Australian Broker Call

Bell Potter rates A1M as Buy (1) -

AIC Mines reported a 1H25 financial result slightly ahead of Bell Potter's expectations.The result reflected a solid operating performance in line with guidance, combined with good cost control and an improving copper price, the broker comments.

Bell Potter highlights strong earnings growth year on year resulting from good cost control in an inflationary environment, improved productivity and consistent operational delivery.

Combined with the higher copper price, this drove the improved result and delivered the copper price leverage investors are seeking exposure to, according to Bell Potter.

AIC Mines represents leveraged copper exposure through its Eloise Copper Project, the broker notes, which is now advancing a clear organic growth strategy. Buy and 62c target retained.

Target price is $0.62 Current Price is $0.43 Difference: $0.195
If A1M meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting upside of 74.9% (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

Ord Minnett rates A1M as Speculative Buy (1) -

Ord Minnett notes AIC Mines' underlying EBITDA missed its forecast on higher expensed exploration, whilst net profit was in line on lower tax expense. 

The broker highlights the company is tracking ahead of guidance expectations but a slight moderation is expected in 3Q. The company has no debt but has recently re-engaged financial advisors regarding potential debt funding options for the Eloise processing plant expansion.

The analyst slightly lowered FY25 estimates on the back of the result. Target price reduces slightly to 61c from 63c, and Speculative Buy retained.

Target price is $0.61 Current Price is $0.43 Difference: $0.185
If A1M meets the Ord Minnett target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting upside of 74.9% (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

Shaw and Partners rates A1M as Buy (1) -

AIC Mines posted first half results with EBITDA up 24% and net mine cash flow of $11.5m. Shaw and Partners expects even better results in the second half amid higher copper prices and a lower Australian dollar.

The outstanding mine was Eloise with the mill producing 6657t of copper at an AISC of $5.02/lb. The March quarter production target is 3000-3200t of copper and FY25 guidance has been maintained for 12,500t at AISC of $5.25/lb.

The broker retains a Buy, High Risk rating and the target edges down to $1.00 from $1.10.

Target price is $1.00 Current Price is $0.43 Difference: $0.575
If A1M meets the Shaw and Partners target it will return approximately 135% (excluding dividends, fees and charges).

Current consensus price target is $0.74, suggesting upside of 74.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AIA as Buy (1) -

Auckland International Airport's 1H revealed strong medium-term earnings growth, and Citi sees upside to valuation given the broker's strong 10% EBITDA compound annual growth rate (CAGR) forecast to 2030, and recent Australian airport transaction activity.

While earnings guidance was upgraded by 1.5% at the mid-point to NZ$290-320m from NZ$280-320m, the broker and consensus were already forecasting NZ$322m and NZ$318m, respectively. The broker sees limited upside to FY25 earnings guidance.

Buy. Target NZ$9.80.

Current Price is $7.25. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates AIA as Outperform (1) -

Auckland International Airport's 1H25 result was in line with expectation, Macquarie observes, with softer passenger numbers and a challenging macroeconomic outlook impacting cyclical revenue lines. This was partly offset by the net interest benefit post the equity raising.

The airport narrowed its FY25 net profit guidance range to NZ$$290-320m from NZ$280-320m.

Seat capacity was flat at 89% vs FY19 level, with the broker noting NZ is lagging seat capacity growth at other Australian airports.

The broker lowered passenger growth assumptions for FY26-27, which together with rebasing of depreciation and net interest assumptions underpinned -8% downgrades net profit forecasts.

Target price rises to NZ$9.14 from NZ$9.11. Outperform maintained.

Current Price is $7.25. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

Auckland International Airport delivered interim results that were ahead of expectations. In an initial assessment Morgan Stanley expects a muted reaction to the results.

The lower end of FY25 net profit guidance has been raised slightly, to NZ$290-320m. Upcoming catalysts include the long-term duty-free operator tender and the price setting report from the Commerce Commission in the current quarter.

Equal-weight. Target NZ$8.70. Industry View: In-Line.

Current Price is $7.25. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

UBS rates AIA as Neutral (3) -

UBS analysts have maintained a Neutral rating on Auckland International Airport, raising the price target to NZ$8.20 from NZ$7.95.

Financial forecasts have been revised, with EBITDA estimates cut by 1-2% for FY25 to FY27 due to lower retail and car parking spend, as well as higher maintenance costs.

The company reported an 8% rise in 1H25 EBITDA to NZ$334m, though this fell short of UBS estimates due to weaker retail and property revenue, alongside one-off operating costs.

Passenger growth remains subdued, with airline schedules suggesting limited capacity increases through 1H26. The broker sees limited short-term earnings growth ahead of the PSE5 aeronautical charge reset but expects stronger gains from FY28 onwards.

Current Price is $7.25. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates AIZ as Outperform (1) -

Macquarie notes Air New Zealand's 1H25 result was strong, towards upper end of guidance and a beat on an underlying basis. The airline didn't provide FY25 guidance but expects 2H to be significantly lower than 1H due to headwinds from aircraft availability.

The broker expects forex to become a headwind over 2H25 and FY26 given significant US$ cost exposure, while this also drives strong US point of origin sales.

The airline will commence a NZ$100m on-market buyback (5% of market cap), but also acquire a corresponding number of shares held by the Crown off-market.

The broker still sees over NZ$250m of excess capacity medium term, noting this is likely part of an ongoing capital management program, rather than one-off.

Target price revised to NZ85c from NZ80c. Outperform rating unchanged.

Current Price is $0.56. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

UBS rates AIZ as Neutral (3) -

UBS analysts have maintained a Neutral rating on Air New Zealand, raising the price target to NZ$0.63 from NZ$0.54. Financial forecasts have been adjusted, with FY25 EPS estimates increasing by 65%, while FY26 estimates have been lowered by -3%.

The broker highlights earnings will likely bottom in FY25, aided by partial compensation for engine issues and a strong balance sheet supporting dividends and a NZ$100m share buyback.

Higher maintenance and airport charges remain headwinds, delaying a return to pre-covid capacity until FY27. The broker expects limited earnings growth in the short term, but sees potential improvement from FY28 onwards.

Current Price is $0.56. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Bell Potter rates ALL as Buy (1) -

At its AGM, Aristocrat Leisure said it expects to deliver profit growth over FY25 on a constant currency basis, both including and excluding the discontinued Plarium business, skewed to 2H25.

A $750m buyback program was also announced, which came in slightly below Bell Potter's expectations. M&A remains on the table with FY25 net cash forecast to be below target leverage of 1.0-2.0x.

Fee Per Day (FPD) is expected to be lower in 1H25 compared to 1H24 due to regional and customer mix. Aristocrat expects FPD to improve sequentially in 2H25. The softer 1H25 FPD likely drove yesterday’s adverse market reaction, the broker suggests.

Whilst Bell Potter notes the stock trades on historically elevated levels, the broker continues to expect operating momentum in FY25 to accelerate, particularly in Gaming Operations. Target rises to $85 from $83, Buy retained.

Target price is $85.00 Current Price is $74.24 Difference: $10.76
If ALL meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $76.36, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates ALL as Buy (1) -

Following Aristocrat Leisure's AGM and capital management update, Citi highlights a new $750m buyback, following the completion of the prior $1.85bn program.

Management noted the release of Phoenix Link is supporting market share gains for the premium-leased installed base, but also pointed to a decline in gaming operations fee-per-day in the 1H so far, compared to the previous corresponding period.

There was positive commentary on the Interactive division, notes Citi, with Aristocrat on track for US$1bn in revenue by 2029.

Buy rated. Target $74.

Target price is $74.00 Current Price is $74.24 Difference: minus $0.24 (current price is over target).
If ALL meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $76.36, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgan Stanley rates ALL as Overweight (1) -

At its AGM, Aristocrat Leisure has announced a new share buyback of up to $750m. The company also intends to repay the US$250m term loan B debt facility by the end of March, ahead of the 2029 maturity.

Morgan Stanley notes the performance is tracking in line with its plans. The company is also taking steps to mitigate the impact of tariffs wherever possible.

Overweight rating. Target $75.Industry View: In-Line.

