Australian Broker Call

Shaw and Partners rates A1M as Buy (1) -

Shaw and Partners highlights the assay results from resource definition and extension drilling at Jericho, which confirm the outlook for Matilda and Jolly.

The Jericho copper deposit has two parallel lenses, J1 & J2, which contain higher grades, including Jolly, Jumbuck, Matilda and Billibong.

AIC Mines announced a third parallel lens, named J0, to the west of J1, which offers further options for mine development close to the Link Drive and Eloise processing plant.

Commentary highlights drilling results also confirmed and extended the continuity of Matilda and Jolly. Buy, High Risk. Target unchanged at 70c.

Target price is $0.70 Current Price is $0.31 Difference: $0.39
If A1M meets the Shaw and Partners target it will return approximately 126% (excluding dividends, fees and charges).

Current consensus price target is $0.58, suggesting upside of 82.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates AD8 as Upgrade to Buy from Neutral (1) -

Audinate Group saw a challenging FY25, UBS notes, with revenue and profit not reflecting "business as usual".

Longer term, UBS remains a firm believer in audio, with Dante the digital audio "holy grail" and the structural shift from analog to digital to continue.

UBS upgrades to Buy from Neutral, underpinned by the long term opportunity. The business is high quality, not broken and will continue to benefit from being number one in a niche industry with long term structural tailwinds, the broker believes.

Buying such stocks when the macro is challenging is usually the right move, UBS suggests. Target nonetheless falls to $7.10 from $10.85.

Target price is $7.10 Current Price is $5.10 Difference: $2
If AD8 meets the UBS target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $6.83, suggesting upside of 36.0% (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

Bell Potter rates AEL as Buy (1) -

Amplitude Energy’s FY25 result was below Bell Potter’s expectations, with underlying earnings (EBITDAX) of $174m versus the broker’s $183m forecast, and profit of $11m compared with the $19m expected.

Costs were at the top end of guidance, and statutory profit was -$41m due to impairments, tax adjustments, and restoration expenses, explain the analysts.

FY26 guidance, which Bell Potter considers conservative, points to production of 69-74TJe/day, broadly in line with FY25. The broker notes a sharp increase in capex guidance to -$125-150m, driven by the East Coast Supply Project.

The broker highlights reserves in the Gippsland Basin have been upgraded, equivalent to around eight months of production at nameplate capacity.

Bell Potter raises its target price to 29c from 28c and retains a Buy rating. No dividend was declared.

Target price is $0.29 Current Price is $0.25 Difference: $0.04
If AEL meets the Bell Potter target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 20.0% (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 AEL as Outperform (1) -

Following FY25 results, Amplitude Energy remains Macquarie's key pick for East Coast gas exposure.

Average realised gas prices rose to $9.91/GJ in FY25 from $8.83/GJ, while Orbost continued to perform strongly at 62TJ/d, explains the analyst. Upgrades are targeting more than 70TJ/d by June 2026 and unit costs below $2/GJ.

FY26 guidance was broadly in line with the broker's expectations, with production forecast at 69-74TJe/d against the broker’s 73.6.

The broker notes Japanese utility Osaka Gas's entry as a 50% Otway partner significantly de-risks the drilling program, allowing Amplitude to commit to three wells starting late 2025.

Net debt of $243m appears manageable to the analyst, with peak leverage expected in FY27.

The broker’s target price is unchanged at 38c, with an Outperform rating retained.

Target price is $0.38 Current Price is $0.25 Difference: $0.13
If AEL meets the Macquarie target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.30, suggesting upside of 20.0% (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 AIA as Equal-weight (3) -

At first look, Morgan Stanley notes Auckland International Airport's FY25 result was slightly higher than consensus but expects downward revision to 12-month consensus EPS forecast on guidance miss.

FY25 underlying net profit of NZ$310m was 2% higher than guidance midpoint and 1% ahead of the broker's forecast and consensus. Capex was lower and final dividend also beat expectations.

The FY26 net profit guidance of NZ$280-320m is a -8% miss vs the broker's forecast at midpoint. The broker reckons it is due to higher net interest and depreciation changes.

Equal-weight. Target price NZ$8.35. Industry View: In-Line.

Current Price is $7.09. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.5

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

Macquarie rates ANZ as Neutral (3) -

Macquarie notes bank results were generally better than expected in August.

CommBank met consensus but fell short of elevated expectations, while National Australia Bank and Westpac delivered solid updates, according to the broker, with margins ahead of forecasts due to temporary factors.

Credit quality improved but capital generation was softer. The broker sees NAB as more attractive after Westpac's share price "overreaction". NAB and ANZ remain the preferred exposures within the sector.

While ANZ Bank's update gave little earnings detail, peer results point to stronger margins and markets income, suggests Macquarie.

The broker's FY25-26 earnings forecasts for ANZ are lifted by around 1% on lower impairments and better margins. The target price rises to $30 from $27.50 on these upgrades and a narrower peer discount. Neutral maintained.

Target price is $30.00 Current Price is $33.41 Difference: minus $3.41 (current price is over target).
If ANZ meets the Macquarie target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $27.81, suggesting downside of -17.8% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Macquarie rates APA as Outperform (1) -

APA Group reported FY25 earnings pre one-offs up 6.4%, which broadly met Macquarie and consensus forecasts. FY26 guidance is also in line, as was the 58c dividend.

Macquarie notes ongoing high one-off costs. Growth was generated by the east coast grid, up 6.3%, with the west coast up 5.2% meeting estimates.

Power transmission rose 17.3%, which was slightly better than expected, with improvement in the Mt Isa power system and first income from Port Hedland SDF/battery.

Gas being part of the energy transition strengthens the growth outlook, Macquarie suggests, with three-year capex at -$2.1bn (previously -$1.8bn).

The yield of 6.7% pa is sustainable, the broker believes, with growing franking in coming years. Core earnings momentum should build
with cost reductions and as new investment becomes income-generating. Target rises to $9.23 from $8.14, Outperform retained.

Target price is $9.23 Current Price is $8.76 Difference: $0.47
If APA meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.32, suggesting downside of -6.0% (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

Ord Minnett rates APA as Accumulate (2) -

APA Group’s FY25 earnings (EBITDA) were in line with Ord Minnett’s and consensus forecasts.

FY26 guidance was upgraded on cost savings, Basslink earnings, and currency hedging benefits from the Wallumbilla–Gladstone pipeline, explains the broker.

Guidance reflects the sale of the networks business, expected to complete in the December quarter. The broker notes Basslink’s shift to spot trading increases earnings potential but also adds volatility.

Management has repositioned towards core assets, supported by asset recycling and cost savings, with a -$2.1bn growth pipeline and sufficient balance sheet capacity to fund both projects and dividends.

Ord Minnett cuts its FY26-FY28 EPS forecasts by -19.3%, -25% and -8.7%, respectively, to account for the networks divestment and conservative Basslink estimates, partly offset by cost savings.

The broker raises its target price to $8.70 from $8.60 and retains an Accumulate rating. The final dividend was pre-released.

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

Current consensus price target is $8.32, suggesting downside of -6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates ASG as Neutral (3) -

At first pass, today's FY25 result by Autosports Group was broadly in line with UBS' expectations, with revenue of $2.87bn up 8% year-on-year and 2% ahead of the broker’s forecast. A final dividend of 4.5c was declared.

Gross profit of $515m was flat and in line with the broker's estimate, while normalised profit before tax of $43.5m fell -53% year-on-year, slightly below the broker but well short of consensus.

The analysts note solid second half momentum, with new vehicle revenue up 7% and used vehicle revenue up 8%, while service and parts delivered double-digit growth.

Group gross margin of 18% was slightly below the broker’s estimate, though pre-tax profit margins improved through the second half. Operating cash flow was strong at $116m, while net debt excluding floor plan finance rose to $197m.

The broker highlights a positive July trading update, with revenue up around 12% year-on-year and new vehicle orders up around 20%. 

Neutral. Target $1.80.

Target price is $1.80 Current Price is $2.82 Difference: minus $1.02 (current price is over target).
If ASG meets the UBS target it will return approximately minus 36% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.12, suggesting downside of -33.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Macquarie rates BGA as Outperform (1) -

In a flash note, Macquarie highlights Bega Cheese's FY25 result showed the company's ability to manage costs in a subdued revenue environment from tough macro conditions.

Group sales growth of 0.5% y/y missed the broker's forecast but normalised EBITDA was 23.5% higher y/y, beating the broker's forecast by 1.6% and the consensus by 0.7%. Net profit miss was due to higher tax.

FY26 guidance for normalised EBITDA of $215-220m is 8% higher y/y and in line with the consensus. The company is on track to beat  $250m EBITDA goal by FY28 which suggests upside risk to consensus, the broker highlights.

Outperform. Target price $6.40.

Target price is $6.40 Current Price is $5.21 Difference: $1.19
If BGA meets the Macquarie target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates BGA as Neutral (3) -

Today's FY25 result by Bega Group was broadly in line with UBS' expectations, at first glance. Revenue was flat at $3.54bn and compared with the broker’s $3.64bn forecast.

The broker observes earnings (EBITDA) rose 23% to $202m, in line with consensus of $201m, while profit increased 74% to $51m, slightly below consensus of $54m. Net debt fell to $126m from $206m at 1H25, reducing leverage to 0.8 times.

Branded earnings of $205m were marginally softer on margin, note the analysts, with the 2H25 margin at 6.6% compared with 6.9% in 1H25.

Bulk earnings were stronger than expected at $39m against consensus of $31m, lifting the group margin to 5.7%. Cash flow improved with $165m inflow, while stepped-up capex of -$64m in 2H25 is supporting cost efficiencies, explains UBS.

Guidance for FY26 earnings of $215-220m is in line with consensus of $218m, with management stating it expects to exceed its FY28 target of $250m. 

Target $6.15. Neutral.

