Australian Broker Call

Bell Potter rates A1M as Buy (1) -

The highlight of AIC Mines' FY25 result for Bell Potter was the consistency and lack of any negative surprises, with operating and financial performance in line with guidance.

Revenue of $190m was ahead of the broker's $185m forecast, and EBITDA was also higher. FY26 copper production guidance of 12.8-13.1kt and gold 6.0-6.5koz was unchanged.

The broker notes the growth pathway is on track to reach 20ktpa copper from 2H27. Current forecasts suggest funding in place, but there's scope for external funding to provide capital headroom, in the broker's view.

Buy. Target unchanged at 60c.

Target price is $0.60 Current Price is $0.34 Difference: $0.265
If A1M meets the Bell Potter target it will return approximately 79% (excluding dividends, fees and charges).

Current consensus price target is $0.60, suggesting upside of 81.8% (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 ABB as Buy (1) -

Following Aussie Broadband's FY25 results, Citi raises its target to $6.15 from $4.80 and retains a Buy rating.

The analysts describe a solid result which sets the stage for a step change in FY27. A new six-year wholesale agreement with More Telecom is expected to double wholesale gross profit in FY27, supported by More’s exclusive partnership with CommBank ((CBA)).

Aussie will sell Buddy Telco to More for $8m, simplifying the business and removing cannibalisation risks, suggests the broker.

Migration of 290,000 new customers is due to complete in 2H26, translating to around $12m in annualised earnings (EBITDA) from FY27, according to management.

Citi feels elevated churn following industry price changes will be offset by speed changes in September.

Target price is $6.15 Current Price is $5.36 Difference: $0.79
If ABB meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 12.1% (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 ABB as Outperform (1) -

Aussie Broadband's FY25 result was strong across the group, Macquarie suggests, showing the strength of its core Residential business from NBN churn, with Residential gross profit growth of 15% year on year, with other segments performing relatively in-line.

Macquarie sees further share price upside from a multiple re-rate (10%), driven by More/Tangerine contract earnings, which have a lower cost of customer acquisition. Customer growth is robust, and the balance sheet is underutilised, the broker notes.

Despite a strong share price performance on the result (20%), Macquarie maintains Outperform. Target rises to $5.90 from $5.05.

Target price is $5.90 Current Price is $5.36 Difference: $0.54
If ABB meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 12.1% (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

Morgan Stanley rates ABB as Overweight (1) -

Aussie Broadband delivered a FY25 'beat' against Morgan Stanley's expectations, with stronger FY26 guidance, reinforcing confidence in sustained growth in the core residential broadband business.

The broker highlights Aussie's new wholesale agreement (a white label contract with More/Tangerine) as both strategically and financially important, underpinning a stronger earnings profile.

The analysts forecast a three-year EPS compound annual growth rate (CAGR) of 30% from FY25-28, supported by market share gains and an ungeared balance sheet.

Morgan Stanley raises its target price to $6.00 from $4.40 and retains an Overweight rating. Industry View: In-Line.

Target price is $6.00 Current Price is $5.36 Difference: $0.64
If ABB meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 12.1% (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

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

Ord Minnett downgrades Aussie Broadband to Accumulate from Buy, due to the recent share price strength.

The analyst raises the target to $5.72 from $4.55, post the telco beating FY25 earnings expectations with EBITDA up 15% and EPS of 15.5c, which was down -4% but above forecast.

FY26 guidance stands at earnings (EBITDA) of $157m-$167m, a 5% upgrade at the midpoint relative to previous forecasts, with a new wholesale agreement to benefit FY27 earnings.

The analyst views FY25 as a turning point, with better earnings quality and lifting return on equity.

The announced sale of loss-making Buddy Telco underpins a notable rise in the analyst's earnings forecasts by removing assumed losses of around -$8m in FY26 and circa -$4m in FY27.

Target price is $5.72 Current Price is $5.36 Difference: $0.36
If ABB meets the Ord Minnett target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 12.1% (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 ABB as Buy (1) -

Aussie Broadband remains a Buy at UBS with a new price target of $6, up from $4.65. FY25 EBITDA rose 15% to $138m, landing at the top end of guidance and broadly in line with consensus.

Commentary suggests management's guidance for FY26 EBITDA to $157–167m translates into circa 16% growth. The broker highlights a six-year wholesale deal with More Telecom (circa 290k subscribers migrating by end FY26) that it estimates adds circa $12m to EBITDA in FY27.

Considerations include 5.88m shares ($24.6m), cash milestones it assumes at circa $10m, and the Buddy brand sale at circa $8m, for circa 12% EPS accretion on FY25.

Forecasts are lifted by 19%/22%/22% for FY26–FY28.

Target price is $6.00 Current Price is $5.36 Difference: $0.64
If ABB meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.95, suggesting upside of 12.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.9

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

Citi rates ABG as Buy (1) -

Upon further analysis, Citi increases its FY26-27 funds from operations (FFO) forecasts for Abacus Group on a stronger office performance. The broker edges up its target to $1.41 from $1.35 and maintains a Buy rating.

A summary of the broker's initial response follows.

Citi's initial response has a positive undertone with Abacus Group's FY25 release showing FY25 FFO of 9.3cps in line with the broker's estimate but also ahead of market consensus at 9cps.

FY26 FFO guidance is 8.9cps to 10cps in line with Citi's 9.5cps forecast, with consensus forecasting 9.3cps.

Commentary highlights weighted average cap rate up 27bp to 6.77% resulting in NTA down -2.3% to $1.72 placing the stock at a -28% discount to NTA.

Other metrics cited include occupancy up 30bp to 92.1% and DPS 8.50cps flat YoY; Office like for like rent up 4.3%, Retail like for like rent growth of 3.5%, Self Storage 10.1% NTA growth and 13.9% income growth on management fees.

Target price is $1.41 Current Price is $1.30 Difference: $0.115
If ABG meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.34, suggesting upside of 8.7% (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 ABG as No Rating (-1) -

Abacus Group's FY25 funds from operations were up 1.7% year on year, ahead of Macquarie, albeit with a higher-than-expected contribution from surrender payments. 

FY26 dividend guidance is for 8.5cps. The payout ratio is expected to be at the upper-end of the 85-95% range, implying FFO down -3.4%, the broker notes.

Management has identified seven assets worth $350m will be sold over the next 18 months with proceeds used to co-invest 10-20% in capital partnerships on Eastern seaboard assets.

Macquarie is on research restriction.

Current Price is $1.30. Target price not assessed.

Current consensus price target is $1.34, suggesting upside of 8.7% (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

Shaw and Partners rates ABG as Buy (1) -

Abacus Group reported FY25 funds from operations ((FFO)) of $82.7m with an 8.5c distribution, 50% franked, which met Shaw and Partners' expectations.

FY26 guidance states a distribution of 8.5c per share with a payout at the upper end of the group's range of 85%-95%, which again meets the analyst's forecast.

Commentary highlights FY25 results were boosted by an early $8m surrender fee, which will be absent in FY26, suggesting FFO will be flat.

Gearing remains below the target of 40% at 34.5%, which, the broker suggests, positions Abacus well to partake in an improving office market.

Retail performance was deemed "solid" across the two exposed properties. No further details were offered about the proposed non-binding takeover of Abacus Storage King ((ASK)).

Target price is raised to $1.40 from $1.20. Buy rating retained.

Target price is $1.40 Current Price is $1.30 Difference: $0.105
If ABG meets the Shaw and Partners target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.34, suggesting upside of 8.7% (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 ANN as Neutral (3) -

Ansell's group revenue was -3% below Macquarie, with group margin 50bps ahead at 14.1%. This resulted in earnings beating by 1%. Compositionally, Industrial earnings were 9% ahead, with a margin 190bps higher than forecast at 17.3%.

This outperformance was partly offset by Healthcare, the broker notes, with this division's earnings -3% below on an in-line margin. Management noted KBU integration has completed with business performance ahead of expectations with targeted synergies increased.

Ansell expects 5% higher FY26 earnings than previously forecast. Macquarie expects this upgrade to be driven by modest volume growth with price increases expected to be fully offset by higher cost of goods sold due to US tariffs.

Target rises to $33.50 from $33.00. Following the share price reaction, the broker sees the company as fairly valued. Neutral.

Target price is $33.50 Current Price is $34.53 Difference: minus $1.03 (current price is over target).
If ANN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.55, suggesting downside of -0.1% (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: 0.0

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

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

Ansell posted FY25 EPS of US$1.26, up 23% year-on-year and 2% above consensus, with EBIT rising 44% to US$282m and group margins improving to 14.1%, highlights Morgan Stanley.

The broker explains weaker-than-expected revenue was offset by better-than-expected margins (Industrial Global Business Unit ahead).

Kimberly Clark synergies have been upgraded to US$15m, while a US$200m buy-back is planned for FY26. Tariff impacts of around -US$80m are expected to be fully offset by higher pricing.

The analysts see modest organic assumptions implied within FY26 guidance. Management guided to FY26 EPS of US$1.33-1.45, underpinned by 2-4% revenue growth and EBIT of US$302-325m at margins of 14.3-14.8%.

Risks include weaker industrial demand and cost pressures, suggests the broker, while upside could stem from further synergies.

Equal-weight rating. Target $32.50. Industry View: In-Line.

Target price is $32.50 Current Price is $34.53 Difference: minus $2.03 (current price is over target).
If ANN meets the Morgan Stanley target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $34.55, suggesting downside of -0.1% (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: 0.0

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

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

The independent board committee at Abacus Storage King has been informed the consortium of Public Storage and Ki Corporation has withdrawn its proposal to acquire the remaining stapled securities in Abacus Storage King.

This development is likely to create short-term downside for the share price, in Citi's view, with the M&A offer no longer on the table.