Target price is $75.00 Current Price is $74.24 Difference: $0.76
If ALL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $76.36, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates ALL as Accumulate (2) -

Ord Minnett reviewed its model after Aristocrat Leisure warned at the AGM that weakness in average daily fee from the slot machines is "likely to persist through the first half".

The broker now forecasts a modest fall of in participation revenue in the 1H25 and a flat outcome in 2H, before a return to growth in FY26. The analyst also made further adjustments to account for the Plarium sale, share buyback, increased D&D costs, user acquisition costs excluding Plarium and forex.

EPS estimates fall by -7% and -2% respectively in FY25 and FY26, but the broker highlights it still reflects growth of 20% in FY25-26, before expected to moderate in FY27. Target price rises to $84 from $79, and Accumulate maintained.

Target price is $84.00 Current Price is $74.24 Difference: $9.76
If ALL meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $76.36, suggesting upside of 2.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Citi rates ANZ as Sell (5) -

Citi notes ANZ Bank's 1Q capital update reflects an ongoing rise in gross impaired assets, similar to the recent National Australia Bank ((NAB)) result, though growth was concentrated in exposures under $10m, likely mortgages (SME) or property-backed loans.

Loan books were flat to up by 1% over the quarter, notes the analyst, while deposit growth was stronger across various segments, increasing by 1-5%, indicating a strong focus on gathering savings deposits.

Overall, the results showed little in the way of significant change, according to the broker, apart from a strong currency impact, with the fall in the Australian dollar driving a substantial component of the 13% institutional lending growth.

No change to Sell rating and $25.25 target.

Target price is $25.25 Current Price is $28.79 Difference: minus $3.54 (current price is over target).
If ANZ meets the Citi target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.17, suggesting downside of -2.2% (ex-dividends)

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 ANZ as Equal-weight (3) -

The first quarter update from ANZ Bank provided no disclosure on revenue trends or expenses.

The CET1 ratio missed Morgan Stanley's forecasts. This stemmed from stronger institutional loan growth, a weaker Australian dollar and an increase in the IRB capital floor.

The broker points out there is currently $900m outstanding from the current buyback and this may mean expectations for further buybacks are reassessed. Equal-weight rating, $28 target and In-Line industry view.

Target price is $28.00 Current Price is $28.79 Difference: minus $0.79 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $28.17, suggesting downside of -2.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Ord Minnett rates AOF as Hold (3) -

Ord Minnett notes Australian Unity Office Funds' 1H25 result is administrative in its purpose, with the fund to be formally wound up, though this is not expected before June 30.

Management forecasts all special distributions to be paid within 2H25.

The broker's target price (wind up value) reduces to the bottom end of management’s forecast range to $1.11/unit. Hold maintained.

Target price is $1.11 Current Price is $1.10 Difference: $0.015
If AOF meets the Ord Minnett 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

Bell Potter rates APZ as Buy (1) -

Aspen Group's 1H25 result saw earnings 5% above Bell Potter's forecast. FY25 guidance was upgraded for the third time and the dividend was reiterated. Profit improved year on year driven by both higher settlements and margins.

New land acquired in WA will help to restock the forward book, the broker notes. Tourism (Parks) has been less of a contributor but has scope for improvement given Aspen’s estimate of a negative hit to rental income in the first half.

Aspen’s balance sheet is lowly levered with earnings growing well above sector, yet the stock trades at just an 18% premium to NTA. Bell Potter sees a strong runway ahead, sitting just outside the ASX300, with conservative book values.

Target rises to $3.05 from 2.80, Buy retained.

Target price is $3.05 Current Price is $2.77 Difference: $0.28
If APZ meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 ASB as Buy (1) -

In an early assessment of today's interim financials by Austal, Citi notes a better-than-expected outcome, as well as upgraded FY25 guidance.

First half profit of $25.1m came in ahead of the $22.6m consensus estimate driven by US support margins. The EBIT margin was 7.9% (Citi 5.5%), with support margins at 19.7% (Citi 10%) underpinned by invoice finalisation for FY23 support work.

 As expected by Citi, no dividend was declared given the upcoming significant capex program.

Target $4.14. Buy.

Target price is $4.14 Current Price is $4.04 Difference: $0.1
If ASB meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.46, suggesting downside of -14.3% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Citi rates ASG as Neutral (3) -

Citi notes Autosports Group's first-half revenue and profit (PBT) were in line with management's late-January guidance.

Gross margins declined by -140bps to 18.3%, impacted by new vehicles, where tough market conditions are expected to persist. The broker anticipates the 2H will mark the low point for PBT margins but acknowledges the risk of a later recovery.

Citi maintains a Neutral rating with a $1.75 target.

Target price is $1.75 Current Price is $1.65 Difference: $0.1
If ASG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 12.1% (ex-dividends)

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 ASG as Outperform (1) -

Macquarie highlights Autosports Group's 1H25 net profit of $20.2m was down -62% y/y driven by gross profit margins (GPM) contractions and higher interest costs. Gross margins contracted -150bps y/y as new vehicle sales weakened and discounting increased.

The broker expects a full period contribution of the Still Motor Group acquisition and six greenfield sites to provide some support to 2H result. The analyst is forecasting GPMs bottoming at 18.0% before returning to 18.3% in outer years, and flat to down single digit growth in new vehicle market in 2H.

The broker cut FY25-26 EPS forecasts by -15% and -12% respectively. Target price cut to $2.00 from $2.25 but Outperform maintained.

Target price is $2.00 Current Price is $1.65 Difference: $0.35
If ASG meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.85, suggesting upside of 12.1% (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

Morgan Stanley - Cessation of coverage

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates AX1 as Neutral (3) -

Citi's first take on today's Accent Group 1H results and management's later conference call is of in-line pre-reported financials and a pleasing pick-up in sales over the last seven weeks.

Management's trading update showed the core Platypus brand is back in growth, though somewhat helped by refurbishments, according to the analysts.

At the end of the half, the total store network finished at 903 stores, ahead of the consensus estimate of 896.

New Zealand, which the broker notes accounts for 10% of the business, remains challenging and there are no green shoots as yet.

The 2H will likely benefit from the annualisation of cost-of-doing-business (CODB) reductions and distribution efficiencies, highlights the broker.

A dividend of 5.5 cents was declared.

Target $2.43. Neutral.

Target price is $2.43 Current Price is $2.14 Difference: $0.29
If AX1 meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 18.0% (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

UBS rates AX1 as Buy (1) -

UBS's first glance assessment suggests Accent Group's H1 came out in line with expectations, though the suggestion is made that market consensus might have been ever so slightly beaten.

Like-for-like sales into H2 are "modest", the broker highlights, with gross margin compression still happening, but at a slower pace as the analyst points towards lower cost of doing business (CODB) versus sales ratio.

The dividend too seems to have underwhelmed. Buy. Target $2.45.

Target price is $2.45 Current Price is $2.14 Difference: $0.31
If AX1 meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 18.0% (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

Bell Potter rates BGA as Buy (1) -

Bega Cheese reported underlying 1H25 profit well ahead of Bell Potter's expectations, with underlying operating cashflow materially stronger than normal. FY25 earnings guidance is retained and the group expects to perform at the upper end of the range. 

Bulk earnings are expected to be weighted to 1H25 and Bega remains on track to reach its FY28 target. The broker notes Bega continues to execute against its strategy while also deleveraging the balance sheet. 

If successful in delivering on these initiatives and sustaining its historical ten-year average trading multiple, then the upside remains compelling, the broker suggests. There is also the potential for the company to become involved in industry consolidation. 

Target rises to $7.00 from $6.45, Buy retained.

Target price is $7.00 Current Price is $5.49 Difference: $1.51
If BGA meets the Bell Potter target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates BGA as Hold (3) -

Morgans highlights Bega Cheese reported better-than-expected 1H25 results versus consensus for earnings and the balance sheet.

Management also upgraded FY25 to the upper end of the previous range, which the analyst believes is conservative.

Bulk generated earnings (EBITDA) of $24.4m versus a loss of -$5.6m in the previous period and was a major contributor to the result on higher global dairy prices, better volumes, and an improved product mix, the broker explains.

The company is not expected to increase its farmgate price over the rest of FY25, but competition may force its hand.

