Australian Broker Call

Citi rates ABB as Buy (1) -

Citi did a deeper analysis of Aussie Broadband's recently struck wholesale agreement with More, noting the company expects the deal to deliver $12m underlying EBITDA in FY27.

The broker reckons More's exclusive strategic partnership with CommBank ((CBA)) which is extended to 2035, provides a significant potential funnel for customer acquisition.

Overall, the broker sees risks skewed to the upside.

Buy. Target unchanged at $6.15.

Target price is $6.15 Current Price is $5.17 Difference: $0.98
If ABB meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 15.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates ADH as Hold (3) -

Adairs’ FY25 result was pre-reported, with the key update being the first eight weeks of 1H26 trading, explains Bell Potter.

For this period, the broker observes core brand sales rose 26.6% year-on-year, while Focus on Furniture returned to positive growth at 6.7% and Mocka lifted revenue by 39.4%.

The analysts factor into forecasts revenue growth of 6% for FY26, supported by easier comparisons from FY25, particularly for Focus on Furniture. Gross margins are expected at 59% in 1H26, down -90bps year-on-year, with improvement expected in the second half.

Bell Potter lifts its FY26, FY27 and FY28 profit forecasts by 9%, 10% and 11%, respectively. The target price is raised to $2.60 from $2.15. A Hold rating is retained.

Target price is $2.60 Current Price is $2.73 Difference: minus $0.13 (current price is over target).
If ADH meets the Bell Potter target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.61, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates AIZ as Outperform (1) -

Air New Zealand's FY25 result was at top of guidance range, but down -15% year on year with ongoing engine impacts, while the first half FY26 outlook is weak on backdrop and costs. Macquarie notes it was a tough year, but it could have been worse.

The outlook is disappointing despite some FY26 improvement in capacity to come, Macquarie suggests, but the medium-term profit opportunity articulated by management shows upside.

The balance sheet remains well positioned for solid dividends and buybacks. Target falls to NZ75c from NZ78c, Outperform retained, with the airline passing worst of engine issues and economic cycle, which should drive a recovery in the second half and more strongly in FY27.

Current Price is $0.53. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

UBS rates AIZ as Downgrade to Sell from Neutral (5) -

Air New Zealand's FY25 release has triggered a downgrade from UBS to Sell from Neutral. The broker's valuation has shrunk to NZ55c from NZ63c prior.

Higher operating costs and depreciation have triggered a chainsaw treatment for earnings and dividend forecasts. The broker is also citing delayed capacity recovery and higher airport charges into FY28–FY30.

As for the result itself, FY25 underlying pre-tax profit came in at NZ$189m, broadly in line with UBS, as aircraft availability issues and higher non-fuel costs were partly offset by NZ$129m in engine compensation.

The NZ$62m buyback continues. UBS adds the shares are still trading at a P/E premium to Qantas and Virgin.

Current Price is $0.53. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Bell Potter rates ALC as Upgrade to Buy from Hold (1) -

Alcidion Group's FY25 revenue of $40.8m rose 10% year-on-year, in line with Bell Potter's forecasts, driven by the $8.4m upfront licence fee from the National Crime Information Center (NCIC) contract.

Earnings (EBITDA) of $4.8m delivered a $9.4m turnaround from FY24, beating both guidance (of above $4.5m) and the broker’s $4.7m forecast, supported by higher margins and a $0.9m currency benefit.

The group ended June with $17.7m cash and no debt, delivering its maiden profit on the back of the NCIC hospital contract, explain the analysts.

FY26 guidance includes being earnings and operating cash flow positive in FY26 and recognition of $140m contracted revenue through to 2030.

The broker makes modest forecast reductions, raising forecasts for operating expenses and depreciation. The target price remains unchanged at 13c. Bell Potter upgrades to a Buy rating from Hold.

Target price is $0.13 Current Price is $0.10 Difference: $0.03
If ALC meets the Bell Potter target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Atlas Arteria delivered in line interim 2025 results and confirmed 2025 distribution of 40c with an interim 20c dividend, which was in line with the previous period.

APRR EBITDA rose 3% with a margin of 72.1% versus 72.3% a year ago. Chicago Skyway grew 1% for EBITDA and was below forecast by -2% and missed consensus by -5% due to higher opex.

Dulles Greenway EBITDA rose 10% and slightly beat the analyst's forecast by 1% and met consensus.

Equal-weight. Target price $5.14. Industry view: In-Line.

Target price is $5.14 Current Price is $5.33 Difference: minus $0.19 (current price is over target).
If ALX meets the Morgan Stanley target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting upside of 1.1% (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

Morgans rates ALX as Hold (3) -

Morgans highlights an as expected and "uneventful" 1H2025 earnings report for Atlas Arteria as traffic and toll revenue had been pre-released. Management retained 2025 dividend guidance of 40c per share and aims for future distributions of at least 40c.

The new CEO is targeting "Partnering to deliver world-class road experiences" and will assess toll road opportunities in OECD countries.

APRR, which represents around 57% of Atlas Arteria's valuation, saw interim profit fall by -5% on the prior year due to a temporary supplemental tax, and the company is aiming to re-tender via its APRR partnership with Eiffage for upcoming French concessions.

Chicago Skyway (circa 26% of equity value) earnings rose 1% and Dulles Greenway up 10%, which met expectations.

No change to Hold rating and $5.05 target.

Target price is $5.05 Current Price is $5.33 Difference: minus $0.28 (current price is over target).
If ALX meets the Morgans target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.39, suggesting upside of 1.1% (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

UBS rates ALX as Neutral (3) -

UBS maintains Neutral and leaves its 12-month price target at $5.35 after in-line 1H25 results (slightly below consensus) and reaffirmed FY25 distribution guidance of 40c.

Proportional EBITDA was $729m (in line) and free cash flow $281m (-3% below), with a 1H25 distribution of 20c and a new FX-hedging program for 2H distributions; French TST tax weighed on reported NPAT and APRR’s EBITDA margin eased to 72.1%.

UBS flags no strategic surprises, with focus on French tax, the Dulles rate case, cooperation with Eiffage on A412/A154, and selective OECD concession opportunities without seeking new equity.

Forecasts are unchanged; valuation remains a sum-of-parts DCF underpinning the unchanged $5.35 target.

Target price is $5.35 Current Price is $5.33 Difference: $0.02
If ALX meets the UBS target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $5.39, suggesting upside of 1.1% (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

Bell Potter rates APE as Hold (3) -

Eagers Automotive's interim underlying operating profit before tax of $197.7m was 4% ahead of Bell Potter’s forecast, driven by revenue of $6.5bn versus the broker’s $6bn estimate.

Margins of 3.04% were softer than the broker’s 3.18% expectation. Positively, operating cash flow (OCF) was strong at $507m, up 82% year-on-year, reducing net corporate debt to $474m from $813m in December, explain the analysts.

An interim dividend of 24c fully franked was declared, in line with Bell Potter's forecast.

Management highlighted on the earnings call the 2025 revenue uplift should be around $1.8bn versus the earlier $1bn expectation.

The broker feels margins have bottomed in the first half and should improve in the second half and beyond as industry conditions strengthen and productivity gains flow through.

The broker upgrades its 2025, 2026 and 2027 profit forecasts by 5%, 10% and 14%, respectively, on both higher revenue and stronger margin assumptions. The target price is raised to $24.00 from $17.50. Bell Potter retains a Hold rating.

Target price is $24.00 Current Price is $27.65 Difference: minus $3.65 (current price is over target).
If APE meets the Bell Potter target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Outperform (1) -

Eagers Automotive's first half revenue was a material beat, Macquarie notes, delivering the company's expected full year growth within the half, supported by core business growth, acquisitions, BYD and easyauto123.

The mix was a headwind to gross profit margins in the half, however, Macquarie expects margins have now bottomed. Eagers is a large beneficiary of rate cuts and Macquarie expects demand could outstrip supply in the second half, with first half orders 10% above deliveries.

Medium term material upside also exists to organic earnings if Eagers achieves its 190bp margin expansion target. Outperform retained, target rises to $27.33 from $20.60.

Target price is $27.33 Current Price is $27.65 Difference: minus $0.32 (current price is over target).
If APE meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Overweight (1) -

Morgan Stanley sees notable upside to Eagers Automotive's 2025 earnings versus consensus based on the robust interim result with earnings of $197.7m versus around $185m at the implied AGM guidance.

The company continued to experience operational improvements over the period, with further improvements in 2H2025 and into 2026 expected. The cyclical tailwinds are anticipated to be maintained and were evident in the latter part of 2H.

A robust balance sheet improved with net debt down to $474m versus $813m at 2024.

An Overweight rating and a target price of $20 are retained. Industry view: In-Line. Morgan Stanley sees meaningful upward earnings revisions in consensus EPS for the next 12 months.

Target price is $20.00 Current Price is $27.65 Difference: minus $7.65 (current price is over target).
If APE meets the Morgan Stanley target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates APE as Accumulate (2) -

Eagers Automotive announced robust operating metrics according to Morgans for 1H2025 results. Underlying net profit before tax rose 8.3% on the prior year and was 3% above consensus. A dividend of 24c (flat yoy) was declared.

BYD volumes were very strong, estimated at over $600m growth, the analyst highlights, and supported revenue growth of over $1bn to $6.5bn.

The business continues to have multiple growth levers including market share growth, margin improvement, independent used expansion, and leading the new EV transition with a 13.8% share of new vehicle sales versus 11.1% a year earlier.

