Australian Broker Call

Ord Minnett rates A1M as Speculative Buy (1) -

Ord Minnett describes a "decent" FY24 result for AIC Mines with a slight beat on earnings due to lower operating costs.

FY25 guidance is unchanged.

Ord Minnett envisages upside risk on production delivery (versus conservative guidance) and exploration success, and notes very high leverage should the copper price lift.

The Speculative Buy rating and 60 cent target are retained.

Target price is $0.60 Current Price is $0.32 Difference: $0.285
If A1M meets the Ord Minnett target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates A1M as Buy (1) -

FY24 results for AIC Mines met Shaw and Partners' expectations with mill throughput considerably better than FY23, up 30%.

Management have not changed the FY25 production target of 12,500t copper and all-in-sustaining costs of $5.25lb.

Cash came in at $74.3m at year end, and the Jericho mine is fully funded.

Shaw and Partners lowers EPS forecasts by -18% for FY25 and -6% for FY26, including a mark to market of a US$3000oz gold price forecast.

Buy rated (High risk). $1.10 target price.

Target price is $1.10 Current Price is $0.32 Difference: $0.785
If A1M meets the Shaw and Partners target it will return approximately 249% (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

UBS rates A1N as Downgrade to Sell from Neutral (5) -

As macro conditions are likely to remain challenging in both Australian radio and Hong Kong outdoor, and there is no capital return providing downside support, UBS downgrades ARN Media to Sell from Neutral.

The broker lowers 2025-27 EBIT estimates by -16%. Assumptions of a continued buyback over 2024 are also removed and the dividend forecast is lowered. The broker lowers revenue estimates for Cody Outdoor, which missed expectations, by -17% for 2024.

The company is also expected to experience a further drag on working capital of -$12-15m in the second half from the contract wins in Hong Kong, that is likely to drive gearing to 2.3x net debt. Target is lowered to $0.51 from $0.65.

Target price is $0.51 Current Price is $0.62 Difference: minus $0.105 (current price is over target).
If A1N meets the UBS target it will return approximately minus 17% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.64, suggesting upside of 4.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.7

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

Morgans rates ACF as Add (1) -

Acrow reported weaker-than-forecast FY24 earnings, despite acquisitions MI Scaffold and Benchrmark operating above expectations, Morgans observes.

The broker points to slower growth in Qld resulting from delays in commercial and civil projects.

Management's FY25 guidance stands at around 20% revenue growth and EBITDA rising double-digit with record hire contracts; a record pipeline of works and improved return on investment from capex and acquisitions.

Morgans revises net profit forecasts by -13% to -17% for FY25/FY26 due to higher depreciation/amortisation charges and interest expenses.

Add rating unchanged. Target price declines to $1.30 from $1.43.

Target price is $1.30 Current Price is $1.01 Difference: $0.29
If ACF meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates ACF as Buy (1) -

Delays in Acrow's Queensland-based projects were largely responsible for a slight miss in FY24 revenue and earnings compared to Ord Minnett's forecasts.

FY25 forecasts by the broker and consensus were met by management's FY25 guidance of “circa 20% revenue growth” and “double digit” EBITDA growth.

The analyst highlights strong momentum for new hire contract wins, a record pipeline and renewed momentum for the Industrial Services division.

The target eases to $1.25 from $1.31. Buy.

Target price is $1.25 Current Price is $1.01 Difference: $0.24
If ACF meets the Ord Minnett target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates ACF as Buy (1) -

Acrow reported FY24 broadly in line results according to Shaw and Partners, although net profit came in below the broker's and consensus forecasts.

Management guided to FY25 revenue growth of around 20% and double-digit EBITDA growth. Framework is expected to capitalise on a pipeline of projects in civil and commercial, including Qld hospital and Brisbane Olympic projects, the analyst notes.

Industrial services have a robust outlook with acquisitions providing additional growth.

Shaw and Partners revised earnings forecasts by -5.5% and -5.2% for FY25/FY26, respectively.

Buy rating and $1.30 target.

Target price is $1.30 Current Price is $1.01 Difference: $0.29
If ACF meets the Shaw and Partners target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $1.28, suggesting upside of 28.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates AIA as Buy (1) -

Buy rating retained as traffic weakness for Auckland International Airport contrasts with previously strong aeronatical growth forecasts.

Citi sees an offset in likely stronger non-aero, led by retail income. Conversations with investors suggest the market is expecting a capital raise in excess of NZ$1bn, comments the broker.

Citi itself thinks a smaller raising of maybe NZ$500m is more likely. On this basis, Buy rating retained. Target price declines to NZ$8.70 from NZ$9.20.

Forecasts have reduced.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates AIA as Outperform (1) -

Auckland International Airport reported FY24 profit in line with guidance despite a noticeable slowdown in 2H24. Guidance for FY25 is predicated on international and domestic pax up 4% and 2% year on year.

The wide guidance range and somewhat subdued commentary reflect the range of outcomes possible from the cyclical impact on travel as global economies slow and the unique engine issues faced by Air NZ ((AIZ)), Macquarie notes.

In the next six months the broker expects the Council to sell its remaining 10% stake, and the airport to finalise pricing and funding for the new transport hub.

Passenger volumes continue to recover towards pre-covid levels, with PSE4 pricing and non-aeronautical revenue opportunities providing appealing leverage to this pax volume recovery, Macquarie suggests.

Outperform retained, target falls to NZ$9.13 frm NZ$9.22.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

Auckland International Airport's FY24 underlying profit was broadly in line with the consensus forecast, while earnings (EBITDAFI) beat by 1% owing to higher commercial income and aeronautical prices, explains Morgan Stanley.

A final dividend of NZ6.5cps (consensus 6.4cps) was declared equating to a FY24 total dividend of NZ13.25cps, representing a payout of 71% of NPAT.

FY25 guidance for underlying net profit of between NZ$280-320m compares to the consensus forecast for NZ$292m.

Equal-weight. Target NZ$8.68. Industry view is Cautious.

Current Price is $6.90. Target price not assessed.

Current consensus price target is $8.25, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

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

Ord Minnett lowers its target for Australian Unity Office Fund to $1.32 from $1.37 and downgrades to Hold from Accumulate after allowing for the sale of Northbourne Avenue in Canberra, and an increased likelihood the Fund will be wound-up.

The responsible entity for the Fund intends to dispose of its main undertaking and wind up the Fund, which requires a minimum 50% of unitholder approval, notes the broker.

Target price is $1.32 Current Price is $1.33 Difference: minus $0.005 (current price is over target).
If AOF meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.0

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

Bell Potter rates APE as Buy (1) -

Eagers Automotive delivered first half pre-tax profit that was ahead of forecasts and guidance, driven by a slightly better margin. The value of the property portfolio increased by 22% half on half following acquisitions in Victoria and Alice Springs.

Bell Potter makes modest changes to forecasts, reducing the multiples applied to the P/E ratio and EV/EBITDA to 11.5x and 5.25x.

Target is lowered to $13.00 from $13.35. The broker expects a stronger second half should restore some confidence in the outlook amid a lack of short-term catalysts. Buy rating.

Target price is $13.00 Current Price is $10.54 Difference: $2.46
If APE meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Citi rates APE as Sell (5) -

Citi sees risk of more challenging conditions persisting for longer, but at the same time the analysts are toying with the idea that a bottom in the cycle could potentially not be far off.

For now, however, some 50% of OEMs are still working through excess stock. Gross margin pressure is expected to remain the dominant theme for Eagers Automotive.

Citi has downgraded FY24-26 forecasts by -1% to -6%. Apart from further compression to gross margins, the downgrade also includes increased interest expense on corporate debt and elevated inventory levels.

The broker's target only loses -5c to $9.50. Sell.

Target price is $9.50 Current Price is $10.54 Difference: minus $1.04 (current price is over target).
If APE meets the Citi target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates APE as Neutral (3) -

Eagers Automotive's first half profit was in line with guidance provided in May for down -15% year on year. Eagers typically provides conservative guidance but given recent industry trends and anecdotal feedback, Macquarie saw downside risk to guidance.

