Australian Broker Call

Bell Potter rates A1M as Buy (1) -

Bell Potter notes AIC Mines’ 1HFY26 result was in line with expectations, while no dividend was declared.

The broker highlights period-end cash and metal receivables of $54m, nil drawn debt, and an undrawn US$40m prepayment facility expected to be fully drawn through 2H26 as Jericho underground and the process plant expansion progress.

The analyst flags management's FY26 production and cost guidance was unchanged at 12.8-13.1kt Cu plus 6.0-6.5koz gold at AISC of $4.85-$5.25/lb, and argues AIC Mines has consistently delivered stronger margins and cash flow, supported by cost controls.

Bell Potter lifts EPS forecasts by 4% in FY26 and 74% in FY27 and FY28 on higher copper and gold price assumptions, retaining its Buy rating and upping its target price to $0.80 from $0.67.

Target price is $0.80 Current Price is $0.59 Difference: $0.215
If A1M meets the Bell Potter target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $0.90, suggesting upside of 52.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates A1M as Buy, High Risk (1) -

Shaw and Partners highlights from AIC Mines’ 1H26 results that earnings (EBITDA) increased by 59% to $48.6m and net mine cash flow was $23.3m following -$29.4m of capex. It's felt production and copper prices will drive a stronger second half.

The broker highlights the mill produces 6,526t of copper at a cost (AISC) of -$4.92/lb, with ten consecutive quarters meeting guidance.

March quarter output of 3,100-3,300t is targeted by management, with FY26 guidance maintained at 12,800t.

Development at Jericho and a 30%-complete plant expansion support growth, suggest the analysts. 

Shaw retains a Buy, High Risk rating and target of $1.10.

Target price is $1.10 Current Price is $0.59 Difference: $0.515
If A1M meets the Shaw and Partners target it will return approximately 88% (excluding dividends, fees and charges).

Current consensus price target is $0.90, suggesting upside of 52.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates AIA as Neutral (3) -

Following interim results, Citi highlights improving prospects for Auckland International Airport into FY27 following new international capacity announcements.

The broker explains Thai Airways will launch daily services in H2 of 2026, supporting traffic growth, with potential additional India connections.

While retail income is softer in FY26, the analyst points out new contracts link more closely to passenger growth.

Uncertainty remains around Air New Zealand's ((AIZ)) capacity and traffic returning to pre-covid levels, according to Citi. Neutral. NZ$8.80 target.

Target price is $7.26 Current Price is $7.54 Difference: minus $0.28 (current price is over target).
If AIA meets the Citi target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.26, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Macquarie rates AIA as Outperform (1) -

Macquarie notes Auckland International Airport delivered a solid 1H26 result despite approaching peak spend on its terminal integration program, with underlying NPAT up 6% to NZ$157m and revenue rising 4% to NZ$520m, supporting a NZ6.5cps interim dividend.

Passenger movements increased 2% to 9.64m, while disciplined cost control drove a 160bp EBITDA margin expansion, offsetting softer domestic trends linked to Air NZ engine constraints.

Macquarie highlights management narrowed FY26 underlying profit guidance to NZ$295-NZ$320m and reaffirmed annual capex of -NZ$1.0-NZ$1.2bn as the “once-in-a-generation” build progresses toward 2029 completion.

The analyst makes minimal earnings changes across FY26-28, reflecting only modest depreciation adjustments.

Macquarie retains Outperform and lifts its target price to NZ$9.31 from NZ$8.75.

Current Price is $7.54. Target price not assessed.

Current consensus price target is $7.26, suggesting downside of -3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.3

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

Bell Potter rates ALL as Buy (1) -

Aristocrat has reiterated its Group NPATA growth and divisional outlook from November 2025, and again expects performance to be weighted to the second half.

Bell Potter notes Gaming conditions remain supportive, with management targeting 4.0-5.0k net unit additions in FY26, and it expects fee per day to rise across the year, albeit implying a strong 2H is required to meet consensus.

The analyst highlights ongoing strength in Product Madness, supported by direct-to-consumer migration, while noting the FY26 comparison is impacted by the prior sale of Big Fish which contributed US$100m of revenue in FY25.

Interactive content revenue growth is tracking below aspirations, with additional investment expected to weigh on FY26 profit, while the FY29 US$1bn revenue target remains in focus and Lightning Link is expected to launch in July 2026.

Bell Potter retains its Buy rating but cuts its target price to $70 from $80, with its EPS forecasts lowered by -6%, -5% and -5% across FY26-28.

Target price is $70.00 Current Price is $48.00 Difference: $22
If ALL meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $70.27, suggesting upside of 46.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates ALL as Overweight (1) -

Morgan Stanley found the guidance and commentary from Aristocrat Leisure largely in line with expectations and alleviating concerns over potentially softer outcomes.

The company has reaffirmed early momentum in gaming and expects fees per day to increase over the year with stable trends in the first half of FY26.

Management is still targeting gaming operation net additions of 4000-5000 units in FY26, weighted to the second half. Target is $66.90. Overweight. Industry view: In Line.

Target price is $66.90 Current Price is $48.00 Difference: $18.9
If ALL meets the Morgan Stanley target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $70.27, suggesting upside of 46.4% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates APA as Outperform (1) -

APA Group's 1H26 EBITDA of $1,092m, up 8% y/y proved slightly ahead of Macquarie's expectations, with FY26 EBITDA guidance of $2.12–2.20bn reiterated by management and refined to the upper half of the range.

The broker highlights improved balance sheet flexibility, with FFO/net debt at 10.4% and additional capacity to fund Bulloo and other growth opportunities.

Capex over the next three years has stepped up to -$3.0bn, incorporating ECG Stage 3, while a partial final investment decision has been taken on Bulloo, with further clarity expected from Federal gas policy settings.

Macquarie makes modest earnings forecast tweaks, with EPS down by  -0.8% in FY26 and up 3.5% in FY27, reflecting higher financing costs  Outperform rating retained with a higher target price to $9.58 from $9.23.

Target price is $9.58 Current Price is $9.14 Difference: $0.44
If APA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.46, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

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

APA Group has reaffirmed FY26 distribution guidance and expects to "exceed" the midpoint of its FY26 EBITDA guidance, which Morgan Stanley notes is $2,160m.

The first half earnings were slightly ahead of the broker's estimates with cost control and tariff inflation broadly consistent. Morgan Stanley is restricted on a rating and target at present. Industry view is In-Line.

Current Price is $9.14. Target price not assessed.

Current consensus price target is $8.46, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgans rates APA as Trim (4) -

APA Group's 1H26 underlying earnings, up 8% year on year, were 2% ahead of Morgans' expectations. Operating cashflow was in-line and FY26 earnings, dividend and free cash flow guidance were unchanged.

Management signalled a significant uplift in the FY26-28 growth capex pipeline. Inflation-linked revenues, a cost-out program and contributions from new assets underpin short-term earnings growth, Morgans notes.

Potential return on and of the enlarged growth capex pipeline in a rising interest rate environment will be a key investor focus. APA's mid-6% cash yield doesn’t compensate for ongoing decline in purchasing power of the dividend and flat equity value outlook, Morgans suggests.

Trim retained, target rises to $7.96 from $7.74.

Target price is $7.96 Current Price is $9.14 Difference: minus $1.18 (current price is over target).
If APA meets the Morgans target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.46, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates APA as Sell (5) -

First half results from APA Group were in line with expectations. The company has lifted its FY26-28 capital expenditure target to -$3bn although provided limited detail on the projects that are supporting this uplift.

UBS assesses that, as the projects get bigger, and given the number of recent growth investments have not delivered the expected earnings profile, more disclosure is required.

The broker recognises investors are seeking defensive equities with tangible assets and less correlation to AI disruption.

Given rising commercial risks and the growth pipeline, UBS believes the fundamentals support a Sell rating. Target rises to $8.00 from $7.70.

Target price is $8.00 Current Price is $9.14 Difference: minus $1.14 (current price is over target).
If APA meets the UBS target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.46, suggesting downside of -7.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Bell Potter rates APE as Hold (3) -

According to Bell Potter, Eagers Automotive's 2025 underlying operating PBT of $424.1m was modestly below its forecast but slightly ahead of consensus, with the small miss driven by marginally lower revenue and margin.

The broker notes the final dividend of 50c, fully franked, was in line, and while no guidance was provided, the company reiterated a positive outlook for further revenue growth across A&NZ and continued optimisation.

Management now expects the CanadaOne Auto investment to occur at the end of March rather than late January. The broker downgrades FY26 revenue by -1% and underlying operating PBT by -3%, and trims FY27 PBT by -2%, citing timing and currency impacts.

Bell Potter maintains Hold and cuts its target price to $28.75 from $31.25.

Target price is $28.75 Current Price is $25.57 Difference: $3.18
If APE meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates APE as Overweight (1) -

Morgan Stanley asserts the 2025 results from Eagers Automotive have reinforced its view on the stock, with a multitude of organic growth drivers and another strong year ahead that is underpinned by options on M&A.

The broker is on the lookout for the catalysts that will build over 2026, with scope for continued expansion of unit economics and BYD positioned for another strong year.

Strength is also highlighted in CanadaOne amid earnings growth, momentum and an M&A pipeline ready for execution.