Morgans flags potential acquisitions of around $500m p.a. of franchised revenue. The Mitsubishi Corp is anticipated to grow across all aspects of the business.

Morgans lifts its EPS forecasts by 1.8% for 2025 and 4.2% for 2026. No change in Accumulate rating. Target rises to $26.90 from $19.15.

Target price is $26.60 Current Price is $27.65 Difference: minus $1.05 (current price is over target).
If APE meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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

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

In Ord Minnett's view, Eagers Automotive delivered "strong" 1H25 profit before tax, 7% above the broker's forecast, with revenue of $6.5bn also 'beating' by 9%.

Management now expects revenue growth in 2025 to exceed the original $1bn uplift target, with sales growth closer to $1.8bn.

Eagers sold 34% of all new energy vehicles (NEVs) in Australia in the half, highlights Ord Minnett, reinforcing the company's market leadership.

Order write was 10% above deliveries, with the order bank around four times pre-covid levels, highlight the analysts. Operating expenses as a percentage of revenue fell to 12.1%, while new vehicle market share reached 13.8%.

Margins eased to 16.7% from 18% due to mix, notes the broker, while EasyAuto123 posted a 45% lift in profit.

The target price is raised to $23.50 from $15. Ord Minnett downgrades to a Hold rating from Accumulate on valuation grounds.

Target price is $23.50 Current Price is $27.65 Difference: minus $4.15 (current price is over target).
If APE meets the Ord Minnett target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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 APE as Sell (5) -

UBS has raised its target for Eagers Automotive to $17 from $16.50 (having raised from $14.80 in July) and sticks with its Sell rating. Forecasts have been upgraded.

It is the broker's view Eagers Automotive posted a solid 1H25, circa 4% ahead of consensus at adjusted pre-tax profit, driven by cost efficiencies and a sharp lift in BYD volumes.

Mix pressure pulled LFL gross margin -30bps h/h and OPEX margin -90bps y/y.

Commentary posits the share price already is reflecting scale benefits, M&A optionality and a sentiment tailwind from prospective rate cuts.

Management points to $13bn revenue for 2025 with resilient demand and EA123 leverage, though BYD’s lower gross margin keeps a lid on group margin, the report stipulates.

Target price is $17.00 Current Price is $27.65 Difference: minus $10.65 (current price is over target).
If APE meets the UBS target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.81, suggesting downside of -21.1% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates ART as Buy (1) -

Headline metrics were released for Airtasker's 4Q25 update with the FY25 earnings announcement proving to be a solid result. Morgans liked the group revenue growth of 13% on the prior year with robust momentum in overseas marketplaces and achieving positive free cash flow.

Management offered qualitative guidance for FY26. Australia is expected to generate "solid double digit revenue growth" and free cash flow from the marketplace in FY25 is expected to lift, excluding OneFlare which has continued to underperform since being acquired in 2022.

Marketplace health metrics improved, booked sales rose 7% to 836k on FY24 and cancellation rates also continued to improve.

No change to Buy rating and 55c target with Morgans making slight tweaks to its earnings estimates.

Target price is $0.55 Current Price is $0.42 Difference: $0.13
If ART meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Atturra's FY25 revenue of $300.6m was up 24% y/y/ and in line with update provided in July. Shaw and Partners notes organic growth slowed due to softness in defence and federal government spend, but it masks a more positive trend in enterprise data.

The broker highlights the company's growing portfolio of IP-driven offerings is becoming increasingly relevant, enhancing its operating leverage and strategic positioning but this is being underappreciated.

The company upgraded FY26 revenue guidance to include Blue Connections acquisition, now expecting revenue to be $384m vs $360m before. Underlying EBITDA guidance was also increased.

The broker lifted FY26-27 revenue forecasts by 8% and cash EBITA forecasts by 5-6%.

Buy, High Risk. Target unchanged at $1.20.

Target price is $1.20 Current Price is $0.80 Difference: $0.4
If ATA meets the Shaw and Partners target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Bell Potter rates AV1 as Buy (1) -

Adveritas’ FY25 revenue of $7.8m was 7% ahead of Bell Potter’s $7.3m forecast, while both earnings and profit losses were smaller than expected.

Annual recurring revenue (ARR) of $10.5m at June had already been disclosed. Cash stood at $9.5m following the June capital raising, with no debt remaining after the convertible notes were settled, explain the analysts. No dividend was declared.

Management maintains a positive outlook for FY26, highlights Bell Potter, supported by momentum built in FY25. Strategic priorities include expansion into the US, new verticals such as ecommerce, and further product development.

The broker makes modest upgrades to revenue forecasts by 2% in both FY26 and FY27, with no change to FY26 earnings forecasts and a 15% upgrade to FY27 earnings. The target price remains unchanged at 20c. Bell Potter retains a Buy rating.

Target price is $0.20 Current Price is $0.14 Difference: $0.06
If AV1 meets the Bell Potter target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates BET as Buy (1) -

Betmakers Technology's gross profit of $54.5m was broadly in line with Ord Minnett's forecast. Adjusted earnings of $4.6m beat the broker’s forecast by 46% due to lower operating costs.

Operating cash flow (OCF) was also stronger at $3.5m versus the analysts' $2.8m estimate.

Management indicated the cost base has been optimised, positioning the business for margin expansion.

Revenue growth has returned after bottoming in 2Q25, suggests Ord Minnett, with sequential growth of 4% and 10% in 3Q25 and 4Q25, respectively.

The broker makes no material forecast changes but highlights the stock’s valuation discount compared with ASX peers. The target price is raised to 27c from 26c. A Buy rating is maintained.

Target price is $0.27 Current Price is $0.16 Difference: $0.11
If BET meets the Ord Minnett target it will return approximately 69% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates BGL as Outperform (1) -

Bellevue Gold's underlying FY25 earnings were a 17% beat to consensus, but in line with Macquarie. Profit was a large miss due to the partial hedge book closeout.

Reported net debt was a large miss, largely due to an increase in lease liabilities, but the broker notes cash and borrowings (bank debt) were in line with overall expectations.

Meeting or exceeding targeted development remains a key KPI for FY26, Macquarie suggests. Outperform retained, target falls to $1.20 from $1.25.

Target price is $1.20 Current Price is $0.86 Difference: $0.34
If BGL meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.15, suggesting upside of 33.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Citi rates BLX as Buy (1) -

After a full review of Beacon Lighting's FY25 result, Citi cut FY26 net profit forecast by -7% and FY27 by -11%, on slower stores rollout than previously expected.

Target rises to $4.28 from $3.96 as earnings downgrades were more than offset by higher peer multiples in valuation. Buy retained.

In the initial assessment, Citi wrote:

Beacon Lighting's FY25 NPAT of $29.4m missed consensus by -2% but was broadly in line with its own forecasts.

A final dividend of 3.9cps was declared, broadly in line with consensus's 4c estimate.

All in all, Citi  considers today's result is further evidence of a broad-based improvement in consumer spending.

Considering the improving topline momentum into FY26 and the ongoing success in trade, the broker suggests the stock should be supported today.

Target price is $4.28 Current Price is $3.46 Difference: $0.82
If BLX meets the Citi target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates BLX as Upgrade to Accumulate from Hold (2) -

Beacon Lighting missed FY25 earnings expectations with net profit after tax below Morgans' estimate by -6.6% and -2.3% lower than consensus. Like for like sales of 1.5% growth came in under forecast by -2%.

Sales accelerated into 4Q25, the analyst suggests around 3% growth with mixed performance across states. Qld, WA and SA robust, and NSW, VIC soft. Trade sales were a positive, up 24% and representing 40% of "all relevant sales" for FY25.

Gross margin rose 20bps to 69%, a beat as the mix switched to trade and was viewed as a good result given promotional activity.

Morgans lowers its net profit after tax forecasts by -9% and -7% for higher D&A and interest cost assumptions.

The company is seen as well positioned for a turnaround in consumer sentiment, and with only 6% of the $2bn trade market for lighting & fans there is considerable scope for market share growth.

Stock is upgraded to Accumulate from Hold. Target rises to $3.80 from $3.55.

Target price is $3.80 Current Price is $3.46 Difference: $0.34
If BLX meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Ord Minnett rates BLX as Buy (1) -

Beacon Lighting reported FY25 profit of $29.4m, down -2.4% year-on-year, while sales rose 1.8% to $328.9m, 2.4% ahead of Ord Minnett's forecasts.

Comparable store sales increased 1.5%, with trade sales up 24% and online sales rising by 29%. Gross margins were stable at 69.1%, and three net new stores were opened, taking the network to 129, highlights the broker.

The analysts point to positive 4Q trading momentum, which has carried into the first half of FY26, with a recovery in Victoria benefiting performance.

The broker raises its target price to $3.85 from $3.60 largely due to a valuation roll forward. A Buy rating is maintained.

Target price is $3.85 Current Price is $3.46 Difference: $0.39
If BLX meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Beamtree Holdings' FY25 revenue grew 4% y/y but fell short of 10% growth guidance and was below Shaw and Partners' forecast. Exit annual recurring revenue (ARR) of 15% y/y missed the 20% guidance but the broker still calls it a strong result based on growth in 2H.

The company didn't provide specific FY26 guidance; still the broker is taking confidence from expanding pipeline, forecasting 15% ARR growth and 10% revenue growth.

Medium-term ARR target of $60m was reaffirmed with no specific date, prompting the broker to push back its forecast to FY29.

Buy, High Risk. Target trimmed to 60c from 70c.