Self-storage in Australia remains an attractive sector for global capital providers, highlights the broker, supported by strong long-term growth fundamentals.

In Citi's view, a key hurdle for the deal was the need for a higher offer price above net tangible assets (NTA) to secure minority shareholder support.

The broker lowers its target to $1.50 from $1.73 and downgrades to Neutral from Buy.

Target price is $1.73 Current Price is $1.55 Difference: $0.18
If ASK meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.64, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Bell Potter rates AX1 as Buy (1) -

Bell Potter notes Accent Group' FY25 recurring EBIT, excluding one-off cost benefit of $3.3m, was above the mid-point of guidance.

The highlight was positive trading momentum in first seven weeks of FY26, with like-for-like sales up 0.8% y/y vs 3.5%, and rebounding from -1.7% in 2H25.

FY26 EBIT guidance was for high single-digit growth but the disappointment was in the number of stores at 892 vs 913 expected by the broker. Store opening guidance was for at least 30 stores but -10-15 renewal-driven closures are expected.

The broker lifted cost of doing business assumptions to factor in start-up costs linked with the Sports Direct division. FY26 net profit cut by -17% and FY27 by -13%.

Buy. Target trimmed to $1.80 from $1.90 on earnings downgrades, partly offset by rolling forward the modeling.

Target price is $1.80 Current Price is $1.49 Difference: $0.31
If AX1 meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.79, suggesting upside of 22.3% (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 BEN as Sell (5) -

In the wake of Bendigo & Adelaide Bank's FY25 result, Citi lifts its FY26-28 earnings forecasts by 0.2-4.5% on better margins and lower bad debts.

The broker raises its target price to $10.50 from $9.75 but retains a Sell rating.

A summary of the broker's initial analysis of results follows.

It is Citi's first assessment Bendigo & Adelaide Bank's FY25 cash earnings of $515m have beaten consensus by some 1%.

A -$540m goodwill impairment and restructuring costs were pre-released. Slightly higher costs saw core earnings of $737m falling below consensus at $740m.

Commentary adds a higher tax was also a drag though this was mitigated by a BDD reversal of some $15m. All in all, the broker argues today's was a lower quality bottom line beat.

Citi analysts suggest the focus of the result will be on management's 2030 targets, with the release of a ROE target in excess of 10% by 2030.

Relative to 2H25's 7.1% ROE, commentary states this is a substantial uplift and will require further information for the market to ascribe value. 

Target price is $10.50 Current Price is $13.13 Difference: minus $2.63 (current price is over target).
If BEN meets the Citi target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.20, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Macquarie rates BEN as Underperform (5) -

Bendigo & Adelaide Bank delivered a broadly in-line second half result, Macquarie notes, with stable margins, in-line costs, and continued provisioning write-backs. 

While management talked up its ability to deliver a targeted 2030 return on equity (ROE) of greater than 10%, with a combination of strong book growth, better costs, low bad debts, and stable margins, Macquarie believes the assumptions are optimistic.

The bank saw stable second half margins, but with rate cuts and fading replicating portfolio tailwinds, the broker sees FY26 margins falling -5bps.

On Macquarie's forecasts, Bendelaide generates a sustainable ROE of only circa 7% and will see little earnings growth over the next three to five years. Target rises to $10.50 from $10.25, Underperform retained.

Target price is $10.50 Current Price is $13.13 Difference: minus $2.63 (current price is over target).
If BEN meets the Macquarie target it will return approximately minus 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.20, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

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

Bendigo and Adelaide Bank’s 2H25 trends were broadly in line with Morgan Stanley's expectations, with cash profit 2% above consensus on a net impairment benefit.

Revenue was flat half-on-half, while expenses rose/deteriorated by -2%, in line with consensus but slightly above the broker.

The broker highlights margin stability, with a -6bps decline in 1Q25 followed by broadly flat trends over three quarters and a 1bp lift in 4Q25.

Stronger mortgage margins and lower revenue share offset headwinds from business and agri lending, savings pricing and liability mix, explain the analysts.

The 33c final dividend was ahead of forecasts.

Near term, management expects stronger business and agri loan growth, mortgage growth at or around system, and costs contained to inflation.

Equal-weight. Target price $11. Industry View: In-Line.

Target price is $11.00 Current Price is $13.13 Difference: minus $2.13 (current price is over target).
If BEN meets the Morgan Stanley target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.20, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

Ord Minnett rates BEN as Downgrade to Lighten from Hold (4) -

Bendigo & Adelaide Bank reported cash earnings which broadly met Ord Minnett's expectations, boosted by write-backs of credit impairments. The net interest margin was flat at 1.88%, and guidance for FY26 focused on retaining a flat margin.

The bank aims to cut its funding costs via growth in low-rate deposits, which should result in growth of pre-provision operating profit, the analyst explains, due to operating leverage.

The final dividend was as expected. Ord Minnett raises its EPS forecast by 3.8% for FY26 and 1.1% for FY27, which boosts the target price to $11 from $10.50.

The stock is downgraded to Lighten from Hold, as the price has risen by around 7% in August alone.

Target price is $11.00 Current Price is $13.13 Difference: minus $2.13 (current price is over target).
If BEN meets the Ord Minnett target it will return approximately minus 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.20, suggesting downside of -16.9% (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

UBS rates BEN as Neutral (3) -

UBS states Bendigo and Adelaide Bank's FY25 was in line with consensus, though slightly below its own forecast, with PPOP softer and NIM pressure in Consumer (-8bps) and Business & Agri (-16bps); lending rose 5.8% HoH, a $4m impairment reversal supported earnings, and CET1 was 11.0% (circa -20bps below consensus).

The broker says management’s 2030 strategy targets 10% ROE, but calls the goal stretched amid deposit competition, lower replicating-portfolio benefits and ongoing efficiency needs; it assumes slightly lower NIM and lower opex from productivity and FTE reductions.

UBS retains Neutral and lifts the price target to $13.00 from $11.00; EPS is raised by 4.5% and 0.4% for FY26 and FY27 but lowered by -5.9% for FY28, opex trimmed, credit charges lowered to 5-8bps, and DPS held at 63.0c (circa 75% payout).

Target price is $13.00 Current Price is $13.13 Difference: minus $0.13 (current price is over target).
If BEN 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 $11.20, suggesting downside of -16.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.6

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

UBS rates BGA as Neutral (3) -

UBS has taken its time for a second consideration. Bega Cheese's FY25 was in line, with EBITDA up 23% to $202m as Bulk benefitted from stronger dairy commodities, while Branded rose 3% on cost-outs.

Commentary highlights management has guided FY26 EBITDA to $215–220m. The broker expects Branded to improve in FY26 on 2% from price, 1% from volume and ongoing efficiencies, partly offset by a Bulk decline as commodities soften and farmgate costs rise.

UBS highlights Fonterra’s sale of its Consumer business to Lactalis, including the Bega Cheese brand licence with Bega intending to enforce a change-of-control clause (though this is disputed by Fonterra ((FSF)).

On UBS’s assumptions, acquiring control for circa $340m debt-funded implies net $24m EBITDA contribution and circa 4% EPS accretion after interest and tax.

UBS retains Neutral and trims its 12-month price target to $6.00 from $6.15, citing higher capex (circa -$90m vs prior -$70m) lifting D&A/interest.

Forecast EPS is lowered by -9%/-4%/-6% for FY26–FY28. Dividends step up to 15.0c in FY26 on a circa 70% payout, with ROIC moving towards 10%-plus in the near term, per the broker's updated forecasts.

Target price is $6.00 Current Price is $5.65 Difference: $0.35
If BGA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $6.26, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates CNU as Outperform (1) -

With Chorus having released connection updates, the FY25 result was largely academic, Macquarie suggests, and within the earnings guidance range. 

The relative lift in second half earnings predominantly reflected the new pricing schedule, effective from this year.

Cyclical headwinds have seen some consumers trading down their broadband tier, Macquarie notes, but more significantly, not trading up as much as might have been expected.

The broker retains Outperform, reflecting increased regulatory certainty and the step-change in dividend profile, and non-regulated
revenue opportunities. Target unchanged at NZ$9.83.

Current Price is $8.73. Target price not assessed.

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: 0.5

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

UBS rates CNU as Neutral (3) -

Chorus' FY25 was in line, with EBITDA of NZ$705m and DPS 57.5c. UBS notes management has guided FY26 EBITDA to NZ$710–730m, with copper revenue declines and lower labour capitalisation tempering the uplift.

UBS notes proposed CPI-plus wholesale price rises from 1 January 2026 (4-6%) and speed upgrades to blunt fixed-wireless competition, and flags potential dividend upside if S&P relaxes BBB criteria.

UBS maintains its Neutral rating and raises its 12-month price target to NZ$9.25 from NZ$8.50. Forecasts are cut for FY26 (EBITDA -1%, EPS -16%) but lifted for FY27–FY28 (EBITDA up 1–3%; EPS up 4–18%), with DPS nudged to NZ63c/66c.

Current Price is $8.73. Target price not assessed.

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: 0.5

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

Citi rates COL as Buy (1) -

Citi's early assessment is Coles reported EBIT ex-significant items and including associates of $2,112m, in-line with expectations, including consensus.

Supermarkets 2H25 EBIT beat by circa 2% on better sales. Liquor performed broadly in-line. A final dividend of 32c was declared, below the broker's forecast of 33.5c.

In light of recent share price weakness, the broker is suggesting the share price will likely be well-supported today. Target $23. Buy.

Target price is $23.00 Current Price is $20.73 Difference: $2.27
If COL meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $22.48, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Morgans rates COL as Hold (3) -

Morgans' first call is Coles Group's FY25 result was marginally softer than forecast with higher Corporate costs to blame, but it looks like in line with consensus irrespectively.