Morgans lowers net profit after tax estimates by -13.6% and -12.3% for FY25/FY26 due to higher interest, depreciation, and amortisation charges.

Target price advances to $5.90 from $4.91. No change to Hold rating.

Target price is $5.90 Current Price is $5.49 Difference: $0.41
If BGA meets the Morgans target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates BGA as Hold (3) -

Ord Minnett notes Bega reported a much-improved 1H25 result with net profit of $35.9m, well above its $24.2m forecast. The key driver was earnings from the Bulk division, which moved to a $24.4m profit from a loss of -$5.6m in 1H24.

The broker believes 2H looks a little more challenging, with the branded business impacted by pricing pressure and its bulk segment facing headwind from somewhat easing in global commodity prices.

The broker's earnings forecasts are largely intact but target price rises to $5.2 from $4.4. Hold maintained.

Target price is $5.20 Current Price is $5.49 Difference: minus $0.29 (current price is over target).
If BGA meets the Ord Minnett target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.06, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates BGA as Neutral (3) -

UBS analysts have maintained a Neutral rating on Bega Group, raising the price target to $6.15 from $5.55. Financial forecasts have been adjusted, with FY25 and FY26 EPS estimates cut by -1% and -5%, respectively, reflecting higher capex and depreciation.

The broker believes the company reported a "strong" EBITDA increase of 22%, driven by a rebound in the Bulk division, while operating cash flow was impacted by a shift in receivables management.

Bega has raised its capex guidance to -$75-90m, with management targeting a three-year payback through cost reductions and growth.

The broker sees further upside potential but remains cautious on return metrics, with ROIC still below internal hurdle rates.

Target price is $6.15 Current Price is $5.49 Difference: $0.66
If BGA meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $6.06, suggesting upside of 10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates BLX as Buy (1) -

Citi raises its target for Beacon Lighting by 37% to $3.96 following interim results showing strong execution on trade, gross margins, and cost management, despite a slight miss against the trading update expectations.

The broker sees some revenue disappointment against 2H expectations but believes this will be offset by falling interest rates and management’s turnaround efforts in Victoria, which accounts for 29% of Beacon stores.

The US business continues to underperform, and Citi recommends an exit to redeploy capital into higher-growth markets.

The Buy rating is maintained.

Target price is $3.96 Current Price is $3.40 Difference: $0.56
If BLX meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 8.9% (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 BLX as Add (1) -

Morgans points to the strength of Beacon Lighting's trade business in the 1H25 results, which performed slightly above the broker's forecasts.

The trade business momentum looks likely to remain, and retail sales are expected to recover post the interest rate cut, the broker suggests.

Morgans views the 1H25 result as a strong sign that Beacon Lighting has been able to manage the cycle and gain market share. With Victoria showing some signs of recovery, the analyst believes the company may experience a pickup in retail activity.

Target price rises to $3.55 from $3.40. No change to Add rating.

Target price is $3.55 Current Price is $3.40 Difference: $0.15
If BLX meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 8.9% (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

Ord Minnett rates BLX as Buy (1) -

Ord Minnett notes Beacon Lighting’s 1H25 result showed positive comparable store sales and broadly flat gross profit margins, despite the increase in trade sales. The company stated trading momentum from 1H continued into 2H.

The broker believes the company is well positioned after the recent interest rate cut and early signs of recovery in Victoria. 

Buy maintained with a higher target price of $3.60 from $3.35.

Target price is $3.60 Current Price is $3.40 Difference: $0.2
If BLX meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 8.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BXB as Neutral (3) -

Following an in-line result for Brambles with sales growth tracking to the low end of FY25 guidance, Citi highlights momentum across all segments and management's upgrade to cash flow guidance. Overall it's felt the business is tracking well.

Other positives include a rise in unallocated pallets (ULP) due to a -70% reduction in the irrecoverable pooling equipment provision (IPEP).

Neutral maintained. Target $18.50.

Target price is $18.50 Current Price is $19.83 Difference: minus $1.33 (current price is over target).
If BXB meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.36, suggesting upside of 2.7% (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 BXB as Outperform (1) -

Macquarie highlights Brambles' US business recorded 2% revenue growth from new business wins, the first in a number of years which is an important systemic sign of the improvement in business.

Improved capex efficiency (including in Serialisation) was highlighted as a further positive in the 1H25 result.

On the negative side, the broker notes the group is struggling the last of the extreme US supply chain dislocation, with excess pallet inventory expected to be absorbed by late-FY25.

The broker lowered FY25-26 EPS forecasts by -0.3% and -1.0% respectively.  Target price rises to $21.85 from $21.20 on adjustments to capex profile. Outperform maintained.

Target price is $21.85 Current Price is $19.83 Difference: $2.02
If BXB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.36, suggesting upside of 2.7% (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

Morgan Stanley rates BXB as Overweight (1) -

Morgan Stanley expects a "modestly positive" response to the "in line" first half result from Brambles, which revealed strong operating leverage.

Volume grew 2% and prices increased by the same amount, in line with the increase in "cost to serve". Free cash flow guidance has increased by US$100m and sales and EBIT guidance have been maintained.

The Overweight rating and $20 target are retained. Industry View: In-Line.

Target price is $20.00 Current Price is $19.83 Difference: $0.17
If BXB meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.36, suggesting upside of 2.7% (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

UBS rates BXB as Buy (1) -

UBS analysts have maintained a Buy rating on Brambles, raising the price target to $22.80 from $22.50. Financial forecasts have been updated, with AUD EPS estimates increasing by up to 1% over the medium term.

The company reaffirmed FY25 guidance for constant FX sales growth of 4-6% and EBIT growth of 8-11%, while lifting free cash flow guidance to US$850-950m from US$750-850m.

As per the broker's commentary, strong volume growth in CHEP Americas and asset efficiency improvements contributed to the positive outlook, though delays in automation rollout impacted cost savings.

The broker believes the market has yet to fully price in Brambles' free cash flow strength and long-term investment in innovation.

Target price is $22.80 Current Price is $19.83 Difference: $2.97
If BXB meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $20.36, suggesting upside of 2.7% (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

Bell Potter rates C79 as Hold (3) -

While Chrysos' 1H25 gross profit increased year on year, gross profit margin fell to 72.8% from 76.4%, below Bell Potter's forecast, with increased investment in expanding in-house maintenance teams and lower additional assay charges (AAC) key drivers of the decline.

The margin is likely to lift in 2H25 and FY26, the broker notes, as the expanded maintenance teams are utilised. The earnings margin rose to 19.5%, up from 12.0% a year ago, reflecting operating leverage benefits from scaling.

While revenue and earnings guidance are maintained, the company has flagged that “revenue is tracking at the lower end” and “earnings is tracking below the mid-point”. The soft guidance downgrade is primarily due to the timing of unit deployments throughout the financial year.

While Bell Potter is encouraged by Chrysos' industry adoption, as shown by recent contract wins outpacing deployments, the broker would like to see a sustained improvement in unit deployments. Target falls to $5.40 from $5.70, Hold retained.

Target price is $5.40 Current Price is $4.78 Difference: $0.62
If C79 meets the Bell Potter target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates C79 as Accumulate (2) -

Ord Minnett notes Chrysos' 1H25 result marginally missed its expectation despite the update in late January.

The broker highlights a modest downward tweak to FY25 guidance, lack of additional lease signings in February, and ongoing larger-than-expected capex were incremental negatives.

In the light of a softer start to 2H, the broker lowered FY25-27 revenue forecasts by -1% to -4%, and EBITDA by -8% to -18%.

Target price cut to $5.95 from $6.40. Accumulate maintained.

Target price is $5.95 Current Price is $4.78 Difference: $1.17
If C79 meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $6.12, suggesting upside of 28.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates CHC as Neutral (3) -

Charter Hall Group upgraded FY25 operating earning per security (OEPS) to 81c from 79c driven by better-than-expected funds under management (FUM) in 1H. In return, Macquarie raised its own forecast to 81c from 79.1c.

The broker notes real estate FUM troughed in 2H24 at $65.5bn which was six months earlier than it anticipated. The analyst reiterated Charter Hall Group has the highest leverage to a shift in the property cycle among REIT peers, with its best-in-class platform.