Overweight rating and $32 target price unchanged. Industry View: In-Line.

Target price is $32.00 Current Price is $25.57 Difference: $6.43
If APE meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates APE as Upgrade to Buy from Accumulate (1) -

Eagers Automotive's revenue growth was in line with Morgans' expectations, up 16.5% year on year. Profit rose 14%, in line with expectations.

Eagers continues to deliver impressive cost discipline, Morgans suggests, driving a record low opex to sales result of 12.1% and continuing to solidify consistent industry outperformance.

The company is poised for a fourth consecutive year of material A&NZ revenue growth. Soon to be acquired CanadaOne is tracking positively. Industry margins appear to have passed the trough, and Eagers continues to drive outperformance through operational excellence.

Strong near-term earnings growth; growing earnings visibility; expected upside through M&A; and various strategic initiatives to support the medium term have Morgans upgrading to Buy from Accumulate. Target falls to $31.80 from $33.35.

Target price is $31.80 Current Price is $25.57 Difference: $6.23
If APE meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

Post a better-than-forecast interim update by Eagers Automotive, Ord Minnett upgrades to Buy from Accumulate with its target unchanged at $31.00.

Commentary highlights 2025 pre-tax profit of $424.1m beat expectations on slightly better margins, with opex as a share of revenue down to 12.1% and market share rising to 13.9%.

The broker expects CanadaOne to complete by end of the current quarter and sees 2026 Australian segment revenue up $500m–$1.0bn, with BYD volumes a key contributor.

The report suggests the next catalyst is acquisition completion plus ongoing volume/margin momentum, while risk sits in cyclical demand, margin normalisation and used-vehicle strategy execution.

Forecasts lifted 3%-5% across FY26–28.

Target price is $31.00 Current Price is $25.57 Difference: $5.43
If APE meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates APE as Neutral (3) -

UBS found lots to like in the 2025 results from Eagers Automotive, where revenue was in line with expectations and gross margins were resilient. The underlying cost base fell to a record low of 12.1% of sales.

The company expects a fourth consecutive year of material revenue growth in Australasia and CanadaOne performed strongly, the broker notes.

UBS does point out some potential concerns amid expectations for a further two interest rate rises in 2026, which would affect floorplan/debt costs and, potentially, consumer demand.

Neutral rating retained, while evidence that sales volumes are holding up, ex BYD, or accretive acquisitions could drive a more positive view. Target is lowered to $28.60 from $33.00.

Target price is $28.60 Current Price is $25.57 Difference: $3.03
If APE meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.36, suggesting upside of 18.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates ASG as Outperform (1) -

Autosports Group's 1H26 underlying PBT of $35.5m was in line with guidance, with revenue of $1,519m up 11% y/y and gross margin of 19.1% beating Macquarie's expectations.

The broker highlights strong January trading with new vehicle order write-up up 13% y/y and services and parts revenue up 11%, with 2H26 revenue likely to be supported by recent acquisitions including Porsche and Mercedes Canberra.

Macquarie notes margins are tracking back toward long-term averages, supported by higher mix in services and parts, while the balance sheet remains supportive of further M&A.

The broker upgrades FY27 and FY28 EPS by 5%, with no change to FY26, driven by stronger gross margins and maintains Outperform with a higher target price of $4.90 from $4.85.

Target price is $4.90 Current Price is $3.57 Difference: $1.33
If ASG meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates ASG as Buy (1) -

Autosports Group is progressing well and recovering margin and UBS finds a lot to like. Underlying pre-tax profit in the first half was in line with recent guidance and up 75%.

The company appears well-positioned to deliver consistent profitable growth improved operating leverage from existing dealerships. The broker also points out exposure to the luxury vehicle segment holds up better under an increasing interest rate environment.

Buy rating. Target edges up to $4.90 from $4.80.

Target price is $4.90 Current Price is $3.57 Difference: $1.33
If ASG meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates BGA as Buy (1) -

Bell Potter notes Bega Cheese delivered underlying 1H26 EBITDA of $133.4m, well ahead of expectations, with revenue of $1,871m and NPAT of $52.1m, highlighting strong branded and bulk performance.

Management's FY26 EBITDA guidance was upgraded to $222-227m from $215-220m, and the analyst explains Bega remains on track to exceed its FY28 EBITDA target of over $250m.

Operating cash flow included a $45m repayment of the trade receivable facility, with net debt of $218.9m at period end.

Bell Potter lifts NPAT forecasts by 10% in FY26 and 3% in FY27 and retains its Buy rating with the target price upgraded to $7.75 from $7.00

Target price is $7.75 Current Price is $6.54 Difference: $1.21
If BGA meets the Bell Potter target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates BGA as Outperform (1) -

Bega Cheese's 1H26 result was supported by a sharp beat in Bulk, while the Branded business continued to benefit from strong demand for functional dairy and higher-protein formats, Macquarie observes.

Management upgraded FY26 EBITDA guidance by around 3% to $222-227m, and expects constrained supply in key categories to support an acceleration in capex as Bega invests for another leg of growth.

The analyst cautions Bulk outperformance will be difficult to sustain, with management flagging the next 12-18 months as more challenging and Bulk EBITDA likely to decline in FY27 after a strong 1H26.

The broker lifts EBITDA forecasts by 3%, 1% and 1% across FY26-28, driven mainly by the stronger first half in Bulk, partially offset by higher corporate overheads and retains Outperform while lifting target price to $6.60 from $6.50.

Target price is $6.60 Current Price is $6.54 Difference: $0.06
If BGA meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates BGA as Accumulate (2) -

Pleasingly for Morgans, Bega Cheese’s 1H26 result materially beat expectations given a stronger than expected performance from its Bulk business.

The result from its much larger Branded business was solid and would have been even stronger if Bega had more yoghurt capacity to take advantage of the strong demand for protein given health and wellness trends. Importantly, expansion plans in this area are underway.

Morgans thinks that the release of Bega’s strategic plan out to FY31 at its Investor Day will see the company continue to deliver strong growth for many years to come. Target rises to $7.10 from $6.08, Accumulate retained.

Target price is $7.10 Current Price is $6.54 Difference: $0.56
If BGA meets the Morgans target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $6.79, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Ord Minnett rates BGA as Hold (3) -

Ord Minnett's target for Bega Cheese has lifted to $6.00 from $5.60 (up 7%). The Hold rating is maintained. 

1H26 underlying NPAT of $52.1m beat expectations, driven by Bulk division EBITDA of $41.1m, helping normalised EBITDA rise 21% to $133.4m.

FY26 EBITDA guidance was upgraded to $222–227m from $215–220m, while net debt finished at $220m (leverage 1.2x).

Commentary suggests the next catalyst is continued Bulk recovery and progress towards the FY28 $250m-plus earnings target, with risk around dairy/commodity volatility and execution in branded margins.

Target price is $6.00 Current Price is $6.54 Difference: minus $0.54 (current price is over target).
If BGA meets the Ord Minnett target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates BGA as Neutral (3) -

Bega Cheese delivered a first half result that impressed UBS, increasing bulk earnings by 68% despite an environment where the dairy price spread has turned sharply negative.

The broker lauds the cost control efforts, smart forward selling and high-grading of the commodity mix towards more resilient products such as whey protein. The stock is considered fair value and a Neutral rating is retained. Target rises to $6.50 from $6.00.

Target price is $6.50 Current Price is $6.54 Difference: minus $0.04 (current price is over target).
If BGA meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.79, suggesting upside of 3.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates BLX as Buy (1) -

Bell Potter observes Beacon Lighting delivered total sales growth of 3.4% for 1H26, slightly below expectations, as a weaker Retail segment offset mid-teen growth in Trade and a recovery in International.

The broker notes EBITDA missed forecasts due to higher operating expenses, including increased selling and distribution costs linked to store investment under the 2030 network strategy.

Trade is expected to continue driving growth, while incorporating FX tailwinds and higher raw material costs into margin assumptions results in lower EBITDA forecasts by -0.3%, -5% and -4% across FY26-28, respectively, while including higher marketing and digital investment costs as the business upgrades its platform.

Bell Potter retains its Buy rating and cuts its target price to $2.85 from $3.35.

Target price is $2.85 Current Price is $2.45 Difference: $0.4
If BLX meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Beacon Lighting’s 1H26 statutory profit of $16.5m came in -8% below the consensus forecast and -6% lower year-on-year, highlights Citi. Cost growth outpaced revenue, pressuring margins, explain the analysts.

The broker lowers its target to $2.75 from $3.95 and downgrades to Neutral from Buy, citing a slowing housing cycle and limited growth initiatives to offset weaker retail demand. Trade expansion is considered to have partly cannibalised retail sales.

Operating leverage risks skew to the downside, the analysts argue, with limited scope for material cost savings. 

Target price is $2.75 Current Price is $2.45 Difference: $0.3
If BLX meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates BLX as Buy (1) -

Ord Minnett has cut its target for Beacon Lighting to $3.20 from $3.70 (-14%) and maintains Buy.

1H26 NPAT of $17.2m was broadly flat and slightly below expectations, with sales $176m (3.4%) and gross margin steady at 69.1% despite currency pressure.

The broker says the earnings recovery looks pushed out as 2H26 trading has moderated, prompting -6%-9% earnings downgrades across the next three years.