FY25 sales increased 2% to $44.4bn, in line with forecasts, while underlying EBIT rose 3% to $2,112m, in line with consensus.

In addition, the broker notes Coles has had a solid start to FY26 with Supermarket sales for the first 8 weeks up 4.9% while Liquor sales were flat.

The first is above expectations, but Liquor disappointed.

Target $20.95. Hold.

Target price is $20.95 Current Price is $20.73 Difference: $0.22
If COL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $22.48, suggesting downside of -0.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.6

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

Citi rates DBI as Buy (1) -

Dalrymple Bay Infrastructure's interim earnings (EBITDA) of $144m were in line with consensus. Citi highlights potential upside from higher non-TIC revenue and a capital allocation review that could lift near-term distributions.

TIC stands for Take-or-Pay Infrastructure Charge, the regulated fee per tonne coal shippers pay to use the company's coal export terminal, regardless of whether they actually ship coal.

The broker notes -$406m of capital works are underway, rising to -$511m with the new capex project (NECAP X) expected to increase the TIC uplift to around 63c/t by July 2027.

Additional non-TIC revenue of over $4m annualised is seen as material, given minimal associated costs.

Citi lifts its FY25-27 earnings forecasts by 2% and raises its target price to $5.20 from $4.20, retaining a Buy rating.

Target price is $5.20 Current Price is $4.70 Difference: $0.5
If DBI meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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 DBI as Hold (3) -

Dalrymple Bay Infrastructure reported an in line first half 2025 result, according to Morgans.

Earnings (EBITDA) grew 5%, which was slightly better than anticipated, and non pass-through revenue lifted 4.8%, as forecast. Earnings (EBITDA) margin rose 0.8% on a year prior to 98.4%.

Funds from operations ((FFO)) rose 14% due to earnings (EBITDA) growth and lower interest costs.

Management is reviewing capital allocation options, as the balance sheet has de-geared since IPO, which may include increased cash returns to shareholders or ongoing deleveraging.

A ramp-up in revenue optimisation is also going well, and faster than expected.

No change in Hold rating. Target rises to $4.73 from $4.70. The analyst's dividend forecasts remain unchanged.

Target price is $4.73 Current Price is $4.70 Difference: $0.03
If DBI meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.5

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

Macquarie rates DTL as Outperform (1) -

Data#3's FY25 result beat consensus by 5%, Macquarie notes. The upside surprise was driven by strong Infrastructure computer sales, from the ongoing refresh of Windows 10 to 11, with revenue up 4.2% year on year in FY25.

Data#3 also saw its Internal cost ratio decline by -0.9ppts, showing ongoing operating leverage in the business from earlier automation and restructuring. Notably, says the broker, both trends should continue into the longer term.

Some 43% of the Australian Windows user-base is still using Windows 10.

Macquarie maintains Outperform with a target of $9.15, up from $9.00. Data#3's net cash balance sheet, low working capital,
and capex intensity are considered attractive and Macquarie expects Services growth will continue to build a moat for the business.

Target price is $9.15 Current Price is $8.27 Difference: $0.88
If DTL meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $8.76, suggesting upside of 1.7% (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 DTL as Overweight (1) -

Data#3 delivered FY25 revenue of $3bn, up 9% year-on-year and 1% ahead of consensus, with momentum improving to 10% growth in 2H25, highlights Morgan Stanley.

Gross profit of $289.7m rose 7% but was -2% below the broker's expectations due to mix and Microsoft program changes, partly offset by early mitigation efforts.

Earnings (EBITDA) of $66.4m rose by 11%, coming in 2% ahead of consensus, supported by -$3-4m lower operating costs in 2H, point out the analysts. Profit also beat by 3% on higher interest income.

Morgan Stanley sees FY26 tailwinds from unwinding FY25 disruptions, though Microsoft changes imply a flat software profit contribution year-on-year. 

Overweight. Target $8.90. Industry View: In Line. 

Target price is $8.90 Current Price is $8.27 Difference: $0.63
If DTL meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $8.76, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates DTL as Hold (3) -

Morgans views Data#3's FY25 result as essentially in line with expectations, including growth in revenue of 9% on the prior year, with earnings (EBITDA) rising by 11%.

Management did not provide any quantifiable FY26 guidance, noting the company would continue to concentrate on achieving sustainable earnings growth. Microsoft's change in partner incentives can be evidenced in 2H25 gross margins, which fell to 9.2% from 10.2% in 1H25.

The analyst believes there are considerable AI opportunities for Data#3, with the adoption of many Microsoft AI solutions internally, and sees the demand for cloud and AI as "extraordinary," with the company well positioned.

Morgans increases its EPS estimates by 3% for FY26 and 5% for FY27.

No change to Hold rating. Target price rises 11% to $8.30.

Target price is $8.30 Current Price is $8.27 Difference: $0.03
If DTL meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $8.76, suggesting upside of 1.7% (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 DTL as Downgrade to Neutral from Buy (3) -

UBS has downgraded Data#3 to Neutral from Buy with an increased price target; $8.70 versus $8.10 prior.

The company's FY25 landed ahead at pre-tax profit --beating the broker's estimate by some 7%-- as near-flat opex delivered a 2H beat despite softer Services and the Microsoft reseller-incentive transition weighing on gross profit.

The broker expects a markedly 2H-skewed FY26, with Software rebounding after a weak 1H to drive 8% gross margin growth; cost control endures, while non-staff investments lift opex modestly.

EPS forecasts are lifted +6%/+5%/+4% for FY26–FY28, with DPS +7%/+5%/+4%, while circa -$3m lower interest income limits FY26 pre-tax profit growth to 3%, the broker suggests.

Target price is $8.70 Current Price is $8.27 Difference: $0.43
If DTL meets the UBS target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $8.76, suggesting upside of 1.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates EDV as Hold (3) -

Endeavour Group's FY25 revenue and net profit numbers were pre-reported, so the key news in the result was trading update for the first seven weeks of FY26, Bell Potter notes.

Sales at Dan Murphy's and BWS fell -1.3% y/y and hotel sales rose 4.4% y/y. While retail liquor demand remained subdued, the company expects improvement as inflation moderates and real wages rise.

The company will share the outcome of the portfolio-wide group strategy in 2H26 but did flag an acceleration to ERP implementation, and that store system separation will be deferred.

EPS forecase for FY26 lifted by 5% and by 4% for FY27 on deferred opex/capex.

Hold. Target lifted to $4.55 from $4.50.

Target price is $4.55 Current Price is $4.14 Difference: $0.41
If EDV meets the Bell Potter target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 4.5% (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

Macquarie rates EDV as Underperform (5) -

A demand vacuum has emerged post-covid, Macquarie notes. Alcohol sales have had a reset after a massive spike, and nowhere is this more evident than in Australia.

Meanwhile, Endeavour Group's renewal capex into the Hotels business is delivering 15%-plus return on investment within 12 months, with momentum continuing past the first year. Macquarie sees the step-up in large-scale renewals as a positive, given strong return metrics.

With management flagging a strategic review underway across all business units, the broker notes the potential risk of a re-basing event in FY26, seeing risks to Endeavour's current growth targets.

Target falls to $3.60 from $3.80, Underperform retained.

Target price is $3.60 Current Price is $4.14 Difference: minus $0.54 (current price is over target).
If EDV meets the Macquarie target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.21, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

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

Endeavour Group reported FY25 earnings (EBIT) of $939m, broadly in line with consensus at $941m, according to Morgan Stanley. Hotels remained strong, notes the broker, offsetting weaker liquor sales, with 4Q hotel sales up 4.0% and retail sales up 2.1%.

Early FY26 trading shows continued weakness in liquor retail, highlight the analysts, with sales down -1.3% over the first seven weeks, while hotels rose 4.4%.

Management cut One Endeavour guidance significantly, observes Morgan Stanley, reducing FY26 opex to -$50-60m from -$60-80m and capex to -$40-50m from -$100-120m. Store systems separation has now been deferred until FY28-30.

Leverage sits slightly above target, notes the broker, though management believes current capacity is sufficient to fund One Endeavour. Capital unlock initiatives continue, with $50m realised in FY25 and five development applications targeted by FY26.

Equal-weight rating. Target $4.60. Industry View: In-Line. 

Target price is $4.60 Current Price is $4.14 Difference: $0.46
If EDV meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgans rates EDV as Downgrade to Hold from Accumulate (3) -

Endeavour Group reported slightly weaker than expected FY25 results, with group earnings (EBIT) falling -12%, below Morgans' forecast by -3% and consensus by -2%. Underlying net profit declined by -17%, another miss.

Hotel earnings slightly improved, but soft consumer spending weighed on retail earnings. Looking for positives, the analyst noted robust cash conversion of 110%, up from 108%, due to good working capital management.

The first seven weeks of FY26 have seen Dan Murphy's and BWS sales down -1.3%, with hotels up 4.4%, due to higher transaction volumes.

Commentary suggests a lower interest rate environment should support the consumer over the next 12 months. The strategy under new CEO, Jayne Hrdlicka, remains unknown, with her tenure starting on January 1, 2026.

Target lowered to $4.15 from $4.35. The stock is downgraded to Hold from Accumulate, with limited upside risks seen. Portfolio review is due 2H26.

Target price is $4.15 Current Price is $4.14 Difference: $0.01
If EDV meets the Morgans target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

UBS rates EDV as Neutral (3) -

UBS says Endeavour Group's FY25 achieved net profit above management’s August guidance as well as its own estimate, though EBIT and net profit missed market consensus.

The broker highlights weakening Retail trends into 1H26E (first seven weeks -1.3%) against stronger Hotels (first seven weeks +4.4%).

FY26 guidance includes EndeavourGO savings of $290m realised by FY26, One Endeavour opex -$50–60m and capex -$40–50m, group capex -$420–470m, finance costs circa -$300m, and a 31–32% effective tax rate.