Target price is $6.15 Current Price is $5.21 Difference: $0.94
If BGA meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $6.13, suggesting upside of 9.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates BHP as Neutral (3) -

BHP Group delivered a strong and clean finish to FY25, UBS suggests, with strong operating free cash flow, favourable working capital and lower capex, resulting in slightly lower than expected net debt and a higher than expected 60% final dividend payout of US60cps.

Operationally, commentary states, FY25 was underpinned by a class-leading performance in iron ore and a strong improvement in copper.

UBS  maintains a Neutral rating, seeing risk-reward as balanced as the broker expects weaker iron ore prices over 12 months-plus to balance against stronger copper prices.

UBS expects the trimming of medium-term capex, the higher net debt range and the dividend surprise to build confidence that BHP will be responsive to balancing growth capex with shareholder returns going forward. Target rises to $42 from $40.

Target price is $42.00 Current Price is $41.75 Difference: $0.25
If BHP meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $42.98, suggesting upside of 2.2% (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: 0.3

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

Macquarie rates BRG as Outperform (1) -

Macquarie assesses Breville Group’s FY25 result was strong, with revenue growth above 10% year-on-year across all regions, led by double-digit growth in Coffee and high single-digit growth in Cooking.

New market entries in the Middle East, China and South Korea performed well, observes the analyst, with revenue expected to continue compounding above 10%.

Around 65% of US gross profit is now manufactured outside China, rising to 80% by December 2025, which should help offset US tariff risk, believes Macquarie.

Despite the resilient top line, FY26 earnings will be pressured by tariffs. Macquarie, expects EBIT margins will decline by more than -100bps before recovering in FY27-FY28 as investments are balanced against profitability.

The broker lowers its target price by -$1.00 to $39.20 and retains an Outperform rating.

Target price is $39.20 Current Price is $35.26 Difference: $3.94
If BRG meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $35.84, suggesting downside of -2.8% (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

Morgan Stanley rates BRG as Overweight (1) -

Morgan Stanley notes Breville Group's FY25 result reflects consistent growth, beating expectations at all levels, with the sales outlook for FY26 looking constructive despite macro headwinds.

The broker sees further growth support from change in China/Middle East distribution model. Supply diversification is on track with 65% of US gross profit in dollar terms now outside China and the company still targeting 80% by the end of 1H26.

Still, the broker trimmed EBIT forecasts for FY26-27 by -2-3% due to a combination of lower gross profit, lower opex and higher D&A from capex.

Overweight. Target lifted to $38.20 from $36.50. Industry View: In-Line.

Target price is $38.20 Current Price is $35.26 Difference: $2.94
If BRG meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $35.84, suggesting downside of -2.8% (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 BRG as Downgrade to Hold from Accumulate (3) -

Ord Minnett assesses Breville Group delivered a strong FY25 result, with profit up 14.6% to $135.9m, slightly ahead of forecasts by the broker and consensus.

Revenue rose 10.9% to $1.7bn, with double-digit sales growth across the Americas, APAC and EMEA, while gross margin expanded by 20bps to 36.6%.

Earnings (EBITDA) increased 10.8% to $271.9m though the broker highlights operating cash flow declined to $171.5m from $302.6m.

Sales momentum remains solid into FY26, according to Ord Minnett, though US tariff costs are expected to weigh on margins. Management is implementing price rises and continuing supply chain diversification to offset the impact.

Ord Minnett makes no major forecast changes but sees near-term valuation stretched despite continued medium-term growth prospects.

The broker cuts its rating to Hold from Accumulate with the $35 target price unchanged.

Target price is $35.00 Current Price is $35.26 Difference: minus $0.26 (current price is over target).
If BRG meets the Ord Minnett target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.84, suggesting downside of -2.8% (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 BRG as Buy (1) -

Breville Group's result and outlook commentary was largely as expected, UBS notes, featuring 10% earnings growth at the top end of guidance, reasonable second half sales growth of 9%, though softer than the first half (13%) driven by distribution transition impacts that should be one-off in nature.

No FY26 guidance provided but unsurprisingly indicated cost and capex headwinds from tariffs and moving production outside China for US products.

UBS  recently upgraded to Buy based on Breville’s high growth coffee machine total addressable market, opportunity to scale new markets like China, and low level of market penetration which should support more than a doubling of sales in ten years.

The broker thinks FY26 represents a transition year and the market should look to the growth potential from FY27 onward. Buy retained, target rises to $39.80 from $35.50.

Target price is $39.80 Current Price is $35.26 Difference: $4.54
If BRG meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.84, suggesting downside of -2.8% (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

Shaw and Partners rates BTR as Buy (1) -

Brightstar Resources received further results from the 100km drilling program at the 1.5moz Sandstone Gold project, which is aimed at lifting confidence in the existing resource via infill drilling, Shaw and Partners explains.

An announcement from Brightstar and Aurumin ((AUN)) to consolidate the Central Sandstone region was also made, which would give the former control over a combined mineral resource of circa 2.4moz at 1.5g/t Au.

A $50m capital raising was completed in July at 48c, bringing cash on hand to $43.8m, and the prefeasibility study for Sandstone will be completed in 1H2026.

No change to the $1.14 target price and Buy, High Risk rating.

Target price is $1.14 Current Price is $0.37 Difference: $0.77
If BTR meets the Shaw and Partners target it will return approximately 208% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates BXB as Neutral (3) -

At first glance, Citi notes Brambles reported sales that missed guidance at 3% growth (currency adjusted) versus guidance of 4%-5%, which implies growth of 3% in 4Q25, split circa 1% volume and 2% price.

Underlying profit came in at 10% growth versus guidance of 8%-11%, with 2H25 irrecoverable pooling equipment provision at circa US$25m, less than 50% of implied guidance at US$69m.

The analyst suggests the consumer environment is impacting revenue guidance, with improved operating leverage resulting in an in-line to slightly ahead guide of underlying FY26 profit.

Citi sees bottom-up factors underpinning earnings in a "soft" environment. Target $23.60. Neutral rated.

Target price is $23.60 Current Price is $23.23 Difference: $0.37
If BXB meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $23.14, suggesting downside of -12.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.3

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

Macquarie rates CBA as Underperform (5) -

Macquarie notes bank results were generally better than expected in August.

CommBank met consensus but fell short of elevated expectations, while National Australia Bank and Westpac delivered solid updates, according to the broker, with margins ahead of forecasts due to temporary factors.

Credit quality improved but capital generation was softer. The broker sees NAB as more attractive after Westpac's share price "overreaction". NAB and ANZ remain the preferred exposures within the sector.

Unchanged Underperform rating and $105 target for CommBank.

Target price is $105.00 Current Price is $172.40 Difference: minus $67.4 (current price is over target).
If CBA meets the Macquarie target it will return approximately minus 39% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $112.81, suggesting downside 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

Citi rates CHC as Buy (1) -

Charter Hall reported a slight FY25 EPS miss of 81.4c, below consensus by -1.8% and -1% against Citi's forecast at first take, due to lower earnings (EBITDA).

FY26 guidance at circa 90c, or 10.5% growth on FY25, is above consensus by 1% and slightly lower than the analyst's forecast of 92.3c.

Guidance importantly does not include performance fees, which are estimated at 2.5c per share.

Real Estate FUM grew 2% to $66.8bn but missed Citi's estimate by -2%, and AUM is up to $69.4bn.

Given the strong share price performance to date, the broker suggests the stock is likely to track sideways until further details are derived from the earnings call.

Buy. Target $22.50.

Target price is $22.50 Current Price is $22.82 Difference: minus $0.32 (current price is over target).
If CHC meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $19.96, suggesting downside of -12.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates CHN as Neutral (3) -

Having modelled a number of project scenarios over the past five years since discovery, UBS looks forward to the November release of Chalice Mining's pre-feasibility study for Gonneville.

The key catalyst for the stock is the release of the study, which has been pushed out following improved recovery work and to consider the potential for an iron ore byproduct stream.

Ahead of the PFS, UBS' target increases to $1.70 from $1.00, Neutral retained.

Target price is $1.70 Current Price is $1.59 Difference: $0.11
If CHN meets the UBS target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.58, suggesting upside of 57.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates COS as Buy (1) -

Cosol delivered FY25 revenue of $116.8m and earnings (EBITDA) of $15.8m, in line with the recent trading update but modestly below prior guidance of $118-121m and $16.3-16.7m, respectively.

Profit of $7.9m missed Bell Potter’s $8.1m forecast on higher costs, while the final dividend of 1.17c was also slightly softer than expected.

The broker points to strong FY26 momentum, with high single-digit organic growth expected. Major client wins and expanded offerings are thought to be driving confidence.

Bell Potter lifts FY26-FY27 revenue and earnings forecasts but trims profit and dividend expectations due to higher D&A and interest costs.

Bell Potter raises its target price to 85c from 80c and retains a Buy rating.

Target price is $0.85 Current Price is $0.65 Difference: $0.2
If COS meets the Bell Potter target it will return approximately 31% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates COS as Buy (1) -

Cosol ended FY25 on a softer note, highlights Ord Minnett, with revenue and earnings (EBITDA) expectations revised modestly below guidance set by management in early August.

Positively, revenue growth finished at 15% including 10% organic, as around $1.5m in product sales slipped into FY26. Management has restructured operations to drive growth and margin expansion, with FY26 guidance viewed by Ord Minnett as conservative.

FY26 targets include high single-digit revenue growth and around 18% earnings growth. The analysts think additional upside may come from recently acquired data analytics and business intelligence company Toustone, which should begin contributing in 2H26.

The broker retains a Buy rating with a target price of $1.05.

Target price is $1.05 Current Price is $0.65 Difference: $0.4
If COS meets the Ord Minnett target it will return approximately 62% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates CWY as Overweight (1) -

Morgan Stanley observes Cleanaway Waste Management's FY25 result was largely in line with consensus, and expects minor change to 12-month consensus EPS forecast.