Catalyst is a housing/activity rebound supporting demand, while the key risk is a more prolonged sales slowdown and margin pressure. Forecasts were downgraded.

Target price is $3.20 Current Price is $2.45 Difference: $0.75
If BLX meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $3.15, suggesting upside of 28.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

In the wake of interim results, Shaw and Partners halves its target price for Beamtree Holdings to 30c after slashing its revenue forecasts for FY26 and FY27 by -16% and -29%, respectively.

Annual recurring revenue (ARR) was flat at $28m and cash earnings (EBITDA) of -$2.3m came in below the broker's -$1.2m forecast. Higher churn, restatements and cash burn weighed, prompting a rebase of forecasts.

Shaw sees a path to cash earnings break-even in 2H FY27, assuming improved conversion and cost discipline. The Buy, High Risk rating is maintained.

Target price is $0.30 Current Price is $0.15 Difference: $0.15
If BMT meets the Shaw and Partners target it will return approximately 100% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Shaw and Partners assesses Bhagwan Marine’s -$130m Riverside Marine acquisition as attractive at 4.95x FY26 earnings (EBITDA). The transaction is seen as being EPS accretive, lifting the broker's FY26-28 EPS forecast by 6% and 14%, respectively.

Funding includes $70m debt, $30m placement and $20m vendor equity.

The broker highlights Riverside’s 40% earnings margins, recurring contracts, and diversification into North QLD and the Pilbara.

Further growth and cross-selling opportunities enhance value, the analyst suggests.

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

Target price is $0.90 Current Price is $0.47 Difference: $0.435
If BWN meets the Shaw and Partners target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates BXB as Buy (1) -

Following interim results for Brambles, Citi raises its target to $27.55 from $26.75 and remains Buy-rated. 

The broker considers Brambles well positioned despite a still-muted consumer environment. It's felt several factors de-risk 2H26, supporting confidence in the volume outlook.

FY26 margin drivers are also expected to carry into FY27, underpinning earnings momentum.

A summary of Citi's initial research follows.

At first look, Brambles’ 1H26 result was broadly in line, with Citi highlighting a higher-quality outcome as macro softness in fast moving consumer goods volumes was offset by bottom-up execution.

Sales rose 2%, below expected annual growth range but underlying profit grew 7%, the analyst notes, implying a margin beat driven by supply chain productivity and overhead performance that is expected to persist into 2H26.

Pooling capex tracking at around 12% of sales versus the 14%-16% guidance has prompted a management upgrade to FY26 cash flow guidance to US$950-1,100m from US$850-950m.

Brambles revenue growth guidance narrowed to 3%-4% from 3%-5%, while earnings (EBIT) growth guidance is maintained at 8%-11%.

Target price is $27.55 Current Price is $24.22 Difference: $3.33
If BXB meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Morgan Stanley rates BXB as Overweight (1) -

First half results from Brambles beat estimates and Morgan Stanley observes strong first half margins and an improved free cash flow outlook highlight its operating discipline.

Earnings rose to US$792m, led by strong growth in the Americas while EMEA lagged.

Forecast sales growth of 3-4% for FY26 implies a pick up in the second half, the broker notes, with management expecting to benefit from stabilising like-for-like sales amid easier comparables and some recovery in US demand.

Target rises to $28 from $26 and an Overweight rating is maintained. Industry view: In Line.

Target price is $28.00 Current Price is $24.22 Difference: $3.78
If BXB meets the Morgan Stanley target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Ord Minnett rates BXB as Buy (1) -

Ord Minnett has cut its price target for Brambles to $28.10 from $29.40 (-4%). The broketr reiterates its Buy rating as the company's 1H FY26 underlying EBIT grew 7% (slightly ahead of expectations) as margins offset -2% LFL volume softness.

FY26 earnings guidance was reiterated.

The broker highlights cost-cutting flagged last year, targeting US$55m annualised savings in FY27, plus operational initiatives such as the Chile ‘ESO’ rollout (now 95% of customers) and serialisation reducing pallet loss.

The next catalyst is seen in further margin/FCF delivery as savings land, while the main risk is sustained weak demand/volumes and adverse FX translation.

Target price is $28.10 Current Price is $24.22 Difference: $3.88
If BXB meets the Ord Minnett target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 9.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

UBS rates BXB as Neutral (3) -

Brambles delivered a first half sales outcome that was below expectations while margin benefits occurred and underlying earnings were ahead of UBS estimates.

Sales guidance has been narrowed to growth of 3-4% in FY26 with EBIT guidance held at 8-11% following 6.8% growth in the first half. UBS believes the lower end of EBIT guidance is more likely and the results do not materially change its view on the stock.

While the market position of CHEP is acknowledged, the broker does not envisage enough valuation upside to be more positive on the stock and retains a Neutral rating. Target edges down to $25.40 from $25.65.

Target price is $25.40 Current Price is $24.22 Difference: $1.18
If BXB meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 9.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.5

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

Shaw and Partners rates C79 as (1) -

Shaw and Partners reviews Chrysos’ 1H26 result, highlighting a step change in contracting. Fourteen units were secured in the half and post period compared to nine for all of FY25, explains the analyst.

Revenue of $43.3m and earnings of $14.4m are on track to meet the upper end of guidance despite currency headwinds, suggests the broker.

The analyst highlights deployments rose to 43 units, with demand broad-based across labs and miners. Debt facilities expanded to $200m, with around $155m undrawn, supporting scaling, in the analyst's view.

Shaw retains a Buy, High Risk rating and target of $8.70.

Target price is $8.70 Current Price is $8.76 Difference: minus $0.06 (current price is over target).
If C79 meets the Shaw and Partners target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates CDA as Hold (3) -

Codan’s 1H26 revenue of $393m and underlying NPAT of $71.2m rose 29% and 55% YoY, respectively, with the result pre-reported in January and broadly in line with Bell Potter's expectations.

The broker attributes the strength to 46% y/y growth in metal detection, driven by gold detector sales in Africa and recreational markets elsewhere, while Communications revenue rose 19% y/y toward the top end of the company’s target range.

Net debt ended the period at $88m, up $10m on 2H25, reflecting working capital investment and leverage of 0.4x.

The broker sees market conditions as staying positive across both divisions, with Communications tracking within its growth target and Minelab expected to maintain momentum into 2H26.

Bell Potter retains Hold and lifts its target price to $37.70 from $36.70, and raises EPS forecasts by 4%, 2% and 2% across FY26-28.

Target price is $37.70 Current Price is $34.69 Difference: $3.01
If CDA meets the Bell Potter target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates CDA as Neutral (3) -

Macquarie notes Codan’s 1H26 headline numbers were pre-reported, with revenue up 29% to $393.5m and underlying NPAT of $71.2m slightly ahead of expectations, supported by strong operating leverage in Metal Detection.

Metal Detection revenue rose 46% with margins expanding to 45%, driven by elevated gold prices and new product releases, while Communications grew 19% but faces a slightly softer outlook due to Zetron trading conditions and integration impacts.

Management expects Communications to deliver 15-20% revenue growth in FY26 and maintains a 30% margin target by FY27, while 2H26 Metal Detection revenue is guided to be at least in line with the strong first half.

Macquarie leaves FY26 EPS forecast unchanged but trims FY27 and FY28 forecasts by -4% to reflect lower Communications growth assumptions.  Neutral retained and target cut to $36.30 from $38.75.

Target price is $36.30 Current Price is $34.69 Difference: $1.61
If CDA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

UBS rates CDA as Neutral (3) -

Codan posted a result in the first half that was in line with guidance, amid net profit growth of 55%. Metal detection stood out with earnings growth of 86%.

UBS assesses, while metal detection is a cyclical business, the margins/returns that can be generated when the cycle is at its peak are impressive.

Zetron had a more challenging period given some funding delays, yet the company is optimistic it has turned a corner and returned to growth in January and February.

The broker remains attracted to the global growth opportunity, but considers the stock is fair value and retains a Neutral rating.Target is $37.

Target price is $37.00 Current Price is $34.69 Difference: $2.31
If CDA meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $37.00, suggesting upside of 6.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates CGS as Buy (1) -

Bell Potter notes Cogstate’s 1H26 revenue was pre-released and EBIT of $4.9m was 7% ahead of expectations due to lower operating expenses, with the EBIT margin of 18.3% above guidance.

Gross margin was temporarily reduced by additional hiring, cost reallocation and a doubtful debt provision, but EBITDA still rose 5% and NPAT up 16% due to a lower tax outcome.

Bell Potter highlights a strong balance sheet with $34.1m cash and no debt, alongside record pipeline opportunities, record new trial starts, and a $16.0m increase in backlog after $41.7m of new sales.

Management's FY26 guidance was broadly in line, including expectations for stronger 2H26 revenue, gross margin recovery to 56-59%, and continued operating leverage with channel partnerships expanding opportunities.

Bell Potter retains Buy and keeps its target price at $2.90, lifsting NPAT forecasts 2% for both FY27/FY28 with FY26 unchanged.

Target price is $2.90 Current Price is $2.17 Difference: $0.73
If CGS 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 FY26:

Forecast for FY27:

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

Citi rates CHC as Buy (1) -

Following Charter Hall's interim results, Citi lowers its target to $26.40 from $27 and maintains a Buy rating. 