Target price is $0.60 Current Price is $0.24 Difference: $0.36
If BMT meets the Shaw and Partners target it will return approximately 150% (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 BOQ as Sell (5) -

In a strategy update, Bank of Queensland announced it is exploring the sale of around $3.8bn equipment finance portfolio, alongside an off-balance-sheet forward flow origination and servicing agreement.

Citi expects this would release $350m of capital plus a gain on sale, and net income and bad debt charges will be replaced with servicing/origination fees. Detailed economics of the forward flow arrangement will be announced in FY26.

The bank also announced partnership with Capgemini to outsourcing AI and IT services, and expects over $30m annualised cost savings from FY27.

FY25 cash earnings was guided at $375-385m in line the broker's forecast. The broker found the abandonment of FY26 ROE and CTI targets on the pretext of highly unpredictable environment as strange, given relative stability seen in other bank results.

Sell. Target unchanged at $6.

Target price is $6.00 Current Price is $7.27 Difference: minus $1.27 (current price is over target).
If BOQ meets the Citi target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.38, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.8

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

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

Bank of Queensland's trading update suggests 2H25 cash profit between 0% to 5% growth versus Morgan Stanley's forecast at -1% and consensus at 3.5%. No details were offered on operating metrics, but the analyst believes there is scope for an earnings beat.

Management has withdrawn the return on equity and CTI targets because it is "increasingly difficult to forecast the timing of delivering on targets" in a challenging and unpredictable environment.

The sale of equipment finance makes sense as it would free up more capital, and the partnership with Capgemini will add transition costs in FY26 but is flagged to lower expenses by around -3%.

Equal-weight. Target $6.60. Industry view: In-Line.

Target price is $6.60 Current Price is $7.27 Difference: minus $0.67 (current price is over target).
If BOQ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.38, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in August.

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 BOQ as Sell (5) -

Bank of Queensland remains Sell-rated at UBS with a price target of $6.50, unchanged. Forecasts have been reduced.

The bank plans a whole-of-loan sale of up to $3.8bn in equipment finance (circa $400m CET1 release, circa 9% of total), with a forward-flow origination and servicing agreement (usually 1–3%) targeted to close in 1H26.

In addition, a Capgemini agreement should deliver $30m cost savings from FY27 via vendor consolidation.

The bank's guidance points to an in-line FY25 result ex-notables with cash earnings of $375–$385m, but management has now also withdrawn ROE and cost-to-income targets.

UBS sees ROE around 6.2–6.4% against an assumed 9% cost of equity and highlights ongoing retail and mortgage-franchise challenges.

Target price is $6.50 Current Price is $7.27 Difference: minus $0.77 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.38, suggesting downside of -12.3% (ex-dividends)

The company's fiscal year ends in August.

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 CHL as Buy (1) -

Camplify Holdings reported a normalised net loss of -$8.9m in FY25 versus Ord Minnett's -$4.5m forecast.

This outcome reflects a -12% revenue decline from Paul Camper migration issues, reduced government temporary accommodation work, and the exit from low-margin van sales, explain the analysts.

Management is targeting a -$5m reduction in operating costs for FY26, supported by lower marketing spend and reduced headcount.

The broker suggests FY26 revenue should improve with an extended NSW government accommodation partnership and forward bookings of $22.9m, up 8% year-on-year.

Progress continues on the MyWay insurance platform, which Ord Minnett sees as the key long-term growth opportunity.

The broker cuts EPS forecasts materially for FY26 and FY27 and by -3% in FY28, while also lowering the price target to 67c from $1.03. A Buy rating is maintained.

Target price is $0.67 Current Price is $0.47 Difference: $0.2
If CHL meets the Ord Minnett target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates CUV as Buy (1) -

Clinuvel’s FY25 revenue of $95m rose 8% year-on-year but were -2% below Bell Potter’s forecast and also behind consensus.

The broker explains sales growth in the erythropoietic protoporphyria (EPP) franchise slowed to 6% in the second half versus 11% in the first half, with some EU orders shifting into July.

Operating costs were higher than expected due to increased R&D spend on the Phase 3 vitiligo program, observe the analysts.

Earnings (EBITDA) fell -3% year-on-year, while profit rose 2% on higher interest income, both below Bell Potter's forecasts.

The earnings margin of 46% was down from 51% in FY24. The company ended June with $224m cash and no debt, and declared a 5c dividend.

The broker lowers its target price to $19.00 from $21.75. A Buy rating is maintained.

Target price is $19.00 Current Price is $10.65 Difference: $8.35
If CUV meets the Bell Potter target it will return approximately 78% (excluding dividends, fees and charges).

Current consensus price target is $18.53, suggesting upside of 74.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Morgans downgrades Clinuvel Pharmaceuticals to Hold from Speculative Buy and cuts the target price to $14 from $15 post a slight miss of FY25 results.

Commentary posits the company has also been unable to switch the narrative around capital management and disclosures, which places a cap on any upside. Overall, the result is labelled a miss and disappointing.

The analyst views the report as "uninspiring" with "pedestrian" commercial sales growth of 6.4% against the global growth in patient numbers and doses, along with US accredited centres at 104 from 85 a year ago.

Positively, the cash pile continued to grow at $224.1m from $198m in 1H25, with the buyback set at only $250k and no increase in dividend.

The report also highlights the lack of action on capital management and reliance on deposit yields rather than returns on shareholder investment.

Interest income now represents around 18.6% of profits.

Target price is $14.00 Current Price is $10.65 Difference: $3.35
If CUV meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $18.53, suggesting upside of 74.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates CVW as Buy (1) -

Despite underlying net profit after tax falling -8% on the prior year, ClearView Wealth announced in line results according to Morgans, which were viewed as "good" as the recovery from the claims spike in 1Q25 continued into 2H25.

Over FY25 new business growth fell -7% on FY24 due to the claims spike earlier in the fiscal year. Positively, post May new business volumes are running around $3m per month and the recovery should boost market share back to the FY24 level of around 11% from 9.8%.

Management's FY26 guidance implies net profit after tax growth of around 40% at the midpoint, which prompts the analyst to lower EPS estimates by -1% for FY26 and -2% for FY27 due to slightly more conservative earnings and buyback assumptions.

Buy rating unchanged. Target lifts to 69c from 68c.

Target price is $0.69 Current Price is $0.52 Difference: $0.17
If CVW meets the Morgans target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates CYC as Buy (1) -

Cyclopharm's interim revenue of $15.4m came in -3% below Bell Potter’s $15.8m forecast. US sales of $1.2m missed the broker’s $1.8m estimate on a slower rollout, while distributor revenue rose 58% to $7.8m, around 29% above forecasts.

Operating expenses increased/deteriorated by -12% and lower margins led to an -$8m earnings loss, explain the analysts, with a net loss at -$7.7m.

Cash burn rose to -$7.5m, leaving $12.4m cash at June, cautions Bell Potter, though asset sales are expected to add $6.2m in the second half, lifting pro-forma cash to around $18.6m. 

The broker cuts its FY25 and FY26 profit forecasts by -20% and -21%, respectively. The analysts point to sluggish US momentum, yet also note management’s reiterated guidance for 250-300 devices installed by end-2026 from the current 35.

The target price is lowered to $1.50 from $2.20. Bell Potter retains a Buy rating.

Target price is $1.50

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates DDR as Neutral (3) -

Dicker Data's first half earnings result was a 4% beat. Full year profit guidance, up 4% versus Macquarie, reflects the Windows 10 to 11 refresh driving IT Device purchasing amongst larger-scale customers.

2025 guidance implies a deterioration of margins, and implies that larger customers continue to drive the refresh. It remains unclear to Macquarie whether most SME customers will refresh into Windows 11 before October end of support, or the easing of interest rates.

Macquarie maintains Neutral, seeing a balanced risk/reward given SME expenditure remains subdued, but (lower-margin) Enterprise AI PC demand is supporting earnings growth over 2025.

Founder-selling remains an overhang, but could actually help longer-term liquidity. Target rises to $9.45 from $9.35.

Target price is $9.45 Current Price is $9.13 Difference: $0.32
If DDR meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

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 DDR as Overweight (1) -

Morgan Stanley notes Dicker Data's interim results were a beat versus consensus. Revenue rose 4.5% and gross margin was steady at 9.1%, with EBITDA up 3%. Profit before tax lifted 5% and working capital improved to 35.4 net working days from 41.8 in 2024.

After a soft first four months, margins rose to 3.3% in May/June from 2.9%.

Software growth was very robust, up 21%, and 2025 guidance for the first time was better, with profit before tax at $122m-$126m against consensus at $122.3m. Offshore expansion was also slated, but no timelines offered.

Overweight. Target unchanged at $10.30. Industry View: In-Line.

Target price is $10.30 Current Price is $9.13 Difference: $1.17
If DDR meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

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 DDR as Buy (1) -

UBS lifts its price target to $10.20 from $9.30 and maintains Buy after what it labels "a solid 1H25" release from Dicker Data.

Pre-tax profit of $57.6m was 10% better than forecast and 13% higher y/y on strong enterprise deals and tight cost control.

UBS points to tailwinds into 2H from the Windows 11 PC refresh, a growing AI infrastructure/Copilot pipeline and booming cyber software with CrowdStrike ramping, while small business demand stays muted and mix dilutes margin.

UBS prefers Dicker Data over Data#3 ((DTL)) and sees scope for gross margin recovery into 2026 as small business rebounds, alongside a circa 5% net dividend yield.