Target price rises to $17.15 from $15.71 as the broker moves to the upper end of $12.23-17.15 valuation range reflecting an expected turning point in the cycle. Neutral maintained.

Target price is $17.15 Current Price is $17.53 Difference: minus $0.38 (current price is over target).
If CHC meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates CHC as Overweight (1) -

First half results from Charter Hall support Morgan Stanley's view that the company is well-placed to benefit from the bottoming of the asset revaluations cycle and peak rates.

First half EPS was ahead of expectations and FY25 EPS guidance has been upgraded to 81c.

The positive surprise was the increase in property assets under management. Overweight rating. Target price $18.56. Industry view: In-Line. 

Target price is $18.56 Current Price is $17.53 Difference: $1.03
If CHC meets the Morgan Stanley target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $16.38, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates CHC as Sell (5) -

UBS analysts have maintained a Sell rating on Charter Hall Group, raising the price target to $15.49 from $14.00. Financial forecasts have been revised, with FY26 to FY29 EPS estimates increasing by 8%, reflecting higher acquisition fees, property management income, and revised expense forecasts.

The company reported net equity inflows of $1bn in 1H25, matching FY24 levels, suggesting improving capital flows.

Management has upgraded FY25 OEPS guidance by 2.5% to 81c, citing stronger transaction momentum and recovering equity markets.

The broker remains cautious on valuation, noting that higher gearing in funds may constrain growth until asset values recover sufficiently to unlock capacity.

Target price is $15.49 Current Price is $17.53 Difference: minus $2.04 (current price is over target).
If CHC meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.38, suggesting downside of -6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates CKF as Buy (1) -

Today's 1H results by Inghams Group ((ING)), showing weak quick service restaurant (QSR) trends, makes Citi incrementally more cautious on its Buy rating for Collins Foods.

Management at Inghams indicated cost of living pressures drove a shift from out-of-home dining, with indications that channel demand is stabilising.

In defence of its Buy rating for Collins Foods, the broker notes the Inghams results is slightly backwards looking (different year end), and the analysts' existing forecasts for Collins Foods only incorporate small same store sales (SSS) improvements.

Target $9.38. 

Target price is $9.38 Current Price is $8.10 Difference: $1.28
If CKF meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $9.75, suggesting upside of 20.3% (ex-dividends)

The company's fiscal year ends in May.

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

Bell Potter rates CRN as Buy (1) -

Coronado Global Resources reported underlying earnings ahead of Bell Potter. A final dividend of 0.5c was declared, in line with Coronado’s biannual fixed dividend policy.

2025 unit mining costs are expected to fall with the ramp-up of expansion projects, though are higher than the broker had previously estimated. The capex range is above estimate on remaining spend at the Mammoth Underground and Buchanan Expansion projects.

Bell Potter has downgraded 2025 coal price estimates: hard coking down -5% and thermal down -13%. Coal markets are sufficiently supplied on subdued demand, the broker notes, with minimal spot market liquidity.

While 2025 will be another difficult year, with improved volumes Bell Potter expects unit costs to fall and support medium term earnings
growth. Target falls to 95c from $1.20, Buy retained.

Target price is $0.95 Current Price is $0.56 Difference: $0.39
If CRN meets the Bell Potter target it will return approximately 70% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 71.4% (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: 0.8

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

Morgans rates CRN as Speculative Buy (1) -

Due to quarterly reports, Morgans notes Coronado Global Resources announced 2024 results that were in line with previous reports.

Management's FY25 guidance met the broker's expectations, and the broker highlights the saleable production estimate sits below guidance by -4%.

Cash burn and liquidity remain the major issues for Coronado. Morgans estimates that at current hard coking coal prices, the company can manage two to three quarters before liquidity levels reach key metrics of "comfort."

Speculative Buy rating unchanged. Target slips to 90c from $1.10.

Target price is $0.90 Current Price is $0.56 Difference: $0.34
If CRN meets the Morgans target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 71.4% (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: 0.8

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

Ord Minnett rates CRN as Hold (3) -

Coronado Global Resources' 2024 results were in line with Ord Minnett's estimates for earnings, profit and dividend. However 2025 guidance was softer on production, costs and capex.

Key projects are on track for completion this year at Buchanan and Mammoth which should deliver production growth and unit cost savings, the broker notes, but softness in met coal markets continues to weigh on the outlook.

Absent a recovery in met coal markets, Ord Minnett expects this softer cash flow outlook to limit the potential for Coronado’s deep valuation disconnect to unwind. Target falls to 75c from 90c, Hold retained.

Target price is $0.75 Current Price is $0.56 Difference: $0.19
If CRN meets the Ord Minnett target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 71.4% (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: 0.8

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

UBS rates CRN as Buy (1) -

UBS analysts have maintained a Buy rating on Coronado Global Resources, lowering the price target to $1.20 from $1.35. Financial forecasts have been revised, with EPS estimates cut by -52% for FY25, -13% for FY26, and -1% for FY27 due to a more cautious cost and production outlook.

The company’s 2025 guidance was weaker than expected, with lower saleable production estimates and higher unit cost projections.

Expansion at Mammoth Underground and Buchanan is progressing, the broker notes, with production ramp-up expected to be back-end weighted in 2025.

The broker highlights the expiry of the Stanwell rebate in FY27 as a potential value uplift, reducing mining costs by -10% and freeing up additional coal for market sale.

Target price is $1.20 Current Price is $0.56 Difference: $0.64
If CRN meets the UBS target it will return approximately 114% (excluding dividends, fees and charges).

Current consensus price target is $0.96, suggesting upside of 71.4% (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: 0.8

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

Citi rates CSC as Buy (1) -

Capstone Copper has released the balance of the detail surrounding its fourth quarter production, as well as complete financials for Q4.

Q4 adjusted earnings (EBITDA) of circa $172m were in line with consensus, observes Citi.

Management reiterated 2025 guidance at 220-255kt copper and US$2.20-2.50/lb of costs (C1), with production to be 2H-weighted due to maintenance, explains the analyst.

Target price slips to $12.80 from $13.50. No change to Buy rating.

Target price is $12.80 Current Price is $9.62 Difference: $3.18
If CSC meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates CSC as Outperform (1) -

Macquarie notes Capstone Copper's 4Q24 revenue, EBITDA, net profit were all lower than consensus, with revenue impacted by timing of shipments.

The broker notes the Mantoverde ramp-up is going well, and capex could be allocated in mid-2025. Santo Domingo sales process is ongoing with an outcome on the partial sale of the asset expected in mid-2025.

The analyst lowered FY25 EPS by -5% on slight increase in D&A. Target price rose to $11.6 from $11.5 due to roll forward of valuation.

Outperform retained.

Target price is $11.60 Current Price is $9.62 Difference: $1.98
If CSC meets the Macquarie target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Citi rates DHG as Neutral (3) -

Regarding the potential CoStar acquisition of Domain Holdings Australia at $4.20 per share, Citi sees difficulty for CoStar to break the network effects of REA Group. If required, it's thought the latter has ample cost base flexibility to increase marketing spend.

The broker concedes the vendor-paid advertising model could make it easier for CoStar to compete in Australia, given listings coverage is already at parity.

The bid price may need to be higher, suggests Citi, given the recent positive 1H results for Domain and the bid's -15% discount to Real Estate portal peers. 

Neutral rated. Target $3.25.

Target price is $3.25 Current Price is $4.37 Difference: minus $1.12 (current price is over target).
If DHG meets the Citi target it will return approximately minus 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.11, suggesting downside of -28.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates DMP as Neutral (3) -

In a brief research piece, Citi believes the appointment of George Saoud as the new CFO at Domino's Pizza Enterprises is a strong choice.

Richard Coney will retire as CFO after 30 years.

Neutral rating and $37.34 target price.

Target price is $37.34 Current Price is $31.81 Difference: $5.53
If DMP meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $35.69, suggesting upside of 12.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates DUR as Buy (1) -

Duratec produced a solid set of results, ahead of Bell Potter's forecasts. Underlying earnings rose 12.3%, 7% above forecast. Revenue was down -2.0% year on year, but up by 9.2% on the prior half.