FY25 EBITDA of $791m was -1% lower than the broker's forecast but matched the consensus. Capex was 96% of guidance but higher than consensus, and ROIC improved to 6% from 5.5% in FY25.

FY26 EBIT guidance of $470-500m compares with the broker's estimate of $489m and consensus of $494m.

Overweight. Target price $3.18. Industry View: In-Line.

Target price is $3.18 Current Price is $2.81 Difference: $0.37
If CWY meets the Morgan Stanley target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 11.0% (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 CWY as Accumulate (2) -

Cleanaway Waste Management delivered an in-line FY25 result, but Morgans points to question marks around the earnings quality due to underlying adjustments.

FY26 earnings (EBIT) came in below the more upbeat consensus expectations, with a negative shock from net finance cost guidance of circa $150m versus $121.5m in FY25. Consensus had been forecasting a decline of circa -11%.

Higher tax in FY25, which is expected to rise in FY26, will underpin franking credit generation, with the FY25 payout ratio up to 68%, albeit the dividend is not significant, but Morgans assumes the payout ratio continues to rise.

The analyst lowers net profit after tax forecasts by -4% to -7% for FY26-FY28 due to leverage to interest costs and higher D&A charges.

No change to Accumulate rating. Target slips to $3.11 from $3.12.

Target price is $3.11 Current Price is $2.81 Difference: $0.3
If CWY meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.12, suggesting upside of 11.0% (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 DOW as Neutral (3) -

In a first read of Downer EDI's FY25 result, UBS highlights the 3% beat on EBITA vs its forecast and the consensus, driven by transport and lower corporate costs and higher-than-expected margin.

The company is guiding to an improvement in FY26 underlying earnings and EBITA margin, despite flat to marginally lower revenue guidance. 

The broker reckons the key focus will be on margin assumption, given the 2H margin was 5%. Neutral. Target price $5.80.

Target price is $5.80 Current Price is $6.93 Difference: minus $1.13 (current price is over target).
If DOW meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Citi rates DXS as Neutral (3) -

Citi observes Dexus' office occupancy of 92.3% remains above market average of 85.7%, and for industry portfolio, leasing volumes were at a record, with around 25% re-leasing spreads. 

FY25 office rental growth was 2% and while industrial was down -1% due to downtime, the broker expects it to improve in FY26.

Fund management outflows, normalising finance costs and development delays remain key negatives. Still, the broker upgraded FY26-28 FFO on stable occupancy, rental growth and stronger portfolio fundamentals.

Neutral. Target unchanged at $7.80.

Target price is $7.80 Current Price is $7.45 Difference: $0.35
If DXS meets the Citi target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting upside of 5.6% (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 DXS as Outperform (1) -

Dexus' FY25 adjusted funds from operations were down -6% year on year, in line consensus and guidance, while maiden FY26 guidance is also in line.

Portfolio valuations were down -1.1% year on year, Macquarie notes, significantly lower than in prior periods. Across the broader
platform, 70% of funds under management recorded a revaluation uplift in the second half.

This reflects the quality of the portfolio/broader platform, and provides signs the property market has turned the corner, Macquarie suggests.

Commentary posits the office outlook shows signs of moving past the bottom of the cycle.

The outlook remains subdued near term, but at an -18% discount to NTA, the broker sees this as priced in. Target rises to $7.96 from $7.50, Outperform retained.

Target price is $7.96 Current Price is $7.45 Difference: $0.51
If DXS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting upside of 5.6% (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 DXS as Underweight (5) -

Morgan Stanley reckons Dexus' FY25 result and FY26 guidance were fine at the headline level, and the consensus EPS forecast for next 12 months is likely to be largely unchanged.

Among issues of concern were lower yield on cost for Atlassian, now 4.0-4.5% vs the target of 4.0-5.0%, the delay in Brisbane Waterfront project and expiry of 8% of Office portfolio in FY26 and 13.9% in FY27.

On the comforting side was $35m performance fee secured for FY26, with the broker already expecting it to be a headwind vs FY25's $41m.

Underweight. Target price $7.75. Industry View: In-Line.

Target price is $7.75 Current Price is $7.45 Difference: $0.3
If DXS meets the Morgan Stanley target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.91, suggesting upside of 5.6% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Bell Potter rates EGL as Buy (1) -

Environmental Group delivered a strong FY25 result, according to Bell Potter, with earnings (EBITDA) up 12% year-on-year to $11.1m, in line with guidance and slightly ahead of the broker’s $10.9m forecast.

Profit lifted 25% to $5.8m, ahead of the analysts' $5.1m forecast. The Energy division outperformed with sales up 42% and earnings of $7.6m, boosted by the Advanced Boilers acquisition, while Baltec was impacted by a one-off cost overrun.

FY26 guidance is for normalised earnings growth of 15-20% which represents a range of $12.8-13.3m.

Bell Potter cuts its FY26 EPS forecast by -8% on guidance but upgrades FY27 by 2%. The broker notes commissioning of two PFAS plants by late 2025 will support service revenue. Recurring revenue reached 58% in FY25 and is expected to grow further in FY26.

The broker lowers its target price to 38c from 40c and retains a Buy rating

Target price is $0.38 Current Price is $0.26 Difference: $0.12
If EGL meets the Bell Potter target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates EHL as Outperform (1) -

Emeco Holdings' FY25 result came in ahead of Macquarie’s expectations, with profit of $84m up by 22% year-on-year and earnings (EBITDA) beating forecasts by 2%.

Strong operating cash flow supported a reduction in net debt to $195m and leverage to 0.65 times from 1.0 times, explains the analyst.

Return on capital (ROC) lifted by 170bps to 17%, with the second half run-rate at 18%.

Rental activity remains robust, highlights the broker, with fleet utilisation expected to improve towards the 90% target in FY26, underpinned by mining production growth and recent underground contract wins.

Force (the maintenance and component rebuild services division) earnings fell by -2.5% year-on-year. This was due to weaker rebuild activity, though Macquarie highlights new opportunities including a maintenance agreement for Fortescue’s ((FMG)) battery-powered fleet.

Management targets return on capital of 20% with no growth capex and further de-gearing in FY26.

Macquarie upgrades its FY26-FY28 EPS forecasts by 12% across all years, driven by stronger rental margins and lower depreciation. The target price rises to $1.40 from $1.18. Outperform rating retained.

Target price is $1.40 Current Price is $0.95 Difference: $0.45
If EHL meets the Macquarie target it will return approximately 47% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates FBU as Buy (1) -

Citi notes Fletcher Building's FY25 EBIT beat the consensus by 2%, with construction and corporate the standouts, while concrete and the Australian unit lagged. Disclosures improved.

The company didn't provide FY26 guidance but the broker highlights the consensus is implying growth of NZ$61m EBIT.

However, FY25 EBIT had losses of nearly -NZ$31.4m which would reverse plus there'd be some benefit of further Digital cost-saving in additional to improvement in the Australian business.

Overall the broker reckons FY26 consensus EBIT looks achievable. Buy. Target price NZ$3.55.

Current Price is $2.80. Target price not assessed.

Current consensus price target is $3.04, suggesting upside of 10.5% (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: 0.0

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

Macquarie rates FBU as Underperform (5) -

Fletcher Building's second half earnings pre-significant items were -3% short of consensus. Divisionally, the quality was poor, Macquarie notes, with Concrete and Australia missing materially.

The company has engaged CBRE Investment Management to look at selling bare land at Fletcher Residential. The last time we saw bare land sales was around the GFC, Macquarie points out.

On the broker's forecasts, Fletcher Building  will not review its dividend for resumption until it sells some -NZ$0.5bn. Given predominantly negative catalysts, Macquarie retains Underperform. Target falls to NZ$1.67 from NZ$1.80.

Current Price is $2.80. Target price not assessed.

Current consensus price target is $3.04, suggesting upside of 10.5% (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: 0.0

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

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

Morgan Stanley describes Fletcher Building's FY25 result as largely meeting expectations, and sees modest downward revision to 12-month consensus EPS forecast.

FY25 sales missed consensus by -2% but EBITDA beat by 2%, and leverage declined to 1.6x from 2.4x in FY24.

The company pointed to tough operating conditions in FY26, with NZ demand expected to be subdued throughout FY26 and Australian market indicators still assessed to be mixed. 

Equal-weight. Target price $3.04. Industry View: In-Line.

Target price is $3.04 Current Price is $2.80 Difference: $0.24
If FBU meets the Morgan Stanley target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.04, suggesting upside of 10.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.0

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

Citi rates GMG as Buy (1) -

Citi notes Goodman Group's FY25 EPS growth of 9.8% was in line with consensus and slightly above forecast at first glance, with work in progress robust at $12.9bn. Data centre developments are up to 700MW from 500MW in the previous update.

A data centre partnership in Australia was launched, with another launch in Europe in FY26, and HK being prepared.

Development yield on cost was 7.5%, which is in line with the prior update.

FY26 guidance of 9% EPS growth is viewed as conservative and below the analyst's forecast by -3% and consensus by -2%.

Historically, the report reminds investors, guidance has been lifted through the fiscal year.

Target $40. Buy.

Target price is $40.00 Current Price is $36.14 Difference: $3.86
If GMG meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $37.25, suggesting upside of 5.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Bell Potter rates HMC as Downgrade to Hold from Buy (3) -

Following FY25 results for HMC Capital, Bell Potter lowers its target to $3.60 from $8.15 and downgrades to Hold from Buy.

The broker cuts its FY26-28 EPS forecasts by -34% to -29% due to slower divisional growth, impairment, and higher corporate costs.

The FY25 result was below the analysts' expectations, with pre-tax EPS of 56c, -16% versus the broker and -18% versus consensus. The outcome was impacted by a -$31.9m impairment to align with Digico Infrastructure REIT's ((DGT)) June 2025 net asset value (NAV).

Guidance for FY26 is at least 40c pre-tax EPS and a 12c dividend, consistent with the broker and consensus.