****

Yesterday's early response:

It is UBS' early assessment Dicker Data's interim result today beat consensus by 3% with an in-line guidance for the full year.

The broker also observes the elevated pace in top line growth has continued on lower margin, while both were expected to have reversed by now.

Net-net UBS does make the point the outcome is much better-than-expected.

Buy. Target $9.30.

Target price is $10.20 Current Price is $9.13 Difference: $1.07
If DDR meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $9.98, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates DMP as Buy (1) -

FY25 earnings (EBITDA) for Domino's Pizza Enterprises met Ord Minnett's forecast, with Europe performing strongly on same-store sales growth and the closure of unprofitable outlets.

Australasian earnings improved modestly as store closures offset weaker sales, explains the analyst, while Asia remained the key drag, with Japan the main issue.

Unfortunately, FY26 is off to a weak start, according to the broker, with same-store sales down nearly -1% in the first seven weeks versus market expectations of 2.5% growth. This reflects softness across Australasia, Japan and France, explains the analyst.

Target reduced to $24 from $28. Buy retained on valuation.

Target price is $24.00 Current Price is $15.08 Difference: $8.92
If DMP meets the Ord Minnett target it will return approximately 59% (excluding dividends, fees and charges).

Current consensus price target is $18.60, suggesting upside of 23.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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’s FY25 result highlighted strong growth in the Energy and Emerging divisions, both ahead of Bell Potter’s forecasts. Energy revenue rose 77% to $82.5m with a 28.9% margin, while Emerging revenue lifted 176% to $60.6m with margins of 17.3%.

The broker notes most of this growth was delivered organically, with acquisitions contributing only modestly.

Defence remains the largest division but has been affected by delays tied to the AUKUS agreement, note the analysts.

The broker has greater confidence the $8bn of upgrade works at HMAS Stirling will commence in the first half of FY26. Up to $600m of work is required by then to meet the 2027 deadline for hosting US and UK rotational submarines.

The target price increases to $1.90 from $1.85. Bell Potter retains a Buy rating.

Target price is $1.90 Current Price is $1.85 Difference: $0.05
If DUR meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $1.92, suggesting upside of 3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates EBO as Accumulate (2) -

Ebos Group's FY25 underlying profit missed Morgans' forecast with competitive pricing weighing on earnings (EBITDA) margins, down -3bps to 4.7%.

The results were weak, comments the broker, with net profit after tax down -21% on FY24, largely due to restructuring and the loss of the Chemist Warehouse contract.

Conversely, underlying performance was viewed as solid with robust results from Community Pharmacy, Terry White Chemmart and Animal Care.

FY26 guidance was the big miss and disappointment. Management is targeting earnings (EBITDA) growth of 7.5% at the midpoint, well below consensus expectations of 11%-12% growth, and this relates to more conservative pricing assumptions for wholesale.

Morgans lowers its net profit after tax forecasts by -15.5% for FY26 and -17.3% for FY27.

Target lowered to $34.82 from $39.15. No change in Accumulate rating. There is a high probability the stock will join the ASX200 in the September rebalance, the report states.

Target price is $34.82 Current Price is $29.30 Difference: $5.52
If EBO meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $34.87, suggesting upside of 19.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Macquarie rates FCL as Outperform (1) -

Fineos Corp's first half earnings, up 78% year on year off a low base, beat Macquarie's expectations by 2%, with euro strength a net headwind. Average recurring revenue growth of 11.2% reflects a recent client win and exceeded subscription revenue growth.

Medium-term targets imply internal revenue expectations are more than double the broker's forecasts from FY26-FY29. Fineos reiterated positive free cash flow in 2025 in aggregate, but moderated revenue guidance to the lower end of the range due to euro strength.

The opportunity, with potential upside risk to Macquarie's expectations, continues to look attractive, the update suggests. Outperform and $3.29 target retained.

Target price is $3.29 Current Price is $3.00 Difference: $0.29
If FCL meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgan Stanley rates GDG as Overweight (1) -

At first take Morgan Stanley notes Generation Development reported a FY25 net profit after tax beat of 14% versus consensus.

Revenue (investment bonds) grew 40% on FY26 and net profit after tax (ex annuities/Lonsec) advanced 39% with a 26% margin.

Lonsec profit lifted 13% and Evidentia was a profit miss at $2m versus consensus at $4.1m.

No guidance was offered, as is usually the case, and ongoing momentum for investment bonds is expected.

Overweight. Target price $6.25. Industry View: In-Line.

Target price is $6.25 Current Price is $6.90 Difference: minus $0.65 (current price is over target).
If GDG meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates GDG as Accumulate (2) -

Morgans points to the standout result from Lonsec as a factor underpinning the better than expected FY25 net profit after tax result for Generation Development, up 170% on FY24 and a 13% beat on consensus.

A lower tax payment of -$2m versus the analyst's forecast of -$4m also benefitted results, while investment bond and Evidentia results were broadly as expected.

Evidentia FUM missed at $14.8bn versus forecast of $18.5bn, but revenue still grew by 63% and net profit more than doubled. The integration of Lonsec and Evidentia has caused some indigestion in near term growth.

Management pointed to ongoing robust sales momentum for both Investment Bonds and Managed Accounts.

Morgans tweaks its EPS forecasts lower by -2% and -3% for FY26 and FY27, on higher interest costs. Target price moves to $7.49 from $6.25 with no change in Accumulate rating.

Target price is $7.49 Current Price is $6.90 Difference: $0.59
If GDG meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates GGP as Outperform (1) -

Greatland Resources' FY25 result was mixed, Macquarie notes, with earnings impacted by non-cash inventories while materially lower D&A saw a 43% profit 'beat'.

No dividend was declared, as expected, while net cash was a slight miss due to a half on half lease liability build. Commentary states the result was relatively messy given it is the first look at earnings post finalisation of the Telfer/Havieron acquisition.

Importantly, says Macquarie, there was no change to FY26 guidance. Target falls to $7.10 from $7.80, Outperform retained.

Target price is $7.10 Current Price is $5.52 Difference: $1.58
If GGP meets the Macquarie target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates GLF as Overweight (1) -

Gemlife Communities' maiden earnings report for 1H2025 came in slightly above prospectus and Morgan Stanley's forecast with EBITDA of $38.7m, including 119 lots settled and a higher settlement price of $795/lot versus forecast at $759/lot.

Management reiterated 2025 guidance for $86.2m in underlying NPAT and 333 home settlements.

Pre-sales are at 233 lots with a further 30 lots under expressions of interest and 27 completed homes in inventory.

No change to Overweight rating. Target $5.35. Industry view: In-Line.

Target price is $5.35 Current Price is $4.78 Difference: $0.57
If GLF meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates GLF as Downgrade to Accumulate from Buy (2) -

Gemlife Communities beat both prospectus and Morgans' 1H2025 earnings expectations with net profit after tax up 8.4%, including 119 settlements versus 117 (prospectus) and a 13.3% rise in average dwelling prices, and a lift in average weekly site fees of 5.3% on the prior year.

Management reiterated 2025 underlying profit of $86.2m against the analyst's forecast of $90.3m with 333 home settlements targeted.

There are 223 homes under contract and an additional 30 homes under expressions of interest which places the business in a good position to achieve prospectus targets, the report concludes.

Morgans slightly lifts its EPS forecast by 2% for 2025 and lowers 2026 by -2%.

Target price rises to $5.40 from $5.20. The stock is downgraded to Accumulate from Buy with a positive outlook for residential housing.

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

The company's fiscal year ends in December.

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 GNP as Buy (1) -

GenusPlus Group reported FY25 revenue of $751.3m, ahead of Bell Potter’s $728m forecast, with strength in Energy & Engineering and the Services divisions.

Earnings of $67.4m beat the broker’s $63.8m estimate, with margins of 8.4% and 12.4% in the two divisions outperforming expectations. Profit was further supported by lower depreciation and interest costs.

A fully franked final dividend of 3.6c was declared, below Bell Potter's forecast.

Management expects FY26 earnings growth of 20-25% to $81-84m, recurring revenue to increase by around 20% to $373m, and the order book to expand to $2bn from $500m a year earlier.

The tender pipeline grew to $2.4bn despite strong conversions, highlight the analysts, and M&A remains a priority.

The target price is raised to $6.00 from $5.00. Bell Potter retains a Buy rating.

Target price is $6.00 Current Price is $5.26 Difference: $0.74
If GNP meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Humm Group's FY25 cash operating pre-tax profit rose 41% y/y but fell short of Shaw and Partners' forecast. Performance flattened in 2H reflecting tougher trading conditions and the broker expects these headwinds to persist into 1H26.

The seasoning of the commercial loan book implies losses that could rise above 1% during FY26, before normalising back to around 1% in FY27, the broker reckons. 

Among divisions, Flexicommercial 2H cash profit pre-tax was broadly flat and net interest margin narrowed by -10bps. NZ achieved 4% y/y cash growth in 2H and the broker expects further growth in FY26, while international performance was strong.

The broker trimmed cash net profit forecasts by -20% across the forecast period.

Target cut to 80c from 90c. Buy, High Risk maintained.

Target price is $0.80 Current Price is $0.63 Difference: $0.17
If HUM meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates IEL as Downgrade to Neutral from Outperform (3) -

While IDP Education's FY25 adjusted earnings were -8% below Macquarie, FY26 cost-out targets and FY26 earnings guidance surprised to the upside.