Margins were down as the core business was impacted by lower metal margins, BYD "discounting" to clear excess inventory, recent acquisitions and growth in independent used cars. The broker expects 2025 to be the cyclical low for margins.

Demand holding is up, but the dynamics are shifting. Management suggested demand has shifted from "want" buyers to "need" buyers, such as fleet.

Macquarie sees too much near-term uncertainty around margins given the dynamics at play on both the demand and supply sides of the industry. Target falls to $10.50 from $10.60, Neutral retained.

Target price is $10.50 Current Price is $10.54 Difference: minus $0.04 (current price is over target).
If APE meets the Macquarie target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgan Stanley rates APE as Overweight (1) -

Eagers Automotive's 1H profit (PBT) beat management's May guidance by 4% largely due to a better Retail joint venture performance, explains Morgan Stanley.

Despite this outperformance, the broker lowers FY24-26 profit forecasts by between -3-9% in view of lower gross margins from new car margin compression.

The core business gross margin declined by -60bps in H1 on lower new car margins as supply improves across the board, explain the analysts.

Overweight retained. Target falls to $12.70 from $14.10. Industry view: In-Line.

Target price is $12.70 Current Price is $10.54 Difference: $2.16
If APE meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Morgans rates APE as Add (1) -

Eagers Automotive's 1H2024 earnings met expectations according to Morgans.

The core business experienced margin pressure of -60basis points due to cyclical impacts, the broker highlights.

Management reconfirmed over $1bn in revenue growth for the full year as the retail joint venture and independent used segments are expected to improve. Cyclical impacts are evident in the new vehicle gross margins.

Morgans adjusts EPS forecasts by EPS forecasts by -6.8% and -2.4% for FY24/FY25, respectively.

Add rating remains as Eagers Automotive continues to perform above its peers with value for investors prepared to look through the cycle, Morgans emphasises.

Target price revised to $14.10 from $14.35.

Target price is $14.10 Current Price is $10.54 Difference: $3.56
If APE meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Ord Minnett rates APE as Buy (1) -

Commenting on 1H results for Eagers Automotive, which were 5% ahead of recent guidance, Ord Minnett notes a much-improved performance since May for the BYD joint venture, which was still a material underperformer for the period.

If the joint venture continues to perform well, the analyst anticipates this may help offset any weakness for new car margins.

Management reiterated the target for $1.0bn of revenue growth in 2024.

The Buy rating and $12.80 target are retained.

Target price is $12.80 Current Price is $10.54 Difference: $2.26
If APE meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

UBS rates APE as Neutral (3) -

First half results from Eagers Automotive were in line with guidance and UBS found a number of metrics were "good", such as order run rates, growth in EasyAuto profit and a recovery in BYD profit.

The sequential decline in margin is playing out faster than the broker expected, driving increased interest expense and competition to make sales. Pre-tax profit margins are expected to decline in the second half, given the mix and continued lift in interest costs.

Neutral retained. Target slips to $10.60 from $11.20.

Target price is $10.60 Current Price is $10.54 Difference: $0.06
If APE meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $11.89, suggesting upside of 15.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.4

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

Macquarie rates ASG as Outperform (1) -

Autosports Group's FY24 underlying profit was -8% below Macquarie. Revenue was -3% below expectations, with gross profit margin only slightly below as management traded-off between volumes and margin.

New vehicle order writes were up 2% in the half, which led to a stable order bank. Stillwell Motor Group acquisition should add $345m of revenue at better than 3% profit margins, the broker notes.

It was a disappointing result as management attempted to balance volumes and margins, however Macquarie believes the current
valuation more than appropriately reflects any further downside risk to margins.

Target falls to $2.80 from $3.10, Outperform retained.

Target price is $2.80 Current Price is $2.16 Difference: $0.64
If ASG meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $2.98, suggesting upside of 41.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates AUB as Outperform (1) -

AUB Group's FY24 underlying profit and earnings were both in line with Macquarie's forecasts. FY25 guidance for 11.1%-16.9% underlying profit growth includes 7.2%-10.1% organic growth.

Medium-term earnings margin targets are on track for all segments. The targets, if achieved, imply some 8% upside to the broker's FY27 forecast.

AUB is executing well, Macquarie suggests, and industry conditions support the earnings growth outlook.

Target rises to $34.20 from $33.84, Outperform retained.

Target price is $34.20 Current Price is $31.28 Difference: $2.92
If AUB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $36.40, suggesting upside of 14.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates BAP as No Rating (-1) -

Morgan Stanley lowers its FY25 and FY26 EPS forecasts for Bapcor by around -6% and -7%, respectively, in the wake of FY24 results.

For sales, the broker highlights FY24 resilience and a 1% like-for-like rise (adjusted for trading days) for early-FY25.

Management pointed to between $20-30m in underlying profitability improvement into FY25 from efficiency initiatives.

Morgan Stanley is currently under research restriction for Bapcor and no target or rating are supplied. Industry view is In-Line.

Current Price is $4.99. Target price not assessed.

Current consensus price target is $5.15, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates BHP as Buy (1) -

All is not well in the state of The Middle Kingdom of China. 

Commodity analysts at Citi have marked to market 2Q/3Q 2024 forecasts and cut their benchmark iron ore forecasts for 2024 and 2025 to US$105/t and US$95/t (previously US$110/t and US$100/t) to reflect a more tepid outlook for demand.

The team has also trimmed 2024/25 prime hard coking coal forecasts to US$265 and US$235/t (previously US$275/t and US$250/t).

The broker's price target for BHP Group has fallen to $46 from $47.50 on lowered forecasts. Buy rating retained.

Target price is $46.00 Current Price is $40.94 Difference: $5.06
If BHP meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $45.25, suggesting upside of 11.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.4

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

Morgans rates BLX as Add (1) -

Morgans observes Beacon Lighting's FY24 revealed ongoing weakness in retail sales being offset by strength in trade sales.

Net profit fell -12.1% for FY24 which was in line with the analyst's expectations. Notably, Beacon Lighting reported flat like-for-like sales which Morgans highlights as an achievement in such a tough operating environment.

Management is aiming for a 50:50 sales split from trade/retail. Morgans believe the company is on track to achieve the target by Fy28.

Earnings forecasts are adjusted by -5% in FY25 with no change to FY26.

Target price rises to $3.15 from $3.05 with no change in Add rating.

Target price is $3.15 Current Price is $2.50 Difference: $0.65
If BLX meets the Morgans target it will return approximately 26% (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

Shaw and Partners rates BOE as Upgrade to Buy from Hold (1) -

At a -45% discount to Shaw and Partners' valuation and a -50% drawdown in the stock price, Boss Energy is upgraded to Buy from Hold.

Director selling, a slower ramp up in Honeymoon has contributed to the price decline along with a broad based sell off in uranium stocks.

Due to the slower ramp up of Honeymoon, the broker cuts earnings forecasts bt -37% in FY25 and -15% in FY26.

The target price moves to $4.20 from $4.75. Buy rated from Hold.

Target price is $4.20 Current Price is $2.93 Difference: $1.27
If BOE meets the Shaw and Partners target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $4.88, suggesting upside of 67.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 Underweight (5) -

Morgan Stanley attributes yesterday's negative share price reaction to concerns over execution risk after Bank of Queensland noted it will convert the 114 owner-managed branch network into corporate branches.

By FY26, the broker believes the conversion and additional transformation cost savings should deliver a positive financial outcome.

Management didn't provide a trading update, suggesting to the analysts comfort around consensus expectations for upcoming 2H results.

Morgan Stanley maintains the Underweight rating and raises the target to $5.70 from $5.60. Sector view is In-Line.

