Australian Broker Call

Citi rates 29M as Neutral/High Risk (3) -

29Metals posted a first half net loss and Citi expects corporate and exploration costs will have to be trimmed to meet guidance at Golden Grove.

Cash is expected to be tight in the second half after paying back the US$40m working capital facility. There are risks to existing debt covenants although the broker expects the company will revisit senior facilities. High Risk rating is reiterated. Neutral. Target is $0.45.

Target price is $0.45 Current Price is $0.39 Difference: $0.065
If 29M meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 47.2% (ex-dividends)

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

Macquarie rates 29M as Neutral (3) -

The first half net loss after tax (NLAT) of -$70m for 29Metals was only -$4m worse than the consensus forecast, while closing net debt was a $20m beat, highlights Macquarie.

The -$70m loss excludes the combined -$39m for a Capricorn impairment and write-off of ore stockpiles at the same mine, explains the analyst.

No reference was made by management to FY24 guidance.

Neutral rating and 37 cents target are retained.

Target price is $0.37 Current Price is $0.39 Difference: minus $0.015 (current price is over target).
If 29M meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.53, suggesting upside of 47.2% (ex-dividends)

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

Morgan Stanley rates 29M as Overweight (1) -

A brief response to 29Metals' result from Morgan Stanley notes revenues missed the broker's forecast while earnings came in better than expected. Operating cash flow exceeded the broker, leading to a 34% beat on free cash flow.

Overweight and 55c target retained. Industry view: Attractive.

Target price is $0.55 Current Price is $0.39 Difference: $0.165
If 29M meets the Morgan Stanley target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.53, suggesting upside of 47.2% (ex-dividends)

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

Macquarie rates AGI as Outperform (1) -

Ainsworth Game Technology's 1H result was consistent with recent management guidance.

Despite a material step-up in research and development (R&D), the broker adopts a cautious stance and no longer assumes any meaningful recovery in volumes within North America and Australia.

The dividend remains suspended with management deciding capital is best allocated to R&D, explains Macquarie.

The Outperform rating is unchanged, and the target falls to 90 cents from $1.10.

Target price is $0.90 Current Price is $0.86 Difference: $0.038
If AGI meets the Macquarie 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: 1.0

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

Shaw and Partners rates ANG as Buy (1) -

Austin Engineering delivered robust FY24 results that were slightly below Shaw and Partners' forecasts.

The broker considers the FY25 outlook conservative, albeit appropriate given the volatility in the iron ore price and the fact iron ore clients form 33% of the company's revenue.

FY25 EBIT forecasts are reduced by around -12% to match guidance. Buy rating retained. Target is lowered to $0.70 from $0.78.

Target price is $0.70 Current Price is $0.55 Difference: $0.15
If ANG meets the Shaw and Partners target it will return approximately 27% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 APA as Neutral (3) -

APA Group reported FY24 results at first glance from UBS that were operationally in line.

The broker points to lower-than-expected FY25 guidance with both EBITDA and guided dividend below consensus, as well as lower free cashflow.

Management pointed to increased capex over the next two-three years, above what the market had been considering.

Neutral rated with a draft and final decision from the AER on the South West Qld pipeline in September and November this year, respectively.

Target price is $8.70 Current Price is $7.94 Difference: $0.76
If APA meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $8.80, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

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 B4P as Buy (1) -

Beforepay Group's FY24 results were largely in line with expectations following the pre-release to ASX in July. Management remains confident for growth in FY25 although gave no quantitative guidance.

Shaw and Partners expects the business will launch its new loan product in FY25 as the new licence must be activated within six months. Funding sources remain unclear although the broker suspects it is unlikely to be equity.

The company is also expected to enter the new market cautiously, trialling its credit algorithms until confident.

A Buy rating is maintained and the target is $1.75.

Target price is $1.75 Current Price is $0.76 Difference: $0.99
If B4P meets the Shaw and Partners target it will return approximately 130% (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 BAP as Neutral (3) -

Citi's first take on Bapcor results reveals the removal of the BTB business as strategically sound but "disappointing", resulting in a cut to FY25/FY26 net profit forecasts of -15% and -27%, respectively.

The broker is awaiting news from the new CEO who started on August 22.

Citi expects the company will generate cost savings of between -$20-$30m in FY25.

Target price revised to $5.04, up 7%. Neutral rating unchanged,

Target price is $5.04 Current Price is $4.95 Difference: $0.09
If BAP meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $5.26, suggesting upside of 7.0% (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

Citi rates BBN as Neutral/High Risk (3) -

FY24 results signalled to Citi that like-for-like sales and gross margins are improving, although it is going to take time for Baby Bunting's major initiatives to be successful.

The first of the store refurbishments will be ready at the end of the third quarter and time will be required to measure returns. The first pilot small-format stores will be ready in the fourth quarter.

Should the initiatives be successful the question then turns to funding. The broker also wants to understand the extent to which suppliers are willing to contribute to the turnaround.

Neutral/High Risk retained. Target is raised to $1.80 from $1.79.

Target price is $1.80 Current Price is $1.65 Difference: $0.15
If BBN meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.74, suggesting upside of 4.8% (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 BHP as Buy (1) -

FY24 underlying EBITDA from BHP Group was marginally ahead of Citi's estimates. The full year dividend of US$1.46 signals a 54% payout ratio. FY25 cost guidance indicates modest inflation in FY25.

Citi retains a more constructive outlook for base metals versus iron ore and thus prefers BHP Group over Rio Tinto ((RIO)). On a bullish copper price deck, the broker expects copper will make up 50% of the company's earnings in FY26.

Buy rating and $46 target.

Target price is $46.00 Current Price is $41.35 Difference: $4.65
If BHP meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

Macquarie rates BHP as Neutral (3) -

BHP Group's FY24 EPS and free cash flow (FCF) beat Macquarie's forecasts by 1% and 14%, respectively, while the US74 cent final dividend was in line.

FY25 unit cost guidance was also in line with the broker's forecast. While WA iron ore cost guidance was higher-than-expected by the analyst, the consensus forecast was met.

Neutral rating. Target rises by 2% to $43.

Target price is $43.00 Current Price is $41.35 Difference: $1.65
If BHP meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

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

BHP Group's FY24 result was in line on profit but better on cash, Morgan Stanley notes, driven by lower provisions being paid. The dividend was also 4% better than the broker.

FY25 cost guidance is broadly higher versus consensus and capex is 7-10% higher than Morgan Stanley. BHP flags 4% copper growth in FY25.

BHP highlighted Jansen Stage 1 ahead of construction schedule (52% complete and Stage 2 sanctioned) with first production expected in late 2026.

Equal-weight and $46.30 target retained. Industry view: Attractive.

Target price is $46.30 Current Price is $41.35 Difference: $4.95
If BHP meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

Morgans rates BHP as Add (1) -

It was another strong result from BHP Group, Morgans suggests, posting an FY24 earnings margin of 54%, close to its decade-average of 55% and 10 percentage points above its next closest peer. Strong opex performance meant earnings came in slightly ahead.

Revealing more detail on its copper growth plans across South Australia, Chile and Argentina, BHP was "convincing", the broker believes, it has moved past its approach for Anglo American.

Morgans views BHP as offering a compelling earnings platform, improving organic growth options and an attractive dividend profile. Investor concerns around China/global growth are the key source of recent selling pressure, and likely to moderate in time.

Target falls to $48.30 from $49.20, Add retained.

Target price is $48.30 Current Price is $41.35 Difference: $6.95
If BHP meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

Ord Minnett rates BHP as Accumulate (2) -

FY24 earnings from BHP Group were slightly ahead of forecasts. Ord Minnett observes the company enjoyed an improved working capital position and lower expenditure, which enabled free cash flow to be around 14% ahead of expectations.

The company has flagged its future in copper as the energy transition gathers pace, although iron ore will remain a key part for some decades. Production of copper from operations in South Australia is forecast to grow to more than 500,000tpa by the early 2030s.

Ord Minnett raises estimates for FY25 and FY26 and maintains an Accumulate rating with a target of $45.