IELTs revenue was 3% ahead of Macquarie, supported by both slightly better volume and average fee growth, while student placements revenue was 5% ahead, driven by robust price increases of 15%, although somewhat offset by weaker volume.

While Macquarie views the long-term thesis to be intact, the broker sees risks to near term earnings should market volume and market share remain weak.

Downgrade to Neutral from Outperform. Target falls to $6.00 from $6.40.

Target price is $6.00 Current Price is $5.62 Difference: $0.38
If IEL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

IDP Education reported inline FY25 results according to Morgan Stanley, which met guidance and consensus. Adjusted EBIT fell -50% on FY24. Revenues were slightly better, some 2% above consensus, while costs were higher than 2H25 guidance.

Management's FY26 guidance stands at adjusted EBIT of $115m-$125m with consensus at $115m and assumes market volumes fall -20% to -30% versus FY25.

Average selling prices are expected to grow high single to low double digits, and average prices to grow at mid single digits.

Cost-out benefits of -$25m will be weighted to 2H26. Equal-weight. Target $4.25. Industry view: In-Line.

Target price is $4.25 Current Price is $5.62 Difference: minus $1.37 (current price is over target).
If IEL meets the Morgan Stanley target it will return approximately minus 24% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.04, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates IEL as Buy (1) -

UBS maintains Buy and raises its 12-month price target to $7.80 from $4.95, arguing a larger-than-expected cost-out program now bridges the earnings gap while policy headwinds persist.

FY25 is described as "tough but broadly in line". Revenue of $882m (-14% constant currency) slightly beat while adjusted EBIT of $119m (-48%) proved in line, and net profit (NPATA) of $65m (-55%) slightly missed.

Forecasts rise on the heavier cost take-out and flat opex into FY27: EPS is lifted by 8%, 21% and 17% across FY26–FY28.

UBS opines the valuation looks reasonable, with catalysts including China IELTS approval, the UK Home Office English-test tender and a Phase 2 strategy update.

Target price is $7.80 Current Price is $5.62 Difference: $2.18
If IEL meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.04, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates IGO as Sell (5) -

Citi notes IGO Ltd's FY25 result missed expectations as a $57m lift in rehabilitation provision resulted in underlying EBITDA loss of -$43m vs $581m profit in FY24. Underlying net profit also swung to a -$173m loss from $319m profit.

The company reiterated discussions were ongoing on the future of the Tianqi JV and while it acknowledged appetite from investors for a medium-term outlook on Greenbushes, no formal update was provided.

The mineral resource estimate for Greenbushes was unchanged apart from -7Mt depletion adjusted in FY25, with updated resource estimate expected in 2H of 2025.

The broker applied higher D&A assumptions for Nova, resulting in EPS downgrades, though this didn't affect EBITDA estimates.

Sell. Target unchanged at $4.50.

Target price is $4.50 Current Price is $5.22 Difference: minus $0.72 (current price is over target).
If IGO meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.58, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

UBS rates IGO as Neutral (3) -

UBS trims its price target for IGO Ltd to $5.65 from $5.75 and maintains Neutral after a FY25 headline loss dominated by large non-cash impairments; underlying net loss was -$173m with $280m cash and no drawn debt.

Commentary suggests the focus shifts to maximising Greenbushes: ramping CGP3 through 2026, optimising installed capacity, refitting TRP and assessing CGP4.

FY26 guidance holds at 1.5–1.65mt with "sector-leading cash costs" of $310–360/t and capex of -$575–$675m.

The broker observes Kwinana remains a cash drain despite full write-downs, while the nickel portfolio is being wound down.

Forecasts have seen small amendments and currently a modest DPS resumption from 2027 is implied.

Target price is $5.65 Current Price is $5.22 Difference: $0.43
If IGO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.58, suggesting downside of -12.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.2

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

Morgans rates IPD as Speculative Buy (1) -

A higher than forecast loss for FY25 meant ImpediMed missed Morgans' expectations, although positively operating cash flow was better than anticipated.

A net loss of -$23.3m versus the forecast of -$15.9m was due to lower revenue and a higher cost base, of which some items were non-cash.

The analyst continues to monitor the growth of SOZO installed base in the US with 44 units sold in 4Q25 for a total of 1,139 units in the field. The US installed base has grown to 115 in FY25 and some 210 units should be sold in FY26.

Management is seeking to expand into heart failure, oncology and clinically managed weight loss, with breast cancer-related lymphoedema stable.

Morgans forecasts higher losses for FY26 and FY27 due to lower assumed revenue and a higher cost base. No change to Speculative Buy. Target slips to 14c from 15c.

Target price is $0.14 Current Price is $0.04 Difference: $0.1
If IPD meets the Morgans target it will return approximately 250% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Kinatico's FY25 result was largely pre-released, so no major surprises. Still, the annualised SaaS (ARR) at $17.5m (up 56% y/y) beat Shaw and Partners' forecast by 1%, and revenue of $32.1m was 2% ahead.

The company reiterated confidence in delivering over 50% SaaS revenue growth in FY26, with particularly high visibility over 1H26. Operating leverage is also improving as headcount is being reduced, driving EBITDA margin expansion.

The broker notes FY26 will see the roll-out of ComplianceX, with more SaaS metrics expected to be disclosed, adding transparency and reinforcing growth momentum.

The broker upgraded FY26 EBITDA forecast by 19% and FY27 by 33%.

Buy, High Risk. Target lifted to 37c from 28c.

Target price is $0.37 Current Price is $0.28 Difference: $0.09
If KYP meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates LIC as Neutral (3) -

The highlight of Lifestyle Communities' FY25 result for Citi was that it largely removed balance sheet concerns.

The broker notes there was concern about covenant headroom, particular interest coverage ratio (ICR) requirement of over 1.75x. However, it was comfortably above at 3x, with the planned $100m debt reduction before December further reducing covenant pressure.

With this concern allayed, the broker believes management has greater flexibility to focus on execution of the new contract structure and settlement growth. Going ahead, sales/settlement will be closely monitored due to new contract structure.

Neutral. Target lifted to $7.00 from $4.50.

Target price is $7.00 Current Price is $5.68 Difference: $1.32
If LIC meets the Citi target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.24, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates LIC as Buy (1) -

UBS maintains Buy while cutting its 12-month price target to $7.60 from $8.83 after FY25 underlying NPAT of $45.2m missed its $50.5m estimate.

Commentary suggests positives include three site sales (total proceeds $114m vs $154m BV), sales momentum at circa 16 per month in 2H, and DMF contract options that support a better near-term balance sheet with Dec-25 net debt forecast below $360m (vs $463m Jun-25).

Forecasts have been lowered with estimated FY26 settlements now at 255 (was 265) and DPS reintroduced at 3c in FY26, rising to 10c by FY28.

The broker argues Lifestyle Communities offers concentrated leverage to an improving Victorian residential market, with upside if residents opt in to permissible DMF and potential write-backs on prior DMF provisions (circa $1/sh to pre-DTL NTA of $6.05).

Target price is $7.60 Current Price is $5.68 Difference: $1.92
If LIC meets the UBS target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $6.24, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates LOV as Downgrade to Neutral from Outperform (3) -

Lovisa reported FY25 total sales up 28% year on year and like-for-like sales up 5.6% in the first eight weeks of FY26, marking an acceleration from FY25. Gross margin improved 104bps year on year on price rises and product cost and inventory management.

The store roll-out was 20 stores ahead of Macquarie's expectations, with 12 ahead in the US and 7 ahead for Jewell. But the broker sees downside risks from increasing competition in Australia, particularly from the entry of Harli + Harpa at similar price points to Lovisa.

Near-term upside is reflected in current valuation, the broker suggests, with the share price up 13% on result. Target rises to $40.90 from $33.40, downgrade to Neutral from Outperform.

Target price is $40.90 Current Price is $43.14 Difference: minus $2.24 (current price is over target).
If LOV meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $37.13, suggesting downside of -13.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates LYC as Sell (5) -

Citi pushed Lynas Rare Earths' FY26-27 underlying net profit forecasts by 15% and 5%, respectively, on stronger NdPr price assumption of US$75/kg in FY26 and US$79.6/kg in FY27. This was partly offset by higher unit costs.

FY25 revenue was slightly higher than expected but EBITDA missed the broker's forecast by -5% on higher unit costs. Net profit was a bigger miss due to materially higher depreciation linked to Mt Weld and Kalgoorlie expansions.

The company announced $750m capital raises to support expansion strategy, which the broker expects will reinforce its view that sentiment has peaked and near-term tailwinds are limited.

Sell. Target lifted to $9.50 from $5.50.

Target price is $9.50 Current Price is $13.87 Difference: minus $4.37 (current price is over target).
If LYC meets the Citi target it will return approximately minus 32% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Ord Minnett rates LYC as Downgrade to Sell from Hold (5) -

Ord Minnett describes a "miserable" FY25 profit of $8m for Lynas Rare Earths, contrasting badly against the company's $14bn market capitalisation.

Further, the result was eclipsed, in the analysts' view, by an opportunistic $750m equity raising under management's “Towards 2030” plan. Proceeds are earmarked for unspecified opportunities.

Operating costs worsened by -$83m year-on-year, driven by elevated fixed costs and weaker production from the Kalgoorlie plant, explain the analysts.

Ord Minnett lowers its target for Lynas Rare Earths to $10.00 from $10.80 and downgrades to Sell from Hold.

Management concedes the proposed Seadrift plant in the US is unlikely to proceed, which reinforces the broker's view a Malaysian rare earths producer will struggle to secure US government funding.