Defence and Mining & Industrial showing revenue down, but with strong growth in the Energy and Other segments. The gross margin improved to 18.5% from 16.2% a year ago. Guidance for both revenue and earnings is maintained.

Duratec has produced strong growth since IPO, the broker notes, by finding attractive niches to grow where it can generate strong margins and repeat business, and it continues to do so, with upside surprises in Energy and Other businesses. 

This delivery of growth and profitability means Bell Potter continues to favour the company. Target rises to $1.95 from $1.73, Buy retained.

Target price is $1.95 Current Price is $1.71 Difference: $0.24
If DUR meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 8.6% (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 DUR as Accumulate (2) -

Duratec’s 1H25 result was broadly in-line with Ord Minnett's estimates, with the company reiterating FY25 guidance. Key highlights were order book growth, a material step-up in growth within Energy and a rebound in gross margin within Defence, the broker suggests.

In Ord Minnett's view, Duratec has regained significant contract win momentum, which should underpin growth between FY25-27 and beyond. The company remains well positioned to capitalise on increased Defence expenditure over the medium-term. 

The broker retains an Accumulate rating on valuation grounds. Target rises to $1.72 from $1.60.

Target price is $1.72 Current Price is $1.71 Difference: $0.01
If DUR meets the Ord Minnett target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 8.6% (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

Shaw and Partners rates DUR as Buy (1) -

Duratec delivered first half EBITDA margins of 9.4%, which Shaw and Partners flags is the highest level in recent years.

Management has signalled an increase in work volume and the broker points out the stock is one of the few ASX-listed plays on rising defence spending amid strong revenue visibility through to FY27.

Garden Island ECI projects are expected to contribute around $150m in revenue across FY26-27, which Shaw and Partners points out is not yet reflected in consensus earnings estimates. Buy, High Risk rating retained. Target is $1.90.

Target price is $1.90 Current Price is $1.71 Difference: $0.19
If DUR meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.86, suggesting upside of 8.6% (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

Bell Potter rates EGL as Buy (1) -

Environmental Group's 1H25 earnings of $3.9m were down -13% year on year and below Bell Potter's $4.8m estimate. As previously flagged, the result was impacted by -$1.2m of cost over-runs from a single Baltec project, implying an adjusted earnings figure of $5.1m.

Bell Potter believes some of the shortfall reflects recent investments in headcount, with the company having likely front-ended costs ahead of 2H growth. To that end, management reiterated full year guidance for 10-15% earnings growth, with a strong revenue run-rate supporting this outlook, in the broker's view.

While the onus is now on Environmental Group to execute in 2H25, the broker sees risk-reward in favour of the upside and takes some incremental comfort in the near-term scale potential of the Waste and Energy businesses in particular.

Target falls to 37c from 40c, Buy retained.

Target price is $0.37 Current Price is $0.25 Difference: $0.12
If EGL meets the Bell Potter target it will return approximately 48% (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 FMG as Hold (3) -

Fortescue's 1H25 revenue and earnings were slightly ahead of Bell Potter's forecasts but profit and dividends were in-line. 

The broker comments this was a "fair" result based on a solid operational performance but also reflected a tougher environment with higher costs and a lower iron ore price. 

Key financial metrics were all down materially year on year, in-line with the broker's expectations. The earnings margin is the lowest reported by Fortescue since FY18 and, in Bell Potter's view, is going to remain under pressure. 

The maintenance of a good dividend distribution is regarded a positive, however, the broker continues to forecast this to decline.

Capex on decarbonisation and Fortescue Energy projects has been guided lower, potentially freeing up cash flow for dividends. Target falls to $16.85 from $17.53, Hold retained.

Target price is $16.85 Current Price is $18.65 Difference: minus $1.8 (current price is over target).
If FMG meets the Bell Potter target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Citi rates FMG as Neutral (3) -

In a neutral to slightly negative outcome, according to Citi, Fortescue’s 1H underlying earnings (EBITDA) of US$3.6bn were in line with its estimates but -3% below consensus, with a 48% earnings (EBITDA) margin.

Profit of US$1.6bn was -6% below Citi and -12% below consensus due to higher depreciation and amortisation, while free cash flow was US$0.7bn after -US$1.8bn in capex.

A fully franked interim dividend of 50 cents reflected a 65% payout ratio, -7% below consensus.

FY25 guidance is largely unchanged, though energy capex has been trimmed as Fortescue reassesses the timelines for its Arizona and Gladstone PEM50 projects.

Neutral. Target $21.

Target price is $21.00 Current Price is $18.65 Difference: $2.35
If FMG meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Macquarie rates FMG as Underperform (5) -

Macquarie has incorporated Fortescue's 1H25 result which was a miss vs consensus, and shifted the Iron bridge ramp-up profile.

This resulted in a -1% reduction in FY25 EPS estimate and a -2% cut to FY26. 

Target price cut to $15.00 from $15.25. Underperform maintained.

Target price is $15.00 Current Price is $18.65 Difference: minus $3.65 (current price is over target).
If FMG meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

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

Fortescue's first half financial results were in line with expectations. The main issue for Morgan Stanley is higher sustaining capital expenditure and a pause in expenditure on green projects.

Management has signalled the ramp up of Iron Bridge to nameplate is simply a matter of "when", not "if". Heavy rain may be an impediment at site but the ramp up is apparently going to expectations.

Equal-weight rating. Target $18.10. Industry view: Attractive.

Target price is $18.10 Current Price is $18.65 Difference: minus $0.55 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

Ord Minnett rates FMG as Buy (1) -

Fortescue posted first half FY25 earnings and interim dividend short of market estimates, driven by lower revenue and higher non-cash expenses, while full-year production and unit cost guidance was maintained.

Ord Minnett highlights that even though the iron ore producer will need to borrow to support its dividend payout policy, given free cash flow insufficient to fund the payout, Fortescue’s balance sheet is robust enough to do this without any concerns.

Meanwhile, Donald Trump’s dismantling of green programs means Fortescue will review projects under development in its nascent clean energy division, including lowering its guidance for capital expenditure in that business, the broker highlights.

Target falls to $21.00 from $21.10, Buy retained.

Target price is $21.00 Current Price is $18.65 Difference: $2.35
If FMG meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

UBS rates FMG as Sell (5) -

UBS analysts have maintained a Sell rating on Fortescue Metals Group, lowering the price target to $17.30 from $17.50. Financial forecasts have been revised, with FY25 and FY26 EPS estimates cut by -12% and -11%, respectively.

Challenges at the Iron Bridge project, including air classifier issues, have delayed ramp-up to nameplate capacity, now expected in 4Q-FY25.

Despite a 50c interim dividend, earnings were weaker than expected, with net debt at US$2bn and capex revised to -US$3.9-4.2bn.

The broker notes policy uncertainty surrounding Fortescue’s green hydrogen projects, while momentum builds in solar, wind, and battery energy storage initiatives.

Target price is $17.30 Current Price is $18.65 Difference: minus $1.35 (current price is over target).
If FMG meets the UBS target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.31, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.1

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

UBS rates GMG as Neutral (3) -

UBS analysts have maintained a Neutral rating on Goodman Group, lowering the price target to $36.80 from $38.45. Financial forecasts have been revised, with FY26 and FY27 EPS estimates cut by -4% and -5%, respectively.

The company announced a $4bn equity raise to fund its 5GW data centre development pipeline, which was unexpected given stable forward development metrics and balance sheet gearing rising to 17% from 8%.

While the data centre strategy is taking longer than anticipated, the capital raise enables Goodman to capture a larger share of project economics while maintaining financial flexibility, the broker surmises.

The broker highlights concerns over future capital requirements, given the slow ramp-up of new projects, but sees potential upside if development starts to accelerate in 2025/26.

Target price is $36.80 Current Price is $34.55 Difference: $2.25
If GMG meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $38.17, suggesting upside of 10.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Citi rates GOZ as Buy (1) -

Following 1H results for Growthpoint Properties Australia, Citi highlights the de-gearing of the balance sheet to 38.8%, within management's target of 35-45%.

The analyst highlights funds management initiatives in the half, including the setup of two new funds in Industrial and Canberra office.

The broker also likes the long leases within the existing portfolio of predominantly government and large corporate tenants, and highlights an undemanding valuation.

The $2.60 target and Buy rating are maintained.