Bell Potter believes limited unlisted capital sources available to HMC Capital at this stage mean the company must demonstrate clear execution in FY26 to rebuild confidence from both direct and equities investors.

Target price is $3.60 Current Price is $3.85 Difference: minus $0.25 (current price is over target).
If HMC meets the Bell Potter target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.12, suggesting upside of 35.1% (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 HMC as Buy (1) -

HMC Capital delivered a 51% increase in FY25 operating EPS but fell short of guidance due to one-off items including a Digico Infrastructure REIT ((DGT)) write-down and executive restructure costs.

Management retains the $50bn funds under management (FUM) target in 3-5 years, while stepping back from broader renewable expansion. The -$950m Neoen Victoria acquisition is also being progressed, independently valued at $1.3bn.

Real estate funds performed solidly, according to Ord Minnett, with $2bn of potential developments and expected 15% growth in FY26 fund management earnings.

Commentary highlights private equity shifted focus to fewer, high-conviction opportunities, while private credit FUM rose 25% on the Payton Capital acquisition.

Ord Minnett raises its FY26 funds from operations (FFO) forecast by 9.5% but cuts FY27-28 forecasts by -4.3% and -4.7%. The broker lowers its target price to $5.35 from $5.55 and retains a Buy rating.

Target price is $5.35 Current Price is $3.85 Difference: $1.5
If HMC meets the Ord Minnett target it will return approximately 39% (excluding dividends, fees and charges).

Current consensus price target is $5.12, suggesting upside of 35.1% (ex-dividends)

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 HMY as Buy (1) -

Harmoney reported FY25 cash profit of $5.7m, in line with guidance and marking a clear turning point, according to Ord Minnett, as revenue scalability improves against costs.

Second-half profit doubled versus the first half, with FY26 guidance upgraded to $12m against the broker’s $13m forecast.

The analysts highlight improved efficiency, with the weighted average customer acquisition cost (CAC) in Australia falling -11% and expected to reduce further as repeat customer volumes grow.

Credit losses declined to 3.7% from 4.1%, arrears remain low, and new loans are being written on net interest margins above 10%, points out the broker.

Ord Minnett raises its valuation to $1.14 from $1.02, reflecting stronger balance sheet and earnings visibility. A Buy rating is retained.

Target price is $1.14 Current Price is $0.65 Difference: $0.49
If HMY meets the Ord Minnett target it will return approximately 75% (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 (1) -

Hansen Technologies' FY25 result came in at the upper end of guidance, with Shaw and Partners stressing FY26 guidance was less "clear than usual".

A medium-term target for organic revenue growth of 5%-7% and earnings (EBITDA) margins of 30%-plus was restated.

The analyst acknowledges the FY26 revenue targets were vague, highlighting management only stated revenue is expected to grow, and margins will improve.

Based on the medium-term aspirations, Shaw and Partners forecasts revenue growth of 2% once adjusted for one-off licence fees in FY24.

Cash earnings (EBITDA) margins rose in 2H25, and a 30% margin is estimated for FY26. The analyst points to new customer wins in FY25 and no evidence, as the narrative suggests, that the company is in decline.

The broker retains a Buy rating, High Risk. The stock is a top pick for the analyst. No change to $7.30 target.

Target price is $7.30 Current Price is $5.60 Difference: $1.7
If HSN meets the Shaw and Partners target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates HSN as Buy (1) -

Hansen Technologies shares fell -6% on its result release, UBS notes. The debate centred around the company's outlook, as Hansen has moved away from its prior method of providing next 12 months revenue/earnings guidance to instead a view over the next three to five years.

A bearish view from this is that near term earnings are implied to be weak and that earnings and/or revenue will be going backwards versus market expectations. UBS' analysis has led the broker to come away far more constructive.

UBS views the outlook comments as Hansen having enough confidence in Telco/Energy billing sector tailwinds, its recent track record of winning logos and its product positioning that it can deliver this 5-7% organic revenue growth on a consistent per annum basis for the next five years.

UBS retains Buy, suggesting the result day sell-off provides attractive buying opportunity. Target rises to $7.20 from $7.00.

Target price is $7.20 Current Price is $5.60 Difference: $1.6
If HSN meets the UBS target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $7.00, suggesting upside of 24.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates HUB as Sell (5) -

HUB24’s second-half FY25 earnings came in shy of prior forecasts by Ord Minnett and consensus due to weaker platform margins, but a strong FY26 start overshadowed the miss.

Funds under administration (FUA) rose to $118bn by mid-August from $113bn at June, with flows of more than $400m per week, well above the broker’s prior run rate.

FY27 FUA guidance of $148-162bn reinforces the analyst's expectation for around $158bn. Costs grew/worsened -18% in the second half, with FY26 guidance for mid-teen growth consistent with the broker's forecast.

Ord Minnett raises its respective EPS forecasts by 5.5%, 8.8% and 8.1% for FY26-FY28, lifting its target price to $57.20 from $51.00. A Sell rating is retained on valuation grounds.

Target price is $57.20 Current Price is $104.84 Difference: minus $47.64 (current price is over target).
If HUB meets the Ord Minnett target it will return approximately minus 45% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $104.59, suggesting downside of -2.4% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates ILU as Neutral, High Risk (3) -

No major surprises from Iluka Resources' 1H25 result for Citi, though underlying net profit beat its forecast by 10% while coming in line with the consensus.

The company noted average zircon price contracted price to date in Q3 was -US$80/t lower than the June quarter, prompting the broker to cut its FY25 forecast by -1% and FY26 by -3%.

Underlying net profit forecast for FY25 lifted by 3% on lower cost assumption, with lower zircon price estimate impacting FY26 forecast, down -7%.

 Neutral, High Risk. Target unchanged at $5.30.

Target price is $5.30 Current Price is $6.13 Difference: minus $0.83 (current price is over target).
If ILU meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

On a first take, Macquarie noted Iluka Resources reported generally in line 1H2025 results. Revenue was within 1% of consensus with earnings (EBITDA) broadly meeting expectations.

Mineral sands earnings missed by -5%, offset by a higher contribution from Deterra Royalties ((DRR)). Group net profit after tax came in 6% above consensus but met Macquarie's forecast. The interim dividend at 2c missed consensus forecast by -1c.

Macquarie also points to a challenging zircon market and a downward trend in titanium oxide prices, but the market is recognising Iluka's rare earths exposure as an offset, pushing the share price up 18% year to date, with July's Defence Dept contract highlighting the importance.

This leads the broker to pull back to Neutral from Outperform. Target unchanged at $6.30.

Target price is $6.30 Current Price is $6.13 Difference: $0.17
If ILU meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.82, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

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

Ord Minnett observes Iluka Resources’ June half 2025 profit of $92m was in line with the consensus forecast, though the dividend was softer-than-expected.

The Eneabba rare earth refinery dominated attention. The share price has rallied more than 50% since the MP Materials–US Department of Defence deal, leaving much of the rare earth upside already priced in, suggests the broker.

Iluka is in a peak capex phase with Balranald and Eneabba construction, leading to negative free cash flow in 2025-26, explain the analysts. Stronger yields of more than 9% are expected from 2028.

Ramp-up risks remain material compared to pure-play rare earth peers, cautions the broker, while soft mineral sands markets continue to weigh on near-term earnings.

Ord Minnett lifts its target price to $6.00 from $5.50 but downgrades its rating to Hold from Accumulate.

Target price is $6.00 Current Price is $6.13 Difference: minus $0.13 (current price is over target).
If ILU meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates ILU as Neutral (3) -

With Iluka Resources' financials mostly pre-reported the focus was on Eneabba, UBS notes, given resurgent focus on western rare earths supply chains, though the uncertain mineral sands outlook continues to complicate the investment thesis.

The broker makes modest cost modelling changes post this update though highlights downside risk to the 2026-27 earnings profile which UBS will look to update upon a refresh of its mineral sands price outlook.

For now, Neutral and $5.45 target retained.

Target price is $5.45 Current Price is $6.13 Difference: minus $0.68 (current price is over target).
If ILU meets the UBS target it will return approximately minus 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.82, suggesting downside of -5.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Citi rates JHX as Neutral (3) -

Following a complete review, Citi describes James Hardie Industries' 1Q26 result as tough, with scale of the miss raising disclosure concerns.

FY26-28 net profit forecasts downgraded by 30-40% as the broker made material downgrades to forecasts and factored in the acquistion. Target price cut to $35.00 from $42.10 as additional share count is also factored in.

Previously, the broker noted:

James Hardie’s quarterly result released overnight was materially below Citi’s expectations, with earnings (EBIT) of $169m around -20% below consensus of $212m.

North America was the key drag, with sales -11% and EBIT -22% versus the broker's forecasts, while APAC was slightly weaker and Europe a small positive.

The broker notes FY26 earnings (EBITDA) guidance implies around US$1.1bn at the midpoint, of which US$250-265m is from AZEK, leaving core James Hardie at about US$842m. This represents a -20-25% miss to prior guidance of above $1.1bn.

Citi estimates implied FY26 EPS of around US79c per share, which at a 65c exchange rate translates to a 36 times P/E multiple, well above peers in the mid-20s. The broker suggests the shares could trade towards $30-36 if the market applies more peer-like multiples.

The broker makes no changes to forecasts at this stage. 

Target price is $35.00 Current Price is $32.00 Difference: $3
If JHX meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $35.83, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

Macquarie rates JHX as Outperform (1) -

James Hardie Industries’ 1Q26 result was materially below Macquarie's expectations, with a rapid downturn in market conditions and inventory destocking leading to sharply reduced FY26 guidance.

Management now guides to earnings (EBITDA) of US$1.05-1.15bn, and the broker cuts its estimate by -23% to US$1.12bn.

Balance sheet pressure is rising, highlights Macquarie, with net debt to earnings at 3.6 times and interest cover at 3 times, though covenant headroom remains sufficient.

