible”.

Management is also targeting mid-single digit compound annual growth in cash earnings to FY30. The analysts had been forecasting a CAGR of 2.9% to FY30 but now raises this to 4.4% largely due to increases in Mobile revenue and margin forecasts.

Bell Potter's target climbs by 7% to $4.65. Hold maintained.

Target price is $4.65 Current Price is $4.85 Difference: minus $0.2 (current price is over target).
If TLS meets the Bell Potter target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.76, suggesting downside of -2.6% (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

Macquarie rates VAU as Outperform (1) -

Vault Minerals announced a revised operating strategy for Leonora on the back of a 33% upgrade in KOTH open pit reserves. Macquarie notes the upgrade is supported by a higher gold price assumption, which prompted a lowering in cutoff grade to 0.22g/t from 0.33g/t before.

The company now plans further expansion of the KOTH mill to 7.5Mtpa for additional capex of -$92m, closely following stage 1 completion due in 4Q26. 

The broker is incorporating stage 2 numbers in its forecasts which resulted in a 1% lift to FY26 EPS forecast but a -15% cut to FY27.

Outperform. Target price trimmed to 57c from 60c.

Target price is $0.57 Current Price is $0.42 Difference: $0.15
If VAU meets the Macquarie target it will return approximately 36% (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 WDS as Neutral (3) -

Citi notes the Browse North West Shelf extension project has cleared a major hurdle following federal government approval for extension to 2070.

Woodside Energy is the operator with a 30.6% stake, and the broker notes the delay in approval had been a clear overhang on the stock.

The broker has only 10% risk weight to Browse in its valuation and is awaiting a timeline for the final investment decision from the company, noting FID might take years to happen.

Neutral. Target unchanged at $21.50.

Target price is $21.50 Current Price is $23.52 Difference: minus $2.02 (current price is over target).
If WDS meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $24.97, suggesting upside of 4.1% (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: 0.3

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

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

Web Travel's FY25 underlying EBITDA came in line with guidance. Underlying EBITDA margin for WebBeds fell -830bps to 42.3% due to a decline in total transaction volume revenue margin.

The company reiterated its expectation for a medium-term revenue margin of 6.5%, and Macquarie believes it should be the medium-term floor with much of FY25 headwinds now addressed.

Underlying WebBeds EBITDA margin return to 50% is now forecast to happen in FY27 vs FY26 earlier. The broker is forecasting 49% based on its lower forecast for FY27 of $6.7bn vs $7.0bn estimated.

EPS forecast for FY26 cut by -11%, but FY27-28 lifted by 9% and 11% respectively, mainly on revenue upgrades. Rating upgraded to Outperform from Neutral.

Target price rises to $6.19 from $4.83 on valuation roll-forward and an increase in valuation multiple to the top end from mid-point.

Target price is $6.19 Current Price is $4.95 Difference: $1.24
If WEB meets the Macquarie target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates WEB as Underweight (5) -

Morgan Stanley's bearish view on Web Travel hasn't changed despite FY25 results slightly beating its forecasts, resulting in a 6-7% lift in its EPS estimates for FY26-FY27.

A roll forward in valuation led to an increase in the target price to $4.25 from $3.40. Underweight maintained.

The broker re-iterated high conviction on its thesis around the competitive position and long-term earnings power, stating the company's offer is substitutable and lacks scale.

The analyst also raised concerns about the lack of balance sheet flexibility and cited it as the reason for the additional facility taken on by the company.

With potential for 2021 notes redemption, the company would find itself in a similar situation to 2020 when working capital unwind resulted in three capital raisings, the broker highlights.

Target price is $4.25 Current Price is $4.95 Difference: minus $0.7 (current price is over target).
If WEB meets the Morgan Stanley target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgans rates WEB as Hold (3) -

Morgans highlights FY25 earnings (EBITDA) for Web Travel fell -13.3% year-on-year to $120.6m due to margin pressure despite total transaction value (TTV) growing by 22%.

The revenue margin declined to 6.7% from 8.2%, affected by pricing tactics during peak events, growth in third-party inventory and underestimation of override costs, explains the broker.

Management now expects margin stability and sees the earnings margin rising to circa 50% by FY27. Strong FY26 year-to-date trading includes TTV up 37% and bookings up 29%, with particular strength in US outbound and inbound travel, note the analysts.

Morgans upgrades its FY26-27 revenue assumptions and maintains confidence in long-term earnings growth. The target price rises to $5.65 from $5.05. Hold rating.

Target price is $5.65 Current Price is $4.95 Difference: $0.7
If WEB meets the Morgans target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates WEB as Buy (1) -

Web Travel reported FY25 earnings (EBITDA) of $120.6m, slightly below Ord Minnett’s forecast of $124.5m, but reassuringly delivered an improved H2 revenue margin of 6.9%, recovering from a disappointing 6.6% in H1

Management reaffirmed medium-term guidance for circa 6.5% revenue margins, which the broker incorporates into its forecast model, though it sees upside risk as business-specific disruptions abate after FY26.

Total transaction value (TTV) grew 22% year-on-year in FY25 and 37% in the first eight weeks of FY26, indicating to the analysts ongoing market share gains in the global B2B segment.

Ord Minnett lowers its target price to $7.96 from $8.30 due to demerger-related adjustments and a lower cash balance, but retains a Buy rating.

Target price is $7.96 Current Price is $4.95 Difference: $3.01
If WEB meets the Ord Minnett target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Shaw and Partners rates WEB as Buy (1) -

Shaw and Partners describes FY25 as a transitional year for Web Travel marked by a demerger, a reset in take-rates, and deliberate investment in technology and contracting.

Despite challenges, WebBeds met FY25 guidance and reported a 37% rise in year-to-date total transaction value (TTV) for FY26, highlights the broker, supported by 29% growth in bookings.

A stabilised take-rate of 6.5% is underpinned by improved pricing discipline and a pivot to more direct supplier contracts across growth regions such as Asia-Pacific and the Americas, explains the analyst.

While costs worsened by -15% year-on-year in FY25 due to planned investments, management expects strong margin expansion toward a 50% earnings (EBITDA) margin by FY30 as scalability benefits emerge.

Shaw raises its target  to $7.10 from $6.00 and maintains a Buy rating.

Target price is $7.10 Current Price is $4.95 Difference: $2.15
If WEB meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates WEB as Buy (1) -

After a detailed analysis of Web Travel's FY25 results, UBS continues to expect a softening in momentum for FY26 on an uncertain macro backdrop and diminished forex tailwind. 

The broker retains a forecast for TTV margin compression to 6.0% by FY30 from 6.5% in FY26, and TTV of $9.1bn by FY30, but flags upside risks to these forecasts.

In a first read, the broker assessed the FY25 results as strong in the context of downgrades by other travel companies. EBITDA of $139m beat the broker's forecast of $138m.

The broker highlighted the composition was strong with 2H revenue and TTV materially higher, and year-to-date trading suggesting potential upside vs consensus for FY26.

Among the negatives was lower EBITDA margin but the broker is optimistic it would be offset by 25% growth in TTV in FY26.

Small downgrades to FY26-29 EBITDA and EPS forecasts. Buy. Target lifted to $6.20 from $6.15.

Target price is $6.20 Current Price is $4.95 Difference: $1.25
If WEB meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $6.28, suggesting upside of 28.4% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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