Target price is $45.00 Current Price is $41.35 Difference: $3.65
If BHP meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

UBS rates BHP as Neutral (3) -

Higher capex, combined with softer iron ore prices over the next year, versus higher copper prices are expected to slow shareholder returns, according to UBS.

BHP Group's FY24 results came in slightly better than expectations. FY25 production and capex guidance remain unchanged with medium term cost guidance slightly higher. A 53% payout ratio was as expected.

UBS revises FY25/FY26 EPS forecasts by -5% with iron ore being the key to growth, representing some 65% of EBITDA, the analyst highlights with the market in over-supply and potential further price weakness to US$88t.

Management flagged medium term capex of -US$11bn p.a. with a skew to copper; iron ore unit costs are expected to rise 3% in FY25 with coal unit costs elevated into FY25 but will normalise as volumes rise.

Jansen stage one is 52% complete and ahead of schedule, with first production in late 2026. Neutral rating with a $43 revised target price from $42.

Target price is $43.00 Current Price is $41.35 Difference: $1.65
If BHP meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $45.27, suggesting upside of 11.1% (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: 0.4

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

Bell Potter rates C79 as Hold (3) -

Bell Potter observes better economies of scale boosted FY24 EBITDA for Chrysos to higher than forecast levels. EBITDA margins lifted to 20.3% from 13.1% in FY23, because of a -10% decline in unit costs.

The company signed another two lease agreements in FY25, reaching four with an outstanding 54 the broker notes, which is in line with the existing rates.

Management reiterated FY25 guidance, with revenue per unit meeting FY24 results. including the "clustering" strategy to increase efficiency and economies of scale.

Bell Potter makes minor EPS forecast adjustments. No change to Hold rating and $5.70 target price.

Target price is $5.70 Current Price is $5.85 Difference: minus $0.15 (current price is over target).
If C79 meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.33, suggesting upside of 2.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Ord Minnett rates C79 as Accumulate (2) -

Chrysos posted FY24 results that were in line with expectations with the main positive being the signing of two new lease agreements with global geochemistry laboratory, SGS.

Ord Minnett observes recent deals, four in number, improve both the depth and breadth of the company's business.

If new leases can be maintained, i.e. two per month, the broker acknowledges it may need to reconsider its assumptions for 12 annual unit deployments. Accumulate retained. Target rises to $6.09 from $5.99.

Target price is $6.09 Current Price is $5.85 Difference: $0.24
If C79 meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.33, suggesting upside of 2.9% (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

Citi rates CCX as Neutral (3) -

At first glance, City Chic Collective announced better than expected FY24 results with FY25 considerably above the broker's outlook.

The trading update for first eight weeks of FY25 is also well above Citi's forecasts for 1H25 while the gross margin has ended 2H24 higher and continued to improve into FY25.

The update was positive for the analyst with City Chic Collective set to capitalise on its repositioning to focus on A&NZ with an improved customer offering. 

Target price is $0.16 Current Price is $0.10 Difference: $0.058
If CCX meets the Citi target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 81.8% (ex-dividends)

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

Ord Minnett rates CHC as Accumulate (2) -

Charter Hall delivered a FY24 result that was slightly ahead of guidance. Ord Minnett incorporates a 250 basis points margin expansion to reach a target of $14.50.

Funds under management decreased to $80.9bn, largely because of a devaluation of -$6.1bn in property and -$2.4 bn in divestments. This was partially offset by acquisitions and capital expenditure. Accumulate rating.

Target price is $14.50 Current Price is $14.48 Difference: $0.02
If CHC meets the Ord Minnett target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $14.28, suggesting downside of -0.9% (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 COE as Hold (3) -

Bell Potter views the Cooper Energy FY24 earnings as broadly meeting expectations. Net profit came in at a higher loss because of an additional -$27m non-cash restoration expense on the top of the -$84m booked in 1H24, the analyst highlights.

No dividend as expected. Management's FY25 guidance points to a conservative outlook, Bell Potter assesses with Orbost plant expected to reach near capacity post the recent 30-day 88TJ/day average.

Orbost is expected to offset "natural" declines at Otway and Cooper Basin. The analyst's EPS forecasts are adjusted by 9% for FY25 and 46% in FY26.

Hold rating retained. Target price rises to 23c from 22c.

Target price is $0.23 Current Price is $0.21 Difference: $0.02
If COE meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 29.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates COE as Outperform (1) -

Higher production costs in FY24 for Cooper Energy were behind a -7% earnings (EBITDA) miss against Macquarie's forecast. Capex guidance for FY25 was also higher-than-expected.

Profit for the period also missed the broker's forecast by a material amount but significant upside and long-term value at Orbost keeps Macquarie's target of 30 cents unchanged.

Orbost has hit new 30/60/90 day production records.

The Outperform rating is maintained.

Target price is $0.30 Current Price is $0.21 Difference: $0.09
If COE meets the Macquarie target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 29.3% (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 COE as Add (1) -

Cooper Energy posted a strong FY24 result with earnings in line with Morgans and net debt below expectations. The company also reported an improved operating performance at Orbost in the first two months of FY25, with a record 30-day production rate.

The broker has reduced FY25 production, opex and capex assumptions in line with the newly released guidance. The decrease in production assumptions is more than offset by decreases to opex and capex.

Morgans sees an improving performance across both Sole and the Otway as having potential to deliver value upside.

Potential for increased production at Orbost and the supply project in the Otway will further increase exposure to the East Coast Gas market where the broker expects gas prices to rise.

Target rises to 31c from 30c, Add retained.

Target price is $0.31 Current Price is $0.21 Difference: $0.1
If COE meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $0.27, suggesting upside of 29.3% (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

Citi rates COL as Buy (1) -

FY24 results were ahead of Citi's estimates as Coles Group supermarkets continue to outperform. There are further benefits in gross margins.

The broker raises EBIT forecast by 3% for FY25 and 5% for FY26.

Citi expects momentum will improve through the first half given the company's value proposition, better execution and with the consumer environment expected to improve into Christmas.

FY25 like-for-like sales growth of 4% is forecast for supermarkets.

Buy rating retained. Target rises to $21 from $19.

Target price is $21.00 Current Price is $18.77 Difference: $2.23
If COL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.20, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates COL as Outperform (1) -

A 49bps gross margin improvement in Supermarkets drove an upside surprise for Coles Group against consensus forecasts, explains Macquarie. A softer outcome for Liquor provided a partial offset.

Group underlying EBIT and underlying profit came in 3% and 4% ahead, respectively, of the consensus estimates. The broker points to better on shelf availability, better promotions and cycling of supply chain disruption in the prior year.

The Simplify to Save and Invest cost-saving program delivered $238m in savings over FY24, observes Macquarie, with accelerated savings in the 2H.

The analyst notes the group is well placed for growth in FY25 as automation benefits are delivered.

The target rises by 4% to $20.20 on the broker's higher earnings forecasts and revised peer multiples. Outperform.

Target price is $20.20 Current Price is $18.77 Difference: $1.43
If COL meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $19.20, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

Coles Group's result beat Morgan Stanley on earnings, driven by lower than expected project implementation costs, higher than expected cost savings from Simplify and Save, and gross profit margin expansion.

Both Ocado customer fulfilment centres are now operational. Implementation costs are set to rise in FY25, but expected to fall out in FY26 with full ramp-up.

Morgan Stanley sees current valuation as fair, given decelerating top-line growth and continued cost pressures, offset by improving margins and efficiency gains via a ramp up in supply chain initiatives.

Target rises to $18.80 from $18.00, Equal-weight retained. Industry view: In Line.

Target price is $18.80 Current Price is $18.77 Difference: $0.03
If COL meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $19.20, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates COL as Downgrade to Hold from Add (3) -

Coles Group’s FY24 result was ahead of Morgans' expectations with the performance of Supermarkets a key highlight. Group margins rose, although liquor was weaker than expected in a challenging market.

Management noted Supermarkets sales for the first eight weeks of FY25 grew 3.7% with positive volume growth and increasing momentum as the quarter progressed.