It's felt the strongest equity inflows in three decades should sustain transaction activity, FUM growth and investment earnings into FY27, supporting potential consensus upgrades.

The broker believes guidance remains conservative and sees scope for upside.

Citi's initial thoughts on result's day are summarised below.

At first glance, Citi notes Charter Hall delivered a strong 1H26 result, with EPS of 50.5c delivering a beat 9% above forecast and 4% above consensus.

Management upgraded FY26 EPS guidance by 5% to 100c, implying 23% y/y growth and sitting around 3% ahead of the analyst's forecast and consensus, with no performance fees included.

Pro forma FUM increased to $73.6bn, up 10% versus Jun-25 and slightly better than expected supported by $1.2bn of positive revaluations and modest cap rate compression of -3bps.

Citi highlights the balance sheet remains sounds, with average gearing of 37% and cost of debt easing to 4.4% after refinancing activity.

The analyst flags a positive reaction by the share price to the earnings beat and raise.

Target price is $26.40 Current Price is $22.24 Difference: $4.16
If CHC meets the Citi target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Charter Hall has upgraded guidance and regained momentum as transaction activity and equity flows accelerate, Macquarie explains post 1H26 operating EPS of 50.5cps, which was 2% ahead of its expectation and 4% above consensus.

The result was supported by lower interest and tax, while underlying earnings momentum was broad-based. Gross Funds Management revenue rose 8%, Property Investment EBITDA increased 24% and Development Investment EBITDA jumped 48% y/y, the analyst notes.

Net equity inflows improved to $3.9bn in 1H26, with gross transactions of $9.8bn, and a further $1.9bn of acquisitions completed post balance date.

Management's FY26 operating EPS guidance has been upgraded by 5% to 100cps, implying 23% growth year on year, with forecasts lifted by 6% in FY26 and 9% in FY27 on stronger funds management and property earnings, and lower interest and tax.

Macquarie upgrades the stock to Outperform from Neutral and the target price increases to $24.53 from $23.71.

Target price is $24.53 Current Price is $22.24 Difference: $2.29
If CHC meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates CHC as Overweight (1) -

Charter Hall delivered first half EPS of 50.5 cents and raised FY26 guidance to $1.

Tax/interest was lower than expected and delivered a beat to forecasts, yet Morgan Stanley does not believe this is a "low quality beat", pointing out the tax restructure is not a one-off benefit.

Inflows are strong and various unlisted investors remain in due diligence for more allocation to the company in the second half, the broker adds.

Target $27.75. Overweight. Industry View: In-Line.

Target price is $27.75 Current Price is $22.24 Difference: $5.51
If CHC meets the Morgan Stanley target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates CHC as Buy (1) -

First half results frrom Charter Hall impressed UBS, with an earnings beat and a lift in FY26 guidance.

The highlight was the quantum of gross equity inflows, which the broker notes reach $4.8bn - the highest six-month outcome in the company's 30-year history.

Around 95% of this was driven by institutional capital, which underscores the weight of institutional capital that is looking to deploy in Australian real estate at this point in the cycle, the broker adds.

Charter Hall is expected to continue driving above-peer earnings growth and a Buy rating is reiterated. Target rises to $27.00 from $26.50.

Target price is $27.00 Current Price is $22.24 Difference: $4.76
If CHC meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $25.82, suggesting upside of 16.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates DGT as Buy (1) -

Today's interim results by DigiCo Infrastructure REIT’s revealed earnings (EBITDA) some -5% below UBS' expectations.

FY26 capex of -$160-180m was reiterated.

Management raised FY26 earnings guidance to $125m at the top end of the prior range.

In an early assessment, the broker highlights $5m of annual opex savings and upside from SYD1 and AD1 expansions, alongside a 200MW demand pipeline. However, LAX1/2 approval delays and a small contracted capacity decline are expected to weigh.

Strategic partner discussions may unlock value, the analysts suggest, while FX remains a headwind.

The expected FY26 dividend of 12cps is in line with the board's policy of 90-100% payout of funds from operations (FFO), notes UBS.

Target $4.20. Buy.

Target price is $4.20 Current Price is $2.19 Difference: $2.01
If DGT meets the UBS target it will return approximately 92% (excluding dividends, fees and charges).

Current consensus price target is $3.90, suggesting upside of 78.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates DOW as Outperform (1) -

Downer EDI's 1H26 result beat on margins, but the top line remains the weak spot, leaving contract wins as the key requirement to prove out management’s revenue growth ambitions, Macquarie explains.

Underlying NPATA of $136m was 6% ahead of the broker’s forecast, with EBITA 1.5% ahead, and FY26 NPATA guidance of $295-315m above prior expectations, implying a solid second half.

Commentary notes work-in-hand increased 9% to $38.2bn and balance sheet gearing remains conservative at 0.8x, supporting organic investment, targeted M&A and ongoing capital management including the $260m buyback.

The broker argues the turnaround “first chapter” is largely complete with cost-out and risk guardrails embedded, and the next phase hinges on growth, particularly in Energy & Utilities where meaningful power sector opportunities are expected over the next six months.

Macquarie upgrades EPS forecasts by 6% in FY26 and 1% in FY27-28, lifts its target price to $8.70 from $8.50, and reiterates Outperform.

Target price is $8.70 Current Price is $7.80 Difference: $0.9
If DOW meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $8.52, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

UBS rates DOW as Neutral (3) -

Downer EDI delivered first half earnings that beat UBS estimates amid a stronger EBITA margin and lower net interest.

Energy & utilities delivered 17% growth amid a strong performance in power projects while transport improved on the back of contract delivery and cost management.

The company is guiding to FY26 underlying net profit of $295-315m. Group margins are expected to continue improving, underpinned by stronger risk controls and a mix shift amid growth in energy/utilities.

UBS considers the result another small step in the "right direction" towards the company's FY30 target. Neutral retained. Target is unchanged at $8.

Target price is $8.00 Current Price is $7.80 Difference: $0.2
If DOW meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $8.52, suggesting upside of 9.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates GMD as Outperform (1) -

Genesis Minerals’ 1H FY26 NPAT of $238m was lower than consensus by circa -3% but within pre-guided ranges, with production tracking well against FY26 guidance of 260-290koz at AISC of $2,500-2,700/oz, according to Macquarie.

The analyst notes first-half output of 147koz represents 53% of the mid-point, positioning the company to achieve full-year targets, despite slightly higher operating costs weighing on underlying EBITDA. 

Net cash closed at $240m after $100m of debt repayment, and the proposed $639m Magnetic Resources acquisition could lift production beyond 500kozpa under a forthcoming “ASPIRE 500” outlook.

Macquarie's EPS forecast changes are minimal at less than 1% across the forecast period. Outperform retained with a $9.40 target price.

Target price is $9.40 Current Price is $6.87 Difference: $2.53
If GMD meets the Macquarie target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $9.72, suggesting upside of 41.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Bell Potter rates GMG as Buy (1) -

Goodman Group’s 1H26 operating EPS of 58.5c was slightly ahead of Bell Potter's expectations and above consensus, with the expected 2H26 skew intact.

The broker notes FY26 operating EPS guidance was reiterated at 9% growth and DPS guidance maintained at 30.0c, but highlights the absence of an earnings upgrade as the key market disappointment.

Data centre powerbank rose by 1.0GW to 6.0GW, while development work-in-progress increased 12% h/h to $14.4bn and the FY26 work-in-progress target was lifted to $18.0bn as data centre work expands.

The broker adds longer-term supply and demand dynamics remain favourable, but says near-term leasing at early data centre projects remains elusive and may be more of an FY27 outcome.

Bell Potter retains Buy and lowers the target slightly to $36.45 from $37.40.

Target price is $36.45 Current Price is $30.32 Difference: $6.13
If GMG meets the Bell Potter target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates GMG as Buy (1) -

Citi maintains its Buy rating and $40 target price for Goodman Group following interim results showcasing a significant strengthening of the group's data centre pipeline and a "robust" operational performance.

Operating profit of $1.2bn reflects early development income recognition, the analysts note, with 9% FY26 EPS growth targeted.

The group is progressing its earnings pipeline, highlights Citi, with power capacity lifting to 6GW and work in progress (WIP) expected to reach $18bn by June. It's noted higher-yielding data centre developments are supporting improving margins.

The broker anticipates multiple catalysts through 2026, including the Vernon LAX01 lease, Japan leasing progress and European joint venture earnings. 

Target price is $40.00 Current Price is $30.32 Difference: $9.68
If GMG meets the Citi target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Macquarie rates GMG as Outperform (1) -

Goodman Group’s 1H26 result was modestly ahead of Macquarie's expectations, supported by development earnings and the launch of the European partnership.

Management's FY26 operating EPS guidance was reiterated at 9% growth. Commentary highlights the market was disappointment with the absence of the typical half-year upgrade.

Macquarie highlights the data centre pipeline continues to expand, with work in progress expected to rise to around $18bn by June 2026.

Data centres now around 73% of work in progress. Macquarie flags leasing execution remains the key risk with no new customer contracts announced. 

The broker's operatings EPS forecasts have been reduced by -0.8% in FY26, -0.8% in FY27 and -1.3% in FY28. Outperform retained and the target price cut to $32.20 from $34.73.