Target price is $5.70 Current Price is $5.95 Difference: minus $0.25 (current price is over target).
If BOQ 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 $5.86, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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

Morgans rates BOQ as Upgrade to Hold from Reduce (3) -

Bank of Queensland is restructuring its heritage retail banking model from owner managed branches to corporate branches, Morgans states, as well as an ongoing headcount reduction and increased investment in the business.

Accounting for the removal of commissions to the owner managed branch network, a circa 13basis point increase in the net interest margins is forecast by the broker.

Management also highlighted increased investment in business banking.

Morgans upgrades EPS forecasts by 3% for FY24 and 6% for FY25, with an accompanying 18% rise in the target to $6.18.

Rating is upgraded to Hold from Reduce.

Target price is $6.18 Current Price is $5.95 Difference: $0.23
If BOQ meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.86, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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 has announced a strategic review. The most impact, UBS assesses, will come from the decision to convert 114 of the owner-manager branch network to corporate branches and should be an "incrementally positive" move for investors.

The bank has reset its return-on-equity and cost-to-income targets and also announced a personnel reduction of 400. This will result in a $25-35m restructuring charge in FY24, affecting statutory earnings. Run rate savings of $50m are anticipated on an annual basis.

The bank plans to invest more in its business and specialist banking roles and will continue to recycle capital in this segment. In all UBS believes the update augurs well for the simplification process. Sell rating and $5.50 target maintained.

Target price is $5.50 Current Price is $5.95 Difference: minus $0.45 (current price is over target).
If BOQ meets the UBS target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.86, suggesting downside of -4.5% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: -0.6

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

Macquarie rates BRG as Outperform (1) -

Breville Group's in-line result featured a return to double-digit growth in North America and EMEA regions as well as in the Coffee segment, driving second half performance, Macquarie notes.

While APAC is yet to recover to the level achieved in other regions, this somewhat reflects the distribution model. The sales outlook appears incrementally positive, the broker suggests, supported by new product development, new markets and ongoing coffee trends.

Gross profit margins expanded 140bps to 36.4%. Breville considers current freight cost volatility to be within manageable variance. Macquarie retains Outperform. Target rises to $35.10 from $28.60.

Target price is $35.10 Current Price is $31.58 Difference: $3.52
If BRG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $33.17, suggesting upside of 0.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgan Stanley rates BXB as Overweight (1) -

After a further review of Brambles' FY24 results, Morgan Stanley raises its target to $20 from $16.60 and retains an Overweight rating. Industry View: In line.

As headwinds have largely receded, the broker anticipates strong revenue growth, incremental earnings leverage and strong cash flowS.

Yesterday's summary by FNArena of the prior research note by Morgan Stanley follows.

Morgan Stanley observes Brambles reported "solid" FY24 earnings.

The analyst believes management has successfully navigated the soft consumer and de-stocking environment, which meets the "Goldilocks" best case scenario, or no hit to earnings from softer volumes versus capex weakening.

Signs of improving demand and net new wins are appearing for FY25, the broker highlights, supporting revenue growth with a reduction in provisions for irrecoverable pallets/equipment.

Morgan Stanley revises EPS forecasts by 8% and 10% for FY25/FY26, respectively. 

Target price is $20.00 Current Price is $18.03 Difference: $1.97
If BXB meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett raises its target for Brambles to $20.30 from $17.90 after incorporating increased earnings forecasts following FY24 results and a reduced share count. The analyst incorporates a further US$1bn in share buybacks into forecasts.

In a positive outcome, according to the analyst, FY25 guidance for revenue growth of 4-6% and underlying profit growth of 8-11% is based on a “balanced contribution from both price and volume growth”.

The US19cps final dividend was ahead of Ord Minnett's expectation, and management also announced a US$500m buyback.

The Buy rating is unchanged for Ord Minnett's in-house research. [Prior whitelabeled research from Morningstar was set at Accumulate.]

Target price is $20.30 Current Price is $18.03 Difference: $2.27
If BXB meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $18.76, suggesting upside of 3.9% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.7

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

Bell Potter rates CAJ as Hold (3) -

Bell Potter's main take from the FY24 results from Capitol Health was improvement in operating EBITDA, up 22.6% and slightly beating forecasts. This reflected an 180 basis points improvement in margins to 21% with the aspirational  target of 23-24% now in view.

The company has signalled $1m in operating expenditure savings in FY25 via a procurement improvement program and the broker is optimistic about the underlying momentum in the business.

The result is overshadowed by the pending merger with Integral Diagnostics and Bell Potter retains a Hold rating and $0.326 target.

Target price is $0.33 Current Price is $0.31 Difference: $0.021
If CAJ meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates CAJ as Buy (1) -

Commenting on FY24 results, Ord Minnett suggests 2H earnings margin expansion for Capitol Health augers well. FY24 adjusted profit beat forecasts by the broker and consensus by 2% and 10%, respectively.

The 2H margin of 21.6% compares to 18.4% in the previous corresponding period and 20.3% in the 1H of FY24, highlights the analyst.

The broker expects management is well positioned via procurement cost-outs in FY25 to drive margins back into the 22-23% range in the medium-term.

The Buy rating is retained, and the target slips to 32c from 33c. 

Target price is $0.32 Current Price is $0.31 Difference: $0.015
If CAJ meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $0.32, suggesting upside of 3.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates CDA as Neutral (3) -

Codan's FY24 result beat across all key line items, Macquarie notes. Earnings grew 29% supported by organic growth and the Eagle & Wave Central acquisitions.

Communications was the standout, the broker suggests, with revenue rising 19% year on year, while Metal Detection revenue grew 25%.

It was a strong result, Macquarie suggests. Codan is building a track record of Communications growth that is driving an ongoing valuation multiple re-rating. Larger M&A is a catalyst given strong discipline on strategic M&A to date.

However, post earnings upgrades the share price is near the broker's valuation. Neutral retained, target rises to $14.60 from $11.15.

Target price is $14.60 Current Price is $14.40 Difference: $0.2
If CDA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates CDA as Buy (1) -

UBS notes expectations were high going into the FY24 result and Codan delivered a strong outcome. The communications segment grew revenue by 16%, underpinning EBIT growth of 19%. The results have strengthened the broker's conviction in its Buy thesis.

FY25 EBIT is estimated at $133m. The business continues to take market share as a command centres in the US and UK undergo a structural shift to digitise operating infrastructure. Target is raised to $16.20 from $13.10.

Target price is $16.20 Current Price is $14.40 Difference: $1.8
If CDA meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Citi rates CIA as Buy (1) -

All is not well in the state of The Middle Kingdom of China. 

Commodity analysts at Citi have marked to market 2Q/3Q 2024 forecasts and cut their benchmark iron ore forecasts for 2024 and 2025 to US$105/t and US$95/t (previously US$110/t and US$100/t) to reflect a more tepid outlook for demand.

The team has also trimmed 2024/25 prime hard coking coal forecasts to US$265 and US$235/t (previously US$275/t and US$250/t).

The broker's price target for Champion Iron has fallen to $7.20 from $8.20 on lowered forecasts. Buy rating retained.

Target price is $7.20 Current Price is $5.96 Difference: $1.24
If CIA meets the Citi target it will return approximately 21% (excluding dividends, fees and charges).

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

Market Sentiment: 1.0

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

Macquarie rates CKF as Neutral (3) -

Collins Foods' trading update shows revenue improving for KFC Australia, with total sales growth up 2.5% for first 16 weeks of trading. Europe was softer, with sales in Germany down -4.5% and the Netherlands down -2.6%, Macquarie notes.

Overall company sales were up 1.1%, but management warned that inflation continues to drive cost of goods sold, labour and energy prices. Despite a resilient top line, Collins Foods is struggling to take price and margins are expected to fall.

Macquarie sees a compelling longer term story around consolidation of the network in Australia. However in the short term, consumer pressures are being felt in Quick Service Restaurants and the broker remains cautious on the outlook until margins stabilise.

Target falls to $8.30 from $10.80, Neutral retained.