Morgans expects the core Supermarkets division (94% of earnings) to continue to be supported by further improvement in product
availability, reduction in total loss, greater in-home consumption due to cost of living pressures, and population growth.

Benefits from recent supply chain investments should also start flowing through in FY25.

Downgrade to Hold from Add on a full valuation, target rises to $19.20 from $18.95.

Target price is $19.20 Current Price is $18.77 Difference: $0.43
If COL meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $19.20, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates COL as Buy (1) -

FY24 earnings (EBIT) for Coles Group beat estimates by UBS and consensus though Liquor missed forecasts by both. Sales for the first eight weeks of FY25 for Supermarkets increased by 3.7%, while Liquor fell by -1.4% versus the previous corresponding period.

The earnings outlook for Supermarkets remains strong, suggests the broker, with ongoing gross margin and CODB/Sales drivers supporting further EBIT margin expansion.

UBS notes the Witron automated distribution and Ocada fulfillment centre projects are performing well with expected contributions in FY26 for Witron.

The Buy rating is maintained, and the broker's target increased to $21 from $19.50 on higher earnings forecasts with a higher assumed multiple.

Target price is $21.00 Current Price is $18.77 Difference: $2.23
If COL meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $19.20, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Bell Potter rates CSS as Hold (3) -

Clean Seas Seafood reported a bigger than expected FY24 loss according to Bell Potter, with a -4% decline in selling prices somewhat offset by 3% growth in volumes year-on-year.

Operating cashflow retreated to -$10.3m compared to $1.3m in FY23 including leasing costs, with a rise in net debt. 

The broker highlights a 12% annual increase in cost of goods sold, with harvest volumes up 11% and biomass down -36% on the year.

Management guided to higher average selling prices in FY25 and a return to positive EBITDA.

Bell Potter adjusts earnings forecasts with a -$1m decline in FY25 EBITDA and -38% in FY26 EBITDA.

Hold rating remains. Target prices falls to 18.5c from 21.5c.

Target price is $0.19 Current Price is $0.18 Difference: $0.01
If CSS meets the Bell Potter 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:

Market Sentiment: 0.0

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

Bell Potter rates CXL as Speculative Buy (1) -

Calix reported lower than forecast FY24 revenues, by -5% according to Bell Potter, although still up 30%, boosted by 14% growth in Magnesia revenue and Leilac reporting $3.2m in revenue.

The company continues to invest in technology commercialisation with operating expenses lifting to -$42.1m from -$31.7m a year earlier.

The broker likes the fact industry demand is translating into revenue streams for completed projects, with good progress on demonstration technologies in cement, lime, iron, steel, lithium and direct air capture industries.

Earnings forecasts are adjusted for lower revenue forecasts and higher R&D expenses.

Speculative Buy rating unchanged. Target price falls to $1.90 from $2.40.

Target price is $1.90 Current Price is $0.89 Difference: $1.01
If CXL meets the Bell Potter target it will return approximately 113% (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 CYC as Buy (1) -

Cyclopharm reported a -19% decline in 1H24 revenue, due to the exclusion of a FY23 one-off item on capital equipment which was not repeated, Bell Potter notes.

Expenses advanced 10% on the previous corresponding period, including a higher rate on commercialisation versus R&D.

The analyst observes a slower than expected rollout of Technegas system in the US, although US hospitals are benefitting from an increased reimbursement base of some estimated US$828 per patient.

Bell Potter lowers FY24 EPS forecast by -42% with expectations Cyclopharm will be profitable in FY26.

Buy rating unchanged. Target price falls to $2.70 from $3.10.

Target price is $2.70 Current Price is $1.38 Difference: $1.32
If CYC meets the Bell Potter target it will return approximately 96% (excluding dividends, fees and charges).

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

Bell Potter rates DRO as Buy (1) -

Bell Potter observes DroneShield reported lower than expected revenue from customers in 1H24 by some -3%.

Operating expenses came in "materially" higher than forecast with gross margin of 71.6% in line with forecasts.

The share-based expenses of $2.7m, up 207% on FY23 attributed to the rise in expenses. Net losses were higher than forecast.

DroneShield has a contracted backlog of $32m and a $1.1bn sale pipeline the analyst notes, with the largest contract valued at $213m. Historically over 80% of business is booked in the 2H.

Bell Potter revises EPS forecasts by -6% in FY24 and 2% in FY25.

Buy rating remains. Target price moves to $1.35 from $1.25.

Target price is $1.35 Current Price is $1.17 Difference: $0.18
If DRO meets the Bell Potter target it will return approximately 15% (excluding dividends, fees and charges).

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

Shaw and Partners rates DRO as Buy (1) -

DroneShield reported first half revenue of $23.4m and an EBITDA loss of -$5.1m. Shaw and Partners assesses the company is well capitalised to lead counter-drone technology development and capture market share, encouraged by the step up in expected revenue.

Management has indicated customers have engaged the company to develop a technology-defined product roadmap, particularly addressing emerging cellular and maritime drone threats.

The broker is increasingly convinced the business will hit $300-500m in revenue in FY28.

Buy rating maintained. Target is $1.30 and unchanged.

Target price is $1.30 Current Price is $1.17 Difference: $0.13
If DRO meets the Shaw and Partners 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:

Market Sentiment: 1.0

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

Bell Potter rates EBR as Speculative Buy (1) -

Bell Potter notes EBR Systems reported a circa 24% increase in operating expenses in 1H24 with a 32.3% expanded net loss to US$20.6m due to higher debt servicing costs, increased staff costs and higher accounting/legal fees.

The broker questions whether the company will submit the final part of its PMA application by the end of September, when it is due and succeed in securing FDA approval for WiSE-CRT by 1Q25.

Management continues to ready for commercial launch.

Bell Potter's expected losses in FY25/FY26 increase by around 13% and 12%, respectively.

Speculative Buy rating unchanged. Target price moves to $1.96 from $1.43.

Target price is $1.96 Current Price is $1.13 Difference: $0.83
If EBR meets the Bell Potter target it will return approximately 73% (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

Bell Potter rates EOS as Buy (1) -

Bell Potter notes Electro Optic Systems reported much stronger than anticipated 1H24 EBITDA because of a better gross margin of 44% with reduced operating cost.

Net profit was also above forecasts, including a forex gain of $5.1m and reduced finance costs.

The analyst likes the introduction of near-term sales opportunities, including over a $100m opportunity with Hanwha; $181m in Ukraine (conditional contracts); high energy laser weapon opportunities in Europe and Middle East, over $50m-$100m value, and over $500m in Middle East opportunities.

The Buy rating and $2.20 target are retained.

Target price is $2.20 Current Price is $1.61 Difference: $0.595
If EOS meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

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

Ord Minnett rates EOS as Buy (1) -

First half results were in line with expectations, having been pre-released, yet Electro Optic Systems stock dropped as much as -15.6% intraday and was down -10.3% at the close, Ord Minnett notes.

This was driven by a mismatch between contract expectations and the reported backlog. Given long lead times involved in defence contracts, the broker was not expecting new wins until the end of 2024.

As a result earnings forecasts are unchanged and the sell-off is considered an opportunity. Buy rating and $2.80 target.

Target price is $2.80 Current Price is $1.61 Difference: $1.195
If EOS meets the Ord Minnett target it will return approximately 74% (excluding dividends, fees and charges).

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 EPY as Add (1) -

EarlyPay reported flat half on half profit in FY24. Extra focus was directed towards improving risk controls and the funding structure, Morgans notes. The company now has less funding complexity and higher capital efficiency.

Dividends have resumed and the broker expects a 40-50% payout would be sustainable. The buy-back is ongoing and acquisitions will also be carefully considered. Medium term, corporate appeal exists.

In Morgans' view, EarlyPay’s earnings quality has improved with a stronger balance sheet. Operational improvements are in place, the group now needs to execute on sustainable growth.

The broker has an Add rating but warns EarlyPay should be considered higher risk. Target rises to 29c from 28c.

