Australian Broker Call

Shaw and Partners rates 3DA as Buy (1) -

Amaero International is "catalyst driven", Shaw and Partners asserts, with the qualification of C-103 powder the next item which management expects to achieve by the December quarter.

The broker forecasts around $70m in pending capital expenditure and working capital over FY25 and FY26 which will be met by $45m in equity and $25m in equipment financing.

The business is strengthening the supply chain amid rising geopolitical tensions and built up feedstock to meet demand. Shaw and Partners retains a Buy rating and $0.60 target.

Target price is $0.60 Current Price is $0.34 Difference: $0.26
If 3DA meets the Shaw and Partners target it will return approximately 76% (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 4DX as Speculative Buy (1) -

4DMedical missed Bell Potter's expectations on revenue in FY24, as the acquisiton of Imbio did not achieve the growth anticipated. The EBIT loss was also larger than forecast.

The broker assesses the future is now more likely to lay with the private sector and had hoped the commercial arrangement with Philips would be signed already, although that remains pending.

The company is also yet to realise material revenue from the CMS reimbursement for XV LVAS and various initiatives with the US Veterans Affairs remain elusive.

Revenue forecasts are reduced materially for FY25/26 and a Speculative Buy rating is retained with the target reduced to $0.75 from $1.10.

Target price is $0.75 Current Price is $0.44 Difference: $0.31
If 4DX meets the Bell Potter target it will return approximately 70% (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 AFG as Neutral (3) -

Macquarie assesses a net profit beat for Australian Finance Group by 5.6% with strength in manufacturing offsetting more moderate growth in distribution.

Net interest margins fell -23 basis points in 2H24 with the loan book returning to growth. Costs were lowered, down -3.5% year-on-year by -$78.7m.

A new white label partnership with Brighten and Longview assisted loan share for the company in 2H24 with non-bank market share back at a two-year high the broker notes as the market stabilises and non-banks have become more competitive.

EPS forecasts are adjusted by the broker, 4.1% in FY25 and 5.8% in FY26.

Neutral rating unchanged. Target price moves to $1.61 from $1.47.

Target price is $1.61 Current Price is $1.60 Difference: $0.01
If AFG 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: 0.0

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

Morgans rates AHL as Add (1) -

Adrad’s FY24 result overall was broadly in line with Morgans' expectations and management’s updated guidance provided in May. Earnings for both Distribution and Heat Transfer Solutions (HTS) fell in 2H24 on the back of softening demand across both businesses.

While the trading performance in 2H24 was weak, the broker notes there were some one-off costs that should abate in FY25. Longer term, Adrad’s investments in facilities, staff and rationalisation of the manufacturing footprint should deliver benefits to both revenue and earnings.

Patience is required, but Morgans feels the stock remains an attractive long-term investment opportunity, with management's execution key. Add and $1.10 target retained.

Target price is $1.10 Current Price is $0.70 Difference: $0.4
If AHL meets the Morgans target it will return approximately 57% (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 AIS as Buy (1) -

FY24 results from Aeris Resources revealed EBITDA ahead of Bell Potter's forecast while net profit was lower because of higher depreciation, finance costs and separation costs associated with the closure of Jaguar.

The focus remains on production growth and lower costs at Tritton, the broker adds.

Bell Potter makes slight changes to assumptions, cutting FY25 and FY26 EPS forecasts by -10% and -4%, respectively.  Buy rating retained. Target edges down to $0.27 from $0.28.

Target price is $0.27 Current Price is $0.18 Difference: $0.09
If AIS meets the Bell Potter target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $0.24, suggesting upside of 33.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates AOF as Hold (3) -

Australian Unity Office Fund delivered no surprises in its FY24 result, given a recent update, and Ord Minnett retains a Hold rating with the target edging up to $1.33 from $1.32.

Guidance is for an ordinary distribution of 0.4c and a special distribution of 9c following the settlement of 64 Northbourne Avenue Canberra.

No timeline for the unitholder vote on a wind up of the fund was provided yet the broker anticipates it will occur prior to settlement of assets in March/April 2025. This remains contingent on the sale of 468 St Kilda Road Melbourne.

Target price is $1.33 Current Price is $1.23 Difference: $0.105
If AOF meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Bell Potter rates APM as Hold (3) -

APM Human Services International presented what is likely to be its last results on ASX, ahead of the takeover. Underlying EBITDA was $279.6m in FY24, in line with guidance.

The business flagged some early signs of improvement with unemployment services starting to pick up and the UK Functional Assessment Services and the Ontario employment program adding to revenue.

Hold rating. Bell Potter believes shareholders should accept the offer of $1.45 cash and retains an in-line target.

Target price is $1.45 Current Price is $1.44 Difference: $0.015
If APM meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.43, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

APM Human Services International achieved FY24 results which were in line with guidance.

Morgan Stanley highlights there were no surprises on the June update with year-on-year fall in earnings because of lower caseloads in major programs.

Cash conversion of 82% meets the circa 80% conversion excluding the ramp up program.

Equal-weight rating. Target $1.40. Industry view is In-Line.

Target price is $1.40 Current Price is $1.44 Difference: minus $0.035 (current price is over target).
If APM meets the Morgan Stanley target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.43, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates APM as No Rating (-1) -

APM Human Services International reported FY24 results which were broadly in line with the pre-release, according to UBS.

More cost-plus contracts continue to impact on margins, the broker notes, while the operating conditions remain tough.

The company is believed to be the best quality in Australian employment programs, UBS states, but unemployment rates remain at low levels despite a slight pick-up domestically and in UK.