Target price is $32.20 Current Price is $30.32 Difference: $1.88
If GMG meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgan Stanley rates GMG as Overweight (1) -

First half earnings were ahead of expectations and Morgan Stanley notes the share price of Goodman Group performed poorly post the results amid no earnings upgrade or any data centre customer contracts announced.

The broker has clarified that the first LA facility in the US will "top out" mid 2026. The company will lease to multiple customers and is in advanced talks with a joint venture operator.

In Europe, various facilities are under lease negotiations at the moment and terms could be locked in over the next 6-9 months. In Sydney leases could come to fruition in the next 6-7 months for the first stage of delivery in 2028.

If there is no success on leasing, the company will pull back on capital expenditure. While this outcome will be sub-optimal, Morgan Stanley believes it does alleviate some concerns that too much capital is being put at risk.

Overweight. Target $41.50. Industry View: In-Line.

Target price is $41.50 Current Price is $30.32 Difference: $11.18
If GMG meets the Morgan Stanley target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Morgans rates GMG as Accumulate (2) -

Goodman Group's operating earnings per security were a 7% beat of consensus due to lower interest tax expenses. FY26 guidance was reaffirmed for 9% growth, with FY26 distributions unchanged at 30c.

Goodman is leaning hard into data centre development, Morgans notes, across scarce, power-enabled metro locations, backed by long-dated capital partners and a conservative balance sheet.

Execution now hinges on converting customer negotiations into commitments across key DC campuses while holding returns. Target dips to $36.05 from $36.30, Accumulate retained.

Target price is $36.05 Current Price is $30.32 Difference: $5.73
If GMG meets the Morgans target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates GMG as Buy (1) -

Goodman Group produced first half operating earnings that were ahead of UBS estimates, driven by development earnings which included $335m in profit from prior period revaluation gains and a small component relating to the land sell-down.

The broker notes investors have questioned the lack of an earnings upgrade, pointing out the company has not upgraded guidance since the third quarter of FY24.

UBS forecasts 10% growth in FY26 and envisages performance income and development earnings as key to an upgrade. Buy rating. Target is reduced to $36.98 from $37.14.

Target price is $36.98 Current Price is $30.32 Difference: $6.66
If GMG meets the UBS target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $36.35, suggesting upside of 19.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates GYG as Sell (5) -

This business is executing very well, but it's hard to see why its stock goes higher. Such is the conclusion drawn by Citi analysts after first glancing over today's interim result release by Guzman y Gomez.

1H26 NPAT was $10.6m, ahead of consensus at $9.2m and the broker explains the 'beat' appears driven by D&A, which was lower than expected, which more than offset lower network sales.

Today's 7.4c dividend is equally above consensus at 6cps.

Sell. Target $21.35.

Target price is $21.35 Current Price is $17.53 Difference: $3.82
If GYG meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 58.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

UBS rates GYG as Neutral (3) -

Following a review of today's interim results by Guzman y Gomez, UBS highlights underlying earnings (EBITDA) of $33.0m came in slightly below the consensus expectation. In contrast, statutory profit of $10.6m and a 7.4c dividend exceeded consensus forecasts.

The Australasia segment exceeded the consensus estimate, while the US segment came in below.

In an early take, the broker highlights Australasia same store sales (SSS) growth of 4.4%, with the 3Q26 currently trending above 2Q at 4.8%. US earnings losses of -$8.3m were marginally worse than expected.

FY26 guidance for 32 Australian openings and 5.9-6.3% margins is maintained. 

Neutral. Target $24.

Target price is $24.00 Current Price is $17.53 Difference: $6.47
If GYG meets the UBS target it will return approximately 37% (excluding dividends, fees and charges).

Current consensus price target is $27.77, suggesting upside of 58.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Ord Minnett rates HMY as Buy (1) -

Ord Minnett has increased its price target for Harmoney to $1.48 from $1.34 (+10%) and maintains a Buy rating.

1H26 income rose 12% to $71.9m and cash NPAT reached $6.1m, with FY26 cash-profit guidance upgraded to $13m (from $12m-plus) alongside closing $900m-plus gross loans.

The broker points to scalability with operating cash flow of $17.5m and loss rate around 3.9% (within provisioning of 4.3%) supporting ROE above 25% on its analysis.

Commentary suggests the next catalyst is continued loan-book scaling and repeat-customer mix improvement, while the key risk is credit loss deterioration as growth accelerates.

Target price is $1.48 Current Price is $0.88 Difference: $0.6
If HMY meets the Ord Minnett target it will return approximately 68% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

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

Hansen Technologies’ interim cash earnings (EBITDA) of $49.3m beat Shaw and Partners' expectation by around 15%. Second-half guidance implies to the broker further margin expansion despite FX headwinds.

Gross free cash flow (FCF) of $52m exceeded the analyst's $40m expectation, while net debt closed at $51m.

AI capability and disciplined M&A provide upside, Shaw suggests, with margins tracking near 30%. A Buy, High Risk rating and $7.60 target are maintained.

Target price is $7.60 Current Price is $5.14 Difference: $2.46
If HSN meets the Shaw and Partners target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 35.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates HUB as Buy (1) -

Bell Potter retains a Buy rating but cuts its target price to $120 from $125 post Hub24 achieving a strong 1H26 result that outperformed across almost all metrics, with Platform continuing as the key growth driver.

Technology Solutions was the only weak spot due to cost timing.

The broker highlights revenue of $245.9m and EBITDA of $104.9m beat expectations, supported by supplier renegotiations, strong cash conversion, record free cash flow, and NPAT rose 60% on full R&D tax benefits.

Management's FY27 FUA guidance was upgraded and tightened to $160-170bn from $148-162bn, underpinned by stronger conviction around net inflows and market growth, with current FUA at $129.8bn implying improved run-rate.

Management reconfirmed 18-20% FY26 operating expense growth, with Hub24 tracking to the top end, inferring to the analyst competitive wins may not yet be reflected in net flow assumptions.

Bell Potter tweaks EPS estimates up by 4% for FY26 and 2% for FY27. 

Target price is $120.00 Current Price is $97.50 Difference: $22.5
If HUB meets the Bell Potter target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates HUB as Buy (1) -

Citi highlights Hub24's interim core profit (NPATA) of $68m, up 60% year-on-year, came in 13% above consensus. Stronger platform revenue, 3% ahead of estimates, and a lower tax rate drove the 'beat', explains the analyst.

The broker upgrades its FY27 funds under administration (FuA) forecasts, reflecting confidence in ongoing net inflows and revenue momentum. Platform strength is expected to underpin operating leverage.

Margin expansion appears sustainable, the analyst suggests, supporting earnings growth into FY27.

Buy. Target $100.60.

Target price is $100.60 Current Price is $97.50 Difference: $3.1
If HUB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Macquarie rates HUB as Neutral (3) -

Hub24’s 1H26 was materially ahead of Macquarie's expectations, driven by stronger platform operating leverage, resilient fee margins and a lower effective tax rate.

Underlying EPS beat the analyst's forecast by 14% and was 17% above consensus with the Platform EBITDA margin lifting 350bps to 46.7%, marking the strongest uplift since 1H20.

Management's FY27 funds under administration target was upgraded by 5-8% to $160-170bn, though consensus already sits near the top end, limiting the signalling impact.

Macquarie lifts EPS by 9.8% in FY26, 9.8% in FY27 and 6.6% in FY28. Neutral retained on valuation grounds and target lifted to $106.10 from $101.75.

Target price is $106.10 Current Price is $97.50 Difference: $8.6
If HUB meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates HUB as Overweight (1) -

First half earnings from Hub24 beat estimates and Morgan Stanley lifts forecasts by 3-4%. The $126 target is unchanged.

While conceding this implies material upside, the broker finds it hard to fault the company's track record, with little risk of slippage in the near term.

Morgan Stanley assesses the earnings profile is underpinned by structural industry tailwinds, product and R&D superiority, with multi-year migration that reflects more than 80% of inflows coming from existing rather than new adviser relationships.

The broker points out platform migration is operationally complex and risky and that drives strong client "stickiness". Overweight retained. Industry view: In-Line.

Target price is $126.00 Current Price is $97.50 Difference: $28.5
If HUB meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Hub24 reported 1H26 underlying profit up 60% year on year and 14% ahead of Morgans, benefiting from strong margin expansion and lower 1H26 tax rate, which is expected to normalise into 2H26.

Momentum during the half was exceptional, Morgans suggests, with half-on-half group revenue up 16% and underlying earnings up 24%.

Morgans expects Hub24 to continue to entrench a market leading position, along with Netwealth ((NWL)), in the platform sector, which is a key attraction.

Hub24’s longer-term play in integrating other parts of the value chain is likely to deliver diversification, long term client advocacy and additional value in time. Target rises to $112.40 from $110.60, upgrade to Accumulate from Hold.

Target price is $112.40 Current Price is $97.50 Difference: $14.9
If HUB meets the Morgans target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Ord Minnett rates HUB as Accumulate (2) -

Hub24 delivered 1H26 EBITDA about 6% above consensus, supported by 29% FUA growth and a flat platform revenue margin that drove EBITDA margin up almost 3ppt to 42.7%, Ord Minnett comments.