Destocking is weighing heavily on the US siding and trim business, explains the analyst, while renovation and remodeling weakness is softening AZEK’s outlook.

Macquarie cuts its FY26-FY28 EPS forecasts by -34%, -29% and -21%, respectively, with only minor changes in A&NZ and Europe. The broker lowers its target price to $36.90 from $46.80 and retains an Outperform rating.

Target price is $36.90 Current Price is $32.00 Difference: $4.9
If JHX meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $35.83, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

Morgan Stanley rates JHX as Overweight (1) -

James Hardie Industries' 1Q25 EBITDA fell short of consensus by -16% and FY26 guidance including Azek was -10% below the consensus.

Morgan Stanley notes FY25 EBITA margin contracted by -360bps to 25.1%. The positives in the result included EU resilience with 1Q revenue up 2% y/y and Azek acquisition on track, with 1Q revenue up 3% y/y and early positive signs on synergies.

Commentary states the key disappointment was a -15% decline in volumes driven by challenging US housing market. The broker also expects investors to focus on balance sheet capacity, despite the company reiterating commitment to reduce net leverage to less than 2.0x in two years.

EPS forecasts cut by -19-43% for FY26-28 after factoring in FY26 guidance and Azek acquisition.

Target trimmed to $41 from $53. Overweight retained as the broker sees risk/reward attractive at 15x FY27 PE estimate. Industry View: In-Line.

Target price is $41.00 Current Price is $32.00 Difference: $9
If JHX meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $35.83, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

Morgans rates JHX as Accumulate (2) -

James Hardie Industries reported a sizeable earnings miss on 1Q26 expectations, with FY26 earnings (EBITDA) guidance at $1.05bn coming in circa -23% below consensus expectations, including Azek, and -20% below Morgans.

FY26 EPS guidance stands at around 50% of FY25 results due to Azek dilution and a weaker US housing market, with North American volumes down -15% over the quarter. This pushed down earnings (EBIT) margins by -830bps, which is likely to continue through 2025.

Morgans cuts net profit after tax forecasts by -38% in FY26 and -34% in FY27.

Target price slashed to $37.10 from $49. The company continues to be viewed as a "high quality" building products business, though the elevated valuation reflects depressed earnings with a high correlation to the US housing market, which is approaching the bottom of the cycle.

Accumulate rating retained.

Target price is $37.10 Current Price is $32.00 Difference: $5.1
If JHX meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $35.83, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

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

Ord Minnett lowers its target price for James Hardie Industries to $29.00 from $41.50 and downgrades to Sell from Hold following June quarter results.

Earnings were well below forecasts by the broker and the market, with North American fibre cement sales down -12% versus expectations for a -1% decline.

Weak housing demand in Texas, Georgia and Florida, along with tighter inventory management by customers, contributed to the shortfall, explains the analyst.

The AZEK acquisition added less to earnings than anticipated by the broker, raising concerns over management’s assumption the transaction would be accretive.

The sales slump also highlights poor earnings visibility and suggests to Ord Minnett James Hardie may be losing market share in the US.

The broker cuts its FY26-FY28 EPS forecasts by -36.5%, -33.0% and -28.4%, respectively, and removes share buybacks from its financial model before FY29.

Target price is $29.00 Current Price is $32.00 Difference: minus $3 (current price is over target).
If JHX meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.83, suggesting upside of 24.2% (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: 0.3

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

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

James Hardie Industries' first quarter underlying profit declined -29% year on year, -19% below consensus. The miss was due to a North American earnings result -17% below given a more challenged volume environment, UBS notes.

Those volumes were down -14% with the company noting that volumes in its core Southern states market (60% of exteriors) were down more than -20%.

Persistently high rates and tariff volatility, alongside ongoing affordability challenges, are also driving the lower demand environment, with homebuilders reducing production rates.

Longer term, UBS  continues to expect James Hardie to benefit from the structural underbuild of US housing and ongoing material conversion across siding and decking. However, in the short term, the broker sees increased risk on earnings.

Downgrade to Neutral from Buy, target falls to $36 from $50.

Target price is $36.00 Current Price is $32.00 Difference: $4
If JHX meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $35.83, suggesting upside of 24.2% (ex-dividends)

The company's fiscal year ends in March.

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: 0.3

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

UBS rates MAF as Buy (1) -

An early assessment by UBS of today's 1H result by MA Financial shows revenue of $163m, up by 21% year-on-year, versus the broker’s $157m forecast.

Earnings (EBITDA) of $48m and profit of $23m were also ahead of the analysts' forecasts, while normalised EPS of 14.0cps beat by 12%.

Asset management is the main driver, according to UBS, with funds under management (FUM) of $12.7bn, 20% ahead of the broker's estimate, supported by $1.5bn of gross inflows.

Lending momentum was also strong, with MA Money’s loan book up 134% to $3.3bn and Finsure managed loans up 28% to $155bn, highlight the analysts. Corporate Advisory & Equities earnings of $7.3m also exceeded expectations.

Management's targets include group earnings margins of 40%, FUM growth to $15bn in FY26, and MA Money delivering $15-20m profit in FY26.

A 6.0c interim dividend was declared.

Target $9.20. Buy.

Target price is $9.20 Current Price is $8.28 Difference: $0.92
If MAF meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $9.00, suggesting downside of -4.3% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates MAH as Buy (1) -

Macmahon Holdings delivered a strong FY25 result, assesses Bell Potter, with all key metrics above guidance and consensus.

Underlying earnings (EBITDA) of $171m rose 22% year-on-year and were 2.4% ahead of consensus, while profit of $102m was up 11.5% and 3.4% ahead.

Free cash flow was $141m, reducing net debt to $163m and gearing to 19%. The dividend lifted 43% to 1.5c, 15% above the broker's expectations.

The analysts highlight benefits from the Decmil acquisition, which diversifies into civil infrastructure and adds a $500m contract book with a $10.4bn pipeline. 

Bell Potter modestly upgrades EPS forecasts by 0.1% for FY26, 3.4% for FY27, and 2.8% for FY28. The target price is increased to 50c from 40c. Buy rating kept.

Target price is $0.50 Current Price is $0.41 Difference: $0.09
If MAH meets the Bell Potter target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgan Stanley rates MFG as Underweight (5) -

Magellan Financial notes Magellan Financial's FY25 earnings beat expectations on stronger distribution income and associates but excluding these, it was in line with its forecast and -7% lower than consensus.

The changing business mix has resulted in management defining group operating net profit as inclusive of associates.

The broker notes these come from a narrow base of investments and a lower multiple is justified, while core funds management earnings are shrinking -15-20% annually.

Overall, underlying earnings forecasts lifted by 2% for FY26-27 on higher associate profits. FUM forecast pushed up on recent $700m institutional mandate while DPS forecasts increased by 30-50% across FY26-28 on revised policy.

Underweight. Target rises to $7.65 from $7.40. Industry View: In-Line.

Target price is $7.65 Current Price is $10.78 Difference: minus $3.13 (current price is over target).
If MFG meets the Morgan Stanley target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.37, suggesting downside of -11.6% (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 MFG as Downgrade to Hold from Accumulate (3) -

Magellan Financial reported FY25 results which met expectations, with Morgans noting revenue was slightly lower than anticipated due to management fee compression, offset by higher principal investment income and associate contributions. A special 21c dividend was declared.

Barrenjoey, Vinva and Finclear outperformed, while core business growth remained limited. Associates generated 20% of operating earnings, with Barrenjoey up 36% in 2H on the previous half.

Commentary highlights the core earnings are stabilising, with some fee and flow pressures remaining, while growth optionality is evident in associates.

Morgans upgrades its earnings forecast by 5% to account for higher dividend and associate contributions against previous assumptions.

The stock is downgraded to Hold from Accumulate, with a new target of $10.74 from $8.73 due to an upgraded valuation ascribed.

Target price is $10.74 Current Price is $10.78 Difference: minus $0.04 (current price is over target).
If MFG meets the Morgans target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $9.37, suggesting downside of -11.6% (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 MFG as Downgrade to Neutral from Buy (3) -

Magellan Financial's operating profit was in line with UBS though some 5% higher than a messy consensus given disclosure changes.

The result reflected an -11% miss on the second half for Investment Management driven by weaker average fee margins, which were offset by a strong beat in Partnerships & Investments.

M&A ambitions appear to be down the agenda while vinva distribution is integrated, UBS notes. Nevertheless, following a sharp share price recovery, the broker suspects there will be more limited appetite to execute the buyback at current levels.

UBS estimates the implied multiple on Investment Management is likely 8x for FY26 which appears fair given its declining earnings profile. Downgrade to Neutral from Buy, target rises to $10.70 from $9.50.

Target price is $10.70 Current Price is $10.78 Difference: minus $0.08 (current price is over target).
If MFG 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 $9.37, suggesting downside of -11.6% (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 MGH as Outperform (1) -

In a flash note, Macquarie notes Maas Group's FY25 underlying EBITDA came in at the low end of guidance but beat its forecast by 1.8%, while meeting the consensus.

Capital recyling proceeds of $107.6m was ahead of $100m guidance, and importantly, $14m proceeds were received so far this year, pointing to a strong FY26 start.

In terms of divisional performance, Civil, Mining and Infrastructure saw strong revenue growth, with underlying EBITDA margin also improving 10bps. Real Estate also saw underlying margin growth of 600bps while Construction, Civil and Hire saw a -690bps decline.

No quantitative guidance was provided for FY26 but the broker states continued solid revenue and profit growth was signalled.

Outperform. Target price $4.95.

Target price is $4.95 Current Price is $4.28 Difference: $0.67
If MGH meets the Macquarie target it will return approximately 16% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Morgans rates MLG as Speculative Buy (1) -

Core haulage business did the heavy lifting for MLG Oz's 2H25 results, with Morgans pointing to an absence of notable crushing & screening revenue over the period.

The analyst believes this positions the company well for FY26, with an improvement in crushing & screening expected.