Target price is $2.60 Current Price is $2.44 Difference: $0.16
If GOZ meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates GOZ as Outperform (1) -

Growthpoint Properties' 1H25 funds from operations (FFO) per securitiy was down -2.5% sequentially but ahead of Macquarie's forecast.

The REIT launched two new funds in the 1H and the broker notes it has potential to launch more, which represents upside risks to its forecasts. 

FY25 FFO per security guidance was reaffirmed at 22.3-23.1c and DPS at 20.3cps, broadly in line with the broker and consensus estimates.

Target price drops to $2.57 from $2.61 after the broker incorporated 1H25 result and revised forecasts into its sum-of-the-parts valuation. Outperform maintained.

Target price is $2.57 Current Price is $2.44 Difference: $0.13
If GOZ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.59, suggesting upside of 6.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates GYG as Neutral (3) -

An initial glance over today's release has taught UBS Guzman y Gomez's H1 underlying EBITDA has missed the mark as both consensus and the broker had a higher number in mind.

Prospectus forecasts are likely to be beaten, but this does not come as a surprise. Increased investment of operating leverage tailwinds is a negative surprise and so is sales guidance issued by management.

Neutral. Target $40.

Target price is $40.00 Current Price is $38.58 Difference: $1.42
If GYG meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $40.23, suggesting upside of 4.3% (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

Shaw and Partners rates HPG as Buy (1) -

The hipages Group delivered EBITDA that was slightly below Shaw and Partners' forecast. The broker estimates cash was better than it forecast, driven by lower costs.

The company continues to engage well with its business apps and the broker finds early retention benefits promising. This would be a key catalyst for the share price if it continues.

FY25 guidance reflects greater confidence in the outlook, with revenue of $83-84m and an EBITDA margin of 23-24%. Shaw and Partners reiterates a Buy rating and the target increases to $1.90 from $1.60.

Target price is $1.90 Current Price is $1.19 Difference: $0.71
If HPG 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: 0.5

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

Morgan Stanley rates HSN as Overweight (1) -

First half results from Hansen Technologies were below expectations, reflecting timing differences. Morgan Stanley welcomes the confirmation of full-year guidance.

The broker explains the severe reaction in the shares since Powercloud was acquired as, while historically bolt-on acquisitions were a key part of the company's profile and one of the main avenues of growth, Powercloud was more complex and the work required widened the risk profile.

It appears from the first half result that the business is now making good on the original undertaking with the intention to make the acquisition positive in terms of cash flow by the fourth quarter of FY25. Overweight. Target rises to $6.50 from $6.25. Industry view is Attractive.

Target price is $6.50 Current Price is $5.16 Difference: $1.34
If HSN meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $6.64, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates IFL as No Rating (-1) -

Insignia Financial's 1H was slightly better-than-expected by Citi and management appears to be making good progress on its cost-out plans.

The broker now forecasts FY25 operating expenses at the low end of the $947-952m guidance range.

Management is also guiding to a FY25 earnings (EBITDA) margin of between 42.5-43.3bps.

Citi is currently not providing a target or rating.

Current Price is $4.47. Target price not assessed.

Current consensus price target is $4.53, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

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

Insignia Financial posted EBITDA that was ahead of Morgan Stanley's estimates in the first half. Cost-to-income ratio fell to 68% with cost savings of -$60-65m for FY25 tracking ahead of plan.

The dividend remains paused in order to maintain balance sheet flexibility. The company has indicated regular dividend payments will be reassessed at the FY25 results. The broker retains an Equal-weight rating and $4.40 target. Industry view: In-Line.

Target price is $4.40 Current Price is $4.47 Difference: minus $0.07 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.53, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates IFL as Neutral (3) -

UBS analysts have maintained a Neutral rating on Insignia Financial, keeping the price target at $4.60. Financial forecasts have been lowered, with FY25 and FY26 EPS estimates cut by -4.3% and -5.8%, respectively, due to weaker Master Trust fee margins and higher finance costs.

The company reported a 1H25 EBITDA beat of 6.5% versus consensus, driven by cost reductions and stronger-than-expected revenue margins, though these are expected to decline in 2H.

Management signed an eight-year outsourcing agreement with SS&C for the Master Trust business, which the broker sees as a key strategic move.

UBS remains cautious on near-term EPS growth, noting that improved fund flows will be needed to offset market-driven revenue pressures.

Target price is $4.60 Current Price is $4.47 Difference: $0.13
If IFL meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.53, suggesting upside of 1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates IGO as Sell (5) -

IGO Ltd's 1H25 revenue was down -35% year on year and underlying earnings were -$82m (pre-reported). Underlying profit was -$85m versus Bell Potter's -$92m forecast.  

Statutory profit included substantial impairments to exploration assets and the net loss from TLEA impairments were recorded against the Kwinana Lithium refinery.

Management indicated Greenbushes Lithium is expected to produce at the top end of the guidance range and the Nova Nickel is expected to produce at the bottom of the expected guidance range. Production and cost guidance was provided for Kwinana for the first time.

It’s likely the market ascribes no value to Kwinana in Bell Potter's view. The current share price is implying long-term lithium spodumene prices significantly greater than spot prices, and the downside risk, the broker posits, is that investors lose patience waiting for a lithium price recovery.

Target falls to $3.85 from $4.20, Sell retained.

Target price is $3.85 Current Price is $4.48 Difference: minus $0.63 (current price is over target).
If IGO meets the Bell Potter target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.31, suggesting upside of 18.5% (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

Citi rates IGO as Neutral (3) -

IGO Ltd reported a statutory net loss of -$782m for H1, including a -$525m impairment for Kwinana T1 and T2 and a -$115m writedown of Fraser Range exploration assets, resulting in an underlying loss (NLAT) of -$85m.

Cash stood at $247m, observes Citi, and Albemarle indicated in its 4Q results Greenbushes will not pay a dividend until 2026.

Post-impairment, Kwinana is valued at $182m on a 100% basis, while management expects Greenbushes will reach the top end of guidance with costs at the low end.

Tianqi Lithium Energy Australia's (TLEA) balance sheet suggests around $107m in cash, implying to Citi more funding will be required for the joint venture within H2.

Target $5.30. Neutral.

Target price is $5.30 Current Price is $4.48 Difference: $0.82
If IGO meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 18.5% (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 IGO as Outperform (1) -

Macquarie recaps IGO Ltd's 1H25 reported loss of -$782m was weighed down by impairments of Kwinana (-$525m) along with exploration assets and deferred tax balances.

The broker has now updated Kwinana costs and ramp-up profiles into its forecasts which sees earnings roughly flat (-1%) in FY25 but lowers FY26-27 estimates by -9% and -6% respectively.

Target price reduces to $5.5 from $5.8, Outperform maintained.

Target price is $5.50 Current Price is $4.48 Difference: $1.02
If IGO meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 18.5% (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

UBS rates IGO as Neutral (3) -

The company reported a -$782m loss in 1H25, including impairments of -$525m at the Kwinana Refinery and -$115m on its exploration portfolio.

UBS comments Greenbushes remains the key value driver, with production tracking to the top end of guidance, while Nova’s free cash flow is now mostly covering corporate costs.

The broker expects Kwinana’s Train 1 to be placed into care and maintenance, as cost pressures persist amid weak lithium prices.

UBS analysts have maintained a Neutral rating on IGO, lowering the price target to $5.20 from $5.45. Financial forecasts have been adjusted, with EPS estimate for FY25 cut to -$0.82 from $0.02, while FY26 estimate fell -13% to $0.12.

Target price is $5.20 Current Price is $4.48 Difference: $0.72
If IGO meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $5.31, suggesting upside of 18.5% (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

UBS rates ILU as Neutral (3) -

Iluka Resources has reaffirmed plans for Balranald commissioning in 2H25 and Eneabba production from 2028, though UBS sees risks in both projects, particularly around mineral sands demand and feedstock supply.

Capital expenditure for 2025 has been increased to -$1.08bn, with Balranald costs coming in higher than expected due to deferred spending and inflation.

The broker believes Iluka remains undervalued but needs to rebuild confidence in its mineral sands business and de-risk its growth projects.