Target price is $0.29 Current Price is $0.20 Difference: $0.095
If EPY meets the Morgans 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

Citi rates FLT as Buy (1) -

Citi observes at first glance Flight Centre Travel reported FY24 profit before tax which was slightly better than consensus and at the guidance mid-point range.

The broker highlights possible market concerns over $101m in adjustments versus guidance at $82-$95m. The adjustment for Rex airlines going into administration is believed a one-off. Citi assesses it should be looked through a glass-half-full not empty lens.

A -6% fall in airfares offset volume growth of 10% and total travel transactions growth of 8% year-on-year. The broker likes the 130 basis point increase in revenue margin in 2H24.

Management offered no guidance. Buy rated.

Target price is $24.15 Current Price is $19.33 Difference: $4.82
If FLT meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $25.92, suggesting upside of 29.3% (ex-dividends)

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

Citi rates FMG as Neutral (3) -

At first glance, FY24 EBITDA from Fortescue was above Citi's estimates. Net cash flow from operating activities of US$7.9 bn was up 7%.

The broker considers the challenge is maintaining a high dividend payout ratio amid a softer iron ore price.

Highlights include construction of a new solar farm, deployment of electric excavators and the development of battery electric and hydrogen fuel cell haulage truck prototypes.  There is no change to FY25 guidance. Neutral rating and $19.40 target.

Target price is $19.40 Current Price is $18.63 Difference: $0.77
If FMG meets the Citi target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $18.64, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates FMG as Sell (5) -

UBS assesses at first glance Fortescue ended FY24 with "solid" results including a strengthened balance sheet and a much higher than forecast final dividend of 89c, leading to a 70% payout ratio.

The broker highlighted underlying EBITDA, net profit and EPS were all lower than its own and consensus forecasts, but net debt came in at a pleasing US$0.5bn.

Management made no changes to FY25 production, cost or capex guidance. The green metals project started construction in August.

Exploration in Gabon continues with Fortescue concentrating on iron ore, copper and rare earths. Sell rated.

Target price is $17.70 Current Price is $18.63 Difference: minus $0.93 (current price is over target).
If FMG meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.64, suggesting upside of 1.1% (ex-dividends)

The company's fiscal year ends in June.

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

Morgan Stanley rates GYG as Overweight (1) -

Guzman y Gomez' FY24 result was ahead of prospectus forecasts, driven by higher sales and margins. A trading update points to strength of brand and resonance of the offering with consumers, Morgan Stanley suggests.

Australian sales growth was above expectations, driven by success of "Clean is the New Healthy" campaign, delivery outperformance and customer demand for value.

Guzman y Gomez opened 25 new restaurants in FY24, growing its store network to 220 (+13%). The company has 91 board-approved pipeline sites, the broker notes, which underpins its medium-term store target addition.

As an early stage quick service operator, Guzman y Gomez has a long runway for growth, Morgan Stanley observes, supported by network expansion and above-sector average sales growth.

Targte rises to $38.50 from $31.80, Overweight retained. Industry view: In Line.

Target price is $38.50 Current Price is $37.00 Difference: $1.5
If GYG meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 1.0% (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 GYG as Downgrade to Hold from Add (3) -

Guzman y Gomez’ maiden result as a listed company was strong as Morgans was expecting and ahead of prospectus forecasts, driven by higher than expected comparable sales.

The company has had a robust start to FY25, with its sales growth for the first seven weeks ahead of guidance for FY25. The broker notes the comparables Guzman y Gomez has to cycle also get easier from here.

Morgans believes the company can continue to perform well through FY25 with possible index inclusions, sell-downs to increase liquidity, strong quarterly sales updates and an inevitable earnings upgrade.

The broker downgrades to Hold from Add due to share price appreciation. Target lifts to $37.70 from $30.80.

Target price is $37.70 Current Price is $37.00 Difference: $0.7
If GYG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $35.73, suggesting upside of 1.0% (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 HLO as Downgrade to Hold from Add (3) -

Helloworld Travel posted a solid June Q which saw it deliver just under the mid-point of FY24 guidance.

The highlights for Morgans were acquisitions exceeding their investment cases, earnings margin, materially stronger than expected cash flow and a strong net cash position.

Nevertheless, when the acquisitions are backed out, the base business went backwards in 2H24 versus 1H24 and 2H23, the broker notes. Outlook comments were limited and no guidance was provided.

Given the uncertain near-term outlook and reflecting weaker 2H24 trends, Morgans downgrades to Hold from Add until there is a clearer picture on the outlook.

Target falls to $2.30 from $3.33.

Target price is $2.30 Current Price is $2.07 Difference: $0.23
If HLO meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 43.7% (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 HLO as Buy (1) -

Helloworld Travel delivered "a solid set of numbers" in FY24, Ord Minnett asserts, with a combined impact of the ETG acquisition, organic growth and margin improvement.

The broker adopts flat to lower transaction value and unchanged revenue and margin assumptions for FY25. As a result EPS estimates decline by -23% for FY25 and -26% for FY26.

Target is reduced to $2.65 from $3.10. Ord  Minnett suggests the stock is probably undervalued even on a pessimistic outlook and retains a Buy rating.

Target price is $2.65 Current Price is $2.07 Difference: $0.58
If HLO meets the Ord Minnett target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 43.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Shaw and Partners rates HLO as Buy (1) -

FY24 EBITDA from Helloworld Travel was at the mid point of guidance. Shaw and Partners notes the negative share price reaction, which is attributed in part to a lack of numerical guidance combined with escalating tensions in the Middle East and Ukraine creating risks to travel demand.

The broker already believes subdued travel demand is priced into the stock and retains a Buy rating, reducing the target to $3.50 from $3.80.

EBITDA forecasts are reduced for FY25 and FY26 by -9%.

Target price is $3.50 Current Price is $2.07 Difference: $1.43
If HLO meets the Shaw and Partners target it will return approximately 69% (excluding dividends, fees and charges).

Current consensus price target is $2.82, suggesting upside of 43.7% (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 IDX as Outperform (1) -

Macquarie's forecasts suggest double-digit EPS accretion for Integral Diagnostics over FY25/FY26 assuming cost synergies pertaining to the Capitol Health ((CAJ)) merger are realised.

After reviewing FY24 results, the broker highlights the EBITDA margin expanded to 19.5% (as expected) with ongoing expansion anticipated in FY25 as head-count reductions annualise.

The target rises to $2.90 from $2.85. Outperform.

Target price is $2.90 Current Price is $2.60 Difference: $0.3
If IDX meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Ord Minnett rates IDX as Buy (1) -

Integral Diagnostics posted FY24 net profit that was slightly below Ord Minnett's estimates. The first half has started in a positive way with revenue growth in the mid teens in July and the company continuing to annualise November 2023 cost reductions.

Focus is now on the merger with Capitol Health which appears increasingly likely to be completed by the end of the year.

With the merged company calculated trading at 8 x FY26 adjusted EBITDA estimates, the broker continues to envisage a positive skew in the risk/reward.

Buy rating. Target rises to $3.00 from $2.70.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If IDX meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.49, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgan Stanley rates IEL as Overweight (1) -

The government has announced an international student cap of 270k for 2025 (legislation pending). Cap composition means Vocational Education & Training providers should be impacted more than Higher Education providers, Morgan Stanley notes.

Based on current commencement data and a forecast decline of -30% in 2H24 (based on visa data) implies 2024 commencements of 190,000 versus the cap of 175,000 for 2025, the broker estimates.

Overweight and $19.20 target retained for IDP Education. Industry view: In Line.

Target price is $19.20 Current Price is $15.87 Difference: $3.33
If IEL meets the Morgan Stanley target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $19.13, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

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

UBS rates IEL as Neutral (3) -

UBS assesses the proposed government cap on student numbers is better than IDP Education had been forecasting at 15% higher than pre-covid levels (flat on FY23), against the company's estimate of -20% to -25% decline, or a -13% decline once adjusted.

The analyst distinguishes between the intake from geographic locations where IDP Education is more exposed to Group of 8 Universities than China, where third parties are used and suggests the proposals are not straight forward.

Neutral rating and $16.10 target price unchanged with the broker awaiting the outcome from the Canadian government on post study work rights.