A recovery in earnings is pushed out to 2H25. UBS is under research restrictions, so no target or rating.

Current Price is $1.44. Target price not assessed.

Current consensus price target is $1.43, suggesting downside of -0.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates ASB as Buy (1) -

Buy rating retained and Citi's price target lifts by 34% to $4.14 (not a typo) on the broker's belief the market is not appreciating Austal's medium- to longer-term revenue upside.

The broker's conviction is supported by a record-sized backlog.

The release of FY24 financials exposed a net profit of $14.9m, well below market consensus' $30.2m. Revenue missed management's own guidance range.

Net interest burden and effective tax rates were each a negative surprise on top.

Citi reports post conference call: Austal indicated raising equity is not preferable and doesn't expect to get the same level of government grants as it did for the prior steel-related capital expenditure.

Target price is $4.14 Current Price is $2.34 Difference: $1.8
If ASB meets the Citi target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $3.18, suggesting upside of 40.1% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Bell Potter rates BDM as Buy (1) -

First half EBITDA of US$52m was ahead of Bell Potter's estimates. The broker expects positive news flow over the second half as Burgundy Diamond Mines posts mine-life extensions and continues to optimise existing operations.

Ekati in Canada is considered a highly strategic asset within the luxury goods value chain and, in the broker's view, with ESG issues increasingly driving consumer preferences, the company's downstream associations should be able to leverage the Canadian provenance.

Buy rating. Target is $0.28.

Target price is $0.28 Current Price is $0.14 Difference: $0.145
If BDM meets the Bell Potter target it will return approximately 107% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 1.0

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

Macquarie rates BGL as Outperform (1) -

At first glance, Macquarie notes Bellevue Gold's FY24 earnings were a -16% miss to expectations, largely due to higher operating costs, noting that the company declared commercial production partway through the period.

Net debt was also slightly softer but FY25 guidance was unchanged. As expected, Bellevue Gold did not declare a dividend.

Outperform and $1.70 target retained for now.

Target price is $1.70 Current Price is $1.26 Difference: $0.435
If BGL meets the Macquarie target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $1.93, suggesting upside of 66.7% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates CTT as Speculative Buy (1) -

Bell Potter notes FY24 sales revenue was at the mid point of guidance while Cettire's adjusted EBITDA was at the lower end and missed forecasts. Soft trading conditions have continued from June.

The broker makes downward revisions to earnings estimates to incorporate the slower growth in emerging markets. Variability in delivered margins for the year are also factored in, although  this area is expected to improve as conditions get better towards the end of 2024.

Given uncertainties as the company resolves audit issues the stock is rated Speculative Buy. Target is reduced to $2.00 from $2.60.

Target price is $2.00 Current Price is $1.05 Difference: $0.95
If CTT meets the Bell Potter target it will return approximately 90% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates CVL as Add (1) -

Civmec reported strong FY24 earnings, Morgans notes, up 11% year on year. Although some large projects roll off in FY25, management sounded a confident tone that it could continue to deliver revenue and earnings growth, albeit at more modest rates.

Civmec is a founder-led engineering & construction business with leading margins, high return on equity, best-in-class facilities, a robust balance sheet, a history of strong cash flows and multi-faceted growth potential, Morgans notes.

Notwithstanding, the stock is seen trading on attractive valuation metrics. The re-domicile to Australia may alleviate liquidity constraints, the broker suggests. Target rises to $1.45 from $1.40, Add retained.

Target price is $1.45 Current Price is $1.15 Difference: $0.305
If CVL meets the Morgans target it will return approximately 27% (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

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

Dicker Data reported 1H24 results which were slightly below consensus although marginally better than Morgan Stanley's forecasts.

The company experienced increased working capital on higher inventories which is in expectation of a 2H24 PC refresh cycle with management noting PC sales are returning to growth.

Bad debt provisioning increased around $2m, and, if excluded, EBITDA would have been in line, according to the analyst.

Equal-weight rating. Target price $10. Industry View: In-Line.

Target price is $10.00 Current Price is $9.11 Difference: $0.89
If DDR meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.45, suggesting upside of 13.0% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.3

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

Macquarie rates DEG as Outperform (1) -

Macquarie observes De Grey Mining ended FY24 with net cash of $959m and a $1.18bn debt funding package, expected to be finalised in 1H25 to fund Hemi's development.

Only minor EPS changes of 4% in FY25 and 1% thereafter for the changes in interest cost assumptions.

Outperform rating and $1.80 target price unchanged.

Target price is $1.80 Current Price is $1.22 Difference: $0.58
If DEG meets the Macquarie target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 46.3% (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

Bell Potter rates DOC as Speculative Buy (1) -

Doctor Care Anywhere is making "good progress", Bell Potter asserts, with first half revenue up 14% and the gross margin expanding to 55.1%.

The company is expected to complete the restructure of its workforce in coming months and is now considered a stable business on the cusp of profitability. Bell Potter maintains a Speculative Buy rating and $0.12 target.

Target price is $0.12 Current Price is $0.07 Difference: $0.047
If DOC meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

This company reports in GBP. 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 DOW as Neutral (3) -

Downer EDI reported better than expected FY24 results, both above Macquarie's expectations and consensus estimates.

The broker highlights the stock price adjusted for the 22% expected growth in FY25 net profit, which is attributed to cost out program with revenue expected to be flat in the current year.

Management reconfirmed margin targets of over 4.2% in FY25 with a 70 basis point improvement to 33% in FY24.

Macquarie highlights utilities were a major contributor on margins as the company moved past contract losses in water and Vic gas last year.

EPS forecasts are revised by 6% for FY25/FY26. Target price revised to $5.77 from $4.86. Neutral rating remains.