UBS analysts have maintained a Neutral rating on Iluka Resources, lowering the price target to $5.30 from $6.70.

Financial forecasts have been revised, with FY25, FY26, and FY27 EPS estimates cut by -33%, -41%, and -29%, respectively, due to lower mineral sands production guidance and weaker pricing assumptions.

Target price is $5.30 Current Price is $4.51 Difference: $0.79
If ILU meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $5.64, suggesting upside of 25.1% (ex-dividends)

The company's fiscal year ends in December.

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 IPH as Outperform (1) -

Macquarie notes IPH's 1H25 net profit was ahead of expectations despite difficult trading environment. Underlying EBITDA margin decreased 370bps due to the impact of increased corporate costs and litigation weakness in Canada.

The broker expects some support to trading conditions in 2H as some of the factors become less of a drag.They include increasing momentum in Asia filings, prevailing forex rates, and Canada acquistions.

Target price cut to $6.75 from $7.11 reflecting earnings changes, roll-forward and updated multiples. Outperform maintained.

Target price is $6.75 Current Price is $4.88 Difference: $1.87
If IPH meets the Macquarie target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 33.0% (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 IPH as Overweight (1) -

Morgan Stanley assesses the first half results as in line. The positives include continued organic growth in Australasia and a stabilising of Asia with gearing below the target range.

The broker's main concerns lay in Canada which has impacted by CIPO processing issues and lower litigation revenue.

Target is $7. Overweight. Industry view: In-Line.

Target price is $7.00 Current Price is $4.88 Difference: $2.12
If IPH meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 33.0% (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 IPH as Add (1) -

IPH reported mixed 1H25 results, with revenue up 4% and earnings (EBITDA) down -3%, while underlying earnings (EBITDA) missed expectations by -3%, Morgans explains. A lower tax rate boosted net profit after tax.

Results across geographies varied, with adjusted like-for-like sales showing growth in A&NZ of 4%, Asia flat, and Canada up 8%.

Morgans makes slight changes to earnings forecasts and explains that while there are some signs of organic growth across regions, the restart of organic growth remains key.

Add rating remains unchanged. Target price decreases to $6.30 from $6.80.

Target price is $6.30 Current Price is $4.88 Difference: $1.42
If IPH meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 33.0% (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

UBS rates IPH as Buy (1) -

IPH Ltd reported 1H25 EBITDA in line with consensus, though like-for-like earnings declined -3% year-on-year due to higher corporate costs.

UBS analysts have maintained a Buy rating on IPH, lowering the price target to $6.80 from $7.90. Financial forecasts have been revised, with a -14% cut to the valuation due to reduced long-term earnings expectations and a lower forward PE multiple.

Management highlighted early signs of recovery in Asia, with revenue growth expected in 2H25, though weak US patent filings remain a headwind.

The broker sees IPH as undervalued given its strong cash generation and market leadership but notes that an organic growth turnaround is needed for a re-rating.

Target price is $6.00 Current Price is $4.88 Difference: $1.12
If IPH meets the UBS target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.49, suggesting upside of 33.0% (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

Bell Potter rates IRI as Buy (1) -

Integrated Research's 1H25 revenue was at the top end of the guidance range and in line with Bell Potter's forecast. Earnings were above the guidance range and comfortably ahead of the broker's forecast, driven by lower costs than forecast.

No guidance was provided as expected. The company did not provide any update on the renewal of its largest contract with JP Morgan Chase, but this is scheduled for this half and, assuming it’s renewed, should ensure a stronger 2H result relative to 1H, the broker suggests.

Bell Potter looks for the likely renewal of the JPMC contract as a potential catalyst for the stock. Target rises to 80c from 75c, Buy retained.

Target price is $0.80 Current Price is $0.42 Difference: $0.38
If IRI meets the Bell Potter target it will return approximately 90% (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 JHX as Accumulate (2) -

James Hardie Industries posted Dec Q earnings slightly ahead of consensus forecasts and surprisingly strong operating cash flow, and maintained profit guidance for FY25 and its outlook for FY26.

The key positive for Ord Minnett was the company’s management of a surge in raw materials costs via cuts to other expenses and the implementation of new processes improve efficiency via its Hardie Operating Systems program.

Management forecasts further inflation in raw materials costs in FY26, but pleasingly for Ord Minnett, the company also said it expected further benefits from its HOS program to offset.

Target rises to $59 from $58, Accumulate retained.

Target price is $59.00 Current Price is $50.72 Difference: $8.28
If JHX meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $59.71, suggesting upside of 17.7% (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

Citi rates JIN as Buy (1) -

While Jumbo Interactive lost market share in the 1H, Citi explains flexibility in the cost base delivered profit in line with consensus.

In an early assessment of today's interim financials, the broker notes a key area of concern was softer lottery retailing total transaction value (TTV) and revenue, which missed consensus estimates by -9% and -7%, respectively.

Management noted market share has picked back up in the 2H so far, in line with larger jackpots, but the analysts are still cautious digital investments made by the company could impact share going forward.

Management reiterated guidance for FY25 group underlying EBITDA margin of between 46-48%.

Buy rating. Target $14.70.

Target price is $14.70 Current Price is $11.95 Difference: $2.75
If JIN meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $15.40, suggesting upside of 28.9% (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 MAF as Add (1) -

MA Financial reported 2024 earnings (EBITDA) that were essentially in line with consensus and the broker's forecasts for net profit after tax. The broker views the results as "strong," notably highlighting the positive earnings surprise in 2H24 from MA Money.

The division achieved strong loan growth and a better net interest margin. The broker also notes Redcape Hotel Group is growing again and acquired three more hotels in SE Qld for -$79m.

Morgans lowers EPS estimates by -2% and -4% for 2025/2026 on more conservative margin assumptions and higher asset growth.

Target price is raised to $8.92 from $6.68. Maintain Add rating. Morgans believes the company can generate compound earnings growth and is positive about management's track record on shareholder returns.

Target price is $8.92 Current Price is $8.25 Difference: $0.67
If MAF meets the Morgans target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $9.37, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MAF as Buy (1) -

MA Financial’s 2024 result was in line with Ord Minnett's expectations, and featured improving performance across most areas.

The broker suggests with positive outlook comments, investment requirements easing, and the MA Money business showing strong results, focus may now turn to the company’s FY26 targets.

An earnings recovery is well underway, the broker notes, with meaningful performance improvement seen across most areas. The company’s outlook comments, coupled with a strong start to the year, should see that positive momentum continue.

This should bring the FY26 financial targets into sharper focus, with material upside to the current share price if the company can get
close to that benchmark, in Ord Minnett's view. Target rises to $10.00 from $7.20, Buy retained.

Target price is $10.00 Current Price is $8.25 Difference: $1.75
If MAF meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $9.37, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates MAF as Buy (1) -

Strong momentum in asset management and lending segments underpinned earnings growth for MA Financial, with net inflows of $116m in 4Q24 and a $500m commitment to the new RE Credit vehicle.

The company expects greater operating leverage in FY26 as strategic investments drive revenue, though cost pressures in FY25 remain a headwind. The broker notes potential for up to 40% EPS upside if FY26 targets are met.

UBS analysts have maintained a Buy rating on MA Financial Group, raising the price target to $9.20 from $7.20. Financial forecasts have been revised, with FY25 EPS estimate lowered by -2% while FY26 estimate increased by 2%.

Target price is $9.20 Current Price is $8.25 Difference: $0.95
If MAF meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.37, suggesting upside of 13.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates MFG as Underweight (5) -

Magellan Financial delivered first half headline results that beat Morgan Stanley's estimates. Management fees missed expectations because of lower base fees, and the delay on capital management clarity along with recent infrastructure fund changes provide other negatives.

The broker believes the company has more work to do to justify its premium, and the road back to inflows will take longer because of investment team changes. Countering this the broker suggests the worst has passed for Global Fund outflows.

The target falls to $8.20 from $8.95. Underweight. Industry view: In-Line.

Target price is $8.20 Current Price is $8.96 Difference: minus $0.76 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.55, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

UBS rates MFG as Sell (5) -

UBS analysts have maintained a Sell rating on Magellan Financial Group, lowering the price target to $8.85 from $10.30. Financial forecasts have been revised, with FY25 EPS estimate raised by 12%, while FY26 and FY27 estimates have been cut by -1%.