The company also sees more scope for growth with gold clients and in iron ore, and is in discussions to assist tier 2 producers into production, which would move it up the value chain.

Morgans raises its earnings (EBITDA) forecasts by 4%-6% for FY26/FY27, respectively, but higher assumed interest costs and D&A result in a lift in net profit after tax of just 3% and a decline of -3% in FY27.

Speculative Buy. Target price rises to $1 from 90c.

Target price is $1.00 Current Price is $0.83 Difference: $0.17
If MLG meets the Morgans target it will return approximately 20% (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 MP1 as Neutral (3) -

In a first read, UBS is pointing to disappointing update on FY26 cost as the company plans to reinvest 10% of revenue on sales team. This could drive up to -28% downgrade to consensus EBITDA, the broker reckons.

Also disappointing was net revenue retention rate of 107% (indicating stalling) in FY25, despite new product adoption and stronger MRR/MCR. The broker is wondering why revenue expansion is not flowing through.

Neutral. Target price $12.

Target price is $12.00 Current Price is $14.80 Difference: minus $2.8 (current price is over target).
If MP1 meets the UBS target it will return approximately minus 19% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $13.21, suggesting downside of -8.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates NAB as Neutral (3) -

Macquarie notes bank results were generally better than expected in August.

CommBank met consensus but fell short of elevated expectations, while National Australia Bank and Westpac delivered solid updates, according to the broker, with margins ahead of forecasts due to temporary factors.

Credit quality improved but capital generation was softer. The broker sees NAB as more attractive after Westpac's share price "overreaction". NAB and ANZ remain the preferred exposures within the sector.

Unchanged Neutral rating and $35.50 target for National Australia Bank.

Target price is $35.50 Current Price is $42.03 Difference: minus $6.53 (current price is over target).
If NAB meets the Macquarie target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.91, suggesting downside of -17.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.5

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

Citi rates NSR as Buy (1) -

In a first take, Citi notes National Storage REIT's FY25 underlying EPS of 11.9c met its forecast and the consensus. 

Core portfolio occupancy improvement was driven by 2.5% rate growth and overall REVPAM growth of 1%.

FY26 guidance for underlying EPS of 12.4c is in line with consensus and the broker's forecast.

Buy. Target price $2.70.

The broker has a 90-day upside catalyst watch on the stock expiring September 10.

Target price is $2.70 Current Price is $2.44 Difference: $0.26
If NSR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

UBS rates NSR as Buy (1) -

At first glance the National Storage REIT FY25 result was slightly ahead of UBS expectations, with FY26 guidance in line with both the broker and consensus.

Underlying EPS was 11.9cpu against the broker’s and consensus estimate of 11.8cpu, while a 11.1cpu dividend was declared.

The broker notes operating metrics are showing early signs of improvement, with occupancy lifting to 80.8% in the second half from 80.3% in the first half, supporting momentum into FY26.

Acquisition activity totaled -$303m across operating centres, new builds and development sites, with 194,000 sqm of space under construction. 

FY26 guidance implies to UBS underlying EPS of at least 12.4cpu and a dividend of between 11.2-12.4cpu, broadly in line with UBS and consensus forecasts.

Buy rating. Target $2.57.

Target price is $2.57 Current Price is $2.44 Difference: $0.13
If NSR meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.51, suggesting upside of 0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Morgans rates NUZ as Speculative Buy (1) -

Morgans continues to view Neurizon Therapeutics as offering a robust proposition in the rare disease space. Clinical risks remain, but the analyst believes Nuz_001 is a drug based on a sound scientific basis with a robust safety profile.

The company announced its Ph1 OLE results, with Nuz_001 well tolerated over 2.5 years and showing a survival benefit of circa 16 months versus Pro_Act controls.

The results showed the decline from motor neuron disease (ALSFRS-R) slowed by -31%, with a respiratory decline of -43% and stable biomarkers.

The data were positive but mostly known by the market due to frequent updates. Speculative Buy. Target unchanged at 42c.

Target price is $0.42 Current Price is $0.16 Difference: $0.26
If NUZ meets the Morgans target it will return approximately 163% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

UBS rates NWH as Buy (1) -

In a first read, UBS notes FY25 EBITA was up 11% to $208m, beating consensus by 1%, though revenue fell short and net profit was marginally softer vs consensus.

Overall, the broker describes the result as fine and wonders if there's some conservativeness in the guidance.

Specifically, the broker notes the FY26 EBITA guidance range fits well with consensus midpoint, but the flat y/y margin growth might be conservative.

Buy. Target price $3.55.

Target price is $3.55 Current Price is $3.53 Difference: $0.02
If NWH meets the UBS target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.40, suggesting downside of -5.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Citi rates NWL as Neutral (3) -

In the first take, Citi sees potential for Netwealth Group's shares to underperform after FY25 net profit missed consensus by -1%, and EBITDA missed by -1% vs consensus and -2% vs the broker's forecast.

The key positive was strong start to FY26, implying $2.6bn in net flows until August 18. Revenue margin in 2H25 was better than forecast, adviser numbers increased and operating cash flow plus dividend was stronger than expected.

Negatives included a miss on admin fees vs the broker's forecast, higher D&A and potential costs for First Guardian.

The broker will be looking for split between market movement and net flows in the call.

Neutral. Target price $33.65.

Target price is $33.65 Current Price is $36.00 Difference: minus $2.35 (current price is over target).
If NWL meets the Citi target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.06, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates NWL as Neutral (3) -

In UBS' first take, today's FY25 result by Netwealth Group was slightly softer-than-expected due to higher costs, with profit down -40% year-on-year to $117m, -1% below forecasts by the broker and consensus.

Revenue grew 27% to $324m, in line with the broker's forecast, while earnings (EBITDA) of $164m missed by -1% and underlying EPS of 47.6c was marginally below estimates.

A final dividend of 21c was declared, ahead of both UBS and consensus.

The broker highlights platform revenue rose 27% to $316m, with margins easing -10bps to 31.5bps. Operating expenses increased/worsened by -23% to $161m, broadly in line with its forecast, with employee costs up 20% to $109m.

The earnings margin of 50.4% was slightly below the analysts' expectation for around 51%.

FY26 guidance points to flat flows at $15.4bn, well below consensus of $16.5bn, highlights UBS, alongside higher-than-expected opex growth of around -19% to $191m. The broker sees margin pressure despite operating leverage being evident in FY25.

Target $35.00. Neutral.

Target price is $35.00 Current Price is $36.00 Difference: minus $1 (current price is over target).
If NWL meets the UBS target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $32.06, suggesting downside of -10.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

UBS rates OCL as Neutral (3) -

In a first look by the analysts at UBS, today's FY25 results for Objective Corporation met expectations. Annual recurring revenue (ARR) rose by 15% to $120m, achieving management's target and slightly ahead of consensus.

Earnings (EBITDA) rose 5% to $47m, modestly below consensus at $50m, observes the broker, while profit increased 13% to $35m. 

Margins were softer, with the 2H25 cash EBIT margin of 25.3% versus the broker's 26.9% estimate. Services revenue fell -26% to $8m against the broker’s $10m forecast, while recurring SaaS and maintenance revenue grew 9% to $53m, in line with expectations.

The broker highlights ARR growth as the key positive. FY26 guidance for another 15% lift to $138m, above consensus at $134m  includes $2m from the Isovist acquisition.

Neutral. Target $16.00.

Target price is $16.00 Current Price is $19.00 Difference: minus $3 (current price is over target).
If OCL meets the UBS target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $17.33, suggesting downside of -24.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

Citi rates QUB as Buy (1) -

Qube Holdings announced in-line FY25 results for net profit after tax, Citi notes at first take, but underlying net profit after tax grew 6%, which is slightly above 5% guidance.

Logistics & Infrastructure earnings (EBITDA) grew 3%, with Ports & Bulks lower than expected by -2%. Patricks met expectations with consensus.

The company expects to achieve strong net profit after tax growth in FY26, underpinned by Logistics & Infrastructure and a modest result from Ports & Bulks.

Buy. Target $4.65.

Target price is $4.65 Current Price is $4.50 Difference: $0.15
If QUB meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.41, suggesting downside of -1.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.4

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

UBS rates RDX as Buy (1) -

UBS' first read on Redox's FY25 was the 6% beat on adjusted EBITDA was mainly driven by gross margin and opex coming better than its forecast.

The broker notes a slowing in 2H25 revenue, so will examine that further. 

The company didn't provide a formal FY26 earning guidance, but notes conditions are expected to improve to long term trends despite continuing macro and geopolitical headwinds.

Buy. Target price $3.25.

Target price is $3.25 Current Price is $2.10 Difference: $1.15
If RDX meets the UBS target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $3.28, suggesting upside of 25.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.8

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

Bell Potter rates RFG as Buy (1) -

Retail Food Group’s FY25 result was broadly in line with Bell Potter's expectations, with underlying earnings (EBITDA) of $29.6m versus the $30m forecast by consensus.

Network sales of $505.4m were flat year-on-year, with Coffee, Cafe & Bakery steady and Quick Service Restaurants ahead, observes the broker.

Corporate store losses of -$1.5m were shifted to non-core as the company exits corporate outlets and considers selling Brumby’s, explain the analysts.This leaves Donut King, Gloria Jeans, Crust, Beefy’s and Firehouse Subs as the core growth brands.

The broker sees around 2.5% sales growth in FY26 from brand consolidation and franchising. The analysts' forecasts are cut by -4.3% to -13.4% for FY26-28, though Beefy’s and Firehouse Subs are viewed as strong growth levers.

Bell Potter lowers its target price to $2.60 from $3.60 and retains a Buy rating.

Target price is $2.60 Current Price is $1.76 Difference: $0.84
If RFG meets the Bell Potter target it will return approximately 48% (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 RFG as Buy (1) -

Retail Food reported in-line FY25 results, with Crust Pizza turning around with 5.5% network sales growth on the prior June quarter. Shaw and Partners also notes Beefy remains robust with network sales growth of 16.6% in FY25 versus the previous year.