UBS retains Neutral and keeps its 12-month price target at $4.25; forecasts are cut with EPS -3.7%/-7.7% for FY26–FY27 and DPS -4%/-8%.

The broker stays cautious on the pace and execution of a Retail turnaround despite solid Hotels momentum.

Target price is $4.25 Current Price is $4.14 Difference: $0.11
If EDV meets the UBS target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.21, suggesting upside of 4.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: -0.1

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

Morgan Stanley rates EVT as Overweight (1) -

EVT’s FY25 result came in slightly below Morgan Stanley's expectations with revenue of $1,237m and earnings (EBITDA) of $292m, around -2% to -3% shy, respectively, of consensus forecasts.

Entertainment earnings were soft on weaker box office supply, explain the analysts, though a strong 2H rebound was evident, while hotels delivered record results.

The broker highlights a cinema earnings recovery as the key FY26 driver, with box office supply expected to return to pre-covid levels. Admissions are forecast at around 70% of FY19, with revenue close to 100%.

Property valuations were stable at $2,309m despite divestments, observes the broker, and strategic options are being explored for George Street assets.

Overweight retained. Target price slips to $18 from $19. Industry View: Attractive.

Target price is $18.00 Current Price is $14.62 Difference: $3.38
If EVT meets the Morgan Stanley target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $17.75, suggesting upside of 20.6% (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 EVT as Upgrade to Buy from Accumulate (1) -

EVT Ltd reported a 13% rise in net profit after tax to $39.3m, which missed Ord Minnett's forecast of $43.9m, with management stressing the cinemas business performed well against a lack of blockbuster releases and cyclone disruptions.

The cinema line-up for FY26 is looking much better, but as the analyst states, forecasting this division remains challenging.

Hotels remain a bright spot, with a positive medium-term outlook. The higher construction costs post-covid should boost the value of existing hotels, with higher room rates.

Fair value for its property portfolio was unchanged at $2.3bn, with asset sales of -$310m since the previous estimate.

Ord Minnett lowers its EPS estimates by -10% for FY26 and -12% for FY27. The target slips to $17.09 from $18.94.

The stock is upgraded to Buy from Accumulate, given the fall in the share price and an ongoing positive 12-month outlook.

Target price is $17.09 Current Price is $14.62 Difference: $2.47
If EVT meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $17.75, suggesting upside of 20.6% (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

Citi rates FMG as Neutral (3) -

Upon initial assessment, Fortescue's underlying FY25 EBITDA of US$7.94bn proved in-line with consensus, though down -26% on the previous period.

Net profit is seen as a modest -4% miss on an effective tax rate of 32.5%. Citi 's response is the iron ore miner has released a "clean" result with no exceptional items.

Final dividend of 60c is higher than Citi's estimate on a full year payout ratio of 65% against a target range of 50-80%. Net debt of $1.1bn is -16% lower than consensus for gearing of 21%

FY25 capex sits at -$3.9bn. Commentary highlights the company has shipped the first battery electric truck Power System from Fortescue Zero.

Neutral. Target $18.40.

Target price is $18.40 Current Price is $20.00 Difference: minus $1.6 (current price is over target).
If FMG meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.01, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Morgans rates FMG as Hold (3) -

The one comment that stands out from Morgans' early response to Fortescue's FY25 release is: "FMG unfortunately is demonstrating it cannot execute on a magnetite project in its backyard but expects the market to be confident it can deliver capital-intensive global energy innovation with a commercial return – still a bridge too far."

The broker points out energy projects remain an important drag at -US$900m capex/opex guided in FY26, despite little prospect for a meaningful return.

No double guessing, Morgans is not a fan of the company's strategy outside of the iron ore business.

The FY25 itself is labeled "solid", but then the share price valuation is seen as too rich. Hold.

Target price is $16.50 Current Price is $20.00 Difference: minus $3.5 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $18.01, suggesting downside of -6.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.0

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

Bell Potter rates GDI as Buy (1) -

GDI Property's FY25 funds from operations (FFO) of 6.62c beat Bell Potter and consensus forecast of 6.4c. No specific FFO guidance was provided but DPS maintained through-cycle target of 5c.

The REIT sold six dealerships that will settle in Feb 2026, with proceeds of $26m going toward reduction in group debt. Occupancy increased slightly in 2H but vacancy remained around 12%.

Car parks were a standout, up 15% y/y, and revenue momentum improved in Tulla OpCo JV into FY26. The broker noted incremental improvement in the balance sheet with 34% gearing expected to reduce after Autoleague assets settlement.

FY26 FFO forecast lifted by 5.2% and FY27 by around 17%.

Buy. Target rises to 85c from 80c.

Target price is $0.85 Current Price is $0.72 Difference: $0.13
If GDI meets the Bell Potter target it will return approximately 18% (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 GSS as Speculative Buy (1) -

Genetic Signatures' FY26 EBITDA loss of -$12.2m was better than Bell Potter's forecast of -$14.3m due to lower operating expenses, mainly lower headcount and consumables.

Revenue was pre-reported, with over 90% from Australian operations and the balance from the US.

The broker reckons US penetration is key for the company's short to medium-term outlook, but uptake of the gastrointestinal parasite detection test has been slower than expected.

The broker trimmed its US sales growth expectations, partly offset by lower operating cost. This, together with higher WACC, resulted in a cut to target price to 55c from 65c.

Speculative Buy retained.

Target price is $0.55 Current Price is $0.28 Difference: $0.27
If GSS meets the Bell Potter target it will return approximately 96% (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 HPG as Buy (1) -

hipages Group delivered a solid FY25 result, assesses Shaw and Partners, with revenue of $83.1m up 10% year-on-year and earnings (EBITDA) of $19.6m up 20%.

Margins of 24% were at the top end of guidance, with free cash flow of $5.6m and year-end cash of $25.6m.

The broker highlights average revenue per user (ARPU) growth of 8% in Australia and 23% in New Zealand, with subscribers steady at 36,600 and expected to rise 3-5% in FY26.

The analysts point to long-term cash EBIT margin guidance of 30%, well above current levels, though Shaw forecasts 26% by FY35.

The broker trims near-term revenue forecasts by around -5% but raises long-term margin assumptions. FY26 guidance has been based on revenue growth of 10%-12%, earnings (EBITDA) margins between 24%-26% and free cash flow of $8m-$10m.

Shaw lifts its target price to $2.80 from $1.90, largely due to higher assumed longer-term cash margins, and retains a Buy rating.

Target price is $2.80 Current Price is $1.34 Difference: $1.46
If HPG meets the Shaw and Partners target it will return approximately 109% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates IFM as Hold (3) -

Infomedia's FY25 revenue was in line with guidance but 2% above Bell Potter's forecast. Underlying cash EBITDA also beat by 4% due to better than expected margin of 24% vs the broker's 23.6% estimate.

FY26 revenue guidance of $152-159m was higher than the broker's forecast of $152m, with the company highlighting improved pipelines in EMEA and the Americas.

FY26 revenue forecast lifted by 2% and FY27 by 3%, and underlying net profit forecast increased by 11% and 10%, respectively.

Hold. Target unchanged at $1.72 (equal to offer price by TPG Capital)

Target price is $1.72 Current Price is $1.70 Difference: $0.02
If IFM meets the Bell Potter target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

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

UBS comments Infomedia's FY25 landed within guidance, as underlying 2H momentum improved ex-SimplePart and management guides FY26 revenue growth of 4.5–9.5%, which the broker deems conservative.

The broker highlights acceleration in Infodrive and Microcat, early EMEA/US improvements post leadership changes, and CX platform completion in 2H26 as a catalyst.

Commentary also notes DMS integrations and SimplePart renegotiations are still ahead, while Intellegam adds AI optionality. UBS also flags investors may wait on the TPG $1.72 bid outcome expected circa Nov-25.

UBS downgrades to Neutral from Buy and lifts its 12-month price target to $1.85 from $1.75; forecasts are tweaked with EBITDA +1%/-2%/-1%/+1% and EPS raised by 9-14% across FY26–FY29 on lower amortisation.

Target price is $1.85 Current Price is $1.70 Difference: $0.15
If IFM meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $1.76, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Citi rates IGO as Downgrade to Sell from Neutral (5) -

Citi raises its FY26-27 earnings forecasts for lithium producers under coverage on a higher price deck, assuming SC6 at US$900/t through 2H25. The broker notes lithium-exposed stocks have rallied 25-60% this quarter, leaving valuations stretched.

The analysts observe pure-play exposures are currently pricing in US$1200-1370/t compared to spot of US$940/t.

The broker downgrades its rating for IGO Ltd to Sell from Neutral on valuation grounds. Target rises to $4.50 from $4.10.

Neutral-rated Pilbara Minerals is kept as Citi's ASX100 sector pick.

Target price is $4.50 Current Price is $5.31 Difference: minus $0.81 (current price is over target).
If IGO meets the Citi target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $4.44, suggesting downside of -13.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.3

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

Bell Potter rates IMD as Buy (1) -

Imdex's FY25 revenue and underlying EBITDA beat Bell Potter's forecast but underlying net profit missed due to higher interest expense.

The highlight was record 4Q25 revenue, with the broker noting improvement in the company's tone, reflecting growth expectations particularly in near-mine and brownfield exploration drilling.

The broker lifted FY26-28 revenue growth expectations and reduced opex, but lifted D&A estimates and increased interest expense on higher borrowing expectation. 

Minor downgrades to EPS forecasts but target lifted to $3.90 from $3.05 on lower WACC and higher terminal growth rate. Buy retained.