No changes to earnings forecasts.

Target price is $16.10 Current Price is $15.87 Difference: $0.23
If IEL meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $19.13, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

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

Bell Potter rates JLG as Hold (3) -

Johns Lyng reported a "soft" FY24 earning report including a -10% fall in revenue and net profit -3% below the broker's estimate.

Net cash position declined to $20.9m from $71.9m in FY23. A 4.7c final dividend was -5.2c befow the analyst's forecast.

On an organic basis the company's domestic strata business was flat to "backwards" Bell Potter assesses because of weather events and specific issues in NSW.

In FY25 work in hand for CAT stands at $51.1m against $137.8m in the previous corresponding period. The domestic EBITDA margin is expected to normalise at -100 basis points below the FY24 peak.

Bell Potter revises EPS forecasts by -15% to -20% between FY25-FY27. Hold rating unchanged. Target price falls to $4.20 from $6.30.

Target price is $4.20 Current Price is $4.06 Difference: $0.14
If JLG meets the Bell Potter target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 37.3% (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 JLG as Downgrade to Neutral from Buy (3) -

Citi found a lot that was surprising in the FY24 results from Johns Lyng, noting 40-50% of guided BAU revenue needs to be secured. If growth momentum slows as it did in the second half of FY24, then the broker assesses downside risk prevails.

The question is, in Citi's view, whether the Australian market is now at a stage where high single-digit or double-digit revenue growth is at risk without acquisitions.

The broker suggests the market is likely to remain sceptical and amid these concerns downgrades to Neutral from Buy.

Target is lowered to $4.55 from $7.85 because of lower forecasts and valuation multiples.

Target price is $4.55 Current Price is $4.06 Difference: $0.49
If JLG meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 37.3% (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

Macquarie rates JLG as Outperform (1) -

Shares in Johns Lyng represent value, suggests Macquarie, in the wake of a fall following the release of FY24 earnings (EBITDA) in line with management guidance, but weaker-than-expected FY25 guidance.

Earnings expectations have been rebased, observes the broker, with the FY25 CAT share of earnings at a multi-year low.

After allowing for FY25 guidance, the analyst lowers FY25-27 EPS forecasts by -25%, -20% and -15%, respectively.

The target falls to $5.10 from $7.40. The Outperform rating is maintained.

Target price is $5.10 Current Price is $4.06 Difference: $1.04
If JLG meets the Macquarie target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 37.3% (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 JLG as Overweight (1) -

In a brief response to Johns Lyng's result, Morgan Stanley notes business-as-usual earnings were slightly below the broker mainly on Australian insurance building & restoration services (IB&RS). Second half revenues were lower than first when the opposite was expected.

This was nevertheless mitigated by better margins. US IB&RS met expectations with second half acceleration and is considered a positive.

Overweight and $7.20 target retained. Industry view: In-Line.

Target price is $7.20 Current Price is $4.06 Difference: $3.14
If JLG meets the Morgan Stanley target it will return approximately 77% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 37.3% (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 JLG as Add (1) -

Johns Lyng delivered a mixed FY24 result, with earnings coming in -2% lower than Morgans. Business as Usual (BAU) earnings missed but the group delivered stronger than expected catastrophe (CAT) earnings.

Although the outlook for BAU revenue growth appears positive, guidance implies earnings margins are expected to normalise lower following record job volumes in FY23/FY24, while the CAT roll-off appears steeper than Morgans expected.

The broker maintains a positive view on Johns Lyng, as the company is well placed to benefit from a growing share of insurance, building repair and restoration activity in Australia and the US.

 Further gains across its five key growth pillars, and ongoing market consolidation via M&A are highlighted.

Target falls to $5.10 from $7.30 on forecast earnings reductions, Add retained.

Target price is $5.10 Current Price is $4.06 Difference: $1.04
If JLG meets the Morgans target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $5.23, suggesting upside of 37.3% (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 KAR as Buy (1) -

In an initial view, Citi comments first half earnings from Karoon Energy were largely in line. Operating cash flow was much weaker than forecast, stemming from the timing of receipts.

Production guidance is unchanged although the company now expects this in the lower end of the range.

The broker assesses with two assets production is tracking at the lower end of the range. With only four months to go to the end of the year, there is a risk of downgrades to guidance if minor unplanned operating issues ensue.

Buy rating. Target is $2.35.

Target price is $2.35 Current Price is $1.77 Difference: $0.585
If KAR meets the Citi target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.39, suggesting upside of 40.6% (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: 0.8

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

Citi rates LOV as Neutral (3) -

Citi observes Lovisa Holdings continues to be highly profitable and scalable yet the current multiple does not reflect the further risks from rapid growth and the uncertainty surrounding the change of CEO.

While in modelling it is easy to get significant long-term earnings growth, the broker's research suggests there might be a lack of comprehension surrounding in-store execution in some key offshore markets.

Neutral. Target is raised to $32.16 from $31.65.

Target price is $32.16 Current Price is $32.45 Difference: minus $0.29 (current price is over target).
If LOV meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.79, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates LOV as Outperform (1) -

After yesterday's FY24 result for Lovisa Holdings, Macquarie raises its target to $35.10 from $33.70.

The Outperform rating is kept in light of the significant opportunity for store rollouts in key regions, with the new warehouse supporting the Americas rollout.

In yesterdays initial glance at FY24 results for Lovisa Holdings, Macquarie highlighted revenue came in slightly lower-than-forecast largely driven by store rollout (900 versus the broker's 913 forecast).

Eight net new stores have been added so far in FY25 taking total stores to 908.

Total sales increased by 17.1% to $699m while the gross margin percentage increased by 110bps to 81%.

The analyst highlights like-for-like sales improved into early-FY25, rising by 2% on the previous corresponding period.

A final dividend of 37 cents was declared.

Target price is $35.10 Current Price is $32.45 Difference: $2.65
If LOV meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $32.79, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

FY24 results from Lovisa Holdings slightly missed estimates, although Morgan Stanley notes comparables are back to a positive stance and gross margins continue to expand.

The broker assesses the risk/reward is balanced and decreases EPS forecast by -7% for FY25-26 as store growth is yet to accelerate and the execution risk is greater given the CEO transition.

Gross margins are now expected to remain above the historical range at around 81% in FY24-27 as the business has demonstrated an ability to lift prices and manage supplier/freight costs.

Equal-weight. Target rises to $33.25 and $30.25. Industry view: In-Line.

Target price is $33.25 Current Price is $32.45 Difference: $0.8
If LOV meets the Morgan Stanley target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $32.79, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Morgans rates LOV as Add (1) -

Lovisa Holdings achieved good growth in earnings in FY24, although overall sales fell short of Morgans' expectations, with earnings also below. Gross margin and the dividend were beats.

That said, there are not many global retailers achieving 17% sales growth and 21% earnings growth in the current challenging consumer environment, the broker notes. Lovisa's track record has trained investors to have high expectations.

Lovisa has ambitious expansion plans and Morgans believes it has the ingredients to become a truly global brand. Ongoing investment will be needed to expand the multinational network and to take it into new markets, including China.

The company has the capacity to fund this, and the returns could be stellar, the broker suggests.

Target falls to $36.50 from $37.00, Add retained.

Target price is $36.50 Current Price is $32.45 Difference: $4.05
If LOV meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $32.79, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

UBS rates LOV as Neutral (3) -

After further weighing yesterday's FY24 result for Lovisa Holdings, UBS raises its target to $33.00 from $32.50 and retains a Neutral rating. The analyst remains confident growth will improve.

A summary of yesterday's research note by the broker follows.

At first glance, it appears Lovisa Holdings' FY24 earnings and profit were below consensus but above UBS. Sales in the first eight weeks of FY25 are up 2.0%, which is -5.8% down year on year.

Since the end of FY24, ten new stores opened (21 last year) and two stores closed (8 last year) and Lovisa entered the Ivory Coast and Republic of Congo under a franchised network, with the store network now 908.

Trading is set to start the first half subdued with modest store growth and sales growth, UBS notes.