Target price is $5.77 Current Price is $5.59 Difference: $0.18
If DOW meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates DOW as Hold (3) -

Downer EDI posted 6% pro forma revenue growth in FY24 and expects revenue will be flat in FY25 as the business focuses on margin targets. An EBITDA margin target of over 4.5% is set for FY25, up from 3.3% in FY24.

Management is prioritising markets with sole-sourcing opportunities such as energy transition work in the utility segment. The stronger margin expectations means Ord Minnett boosts FY25 estimates and increases the target to $5.35. Hold rating.

Target price is $5.35 Current Price is $5.59 Difference: minus $0.24 (current price is over target).
If DOW meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.62, suggesting downside of -2.4% (ex-dividends)

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 DOW as Neutral (3) -

UBS observes the cost out program (-$130m versus -$100 target) and depletion of low-margin contracts supported FY34 results for Downer EDI.

Net profit came in 3% ahead of consensus expectations, with utilities returning to profitability in FY24.

Management did not offer formal guidance; it instead reconfirmed an average EBITDA margin target of over 4%-5% and an annualised -$175m cost out program, with -$45m achieved in FY24.

UBS upgrades EPS forecast by 4%. Target price moves to $5.75 from $4.90. Neutral rating retained.

Target price is $5.75 Current Price is $5.59 Difference: $0.16
If DOW meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates FMG as Add (1) -

Fortescue delivered a steady FY24 earnings result, Morgans suggests, with a slight miss on earnings on higher D&A and interest expense. The final dividend of 89c maintains yield appeal.

Morgans has a complicated investment view on Fortescue, given concerns around the position of low-grade iron ore in the steel market long term, and the typically flat return profile on offer in new energy.

Regardless, the broker sees valuation as remaining exceptionally leveraged to iron ore markets, where it sees little change in the medium term, but it does see an attractive investment on the view that a gradual recovery in iron ore is likely as demand conditions normalise.

Target falls to $22 from $23, Add retained.

Target price is $22.00 Current Price is $18.27 Difference: $3.73
If FMG meets the Morgans target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $18.17, suggesting downside of -0.3% (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: -0.2

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

Shaw and Partners rates GL1 as Buy (1) -

Shaw and Partners notes the completion of metallurgical test work for the Manna definitive feasibility study has resulted in lithium oxide recovery of 78% and a saleable grade above 5.5% spodumene concentrate.

The broker considers the value on offer in Global Lithium Resources is outstanding and production curtailments should result in a lithium market rebound throughout the balance of 2024 and into 2025. Buy rating and $2.20 target retained.

Target price is $2.20 Current Price is $0.25 Difference: $1.955
If GL1 meets the Shaw and Partners target it will return approximately 798% (excluding dividends, fees and charges).

Current consensus price target is $1.25, suggesting upside of 400.0% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates HVN as Buy (1) -

Citi retains its Buy rating and $5.50 price target as the July trading update is signalling a turnaround is building for Australian franchisees.

If correct, as Citi believes it is, strong earnings growth should materialise throughout FY25. FY24 EBITDA slightly missed and the below is what Citi commented on Friday:

On first glance, Harvey Norman reported FY24 earnings 2% above Citi. Franchise earnings missed with 2H24 sales below expectations. International EBIT was ahead.

Franchise system sales increased 3.3% in July, a significant improvement against the -1% growth in 2H24. A final dividend of 12c was declared, just ahead of Citi's expectation of 11c.

While earnings missed slightly and NZ is facing a tough start to 1H25, the broker believes the focus of the result will be on turnaround in Franchise sales momentum into July.

Citi expects this has potential to drive significant margin improvement into FY25 given the significant operating leverage in the Harvey Norman franchise model. Buy and $5.50 target retained for now.

Target price is $5.50 Current Price is $4.58 Difference: $0.92
If HVN meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 7.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates HVN as Outperform (1) -

Macquarie assesses Harvey Norman reported FY24 results which met expectations, the analyst highlighting a more normal and less volatile trading year.

Franchisee sales fell across FY24 although considerably more in 1H24 (-9.7%) against 2H24, down -0.6% with the removal of covid restrictions in FY23 the major differentiating factor.

Management restated expectations of a generational upgrade in hardware (laptops) etc for the "AI laptops & the echo boom" with the company well positioned to benefit.

Macquarie revises EPS forecasts by -6.35 and -3.8% for FY25/FY26, respectively. Outperform rated. Target price declines to $5 from $5.40.

Target price is $5.00 Current Price is $4.58 Difference: $0.42
If HVN meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $4.92, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Morgan Stanley rates HVN as Underweight (5) -

Morgan Stanley observes Harvey Norman announced FY24 profit before tax which was in line with expectations.

Australian same store sales growth of -6% with 2H24 at -1% showing an improvement. Franchisee comparable sales up 3.3% in July trading update against consensus forecasts of 4% growth in 1H25.

Inventories moved up slightly from store expansions and management confirmed the company is well positioned for growth in Ai related products in FY25.

Underweight rating. Target price $4.20. Industry View: In-line.

Target price is $4.20 Current Price is $4.58 Difference: minus $0.38 (current price is over target).
If HVN meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting upside of 7.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Ord Minnett rates HVN as Hold (3) -

Ord Minnett notes Harvey Norman's FY24 net profit was slightly ahead of expectations, although lower lease depreciation expenses provided a tailwind and undermined the quality of the result.

The broker observes FY25 year to date trading is relatively weak in Australasia. Management cited the need for capital in its UK expansion and the remaining three months of the buyback as reasons for the absence of a special dividend. Hold rating and $4.40 target.