Target price is $3.90 Current Price is $3.43 Difference: $0.47
If IMD meets the Bell Potter target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 18.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.3

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

Citi rates IMD as Neutral (3) -

After further analysis of Imdex's FY25 result, Citi raises its target price to $3.55 from $3.15 and maintains a Neutral rating.

As 4Q results came in ahead of the broker's expectations and there were early signs of resilience in 1Q FY26, Citi applies a higher valuation multiple to reflect Imdex's strength and strategic diversification.

A summary of the initial take by Citi on the FY25 results follows.

At first glance, Citi notes Imdex's FY25 missed expectations. Revenue of $431m was above estimates due to better Americas and Africa/Europe performance, which was offset by APAC.

Margins from Africa/Europe were a beat, with earnings (EBITDA) above expectations by 8%-9%. Hub-IQ connected sensors rose 11% on the prior year, and the balance sheet remains strong. Revenue from Krux and Datarock was positive, up 86% and 63%, respectively.

Higher net interest costs weighed on net profit after tax, and a 2.5c dividend was a decline of -11% on the prior period and a big miss.

Citi continues to be cautious on the company's outlook despite some positive signs with SaaS revenue growth and the take-up of Hub-IQ.

Shares are likely to trade lower today, commentary suggests. 

Target price is $3.55 Current Price is $3.43 Difference: $0.12
If IMD meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 18.3% (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 IMD as Neutral (3) -

Imdex' FY25 underlying earnings were down -3.3% year on year but broadly in line. The result was supported by reorganisation adjustments and higher capitalisation, making it lower quality in Macquarie's view.

FY25 total capex was 13.3% of revenue, up materially versus history. Management noted the step-up was due to the nature of projects, not a change in policies. Capex is expected to increase further in FY26.

Acquisitions are performing well, the broker notes, with all seeing solid revenue growth. No FY26 guidance provided, however Imdex has flagged positive market sentiment, and that the improved fourth quarter run-rate has carried into FY26.

Target rises to $3.50 from $2.80, Neutral retained.

Target price is $3.50 Current Price is $3.43 Difference: $0.07
If IMD meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.49, suggesting upside of 18.3% (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 IMD as Neutral (3) -

UBS comments Imdex's 4Q25 revenue of $119m beat consensus at $114m and it also marked the first organic y/y growth in circa 18 months.

The Americas led with 16% growth, momentum improved late in the quarter, and FY26 revenue growth is now assumed at 10% to $473m.

The broker flags quality questions: a 120bps sequential GP margin decline in 2H25 despite a mix shift to tools and circa 4% ARPU growth; capitalised R&D stepping up to -$10.4m; PP&E capex rising to -$47m in FY25 with circa -$56m guided for FY26; and ROIC slipping to 9% versus circa 20% three years ago.

UBS maintains its Neutral rating and lifts its 12-month price target to $3.30 from $2.90, largely on peer multiple mark-to-market.

Forecasts are trimmed with EPS -7%/-9% for FY26–FY27 on higher D&A/interest. The broker suggests the cycle is turning, but it wants cleaner results and improved ROIC.

Target price is $3.30 Current Price is $3.43 Difference: minus $0.13 (current price is over target).
If IMD meets the UBS target it will return approximately minus 4% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.49, suggesting upside of 18.3% (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 IPG as Buy (1) -

IPD Group's FY25 result was broadly in line with Bell Potter's forecasts and reflected resilience amid the challenging commercial construction backdrop. 

Data centre sales were the highlight, comprising 16% of group revenue from 12% in FY24. Gross margin narrowed to 34.2% from 37.1% due to the dilutive impact of CMI Operations but this was offset by leaner opex as a proportion of revenue.

The broker slightly lowered revenue forecasts over FY26-28 but lifted gross margin, and lowered opex growth, resulting in a 10% lift to FY26 EPS forecast and a 7% increase to FY27.

Buy. Target rises to $5.00 from $4.30.

Target price is $5.00 Current Price is $4.15 Difference: $0.85
If IPG meets the Bell Potter 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

Shaw and Partners rates IPG as Buy (1) -

IPD Group's revenue advanced 22.1% in FY25 on the prior year, slightly below Shaw and Partners' estimate by -1.5%, with underlying earnings (EBITDA) up 15.8%, and slightly ahead of forecast by 0.9%.

The analyst views the result as in line and "solid," with standout operating cash flow (including leases) of $33.6m, a rise of 75.9% on FY24, and well ahead of its estimate by 15.7%.

Some markets remain challenging for the group, but Shaw and Partners sees opportunities in transition to renewable energy, increasing demand from data centres, and expansion of electrical infrastructure for EV chargers.

A trading update will be ptovided at the November 25 AGM.

The analyst raises FY26 EPS forecast by 5.6%, and 5% for FY27. Buy, High Risk rating retained. Target price rises to $5 from $4.80.

Target price is $5.00 Current Price is $4.15 Difference: $0.85
If IPG meets the Shaw and Partners 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

Citi rates JLG as Neutral (3) -

Citi believes Johns Lyng earlier today released a largely in-line result, though higher-than-expected minorities have led to a circa -5-6% miss at the underlying net profit level.

There is no final dividend with the takeover deal in the background. Commentary highlights the analysts are surprised by the extent of margin step down implied by FY26 guidance.

Management is expecting margin to come in at 9.5% which is -1.3ppt step down vs the prior period. Given the takeover deal, not much response is anticipated for the share price.

Neutral. Target $4.

Target price is $4.00 Current Price is $3.91 Difference: $0.09
If JLG meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates JLG as Hold (3) -

It is Morgans'early assessment that Johns Lyng has reported in line with its guidance. FY25 included BAU Revenue of $1026m, -7% behind consensus but CAT revenue of $ 82m is some 25% ahead of consensus.

Group Underlying EBITDA $126.8m is in-line with consensus and Guidance of $126.5m, Yet again, BAU EBITDA of $118m was modestly behind consensus on $118.9m and CAT EBITDA of $8.8m a firm 'beat'.

Management's guidance at face value looks much softer than consensus expectations and Morgans believes it implies further margin decline into FY26.

The broker also observes no further details or timeline seem to have been provided regarding the Scheme of arrangement with PEP, though the company is still aiming to hold a scheme meeting in October 2025. Hold.

Target price is $4.00 Current Price is $3.91 Difference: $0.09
If JLG meets the Morgans target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $3.42, suggesting downside of -12.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates KAR as Downgrade to Hold from Accumulate (3) -

The upgraded 2025 production guidance for Karoon Energy to 9.7-10.5mmboe came in below consensus expectations, while also announcing a serious problem at Bauna (SPS-92), according to Morgans.

SPS-92 has an unanticipated outage, and Bauna is the largest producing well. It will operate at around 25% of its usual rate until the Electrical Submersible Pump (ESP) can be replaced.

The analyst estimates the ESP replacement at -US$40-US$50m, likely in 2Q2026.

Morgans lowers its production forecasts by -8.7% for 2025, and -10% for 2026, to reflect changes at Bauna and narrowed guidance at Who Dat. The energy producer is due to report 1H2025 results on August 27.

The stock is downgraded to Hold from Accumulate. Target price falls to $1.85 from $2.05.

Target price is $1.85 Current Price is $1.84 Difference: $0.01
If KAR meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $2.05, suggesting upside of 10.2% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

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

Market Sentiment: 0.4

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

UBS rates KGN as Neutral (3) -

Neutral rating and $4.90 price target retained at UBS. The FY25 release is considered as largely in line. Gross sales $931m and gross profit $190m slightly beat forecasts (by 1%) and the final 7c DPS proved well ahead of UBS' 1.5c estimate.

Medium-term EBITDA margin aims of 8–12% look achievable, but the broker stays sceptical on 20%-plus long-term. Commentary observes Marketplace grew by 34% y/y and Kogan First momentum remains pivotal.

Mighty Ape drags near term but is guided to profit in 2H26, the report highlights

FY26 EBITDA forecast is lowered -13% to $40.4m and EPS by -16%, while FY27–FY28 see minimal changes.

Target price is $4.90 Current Price is $4.17 Difference: $0.73
If KGN meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $4.60, suggesting upside of 11.4% (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 LAU as Buy (1) -

An inline FY25 result for Lindsay Australia, coming in at the midpoint of guidance. Morgans points to revenue growth of 5.2%, with earnings (EBITDA) falling -11% due to cost pressures and imbalances across the different divisions.

Transport earnings (EBITDA) fell -7% due to competition and higher operating costs. Rural and Hunter earnings (EBITDA) rose 10% respectively, underpinned by the company's rural packaging segment.

Conditions are expected to remain challenging, management explained, with the focus for FY26 on improving efficiency and scale benefits with the rollout of larger B and AB triple transport combinations.

Morgans lowers its underlying earnings (EBITDA) forecast by -4% for FY26 and FY27 due to ongoing headwinds.

No change to Buy rating. Target slips to 80c from 85c.

Target price is $0.80 Current Price is $0.66 Difference: $0.14
If LAU meets the Morgans target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 39.8% (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 LAU as Buy (1) -

Lindsay Australia underlying net profit after tax retreated by -27% in FY25, which has resulted in Ord Minnett lowering FY26 earnings forecasts due to industry-wide pressures on margins and capacity.

Revenue for FY25 grew 6%. No quantitative FY26 guidance was offered, and the analyst notes 2H25 transport earnings (EBITDA) margins contracted -2% on the prior year.

Ord Minnett has lowered its earnings (EBITDA) forecast by -5% and EPS by -8% for FY26.

Buy rating retained, with the sell-down in the share price viewed as excessive. Target slips to $1.01 from $1.08.

Target price is $1.01 Current Price is $0.66 Difference: $0.35
If LAU meets the Ord Minnett target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 39.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Shaw and Partners rates LAU as Buy (1) -

Operating cash flow (including leases) was much better than expected in FY25 results, Shaw and Partners highlights, at $22.3m against the $0.3m estimate. The underlying net profit after tax came in 1.9% above expectations.