Target price is $8.30 Current Price is $7.68 Difference: $0.62
If CKF meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in May.

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 CKF as Add (1) -

Collins Foods continues to experience soft sales and ongoing cost inflation across cost of good sold inputs, energy and labour, Morgans highlights.

The company has flagged weaker margins in 1H25 on the previous corresponding period, declining to14.2%-14.5% from 15.8% in the previous corresponding period.

Accounting for the lower guidance, Morgans reduces net profit forecasts by -8% in FY25 and -7.1% in FY26.

Accordingly, a decline in the target price to $8.70 from$11.20. Add rating unchanged.

Target price is $8.70 Current Price is $7.68 Difference: $1.02
If CKF meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $10.43, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in May.

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 CNI as Hold (3) -

FY24 results from Centuria Capital were largely in line with Bell Potter's estimates. The credit business has grown to $1.9bn of total funds under management while FY25 guidance centres on EPS of $0.12 and DPS of $0.104, underpinned by growth for CNI Bass.

Bell Potter envisages a challenging road ahead, with the office sub-sector and syndication appetite subdued.

Rate cuts in NZ and potentially on the horizon for Australia should benefit the business given its operating leverage yet the focus on the balance sheet and sub-sector exposure is, likely to be an issue for investors, the broker adds.

Hold rating. Target is raised to $1.80 from $1.70.

Target price is $1.80 Current Price is $1.68 Difference: $0.125
If CNI meets the Bell Potter target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Centuria Capital reported FY24 operating earnings in line with Macquarie's prior expectations. Maiden FY25 guidance provides comfort that earnings have reached a trough, with upside via new adjacencies, and the broker sees signs operating conditions are bottoming.

Into FY25, Macquarie expects growth in alternatives, particularly commercial real estate credit, will be the initial lever for growth, with upside in the longer-term via the group's recent acquisition of data centre business ResetData and a recovery in the core real estate portfolio.

With expected downside to consensus earnings being realised, the broker has become more positive with operating metrics suggesting a troughing in conditions. Upgrade to Outperform from Neutral. Target rises to $1.87 from $1.70.

Target price is $1.87 Current Price is $1.68 Difference: $0.195
If CNI meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates CNI as Overweight (1) -

Centuria Capital's FY24 EPS of 11.7cpu was within the guidance range of 11.5-12cpu, while FY25 guidance of 12cpu missed the 13cpu forecast by Morgan Stanley and consensus due to a range of factors.

Over FY24, assets under management (AUM) increased by $0.1bn to $21.1bn, with an upswing for the Private Credit business offsetting declines in Property, observes the broker.

Morgan Stanley suggests the pipeline remains strong at $2.2bn, with $588m committed (mostly in Healthcare, and none in Office/Industrials).

Overweight rating. Target $2.03. Industry view: In-Line. 

Target price is $2.03 Current Price is $1.68 Difference: $0.355
If CNI meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.80, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Corporate Travel Management's FY24 net profit missed estimates with UBS noting underlying uncertainty for earnings going forward. The main issue is the impact of one-off project work.

While headline EBITDA guidance of $210m does not appear demanding the broker's initial analysis suggests underlying EBITDA needs to grow around 30% to offset cycling project work.

In the context of a company targeting a doubling of EBITDA by FY29 the broker downgrades to Neutral from Buy until there is more comfort around the macro outlook and the various inputs to FY25 financials. Target is reduced to $13.55 from $21.80.

Target price is $13.55 Current Price is $11.36 Difference: $2.19
If CTD meets the UBS target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $15.46, suggesting upside of 36.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates CVW as Add (1) -

Morgans believe Clearview Wealth reported "strong" FY24 earnings, some 5% above the analyst's forecasts for net profit, at 25% growth.

The 2H24 dividend of 1.7c also came in better-than-expected, at a 60% payout ratio.

The results reflected growth from new business (up 34%), with life business margins up to 11% from 9.6%. Overall the business benefitted from higher interest rates and ongoing momentum.

Morgans tweaks the EPS forecasts. Target price moves to 81c from 79c.

Add rating maintained.

Target price is $0.81 Current Price is $0.61 Difference: $0.2
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 FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates DUG as Buy (1) -

Dug Technology's FY24 earnings (EBITDA) beat the consensus forecast by 13% and were in line with Ord Minnett's forecast.

The broker highlights Q4 Service wins of circa $13m (up by 100% year-on-year) and acceleration in high-margin Software revenues, while the pipeline is at record levels driven by the Mid-East region.

Management again reminded investors the DUG Cool cooling technology may become a larger contributor to medium-term earnings than its Service business.

Target falls to $3.39 from $3.45. Buy.

Target price is $3.39 Current Price is $3.03 Difference: $0.36
If DUG meets the Ord Minnett target it will return approximately 12% (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

Shaw and Partners rates DUG as Buy (1) -

Shaw and Partners is clearly impressed with FY24 results from Dug Technology including stronger than forecast revenue growth and a 34% EBITDA margin, a 4point increase on FY23.

The margin expansion increased in the 2H24 to 38% due to better operating efficiencies and lower time on MP-FWI projects.

Shaw and Partners points to a bigger pipeline of works, although FY25 guidance was not provided.

Buy rated (High risk). Target price moves to $3.45 from $3.60.

Target price is $3.60 Current Price is $3.03 Difference: $0.57
If DUG meets the Shaw and Partners target it will return approximately 19% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates EGL as Buy (1) -

Environmental Group posted a FY24 result that beat Bell Potter's estimates. FY25 guidance is for organic EBITDA growth of 25%, materially ahead of prior estimates.

The outlook is "rich" with catalysts and the year is underwritten to a large extent, the broker suggests. This includes Baltec work in hand, new product distribution agreements and prospect of improved performance from Airtight.

Material upgrades are made to FY25 and FY26 EPS of 8% and 11%, respectively. Target rises to $0.43 from $0.33. Buy rating.

Target price is $0.43 Current Price is $0.35 Difference: $0.085
If EGL meets the Bell Potter target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates EHL as Outperform (1) -

Emeco Holdings' FY24 operating earnings were largely in line with Macquarie. Margins were up on increased higher-margin earnings from rental, decreased low margin earnings from underground and better cost and contract management.

Emeco's strategy of focusing on its core rental business, return on capital and free cash flow is gaining momentum, the broker suggests. The company is making good progress refocusing on the core rental business, improving returns on its assets and reducing contractual risk.

Target rises to $1.18 from $1.03, Outperform retained.

Target price is $1.18 Current Price is $0.83 Difference: $0.355
If EHL meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates EQT as Buy (1) -

FY24 results for EQT Holdings slightly missed Ord Minnett's forecasts even though market conditions were buoyant, and revenue synergies were achieved. Underlying earnings came in -3.4% adrift of the broker's $67m forecast.

The analyst anticipates the integration of Australian Executor Trustees (AET) should continue to flow to profits via cost and revenue
synergies.

The target rises to $37.50 from $37.00, despite the broker's lower earnings forecasts, on a valuation roll-forward. Buy.

Target price is $37.50 Current Price is $33.21 Difference: $4.29
If EQT meets the Ord Minnett target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building's underlying earnings came in at the low end of guidance. No dividend was declared as expected. Construction and Building Products beat while Distribution and Australia missed. No FY25 earnings guidance was provided but voulmes guided to down -10-15%, well below consensus.

Priorities include cost reduction, debt reduction, finalising legacy projects and claims through FY25 and agreeing on pragmatic solution with the government and builders on WA plumbing, the broker notes.

Macquarie retains Underperform given negative catalysts, being the A&NZ volume cycle, staff engagement and market share
mkt share, contingent liability estimates, and M&A activity. Target falls to NZ$2.43 from NZ$2.56.

Current Price is $2.98. Target price not assessed.

Current consensus price target is $2.68, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

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

In the wake of FY24 results for Fletcher Building, Morgan Stanley has decided to lower its target for Fletcher Building to $2.66 from $2.84. The Equal-weight rating is unchanged. Industry View: In-Line.