Target price is $4.40 Current Price is $4.58 Difference: minus $0.18 (current price is over target).
If HVN meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.92, suggesting upside of 7.0% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Macquarie rates IEL as Neutral (3) -

IDP Education reported better than forecast FY24 results according to Macquarie with the June trading update reflecting steady growth.

The analyst estimates 25% market share in student placements which is a record high, management maintaining focus on quality students.

Notably, Indian volumes are soft, with visa applications -37% year-on-year, with IDP Education more exposed due to its high market share.

Management pointed to migration policy being linked to election cycles with Canada and Australia due in Oct and Sept 2025, respectively.

Macquarie lifts EPS forecasts by 8% in FY25 and 4% in FY26.

Neutral rating. Target $16 retained.

Target price is $16.00 Current Price is $16.18 Difference: minus $0.18 (current price is over target).
If IEL meets the Macquarie target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.33, suggesting upside of 22.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

Bell Potter rates IPG as Buy (1) -

IPD Group posted a strong FY24 result, with EBITDA up 45% and ahead of expectations. Bell Potter notes group sales of $290.6m were up 28% although slightly less than forecast.

The broker expects organic earnings growth of 8-10% going forward, noting key markets remain buoyant and electrification has now matured for another year.

Addelec-Gemtek EV charging is set to scale materially in FY25 as projects ramp up. Buy rating maintained. Target is raised to $6.00 from $5.60.

Target price is $6.00 Current Price is $4.97 Difference: $1.03
If IPG meets the Bell Potter target it will return approximately 21% (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 IPG as Buy (1) -

IPD Group posted operating metrics in FY24 that were slightly ahead of guidance and above Shaw and Partners' estimates. The broker notes operating cash flow was particularly strong, with cash conversion of 88%.

The outlook for the company's markets remains buoyant, supported by the transition to renewables and increased demand from energy requirements at data centres.

Forecasts for EPS in FY25 and FY26 are revised up 1.7% and 1.6%, respectively. Target is raised to $5.80 from $5.50 and a Buy rating is maintained.

Target price is $5.80 Current Price is $4.97 Difference: $0.83
If IPG meets the Shaw and Partners target it will return approximately 17% (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 JMS as Outperform (1) -

Jupiter Mines reported softer-than-expected FY24 results, some -17% below Macquarie's expectations.

The JV profit was -40% below the broker's estimate from higher costs at Tshipi, the analyst observes, with management at Tshipi not declaring a dividend for six months to June 30.

Accordingly, Jupiter Mines lent on cash reserves to announce a 2H24 dividend, lowering cash on hand to $19.1m. 

Macquarie reduces FY25 EPS estimate by -9% accounting for higher costs, highlighting weakening manganese price from softening demand despite a supply outage at GEMCO which represents 12% of global supply.

Outperform rating unchanged. Target price falls to 34c from 37c.

Target price is $0.34 Current Price is $0.19 Difference: $0.155
If JMS meets the Macquarie target it will return approximately 84% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates KSL as Add (1) -

Kina Securities' first half reported profit was down -9% year on year but broadly in line with Morgans. Excluding the previously disclosed fraud issue, underlying profit was up 7%.

Morgans highlights a better operating income performance than expected, offset by higher costs than forecast. While the fraud incident was disappointing, the broker says it is hopefully a one-off event.

The broker continues to see Kina Securities as having a favourable long-term growth trajectory and believes the stock remains too
cheap. Target rises to $1.28 from $1.22, Add retained.

Target price is $1.28 Current Price is $1.02 Difference: $0.255
If KSL meets the Morgans target it will return approximately 25% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

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

Market Sentiment: 1.0

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

Citi rates LLC as Buy (1) -

Lendlease Group has announced the sale of the US East Coast construction business to Consigli Construction who also recently bought its US West Coast construction business in July.

Management at Lendlease expects consideration of US$30-50m, which comprises a profit share and earn out agreement payable two years post completion of transaction (likely in FY27 as completion is targeted in 1H25, the broker offers).

Citi regards the announcement another positive. The broker states the next key catalyst will be the ACCC's final report on the sale of the Australian communities. Citi expects a positive ruling.

Buy rating retained.

Target price is $7.10 Current Price is $6.76 Difference: $0.34
If LLC meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.36, suggesting downside of -5.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Ord Minnett rates LOV as Lighten (4) -

Net profit from Lovisa Holdings in the second half slightly missed expectations. Ord Minnett observes the financial update for the year to date shows a 13% sales increase, indicating slower roll-out and growth despite favourable comparables.

Gross margins in the second half of FY24 were near peaks because of the company's ability to leverage pricing power, and this compensated for weaker sales, the broker adds.

Ord Minnett's operating profit projections are largely unchanged and a Lighten rating and $30 target are retained.

Target price is $30.00 Current Price is $31.09 Difference: minus $1.09 (current price is over target).
If LOV meets the Ord Minnett target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.29, suggesting upside of 3.2% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Bell Potter rates MAP as Speculative Buy (1) -

Microba Life Sciences reported FY24 EBITDA losses in line with expectations. The cash balance was $21m as of June 30 and there was no debt. The broker continues to expect a capital raising in FY25 for working capital and further novel drug development.

The acquisition of Invivo has provided cash-flow breakeven for the UK business, which now generates about half of the total revenue base. Bell Potter continues with a Speculative Buy rating, noting the business is a leader in the growing microbiome industry. Target is $0.35.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If MAP meets the Bell Potter target it will return approximately 94% (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

Morgan Stanley rates MAQ as Overweight (1) -

Macquarie Technology reported FY24 earnings which met Morgan Stanley's expectations and consensus.