Target price is $33.00 Current Price is $32.45 Difference: $0.55
If LOV meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $32.79, suggesting upside of 3.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates LYC as Sell (5) -

Lynas Rare Earths reported FY24 EBITDA which came in 14% above Citi's forecasts and 13% above consensus, at first glance.

Lower cost of sales and general/admin expenses boosted the EBITDA. Interest income came in higher than forecast with lower depreciation/amortisation charges.

The company ended FY24 with net cash of $352m. Kalgoorlie continues to ramp up with Mt Weld stage 2 expected to be finished by the end of FY25.

Citi notes a wastewater permitting issue at the construction of the US processing plant, which is expected to be fixed by the end of 2024, delaying earthworks.

Target price is $5.20 Current Price is $6.79 Difference: minus $1.59 (current price is over target).
If LYC meets the Citi target it will return approximately minus 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.69, suggesting downside of -4.7% (ex-dividends)

The company's fiscal year ends in June.

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

Citi rates MMS as Buy (1) -

Further to the FY24 results Citi observes FY25 for McMillan Shakespeare is likely to be tougher than previously expected as the earnings "hole" from the loss of the SA government contract is unlikely to be countered by growing demand for electric vehicles and novated leasing.

Beyond FY25 the broker remains positive on the growth in novated leasing and retains a Buy rating.

Target is reduced to $20.05 from $22.50.

Target price is $20.05 Current Price is $17.63 Difference: $2.42
If MMS meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $20.71, suggesting upside of 31.9% (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 MMS as Outperform (1) -

McMillan Shakespeare's FY24 results delivered a 34.8% earnings (EBITDA) increase supported by a 53.7% earnings jump in the Group Remuneration Services (GRS) division, explains Macquarie.

The GRS pipeline remains elevated and supports the outlook, according to the broker.

For FY25, management aims to pursue organic growth across all segments and from new channels such as Oly, which is making novated leasing more accessible to employees of SME businesses.

The FY24 fully franked dividend increased by 24.2% to $1.54.

Outperform rating retained. Target price falls to $20.78 from $22.63.

Target price is $20.78 Current Price is $17.63 Difference: $3.15
If MMS meets the Macquarie target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $20.71, suggesting upside of 31.9% (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

Morgan Stanley rates MMS as Overweight (1) -

At first glance McMillan Shakespeare's FY24 results appear slightly ahead of expectations. The outlook is for organic growth across all segments which the broker believes will alleviate potential concerns regarding the SA contract roll off in FY25.

Overweight rating. Target is $21.50. Industry view: In-line.

Target price is $21.50 Current Price is $17.63 Difference: $3.87
If MMS meets the Morgan Stanley target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $20.71, suggesting upside of 31.9% (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 MMS as Accumulate (2) -

McMillan Shakespeare delivered results that were broadly in line with expectations. In order to maximise an opportunity, the company has launched a new brand "Oly", targeting the SME sector via a digital offering for novated leases.

Ord Minnett observes this has potential to make inroads into a $160m addressable market, one where EV penetration is higher than the typical client base.

The broker makes slight reductions to net profit forecasts and reduces the target to $19.00 from $21.10. Accumulate maintained.

Target price is $19.00 Current Price is $17.63 Difference: $1.37
If MMS meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.71, suggesting upside of 31.9% (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 MSV as Speculative Buy (1) -

Mitchell Service' FY24 result was pre-reported so there were few surprises. Morgans trims its FY25 forecasts and valuation to reflect the current dip in rig utilisation.

The broker likes the growth optionality in the newly launched Loop coal mine decarbonisation business, although this looks longer-dated, while the balance sheet affords material optionality around growth versus ongoing shareholder returns, which look more likely.

FY25 is looking like a quieter period, reflecting some market softening, but Mitchell Services still looks far too cheap on all value measures, Morgans believes.

Target falls to 55c from 56c, Speculative Buy retained.

Target price is $0.55 Current Price is $0.39 Difference: $0.16
If MSV meets the Morgans target it will return approximately 41% (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 NAN as Hold (3) -

Bell Potter observes Nanosonics' top line growth is moderating as Trophon's share in the US increases to over 50% with a 7% increase in the US and 7% in total.

The company's FY24 revenue was pre-released. Earning before interest and tax came in slightly better than consensus, according to the analyst.

Bell Potter stresses there is "little to show" with the regulatory approval for CORIS in the US and Nanosonics has minimal earnings leverage with cashflows being reinvested for the future.

No change in Hold rating and $3.45 target price.

Target price is $3.45 Current Price is $3.31 Difference: $0.14
If NAN meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 5.6% (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 NAN as Add (1) -

Nanosonics' FY24 results were largely known given the recent trading update so the focus was on guidance, Morgans notes.

While management has made it clear capital budget pressures remain, a modest bounce-back in capital sales and positive commentary suggesting more optimism into FY25 on new sales pipeline has reignited interest in the stock, the broker suggests.

FY25 guidance looks achievable, and Morgans would expect upgrades to roll through across the year if and when the pressures abate.

While the result and outlook paint a clearer picture, the broker suggests some investors may want to see more concrete signs in the new sales numbers.

Add and $3.75 target retained.

Target price is $3.75 Current Price is $3.31 Difference: $0.44
If NAN meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting upside of 5.6% (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

UBS rates NEC as Buy (1) -

The UBS snapshot of Nine Entertainment's FY24 results revealed slightly better EBITDA due to improved costs, although capex was higher than forecast.

Management guided to improved total TV revenue growth for FY25 across the 1H and 2H, better than the broker's flat estimates but costs are also expected to rise on FY24.

UBS points to rising capex of -$95-$100m in FY25 which is well above the analyst's -$61m forecast and excludes Domain Holdings ((DHG)).

Management paused the share buyback into next year.

Target price is $1.95 Current Price is $1.34 Difference: $0.61
If NEC meets the UBS target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $2.07, suggesting upside of 53.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates NEU as Buy (1) -

Neuren Pharmaceuticals pre-released 1H24 revenues with royalties from Daybue being the main contributor. 

Bell Potter notes operating expenses in 1H24 results were higher than expected due to R&D expenses with net profit slightly above forecasts.

The broker believes Daybue's royalties are a "lucrative" earner for the company when it is investing R&D in its second asset, NNZ-2591 which is currently in phase 3 clinical trials.

Bell Potter makes minor adjustments to earnings forecasts.

The $25 target is unchanged. Buy rating remains.

Target price is $25.00 Current Price is $15.75 Difference: $9.25
If NEU meets the Bell Potter target it will return approximately 59% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 1.0

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

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

Macquarie upgrades Navigator Global Investments to Outperform from Neutral following recent share price weakness and the release of FY24 results. The target slips to $2.02 from $2.22.

Adjusted earnings (EBITDA) of US$90.5m for FY24 came in slightly above the top end of guidance range driven by aggregate asset under management (AUM) growth of 3% to US$75bn, explains the broker.

Revenue growth was partly offset by a -14% worsening of operating expenses primarily driven by senior executive compensation, notes the analyst, along with additional office space costs and increased third-party distribution costs.

Target price is $2.02 Current Price is $1.78 Difference: $0.245
If NGI meets the Macquarie target it will return approximately 14% (excluding dividends, fees and charges).

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

Ord Minnett rates NGI as Buy (1) -

Ord Minnett observes the FY24 result from Navigator Global Investments beat estimates and recent guidance, underpinned by performance fees.

The broker lauds the strategic portfolio, which has delivered since acquisition and should be a significant contributor going forward.

Potential upside also exists as the business intends on considering further accretive deals.

Buy rating. Target slips to $2.15 from $2.20.

Target price is $2.15 Current Price is $1.78 Difference: $0.375
If NGI meets the Ord Minnett 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:

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 NHF as Add (1) -

nib Holdings’ FY24 reported profit was -9% below Morgans with underlying operating profit -4% below. The primary takeaway was total claims growth in A&NZ has spiked somewhat, seemingly putting an end to the previously benign claims environment.

While this was a somewhat disappointing result, the broker believes it presents an opportunity to buy a "pretty well performed" business over time, which is now trading on a less demanding 14x FY25 PE multiple.