Adding more positive news, management raised its FY27 platform FUA target to $160–170bn from $148–162bn, while keeping FY26 opex growth guidance at 18–20%.

Commentary suggests the next catalyst is sustained net inflows and operating leverage, with the main risk seen around valuation sensitivity if markets or platform margins soften.

Forecasts have been slightly raised for the years ahead. Ord Minnett has slightly reduced its target to $112.00 from $114.00 (-2%) and maintained its rating on Accumulate.

Target price is $112.00 Current Price is $97.50 Difference: $14.5
If HUB meets the Ord Minnett target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates HUB as Neutral (3) -

Hub24's 1H26 UNPAT of $68m beat consensus by 13% (helped by a lower 20% tax rate) while underlying EBITDA of $105m was broadly in line with UBS.

Commentary suggests the result was 6% ahead of consensus, driven by Platforms leverage (platform revenue $200m, platform EBITDA $93m; group underlying EBITDA margin 42.7%).

Management lifted FY27 platform FUA target (ex PARS) to $160–170bn from $148–162bn and kept FY26 opex growth guidance at 18–20%, with UBS noting FUA of $129.8bn at 16 Feb implying net inflows of roughly $1.9bn since December.

The broker suggests the March FUA/flows update, to be released in April, could be the next catalyst for the share price.

UBS maintains its Neutral rating with price target of $107.00 (unchanged).

Target price is $107.00 Current Price is $97.50 Difference: $9.5
If HUB meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $112.01, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates IFL as No Rating (-1) -

Following interim results for Insignia Financial, Citi views elements of management's divisional revenue margin guidance as conservative due to modest market growth assumptions.

The broker lifts its FY26-28 EPS forecasts by between 2-3%, reflecting improved margin expectations. Earnings sensitivity to market conditions are expected to be a key swing factor.

Citi currently has no rating or target for Insignia due to research restriction.

A summary of Citi's initial research on Insignia's results follows.

Insignia Financial's 1H26 underlying net profit of $132m, up 6% y/y, came in around 3%-4% ahead of consensus, Citi notes at first look.

Net revenue rose 1.8% to $718m on higher average funds under management, while total costs were broadly flat and in line with expectations.

Wrap platform net revenue margin eased -1.2bps h/h to 27.2bps. Management trimmed FY26 guidance by -0.5bps to 27-28bps due to fee caps and tiering from strong funds under administration growth.

Current Price is $4.64. Target price not assessed.

Market Sentiment: 0.0

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

Morgan Stanley rates IGO as Underweight (5) -

IGO Ltd's underlying profit was -28.3% below consensus, driven by higher than expected borrowing costs. Underlying free cash flow and operating cash flow were pre-flagged and in-line with Morgan Stanley.

There was no dividend declared, as expected. Greenbushes optimisation work continues with lower strip ratios and mine redesign improving long term optionality, Morgan Stanley notes. There are no changes to guidance

Underweight and $7.50 target retained. Industry View: Attractive.

Target price is $7.50 Current Price is $7.90 Difference: minus $0.4 (current price is over target).
If IGO meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $8.85, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates IGO as Neutral (3) -

IGO Ltd produced a first half underlying EBITDA of $49m and an underlying net loss of -$39m. UBS now looks to the ramp up of Greenbushes and CGP3 into an improving lithium price.

Free cash flow appears "very healthy", which the broker considers positive for prospective dividends from TLEA through 2026/27 as CGP3 ramps up and the operation is optimised before the next reinvestment cycle commences.

The nickel price is also recovering as the division winds up, with Nova closing by the end of the year and Forrestania about to be offloaded.

Head office costs are expected to taper as the company moves to a non-operator position. Neutral rating. Target is reduced to $8.50 from $8.95.

Target price is $8.50 Current Price is $7.90 Difference: $0.6
If IGO meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.85, suggesting upside of 12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

UBS rates ING as Neutral (3) -

UBS reviews today's release of Inghams Group’s 1H26 result, describing a miss on earnings (EBITDA) and a guidance downgrade.

Earnings (pre-AASB 16) guidance falls to $180-200m from $215-230m, a -15% cut at the mid-point. In an early assessment, the  broker attributes the downgrade to slower cost-out benefits, now weighted to 4Q26 and FY27.

Wholesale pricing shows tentative improvement, suggest the analysts.

Management anticipates an earnings recovery into FY27 though the market will need proof, cautions UBS.

Neutral rating. Target $2.80.

Target price is $2.80 Current Price is $2.11 Difference: $0.69
If ING meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.70, suggesting upside of 27.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

Macquarie has downgraded IPH to Neutral from Outperform following a 1H26 result with modest underlying growth and ongoing weakness in A&NZ, with like for like EBITDA up 3.2% y/y.

Canada was the standout, benefiting from the B&P contribution, cost synergies and easing CIPO disruption, while Asia delivered modest growth and A&NZ earnings declined on weaker US PCT filings.

The broker notes FX is now a headwind, with a 1c move in AUD/USD equating to around $2.8m of annualised service charge revenue, and sees limited recovery in US-driven volumes near term.

Macquarie lowers FY26, FY27 and FY28 EPS forecasts by -3%, -3% and -0.1%, respectively, reflecting softer organic growth and FX impacts, partly offset by the announced on market buyback of up to 10%. Target price is cut to $3.74 from $4.04, previously.

Target price is $3.74 Current Price is $3.69 Difference: $0.05
If IPH meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates IPH as Buy (1) -

IPH Ltd’s 1H26 result was broadly in line with consensus, Morgans reports. While Canada and Asia showed growth, A&NZ remains impacted by lower US patent cooperation treaty (PCT) filings.

On capital management, IPH announced a 19c interim dividend (81% payout of cash adjusted profit) along with an on-market buyback program (up to 12.2m shares) which is set to commence in March.

IPH’s valuation is undemanding, however Morgans notes investor patience is required given the delivery of organic growth (and return of key US PCTs) looks to be the catalyst for a sustained re-rating. Target falls to $5.39 from $6.05, Buy retained.

Target price is $5.39 Current Price is $3.69 Difference: $1.7
If IPH meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

Current consensus price target is $5.14, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

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

At Latitude Group's upcoming 2H25 result, Morgan Stanley expects cash profit to be up another 20% half on half. However the broker will be focused on how management frames the revenue outlook in a higher-rate environment.

Equal-weight retained, target falls to $1.20 from $1.39. Industry view: In Line.

Target price is $1.20 Current Price is $0.95 Difference: $0.25
If LFS meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 LIC as Hold (3) -

Lifestyle Communities reported 1H26 NPAT of $15.8m, down from $22.7m a year earlier, with management continuing not to provide earnings or distribution guidance for FY26.

Bell Potter notes 128 settlements in the half, down -7% y/y and reduces its FY26 settlement forecast to 193 from 226, citing softer Victorian market conditions and insufficient sales momentum.

Development margins declined to 11% from 14.9% as discounting and higher marketing spend weighed, while annuity income from 4,256 occupied homes was broadly in line.

The broker also observes the dividend remains paused pending market improvement and further deleveraging.

Bell Potter retains Hold and lowers the target price to $5.50 from $6.05 while downgrading  EPS forecasts by -45% to -13% across FY26-28.

Target price is $5.50 Current Price is $5.20 Difference: $0.3
If LIC meets the Bell Potter target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates LIC as Neutral (3) -

UBS assesses the trajectory for Lifestyle Communities is shaping up as a "tale of two halves". While the first half result was "solid" and ahead of estimates the outlook for the next six months appears far more challenging.

The company has called out recent signs of softening consumer sentiment, in light of expectations for further rate hikes, and a loss of house price  momentum in Victoria as well as a decline in listing volumes.

The broker suspects the company will need to continue discounting at mid-single digit levels to move excess stock. No earnings or operating guidance for FY26 were provided and distributions have been paused until the external environment improves. Neutral. Target slips to $5.80 from $5.99.

Target price is $5.80 Current Price is $5.20 Difference: $0.6
If LIC meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.98, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates LOV as Buy (1) -

Following Lovisa Holdings' interim results, Citi lowers its target to $32 from $38.45 and maintains a Buy rating.

While 1H26 underlying profit of $69.6m beat consensus by 3%, the broker explains reported profit of $58.4m missed by -14%, and the 53c dividend trailed expectations. It's felt northern Hemisphere execution remains strong.

The analysts highlight losses for Jewells (new format stores targeting higher-end customers) and A&NZ competition as key issues.

While offshore momentum is robust, it's thought competitive openings in A&NZ may weigh on sales and near-term refurbishments could disrupt trading.

Jewells investment is considered modest and optional, the analysts suggest, with scope to shut the pilot if required. 

Target price is $32.00 Current Price is $26.21 Difference: $5.79
If LOV meets the Citi target it will return approximately 22% (excluding dividends, fees and charges).

Current consensus price target is $32.38, suggesting upside of 23.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates LOV as Outperform (1) -

Lovisa Holdings served up mixed 1H26 results according to Macquarie with sales up 24% on modest like-for-like growth and an accelerated rollout, but earnings missed as depreciation and interest rose with the expanding store base.

The broker highlights 85 net new stores were added in the half, well ahead of expectations, but flags A&NZ remains the key concern, with sales down -4.9% and revenue per store backsliding -8% amid rising competitive pressure.