The company’s 1H25 result showed fee margin compression in the funds management division, while the long-awaited capital management update has been deferred to August, raising investor concerns, the broker comments.

Despite a profit beat driven by investment gains, the analyst observes operating margins remain under pressure, and fund outflows in the infrastructure franchise present a risk.

The broker notes the market is increasingly discounting Magellan’s overcapitalised balance sheet amid uncertainty over future capital allocation.

Target price is $8.85 Current Price is $8.96 Difference: minus $0.11 (current price is over target).
If MFG meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.55, suggesting upside of 6.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Macquarie rates MGH as No Rating (-1) -

Due to research restrictions Macquarie cannot provide rating or target price on Maas Group (last target price was $5.06).

The broker notes 1H25 underlying EBITDA was largely in line with consensus but full-year guidance was below market expectations.

The guidance is in the range of $215-245m that is inclusive of $10-12m 2H contribution from recent acquisitions, the broker highlights.

The company reaffirmed expectations for capital recycling initiatives to achieve $100m in FY25; the broker notes it already realised $90.7m in 1H.

The broker cut FY25-26 earnings estimate by -19% and -18% respectively.

Current Price is $3.76. Target price not assessed.

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 MGH as Add (1) -

Maas Group downgraded FY25 guidance by -7% to -10% for 2H25 at the 1H25 results, as civil construction and hire (CC&H) experience a slowdown due to stalled energy transition projects, Morgans notes.

Construction materials continue to perform well and are growing due to acquisitions and higher quarry output.

The magnitude of the slowdown in CC&H was higher than anticipated, down -47% on the previous corresponding period.

Morgans lowers earnings (EBITDA) forecasts by -5.6% and -5.3% for FY25/FY26.

No change to Add rating. Target price slips to $4.85 from $5.30.

Target price is $4.85 Current Price is $3.76 Difference: $1.09
If MGH meets the Morgans target it will return approximately 29% (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 MIN as Buy (1) -

Mineral Resources reported underlying earnings well ahead of Bell Potter, driven by increased earnings margins in Mining Services.

The stock sold off -21% on the announcement due to the high net-debt, disclosures creating doubt that Onslow’s haul road will be ramped-up successfully, which is pivotal to deleveraging the balance sheet, and in response to analyst questioning, the broker suggests.

The MD suggested he would support the incoming chair/board if they elected to raise capital to de-leverage the balance sheet.

Bell Potter continues to hold the view that Onslow will be commissioned successfully, and associated Iron Ore and Mining Services
volumes will enable de-leveraging of the balance sheet, plus there are other options to manage debt, including re-financing.

Target falls to $39.50 from $59.60, Buy retained.

Target price is $39.50 Current Price is $27.13 Difference: $12.37
If MIN meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $36.64, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley believes the extreme reaction to the (largely flagged prior) weather impacts for Mineral Resources shows the market is extremely sensitive and appears to have lost patience with the expected improvement in the balance sheet and the guidance changes.

There were some additional concerns including the potential for a capital raising and the possibility of never achieving nameplate because of fatal flaws in the haul road.

First half results were in line with guidance and the broker updates its modelling amid higher sensitivity to commodity price scenarios. Target remains at $50. Overweight. Industry View: Attractive.

Target price is $50.00 Current Price is $27.13 Difference: $22.87
If MIN meets the Morgan Stanley target it will return approximately 84% (excluding dividends, fees and charges).

Current consensus price target is $36.64, suggesting upside of 35.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates MP1 as Outperform (1) -

Macquarie notes Megaport is shifting its model to capture more customer wallet share by selling cybersecurity-style products which indicates it is entering the  Secure Access Services Edge (SASE) market. This is a fundamentally different (and higher value) pitch to customers compared to the legacy use-case, Macquarie highlights. 

However, despite sales upside, the broker is mindful that net revenue retention recovery will take time, and management will re-invest for growth. 

The broker raised FY25 EPS forecast by 9% while leaving FY26 unchanged, reflecting higher sales, lower D&A and greater re-investment. Target price rises to $14.3 from $10.2, and Outperform retained.  

Target price is $14.30 Current Price is $11.21 Difference: $3.09
If MP1 meets the Macquarie target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $11.22, suggesting upside of 0.1% (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

Morgan Stanley rates MP1 as Equal-weight (3) -

Megaport's first half result, in an initial view, met expectations. An improvement in annual recurring revenue versus expectations is key in Morgan Stanley's view and should de-risk consensus revenue growth estimates of 12% for FY26.

The broker finds the valuation attractive versus peers but prefers other software names that are generating more than 20% EBITDA growth and stronger market leadership.

Equal-weight. Target $10. Industry View: Attractive.

Target price is $10.00 Current Price is $11.21 Difference: minus $1.21 (current price is over target).
If MP1 meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.22, suggesting upside of 0.1% (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

Morgans rates MP1 as Add (1) -

Morgans notes Megaport reported 1H25 earnings that were largely as expected, except for two positive factors the broker highlights.

The company added 67 new customer logos in 2Q25, which is about as many customers as the previous four quarters combined. 307 ports were added in 2Q25, around double the previous four quarters.

Annual recurring revenue in 1H25 of $22.6m was higher than the last three years, excluding a price rise in June 2023.

Management also hired more than six key sales and support staff from the closest competitor, PacketFabric.

The broker raises underlying earnings (EBITDA) by 2% in FY26/FY27.

No change to Add rating. Target price lifts to $14 from $12.50. Morgans believes the relatively new management team has reoriented the business positively for sales growth and higher profits.

Target price is $14.00 Current Price is $11.21 Difference: $2.79
If MP1 meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $11.22, suggesting upside of 0.1% (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

UBS rates MP1 as Neutral (3) -

UBS analysts have maintained a Neutral rating on Megaport, raising the price target to $12.00 from $8.65. Financial forecasts have been adjusted, with FY25-28 EBITDA estimates increasing by 1-2%, while forecast FY25 EPS is revised up by 23%.

The company reported revenue of $107m for 1H25, up 12% year-on-year, though EBITDA declined -8% due to increased investment in the go-to-market team.

Key growth indicators, including new customer sign-ups and port additions, showed signs of reacceleration, but net revenue retention remains below historical levels, the broker observes.

UBS sees potential for further upside if revenue growth from existing customers improves, but remains cautious on the pace of recovery.

Target price is $12.00 Current Price is $11.21 Difference: $0.79
If MP1 meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $11.22, suggesting upside of 0.1% (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

Bell Potter rates NAN as Hold (3) -

Nanosonics' 1H25 revenues (pre-released) increased 18% off a weak prior period result. In the US, revenues increased by 17% versus 1H24 and 3% versus 2H24, with the latter measure being the better gauge for overall performance in Bell Potter's view.

Relative to 1H24, capital sales of the Trophon device increased by 11%. Consumables revenues increased by 19% year on year in line with growth of the installed base, including a 7% increase in cycles completed.

The FY26 forecast is for earnings to decline as opex increases to support a product launch for Coris. In the very short term, Bell Potter notes, the outlook remains positive due to earnings upgrades and ahead of a new product approval on the horizon (Coris).

Target rises to $4.06 from $3.45, Hold retained.

Target price is $4.06 Current Price is $4.52 Difference: minus $0.46 (current price is over target).
If NAN meets the Bell Potter target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates NAN as Upgrade to Add from Hold (1) -

Morgans upgrades Nanosonics to Add from Hold and raises the target price to $4.50 from $3.75 post what was believed to be a 1H25 that assisted with improving sentiment around the company.

The broker highlights the growth in the new stall base of 1,050 units over the period, noting a decline of -5% year-on-year but better than forecast, inferring pressure on hospital budgets is tempering.

Revenue came in slightly better than expected, and the analyst drew some optimism around the launch of Coris, which may be sooner than anticipated.

Management lifted FY25 guidance, another positive. Morgans raises net profit after tax forecasts by 14% and 9% for FY25/FY26.

Target price is $4.50 Current Price is $4.52 Difference: minus $0.02 (current price is over target).
If NAN meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.99, suggesting downside of -11.8% (ex-dividends)

The company's fiscal year ends in June.