The broker preaches caution given lower volume guidance, ongoing risks from WA Pipes, turnover with key management and the
potential for a capital raise.

A summary of yesterday's research note by Morgan Stanley on the FY24 result follows.

Morgan Stanley observes Fletcher Building reported "solid" earnings in FY24.

The broker believes management is handling cashflow well considering the macro headwinds, with the balance sheet coming in better than expected.

Net debt is anticipated to continue to rise above the 2x target by the end of 1H25, but will remain within debt covenants. 

Morgan Stanley still expects a capital raising at some stage with management changes for the CEO, CFO and Chair roles yet to be announced.

Target price is $2.66 Current Price is $2.98 Difference: minus $0.32 (current price is over target).
If FBU meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.68, suggesting downside of -3.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: -0.5

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

Macquarie rates FCL as Outperform (1) -

Fineos Corp's first half revenue was -3.5% below Macquarie's forecasts, largely in the software segment. Client churn, which is historically very low, is impacting growth.

2024 revenue guidance is adjusted to the lower end of the range, now forecasting high single-digit growth in Subscription revenue (down from double-digit growth) and low single-digit growth in Services revenue (up from flat).

Positive free cash flow guidance nevertheless implies a sustained cash flow performance, Macquarie notes, and remains critical to the outlook.

Target falls to $2.11 from $2.22, Outperform retained.

Target price is $2.11 Current Price is $1.40 Difference: $0.715
If FCL meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 0.8

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

Citi rates FMG as Downgrade to Neutral from Buy (3) -

All is not well in the state of The Middle Kingdom of China. 

Commodity analysts at Citi have marked to market 2Q/3Q 2024 forecasts and cut their benchmark iron ore forecasts for 2024 and 2025 to US$105/t and US$95/t (previously US$110/t and US$100/t) to reflect a more tepid outlook for demand.

The team has also trimmed 2024/25 prime hard coking coal forecasts to US$265 and US$235/t (previously US$275/t and US$250/t).

The key victim is Fortescue which now loses its Buy rating; downgrade to Neutral with its price target reduced to $19.40 from $21.

Target price is $19.40 Current Price is $18.33 Difference: $1.07
If FMG meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $18.64, suggesting upside of 3.4% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: -0.4

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

Macquarie rates GEM as Outperform (1) -

G8 Education's 1H24 result came in below Macquarie's expectations as occupancy improvement slowed in the June Q. Network support costs were also slightly above expectations, partially offset by increased subsidies.

The broker believes cost efficiency measures and reduced reliance on staff agencies will offset any further slowdown in occupancy rates. Management put through a 2.4% mid-year price increase to offset inflationary pressures.

The occupancy slowdown was disappointing, Macquarie suggests, but the price increase offsets, and the buyback should support the share price. The broker expects government policy will provide support for the sector.

Target rises to $1.38 from $1.35, Outperform retained.

Target price is $1.38 Current Price is $1.30 Difference: $0.08
If GEM meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

UBS rates GEM as Neutral (3) -

UBS observes G8 Education delivered cost control amid a 2.4% blended price increase in the first half that de-risks a large portion of the full year forecast EBIT growth.

On the downside, occupancy is tracking softer, which potentially negates these benefits flowing through to the second half.

The broker still believes 2024 EBIT expectations are achievable and the recently-announced 15% pay increase funded by the government should improve labour availability in the sector. Neutral maintained. Target is raised to $1.35 from $1.25.

Target price is $1.35 Current Price is $1.30 Difference: $0.05
If GEM meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.5

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

Citi rates GOZ as Buy (1) -

Buy rating retained as Growthpoint Properties Australia released "stable" FY24 financials accompanied by FY25 guidance above market consensus.

Citi highlights the sizable valuation discount that's underpinning its positive rating. The broker acknowledges office leasing and financial risks still exist for the coming years, but the valuation discount should mitigate this.

On the broker's calculation, the shares trade at a discount of circa -30% to net tangible asset value on a weighted average cap rate of 6.3%, a dividend yield of 7.6% and a FY25 PE of 10.6x.

Also, the interest cover ratio is 2.8x and to breach the 1.6x covenant, the broker believes Net Property income would need to fall a further -42.9%.

Estimates have been slightly lowered on higher interest rate forecasts. Target price remains $2.60.

Target price is $2.60 Current Price is $2.41 Difference: $0.19
If GOZ meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.55, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates GOZ as Neutral (3) -

Growthpoint Properties Australia posted a solid result, with FY24 funds from operations ahead of Macquarie. FY25 guidance is also a beat at the midpoint.

The operational update showed resilience in the Office portfolio despite challenging conditions, while Industrial is benefiting from valuation mark-to-market opportunity.

Although headline valuation metrics are attractive, Macquarie still feels the medium-term earnings growth outlook remains challenged.

Target rises to $2.35 from $2.24, Neutral retained,

Target price is $2.35 Current Price is $2.41 Difference: minus $0.06 (current price is over target).
If GOZ meets the Macquarie target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.55, suggesting upside of 9.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates HMC as Hold (3) -

FY24 results from HMC Capital were below Bell Potter's estimates, largely because of tax, and the business is still expected to continue with a strong growth trajectory in FY25. Distribution guidance for FY25 is $0.12, in line with expectations.

Real estate remains the biggest component of funds under management. The broker expects growth across a broader base of divisions and capital sources going forward which will help these "speed bumps", ie tax this year, in time.

Hold retained. Target is raised to $8.15 from $7.40.

Target price is $8.15 Current Price is $8.02 Difference: $0.13
If HMC meets the Bell Potter target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates HMC as Hold (3) -

Morgans believes FY24 results for HMC Capital showed ongoing momentum in recurring income from new fund launches across energy transition, digital infrastructure and private credit.

The broker points to 30% growth in funds under management to $12.7bn with a $20bn medium term target. Some $1.4bn in net cash is available.

Management offered no guidance, but stated it is "well placed to maintain strong EPS growth trajectory". A 12c dividend for FY25 was guided.

Hold rating unchanged. Target price rises to $8.20 from $7.79.

Target price is $8.20 Current Price is $8.02 Difference: $0.18
If HMC meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $7.82, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates HMC as Neutral (3) -

HMC Capital delivered FY24 operating earnings that were slightly ahead of UBS estimates. The broker assesses the growth trajectory is continuing, with Payton expanded to address a broader market.

FY25-28 estimates are raised 25% to reflect the acquisition of Payton and the inclusion of the energy transition strategy as well as updated HMCCP and Capital Solutions to reflect the strong start to the year for these holdings.

Neutral retained on the basis that market expectations remain high and valuation is somewhat elevated. Target is raised to $7.95 from $6.95.

Target price is $7.95 Current Price is $8.02 Difference: minus $0.07 (current price is over target).
If HMC meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.82, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates IFL as Neutral (3) -

Citi observes FY25 will be another year of transition for Insignia Financial, with a dividend reduction and cautious outlook for platform flows given the loss of a $1-2bn super contract.

The broker assesses the new divisions in FY25 are hard to model at this point as the company will report wrap and master trust P&L separately.

Overall group net revenue margin is set to fall to 42.5-43.3 basis points, implying a -7% drop at the mid point from FY24.

The broker acknowledges a risk of corporate activity boosting the stock price yet retains a Neutral rating, with the target edging up to $2.70 from $2.65.

Target price is $2.70 Current Price is $2.47 Difference: $0.23
If IFL meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Morgan Stanley rates IFL as Underweight (5) -

The main news around FY24 results for Insignia Financial is the intended acceleration for the transformation in Platforms and Wealth, which involves larg up-front costs and a consequent pause in dividend payments, explains Morgan Stanley.

The broker is not expecting a dividend resumption until FY27 due to the transformation as well as repayment of subordinated debt.

FY24 underlying profit was in line with Morgan Stanley's forecast and 2% better than consensus, while FY25 guidance implies around 5% upgrades to the consensus estimate for underlying earnings on lower costs.

The Underweight is kept as Insignia remains in outflows and revenue margins are falling, explains the broker. Target slips to $2.21 from $2.25. Industry view: In-Line.

Target price is $2.21 Current Price is $2.47 Difference: minus $0.26 (current price is over target).
If IFL meets the Morgan Stanley target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.44, suggesting upside of 4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Ord Minnett rates ILU as Buy (1) -

First half profits for Iluka Resources beat the consensus forecast by 20% though earnings materially missed Ord Minnett's forecasts as management implemented an inventory adjustment change.

The fully franked 4 cent dividend, which includes the final dividend from 20%-owned Deterra Royalties ((DRR)), matched the consensus expectation.

Buy. Target falls to $7.20 from $7.30.

Target price is $7.20 Current Price is $5.90 Difference: $1.3
If ILU meets the Ord Minnett target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $7.18, suggesting upside of 24.0% (ex-dividends)

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.6

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

Macquarie rates IPH as No Rating (-1) -

IPH's FY24 underlying profit was up 13.5% and 4.9% ahead of consensus expectations, Macquarie notes. Gearing returned to the target gearing range with 107% cash conversion.

The acquisition of Bereskin & Parr expected to be completed in late September, and is consistent with the strategy of acquiring in secondary IP markets, the broker notes. It will take IPH to a 35% market share in Canada.

Macquarie is on research restriction.

Current Price is $6.08. Target price not assessed.

Current consensus price target is $8.35, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgan Stanley rates IPH as Overweight (1) -

Revenue and earnings in FY24 for IPH were around 2% ahead of the consensus forecasts, with Morgan Stanley noting organic growth for the A&NZ region accelerated into the 2H. 

Positives include Canada tracking ahead of expectations and a return of gearing to the targeted range ahead of schedule, highlights the broker.

On the flipside, growth is still negative in Asia despite some improvement, note the analysts.

No FY25 guidance was provided.

Target is $9.00. Overweight. Industry view: In-Line.

Target price is $9.00 Current Price is $6.08 Difference: $2.92
If IPH meets the Morgan Stanley target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $8.35, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates IPH as Buy (1) -

IPH delivered a "solid" result with the top line better than expected, UBS asserts. Australasia and Canada were "surprisingly strong". Asian growth expectations have been pushed out and IPH Way cost cutting benefits are to be spread across FY25 and FY26.

The net impact is a reduction in the broker's EBITDA forecast by -3%. UBS is encouraged by the improvement in top-line momentum and retains a Buy rating. Target is $8.

IPH will acquire Canadian IP firm Bereskin & Parr for $90m, taking its total Canadian share to almost 35%.

Target price is $8.00 Current Price is $6.08 Difference: $1.92
If IPH meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $8.35, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates LAU as Add (1) -

Lindsay Australia met the revised guidance for FY24 earnings, Morgans notes, a commendable performance despite disruptions as rail growth contributed to earnings before interest and tax.

Net profit fell -17% year-on-year because of reduced asset utilisation rates, the broker highlighted.

Management offered no FY25 guidance but did suggest some improvement in transport/rural revenues into 4Q24. Horticultural volumes may take longer to recover.

Morgans lowered earnings estimates by around -3% to -5% for FY25/FY26, respectively. Target price falls to $1.15 from $1.20.

No change to Add rating.

Target price is $1.15 Current Price is $0.92 Difference: $0.235
If LAU meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates LAU as Buy (1) -

FY24 underlying earnings (EBITDA) of around $90m came in at the mid-upper end of Lindsay Australia's revised guidance range. Adverse weather events and rail outages weighed over FY24, notes Ord Minnett.

Courtesy of lower-than-anticipated cash taxes and favourable working capital movements, explains the broker, operating cash flow was a material beat.

Ord Minnett anticipates a cyclical rebound in FY25/FY26 for the Rural segment. Upside risks include improving utilisation across the rail fleet, more stable transport margins and improved industry conditions, according to the broker.

For FY25, capex is expected to reduce, following a year of heightened investment, highlights the analyst.

The target eases to $1.30 from $1.31. Buy.

Target price is $1.30 Current Price is $0.92 Difference: $0.385
If LAU meets the Ord Minnett target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Shaw and Partners rates LAU as Buy (1) -

Despite adverse weather and rail disruptions, Lindsay Australia reported "solid" FY24, according to Shaw and Partners, with mixed results including lower than forecast net profit.

The broker is positive on the company's conversion rate despite increased competition in the logistics market with industry consolidation over the next 12-14months possible.

A recovery in horticulture is forecast through to 2025.

Shaw and Partners revises EPS forecasts by 1.3% and 1.2% for FY25/FY26.

Buy rating (High risk). Target price $1.20.

Target price is $1.20 Current Price is $0.92 Difference: $0.285
If LAU meets the Shaw and Partners target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.22, suggesting upside of 29.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates MAF as Buy (1) -

MA Financial's 1H result was in line with Ord Minnett's forecasts with growth for loan settlements and brokers across the key divisions. Net flows were also considered excellent.

The analyst notes an in-line FY24 profit of $17.8m, despite a higher-than-expected interest expense as the tax rate was slightly lower.

Management anticipates 2H earnings will be “materially higher” due to easing investment across the business, improving revenue margins in Asset Management and ongoing strong net flows.

Ord Minnett's target of $7.00 and Buy rating are unchanged.

Target price is $7.00 Current Price is $5.13 Difference: $1.87
If MAF meets the Ord Minnett target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

UBS rates MAF as Buy (1) -

UBS observes MA Financial has momentum going into the second half. While earnings were softer in the first half this was well flagged.

The establishment of a $1bn real estate credit vehicle for institutional investors also provides visibility on the FY26 asset management target of $15bn.

Despite consensus estimates for 2025 needing to come down modestly, UBS continues to have greater confidence in the business. Buy rating. Target is raised to $6.00 from $5.70.

Target price is $6.00 Current Price is $5.13 Difference: $0.87
If MAF meets the UBS target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $6.22, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Morgans rates MLG as Speculative Buy. (1) -

Morgans observes MLG Oz reported FY24 earnings below its forecasts which sat at the upper end of the market. The results were better than consensus, including strong cashflow and reduced leverage to 1.0x.

The broker points to a "rosy" outlook for the company with continued strong consumer demand, including the positive impact of new projects from FY24.

MLG Oz has achieved 25% plus revenue growth despite challenging macro conditions, Morgans highlights.

Increased depreciation/amortisation charges from robust capex are forecast to weigh on the FY25 earnings forecast.

Morgans net profit estimates decline by -13% and -18% for FY25/FY26, respectively.

Speculative Buy. Target price falls to 95c from $1.05.

Target price is $0.95 Current Price is $0.70 Difference: $0.255
If MLG meets the Morgans target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates MP1 as Outperform (1) -

Earnings growth has slowed for Megaport, Macquarie notes. Cohorts from FY16, FY17and FY18 have seen the largest slowdown, and all of these have slowed down post the Virtual Cross Conects (VXC) price increase in FY23.

Although this increased annual recurring revenue and did not cause volume churn, the broker thinks it caused significantly less incremental purchasing from these customers.

New products released in FY24 should contribute to growth in FY25/26. Guidance is soft and likely conservative, Macquarie notes, but this is already in the price. Target falls to $13.60 from $15.50 reflecting a slowdown in sales growth and negative operating leverage.

Outperform retained.

Target price is $13.60 Current Price is $9.32 Difference: $4.28
If MP1 meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

While Megaport's FY24 revenue and earnings (EBITDA) met expectations, Morgan Stanley explains FY25 guidance for both measures missed consensus estimates by -8% and -18%, respectively.

The broker attributes the weaker revenue outlook to zero customer logo growth, ports and services growth below expectations, and declining trends across customer cohorts.

The analysts still expect an uplift in KPIs and annual recurring revenue (ARR) will become evident in the 2H of FY25.

Equal-weight. Target $12.50. Industry View: Attractive. 

Target price is $12.50 Current Price is $9.32 Difference: $3.18
If MP1 meets the Morgan Stanley target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates MP1 as Upgrade to Add from Hold (1) -

The FY24 results from Megaport met expectations according to Morgans, but FY25 guidance came in weaker-than-expected.

Revenue expanded 27% in FY24 with FY25 revenue guidance at 12%, which equates to the 4Q24 annual recurring revenue growth rate.

The broker stresses this disappointed investors who clearly had higher expectations. Guidance is believed to be "conservative".

Morgans revises the EBITDA estimates by -12% for FY25/F26, leading to a fall in the target price to $12.50 from $13.50.

The stock is upgraded to Add from Hold.

Target price is $12.50 Current Price is $9.32 Difference: $3.18
If MP1 meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates MP1 as Accumulate (2) -

Following FY24 results, Ord Minnett lowers its target for Megaport to $10 from $12.50 after slicing earnings (EBITDA) estimates by between -13-18% over the FY25-FY27 period, despite a more than doubling of operating earnings.

Management conceded the net revenue retention (NRR) metric had fallen but did not quantify the size of the decline, but noted weaker up-selling to customers after recent price increases was the main culprit. The customer churn rate was stable.

The Accumulate rating is unchanged.

Target price is $10.00 Current Price is $9.32 Difference: $0.68
If MP1 meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 38.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates MP1 as Downgrade to Neutral from Buy (3) -

Megaport provided a strong FY24 result with EBITDA beating expectations. UBS notes a material slowdown is implied by FY25 revenue guidance which signals some larger issues with the maturing customer base that need to be resolved.

The broker likes the business and its leadership position but given concerns raised by the results, and the extent of downgrades to forecasts, a sign that the existing customer base has stabilised is required.

Rating is downgraded to Neutral from Buy. Target is reduced to $10.15 from $15.85.

Target price is $10.15 Current Price is $9.32 Difference: $0.83
If MP1 meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $12.47, suggesting upside of 38.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates MPL as Neutral (3) -

Citi observes non-resident and the Medibank Private Health business are growing but not enough to materially offset the challenges in the core resident business.

In FY25 the company is now expecting system growth to slow and the broker forecasts around 1.5%. Medibank Health added $12.6m to segment profit and Citi expects the contribution to at least double in FY25. Neutral retained. Target edges up to $3.90 from $3.80.

Target price is $3.90 Current Price is $3.83 Difference: $0.07
If MPL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates MPL as Neutral (3) -

Medibank Private's FY24 result was in line with consensus, assisted by a beat on investment income while policyholder growth missed, Macquarie notes.

Competition for new customers has not abated. Management aims to match market policyholder growth in FY25 which the broker estimates at 1.5%. Cyber costs are expected to continue into FY25 with further impacts in FY26 now likely, in Macquarie's view.

With current valuation appearing fair, the broker awaits the next few data points of Medicare claims inflation to judge the pace of claims
catch-up. Target rises to $3.85 from $3.70, Neutral retained.

Target price is $3.85 Current Price is $3.83 Difference: $0.02
If MPL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates MPL as Accumulate (2) -

While FY24 policyholder growth was lower-than-expected, Medibank Private's business mix and a higher gross margin provided a greater offset, explains Ord Minnett, resulting in a 3% beat against the consensus profit forecast.

The 9.4 cent final dividend also beat consensus by 7%.

The broker believes another year of high non-recurring expenses in FY25 will moderate in FY26, with stronger operational growth resulting in 5-7% EPS growth in FY26 and beyond.

Accumulate retained. Target rises to $4.25 from $4.15.

Target price is $4.25 Current Price is $3.83 Difference: $0.42
If MPL meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 1.6% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates MPL as Buy (1) -

Medibank Private revealed strong claims management in its FY24 results, UBS asserts, with operating profit ahead of expectations.  The broker assesses FY25 guidance claims inflation of 2.7% is "surprisingly low" given rising healthcare costs.

Hospital claims remain below pre-pandemic levels in psychiatry, rehabilitation, respiratory and prosthesis countering higher claims inflation in private surgical.

Extras utilisation remains "very low and falling". Buy rating. Target is raised to $4.30 from $4.20.

Target price is $4.30 Current Price is $3.83 Difference: $0.47
If MPL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.99, suggesting upside of 1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates MVF as Outperform (1) -

Monash IVF's FY24 result came in at top end of guidance, with revenue ahead of Macquarie's forecasts. Management expects revenue and underlying profit to continue to grow in FY25, with ongoing market share gains.

The international business rebounded strongly, with earnings 62.1% and cycles up 19.9% year on year. The broker increases its international expectations into FY25.

Monash IVF is well-placed to continue to gain share from acquisitions and specialists. Macquarie sees upside risk to forecasts from carrier screening testing converting to IVF cycles.

A roll-forward has target falling to $1.50 from $1.55, Outperform retained.

Target price is $1.50 Current Price is $1.26 Difference: $0.24
If MVF meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Morgans rates MVF as Add (1) -

Monash IVF reported results met Morgans' expectations, while the 2020 class action was settled for $56m (pre-tax).

In FY24, the company increased growth of stimulated cycles 10.4% against domestic growth of 2.4%, with market share gains to 21.7% from 17.9% in FY20.

Price increases around 6% were implemented, offsetting higher costs and inflation. Employees represent some 60% of total costs.

Momentum has been maintained into FY25, indicating further strong growth in FY25.

Morgans revises net profit forecasts by 5.9% in FY25 and 4.5% in FY26.

Add rating. Target price moves to $1.54 from $1.55.

Target price is $1.54 Current Price is $1.26 Difference: $0.28
If MVF meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $1.49, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Ord Minnett rates MVF as Accumulate (2) -

While FY24 profit for Monash IVF was in line with Ord Minnett's forecast and guidance, earnings (EBITDA) missed the broker's forecast by -5%.

The analysts notes moderating 2H domestic organic growth and a -40bp slippage for the earnings margin compared to the previous corresponding period.

Despite sluggish new patient registrations, according to Ord Minnett, management expects FY25 revenue and profit 
growth.

Accumulate rating retained. Target falls to $1.25 from $1.50 as the broker lowers earnings forecasts and allows for higher capex and net debt levels.

Target price is $1.25 Current Price is $1.26 Difference: minus $0.01 (current price is over target).
If MVF meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.49, suggesting upside of 20.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.9

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

Macquarie rates NST as Outperform (1) -

Northern Star Resources' result was largely in line with Macquarie, with higher corporate costs and exploration impairments a modest drag to earnings. There is no change to FY25 guidance. The dividend was above forecast.

The strong final divided is a positive, the broker suggests, while higher leases contributed to slightly softer net cash.

The production growth plan to FY26 remains on track driven by grades at KCGM. The KCGM mill expansion is also tracking to plan, Macquarie notes.

Outperform and $17.00 target retained.

Target price is $17.00 Current Price is $15.16 Difference: $1.84
If NST meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $15.43, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

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

FY24 results for Northern Star Resources were broadly in line with forecasts by Morgan Stanley and consensus while free cash flow (FCF) was better-than-expected due to a lower capex (timing) spend.

The 40 cent FY24 dividend beat the consensus expectation by 14%.

Target $14.35 The Equal-weight rating remains. Morgan Stanley prefers Evolution Mining ((EVN) on accounct of less hedging. Industry view is In-Line.

Target price is $14.35 Current Price is $15.16 Difference: minus $0.81 (current price is over target).
If NST meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.43, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates NST as Hold (3) -

Northern Star Resources posted a FY24 result that was largely in line with Ord Minnett's estimates. Amid a positive commodity environment, the broker observes that "unsurprising" results from large cap stocks are being rewarded by the market, given few opportunities.

The broker acknowledges appeal in owning the stock as it continues to deliver production growth and de-risk costs yet considers the valuation and lack of free cash flow precludes a more constructive view.

Going forward depreciation assumptions are increased to align with guidance which means EPS values are driven lower. Target increases to $13.90 from $13.50 and a Hold rating is maintained.

Target price is $13.90 Current Price is $15.16 Difference: minus $1.26 (current price is over target).
If NST meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $15.43, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates NST as Buy (1) -

FY24 net profit from Northern Star Resources beat UBS estimates and the final dividend of $0.25 stood out, being well ahead of expectations.

FY25 guidance for 1.65-1.8m ounces of gold at AISC of $1850-2100/oz is unchanged.

The broker continues to favour gold ahead of the central bankers meeting in Jackson Hole and believes the stock is the way to play the sector.

The Buy rating and $16 target are unchanged.

Target price is $16.00 Current Price is $15.16 Difference: $0.84
If NST meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $15.43, suggesting upside of 2.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Shaw and Partners rates OCL as Buy (1) -

Timing on deals impacted the annual recurring revenue for Objective Corp's FY24 results.

Shaw and Partners highlights this as "disappointing" but management has guided to 15% growth in recurring revenues for FY25, which the broker believes is possible.

Cash flow and costs were better-than-expected. The analyst makes small tweaks to earnings forecasts. Challenging valuations in the tech market, make larger scale M&A activity less likely, Shaw and Partners states.

Target price $14.40. Buy rated (High risk).

Target price is $14.40 Current Price is $12.97 Difference: $1.43
If OCL meets the Shaw and Partners target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $11.30, suggesting downside of -12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates PBH as Buy (1) -

Bell Potter notes the normalised EBITDA loss of -$1.8m was already flagged while revenue was in line with forecasts in FY24. No final dividend was declared, as expected. Guidance is for normalised EBITDA between $11-16m and cash flow breakeven.

This includes an increase in Victorian point of consumption taxes and assumes the maintenance or similar marketing and private investment.

Bell Potter continues to believe PointsBet Holdings is a takeover target, given its market position. Buy rating retained. Target rises to $0.66 from $0.63.

Target price is $0.66 Current Price is $0.57 Difference: $0.09
If PBH meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates PBH as Buy (1) -

Ord Minnett notes previous disclosures meant the FY24 results were all about the outlook, with the FY25 EBITDA guidance of $11-16m slightly below estimates. Medium-term EBITDA margins are targeted at around 20%.

The broker notes the focus on the Canadian market opportunity and, along with medium-term targets that were well ahead of expectations, believes this is a reason to stick with a Buy rating. Target is reduced to $0.85 from $0.90.

Target price is $0.85 Current Price is $0.57 Difference: $0.28
If PBH meets the Ord Minnett target it will return approximately 49% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates PMT as Speculative Buy (1) -

Patriot Battery Metals has the outcome of its preliminary assessment of the Shaakichiuwaanaan project in Quebec. Bell Potter points out this project is highly strategic in terms of scale, jurisdiction and access to the North American lithium ion battery supply chains.

A two-stage development targeting annual production of around 800,000tpa at 5.5% lithium spodumene concentrate, with total capital expenditure of US$962m and all-in sustaining costs of US593/t over a 24-year life, is envisaged.

A final investment decision is projected for 2027 and first production from early 2029. Speculative Buy rating maintained. Target rises to $0.90 from $0.80.

Target price is $0.90 Current Price is $0.52 Difference: $0.38
If PMT meets the Bell Potter target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 109.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Macquarie rates PMT as Outperform (1) -

Macquarie has updated its forecasts for Patriot Battery Metals' Shaakichiuwaanaan project (SCW) after incorporating the new Preliminary Economic Assessment (PEA), which outlines a 800ktpa spodumene concentrate project with a mine life of 24 years.

The broker updates its base case incorporating capex of C$1.27bn, down from C$1.4bn, and brings the forecast production profile in line with the PEA.

SCW has the potential to be the fourth largest global hard-rock lithium project, and in Macquarie's view could attract corporate appeal due to its scaleable resource and strategic location in Quebec.

Outperform and 90c target retained.

Target price is $0.90 Current Price is $0.52 Difference: $0.38
If PMT meets the Macquarie target it will return approximately 73% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 109.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Shaw and Partners rates PMT as Buy (1) -

Patriot Battery Metals released a preliminary economic assessment on Shaakichiuwaanaan. 

It proposes a two-stage development via both open pit and underground mining to target the high-grade Nova-zone.

An investor day is scheduled for Sydney on September 5 with a site visit on September 17. The feasibility study is due in September quarter 2025 with a final investment decision in 2027.

No changes to earnings forecasts.

Buy rated (High risk) $1.80 target price.

Target price is $1.80 Current Price is $0.52 Difference: $1.28
If PMT meets the Shaw and Partners target it will return approximately 246% (excluding dividends, fees and charges).

Current consensus price target is $1.07, suggesting upside of 109.8% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

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

Peter Warren Automotive's FY24 profit (PBT) of $56.8m was towards the upper end of the $52-57m guidance range issued in late-May, but Morgan Stanley highlights uncertainty remains around the margin trajectory.

The 2H gross margin was16.3% versus 17.6% in H1 and 19% in FY23, highlight the analysts.

More positively, the broker points out current margin headwinds have driven a greater focus on operations including right-sizing inventory and cost-out initiatives.

The target falls to $1.80 from $1.90. Equal-weight. Industry View: In-Line.

Target price is $1.80 Current Price is $1.81 Difference: minus $0.01 (current price is over target).
If PWR 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 $1.81, suggesting downside of -1.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates QAL as Add (1) -

Morgans assesses Qualitas reported "strong" FY24 results. Net profit rose 32% with funds under management advancing 46% on the previous corresponding period, which were in line with guidance and slightly above the broker's forecast.

Management guided to 26% growth in net profit before tax.

Qualitas is expected to generate around 25% organic growth in earnings from credit fund inflows and development funding opportunities as construction prices stabilise with apartment prices supporting new developments, the broker highlights.

Add rating with a $3.20 target price from $3.10.

Target price is $3.20 Current Price is $2.32 Difference: $0.88
If QAL meets the Morgans target it will return approximately 38% (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 QUB as Buy (1) -

Qube Holdings delivered 15% net profit growth in FY24, in line with May guidance. Going forward underlying net profit is expected to grow more modestly.

Growth in the operating business is expected to be offset by Patrick market share reversals and higher interest while divestments could ultimately drive lower finance costs, Citi adds.

Buy rating retained, as the broker assesses the company's diversification and quality of assets are under appreciated. Target rises to $4.40 from $4.15.

Target price is $4.40 Current Price is $3.89 Difference: $0.51
If QUB meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Ord Minnett rates QUB as Accumulate (2) -

Qube Holdings posted FY24 earnings consistent with guidance while the outlook confirms Ord Minnett's view that operating momentum is positive going into FY25.

Support comes from volume growth in many customer segments, earnings generated from recent capital expenditure and recent acquisitions. The acquisition of Coleman in Western Australia for $119m has created another customer vertical, the broker notes.

The intention to recycle capital within the Moorebank Interstate joint venture has potential to shift the returns closer to the targeted 12% ROCE and Ord Minnett maintains an Accumulate rating. Target rises to $4.01 from $3.87.

Target price is $4.01 Current Price is $3.89 Difference: $0.12
If QUB meets the Ord Minnett target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

UBS rates QUB as Buy (1) -

The FY24 result from Qube Holdings did not materially change the outlook yet UBS is more confident in the intent to improve the return on capital. Revenue was ahead of forecasts while EBITDA was marginally higher.

The broker envisages more upside if the company acquires MIRRAT and sells even more under-earning assets, or if the logistics margin can be sustained for longer than assumed.

The $4.15 target and Buy rating are maintained.

Target price is $4.15 Current Price is $3.89 Difference: $0.26
If QUB meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $4.01, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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