The Jewells pilot is also viewed as a material near-term drag, with a -$10.8m EBIT loss in 1H26. The analyst expects the initiative to weigh on 2H26 and 1H27.

Macquarie lowers EPS forecasts by -20% in FY26, -9% in FY27 and increases by 4% in FY28. Outperform retained and the target price cut to $30.50 from $37.30.

Target price is $30.50 Current Price is $26.21 Difference: $4.29
If LOV meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $32.38, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgan Stanley rates LOV as Overweight (1) -

It was a complex result from Lovisa Holdings, but in short Morgan Stanley believes the underlying was solid overall, offset by higher Jewells start-up losses. This concept will ultimately close if Lovisa can't get it to work.

The broker sees 1.6% sales growth in the first seven weeks of 2H26 as reason to be optimistic. The lower share price response clearly reflects the uncertainty and difficulty in assessing the result, Morgan Stanley suggests.

Target falls to $32.50 from $38.00, Overweight retained. Industry view: In line.

Target price is $32.50 Current Price is $26.21 Difference: $6.29
If LOV meets the Morgan Stanley target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $32.38, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates LOV as Buy (1) -

Lovisa Holdings reported a strong underlying 1H26 result, Morgans notes, with earnings up 20.4%, 6% ahead of expectations, driven by store network growth and strong gross margins.

During the period, the pace of store rollout continued with a net of 64 new stores added, bringing the total count to 1,095. Lovisa has ambitious expansion plans, which Morgans believes are undiminished by the recent change in CEO.

Morgans believes Lovisa has the ingredients to become a truly global brand. Ongoing investment will be needed to expand Lovisa’s multinational network and to take it into new markets, but the company has the capacity to fund this, and the returns could be stellar.

Buy retained, target falls to $36.80 from $40.00 on lower peer multiples.

Target price is $36.80 Current Price is $26.21 Difference: $10.59
If LOV meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $32.38, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates LOV as Neutral (3) -

Some big downward adjustments to UBS' forecasts have followed Lovisa Holdings' interim result. Neutral rating retained while the broker's price target falls to $29 from $33.

1H26 EBIT/NPAT were below expectations on larger Jewells start-up losses plus higher D&A and net interest, despite ex-Jewells EBITDA up 24.4% with margins up 51bps.

LFL sales slowed through the half (+3.5% in weeks 1–20, -2.1% in weeks 21–26) and early 2H shows total/LFL sales +21.5%/+1.6%.

The broker identifies the key catalyst in stabilising LFL sales and evidence Jewells losses can narrow, while the primary risk remains a longer-than-expected ramp that drags group earnings and sentiment.

Target price is $29.00 Current Price is $26.21 Difference: $2.79
If LOV meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $32.38, suggesting upside of 23.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates MAF as Accumulate (2) -

MA Financial’s 2025 underlying profit was up 35% year on year and 2% above consensus. Morgans sees this result as generally sound, being a slight beat and featuring an upgrade to MA Money 2026 profit expectations.

Morgans sese MA Financial as well positioned to execute a compound earnings growth story over time and is impressed by management’s history of delivering solid shareholder returns, together with building sustainable businesses.

The company also appears well positioned to achieve nearly all its 2026 group financial targets. Accumulate retained, target falls to $11.69 from $12.16 on a share count adjustment.

Target price is $11.69 Current Price is $9.08 Difference: $2.61
If MAF meets the Morgans target it will return approximately 29% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

UBS rates MAF as Buy (1) -

MA Financial posted a strong 2025 result which exceeded UBS expectations amid "solid" perforrmances in asset management and lending. The company has opted not to establish new targets for 2026 but indicated earnings are expected to be "materially higher".

As the stock is trading on a 12-month forward PE of around 20x UBS continues to envisage value appeal and retains a Buy rating. Target edges up to $12.10 from $12.00.

Target price is $12.10 Current Price is $9.08 Difference: $3.02
If MAF meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates MGR as Buy (1) -

Citi lowers its target for Mirvac Group to $2.50 from $2.60 following interim results. The Buy rating is retained.

The group is viewed as a residential value play offering strong earnings growth and is preferred over Stockland ((SGP)) in the near term due to relative valuation and development leverage.

A summary of the broker's initial research follows.

At first glance, Mirvac Group has reported 1H26 EPS of 6.3c, which Citi notes was 8% ahead of consensus, driven by capital partnering profits, including the Harbourside joint venture.

Management's FY26 EPS guidance of 12.8–13.0c is unchanged, while 835 residential settlements missed expectations and the analyst expects deliveries to be skewed to 2H26.

Commentary highlights strong residential sales momentum, with 1,304 lots exchanged in 1H26, up 38% y/y. Mirvac maintains guidance for 2,000–2,300 settlements in FY26 with more than 90% of target lots secured.

Citi also points to margin improvement excluding impaired lots, with underlying gross margin of 22.5% versus reported 17.3%.

Post earnings call, the analyst believes the stock price rally post result was justified and further upside is flagged.

Target price is $2.50 Current Price is $2.00 Difference: $0.5
If MGR meets the Citi target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.35, suggesting upside of 17.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates MIN as Buy (1) -

Interim earnings by Mineral Resources revealed underlying earnings (EBITDA) of $1,167m and a profit of $343m beating consensus expectations for $1,087m and $289m, respectively, highlights UBS.

In an early assessment, the broker highlights stronger mining services margins at 32% and Onslow costs tracking the lower end of guidance. Net debt to EBITDA improved to 2.8x from 5.9x in FY25.

Guidance across iron ore, lithium and mining services is unchanged, the analysts note, with solid operating momentum evident. 

No interim dividend was declared as deleveraging progresses, explains the broker.

Target $68. Buy.

Target price is $68.00 Current Price is $51.25 Difference: $16.75
If MIN meets the UBS target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $63.17, suggesting upside of 23.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates MP1 as Buy (1) -

Citi's first impression is Megaport's interim EBITDA surprised on the upside (good) but FY26 EBITDA guidance is below expectations (not good).

Lower opex seems to be the main cause for the H1 'beat'.

Citi points out capex of -$34m was higher than its own forecast of -$25m while capitalised wages of $9.5m was in-line with forecast of $10m so the EBITDA beat was not driven by higher capitalisation.

Core NPAT loss of -$5m was better-than-expected as Citi had penciled in -$6m. Buy. Valuation/target $15.75.

Target price is $15.75 Current Price is $9.65 Difference: $6.1
If MP1 meets the Citi target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $16.23, suggesting upside of 68.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

UBS rates MP1 as Neutral (3) -

In an early assessment, UBS highlights a significant earnings (EBITDA) beat within Megaport's interim results, driven by stronger revenue and delayed cost reinvestment.

The broker points to a 3% revenue beat and 30% earnings beat versus consensus, with net revenue retention (NRR) improving 1% since November. Hiring appears slightly delayed, though churn has reduced, explain the analysts.

Annual recurring revenue (ARR) growth remains steady at 19%, the analyst observes, while customer additions were modestly higher.

Revenue guidance of $264-270m (midpoint $267m versus UBS at $265m) reflects a lift to the bottom end from $260m previously, explains the broker, despite a -$9m FX headwind.

Neutral rating. Target $15.70.

Target price is $15.70 Current Price is $9.65 Difference: $6.05
If MP1 meets the UBS target it will return approximately 63% (excluding dividends, fees and charges).

Current consensus price target is $16.23, suggesting upside of 68.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Citi rates MPL as Neutral (3) -

Citi retains its Neutral rating and $5.10 target for Medibank Private following interim results.

A summary of the broker's initial research on result's day follows.

At first look, Medibank Private's 1H26 underlying NPAT of $298m missed Citi's and consensus forecasts, with the shortfall driven by a larger other income loss linked to higher M&A and lease interest expenses.

Private health insurance was slightly softer than the broker expected, though this was largely offset by stronger investment income and a better-than-forecast contribution from Medibank Health.

Resident policyholder growth was solid at 38.3k. The PHI gross margin held flat at 16.2% and net margin came in at 8.5%, both a miss on expectations.

Medibank Health remained the standout, with segment profit up 27.9% to $51m and FY26 guidance implying operating profit of around $109m including Better Medical.

Target price is $5.10 Current Price is $4.47 Difference: $0.63
If MPL meets the Citi target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Macquarie rates MPL as Neutral (3) -

Macquarie explains Medibank Private’s 1H26 reflected solid policyholder growth, but headline claims inflation remains temporarily suppressed as COVID-19 comparatives roll off.

The broker highlights management’s FY26 “flat jaws” guidance, implying a 2H26 gross margin of around 17%, which it sees as achievable with claims growth per policy unit tracking 2.6%.

Hospital utilisation fell sharply, which is attributed the absence of prior-period COVID claims, which should remain a tailwind into 2H26 before underlying inflation re-accelerates into FY27, the analyst notes.

Macquarie's FY26 EPS forecast is trimmed by -0.8% and FY27 lifted by 0.8%. Neutral retained and the target price reduced to $4.80 from $4.90.

Target price is $4.80 Current Price is $4.47 Difference: $0.33
If MPL meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Morgan Stanley rates MPL as Overweight (1) -

Medibank Private's underlying profit missed consensus by -3%. Most of the miss was due to higher tax & M&A costs, Morgan Stanley notes. Operating profit was within -1% of consensus and the dividend was in line.