The broker emphasises FY25 guidance is the first outlook statement which is more "cautious" on EBITDA growth, due to larger than anticipated price increases in software used in Cloud and Government.

Management remains committed to the data centre development pipeline with -$100m-$300m in capex expected in FY25.

Morgan Stanley believes Macquarie Technology has a more 'measured" construction pipeline compared to NextDC ((NXT)) as it does not have the landbank.

No change to Overweight rating and $100 Target. Industry view is Attractive.

Target price is $100.00 Current Price is $84.55 Difference: $15.45
If MAQ meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Bell Potter rates MIN as Buy (1) -

Mineral Resources delivered underlying EBITDA in line with Bell Potter's estimates, down -40% because of lower lithium prices. FY25 guidance is for 513,000t of spodumene concentrate at US$590/t in cash costs, which the broker notes is an improvement on FY24.

Iron ore guidance is 23.1mt at US$51/t FOB, also an improvement. Target is reduced to $66 from $80 because of reductions in lithium price forecasts, the removal of lithium hydroxide toll conversion from long-term forecasts, plus the removal of the Onslow stage 2 expansion. Buy rating retained.

Target price is $66.00 Current Price is $40.15 Difference: $25.85
If MIN meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $58.00, suggesting upside of 46.0% (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 MME as Speculative Buy (1) -

MoneyMe ended FY24 with signs of returning to book growth, Morgans notes, up 6% year on year, after having kept the book relatively stable in recent periods given macro uncertainty.

Revenue was down -12% while originations were up 23%, with the strong performance from the Autopay product being a key driver. Asset quality remains sound in the broker's view.

MoneyMe has delivered consistent book growth over the medium term and Morgans believes its innovative product suite, targeting niche under-serviced markets, has the potential to further drive top-line growth.

The stock trades at healthy discount to valuation and hence the broker retains Speculative Buy, but notes this is an investment for the more risk-tolerant investor. Target falls to 22c from 23c.

Target price is $0.22 Current Price is $0.11 Difference: $0.115
If MME meets the Morgans target it will return approximately 110% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

Macquarie rates NIC as Outperform (1) -

Nickel Industries reported 1H24 net profit, -89% below consensus estimates because of increased interest costs, a forex loss and refinancing costs.

The dividend came in higher than expected at 2.5c with management in turn delaying the start of its US$100m share buyback.

Macquarie likes the Sampala acquisition, believing it makes strategic sense for the company.

EPS forecasts are lowered by -26% in FY24 with Sampala adding 4%-8% EPS accretion in 2025/2028, as the analyst highlights.

Target price lifts 3% to $1.13. Outperform rating maintained.

Target price is $1.13 Current Price is $0.84 Difference: $0.29
If NIC meets the Macquarie target it will return approximately 35% (excluding dividends, fees and charges).

Current consensus price target is $1.13, suggesting upside of 37.8% (ex-dividends)

The company's fiscal year ends in December.

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: 1.0

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

Shaw and Partners rates NOL as Buy (1) -

NobleOak Life posted strong FY24 results with total In-Force premiums up 22.4% and ahead of estimates, while underlying net profit was below Shaw and Partners' forecasts.

The broker was impressed with the results, noting the business is continuing to grow market share in an industry that has returned to profitability, being one of the few companies which benefits from higher interest rates through higher returns on investment and lower present values on outstanding claims liabilities.

Buy rating retained. Target is steady at $2.85.

Target price is $2.85 Current Price is $1.57 Difference: $1.28
If NOL meets the Shaw and Partners target it will return approximately 82% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates NXT as Buy (1) -

UBS observes Ai is potentially "materially" increasing MWs contracted for NextDC over the next decade and the analyst is not surprised by the front loading of cost reinvestment in the FY24 results across landbank holdings, systems and security upgrades.

The broker notes FY24 EBITDA beat expectations but 2H24 revealed a deferral in MWs activated and higher costs.

UBS revises earnings forecasts for the update on costs and MWs used with a -6% decline in EBIDTA for FY25 to -20% in FY27. The discounted cashflow valuation does not alter.

No changes to $19.40 target price and Buy rating.

Target price is $19.40 Current Price is $16.95 Difference: $2.45
If NXT meets the UBS target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $19.98, suggesting upside of 21.7% (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

Bell Potter rates PDN as Buy (1) -

FY24 net profit from Paladin Energy was ahead of Bell Potter's estimates. The company swung to a statutory net profit on the back of a $92m reversal of stockpile impairments. Langer Heinrich's ramp up remains on track and is meeting expectations.

Fission Uranium has delayed the shareholder vote for approval of the takeover until September 9 to allow time to garner more support.

Ultimately, the broker believes the transaction will go ahead but remains conscious that failure to close a deal straight away means Paladin will need to supplement Langer Heinrich. Buy rating and $15.70 target.

Target price is $15.70 Current Price is $9.79 Difference: $5.91
If PDN meets the Bell Potter target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $16.09, suggesting upside of 67.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 1.0

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

Morgans rates PER as Speculative Buy (1) -

Percheron Therapeutics reported FY24 results with no surprises given quarterly updates. The cash balance remains the major key metric, Morgans notes, sufficient to fund Percheron beyond the Ph2b top-line outcome in December.

Focus remains solely on near-term catalysts toxicology study and Ph2b top-line results. With more certainty around timelines, the broker sees potential for increased investor interest in the lead-up to the top-line readout.

Morgans views Percheron as having one of the best risk/return profiles in the space with clear near-term catalysts, strong board and management team, and scientific support for success. Target rises to 24c from 23c, Speculative Buy retained.