Target falls to $7.31 from $7.92, Add retained.

Target price is $7.31 Current Price is $6.25 Difference: $1.06
If NHF meets the Morgans target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 13.5% (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 NHF as Buy (1) -

The second half FY24 net profit of $78m and final dividend of $0.14 from nib Holdings missed Ord Minnett's expectations.

The broker points out, unlike larger peers, the company has been less forthcoming regarding true underlying earnings.

Notably, claims are returning to historical patterns and are being offset by rises in premium rates across all sectors. Ord Minnett reduces EPS estimates by -10% for FY25 and -7% for FY26.

Management's treatment of the numbers and the impact of the pandemic on accounts means investors remain cautious regarding the outlook.

Ord Minnett suggests it may take time to become confident in the underlying earnings base.

Target is reduced to $7.25 from $8.65. Buy retained.

Target price is $7.25 Current Price is $6.25 Difference: $1
If NHF meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $7.21, suggesting upside of 13.5% (ex-dividends)

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 NIC as Buy (1) -

Nickel Industries' move to acquire upstream assets like 60% of the Sampala Project makes strategic sense to UBS given the increasingly tight ore situation in Indonesia. The final acquisition price is yet to be determined.

Sampala is a collection of three prospective nickel mining licenses with 187mt resource at 1.2% nickel, explains the broker.

The target falls to $1.05 from $1.10. Buy rating is unchanged.

Target price is $1.05 Current Price is $0.85 Difference: $0.205
If NIC meets the UBS target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.11, suggesting upside of 34.8% (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

Bell Potter rates NOU as Speculative Buy (1) -

Bell Potter highlights Noumi reported FY24 EBITDA which was better than forecast.

Both plant-based revenues and EBITDA were higher than the analyst's expectations. Dairy and Nutritionals were affected by low fat milk prices and bulk milk sales.

Management does not provide guidance. Bell Potter adjusts forecasts slightly.

The Speculative Buy rating and target raised to 19.5c from 17.5c.

Target price is $0.20 Current Price is $0.14 Difference: $0.05
If NOU meets the Bell Potter target it will return approximately 34% (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 NXT as Buy (1) -

On first inspectation, NextDC reported FY24 EBITDA 4% better than Citi's forecast and 5% above consensus estimates because of lower power prices.

Gross margins rose to 81% in 2H24 from 71% in 2H24 (lower power prices). Incremental bookings rose in the 2H24 by 1.4MWs for 'Rest of Australia' versus 2MWs in 1H24.

The broker likes the more transparent disclosure on revenue splits by co-location, power pass-through and interconnection across segments.

Management offered no FY25 bookings guidance and capex at -$940m was higher than expected.

Citi expects consensus FY25 estimates to be revised down by -5% on the FY25 EBITDA guidance. Buy rating unchanged.

Target price is $19.25 Current Price is $17.82 Difference: $1.43
If NXT meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $20.24, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY24:

Forecast for FY25:

Market Sentiment: 0.9

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

Bell Potter rates PFP as Buy (1) -

Propel Funeral Partners reported FY24 revenue and EBITDA which met guidance, but were slightly below consensus and Bell Potter's forecasts, with softer than anticipated volumes.

July has started strongly with revenues above 20% growth. The broker notes higher funeral volume growth with acquisitions completed in FY24 and 1Q25 coming into play.

Bell Potter adjusts earnings forecasts by -3% for FY25 and FY26, post changes in FY24 funeral volumes and higher average revenue per funeral in FY25.

Target price revised to $6.40 from $6.20. Buy rating unchanged.

Target price is $6.40 Current Price is $5.74 Difference: $0.66
If PFP meets the Bell Potter target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 12.5% (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 PFP as Outperform (1) -

FY24 revenue for Propel Funeral Partners came in at the mid-point of guidance aided by an around $42m contribution from acquisitions, explains Macquarie. 

The analyst forecasts FY25 earnings (UEBITDA) growth of 14.6% with further M&A representing material upside.

Given the -6% FY24 decline in organic volumes, the broker considers an earnings margin decline of only -80bps is a solid outcome.

The Outperform rating is retained and the target rises by 30 cents to $6.88.

Target price is $6.88 Current Price is $5.74 Difference: $1.14
If PFP meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 12.5% (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 PFP as Overweight (1) -

Morgan Stanley considers the FY24 results from Propel Funeral Partners resilient, having hit guidance despite a -6% decline in volumes. Pricing improved despite industry softness.

The broker's main concern centres on the shape of the volume recovery so EPS estimates are eased by -4%.

Overweight reiterated. Target is $6.40. Industry view: In-Line.

Target price is $6.40 Current Price is $5.74 Difference: $0.66
If PFP meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.56, suggesting upside of 12.5% (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 PPE as Buy (1) -

PeopleIN delivered FY24 results that were below Ord Minnett's expectations. This stemmed from a faster amortisation schedule on the major software upgrade.

Prior acquisitions are now fully integrated and the company has, in the broker's view, prudently withheld the second half dividend to prioritise debt repayment.

With lower expenditure and only $2m in remaining earn-outs, free cash flow is expected to improve materially in FY25. Buy rating retained. Target is reduced to $1.12 from $1.46.

Target price is $1.12 Current Price is $0.75 Difference: $0.37
If PPE 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: 0.5

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

Macquarie rates RDY as Outperform (1) -

Macquarie highlights ReadyTech Holdings still has a strong pipeline of work. FY24 revenue headwinds were due to previously delayed enterprise contracts, highlights the broker.

FY24 revenue came in at the lower end of guidance but margins improved and FY25 guidance suggests further improvement, notes the analyst.

Outperform rating. The broker's $3.80 target is retained despite forecast earnings downgrades and a higher share count because of a valuation roll-forward.

Target price is $3.80 Current Price is $3.25 Difference: $0.55
If RDY meets the Macquarie 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

Shaw and Partners rates RDY as Buy (1) -

ReadyTech Holdings produced slightly softer FY24 revenue, as had been flagged at the first half. Cost growth slowed to 8% compared with 17% in FY23.

Shaw and Partners notes this resulted in Cash EBITDA margins improving, the first time this has happened in five years. Margins are also expected to keep expanding through to FY27.

The broker considers the trajectory for the business is strong and reiterates a Buy rating. Target is reduced to $4.80 from $4.90.

Target price is $4.80 Current Price is $3.25 Difference: $1.55
If RDY meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates RPL as Buy (1) -

Regal Partners posted a first half result that was slightly ahead of forecasts. Going forward, Ord Minnett observes the company continues to invest and maximise opportunities brought by recent acquisitions.

The broker considers the investment performance across a number of the company's core strategies is "excellent" and should drive new business flows and growth in funds under management for the medium term.

The valuation is considered undemanding and a Buy rating is maintained along with a $4.30 target.

Target price is $4.30 Current Price is $3.31 Difference: $0.99
If RPL meets the Ord Minnett target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $4.52, suggesting upside of 33.4% (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

Ord Minnett rates SCG as Accumulate (2) -

Ord Minnett describes a "robust" first half for Scentre Group with funds from operations (FFO) matching the consensus estimate.

The broker highlights favourable sales trends and the potential for management to attract capital partners to existing assets as transaction markets reopen.

The portfolio’s cap rate increased to 5.42% from 5.35% over 1H resulting in a slight decline in net tangible asset value to $3.43 from
$3.44 in FY23, explains the analyst.

Management reaffirmed FY24 FFO guidance of between 21.75-22.25cpu.

The Accumulate rating and $3.40 target are retained.

Target price is $3.40 Current Price is $3.43 Difference: minus $0.03 (current price is over target).
If SCG 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 $3.45, suggesting upside of 0.9% (ex-dividends)

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

Morgan Stanley rates SDR as Overweight (1) -

Morgan Stanley notes key metrics were pre-released for the FY24 results and there were no surprises. EBITDA was slightly lower than expected. SiteMinder's targets for 30% recurring revenue growth are reiterated.

The Overweight rating and $6.80 target are unchanged. Industry view: In-Line. 

Target price is $6.80 Current Price is $5.15 Difference: $1.65
If SDR meets the Morgan Stanley target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $6.68, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Ord Minnett rates SDR as Buy (1) -

SiteMinder reported a FY24 normalised net loss of -$24.4m only just worse than Ord Minnett's -$24.2m forecast. The Buy rating and $7.55 target are maintained.

The broker still expects an around $15.00 share price in three-to-five years as management explores entirely new and disruptive
innovations. Free cash flow (FCF) of circa $100m is forecast by FY30 with annual recurring revenue (ARR) of $1bn.

Target price is $7.55 Current Price is $5.15 Difference: $2.4
If SDR meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $6.68, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates SDR as Buy (1) -

UBS acknowledges no major surprises in SiteMinder's FY24 results with many metrics pre-announced.

The broker highlights a slowing in underlying sales momentum versus expectations which translates to a lower EBITDA outlook.

Underlying business of SiteMinder continues to perform well, according to the analyst, with potential upside from new products and enhancements. Management is focusing on larger hotels, increasing the market share of customer spend and transaction volumes.

Targeted organic revenue growth is 30% p.a. over the medium term. UBS revises EPS forecasts by -22% and -33% for FY25/FY26, respectively.

Target price revised to $6.20 from $6.56. Buy rating unchanged.

Target price is $6.20 Current Price is $5.15 Difference: $1.05
If SDR meets the UBS target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.68, suggesting upside of 35.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Macquarie rates SGF as Outperform (1) -

In an overall good quality FY24 result for SG Fleet, according to Macquarie, underlying profit (NPATA) beat forecasts by the broker and consensus by 4% and 8%, respectively.

Management issued FY25 underlying profit guidance for between $88-$95m (a year-on-year decline), which was impacted by an increased shift to warehouse funding and interest costs post the 15 cent special dividend.

The special dividend was in addition to the final dividend of 9.33 cents, bringing the total FY24 dividend to 33.93 cents, a rise of 109.6% on the previous corresponding period.

Outperform rating retained. Target price slips to $3.18 from $3.21.

Target price is $3.18 Current Price is $3.03 Difference: $0.15
If SGF 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

Morgan Stanley rates SGF as Overweight (1) -

Morgan Stanley assesses SG Fleet provided a strong FY24 result and guidance for FY25 of $88-95m for net profit is ahead of expectations, albeit lower than consensus anticipated and hence the stock fell.

On further analysis, guidance implies a shift towards higher quality earnings with the FY26 trajectory underpinned by cost and revenue synergies.

The broker finds the valuation undemanding and while EPS for FY25 will head lower, this is in part affected by temporary headwinds and FY26 should rebound.

Overweight rating is maintained. Target is $3.60. Industry View: In-line.

Target price is $3.60 Current Price is $3.03 Difference: $0.57
If SGF meets the Morgan Stanley 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

Citi rates SIQ as Buy (1) -

Smartgroup Corp reported revenue up 27% year on year and 4% ahead of Citi. Key observations from the results are: significant improvements in margins in the June Q; new leasing orders remained robust in 1H24 versus 2H23; yields proved to be resilient and were flat on 2H23.

On this first glance, Citi expects the market to like the result, particularly given orders and leasing appear to be more robust than peers.

The strong June Q should also be well received and the broker expects upward revisions to FY24 consensus estimates.

Buy and $10.45 target retained.

Target price is $10.45 Current Price is $7.55 Difference: $2.9
If SIQ meets the Citi target it will return approximately 38% (excluding dividends, fees and charges).

Current consensus price target is $10.10, suggesting upside of 29.8% (ex-dividends)

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

Shaw and Partners rates SLH as Buy (1) -

FY24 net profit from Silk Logistics was largely in line with Shaw and Partners. Operating cash flow was "very strong", up 30.6%. Given challenging conditions, particularly the variability in shipping container volumes, the broker is pleased with the outcome.

Underlying EBITDA forecasts for FY25 and FY26 are raised by around 1% although net profit forecasts, as a result of depreciation and interest expense, are reduced by -15% for FY25 and -13.9% for FY26. 

Buy rating retained. Target is $2.10.

Target price is $2.10 Current Price is $1.36 Difference: $0.74
If SLH meets the Shaw and Partners target it will return approximately 54% (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 SNL as Buy (1) -

Ord Minnett raises its target for Supply Network to $30.50 from $26.60 following FY24 results showing record sales and profitability, and a bright FY25 outlook. Buy.

Management is anticipating above average revenue growth for at least the next year.

Strong industry demand from commercial vehicle customers is being driven by an ageing vehicle fleet, increasing freight task and the increasing complexity of vehicles, explains the broker.

The board declared a fully franked final dividend of 33 cents, a 17.9% increase on FY23.

Target price is $30.50 Current Price is $28.79 Difference: $1.71
If SNL meets the Ord Minnett 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:

Market Sentiment: 1.0

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

Ord Minnett rates THL as Buy (1) -

Following FY24 results for Tourism Holdings Rentals, Ord Minnett notes industry sources are indicating the cycle may be turning in North America, but the broker expects an A&NZ recovery will take longer.

FY24 profit was slightly ahead of the broker's estimate. Management noted “unacceptable” results in North America and Europe and has
acted decisively to orchestrated change, in the analysts' view.

The Buy rating is retained, given an inevitable cyclical recovery, according to Ord Minnett. The target falls to NZ$3.00 from NZ$3.13.

Current Price is $1.83. Target price not assessed.

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Shaw and Partners rates TYR as Buy (1) -

FY24 results from Tyro Payments reveal discretionary conditions continue to be challenging, although Shaw and Partners notes long-term guidance to FY27 has been provided, with EBITDA growth of 12-17%.

The broker considers guidance conservative with upside risk should macro conditions improve. Churn remains sticky.

Buy rating reiterated. Target is steady at $1.60.

Target price is $1.60 Current Price is $1.03 Difference: $0.565
If TYR meets the Shaw and Partners target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $1.52, suggesting upside of 48.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Morgans rates VSL as Downgrade to Hold from Add (3) -

Vulcan Steel's underlying profit was down -58% year on year but 5% above Morgans' expectations. Management anticipates weak operating conditions to likely persist into 2025.

With much riding on the economic stimulus of lower interest rates, the outlook for an earnings reversion looks more distant, the broker suggests. This has seen Morgans temper earnings forecasts, pushing any recovery into FY26 and moderating terminal valuation.

The scale of the downturn and the uncertain outlook for steel prices leaves the broker guessing valuation assumptions.

Given this, Morgans downgrades to Hold from Add and cuts its target to $6.70 from $8.60, preferring to wait for some evidence of improving economic conditions.

Target price is $6.70 Current Price is $7.00 Difference: minus $0.3 (current price is over target).
If VSL meets the Morgans target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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: 0.0

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

UBS rates VSL as Neutral (3) -

Vulcan Steel's cost out program helped FY24 EBITDA come in higher than expectations, according to UBS. The broker commends management on doing well on costs considering ongoing sticky inflation. 

Geopgraphically, NZ remains challenged despite rate cuts ahead of expectations with UBS delaying a recovery until 2H25.

Australia evidenced double digit declines in volumes for the first time, the broker states, which could provide both upside or downside risks to FY25 earnings.

The balance sheet remains leveraged above the target, but below the three times covenant which paves the way for M&A opportunities.

Neutral rating unchanged. Target price moves to $7 from $7.20. UBS adjusts EPS forecasts bt -2% in FY25 and -7% in FY26.

Target price is $7.00 Current Price is $7.00 Difference: $0
If VSL meets the UBS target it will return approximately 0% (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: 0.0

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

Macquarie rates WAF as Outperform (1) -

First half underlying earnings (EBITDA) for West African Resources were in line with Macquarie's forecast and no changes were made to FY24 guidance.

As expected by the analyst, no dividend was declared.

The Outperform rating and $1.90 target are maintained.

Target price is $1.90 Current Price is $1.47 Difference: $0.435
If WAF meets the Macquarie target it will return approximately 30% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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