The insurance net margin was 8.5%, steady year on year but below consensus. Gross margin was also below.

Coupled with a 5.10% premium increase from April 2026, up on Morgan Stanley's 4.30% forecast and last year's 3.99%, Medibank Private is considered well placed to sustain margin even if claims rise.

Overweight retained, target falls to $5.77 from $5.90. Industry View: In-Line.

Target price is $5.77 Current Price is $4.47 Difference: $1.3
If MPL meets the Morgan Stanley target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

UBS rates MPL as Neutral (3) -

Medibank Private delivered underlying net profit in the first half that was below forecasts, stemming from M&A costs and higher tax rate and lease expenses.

UBS believes the results highlight affordability as an increasing challenge, and this is materialising through downgrading, new business growth in increasingly lower tier policies and greater consumer use of aggregators.

While the latter features are expected to keep a lid on claims inflation, growth in claim payments per policy is accelerating attributed by the company to faster payment processing.

All up the broker finds less "insulation" against negative surprises and retains a Neutral rating. Target edges down to $4.90 from $5.00.

Target price is $4.90 Current Price is $4.47 Difference: $0.43
If MPL meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 14.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

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

Mitchell Services delivered a step-change in performance in 1H26, Morgans comments. Revenue grew 3% year on year, while earnings increased 69%.

Earnings margins expanded materially to 21% compared with 13% previously. Profit after tax was a strong $8.1m, a significant turnaround from the -$0.3m loss reported in 1H25.

By driving greater productivity from its operating rigs and maintaining disciplined financial management, Mitchell Services has demonstrated its ability to do more with less, Morgans notes, strengthening the business and returning that success to shareholders with a material 4cps dividend.

Commentary states FY26 continues to look like a strong year for earnings, higher earnings margins, robust free cash flow and a resumption of dividends.

A strong share price performance has Morgans downgrading to Hold from Speculative Buy, with an unchanged 50c target.

Target price is $0.50 Current Price is $0.58 Difference: minus $0.08 (current price is over target).
If MSV meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates MVP as Buy (1) -

Medical Developments International's 1H26 revenue of $21.6m, up 7.9% y/y came in below expectations by - 5.3% due to a -10.3% decline in Respiratory, while Pain Management sales rose 17.6% and slightly beat forecasts, Bell Potter observes.

The broker notes better cost control lifted underlying EBITDA to $1.0m versus $0.3m expected and narrowed the net loss to -$0.2m, despite a -$0.6m FX impact. Operating cash flow improved to $0.3m and cash came in at $16.8m.

The analyst sees continued momentum for Penthrox, including PBS expansion in Australia and broader European regulatory approvals, with further studies expected to support differentiation.

The broker reduces revenue forecasts by around -4.6% for FY26-FY28 but upgrades underlying EBITDA and NPAT through FY26-28 on improved cost management, while retaining a Buy rating and lifting target price to $0.85 from $0.84.

Target price is $0.85 Current Price is $0.47 Difference: $0.38
If MVP meets the Bell Potter target it will return approximately 81% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates NWH as Buy (1) -

After further analysis of NRW Holdings' interim results, Citi raises its target to $6.85 from $6.20 and retains a Buy rating.

The broker believes a degree of conservatism is embedded within the upgraded guidance range. FY27 is expected to deliver further meaningful upside on a like-for-like basis as operating momentum continues.

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

NRW Holdings delivered a strong 1H result, with revenue of $1,974m up 19.5% y/y and 3% ahead of Citi's expectations at fist peek, while earnings (EBITA) of $132m was 9%-10% above the broker's forecasts, and margins came in 30-40bps above estimates.

Commentary notes mining margins rebounded to around 9%, around 50bps above expectations, supported by favourable conditions, while higher-margin METS businesses underpinned the earnings beat.

The order book rose to $7.5bn from $6.1bn in FY25  and active tenders to $9.2bn from $5.6bn in FY25, providing around two years of revenue coverage based on FY26 guidance, the report stipulates.

Management lifted revenue guidance to $4.1-4.2bn and earnings (EBITA) to $275-285m, implying around 30bps higher margins at the midpoint versus prior guidance, Citi highlights.

The shares are expected to trade higher on the earnings 'beat' and upgraded outlook.

Target price is $6.85 Current Price is $6.33 Difference: $0.52
If NWH meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates NWH as Outperform (1) -

Macquarie notes NRW Holdings’ 1H26 result materially exceeded expectations, with EBITA of $132m and a midpoint upgrade to FY26 guidance of $275-285m.

The broker notes revenue rose 20% to $1,974m, while improved execution lifted Mining margins to 9.0% and supported stronger group profitability. 

Commentary observes momentum has continued in the order book, which increased to $7.5bn, alongside a large tender pipeline and solid contribution from the Fredon acquisition.

Macquarie upgrades EPS forecasts  by 7% in FY26, 5% in FY27 and 4% in FY28. Outperform retained and the target price increased to $6.60 from $6.05.

Target price is $6.60 Current Price is $6.33 Difference: $0.27
If NWH meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates NWH as Accumulate (2) -

NRW Holdings posted a "knockout" 1H26 result, Morgans suggests, with all operating metrics well ahead of expectations. The broker believes the company is undoubtedly well positioned to deliver on its upgraded earnings guidance.

Though NRW has a large capital intensive contract mining business, it is well diversified with its legacy civil construction business as well as its more recently formed engineering business, Morgans notes.

The company had a tumultuous year in FY25 as it faced cash collection issues and inclement weather in Queensland. Going forward, each business has significant tailwinds, Morgans suggests. Target rises to $6.60 from $6.00, Accumulate retained.

Target price is $6.60 Current Price is $6.33 Difference: $0.27
If NWH meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates NWH as Buy (1) -

First half results from NRW Holdings beat UBS estimates. The broker was pleased with the higher multiple METS segment, where revenue grew a significant 32%.

The company has flagged strong momentum continuing and the order book is robust with the tender pipeline supporting an increase to full-year EBIT guidance, now $275-285m.

UBS points out this is now the third organic earnings guidance upgrade for FY26. Buy rating. Target rises to $7.00 from $5.15.

Target price is $7.00 Current Price is $6.33 Difference: $0.67
If NWH meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.76, suggesting upside of 6.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates NWL as Buy (1) -

Following Netwealth Group's interim results, Citi raises its FY26-28 profit forecasts by 1-2%. Earnings margins are expected to remain broadly flat to FY28 as operating leverage is reinvested.

The Buy rating and $28.90 target are maintained.

The broker's initial thoughts are summarised below.

Citi views the 13% share price reaction as suprising but likely reflects the recent weakness on AI disruption and upgrades FY26-FY28 NPAT forecats by 1%-2% following the 1H result beat''

The analyst expects earnings (EBITDA) margins to remain flat through FY28 as Netwealth reinvests operating leverage back into product, technology and go-to-market capability.

The broker believes this investment cycle should narrow the net-flow gap to HUB24 ((HUB)), with flow upside in FY27 tied to large broker wins.

***

At first look, Netwealth Group reported underlying NPAT of $68m, up 20% y/y and 5% ahead of Citi and consensus, driven by stronger revenue and a lower effective tax rate.

The analyst notes revenue was 1%–2% ahead of expectations despite a slightly lower revenue margin of 31.1bps, supported by transaction revenue growth of 21% y/y.

The broker highlights progress in the broker and private wealth opportunity, with a soft launch of individual HIN capability underway and a public launch expected this quarter.

Earnings (EBITDA) margin of 49.5% was down -30bps y/y but marginally ahead of forecasts, while operating cash flow missed due to higher cash tax payments.

Target price is $28.90 Current Price is $25.87 Difference: $3.03
If NWL meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.92, suggesting upside of 19.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

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

Management at Peninsula Energy has provided a commissioning update for the Lance project, with agitator failures to be rectified within 6-8 weeks at a claimable -US$230k cost.

Shaw and Partners notes 2026 production guidance of 400-500klb remains unchanged. Such commissioning issues are considered minor and typical during ramp-up.

The broker highlights strong Mine Unit-4 flow rates and record grades, with recovery wells exceeding prior alkaline operations.

Buy, High Risk rating and $1.93 target are retained.

Target price is $1.93 Current Price is $0.80 Difference: $1.135
If PEN meets the Shaw and Partners target it will return approximately 143% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates PLS as Hold (3) -

PLS Group announced 1H26 underlying EBITDA of $253m, slightly below Bell Potter's expectations, with NPAT of $33m impacted by non-recurring costs linked to the mid-stream demonstration plant and the P-PLS joint venture.

The broker highlights operating cash flow of $180m, period-end cash of $924m and net cash of $234m, with no dividend declared to preserve balance sheet strength.

The Board has approved the restart of the circa 200ktpa Ngungaju plant from July 2026 following a two-year offtake agreement with Canmax, while FY26 operating costs are now expected toward the upper end of guidance.

 Progress on P2000 and Colina feasibility studies and the restructuring of the mid-stream arrangement with Calix are all in place, commentary notes.

Bell Potter retains Hold and keeps its target price at $4.60, while EPS estimates are cut by -10% in FY26 and -2% in FY27.

Target price is $4.60 Current Price is $4.18 Difference: $0.42
If PLS meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).