Target price is $0.24 Current Price is $0.09 Difference: $0.153
If PER meets the Morgans target it will return approximately 176% (excluding dividends, fees and charges).

Market Sentiment: 1.0

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

Bell Potter rates PGC as Buy (1) -

Paragon Care delivered FY24 revenue increases of 33% while EBITDA was below expectations because of year-end provisioning adjustments. Bell Potter observes the new management has wasted no time in merging the three businesses and expects it is already realising synergies.

No earnings guidance was provided but a trading update is expected at the AGM in November. Forecasts for FY25 includes minimal allowance for organic growth other than cost synergies. Buy rating and $0.52 target maintained.

Target price is $0.52 Current Price is $0.41 Difference: $0.11
If PGC meets the Bell Potter target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Ord Minnett rates PGC as Accumulate (2) -

Ord Minnett observes FY24 revenue from Paragon Care was up 34% and slightly ahead of expectations while EBITDA was in line. The merger has been completed which the broker notes provides a step change to scale, growth prospects and value.

Management is seen executing well against integration targets, having reiterated expectations for $5m in synergies in FY25 and ramping up to $12m in FY26. Forecasts are broadly unchanged and the broker retains an Accumulate rating with a $0.46 target.

Target price is $0.46 Current Price is $0.41 Difference: $0.05
If PGC 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: 0.8

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

Shaw and Partners rates PNC as Buy (1) -

FY24 results from Pioneer Credit were in line and guidance for FY25 of underlying net profit over $9m and debt purchases over $80m are within Shaw and Partners' forecasts.

The company has reiterated its FY26 net profit target of at least $18m. Shaw and Partners retains a Buy rating based on improving industry dynamics with the target sitting at $0.80.

Target price is $0.80 Current Price is $0.55 Difference: $0.255
If PNC meets the Shaw and Partners target it will return approximately 47% (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 PTM as Downgrade to Sell from Neutral (5) -

UBS is disappointed by ongoing revenue "leakage" for Platinum Asset Management and now believes cost outs will be "chasing" declining funds under management. Some $20m in costs were back out in FY24, the broker notes.

Management is repositioning its investment team as poor performance drags on its flagship product, with implementation to be phased in over the next six months.

UBS revises EPS forecasts by -8% in FY25 and 1% for FY26 with double-digit percentage outflows of funds under management likely in the near term.

Target price cut to 91c, and stock downgraded to Sell from Neutral.

Target price is $0.91 Current Price is $1.00 Difference: minus $0.085 (current price is over target).
If PTM meets the UBS target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.00, suggesting upside of 3.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Morgans rates QAN as Add (1) -

Qantas Airways reported an in-line FY24 result, with better than expected cash flow generation the highlight. The announced $400m buyback exceeded Morgans' forecast of 300m.

The airline is seeing stable travel demand across its portfolio with positive revenue momentum heading into 1H25. No formal FY25 guidance was provided, but the broker believes Qantas can deliver double digit earnings growth. With this result, Morgans suggests a number of the market’s concerns around the outlook have been answered.

With domestic revenue back into growth in FY25, and international revenues expected to stabilise in the 2H25, FY24 will prove to be a sustainable base for earning, Morgans concludes.

Target rises to $7.50 from $7.00, Add retained.

Target price is $7.50 Current Price is $6.71 Difference: $0.79
If QAN meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.53, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates RHC as Neutral (3) -

'Underwhelming' is the term that dominates Citi's appraisal of Ramsay Health Care's FY24 performance. The broker highlights the FY25 outlook of “positive NPAT growth” was not genuinely inspiring for lots of optimism.

The broker adds growth will be driven by volume growth in Australia (with margins to remain flat due to IT investments) and Europe (where tariffs and cost control are expected to offset the impact of inflation).

The broker's EPS estimates have been scaled back by by -37%/-23%/-11% for FY25–27. Target declines to $44.00 from $50.

Higher tariffs in the UK and/or 3-year tariff deal close to the level of inflation in France are potential positive catalysts over the year ahead, the broker suggests. Neutral.

Target price is $44.00 Current Price is $41.55 Difference: $2.45
If RHC meets the Citi target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $50.45, suggesting upside of 24.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates RHC as Neutral (3) -

Macquarie adopts a sanguine stance on Ramsay Health Care's FY24 results, pointing to earnings before interest and tax up 6%, ex one-off items and solid results from the UK business with growth in Australia over 2H24.

Management highlighted improving activity levels of 3.4% growth in total hospital admissions with increased beds and occupancy in Elysium.

Sime Darby divestment of $938.4m in proceeds allowed for debt repayment, the broker notes.

Macquarie lowers EPS forecasts by -23% in FY25 and -22% in FY26 because of reduced growth expectations for UK and Australia with higher net interest costs.

Neutral rating unchanged. Target price declines to $45.75 from $50.10.

Target price is $45.75 Current Price is $41.55 Difference: $4.2
If RHC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $50.45, suggesting upside of 24.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Ord Minnett rates RHC as Hold (3) -

The FY24 result from Ramsay Health Care matched guidance. Ord Minnett notes a significant improvement in cash conversion in the second half with the final dividend exceeding forecasts.

Despite this, the FY25 outlook has signalled a slowdown in patient activity growth and a sustained interest expense of -$590-620m.

Ord Minnett has a FY25 net profit estimate of $318m which implies growth of 17% and is based on around 5% revenue growth and modest operating leverage. Hold rating maintained. Target is reduced -7% to $43.40.

Target price is $43.40 Current Price is $41.55 Difference: $1.85
If RHC meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $50.45, suggesting upside of 24.5% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates RMC as Buy (1) -

Resimac Group delivered mixed results in FY24 with Bell Potter noting a difficult past two years amid falling settlements, rising funding cost and increasing arrears. The grounds for optimism include signs of a reversing of the trends and getting issues under control.

The return to growth in the loan book shows the franchise is intact and is the first pointer to a recovery in the share price, the broker adds. Buy rating and $1.30 target maintained.

Target price is $1.30 Current Price is $0.93 Difference: $0.37
If RMC meets the Bell Potter target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates RMC as Neutral (3) -

Macquarie observes Resimac Group's loan book resumed growth in 2H24 which resulted in a reduction in net interest margins by -12 basis points.

Funding costs are expected to trend lower with new issuance demand underpinning low issuance spreads, but the drive for new mortgage origination is anticipated to put pressure on margins.

The broker downgrades EPS forecasts by -18% in FY25 and -7% in FY26, because of margin pressures.

Target price shifts to $1 from $1.05. Neutral rating unchanged.

Target price is $1.00 Current Price is $0.93 Difference: $0.07
If RMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.10, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates RMY as Speculative Buy (1) -

RMA Global delivered a better-than-expected loss at the EBITDA line of -$ 3.3m. Revenue growth of 6% was largely in line with Bell Potter's estimates.

The company has signalled an active interest in potential partnerships and acquisitions on top of its intention to leverage existing datasets and unpaid user base to sell into large brokerages and technology platforms.

Bell Potter observes the main driver of shareholder value is the US market where a decline in interest rates could potentially produce an uplift for housing sales. Speculative Buy rating and $0.10 target unchanged.

Target price is $0.10 Current Price is $0.05 Difference: $0.05
If RMY meets the Bell Potter target it will return approximately 100% (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 RSG as Outperform (1) -

Resolute Mining's 1H24 EBITDA was in line with Macquarie's forecasts and consensus. Net cash at $54m also met expectations.

The company did not declare a dividend and there was no change to 2024 guidance.

Outperform and 75c target unchanged.

Target price is $0.75 Current Price is $0.68 Difference: $0.075
If RSG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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: 0.5

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

Morgans rates S32 as Add (1) -

South32 delivered steady FY24 earnings that compared reasonably to forecasts, Morgans notes, in what was a difficult year operationally for the diversified miner.

Management's confidence in being able to secure approvals at Worsley gave the broker confidence, with South32 working constructively with the WA state and federal governments.

Morgans believes the tough ride is going to come to an end, with the start of a recovery in metals which could deliver earnings growth of 29% in FY25 based on the broker's estimates. Target rises to $4.10 from $4.00, Add retained.

Target price is $4.10 Current Price is $3.14 Difference: $0.96
If S32 meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

UBS rates S32 as Buy (1) -

UBS observes South32 reported a -US$554m impairment at Worsley in FY24 after receiving environmental approval on July 8 and management has appealed against the strict conditions.

The broker notes GEMCO's damage will be covered by insurance from cyclone Megan in March and expects production to restart in March 2025. Management's cost guidance for FY25 includes an 8% rise for Worsley,  -10% lower for Cannington and SA manganese up 12%.

Capex is due to lift to -US$990m in FY25 because of higher Hermosa costs.

Buy rating unchanged with South32 expected to benefit from rising copper and aluminum prices over the next 12 months.

Target price revised to $3.55 from $3.80.

Target price is $3.55 Current Price is $3.14 Difference: $0.41
If S32 meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.65, suggesting upside of 17.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.8

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

Macquarie rates SDF as Outperform (1) -

Macquarie notes Steadfast Group reported an "uneventful" FY24 result with guidance in line with expectations of 12%-16% EPS growth for FY25.

Management has included $300m in acquisitions for guidance at expected multiples around 9x, post $457.8m in FY24 which are estimated to generate around 3.6% in net profit growth in FY25.

Macquarie highlights the company's move to comply with pending changes in Strata law with legislation before NSW Parliament.

The broker revises EPS forecasts by 3.9% for FY25 and 3.7% for FY26. Outperform retained. Target price moves to $6.80 from $6.70.

Target price is $6.80 Current Price is $6.47 Difference: $0.33
If SDF meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $6.75, suggesting upside of 3.8% (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 SFR as Neutral (3) -

Citi retains Neutral as it finds Sandfire Resources' FY24 broadly in line with forecasts post the preceding June quarter update. Target price has gained 50c to $9.20.

The broker's view is based on a copper price forecast (base case) of US$11k/t by early 2025 versus spot US$9,130/t, with the analysts adding copper usually responds favourably to less restrictive policy rates.

Target price is $9.20 Current Price is $8.63 Difference: $0.57
If SFR meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $9.22, suggesting upside of 7.3% (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: 0.3

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

Macquarie rates SFR as Outperform (1) -

Macquarie notes Sandfire Resources FY24 net profit came in better than consensus forecasts.

Management is looking at ways to pull forward metal production at Motheo to retain 55kt-60kt p.a. of copper output. A targeted reserve life of 15 years at Matsa/Motheo was defined.

The broker highlights no large negative surprises for FY25 cost and capex guidance, with the balance sheet continuing to de-gear to a net cash position in FY25.

EPS forecasts are raised 6% in FY25 and 1% in FY26 post cost guidance updates.

Target price rises 4% to $9.80. Outperform rating unchanged.

Target price is $9.80 Current Price is $8.63 Difference: $1.17
If SFR meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $9.22, suggesting upside of 7.3% (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: 0.3

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

Macquarie rates SXL as Neutral (3) -

Market share gains boosted the FY24 EBITDA for Southern Cross Media, underwriting a better-than-expected result according to Macquarie.

A $30m cost out offset inflation pressures for the company. Management reconfirmed focus on "All About Radio" with a restart of a strategic review of TV assets. Market share moved to 27.9% in 2H24m, a record high since 2019.

The analyst observes radio audiences are at an all-time higher; radio accounts for 34% of total media consumption and only 8% of advertising spend.

EPS forecasts are revised by 240% and 257% in FY25/FY26, respectively, the broker highlights, including better market share, lower operating expenses and depreciation/amortisation charges.

Target price is reduced -10% to 55c. Neutral rating maintained.

Target price is $0.55 Current Price is $0.55 Difference: $0.005
If SXL meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $0.70, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Morgan Stanley rates SXL as Underweight (5) -

Morgan Stanley credits Southern Cross Media with LiSTNR revenue growth, winning 2H24 FM Radio and revenue from competitors and the strategic decision to sell the TV assets, as bright spots in a challenging media environment.

FY24 earnings were broadly in line with expectations as lower advertising spend pushed EBITDA and EPS "materially" lower, the broker highlights.

Morgan Stanley reduces EBITDA forecasts by -10% to -13% from FY25 to FY27.

The analyst believes linear radio is in a declining stage of its life cycle which is not an issue specific to Southern Cross Media, while the ad market remains weak.

Underweight rating unchanged. Target moves to 50c from 75c. Industry view: Attractive.

Target price is $0.50 Current Price is $0.55 Difference: minus $0.045 (current price is over target).
If SXL meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.70, suggesting upside of 25.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.1

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

Morgans rates THL as Hold (3) -

Tourism Holdings Rentals' FY24 result was weak but in line with Morgans' expectations. The difficult June Q trading conditions are likely to continue into FY25 and lead to a weak 1H25 result, but management expects earnings growth in the full year.

Morgans acknowledges that Tourism Holdings offers material leverage to an improved economic cycle, but given earnings uncertainty remains, it is a capital-intensive business which is debt funded and lacking share price catalysts, the broker maintains a Hold rating.

Target rises to $2.02 from $1.94.

Target price is $2.02 Current Price is $1.90 Difference: $0.12
If THL meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

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 TPG as Underweight (5) -

TPG Telecom reported 1H24 earnings which were basically in line with consensus. 

Morgan Stanley highlights FY24 guidance was retained, which was better than feared, boosted by the $20m cost out. Post-paid mobile average revenue per user rose 0.5% in 1H24 with subscribers down -1.5% over the 2H23.

In the Telco coverage, the broker prefers Telstra Group ((TLS)) with an Overweight rating for rising dividend potential and Aussie Broadband ((ABB) for its capital growth potential.

Target $4.30. Underweight. Industry View: In-Line.

Target price is $4.30 Current Price is $4.96 Difference: minus $0.66 (current price is over target).
If TPG meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.23, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

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

Morgans rates TPG as Hold (3) -

TPG Telecom's first half result was largely as expected with the exception of better cash flow than Morgans had anticipated. Less mobile handset costs resulted in improved working capital while positive free cash flow was a highlight and a big improvement year on year.

Morgans believes TPG will benefit from continued rational mobile pricing lifting profits, improving return on invested capital and self-help. TPG’s value brand should resonate strongly with consumers given the cash crunch from higher interest rates and cost control is looking good.

Target rises to $5.20 from $4.94, Hold retained.

Target price is $5.20 Current Price is $4.96 Difference: $0.24
If TPG meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

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

UBS rates TPG as Neutral (3) -

Despite weaker results from mobile, UBS assesses TPG Telecom reported 1H24 earnings which met expectations.

Notably, the broker liked the improvement in working capital from lower handset inventories and an unwind of handset receivables financing.

The shutdown of 3G resulted in -23k loss of postpaid subs out of a total -47k decline. The broker continues to monitor postpaid subscribers into 2H24. Overall, UBS flags competitive pressures at the price sensitive end of the market.

UBS adjusts EPS forecasts by 59.8% in FY24 and 19.7% in FY25. Target price revised to $4.95 from $4.80. Neutral rating unchanged.

Target price is $4.95 Current Price is $4.96 Difference: minus $0.01 (current price is over target).
If TPG meets the UBS target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.23, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in December.

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

Ord Minnett rates WAF as Accumulate (2) -

West African Resources delivered an interim net profit that exceeded Ord Minnett's expectations amid lower finance expenses and higher revenues.

The broker increases near-term depreciation charges to align with the first half run rate and defers some 2024 capital expenditure estimates.

Ord Minnett notes the investment case is predicated on the successful execution of the Kiaka project in Burkina Faso, with progress on track and funding sources appearing secure. Accumulate rating and $1.65 target.

Target price is $1.65 Current Price is $1.43 Difference: $0.22
If WAF meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Market Sentiment: 0.8

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

Macquarie rates WGX as Outperform (1) -

Westgold Resources reported FY24 net profit which met consensus, but underlying EBITDA came in -8% below Macquarie's and consensus expectations.

Higher operating costs were the main culprit for the 'miss', according to the analyst. Higher lease costs resulted in lower net cash at FY24 end of $181m.

Management did not offer guidance post the Aug 1 acquisition of Karora. Macquarie makes small EPS adjustments of -5% for FY25 and 5% for FY26. An update on group resources and revenue is expected early September.

Outperform rating remains. Target price lifts to $3.20 from $3.

Target price is $3.20 Current Price is $3.04 Difference: $0.16
If WGX meets the Macquarie target it will return approximately 5% (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