The company has stopped the company-owned store program and is shifting most of the 65 stores to franchisees, and there are question marks over how much of the earnings (EBITDA) loss of -$1.5m in FY25 will be recovered in FY26 from the new model.

Ongoing store closures from non-core brands will mean a loss of sales of -$15m will need to be recovered.

Shaw and Partners lowers its underlying net profit forecasts by -5%-15%, and the target falls to $2.50 from $3.

Buy rating unchanged.

Target price is $2.50 Current Price is $1.76 Difference: $0.74
If RFG meets the Shaw and Partners target it will return approximately 42% (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 RPL as Buy (1) -

Regal Partners delivered another strong month in July, assesses Bell Potter, showing strong performance across many of the long/short funds.

Multi-strategy returns were also solid, observe the analysts, with RF1 up 4.1% and Partners Private up 3.2%.

The broker's expense forecasts have been revised higher to better reflect company guidance, trimming adjusted EPS forecasts by -4.2% for FY25, -0.4% for FY26 and -0.3% for FY27.

Despite this, funds under management momentum remains strong, in Bell Potter's view, supported by inflows, acquisitions and strong medium-term track records across funds.

The broker maintains its $3.55 target and Buy rating. The business is considered highly profitable, underpinned by strong management fee margins and consistent performance fee generation.

Target price is $3.55 Current Price is $3.01 Difference: $0.54
If RPL meets the Bell Potter target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $3.70, suggesting upside of 19.7% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

Citi rates SEK as Buy (1) -

After a deeper look at Seek's FY25 result, Citi lifted FY26 EBITDA forecast by 3% and FY27 by 6% on revenue upgrade mainly from Sidekicker acquisition and margin improvement.

The FY26 forecast is 1% above the company's guidance midpoint.

Buy. Target rises to $31.65 from $28.50.

Earlier the broker wrote:

Seek’s FY25 profit of $156m was in line with Citi and consensus, though down -12% year-on-year. Earnings (EBITDA) of $459m also matched forecasts, while a dividend of 46c was ahead of both the broker and consensus.

The broker notes positives included 15% A&NZ yield growth in the second half, stronger Asia guidance with double-digit emerging market growth, and cost control with spend -2% below forecast.

Management's margin expectations are lifted to 50% at current volumes and 55% with a return to FY23 volumes.

The analysts list negatives including a lower A&NZ placement share of 34.9%, softer premium ad mix, and removal of the $2bn FY28 revenue aspiration. Depreciation and amortisation guidance of -$155m-165m was also above consensus.

FY26 guidance implies to Citi 10% revenue growth and profit of $190m-220m, around 1% ahead of consensus at the midpoint.

Target price is $31.65 Current Price is $28.39 Difference: $3.26
If SEK meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $30.51, suggesting upside of 6.6% (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 SGM as Outperform (1) -

Sims reported FY25 results that beat operationally, but were below expectations on an abnormally high tax rate. 

The SA Recycling JV drove performance, Macquarie notes, benefitting from improving ferrous markets and opportunity in non-ferrous. Sims Lifecycle Services also surprised.

All eyes are on any shift in Chinese steel production, Macquarie suggests. The US steel context should remain supportive and Sims is making progress in repositioning for domestic/export flexibility to access the opportunity.

US tariffs are a tailwind, the broker notes, given the protection afforded the US steel and aluminium industries.

While earnings momentum could be disrupted near term, US steel market fundamentals remain positive and SA Recycling and North American Metal should capitalise.

Target falls to $15.70 from $17.40 on net debt and earnings downgrades, Outperform retained.

Target price is $15.70 Current Price is $14.28 Difference: $1.42
If SGM meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $14.02, suggesting downside of -0.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Citi rates SGP as Buy (1) -

After full analysis of FY25 result, Citi assesses Stockland as materially improving in quality and growth profile, with clear exposure to residential recovery and logistics/data centre tailwinds.

The broker notes funding remains the key debate, but takes comfort from management's proactive approach.

Buy. Target lifted to $6.90 from $6.00 on higher medium-term growth forecast based on development partnerships and improvement in residential sector.

Earlier, the broker noted:

Stockland reported FY25 funds from operations 2% above consensus and towards the top end of guidance. New FY26 FFO guidance is largely in-line, with expectations of residential settlements growth of 16% year on year.

Other positive developments include an exclusive arrangement with EdgeConneX to establish a partnership to develop, own and operate a data centre portfolio, establishing 4 new logistics capital partnerships in FY25.

Looking ahead, management has trimmed the payout ratio guidance to 60-80% over the medium term (75-85% previously) as it is reinvesting to drive further earnings growth, which Citi sees as positive. 

Target price is $6.90 Current Price is $6.12 Difference: $0.78
If SGP meets the Citi target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.09, suggesting downside of -3.3% (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

Macquarie rates SGP as Neutral (3) -

Stockland's FY25 funds from operations (FFO) of 33.9cpu was up by 2.7% and ahead of both Macquarie’s and consensus forecasts, with a dividend of 25.2cpu broadly in line.

The broker notes FY26 guidance implies FFO growth of 6-9% to 36.0-37.0cpu, with dividends flat year-on-year at 25.2c on a reduced 60-80% payout ratio.

The analyst points to strong residential momentum with 1,848 sales in the June quarter, up by 22.5% quarter-on-quarter, and over 2,000 lots tracking into 1Q26. FY26 settlements are guided at 7,500-8,500 lots, compared with 6,865 in FY25. 

Investment management delivered, as anticipated by the analyst, with logistics rents up 7.1%, retail up 3.2% and office down -2.2%.

Macquarie lifts its EPS forecasts by around 1% for FY26-FY28 and raises its target price to $5.90 from $5.20, retaining a Neutral rating.

Target price is $5.90 Current Price is $6.12 Difference: minus $0.22 (current price is over target).
If SGP meets the Macquarie target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.09, suggesting downside of -3.3% (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

Shaw and Partners rates SHA as Buy (1) -

Shape Australia reported record FY25 results, with net profit after tax up 32%, which largely met Shaw and Partners' expectations.

Secured work reached $981.6m, with a backlog up 8% annually to $492m at the end of FY25. The pipeline grew to $4bn and the tender rate was 53%. Overheads declined -20bps to 6.9%, with labour costs up 8% versus revenue growth of 14%.

No guidance for FY26 was offered, but earnings (EBITDA) margin was flagged as expanding, which the analyst expects will exceed revenue growth. The AGM will offer more details on the pipeline to backlog.

No change to the target price at $5.40 and Buy, High Risk rating. Shaw and Partners sees near-term upside for major contract wins in Defence and Health.

Target price is $5.40 Current Price is $4.45 Difference: $0.95
If SHA meets the Shaw and Partners target it will return approximately 21% (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 SLC as Buy (1) -

Citi notes Superloop's FY25 revenue, gross profit and gross margin all missed expectations, though underlying EBITDA of $92m was slightly ahead of guidance and expectations.

The highlight for the broker was the addition of 17k customers in the first 1.5 months of FY26 which could continue with another industry discontinuity event looming. The broker is also positive the Origin Energy ((ORG)) contract will continue contributing on the wholesale side.

The company reiterated expectation of reaching 500k consumer customers by end-FY26 and the broker conservatively expects 458k, implying monthly net run-rate of 6.1k.

Buy. Target lifted to $3.75 from $3.55.

Target price is $3.75 Current Price is $3.23 Difference: $0.52
If SLC meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates SLC as Outperform (1) -

Superloop’s FY25 result highlighted softer consumer growth, with -11,000 net adds in the second half raising concerns for Macquarie ahead of the NBN Speed Bestowal event. 

This occasion involves temporary provision of higher-speed broadband plans to retail service providers (RSPs) at no extra wholesale cost.

A stronger FY26 trading update implied annualised net adds of around 135,000, though the analyst remains cautious given heightened promotional activity and pricing competition.

The broker notes Origin Energy ((ORG)) adds were strong in FY25, supporting wholesale earnings, while Smart Communities is emerging as a key driver with 42,000 lots under construction.

The balance sheet remains net cash at $30m with 95% cash conversion, providing flexibility for capital management or acquisitions, suggests the broker.

Macquarie raises its target price to $3.60 from $3.30 and retains an Outperform rating.

Target price is $3.60 Current Price is $3.23 Difference: $0.37
If SLC meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Morgans rates SLC as Accumulate (2) -

After a June upgrade on March's FY25 guidance, Morgans highlights Superloop upgraded the outlook at its strong FY25 result, with revenue up 31% and underlying earnings (EBITDA) up 70% on FY24.

Formal FY26 guidance was not offered and will be available at its November AGM. The company was the fastest-growing NBN reseller in FY25, adding 250k net NBN subs, with Superloop-branded net adds slowing in 2H25, which surprised the market.

The September lift in NBN wholesale internet speeds by 3-5 times for no additional cost should benefit the company's growth.

Morgans upgrades underlying earnings (EBITDA) forecasts by 7% in FY26 and FY27, with a rise in target price to $3.60 from $3.50.

No change in Accumulate rating.

Target price is $3.60 Current Price is $3.23 Difference: $0.37
If SLC meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

UBS rates SLC as Buy (1) -

Superloop delivered FY25 earnings growth of 70%, in line with the pre-reported guidance, but trading in the shares was very volatile through the day before closing flat, UBS notes.

The broker suggests the key market debate points or questions were: Is consumer segment net adds growth slowing, and why did wholesale gross profit miss?

UBS remains very comfortable with its FY26 consumer net adds number of 66k and overall FY26 gross profit growth of 17%. On the wholesale GP miss, this was largely driven by a change in accounting process, and is considered a non-event.

Despite the intraday trading choppiness, the broker's view is the result should be seen as confirmation the growth-based thesis on Superloop remains well on track. Target rises to $3.90 from $3.80, Buy retained.