The dividend disappointed, with 2H25 of 1.5c versus the analyst's estimate of 3c, but is considered reasonable due to the funding for the SRT acquisition.

Market share for rural moved up, while growth for Hunter was boosted by the NER acquisition of packaging solutions. Transport grew 5% in FY25.

Shaw and Partners lowers its EPS estimates by -5.8% for FY26, and -6.4% for FY27, due to the challenging market conditions, which are expected to normalise over the next 24 months.

Buy rated, High Risk. No change in $1 target.

Target price is $1.00 Current Price is $0.66 Difference: $0.34
If LAU meets the Shaw and Partners target it will return approximately 52% (excluding dividends, fees and charges).

Current consensus price target is $0.94, suggesting upside of 39.8% (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 LFG as Downgrade to Neutral from Buy (3) -

Citi raises its target for Liberty Financial to $4.50 from $4.15 and downgrades to Neutral from Buy on valuation, following FY25 results.

The group's profit of $145m was broadly in line with the broker's forecast, with lower bad debts offsetting softer loan volumes. Margins improved, with the 2H25 net interest margin (NIM) rising 4bps to 2.50% on lower funding costs.

Application volumes lifted 33% quarter-on-quarter in 4Q25, while bad debts fell -22% year-on-year, with arrears improving and credit quality sound, assess the analysts.

Citi forecasts a FY26 NIM of 2.57%, supported by funding cost tailwinds, though competitive pressures remain.

The broker trims its FY26-27 earnings forecasts by -3% to reflect a slower recovery pace.

Target price is $4.50 Current Price is $4.35 Difference: $0.15
If LFG meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

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

Citi rates LTR as Sell (5) -

Citi raises its FY26-27 earnings forecasts for lithium producers under coverage on a higher price deck, assuming SC6 at US$900/t through 2H25. The broker notes lithium-exposed stocks have rallied 25-60% this quarter, leaving valuations stretched.

The analysts observe pure-play exposures are currently pricing in US$1200-1370/t compared to spot of US$940/t.

The broker keeps a Sell rating for Liontown Resources. Target rises to 45c from 40c.

Neutral-rated Pilbara Minerals is maintained as Citi's ASX100 sector pick.

Target price is $0.45 Current Price is $0.88 Difference: minus $0.43 (current price is over target).
If LTR meets the Citi target it will return approximately minus 49% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $0.62, suggesting downside of -26.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: -0.7

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

Bell Potter rates MEI as Speculative Hold (3) -

Bell Potter notes a vote held by CONGEAPA (Council of Management of the Pedra Branca Conservation Area) regarding Meteoric Resources'  ability to operate within the buffer zone voted against consent, despite written instructions from the board to vote in favour.

The Caldas City Hall has since declared the vote invalid and the matter remains under review. 

The broker reckons it will have no impact on timing of critical path items but the optics are negative in terms of public image.

Speculative Hold. Target trimmed to 14c from 16c on adjustments to the nominal exploration value.

Target price is $0.14 Current Price is $0.12 Difference: $0.02
If MEI meets the Bell Potter target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $0.23, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Ord Minnett rates MEI as Buy (1) -

On the resumption of trading after last Thursday's trading halt to explain the negative vote on its Caldeira project with Brazilian representatives, the Meteoric Resources share price fell sharply.

Meteoric has statements from the local council mayor stating the vote was illegal, and the State environmental agency has said there will be no delay for its preliminary environmental license.

Ord Minnett expects the project will be confirmed. Speculative Buy rating and 20c target retained.

Target price is $0.20 Current Price is $0.12 Difference: $0.08
If MEI meets the Ord Minnett target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $0.23, suggesting upside of 74.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.7

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

Macquarie rates MHJ as Outperform (1) -

Michael Hill reported an FY25 result directly in line with the recent trading update. Comparable earnings were broadly flat year on year, Macquarie notes. While trading conditions remained challenging, revenue growth was positive in the second half (except NZ).

Michael Hill successfully offset the impacts of continued aggressive promotional trading conditions and record high gold prices with the introduction and mix of higher margin products, Macquarie notes.

The early FY26 trading update suggests the momentum from the second half has accelerated, and with further rate cuts forecast for NZ and Australia, the broker sees scope for that momentum to build further.

Outperform and 75c target retained.

Target price is $0.75 Current Price is $0.38 Difference: $0.37
If MHJ meets the Macquarie target it will return approximately 97% (excluding dividends, fees and charges).

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

Citi rates MIN as Downgrade to Sell from Neutral (5) -

Citi raises its FY26-27 earnings forecasts for lithium producers under coverage on a higher price deck, assuming SC6 at US$900/t through 2H25. The broker notes lithium-exposed stocks have rallied 25-60% this quarter, leaving valuations stretched.

The analysts observe pure-play exposures are currently pricing in US$1200-1370/t compared to spot of US$940/t.

The broker downgrades its rating for Mineral Resources to Sell from Neutral on valuation grounds. Target rises to $34 from $31.

Neutral-rated Pilbara Minerals is kept as Citi's ASX100 sector pick.

Target price is $34.00 Current Price is $37.01 Difference: minus $3.01 (current price is over target).
If MIN meets the Citi target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $33.06, suggesting downside of -5.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.0

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

Morgans rates NAN as Buy (1) -

It is Morgans early assessment Nanosonics has released a "solid result and guidance". A few moving parts are included, with tariffs and Coris impacts but the broker suggests the market should be comfortable with it.

Commentary suggests the result shines a light on strong margin resilience, with recurring revenue and pricing/mix offsetting tariff headwinds.

Morgans also suggests the long-awaited Coris launch is a bit more of a medium-term catalyst, with balance sheet strength and cash flow supporting ongoing R&D and commercialisation of Coris.

Target $5.50. Buy.

Target price is $5.50 Current Price is $4.11 Difference: $1.39
If NAN meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

Current consensus price target is $4.66, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.1

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

Macquarie rates NGI as Outperform (1) -

Navigator Global Investments' FY25 adjusted earnings rose 26% year on year, 5% ahead of guidance, driven by strategic distributions and performance fees, Macquarie notes, largely in the first half.

Underlying performance fee revenue, with an average of 36bps, has been supported by diversification, the absolute return nature of strategies, and performance fee mechanics (no hurdles).

The capacity for Navigator to beat medium-term earnings forecasts seems high to Macquarie. More recent investments, Invictus and Marble, are set to contribute to performance fees beyond FY26.

Target rises to $2.61 from $$2.39, Outperform retained.

Target price is $2.61 Current Price is $2.35 Difference: $0.26
If NGI meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Ord Minnett rates NGI as Buy (1) -

Navigator Global Investments achieved an FY25 result which beat Ord Minnett's expectations and came in at the midpoint of guidance, due to robust distributions and the NGI strategic portfolio, with a strong 2H25 contribution.

For FY25, gross distributions of $80.6m for the NGI Strategic Portfolio were noted. Lighthouse Partners’ performance fee in 2H25 was "modest" due to seasonality.

Management remains upbeat on the outlook for net flows over FY26, and the company is undertaking a dividend policy review. The analyst raises its earnings forecasts for FY26 and FY27.

Buy rating retained. Target rises to $2.75 from $2.65.

Target price is $2.75 Current Price is $2.35 Difference: $0.4
If NGI meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

Citi rates NHF as Upgrade to Buy from Neutral (1) -

Following on from yesterday's FY25 result by nib Holdings, Citi raises its target to $8.90 from $6.95 and upgrades to Buy from Neutral.

The stock has rebounded from its lows yet remains reasonably valued, according to the analysts, with a clearer earnings outlook. There is also considered to be potential for a capital boost from the possible sale of nib Travel.

A summary of Citi's initial take on FY25 results follows.

At first take, nib Holdings reported robust FY25 EPS with underlying net profit of $239m, slightly better than consensus at $237m. nib NZ realised a loss of -$2.9m, which was less than the analyst and consensus forecast at -$12m, with 2H25 profit a surprise of $7.2m.

arhi net margins were 7.3% versus guidance at 6%-7%, with gross arhi margin down -120bps on the prior period to 18%. Net margins met expectations.

A final 16c dividend was better than expected by 2c and equals a 71% payout ratio versus the 60%-70% target range.

Citi views the result as strong, with arhi margin boosted by reserve releases but slightly below expectations. The stock is seen as likely to trade sideways on the FY25 result.

Target price is $8.90 Current Price is $7.92 Difference: $0.98
If NHF meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 1.9% (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

Macquarie rates NHF as Underperform (5) -

nib Holdings' FY25 result slightly beat consensus, assisted by reserve releases, lower risk equalisation payments and non-recurring tax benefits, Macquarie notes.

FY26 policyholder growth of 3.0% looks manageable to the broker as market competition slows, and nib's market growth assumption is weaker than peers.

Inconsistent messaging on normalisation of Australian residents’ health insurance and NZ are enough to keep Macquarie on the sidelines despite the stock looking 'cheap' versus historical averages.

Underperform and $5.60 target retained.

Target price is $5.60 Current Price is $7.92 Difference: minus $2.32 (current price is over target).
If NHF meets the Macquarie target it will return approximately minus 29% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 1.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

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

Following nib Holdings' FY25 results, Morgan Stanley raises its target to $7.85 from $6.75 and retains an Equal-weight rating. Industry View: In-Line.

The company delivered an underlying operating profit slightly ahead of Morgan Stanley and consensus, with profit up 11-12% on strong investment income.

Australian Residents Health Insurance (ARHI) margins of 7.3% were above management's 6-7% target, though boosted by reserve releases, note the analysts, and claims inflation slowed to 4.5%. FY26 ARHI net margin guidance of 6-7% aligns with the broker's 6.9% forecast.

New Zealand returned to profit in 2H25 with $7m, highlights the broker, though timing benefits played a role. FY26 profit of $13m is expected.

Morgan Stanley trims FY26 profit forecasts by -5% on lower ARHI margins and Thrive headwinds, but lifts FY27-28 by 1-3% on New Zealand recovery. Thrive faced compliance issues and will see lower revenue from removal of plan set-up fees.

Target price is $7.85 Current Price is $7.92 Difference: minus $0.07 (current price is over target).
If NHF meets the Morgan Stanley target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.70, suggesting upside of 1.9% (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 NHF as Downgrade to Accumulate from Buy (2) -

nib Holdings reported 2H25 results which beat Ord Minnett's expectations and consensus, due to a lower than anticipated tax rate and a final dividend which was better than forecast.

Profit before tax was noted as less impressive, and the underlying margin for the dominant Australian resident health insurance business narrowed, the analyst highlights, in 2H25 to 6.3% from 6.7%. An odd result, given the increase in premium rates.

Only broad FY26 guidance was offered, including an expected "uplift" in underlying earnings, but no specifics were shared, commentary highlights.

Ord Minnett cuts its EPS forecasts by -2.4% for FY26 and -3% for FY27.

The stock continues to be viewed as undervalued, but due to the share price appreciation, it is downgraded to Accumulate from Buy. Target unchanged at $8.20.

Target price is $8.20 Current Price is $7.92 Difference: $0.28
If NHF meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 1.9% (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 NHF as Downgrade to Neutral from Buy (3) -

Its is UBS' assessment nib Holdings' FY25 beat consensus and its forecast on net profit by 8–9% on a lower tax rate. Pre-tax profit came out in line.

ARHI delivered $208m UOP (in line), NZ rebounded to $7m growth in 2H after a weak 1H, policy growth was 3.2%, and ARHI’s reported net margin was 7.2% (underlying 6.5%).

The broker says FY26 hinges on ARHI net margins within the 6–7% target as a 5.8% approved premium rise helps offset accelerated payment patterns and reserve releases clouding claims trends.

On the other side, higher centralised corporate costs and NDIS reform risks temper the broader outlook.

UBS downgrades to Neutral from Buy and lifts its 12-month price target to $8.60 from $7.85; EPS is trimmed by -1.7%/-0.8%/-4.1% for FY26–FY28, with DPS held at 29.0c in FY26 and nudged to 31.0c in FY27.

Target price is $8.60 Current Price is $7.92 Difference: $0.68
If NHF meets the UBS target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $7.70, suggesting upside of 1.9% (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 NSR as Buy (1) -

Citi believes the withdrawal of the PSA and Ki Corporation consortium offer for Abacus Storage King reduces competition in the Australian self-storage sector, benefiting National Storage REIT.

The REIT's 10% stake in Abacus has lost some short-term value, but the broker notes the holding was acquired at a -6-10% discount to net tangible assets (NTA) and is seen by management as a long-term asset.

The broker highlights the withdrawal removes a well-capitalised competitor, supporting National Storage REIT's ability to grow market share and roll out its development pipeline with stabilised returns above 10%.

A higher offer above NTA would have been required to win minority shareholder support, in Citi’s view.

Target $2.80. Buy.

Target price is $2.80 Current Price is $2.53 Difference: $0.27
If NSR meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $2.53, suggesting upside of 4.6% (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

Citi rates NUF as Sell (5) -

In response to Nufarm's trading update released earlier today, Citi finds management's expectations around segment earnings for 2H seem in line with its own forecasts.

Nevertheless, guidance effectively translates to a downgrade versus expectations, commentary highlights. Implied EBITDA of $295m at the midpoint is -7% below the broker's forecast for FY25, as well as -2.5% below consensus.

Citi's response concludes there remain a lot of moving parts and challenges for Nufarm to overcome with its Seed Tech review likely dominating the headlines. Citi expect the shares to fall on the back of today's update.

Target $2.60. Sell.

Target price is $2.60 Current Price is $2.58 Difference: $0.02
If NUF meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $3.22, suggesting upside of 24.9% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates NWH as Neutral (3) -

NRW Holdings' FY25 result was in line, which was a solid result, Macquarie suggests, considering significant Mining headwinds.

FY26 guidance for earnings margin expansion of 0-30bps is likely conservative, the broker believes, given secured FY26 revenue and an expected recovery in mining.

Macquarie sees upside given management expects Mining, Energy & Technologies margins to be 7-8%, but guidance recognises no additional margin for Fimiston, and Mining margins should return to long term averages of 9% in better operating conditions.

Target rises to $3.95 from $3.00, Neutral retained.

Target price is $3.95 Current Price is $3.83 Difference: $0.12
If NWH meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $4.05, suggesting upside of 5.2% (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 PLS as Buy (1) -

Pilbara Minerals' FY25 underlying EBITDA of $97m missed Bell Potter's forecast of $110m, and statutory net profit (loss) of -$196m was worse than the broker's -$156m estimate.

Commentary states the miss was mainly due to higher exploration costs at Colina (Brazil) and higher depreciation from expanded Pilgangoora.

The company's focus in FY26 remains on optimising expanded Pilgangoora operation and advance early-stage growth projects. The updated mineral resource estimate and optimised development study for Colina is due in 4Q26.

The broker lifted depreciation schedule and lease liabilities estimates across the forecast period, resulting in unchanged EPS forecast for FY26 but a downgrade to FY27.

Buy. Target rises to $2.10 from $2.00.

Target price is $2.10 Current Price is $2.16 Difference: minus $0.06 (current price is over target).
If PLS meets the Bell Potter target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting downside of -9.6% (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 PLS as Neutral (3) -

Citi raises its FY26-27 earnings forecasts for lithium producers under coverage on a higher price deck, assuming SC6 at US$900/t through 2H25. The broker notes lithium-exposed stocks have rallied 25-60% this quarter, leaving valuations stretched.

The analysts observe pure-play exposures are currently pricing in US$1200-1370/t compared to spot of US$940/t.

Neutral-rated Pilbara Minerals is kept as Citi's ASX100 sector pick. The target price is raised to $2.20 from $1.80.

Target price is $2.20 Current Price is $2.16 Difference: $0.04
If PLS meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting downside of -9.6% (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

Macquarie rates PLS as Outperform (1) -

Pilbara Minerals' FY25 result was weaker than consensus with revenue in line but earnings (EBIT) and profit missing. Macquarie expects the lithium market to remain volatile in the near term with potential regulatory changes impacting production in September.

The recent site visit highlighted output upside from continued optimisation work. Given production upside, the broker believes the company may pursue further growth from Pilgan by fine-tuning each production stage before restarting the Ngungaju plant.

Pilbara Minerals remains Macquarie's preferred lithium producer given its operating leverage and solid balance sheet, with upside from productivity improvement and cost-out programs at Pilgan. Outperform retained, target rises to $2.20 from $1.90.

Target price is $2.20 Current Price is $2.16 Difference: $0.04
If PLS meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Morgan Stanley rates PLS as Overweight (1) -

FY25 earnings (EBITDA) of $78m and free cash flow (FCF) for Pilbara Minerals were broadly in line with Morgan Stanley's forecasts.

A loss of -$88m was well below expectations, down -79% versus Morgan Stanley and -33% versus consensus, impacted by higher depreciation from the P1000 ramp-up. 

Net cash, including leases, was -$292m, missing the consensus estimate by -14% due to higher lease liabilities of -$226m compared with Morgan Stanley’s -$179m estimate.

No dividend was declared, as anticipated.

Management guided to FY26 Colina capex of -$40-45m, focused on exploration, studies and overheads. Colina is the company's major upstream lithium deposit located within the broader Pilgangoora Project.

Overweight. Target price $2. Industry View: Attractive.

Target price is $2.00 Current Price is $2.16 Difference: minus $0.16 (current price is over target).
If PLS meets the Morgan Stanley target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.94, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

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

No major surprises from Pilbara Minerals' FY25 headline results, although Morgans points to higher D&A than forecast and the accounting treatment of some expenditure as resulting in a lower than anticipated net profit after tax, versus forecast and consensus.

Pilbara will continue to concentrate on improving operational excellence with its expanded Pilgangoora operation, including cost management and further exploration and studies at Colina.

Interest from major chemical converters and enquiries for higher volumes in FY26 was highlighted by management, and the analyst sees it as a positive signal that underlying demand for spodumene remains strong, despite the apparent oversupply market conditions.

The stock is downgraded to Hold from Buy, as the share price has rallied due to a rise in the spodumene price, but Morgans continues to view the lithium market as in an oversupplied state. Target remains at $2.30.

Target price is $2.30 Current Price is $2.16 Difference: $0.14
If PLS meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $1.94, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.1

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

Bell Potter rates PNV as Buy (1) -

PolyNovo's total revenue of $127.3m in FY25 was in line with consensus, and EBITDA was at the bottom end of guidance.

Bell Potter notes sales growth was solid in FY25, recording double-digit growth and cash flow strengthened in 2H25. The outlook is promising with revenue in the US looking solid and non-US revenue now a meaningful contributor.

The broker reckons innovation pipeline remains central to long-term growth, with regulatory upgrade (PMA) expected in the December quarter a near-term catalyst.

Buy. Target unchanged at $2.

Target price is $2.00 Current Price is $1.20 Difference: $0.8
If PNV meets the Bell Potter target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 50.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates PNV as Outperform (1) -

PolyNovo's commercial sales rose 29% year on year, with strong growth in both the US and rest-of-world, Macquarie notes. NovoSorb MTX sales are accelerating, contributing 6% of total sales for FY25. 

The BARDA pivotal trial is complete with a three-month data review of trial participants. PolyNovo expects submission to the FDA at the end of 2025, with the FDA approval process anticipated to take 8-12 months, Macquarie notes.

NovoSorb BTM up to 6mm thickness received clearance in June. The company is supplying NovoSorb BTM to Beta Cell Technologies for clinical trials following positive results of the First in Man proof of concept study.

In the near term, Macquarie  expects ongoing strong order growth, MTX acceleration and new markets to support sales growth.

In the medium term, the broker expects several new product filings and new market entries. Target falls to $2.00 from $2.45, Outperform retained.

Target price is $2.00 Current Price is $1.20 Difference: $0.8
If PNV meets the Macquarie target it will return approximately 67% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 50.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Morgans rates PNV as Speculative Buy (1) -

As PolyNovo had pre-released its FY25 results in late July, Morgans states there were few surprises, with no formal guidance for FY26 offered, as is usually the case.

Positively, the new MTX product generated sales of $6.7m, at 5% of sales, compared to 1H25 at $2.1m and 2H25 at $4.6m. The analyst likes this result and expects sales growth for FY26 can reach 25.3%.

Growth is likely to improve in the UK, Canada, and India. Construction of the new manufacturing facility in Melbourne is targeted to expand production fivefold.

Morgans believes PolyNovo will be removed from the ASX200 at the September rebalance, which could create some share price volatility.

Speculative Buy. No change to target price at $1.69.

Target price is $1.69 Current Price is $1.20 Difference: $0.49
If PNV meets the Morgans target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $1.90, suggesting upside of 50.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Ord Minnett rates PPE as Buy (1) -

Underlying earnings (EBITDA) for PeopleIN's FY25 result, at $11m, was a slight beat on Ord Minnett's forecast. The analyst points to a challenging labour market, which continued to impact demand for staffing services.

The results align with global peers, which reported in the June quarter and showed declines in the APAC region of between -4% to -13%.

Higher cash flow generation permitted some debt repayment and a decline in gearing. The dividend remains on hold to preserve cash.

While 2H25 earnings fell by -10% on the prior year, indications suggest market conditions will remain soft into FY26.

No change in Buy rating. Target slips to $1.03 from $1.06.

Target price is $1.03 Current Price is $0.73 Difference: $0.3
If PPE meets the Ord Minnett target it will return approximately 41% (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 PPS as Buy (1) -

Bell Potter assesses Praemium delivered a strong FY25 result with record earnings (EBITDA) of $28.1m, up 31% year-on-year and 6% ahead of consensus.

Statutory profit of $10.4m was impacted by -$3.5m in superannuation and investment administration, OneVue-related costs. However, the analysts note underlying execution benefited from organic growth, pricing and cost discipline.

A fully franked final dividend of 1.3c surprised the broker positively.

Group revenue grew 25% to $103m, with platform revenue up 32% and portfolio services up 2%. Earnings margins in the core business improved to 31.2%, while OneVue remained flat, highlights the broker. Cash reserves stood at $44.3m.

Bell Potter lifts its EPS forecasts by 6-14% on lower opex and capex assumptions. A Buy rating and $1.00 target are maintained.

Target price is $1.00 Current Price is $0.72 Difference: $0.28
If PPS meets the Bell Potter target it will return approximately 39% (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 PRN as Buy (1) -

In the wake of Perenti's FY25 results, Citi raises its target price to $2.55 from $2.20 and retains a Buy rating.

Free cash flow is expected to remain skewed to the second half, consistent with recent years, though the analysts believe the market will look through near-term weakness.

The broker's initial research yesterday was summarised by FNArena as follows.

Citi's early assessment of Perenti's FY25 release today has a positive tone. In particular the 'earnings beat' and 'optimistic outlook' are singled out as positives.

The broker has spotted no real surprises for FY25 given recent guidance around free cash for the year, leverage and revenue/EBITA.

Contract Mining has come in below expectations but the analysts suggest this could be due to a significant transition in projects throughout the year.

In the absence of meaningful recovery in exploration drilling, Citi expects free cash in FY26 likely to be skewed to 2H just like in the past two years. 

Target price is $2.55 Current Price is $2.21 Difference: $0.34
If PRN meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Macquarie rates PRN as Outperform (1) -

Perenti's FY25 result was solid, Macquarie suggests, and FY26 guidance is largely in line. The quality of the contract book continues to improve and tight cost management is driving margins higher.

The broker believes guidance is somewhat conservative, with 95% of Contract Mining revenue committed; and only a "modest untick" in Drilling Services assumed.

A robust balance sheet is supportive of growth, Macquarie notes, with medium term growth targets announced.

A target increase to $2.65 from $1.52 reflects earnings revisions, including materially lower net debt, and set at an increased 7.0x multiple. Outperform retained.

Target price is $2.65 Current Price is $2.21 Difference: $0.44
If PRN meets the Macquarie target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $2.33, suggesting upside of 3.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

Morgans rates PWR as Hold (3) -

Morgans highlights a decline in Peter Warren Automotive's FY25 underlying net profit after tax of -58% on the prior year, with a good improvement in 2H25, up 111% on 1H25 to $10.7m, with some stabilisation in margins.

New vehicle inventory fell by around -8% over FY25, with day sales lower to 59-plus from 61-plus. The company flagged a highly competitive new car market and is concentrating on higher-margin areas of service, parts, and aftermarket to grow earnings in FY26.

No change to Hold rating. The analyst notes an undemanding valuation but would like to see additional improvements in margins.

Target rises to $1.95 from $1.75. Morgans tweaks its EPS forecasts down by -0.8% for FY26 and -1.4% for FY27.

Target price is $1.95 Current Price is $1.88 Difference: $0.07
If PWR meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $2.08, suggesting upside of 12.6% (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 QAL as Accumulate (2) -

Qualitas achieved FY25 net profit after tax growth of 36% against the prior year, with committed FUM up 6.5% to $9.5bn and base management fees advancing by 31%. Morgans views these as another "great" set of results, and the company has seen its share price re-rate in recent months.

Morgans believes Qualitas is well positioned to retain its share of the growing market for private credit-funded multi-unit metro residential developments, as the big four banks move back from this sector.

Management has a FUM target of $18bn by FY28, with a lower reliance on performance fees and build-to-rent underpinning future growth.

The analyst tweaks EPS forecasts up 1.2% for FY26 and 0.5% for FY27. Target price rises to $4 from $3.80. No change in Accumulate rating.

Target price is $4.00 Current Price is $3.59 Difference: $0.41
If QAL meets the Morgans target it will return approximately 11% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates QRI as Buy (1) -

Following FY25 results for Qualitas Real Estate Income Fund, Citi highlights ongoing strong margins above the RBA cash rate with no arrears or impairments.

The portfolio consists of 55 loans, weighted to senior investment, land and construction loans, with an average maturity of 1.26 years and a 67% loan-to-value ratio.

The broker notes 68% of the portfolio is residential, with 44% located in NSW. Private credit growth is noted as banks lag in commercial real estate financing, while office valuations appear to have bottomed and logistics and industrial remain strong.

Citi lowers its FY26 earnings forecast slightly on softer interest income but maintains its $1.60 target price and a Buy rating.

Target price is $1.60 Current Price is $1.63 Difference: minus $0.03 (current price is over target).
If QRI meets the Citi target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates REG as Outperform (1) -

Regis Healthcare outperformed Macquarie's forecasts in FY25 with services revenue supported by mature home occupancy of 95.6% and government revenue up 11%.

A further shift toward 100% refundable accommodation deposit (RAD) payments and a 12% increase in incoming RADs following price increases across the portfolio resulted in net RAD inflows ahead of the broker's forecasts.

Management is targetting 10k available beds from 7.6k in FY25, with 1.2k from future acquisitions. Acquisitions present upside to Macquarie's forecasts.

The broker sees the outlook for residential aged care as positive, underpinned by favourable industry fundamentals and improved government funding. Target rises to $8.90 from $8.10, Outperform retained.

Target price is $8.90 Current Price is $8.36 Difference: $0.54
If REG meets the Macquarie target it will return approximately 6% (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 REG as Buy (1) -

Regis Healthcare announced a robust FY25 result, as noted by Ord Minnett. Underlying net profit after tax lifted 38%, a beat by 4%, and operating cash flow growth increased 21% on the prior year.

The analyst considers the outlook for FY26 to be good, with high occupancy at spot 95.7% and higher Refundable Accommodation Deposit (RAD) pricing, up 18% in 2H25. The increase in RAD retention is expected to assist near-term earnings and growth.

The analyst sees upside risks to the Government's reviews into accommodation supplements and continues to like the stock around current levels.

Maintain Buy rating. Target lifts to $9 from $8.60. Ord Minnett tweaks its EPS forecasts by plus/minus 1% for FY26/FY27.

Target price is $9.00 Current Price is $8.36 Difference: $0.64
If REG meets the Ord Minnett target it will return approximately 8% (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 REH as Neutral (3) -

In a further review of yesterday's FY25 result by Reece, Citi cuts its FY26 and FY27 earnings (EBIT) forecasts by -10% and -13%, respectively.

The target price is lowered to $13.10 from $15.98. Neutral rating retained.

The broker's initial view is summarised below.

Citi's early impression is Reece released FY25 EBIT towards the lower end of pre-guide and also below consensus.

Compositionally, commentary suggests North America's performance was better than soft expectations and A&NZ performed modestly below forecasts.

The report highlights, despite the tough environment, management continues to invest in the business and store rollout.

While no quantitative guidance is provided, Citi believes outlook commentary implies A&NZ momentum may be close to a bottom.

However, the subdued environment in the US might still prevail for the next 12-18 months.

Target price is $13.10 Current Price is $11.76 Difference: $1.34
If REH meets the Citi target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $12.88, suggesting upside of 18.3% (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 REH as Neutral (3) -