Target price is $10.00 Current Price is $13.87 Difference: minus $3.87 (current price is over target).
If LYC meets the Ord Minnett target it will return approximately minus 28% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.02, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

UBS rates LYC as Downgrade to Neutral from Buy (3) -

UBS downgrades Lynas Rare Earths to Neutral from Buy and lifts its 12-month price target to $15.10 from $12.20, arguing valuation has outrun near-term delivery despite a stronger long-term rare earths set-up.

The FY25 result is seen as secondary to strategy: EBITDA $101m was in line with the broker's $107m while the $8m in net profit missed on higher D&A.

UBS backs the ex-China thematic and, alongside modelling for the equity raise, upgrades long-term NdPr to US$100/kg (from US$75) and near-term prices, but seeks more detail on “Towards 2030” proceeds-resource/scale $150m, downstream capacity $310m, and ex-China metal/magnets $200m.

Target price is $15.10 Current Price is $13.87 Difference: $1.23
If LYC meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $11.02, suggesting downside of -20.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.4

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

Citi rates MIN as Sell, High Risk (5) -

Citi assesses Mineral Resources' FY25 result as close to expectations, with underlying EBITDA at $901m vs its $891m forecast. Underlying net loss after tax was better than forecast due to capitalisation of net finance cost.

FY26 capex guidance of -$1.1bn was in line with broker's forecast, but the bigger positive was the move to provide site-level disclosure, improving transparency.

The broker notes Onslow is running at 38Mtpa in August, raising possibility of the company receiving $200m contingent payment by end-November. No current need for equity raising was emphasised, and inorganic deleveraging opportunities are being reviewed.

The broker expects net debt to remain broadly flat, and the company reaching net debt target by end-FY27. The May 2027 US$700m bond is expected to be refinanced; the refinancing window begins next month.

Sell, High Risk. Target unchanged at $34.

Target price is $34.00 Current Price is $37.40 Difference: minus $3.4 (current price is over target).
If MIN meets the Citi target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.34, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates MIN as Overweight (1) -

Morgan Stanley believes Mineral Resources achieved a strong FY25 result with Onslow at nameplate in August and Pilbara iron ore reserves over two times the broker's expectations.

FY26 guidance was in line to slightly negative, with a slight miss on Onslow iron pre-production of -2% versus Morgan Stanley and -1% against consensus. Costs are expected to be higher than previously anticipated by 3% for the analyst and 4% for consensus.

Lithium tonnage for FY26 of 400kt missed Morgan Stanley by -6% and consensus by -3%, with better costs flagged despite the lower volumes.

Mining services performed at the top end of the guidance range.

Overweight. Target raised to $41.50 from $37.50. Industry View: Attractive.

Target price is $41.50 Current Price is $37.40 Difference: $4.1
If MIN meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $34.34, suggesting downside of -8.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates MPL as Neutral (3) -

Citi assesses Medibank Private's FY25 result and guidance as slightly softer than expected. 

Policyholder growth came in below forecast, likely partly by design due to balancing between volume and profitability. Management expense ratio tracked fractionally higher than expected.

The main focus was on “low double-digit” organic growth guidance for Medibank Health vs mid double-digit previously. The broker doesn't view it as a material slowdown and is sticking to its 15% growth forecast.

Neutral. Target unchanged at $5.05.

Target price is $5.05 Current Price is $5.10 Difference: minus $0.05 (current price is over target).
If MPL meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.09, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Macquarie rates MPL as Neutral (3) -

Medibank Private's FY25 result was in line with consensus. Nothing new was mentioned regarding APRA capital, Macquarie notes, but M&A in Medibank Health provides upside to estimates.

Competition for new customers has not abated. Despite this, Medibank continues to target market share growth. Cyber costs are expected to continue into FY26, the broker notes, with further impacts in FY27 now likely.

With current valuations appearing fair, Macquarie awaits the next few data points of Medicare claims inflation to judge the pace of claims catch-up. Neutral retained, target rises to $4.70 from $4.50.

Target price is $4.70 Current Price is $5.10 Difference: minus $0.4 (current price is over target).
If MPL meets the Macquarie target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.09, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates MPL as Overweight (1) -

Medibank Private reported underlying net profit 1% above Morgan Stanley's forecast but below consensus by -1%. Total health insurance margin was in line at 9% and resident claims growth per policy at 2.2% was below the forecast of 2.3%.

Health insurance resident gross margin of 16.2% was in line, with non-resident gross margin better at 36.9%.

Morgan Stanley believes the FY26 guidance for margins is conservative, and there are improved policyholder growth prospects with a robust balance sheet for further growth.

Overweight. Target slips to $5.55 from $5.57. Industry View: In-Line.

Target price is $5.55 Current Price is $5.10 Difference: $0.45
If MPL meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Ord Minnett rates MPL as Accumulate (2) -

Medibank Private's FY25 earnings were in line with forecasts by Ord Minnett and consensus, with investment income offsetting weaker health services.

Claims inflation rose 2.2% per policy unit, driven by hospital claims at 3.2% in the second half, partly offset by extras at 1.8%, explains the broker.

FY26 guidance of 2.6-2.9% for claims inflation is reasonable, suggests the analyst, given revised NSW bed rates and stable extras.

With a 4% premium rise, gross margins should hold steady, in the broker's view,  though margin upside is limited and investment income has likely peaked.

The target price increases to $5.35 from $5.15. Accumulate rating maintained.

Target price is $5.35 Current Price is $5.10 Difference: $0.25
If MPL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting downside of -0.3% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates MPL as Neutral (3) -

UBS trims its 12-month price target for Medibank Private to $5.35 to $5.45 and maintains Neutral, seeing resilient margins into FY26 but only moderate upside on valuation.

FY25 landed broadly in line with underlying net profit of $619m and operating profit of $762m. H1 gross margin went up 50bps to 17.0% alongside a record net margin of 9.0% as non-resident mix helped and claims inflation undershot guidance.

Into FY26, UBS expects H1 net margins to edge to 9.1% as the 4.0% premium rise covers 2.6–2.9% claims inflation, non-resident growth stays accretive, and the MER is flat/down alongside firmer policy growth.

Forecasts are nudged lower on higher cyber costs.

Target price is $5.35 Current Price is $5.10 Difference: $0.25
If MPL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.09, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgans rates MX1 as Speculative Buy (1) -

Micro-X missed Morgans' expectations for FY25 with lower product sales versus forecast. The net loss at -$13.3m was a lot higher than the -$8.8m estimated and revenue fell -17.7%. Cash balance stood at $3.2m, the same as the prior year.

A three-year supply agreement for its Rover Plus mobile radiology system was made with a major US healthcare provider in July, its first of this nature, and is considered by Morgans as positive news.

Speculative Buy rating and 17c target unchanged. No major changes were made to the analyst's earnings forecasts and the company is expected to break even in FY27.

Target price is $0.17 Current Price is $0.08 Difference: $0.09
If MX1 meets the Morgans target it will return approximately 113% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates NAB as Overweight (1) -

The current CFO of QBE Insurance ((QBE)), Inder Singh, will join National Australia Bank as CFO in March 2026, and Andrew Auerbach, who joined in June, will run Business and Private Banking.

National Australia Bank remains the preferred bank for Morgan Stanley, which believes the 3Q25 trading update alleviated concerns on business banking, expenses and investment, as well as SME credit quality.

Overweight. Target $42.50. Industry View: In-Line.

Target price is $42.50 Current Price is $42.79 Difference: minus $0.29 (current price is over target).
If NAB meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.36, suggesting downside of -17.4% (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

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

Shaw and Partners notes Nido Education delivered a resilient 1H25 result amid a challenging childcare sector. While group revenue rose 8% y/y and Service EBITDA was also up 8%, underlying net profit fell -17% y/y.

Higher strategic investment and corporate capability build-out weighed on net profit, though on the brighter side wage-to-revenue ratio improved (57% vs 59%). Management froze fees in Jan-25 before implementing around 4% fee rises from July.

The broker believes near-term conditions remain challenging, but structural demand drivers and supportive policy should underpin medium-term growth. Revenue and EBITDA forecasts cut over FY25-27.

Buy, High Risk. Target trimmed to $1.30 from $1.50.

Target price is $1.30 Current Price is $0.66 Difference: $0.64
If NDO meets the Shaw and Partners target it will return approximately 97% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates NEC as Overweight (1) -

Nine Entertainment reported inline FY25 results according to Morgan Stanley, with the start of FY26 showing a challenging ad market.

The company confirmed the capital return of around $800m to shareholders via a special dividend of 49c to be paid on Sept 26.

FY25 revenue growth was basically in line, with 32% from subscription-based ex Domain and some -$60m of cost removed.

Management offered no specific comments on the direction of the company post the Domain sale and the reuse of around $600m in cash proceeds.

Target $1.90. Overweight. Industry View: Attractive.

Target price is $1.90 Current Price is $1.67 Difference: $0.23
If NEC meets the Morgan Stanley target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $1.65, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates NEU as Outperform (1) -

Neuren Pharmaceuticals' first half DAYBUE revenue was in line with Macquarie's expectations but with total revenue well ahead, driven by higher interest income and FX gains. Higher total income and lower opex drove profit well ahead of expectations.

Macquarie expects rest-of-world expansion for DAYBUE is imminent, with Acadia anticipating Europe/Middle East/Africa approval in the first quarter FY26. This would trigger further royalty and milestone payments from Acadia, presenting upside to earnings forecasts.

Neuren's strong cash position enables pipeline acceleration, the broker suggests, potentially providing significant long-term upside if approved. Target rises to $21.20 from $18.60, Outperform retained.

Target price is $21.20 Current Price is $19.01 Difference: $2.19
If NEU meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $24.70, suggesting upside of 29.9% (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

Macquarie rates NIC as Neutral (3) -

Nickel Industries' underlying earnings were -11% below consensus and profit -63% below on lower revenue, higher costs, and higher taxes. No dividend was declared.

Deciding not to declare a dividend makes sense, in Macquarie's view, to conserve the balance sheet in a suppressed nickel market.

The company has indicated it expects to refinance its debt during the Dec and March Qs. Management has taken early steps to enter into a new US$100m debt facility, which will bolster the cash position.

While there are some positive catalysts approaching, Macquarie believes the balance sheet position is a headwind for the stock, and any further levers Nickel Industries can pull to improve its balance sheet position would likely be viewed favourably. 

Target falls to 73c from 75c, Neutral retained.

Target price is $0.73 Current Price is $0.70 Difference: $0.03
If NIC meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.03, suggesting upside of 47.1% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Citi rates NXT as Buy (1) -

Citi highlights NextDC's FY25 underlying EBITDA of $217m was up 6% y/y, and beat its forecast and the consensus by 1%. Capex was higher than consensus but met the broker's forecast.

Among the positives is potential for over 10% upgrade to consensus EBITDA forecast for FY27 due to faster than expected ramp up in billing.

The company indicated no near-term equity requirement and the broker continues to assume any capital raising would not occur until 2H26, supported by contracts.

Commentary highlights the tone around S5 DA was positive, reinforcing the medium-term growth trajectory.

Buy. Target price $18.35.

Target price is $18.35 Current Price is $16.50 Difference: $1.85
If NXT meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $19.59, suggesting upside of 18.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates NXT as Buy (1) -

It is UBS' assessment FY25 was broadly in line, with revenue of $427m, net revenue of $350m at the top of guidance, and underlying EBITDA of $217m in line.

Capex of -$1.7bn is above guidance but the forward order book hit a record 133.9MW with a strong activation lift.

UBS maintains its Buy rating and keeps the 12-month price target at $20.20, citing a large pull-forward in the activation pipeline and de-risked funding via JV plans for S4 and S7.

Commentary posits guidance reads solid for FY26 with guided net revenue $390–400m and EBITDA $230–240m (both in line with forecasts) and with capex -$1.8–2.0bn and 57MW/58MW of contracted capacity converting to billing in FY26/FY27.

Forecasts are upgraded on the stronger pipeline, with UBS’s initial analysis implying circa 11% added to FY27 EBITDA and 26% to end-FY27 billing MW, while portfolio plans add 140MW across M3, M4 and S5.

Target price is $20.20 Current Price is $16.50 Difference: $3.7
If NXT meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $19.59, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates OCL as Neutral (3) -

FY25 was mixed, in UBS' opinion, but Objective Corp delivered in its key metric: annual recurring revenues (ARR) rose by 15% to $120m, helped by the late-June Isovist acquisition.

UBS sees operating leverage returning in FY26 with Cash EBIT forecast to rise 22% to $38m.

UBS maintains its Neutral rating and lifts its 12-month price target to $20.50 from $16.00, noting the stock already trades around 14x EV/sales in line with the ASX “Rule of 40” cohort after a sector re-rate.

Forecasts are raised, underpinned by 17% SaaS revenue growth and circa 40% incremental Cash EBIT margin.

Commentary highlights Objective Build is now handling circa 50% of NZ applications and entering trials with 10 Australian councils, with first Australian revenue expected in 2H26 and Planning & Building ARR is modelled to step to $60m by FY29 if adoption scales.

Target price is $20.50 Current Price is $20.93 Difference: minus $0.43 (current price is over target).
If OCL meets the UBS target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $22.43, suggesting upside of 7.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates PDN as Buy (1) -

No change to Citi's FY26-27 earnings forecasts for Paladin Energy following FY25 result, despite net profit coming in -4% lower vs its forecast. 

However, DCF valuation fell -6% after the company provided updated valuation for the Patterson Lake South (PLS) uranium project in Canada. The update showed higher capital and operating costs, with first production now targeted for 2031.

The cash engine for the company remains the Langer Heinrich Mine ramp-up which will fund and complement the longer-dated PLS project. The focus is now on further permits and FEED milestones for the PLS project.

Buy. Target trimmed to $9.30 from $9.90.

Target price is $9.30 Current Price is $7.85 Difference: $1.45
If PDN meets the Citi target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Macquarie rates PDN as Outperform (1) -

Paladin Energy's Langer Heinrich mine remained all-in free cash flow negative in FY25, Macquarie notes, but with the mining phase ramping up through FY26 it is placed for material free cash flow from FY27.

The Paterson Lake South engineering review outcomes were broadly in line with Macquarie's expectation. Over time, PLS is set to make up the majority of Paladin's valuation, the report stipulates.

There is upside potential in Paladin's under-explored Athabasca acreage, the broker suggests. Target rises to $8.40 from $8.25, Outperform retained.

Target price is $8.40 Current Price is $7.85 Difference: $0.55
If PDN meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Ord Minnett rates PDN as Downgrade to Accumulate from Buy (2) -

Paladin Energy's FY25 net loss of -US$76.5m missed the consensus forecast due to non-cash inventory impairments, explains Ord Minnett.

The broker trims its near-term opex forecast at Langer Heinrich, raising the target price to $7.70 from $7.60, and downgrades to Accumulate from Buy after a 20% share price rise.

Costs at Patterson Lake South deteriorated by -20-40% with updated engineering, though economics remain strong, in the broker's view.

Ord Minnett considers Paladin its top uranium growth pick under coverage on the ASX, with production forecast to reach circa 17mlb annually by FY33, a 24% compound growth rate from FY25. 

Target price is $7.70 Current Price is $7.85 Difference: minus $0.15 (current price is over target).
If PDN meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.69, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

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

Paladin Energy had released most FY25 numbers with the June quarterly, so not much surprise in the FY25 result. The EBIT loss of -US$48m was slightly lower than Shaw and Partners' forecast of -US$45m while revenue was in line.

The highlight was valuation on the Patterson Lake South (PLS) uranium project in Canada. The company assigned a valuation of US$1.325bn, prompting the broker to upgrade its valuation to US$1.088bn from US$917m.

Buy, High Risk. Target rises to $10.40 from $10.10 on higher PLS valuation.

Target price is $10.40 Current Price is $7.85 Difference: $2.55
If PDN meets the Shaw and Partners target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

UBS rates PDN as Buy (1) -

UBS maintains Buy and leaves its 12-month price target for Paladin Energy unchanged at $9.00 after FY25 optics were muddied by a -US$53.4m non-cash adjustment (including a US$45.5m impairment reversal), pulling net profit to -US$77m below forecasts by the broker and consensus.

The 'miss', the broker explains, occurred despite pre-reported 2.7Mlb sales at an average realised price of US$65.7/lb and average production cost of US$40.2/lb.

Also, UBS warns of potential slippage at Patterson Lake South given regulatory complexity.

Forecasts are trimmed and the broker's near-term focus returns to Langer Heinrich, where UBS models 0.97Mlb production into the Sep-quarter update and seeks promised grade granularity.

UBS has turned incrementally more bullish on uranium, commenting the U3O8 spot has plateaued near US$75/lb and fundamentals are improving.

Target price is $9.00 Current Price is $7.85 Difference: $1.15
If PDN meets the UBS target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $8.69, suggesting upside of 10.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.8

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

Bell Potter rates PGC as Buy (1) -

Paragon Care's FY25 revenue of $3,614m was up 8.3% year-on-year but -4% below Bell Potter’s forecast. Gross margins held at 9%, though the revenue shortfall meant earnings of $95.2m came in -2.6% below the broker's expectations.

Adjusting for merger-related amortisation and integration costs, normalised EBIT was around 7% ahead of forecasts, explain the analysts.

Operating cash flow (OCF) was negative -$11.3m due to a $56m increase in receivables, largely from retail pharmacy debtors, explains Bell Potter. Recovery is expected in FY26, according to management.

 Cost synergies of $5m were delivered in FY25, with a further $12m targeted for FY26.

The broker trims FY26 its EPS forecast by -7% due to higher finance costs. The target price is reduced to 47c from 52c. Bell Potter retains a Buy rating.

Target price is $0.47 Current Price is $0.34 Difference: $0.13
If PGC meets the Bell Potter target it will return approximately 38% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Shaw and Partners notes Playside Studios' FY25 revenue was down -25% y/y but in line with guidance. Cash EBITDA, total cash costs and gross free cash flow were all better than the broker's forecasts.

The focus turns to catalyst-rich FY26-27 pipeline with the MOUSE game set to be a significant revenue event in FY26. The broker expects a final marketing push ahead of the 1H26 launch to provide strong momentum.

Early traction in Game of Thrones is encouraging, and further marketing investment is planned through FY26, with a 1H27 launch anticipated to drive a step-up in contribution. The Dumb Ways brand is also positioned for expansion, the broker highlights.

The company will provide quantified FY26 guidance closer to the MOUSE launch but expects revenue to be higher vs FY25 and operating costs lower. The broker lowered near-term cash costs forecasts by -6% on lower headcount.

Buy, High Risk. Target retained at 43c.

Target price is $0.43 Current Price is $0.20 Difference: $0.23
If PLY meets the Shaw and Partners target it will return approximately 115% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates PPT as Buy (1) -

Bell Potter describes "lacklustre" FY25 results for Perpetual. Revenue was in line with consensus, while profit fell -1% to $204m but was 3% ahead of the broker's expectations.

Equity market strength and cost savings lent support, explain the analysts, offset by -$16bn in asset management outflows. Net debt was lower than expected, aided by the Simplification program delivering $44m in annualised savings. Costs still deteriorated by -3%. 

A final dividend of 54c brought the full-year payout to 115c.

The broker points to growth opportunities including US active ETF launches in FY26, potential later expansion into Europe, and new Alternatives offerings with Partners Group.

The broker cuts its adjusted EPS forecasts by -13.3% for FY26, -12.7% for FY27 and -10.4% for FY28. The target price is raised to $24.00 from $23.00. Buy rating retained.

Target price is $24.00 Current Price is $21.73 Difference: $2.27
If PPT meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $20.57, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates PPT as Neutral (3) -

Perpetual's headline FY25 result was ahead of consensus by 3%, but Citi reckons the result story and guidance was mainly about costs.

The broker notes operating expenses were well ahead of its and consensus forecasts, partly due to FX, and guidance points to significant underlying cost growth.

FY26 cost guidance is for 2-3% increase and the broker reckons, it is closer to 6-7%, adjusted for stated simplification benefits. The increase is due to more more costs being recognised above the line and growth investment in the under-invested JO Hambro.

EPS forecast for FY26 trimmed by -5% and FY27 by -4% to reflect higher cost base.

Neutral. Target cut to $20.50 from $21.00.

Target price is $20.50 Current Price is $21.73 Difference: minus $1.23 (current price is over target).
If PPT meets the Citi target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.57, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Morgan Stanley notes Perpetual missed FY25 EBITDA by -1% and consensus by -2%, with a lower tax rate boosting net profit after tax to be 3% better. Dividend was -2% below consensus.

Corporate Trust was the standout with EBITDA up 9% on FY24 and base fees fell -2bps, although stronger performance fees helped Pendal.

The analyst sees it as a mixed report with lots of work ahead to improve earnings growth.

Target $20.40. Equal-weight. Industry View: In-Line.

Target price is $20.40 Current Price is $21.73 Difference: minus $1.33 (current price is over target).
If PPT meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.57, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates PPT as Downgrade to Neutral from Buy (3) -

UBS downgrades Perpetual to Neutral from Buy, keeping its 12-month price target at $22.50, arguing prolonged uncertainty around the Wealth sale erodes value despite simplification gains.

FY25 landed broadly in line at UNPAT $204m (2H ahead of consensus on a lower tax rate), but 2H operating EBITDA missed by -7% and Wealth’s 2H EBITDA was circa -20% below forecast amid sale uncertainty.

Asset Management saw fee-margin compression partly offset by stronger performance fees, while Corporate Trust performed in line.

The broker highlights balance-sheet risk persisting. Gross debt of $738.5m was slightly better than guidance and refinancing to 6.25% helps near term, yet adviser churn, higher retention costs and fewer bidders reduce pricing tension.

Forecasts are tweaked, with expense growth guided at 2-3% and forecast DPS trimmed.

Target price is $22.50 Current Price is $21.73 Difference: $0.77
If PPT meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.57, suggesting downside of -5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates PRU as Outperform (1) -

Perseus Mining's FY25 underlying earnings were in line with Macquarie while profit was mixed. The final dividend (5c) brought the full year payout to 7.5c which was a solid beat to consensus but a miss to Macquarie.

The company has also renewed the share buyback program, which is a positive surprise for the broker, with up to $100m to be purchased over the next year. 

Importantly, the broker highlights, Perseus makes no change to FY26 guidance.

Outperform and $4.10 target retained.

Target price is $4.10 Current Price is $3.78 Difference: $0.32
If PRU meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

UBS rates PRU as Buy (1) -

UBS maintains its Buy rating for Perseus Mining and trims its price target to $4.75 from $4.85, reflecting minor D&A changes in its modeling.

FY25 printed in line with EBITDA of US$740m slightly above the US$720m estimate. Cash and bullion sit at US$827m. The gold miner carries no debt, declared a 5c final dividend, and the buyback is topped up for FY26.

Commentary suggests FY26 is an investment year with lower production, higher costs and negative FCF as Perseus Mining funds CMA and Nyanzaga.,

The broker singles out Nyanzaga as the key growth driver, on track for first production in the March quarter of 2027, while Craig Jones becomes CEO on 1 October.

Forecasts barely move (forecast EPS flat in 2026-27, -1% in 2028), with capital returns continuing via buybacks and dividends.

Target price is $4.75 Current Price is $3.78 Difference: $0.97
If PRU meets the UBS target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $4.11, suggesting upside of 8.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.6

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

Macquarie rates PXA as Outperform (1) -

In first impressions of Pexa Group's FY25 result, Macquarie highlights the FY26 core net profit guidance of $5-15m implies a downgrade to consensus forecast. Consensus is currently sitting at $15.6m, 36% above the midpoint of guidance.

FY25 net profit of $41.1m was 6.6% above consensus but below the broker's forecast of $46.m. The beat vs consensus was due to treatment of significant items, and underlying revenue and EBITDA were weak.

Pexa exchange margin of 55% was up from 50% in FY24, but missed the broker's estimate of 55.4%. International operating cash flow of -$57.7m compared with guidance of -$55-58m. 

The digital solutions business remains under review, with divestment or further investment being considered.

Outperform. Target $14.72.

Target price is $14.72 Current Price is $15.34 Difference: minus $0.62 (current price is over target).
If PXA meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $16.15, suggesting upside of 5.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates QAN as Buy (1) -

Citi assesses Qantas Airways' FY25 result as broadly in line with expectations, with the key surprise being focus on short-haul international and domestic no longer the primary growth engine.

The broker notes revenue per kilometer (RPK) grew 25% y/y for Jetstar International in 2H25.

EBIT for domestic missed the forecast by -5% and the broker reckons the airline will miss domestic capacity guidance, but expects this to be made up by outperformance on the international side.

Further upside potential comes from lower fuel costs and likely recovery in corporate travel. Modest revisions to FY26-27 net profit forecasts.

Buy. Target lifted to $13.60 from $12.20.

Target price is $13.60 Current Price is $11.75 Difference: $1.85
If QAN meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates QAN as Neutral (3) -

Qantas Airways' FY25 earnings increase of 16% was a strong result, Macquarie suggests, driven by the growth engines of Jetstar and loyalty. Jetstar continues to capture the low cost carrier and outbound markets, despite the Jetstar Asia drag.

First half FY26 revenue guidance was particularly strong, Macquarie notes, for the high-margin Domestic (8-10% growth), with International still good a 8%. 

Yield is now improving in an environment of softer oil prices, strong cost discipline, and the benefits of a newer fleet. FY26 guidance is attractive, but already reflected in the price, Macquarie suggests, with growth expected to slow in FY27.

Target rises to $12.00 from $10.40, Neutral retained.

Target price is $12.00 Current Price is $11.75 Difference: $0.25
If QAN meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgan Stanley rates QAN as Overweight (1) -

Morgan Stanley maintains Qantas Airways on Overweight and raises its 12-month price target to $13.50 from $12.00 after an in-line FY25 performance and a constructive outlook.

FY25 revenue rose 9% to $23.8bn, EBIT 16% to $2.6bn and pre-tax profit 15% to $2.394bn, in line with consensus. Commentary highlights Domestic EBIT dipped, International grew 7%, Jetstar jumped 55% and Loyalty added 9%.

Management has guided to resilient demand into FY26 with capacity plus 6% in Domestic and up 4% International.

In addition, there will be circa $400m in transformation savings, fuel costs circa -$2.6bn and capex -$4.1-4.3bn as the fleet renewal program progresses.

Target price is $13.50 Current Price is $11.75 Difference: $1.75
If QAN meets the Morgan Stanley target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates QAN as Hold (3) -

Hold rating retained with an uplift in target price to $12.80 from $10.80 post what Morgans considers FY25 results which were in line and reflected robust growth over the period, underpinned essentially by Jetstar with EBIT up 55%, another record year.

Capacity growth of 17% assisted Jetstar as well as robust demand for budget travel. Overall capacity grew by 8% for FY25 and revenue rose 9%, with underlying net profit before tax up 15%. EPS rose 27% due to buybacks.

Management's FY26 outlook is for another strong year, which is as anticipated and due to capacity growth and RASK improvement. The analyst forecasts EBIT growth of 9%.

Morgans would prefer a more attractive entry point into the stock.

Target price is $12.80 Current Price is $11.75 Difference: $1.05
If QAN meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

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

While FY25 profit before tax for Qantas Airways was in line with market expectations, it slightly missed Ord Minnett’s forecast.

The airline issued upbeat FY26 guidance, according to the broker. Revenue per available seat kilometre (RASK) is rexpected to grow 3-5% domestically and 2-3% internationally, both stronger than anticipated.

Domestic RASK is supported by high load factors, mining demand and better yield management, explains the analyst, while international RASK benefits from capacity rebuild and improved performance. Strong travel demand is expected to continue into 1H26.

The target price increases to $13.80 from $11.40, and Ord Minnett upgrades to Buy from Accumulate.

Target price is $13.80 Current Price is $11.75 Difference: $2.05
If QAN meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.95, suggesting upside of 10.2% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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