Target price is $3.90 Current Price is $3.23 Difference: $0.67
If SLC meets the UBS target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $3.64, suggesting upside of 18.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Macquarie rates SPK as Outperform (1) -

Spark New Zealand’s FY25 result was in line with downgraded guidance, observes Macquarie, with earnings (EBITDAI) of NZ$1,060m, down -9% year-on-year.

The sale of -75% of its data centre business has shifted focus to FY26 guidance, with earnings expected at NZ$1,020m-1,080m and dividends of NZ15.5-17.5c under a new free cash flow payout policy.

Guidance was around -8% below the broker's forecast, as growth in mobile and cost savings are offset by ongoing declines in legacy services.

Net debt to earnings is expected to fall to the 1.7 times target in 1H26 once data centre proceeds are applied, supporting the A- credit rating, suggests the analyst.

Macquarie lifts its target to NZ$3.08 from NZ$3.00 and retains an Outperform rating. Dividend growth is seen as supportive.

Current Price is $2.37. Target price not assessed.

Current consensus price target is N/A

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: 0.7

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

Shaw and Partners rates SPZ as Buy (1) -

Smart Parking reported better-than-expected FY25 earnings (EBITDA) of over $20m versus Shaw and Partners' forecast of $17m.

Improved collection and penalty procedures were put in place in 2H25 to improve revenue yields in the UK market, which are expected to lift yields back to levels prior to the national parking policy change.

The US added earnings (EBITDA) of $3.1m for four months, and integration is on track. NZ added 47% more sites and earnings lifted 100%.

Shaw and Partners lifts its earnings (EBITDA) forecasts by 10%-20% for FY26-FY28 due to improvements in the UK and believes the company can generate over 30% CAGR earnings (EBITDA) growth to FY29, including management's target of 3000 sites by Dec 2028 versus 1,799 in FY25.

Buy, High Risk. Target price rises to $1.30 from $1.25.

Target price is $1.30 Current Price is $0.87 Difference: $0.43
If SPZ meets the Shaw and Partners target it will return approximately 49% (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 SSM as Buy (1) -

Citi notes Service Stream's FY25 revenue missed its forecast and the consensus due to lower-than-expected Telco contribution. On the positive side, underlying EBITDA was a beat due mainly due to margin of 6% which was 20bps higher than expected.

Margin performance in 2H was the highlight, strengthening the broker's conviction Utilties can deliver 5% margin in FY26 vs 4.5% in FY25, with upside risk. Transport margin is expected to 7-8% vs 7% in FY25.

Overall, group margin is forecast to rise to 6.3%, leading a to 3% increase in the broker's FY26 EBITDA estimate.

Buy. Target rises to $2.45 from $2.35.

The broker added an upside catalyst watch on the stock for the next 6 weeks or so.

Target price is $2.45 Current Price is $2.18 Difference: $0.27
If SSM meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 11.9% (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 SSM as Outperform (1) -

Service Stream's FY25 profit and earnings were in line with consensus, with -4% lower revenue offset by better margin delivery across the segments, Macquarie notes. The FY26 outlook is in line.

Margins improved in all segments, with Utilities well on track to hit the 5% target through FY26. The FY26 outlook is positive, Macquarie suggests, with growth expected, supported by work-in-hand with 85% of revenue covered, further margin expansion, and infrastructure investment.

A strong balance sheet underpins optionality for strategic M&A or capital management initiatives. Outperform retained, target rises to $2.42 from $2.22.

Target price is $2.42 Current Price is $2.18 Difference: $0.24
If SSM meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 11.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

Service Stream delivered FY25 earnings (EBITDA) of $146.1m, up 13%, and profit of $68.5m, up 37% and around 3% ahead of Ord Minnett’s forecast due to a lower tax rate.

Earnings margins expanded in Utilities, which the broker expects to be the key growth driver in FY26 with around 12% revenue growth from new contracts with Urban Utilities and Sydney Water.

The broker expects Telco revenue and earnings will remain steady following the renewal of long-term NBN agreements, while Defence tender outcomes are a potential catalyst.

The balance sheet is debt free, highlight the analysts, providing flexibility for both organic and inorganic growth, with return on equity (ROE) lifting to 13.8% and work in hand equating to around five times revenue.

Ord Minnett raises its target price to $2.35 from $2.15 and downgrades its rating to Accumulate from Buy.

Target price is $2.35 Current Price is $2.18 Difference: $0.17
If SSM meets the Ord Minnett target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $2.41, suggesting upside of 11.9% (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

Bell Potter rates STP as Buy (1) -

Step One’s FY25 result was in line with the July update, though gross margin of 76.4% was weaker than Bell Potter’s 77.6% forecast and down -4.4% year-on-year.

The broker lists positives including marketing spend efficiency holding at 27% of revenue, the UK grew 9%, and women’s products rose to 15% of revenue.

FY26 guidance of $10-12m earnings (EBITDA) was well below Bell Potter's $19m forecast and consensus.

Management is pivoting to lower pricing and higher marketing to drive new customer acquisition and reduce reliance on promotions, explain the analysts.

Bell Potter lowers its target price to 85c from $1.25 on lower earnings forecasts and retains a Buy rating.

Target price is $0.85 Current Price is $0.51 Difference: $0.34
If STP meets the Bell Potter target it will return approximately 67% (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

Morgans rates STP as Downgrade to Speculative Buy from Buy (1) -

Step One Clothing reported a sizeable FY25 earnings miss, with earnings (EBITDA) -15% below the pre-trading update and margin down -130bps to 20.1% from 21.4%. A cut in marketing spend offset the misses and underpinned a rise in net profit after tax by 2%.

Challenging conditions resulted in higher promotions to attract value customers, with 63% of revenue from sales up from 37%, and average order value down to $96 from $103, implying a fall in average selling price of circa -20%. The UK performed positively, up 8.7%.

Morgans cuts its FY26/FY27 earnings (EBITDA) forecast by -42%, respectively, due to lower sales growth, significantly lower gross margins, and higher operating costs.

Target price falls to 87c from $1.50, and the stock is downgraded to Speculative Buy from Buy. The analyst views FY26 as a reset year from which the company should be able to grow.

Target price is $0.87 Current Price is $0.51 Difference: $0.36
If STP meets the Morgans target it will return approximately 71% (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 SUL as Buy (1) -

On initial inspection, Super Retail announced better-than-expected FY25 earnings (EBIT), beating Citi's forecast by 4% and above consensus by 6%, with a notably better 2H result, exceeding consensus by 14%.

Like-for-like sales grew 3.1%, and 5% total growth was achieved at group level. A special 30c dividend was announced, below the 50c forecast.

Rebel earnings (EBIT) grew 15% in 2H25 against a decline of -7% in 1H25. Supercheap Auto earnings (EBIT) came in 5% above forecast, with a turnaround in 2H from better Auto sales and an improvement in margin of 30bps.

Citi views the lower dividend as possibly disappointing to some investors, but the significant earnings beat is a positive.

Buy rated. Target $16.50.

Target price is $16.50 Current Price is $16.53 Difference: minus $0.03 (current price is over target).
If SUL meets the Citi target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.78, suggesting downside of -20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Macquarie rates SUL as Neutral (3) -

In a flash note, Macquarie notes Super Retail's FY25 sales were broadly in line with forecast, and while gross profit margin was down -70bps, it still beat the broker's forecast.

Margin decline was due to network investments, loyalty and stock loss which represented total drag of -120bps, but was partly offset by savings on marketing and other costs.

Of note was positive trend in early FY26 sales, up 3.1% y/y to-date, with growth in all brands.

Neutral. Target price $14.10.

Target price is $14.10 Current Price is $16.53 Difference: minus $2.43 (current price is over target).
If SUL meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.78, suggesting downside of -20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

UBS rates SUL as Neutral (3) -

At first glance, Super Retail Group’s FY25 result, released today, was ahead of UBS and market expectations at the earnings (EBIT) line, supported by stronger contributions from Supercheap Auto and Rebel.

Sales rose 4.5% to $4.07bn, in line with the broker's forecasts, while earnings of $400m were above the broker’s forecast of $383m and profit of $232m also exceeded expectations.

A dividend of 96c was declared, including a 30c special, below UBS but ahead of consensus.

The broker notes Supercheap Auto delivered EBIT of $218m, ahead of both market and broker forecasts, while Rebel’s $124m EBIT was broadly in line with its estimate and above consensus. BCF was solid at $75m, while Macpac underperformed.

The broker highlights a positive start to FY26 with group like-for-like sales up 3.1% in the first seven weeks, led by Supercheap Auto at 3.3% and BCF at 3.6%.

Capex guidance of -$155m is above the broker and market, with 23 new stores and 9 closures planned.

Neutral rating. Target $14.00.

Target price is $14.00 Current Price is $16.53 Difference: minus $2.53 (current price is over target).
If SUL meets the UBS target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.78, suggesting downside of -20.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.2

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

Bell Potter rates SXE as Buy (1) -

Southern Cross Electrical Engineering's FY25 result showed revenue of $802m, up 45% year-on-year and ahead of Bell Potter’s $773m estimate and consensus at $782m.

Earnings (EBITDA) of $54.8m were in line with the broker's forecast, while profit of $31.7m was just below expectations but still up 45%.

Gross margin fell to 13.2% from 15% due to project mix and legal costs, explain the analysts, though it recovered to 13.7% in the second half.

A final dividend of 5c brought the full-year payout to 7.5c, slightly under the broker’s 8c forecast.

FY26 earnings guidance of $65-68m, or 21% growth at the midpoint, is supported by a $685m order book weighted to Infrastructure, assess the analysts. Management is actively tendering for battery and wind projects and expects further contract awards soon.

Bell Potter retains a Buy rating and a $2.50 target price.

Target price is $2.50 Current Price is $1.98 Difference: $0.52
If SXE meets the Bell Potter target it will return approximately 26% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26: