Australian Broker Call

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

Bell Potter downgrades Alfabs to Hold from Buy and cuts the target price to $0.36 from $0.55 following a weaker 1H FY26 result and a higher weighted average cost of capital assumption.

Group revenue rose 28% y/y and was broadly in line, but underlying earnings (EBITDA) missed forecasts due to weaker Mining and Engineering margins, with underlying NPAT down -43% y/y and no interim dividend declared.

Mining utilisation was temporarily impacted by the Dartbrook mine closure, resulting in a -$2.8m write-off, while net debt increased to $42.8m and leverage rose to 1.7x.

Management is targeting -$2.0m in annual cost savings, progressing an underground equipment hire acquisition to be debt funded, and expects capex to decline materially in 2H FY26.

EPS forecasts are cut by -49%/-28%/-24% for FY26/FY27/FY28, due to sustained weak coal prices and higher prospective leverage as key risks.

Target price is $0.36 Current Price is $0.32 Difference: $0.04
If AAL meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

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 ABY as Buy (1) -

Adore Beauty missed expectations with Bell Potter noting revenue growth of around 9% was a miss but supported by retail store contribution, strong Nov/Dec trading and iKOU.

Gross margin fell -120bps to 35.0% due to higher promotional intensity, partly offset by advertising costs declining around -29% to circa 9% of sales, driving 15% underlying EBITDA growth.

A key change was the move to pre-AASB 16 reporting for EBITDA, EBIT and NPAT, with the underlying EBITDA margin of 3.7% in line with guidance.

EBITDA forecasts are reduced by -40%/-8%/-10% for FY26/FY27/FY28, reflecting the reporting reset rather than changes to core cost assumptions.

Buy rating retained. Target slips to $1 from $1.25.

Target price is $1.00 Current Price is $0.51 Difference: $0.49
If ABY 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

Morgans rates ACF as Buy (1) -

Acrow's 1H26 result overall was slightly weaker than expected. While the Industrial Access segment delivered a strong result, Construction Services was impacted by ongoing soft trading conditions in Queensland, Morgans notes.

While short-term softness in formwork activity will weigh on near-term earnings, management noted strong signs of increased activity in Queensland in 4Q26, which should provide momentum heading into FY27, Morgans notes.

With Brisbane Olympics-related activity to also ramp up over the next 12-18 months, the broker continues to view Acrow’s outlook as strong. Target ticks down to $1.28 from $1.29, Buy retained.

Target price is $1.28 Current Price is $1.03 Difference: $0.25
If ACF meets the Morgans target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 28.6% (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 ACF as Buy (1) -

Acrow met first half guidance, having largely pre-announced numbers. Ord Minnett notes more light has been shed on the company's target for industrial division revenues to approach $200m.

The construction segment is also showing signs of "lift off" in the fourth quarter. The broker believes the company is well-positioned to capitalise on what has been a drawn-out wait for the Queensland business.  Buy rating and $1.25 target maintained.

Target price is $1.25 Current Price is $1.03 Difference: $0.22
If ACF meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 28.6% (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

Shaw and Partners rates ACF as Buy (1) -

Acrow’s 1H26 financial results were impacted by the timing of some major Queensland projects, Shaw and Partners notes, the delay of which impacted earnings by circa -$6m. The Queensland projects pipeline, however, remains very large.

Some $7.1bn will be spent on Brisbane Olympics venues by 2032, and a further $10bn to $30bn will be spent on Queensland infrastructure projects between FY25-FY29.

Acrow remains well placed to benefit from this expenditure, Shaw suggests, given the nature of its business and its dominant presence in Queensland.

Shaw believes Acrow offers compelling value at the current share price given a potential 31% total shareholder return on offer. Buy and $1.25 target retained.

Target price is $1.25 Current Price is $1.03 Difference: $0.22
If ACF meets the Shaw and Partners target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $1.26, suggesting upside of 28.6% (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 ADH as Hold (3) -

Adairs achieved sales growth across all three brands in the first half although Ord Minnett points out profitability was affected by clearance activity in the first quarter, a weaker Australian dollar and rising costs.

Momentum has improved into the second half and the company expects growth in sales, profit margin and earnings.

The business is investing for the future which will require elevated capital expenditure for a while and bring some execution risk, the broker adds.

Hold. Target is reduced to $2.30 from $2.60.

Target price is $2.30 Current Price is $1.85 Difference: $0.455
If ADH meets the Ord Minnett target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $2.34, suggesting upside of 26.4% (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

Bell Potter rates AEL as Buy (1) -

Amplitude Energy reported a strong interim result with underlying EBITDAX of $100m beating Bell Potter's estimate. Underlying NPAT of $26m exceeded its $15m forecast, with operating cash flow of $76m, or $86m before restoration, highlighting robust cash generation.

Net debt reduced to $34m and.FY26 production guidance has been upgraded by around 5% to 25.2-27.0PJe, with expense guidance of -$54m-$60m and capex of -$125m-$150m unchanged.

The analyst notes drilling is underway at Isabella following the unsuccessful Elanora-1 well, with Juliette-1 and Annie-2 to follow, and management targeting a Final Investment Decision on the ECSP in coming weeks supported by gas sales agreements.

EPS forecasts are upgraded by 23%/2%/2% for FY26/FY27/FY28. Buy rating and $3.40 target retained.

Target price is $3.40 Current Price is $2.32 Difference: $1.08
If AEL meets the Bell Potter target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Macquarie rates AEL as Outperform (1) -

Amplitude Energy delivered a first half net profit of $25.7m that beat Macquarie's estimates. FY26 guidance has been increased to 73-77 TJe/d amid higher production rates.

Despite drilling at Elanora being unsuccessful Macquarie envisages upside to current prices in the remainder of the Otway campaign. The company is still determining the implications of the false signal from seismic at Elanora while the result from the Isabella well is due.

Outperform retained. The broker expects EBITDA and cash flow will continue to grow at FY27. Target is reduced -18% to $3.50.

Target price is $3.50 Current Price is $2.32 Difference: $1.18
If AEL meets the Macquarie target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Morgans rates AEL as Buy (1) -

Amplitude Energy’s 1H26 result was a clean beat across all key metrics, Morgans notes, however Elanora being dry has lifted the importance of Isabella as a key near-term catalyst. Earnings beat consensus by 5%.

Amplitude's East Coast Supply Project program remains the dominant risk factor, Morgans warns. The seismic false positive at Elanora is the key unresolved issue, while management flagged it is working through a post-mortem on the well to assist the rest of the program.

A dry well at Isabella would not be fatal to the broker's investment thesis (long term), but it could significantly undermine market confidence. Notwithstanding, Morgans retains Buy. Target falls to $3.50 from $3.60.

Target price is $3.50 Current Price is $2.32 Difference: $1.18
If AEL meets the Morgans target it will return approximately 51% (excluding dividends, fees and charges).

Current consensus price target is $3.23, suggesting upside of 26.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.5

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

Bell Potter rates AIS as Buy (1) -

Aeris Resources reported 1H26 results broadly in line with Bell Potter's forecasts but below consensus.

Revenue and earnings (EBITDA) were slightly ahead of its estimates, while NPAT of $48m was modestly below, with EBITDA margin lifting to 37% from 28% y/y and operating cash flow rising 67% to $97.3m.

Following an equity raise and debt repayment, the company finished December with net cash of $113m versus $14m at end June 2025, and remains unhedged to copper with 10.9koz of gold hedged at $5,154/oz to June 2026.

FY26 production guidance is unchanged at 40-49kt CuEq, and Bell Potter does not expect cash tax to be paid until 2H27 due to carried forward losses.

EPS forecasts are revised down by -3% in FY26 and up 1% for FY27. Buy rating and 90c target unchanged.

Target price is $0.90 Current Price is $0.55 Difference: $0.35
If AIS meets the Bell Potter target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 48.6% (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 AIS as Speculative Buy (1) -

Aeris Resources posted a first half result that was softer than Ord Minnett expected because of higher depreciation and one-off expenses. The focus for the short term is on the delivery of Murrawombie open pit ore.

Coupled with spot prices, the broker calculates this should mean the company generates over $100m in free cash flow in the current half.

Longer term value considerations are based on the delivery of Constellation and potential inclusion of the Peel assets. Speculative Buy rating retained. Target is steady at $0.85.

Target price is $0.85 Current Price is $0.55 Difference: $0.3
If AIS meets the Ord Minnett target it will return approximately 55% (excluding dividends, fees and charges).

Current consensus price target is $0.79, suggesting upside of 48.6% (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 ALX as Neutral (3) -

Citi highlights from today's results for Atlas Arteria FY25 proportional toll revenue rose 9.4% on the prior year to $2,012.3m. Proportional earnings (EBITDA) also increased 9.3%, slightly above the consensus estimate but below the broker's forecast.

Free cash flow (FCF) of $506m was marginally below consensus and -1.8% under the broker’s estimate. A weaker US dollar benefited results alongside solid traffic growth, explain the analysts in an early assessment.

Traffic increased 8.2% at Dulles Greenway and 1.4% at the French APRR toll road network, while Chicago Skyway's declined -0.3%.

The final dividend of 40c was maintained. The broker is encouraged by management guiding to the same FY26 dividend, despite additional French taxes. The stock price is expected to react favourably today.

Target $4.80. Neutral.

Target price is $4.80 Current Price is $4.84 Difference: minus $0.04 (current price is over target).
If ALX meets the Citi target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $5.06, suggesting upside of 2.8% (ex-dividends)

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 0.3

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

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

AMA Group's 1H26 saw earnings up 22% and margins up 80bps year on year, Morgans notes, and ongoing recovery of the core Collision business. 

While the second quarter was slightly softer than expected (broadly flat year on year), the group continues to make good progress on its recovery with a seasonally stronger second half ahead, Morgans suggests.

The broker sees a solid growth profile as the business continues to recover, with further upside to forecasts through inorganic growth and better-than-expected outcomes against the targeted cost initiatives.

Target rises to 99c from 91c, upgrade to Buy from Accumulate.

Target price is $0.99 Current Price is $0.71 Difference: $0.285
If AMA meets the Morgans target it will return approximately 40% (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 AUB as Buy (1) -

Ord Minnett finds value in AUB Group, given a material derating. The first half result was consistent with recent guidance. By division, strong results occurred with the exception of NZ broking.

Negative AI sentiment is continuing to overhang the stock yet the broker considers it attractively priced and points out, ironically, the business with the highest AI risk, BizCover, was the best performer with EBIT up 22%.

FY26 underlying net profit guidance has been upgraded to $220-230m. Buy rating retained. Target is $33.25.

Target price is $33.25 Current Price is $23.62 Difference: $9.63
If AUB meets the Ord Minnett target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $33.80, suggesting upside of 38.4% (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 AX1 as Upgrade to Buy from Neutral (1) -

On second reflection, Citi has decided to upgrade Accent Group to Buy from Neutral "on the back of a materially improved earnings outlook given Glue and mySale losses will not continue post FY26".

Whereas forecasts have reduced for FY26, they have been lifted by 16% and 11% for the two following years and this pushes up the price target by... wait for it... 62% to $1.75.

Citi's early response:

At first glance, Citi notes Accent Group's 1H26 profit was -9% below consensus and down -41% year on year driven by lower gross margin, higher D&A and net interest. An interim dividend of 3.25cps was declared, slightly below 3.5cps consensus.

While the result missed expectations, Citi thinks the set up into FY27 looks interesting given consensus earnings growth seems conservative when taking into account that the Glue and MySale losses won’t continue in FY27 and the business should benefit from the strengthening AUD.

Neutral and $1.08 target retained.

Target price is $1.75 Current Price is $1.00 Difference: $0.755
If AX1 meets the Citi target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates AX1 as Underweight (5) -

Accent Group reported 1H26 earnings (EBIT) of $56.5m, in line with guidance of $55-$60m, with sales up 5.7% on the prior year and 3.3% ahead of consensus, highlights Morgan Stanley.

The gross margin fell -263bps to 53.0%, -84bps below consensus, largely reflecting promotional intensity, explain the analysts. Cost-of-doing-business (CODB) declined -161bps to 34.5% of sales, ahead of the consensus expectation.

Like-for-like sales improved to 0.9% for H1, ahead of consensus, and 2H26 EBIT guidance of $30-$35m was reaffirmed, assuming flat like-for-like sales and margins, the broker observes.

Morgan Stanley notes early H2 trading shows flat like-for-like sales and stable margins, with a stronger Australian dollar supportive into FY27.

Target 95c. Underweight. Industry View In-Line.

Target price is $0.95 Current Price is $1.00 Difference: minus $0.045 (current price is over target).
If AX1 meets the Morgan Stanley target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.24, suggesting upside of 6.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates AX1 as Upgrade to Buy from Hold (1) -

Accent Group reported 1H26 earnings down -30% year on year, in line with the revised guidance range. The decline was driven by soft comparable sales and significant operating de-leverage from lower gross margins, Morgans notes.

Margins have been impacted by promotional activity, the broker points out, but closure of loss-making Glue should provide incremental earnings in FY27. New banners such as Nude Lucy and the rollout of Sports Direct in A&NZ show attractive potential for long-term growth.

Morgans has increased FY27 earnings forecast by 11.3%, largely driven by removing Glue losses. Target rises to $1.30 from $1.10, upgrade to Buy from Hold.

Target price is $1.30 Current Price is $1.00 Difference: $0.305
If AX1 meets the Morgans target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.24, suggesting upside of 6.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Citi rates BAP as Neutral (3) -

At first glance, Citi points to Bapcor announcing a 1H26 statutory loss of -$104.8m which was materially worse than consensus due largely to a circa -$100m impairment of New Zealand assets and other write-offs.

Underlying NPAT of $5.5m was broadly in line and no dividend was declared. Bapcor is raising $200m through a fully underwritten equity issue at 60c per share, a -65% discount to the last close.

Some 333m new shares or around 98% of existing capital is being issued, to address leverage of 3.39x at 1H26.

Diivisional performance was weak, with Trade EBITDA down -33%, Retail down -29% and New Zealand down -31%, alongside a pricing reset, and a circa -$5m payroll issue and further covenant relief required.

While management points to early sales momentum in some segments, the broker remains cautious given competitive pressures, earnings volatility and balance sheet risk.

Target $2.28. Neutral.

Target price is $2.28

Current consensus price target is $2.15, suggesting upside of 24.7% (ex-dividends)

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

Shaw and Partners rates BML as Buy (1) -

Boab Metals has provided an update on construction activities at its Sorby Hills silver-lead project. Early works activities remain on track for completion in early April 2026, Shaw and Partners reports.

Sorby Hills will produce an average 2.2Moz of silver over its mine life, which will make it Australia’s fourth largest silver mine. On Shaw's modelling, every US$10/oz on the silver price is worth 40cps to the Boab share price and at today’s spot silver price of US$87/oz, Boab is worth $1.88ps.

The  broker notes the rally in silver has not yet been priced into Boab’s share price as the market digests the recent capital raises. Buy and $1.70 target retained.

Target price is $1.70 Current Price is $0.66 Difference: $1.045
If BML meets the Shaw and Partners target it will return approximately 160% (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 BRI as Buy (1) -

Ord Minnett notes Big River Industries delivered an improved first half despite a subdued residential construction industry. The EBITDA margin beat expectations at 7.1%, compared with the broker's 6.8%.

The company has integrated JBS although procurement synergies are not yet quantified. The broker observes this business provides a strong platform for the company to continue its expansion into Western Australia.

South Australia is also considered a logical region for expansion given the current growth profile. Buy rating. Target is raised to $1.70 from $1.65.

Target price is $1.70 Current Price is $1.47 Difference: $0.23
If BRI meets the Ord Minnett target it will return approximately 16% (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 CNI as Hold (3) -

Centuria Capital's 1H26 EPS of 6.6c was broadly in line with Bell Potter's expectations, while FY26 guidance has been upgraded to EPS of 13.6c from 13.4c and DPS reaffirmed at 10.4c.

Funds Management momentum was noted, with around $0.5bn of acquisitions settled in 1H26 and a further circa $0.8bn secured or in due diligence, lifting Group FUM 6% h/h to $21.8bn, alongside Bass Capital FUM rising to $2.5bn.

Centuria has increased its ownership of Bass Capital to 100% for -$45.7m, funded via $3m cash and $42.7m in scrip, with average LVR rising to 68% from 64% in FY24.

ResetData is now expected to post a small loss in FY26 versus a small profit due to slower leasing. EPS forecasts are tweaked slightly. Hold rated. Target slips to $2.15 from $2.25.

Target price is $2.15 Current Price is $1.92 Difference: $0.23
If CNI meets the Bell Potter target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates CNI as Neutral (3) -

Centuria Capital has upgraded FY26 operating earnings guidance to 13.6c per security, in line with Macquarie's expectations. The upgrade reflects accretion from organic growth as well as the acquisition of the Arrow agriculture fund.

The first half result was slightly below estimates and the net loss from Sovereign AI technology was a negative surprise. Macquarie assumes a negative EBIT contribution continues into the second half before a positive turnaround in FY28.

Neutral maintained. Target slips to $2.02 from $2.10.

Target price is $2.02 Current Price is $1.92 Difference: $0.1
If CNI meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $2.14, suggesting upside of 13.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Ord Minnett rates COS as Buy (1) -

Cosol has delivered first half underlying earnings that were much weaker than Ord Minnett expected.

The weaker earnings were compounded by margin compression and the company has responded by undertaking a review of the size of the business while rebuilding the sales function.

A stronger second half outlook is in train yet the broker awaits further clarity on the growth and margin story before factoring in more upside. Target is reduced to $0.32 from $0.80.

Target price is $0.32 Current Price is $0.24 Difference: $0.08
If COS meets the Ord Minnett target it will return approximately 33% (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 DMP as Sell (5) -

Citi maintains its Sell rating for Domino's Pizza Enterprises following interim results. It's felt management is pursuing appropriate strategies to reduce the cost base, improve franchisee profitability and lower elevated gearing.

Despite this view, the analysts remain cautious given ongoing challenges in Japan and France and potential disruption from cost-out initiatives.

Sell Rating maintained.

A summary of the broker's initial research follows.

At first look, Citi notes Domino’s Pizza Enterprises's 1H26 result was weak, with statutory NPAT of $40.9m missing consensus by -31% and the 25c dividend below 30.2c expected, while underlying NPAT was $60.1m.

Cost out initiatives are progressing, with $60–70m largely delivered and a further $15–25m identified, though still short of the $100m AGM target.

Asia earnings (EBIT) rose 8.5% but A&NZ earnings (EBIT) fell -9% on weaker volumes and reduced discounting.

Same store sales fell -2.5% in 1H26, down from -1.2% in the first 17 weeks, and having fallen -7% in the first eight weeks of 2H26 versus consensus of -0.2%, with weather and Chinese New Year timing cited as headwinds.

Guidance for modest FY26 NPAT growth of 2.9% has been reiterated, though the analyst questions the sustainability of the cost out strategy amid accelerating SSS declines.

Target price is $19.85 Current Price is $19.27 Difference: $0.58
If DMP meets the Citi target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $21.41, suggesting upside of 1.8% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Macquarie rates DMP as Upgrade to Neutral from Underperform (3) -

Domino's Pizza Enterprises delivered first half earnings that were largely in line and Macquarie assessess the result is indicative of the impact of the reset of pricing strategy.

As the company continues to roll out its strategy across Australasia the key inflection point will be the return to volume growth which signals a re-basing of sales and customer acceptance of the new model as well as the effectiveness of the promotional strategy, the broker concludes.

Franchisee profitability is seen moving in the right direction although execution risks remain while global comparable sales are under pressure. Rating is upgraded to Neutral from Underperform. Target is raised to $20.40 from $19.40.

Target price is $20.40 Current Price is $19.27 Difference: $1.13
If DMP meets the Macquarie target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $21.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgan Stanley rates DMP as Underweight (5) -

Following interim results for Domino's Pizza Enterprises, Morgan Stanley lowers its target by -10c to $15.20 and maintains an Underweight rating. Industry view is In-Line.

The analysts note 1H26 earnings (EBIT) of $102m, -2.7% below consensus, as group same-store sales fell -2.5%, with A&NZ down -4.7% and Asia -6.1%, respectively. These are considered a reflection of both reduced discounting and weaker transaction volumes.

Morgan Stanley notes the margin improved to 9.2%, up 59bps on the prior year, driven by cost-out initiatives, but warns volume losses highlight demand risk from the pricing reset.

Additional cost savings of $15-$25m have been identified by management, lifting the total program to $75-$95m.

Target price is $15.20 Current Price is $19.27 Difference: minus $4.07 (current price is over target).
If DMP meets the Morgan Stanley target it will return approximately minus 21% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $21.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

Morgans rates DMP as Buy (1) -

Domino's Pizza Enterprises’ 1H26 result was mixed at the top line but better on earnings and balance sheet, Morgans notes. Network sales fell -1.6%, -1.1% below consensus, driven by group same-store sales down -2.5% as the new pricing structure and a smaller store base weighed on volumes.

Earnings came in ahead of expectations. 1H26 marks a clear strategic reset for Domino's, with management prioritising a more profitable operating model over near-term volume, Morgans notes.

The broker believes early actions from the new leadership team are directionally sound, although this is a multi-year turnaround and proof of execution is still required. Buy and $25 target retained.

Target price is $25.00 Current Price is $19.27 Difference: $5.73
If DMP meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $21.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

UBS rates DMP as Buy (1) -

Further to the first half results, UBS notes the shape of the P&L for Domino's Pizza Enterprises is changing. Unprofitable promotions, skewed to Australasia, are being discontinued and, while this reduces same-store sales growth, it drives an increase in franchisee EBITDA.

Commentary explains the discipline that is driving cost savings is increasing operating cash flow, with digital investment reduced and increased repayment of loans.

The valuation remains attractive to the broker and a Buy rating is maintained. Target is reduced to $24.00 from $25.50.

Target price is $24.00 Current Price is $19.27 Difference: $4.73
If DMP meets the UBS target it will return approximately 25% (excluding dividends, fees and charges).

Current consensus price target is $21.41, suggesting upside of 1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.2

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

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

Ord Minnett notes Duratec posted a first half result that was weaker than expected. The gross profit margin did expand to 20.3% and the broker acknowledges a more profitable platform is being built.

Outlook commentary appears bullish, with a $400m order book and $4.6bn pipeline.

The broker considers the business well-positioned to capitalise on the opportunities and increases its target to $2.15 from $1.95. As this is aligned with current pricing, the rating is moved to Accumulate from Buy.

Target price is $2.15 Current Price is $2.20 Difference: minus $0.05 (current price is over target).
If DUR meets the Ord Minnett target it will return approximately minus 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.05, suggesting downside of -2.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

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

EBOS Group’s 1H26 revenue came in 4% ahead of the consensus estimate, driven by Healthcare and Animal Care. The core earnings (EBITDA) margin of 4.4% missed by around -30bps and fell sequentially, highlights the analyst.

Citi attributes the margin pressure to duplicated distribution centre costs and a mix shift to higher-priced drugs, but points out FY26 earnings (EBITDA) guidance of $615-$635m was maintained.

The broker expects lower profit growth than consensus in FY27 before acceleration in FY28.

Citi lifts its FY27-29 earnings forecasts by 3-4% and upgrades to Buy from Neutral. Target of $26 is unchanged.

Target price is $26.00 Current Price is $20.01 Difference: $5.99
If EBO meets the Citi target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 39.4% (ex-dividends)

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 EBO as Outperform (1) -

Ebos Group delivered first half underlying EBITDA that was lower than Macquarie anticipated while full year guidance is unchanged. The company remains confident of the skew to the second half.

In terms of composition, animal care beat estimates, offsetting a miss in healthcare. The broker suggests the catalysts are skewed to the upside and long-term volume data bears out the defensive nature of animal/healthcare segments.

The company will hold its Sydney investor briefing on April 30. Target is reduced to NZ$39.00 from NZ$39.78. Outperrform rating retained.

Current Price is $20.01. Target price not assessed.

Current consensus price target is $28.02, suggesting upside of 39.4% (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 EBO as Buy (1) -

Ebos Group posted a 1H26 result broadly in line with expectations. Importantly for Morgans, FY26 earnings guidance (up 7.5%) has been reconfirmed. 

Ebos is coming to the end of the heavy investment phase, the broker notes, upgrading its distribution centre (DC) network and operational efficiencies will start to be seen across the business.

The DC renewal program will be completed in FY26, giving a multi-year runway for improved network efficiency and operating leverage. This is important for Terry White Chemist, Morgans notes, as improved distribution reliability enhances pharmacy customer service and capacity.

Target falls to $28.07 from $34.82, Buy retained.

Target price is $28.07 Current Price is $20.01 Difference: $8.06
If EBO meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 39.4% (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 EBO as Upgrade to Buy from Accumulate (1) -

Ebos Group provided a first half result that revealed pricing pressure was evident, with gross margins contracting around -60 basis points and cash flow deteriorating.

Ord Minnett expects a reduction in capital intensity and a re-acceleration of earnings growth will drive a re-rating in the medium term.

FY26 EBITDA guidance has been reiterated and the broker assesses a stronger exit rate from the first half bodes well. Rating is upgraded to Buy from Accumulate. Target is reduced to $30 from $33.

Target price is $30.00 Current Price is $20.01 Difference: $9.99
If EBO meets the Ord Minnett target it will return approximately 50% (excluding dividends, fees and charges).

Current consensus price target is $28.02, suggesting upside of 39.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates EBO as Buy (1) -

UBS retains a Buy rating for Ebos Group post the first half result on valuation grounds, noting animal care earnings was stronger than expected and offset a small miss on hospital.

Helped by higher pharmacy wholesale funding and new customers, the broker expects the three-year EPS will return to around its long run average of 11% per annum and the share price can comfortably rise in line with this growth. Target is reduced to NZ$36.00 from NZ$39.50.

Current Price is $20.01. Target price not assessed.

Current consensus price target is $28.02, suggesting upside of 39.4% (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 ELV as Outperform (1) -

First half results from Elevra Lithium delivered underlying EBITDA that was ahead of Macquarie's forecasts, with D&A of US$5.5m around -60% below the broker's estimates.

An updated scoping study for the NAL brownfield expansion is the priority in the near term while Ewoyaa requires resolution of the joint venture structure before additional capital will be deployed. Outperform. Target edges up to $9.20 from $9.00.

Target price is $9.20 Current Price is $8.12 Difference: $1.08
If ELV meets the Macquarie target it will return approximately 13% (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 EOL as Buy (1) -

Energy One delivered 1H26 revenue of $34.8m, up 20.6% on the prior year, with profit of $4.0m rising 62.8% and annual recurring revenue (ARR) of $64m up 20.3%, highlights Ord Minnett.

Earnings (EBITDA) of $10m were in line with the consensus estimate after adjusting for -$0.6m in one-offs, explain the analysts. Net revenue retention (NRR) of 111% exceeded guidance and European margins expanded 728bps to 34%.

The broker highlights margin expansion in both Europe and Australia as central to its investment case, despite softer installs.

Buy retained. Target falls to $21.58 from $24.47.

Target price is $21.58 Current Price is $14.11 Difference: $7.47
If EOL meets the Ord Minnett target it will return approximately 53% (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 EXP as Buy (1) -

In the wake of interim results for Experience Co, Ord Minnett lowers its target to 16c from 25c and maintains a Buy rating.

Normalised profit of $3.0m was broadly in line with Ord Minnett’s $3.2m forecast, with management signaling a review of the Australian Skydiving business amid a structural shift in Chinese holiday visitors.

The analysts believe Australian Skydiving earnings are unlikely to return to pre-covid levels soon, while the New Zealand Skydiving business delivers the bulk of divisional earnings.

Net debt stood at $12.8m at period end, leaving the balance sheet tight, suggests the broker, although a modest share buyback has commenced. It's noted the current shareholder structure continues to limit share price upside.

Target price is $0.16

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 FCL as Buy (1) -

Fineos Corp's FY25 earnings (EBITDA) of EUR30.4m rose 50% on the prior year and came in 2% ahead of the consensus estimate, while revenue was broadly in line with Citi's expectation.

The earnings 'beat' is attributed to lower-than-expected operating expenditure.

The broker highlights FY26 revenue guidance is 2% above the consensus estimate at the mid-point.

Buy. Target $3.25.

Target price is $3.25 Current Price is $2.55 Difference: $0.7
If FCL meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

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

Market Sentiment: 1.0

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

Bell Potter rates FEX as Buy (1) -

Bell Potter notes Fenix Resources announced interim earnings (EBITDA) and NPAT which were below its estimates due to higher D&A and interest costs on a larger asset base.

Operating cash flow of $56m and capex of -$40m delivered free cash flow of $16m, with net debt of $15m at 31 December.

FY26 guidance is reiterated at 4.2-4.8Mt of iron ore sales at a C1 cash cost of $70-80/wmt.

The analyst highlights strong earnings leverage and cash generation, with production transitioning to the Beebyn Hub from FY27 and a Weld Range DFS due this half outlining expansion to 10Mtpa from FY31.

EPS forecasts are reduced by -52%/-7%/-6% for FY26/FY27/FY28, reflecting higher administrative, D&A and interest expense assumptions.

Buy rating unchanged. Target slips to 67c from 70c.

Target price is $0.67 Current Price is $0.41 Difference: $0.26
If FEX meets the Bell Potter target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Macquarie rates FLT as Outperform (1) -

Flight Centre Travel delivered first half pre-tax profit of $125m which beat Macquarie's estimates. FY26 guidance has been reaffirmed, although the broker believes some conservatism has been retained in the outlook.

Both leisure and corporate delivered strong transaction growth. Operationally the broker finds many growth opportunities with a sharp focus on the cost base and efficiency to drive improved returns.

Target edges up to $17.95 from $17.85 and an Outperform rating is maintained.

Target price is $17.95 Current Price is $12.85 Difference: $5.1
If FLT meets the Macquarie target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 35.4% (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

Morgan Stanley rates FLT as Overweight (1) -

Flight Centre Travel's 1H26 profit before tax (PBT) of $125m rose 7% on the prior year and came in 5% ahead of the consensus estimate, highlights Morgan Stanley.

Total transaction value (TTV) of $12.5bn grew 7.3% and came in 2% above consensus. Morgan Stanley notes Corporate was the key growth driver, with profit of $115m (ahead of consensus).

Leisure momentum improved despite profit of $61m slightly below the prior year, the broker observes. Operating cash flow (OCF) was -$61m, an improvement on -$166m a year earlier.

FY26 PBT guidance of $315-$350m was reiterated, implying to Morgan Stanley a more balanced H2 weighting.

Overweight rating. Target $16.50. Industry View: In-Line.

Target price is $16.50 Current Price is $12.85 Difference: $3.65
If FLT meets the Morgan Stanley target it will return approximately 28% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 35.4% (ex-dividends)

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 FLT as Buy (1) -

Flight Centre Travel's 1H26 total transaction volume was up 7.3%, however due to revenue pressure, revenue rose only 6.1%. Underlying profit increased 4.1%, beating guidance and Morgans' expectations for a flat result.

Corporate delivered a strong result, with profit up 20% year on year. The Leisure result was better than feared, down only -4%. The 3Q26 is off to a strong start and importantly, Morgans notes, Leisure is back in growth. FY26 guidance was reiterated.

Flight Centre’s trading multiples remain undemanding, commentary concludes, and the company’s up to $200m share buyback can now resume. 

Morgans suggests it is important to focus on FY27 given this is the first full year of Iglu acquisition. Target falls to $18.05 from $18.38, Buy retained.

Target price is $18.05 Current Price is $12.85 Difference: $5.2
If FLT meets the Morgans target it will return approximately 40% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 35.4% (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 FLT as Buy (1) -

Flight Centre Travel's 1H26 normalised profit of $88.9m was broadly in line with Ord Minnett’s $88.1m forecast. Corporate earnings (EBITDA) rose by 17% to $132.3m on stable margins and operating leverage, explains the analyst.

FY26 underlying PBT guidance of $315-$350m was reiterated, implying to the broker around 15% growth and a 38%/62% earnings skew. It's noted early H2 trading has delivered record leisure total transaction value (TTV) and profit.

Online sales grew 14% to $900m, suggesting to Ord Minnett the group could benefit from corporate client wins amid disruption at competitor Corporate Travel Management ((CTD)).

The broker retains a Buy rating and lowers its target price to $16.64 from $16.86.

Target price is $16.64 Current Price is $12.85 Difference: $3.79
If FLT meets the Ord Minnett target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 35.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates FLT as Buy (1) -

In further analysis, UBS incorporates stronger pre-tax profit results from the first half numbers, allowing for a partial recovery of some of the FY25 impacts in the second half of FY26.

The changes are minor as higher tax largely counters the profit upgrades. 

Buy retained. Target is raised to $16.95 from $16.45.

Target price is $16.95 Current Price is $12.85 Difference: $4.1
If FLT meets the UBS target it will return approximately 32% (excluding dividends, fees and charges).

Current consensus price target is $17.14, suggesting upside of 35.4% (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 FMG as Neutral (3) -

Fortescue delivered a first half result that beat Macquarie's estimates in terms of EBITDA and dividends yet missed on the net profit line because of higher depreciation.

The broker points out a lot of the investor focus has been on the weakness in iron ore with the company underperforming major peers in the year to date.

Macquarie envisages the company's pivot to cost reductions could buffer margins and provide development opportunities that are as yet unappreciated. Neutral retained. Target is $22.

Target price is $22.00 Current Price is $21.14 Difference: $0.86
If FMG meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $20.50, suggesting downside of -1.7% (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: -0.1

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

Morgan Stanley rates FMG as Underweight (5) -

Fortescue has reported 1H FY26 earnings (EBITDA) of US$4.49bn, up 4% versus the consensus estimate on stronger revenue and lower Fortescue Future Industries (FFI) costs, explains Morgan Stanley. Revenue was broadly in line with expectation.

Higher earnings had limited flow-through to profit due to a rise in  depreciation & amortisation, explain the analysts.

Operating cash flow (OCF) of US$3.2bn beat the broker's expectation on a smaller working capital build, and lower capex lifted free cash flow to US$1.54bn, up 5% versus consensus.

A dividend of US$0.62 was declared, above consensus, with a 65% payout ratio. Underweight rating. Target $19. Industry View In-Line.

Target price is $19.00 Current Price is $21.14 Difference: minus $2.14 (current price is over target).
If FMG meets the Morgan Stanley target it will return approximately minus 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.50, suggesting downside of -1.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

Morgans rates FMG as Upgrade to Hold from Trim (3) -

Fortescue's underlying earnings were up 23% year on year, 5% ahead of consensus, with margin at 53% versus 48% a year ago. The interim dividend of 62c, up 24% year on year, represents a 65% payout of profit, Morgans notes.

It was a strong hematite result, but the broker points out 43% of group capex is directed to activities generating zero current earnings, compressing free cash flow conversion to 48% and return on capital employed to 19%.

Morgans sees benchmark iron ore prices trading within current cost support and Fortescue appears close to fair value after its recent weakness. Upgrade to Hold from Trim with an unchanged $20.60 target.

The broker's concern is not with new energy or decarbonisation as a strategic objective, but with Fortescue’s capacity to execute it.

Target price is $20.60 Current Price is $21.14 Difference: minus $0.54 (current price is over target).
If FMG meets the Morgans target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.50, suggesting downside of -1.7% (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: -0.1

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

Ord Minnett rates FMG as Accumulate (2) -

Fortescue reported 1H FY26 earnings (EBITDA) and free cash flow (FCF) ahead of Ord Minnett and consensus expectations, supported by record shipments and tight cost control.

Profit missed market expectations due to higher depreciation and amortisation and currency impacts on the company's US$2bn yuan-denominated loan, explains the analyst.

FY26 guidance for shipments of 195-205Mt and cash costs of US$17.50-18.50 per tonne was maintained, alongside iron ore and copper capex of -US$3.3-4.0bn and -US$0.9-1.2bn for decarbonisation.

Ord Minnett notes decarbonisation spend will step up in H2, targeting US$2-4 per tonne in unit savings longer term.

An Accumulate rating is maintained with an unchanged $22.50 target price.

Target price is $22.50 Current Price is $21.14 Difference: $1.36
If FMG meets the Ord Minnett target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $20.50, suggesting downside of -1.7% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

UBS rates FMG as Neutral (3) -

UBS assesses, on further analysis of Fortescue results, that iron ore prices at around US$96/90t over 2026/27 will be a catalyst as Simandou ramps up.

The challenge for the sector from CMRG negotiations may affect realisations but the company to date has sustained less scrutiny in this regard compared with peers.

Accelerating decarbonisation expenditure will increasingly take diesel/gas out of C1 costs, while green hydrogen awaits more favourable returns.

Other options forthcoming include the close of the Alta Copper acquisition and acceleration of studies towards FID at the Canariaco project in Peru. Copper tenements in Kazakhstan and Canada are also advancing towards drilling.

Neutral and $20 target.

Target price is $20.00 Current Price is $21.14 Difference: minus $1.14 (current price is over target).
If FMG meets the UBS target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $20.50, suggesting downside of -1.7% (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: -0.1

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

Bell Potter rates GDG as Buy (1) -

Generation Development missed Bell Potter's group revenue forecast for 1H26, despite advancing 39% y/y, while operating expenses of -$59.2m were slightly better than forecast, delivering NPAT of $20.1m, marginally ahead of expectations on tax differences.

Segmentally, Life EBIT grew 10% despite higher investment spend, Lonsec EBIT rose 29%, and Evidentia EBIT increased 90%, broadly in line with FUM growth.

Bell Potter highlights no change to soft guidance for $12bn pa FUM growth in FY26, with confidence in around $6.5bn-plus FUM growth in 2H as mandates come online, alongside emerging catalysts including a Lonsec governance initiative and the BlackRock partnership.

EPS forecasts slip by -3%/-1% for FY26/FY27. Target lowered to $7.40 from $7.90 with a Buy retained.

Target price is $7.40 Current Price is $4.25 Difference: $3.15
If GDG meets the Bell Potter target it will return approximately 74% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 54.6% (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 GDG as Buy (1) -

Generation Development's interim profit rose 63% on the prior year and came in around 4% ahead of the consensus estimate and 1% above Citi’s forecast.

Confirmation of more than $2bn in mandate wins provides greater certainty for H2 FY26 funds under management (FUM), suggests the broker. Moderating cost growth is also expected to support operating leverage.

Citi remains attracted to structural tailwinds in managed accounts, noting FUM has doubled to around $520bn. The analyst believes the business is well positioned to capture this growth.

The broker retains a Buy rating and lowers its target price to $6.80 from $7.50.

Target price is $6.80 Current Price is $4.25 Difference: $2.55
If GDG meets the Citi target it will return approximately 60% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 54.6% (ex-dividends)

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 GDG as Outperform (1) -

Generation Development beat Macquarie's expectations in the first half result with revenue up 50% year-on-year, underpinned by funds management growth and contributions from recurring revenue streams.

Momentum is expected to continue into the second half with the outlook for GenLife supported by a record number of advisers using investment bonds and new product capability including the lifetime annuity product in partnership with BlackRock.

Earnings support is also evident for Lonsec while conversion rates for new clients historically accelerate in the second half for Evidentia. Outperform maintained. Target lowered to $6.50 from $6.75.

Target price is $6.50 Current Price is $4.25 Difference: $2.25
If GDG meets the Macquarie target it will return approximately 53% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 54.6% (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

Morgan Stanley rates GDG as Overweight (1) -

Generation Development’s 1H26 profit of $20.1m rose 21% on the prior year and came in 4% ahead of the consensus estimate and above Morgan Stanley’s $17.9m forecast.

Revenue rose by 35% to $88.4m. Funds under management (FUM) increased 34% to $5.2bn in Generation Life and 37% to $34.8bn in Evidentia, while Lonsec Research EBIT rose 29.2%. Morgan Stanley notes this is the first result under the new segment structure.

The broker expects net inflow momentum to continue into H2. No formal guidance was provided, consistent with usual practice.

Overweight. Target $7.50. Industry view: In Line.

Target price is $7.50 Current Price is $4.25 Difference: $3.25
If GDG meets the Morgan Stanley target it will return approximately 76% (excluding dividends, fees and charges).

Current consensus price target is $7.23, suggesting upside of 54.6% (ex-dividends)

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 GLF as Upgrade to Buy from Neutral (1) -

Citi raises its target for Gemlife Communities to $6.10 from $5.60 and upgrades to Buy from Neutral.

The analyst sees the result driving strong EPS growth as well as consensus forecast upgrades.

A summary of the broker's initial research follows.

On first take, Gemlife Communities announced 2025 underlying profit after tax which beat consensus forecasts and was 5% above consensus and Citi's forecasts.

Settlement volumes came in below prospectus forecasts by -6%, but pricing was 12% above due to a higher release of premium lots.

Management's new 2026 guidance for EPS stands at 28.5-30c, inferring EPS growth of 20-27% y/y, which is 11% above consensus and 10% higher than the analyst's forecast.

Development settlements are flagged at 420 for 2026 by the company, another beat on consensus and the broker's 408 estimate, with around 60% or 348 contracts in hand/expressions of interest.

Target price is $6.10 Current Price is $5.30 Difference: $0.8
If GLF meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 10.3% (ex-dividends)

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 GLF as Overweight (1) -

Morgan Stanley raises its target for Gemlife Communities to $5.95 from $5.40 on higher forecasts and after incorporating more optimistic settlement assumptions following interim results. Overweight rating maintained. Industry view: In Line.

FY25 underlying profit of $90m beat the broker's $86.4m forecast, with FY26 EPS guidance of 28.5-30.0c implying 20-27% growth, materially above consensus.

The broker notes FY25 settlements of 312 were below its own 333 forecast due to 38 lots delayed into FY26. Margins expanded to 50.2% and 20% of settlements exceeded $1m.

FY26 guidance assumes over 420 settlements at an average price above $833,000 with debt refinanced at a -25bps lower margin, highlight the analysts.

Target price is $5.95 Current Price is $5.30 Difference: $0.65
If GLF meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.83, suggesting upside of 10.3% (ex-dividends)

The company's fiscal year ends in December.

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 GOZ as Buy (1) -

Management at Growthpoint Properties Australia continues to advance its funds management initiatives, highlights Citi, following the release of interim results.

This progress is supported by what the analysts describe as a stable portfolio of longer lease assets with predominantly government and large corporate tenants.

The broker highlights the stock trades on around 9.5x FY27 funds from operations (FFO) and offers an attractive dividend yield. An approximate -28% discount to net tangible assets (NTA) is highlighted, excluding the funds management platform.

Buy rating and $2.60 target.

Target price is $2.60 Current Price is $2.24 Difference: $0.36
If GOZ meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 14.8% (ex-dividends)

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 GOZ as Outperform (1) -

Macquarie retains an Outperform rating on Growthpoint Properties and the target price is raised to $2.58 from $2.53.

The 1H26 funds from operations (FFO) of 12.2cps, up 3.4% y/y, beat expectations and FY26 FFO guidance was narrowed to 23.0-23.6cps from 22.8-23.6cps, with DPS reaffirmed at 18.4cps.

Like-for-like FFO rose 5.5%. Office expiries have been de-risked, with FY26 office expiry now 3% versus 7% at Dec-25, while industrial remains 10% under-rented on a face basis.

Gearing of 41.2% sits around the midpoint of the 35-45% target range and the broker views valuation support at 0.72x NTA and an 8.2% DPS yield, although FFO growth is expected to remain subdued until FY28. 

Target price is $2.58 Current Price is $2.24 Difference: $0.34
If GOZ meets the Macquarie target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $2.56, suggesting upside of 14.8% (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 GTK as Buy (1) -

Following Gentrack Group's AGM, Shaw and Partners notes pipeline commentary has not changed, but neither did the broker expect it to have.

Management has been clear most of its deals would be mid-to-back end of the year, commentary highlights, implying April/May through the 2H.

The broker believes Gentrack management provided a clear and confident message around AI, the opportunity it sees and the benefits it is already realising.

The company's pipeline is strong and growing, Shaw notes, adding AI is an accelerator, not a risk. Buy and $11.30 target retained.

Target price is $11.30 Current Price is $6.60 Difference: $4.7
If GTK meets the Shaw and Partners target it will return approximately 71% (excluding dividends, fees and charges).

Current consensus price target is $10.00, suggesting upside of 44.9% (ex-dividends)

The company's fiscal year ends in September.

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

Macquarie rates HLI as Underperform (5) -

Macquarie maintains an Underperform rating on Helia Group and cuts the target price to $3.70 from $3.95, arguing investors are overpaying for future capital returns at circa 1.7x P/NTA.

The 2H25 underlying trends were viewed as reasonable, with insurance revenue of $189m, total incurred claims of -$36m and a 67c special dividend, representing around $180m of capital, ahead of expectations.

The analyst cautions claims are likely to normalise in 2026 as reserve releases slow, particularly with several rate rises expected, noting reserves have fallen around -$200m from circa $440m in 2021, currently.

While management guides to 2026 insurance revenue of $320-370m and claims “well below” through-the-cycle levels, the broker sees risks from higher rates and contract roll-offs.

EPS forecasts are downgraded by -1%/-4%/-6% for FY26/FY27/FY28, and buybacks removed in favour of special dividends.

Target price is $3.70 Current Price is $6.26 Difference: minus $2.56 (current price is over target).
If HLI meets the Macquarie target it will return approximately minus 41% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in December.

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 HLO as Hold (3) -

Helloworld Travel’s 1H26 normalised profit of $23.9m exceeded Ord Minnett’s $16.1m forecast, reflecting solid performance in the bricks and mortar agency business.

Uncertainty remains around the company's 17% stake in Webjet Group's ((WJL)), acquired at an average $0.825 per share, with the current $0.55 share price implying an unrealised loss of around -$18m.

The balance sheet deteriorated following the -$36m spent to acquire the remaining 50% of Mobile Travel Agents (MTA), funded largely by $35m in bank debt, highlights Ord Minnett. This leaves leaves net cash of $0.4m at period end.

A Hold rating is retained with a target price of $1.63, down from $1.90.

Target price is $1.63 Current Price is $1.74 Difference: minus $0.105 (current price is over target).
If HLO meets the Ord Minnett target it will return approximately minus 6% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $2.31, suggesting upside of 29.1% (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

Shaw and Partners rates HLO as Buy (1) -

Helloworld Travel grew 1H26 revenue by 10.1% and underlying earnings by 12.1%, Shaw and Partners notes. 

Guidance implies similar underlying earnings growth in 2H26. Forward bookings remain strong through the remainder of FY26 and well into FY27.

Rising interest rates and a stronger AUD tend to favour Helloworld’s customer base, Shaw notes. January 2026 total transaction value was up 11.6% year on year, which the broker suggests is a good leading indicator.

The company is believed to be on track to achieve full-year guidance. Target rises to $2.80 from $2.75, Buy retained.

Target price is $2.80 Current Price is $1.74 Difference: $1.065
If HLO meets the Shaw and Partners target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $2.31, suggesting upside of 29.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.7

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

UBS rates HMC as Buy (1) -

HMC Capital posted first half pre-tax operating earnings that were substantially below UBS estimates. The "quieter" first half after a busy FY25 resulted in substantially lower contributions from non-recurring items.

The broker was pleased with the increase in recurring fund management fees, with revenue up 34%. The stock is viewed as offering a compelling risk/reward at 10x FY27 PE and a Buy rating and $4 target are maintained.

Target price is $4.00 Current Price is $2.81 Difference: $1.19
If HMC meets the UBS target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $3.98, suggesting upside of 36.7% (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

Shaw and Partners rates HZR as Buy (1) -

FY25 saw Hazer Group deliver its maiden operating revenue for engineering services, providing support to Shaw and Partners' investment thesis. Hazer's 1H26 financial results highlighted major steps forward delivered to achieve commercial scale-up.

Shaw highlights reduced operating costs, down -27% driven by a leaner operating cost base and focus on commercialisation.

Shaw retains a Buy rating given an expected total shareholder return of 75%. Target unchanged at 70c.

Target price is $0.70 Current Price is $0.40 Difference: $0.3
If HZR meets the Shaw and Partners target it will return approximately 75% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IDX as Buy (1) -

Integral Diagnostics announced in line 1H26 revenue up around 55.6% y/y due to the Capitol Health acquisition, with Australian organic growth of circa 7.4%, although Capitol Health growth of around 5.4% lagged given exposure to bulk billing GP referrals, according to Bell Potter.

Earnings (EBITDA) margin improved circa 230bps y/y to 20.6%, ahead of both Bell Potter and consensus, supported by merger synergies of some $14m and a favourable skew to higher margin CT, MRI and PET modalities.

Free cash flow conversion declined to 65% from 77% due to a -$12m working capital drag and -$13.3m in statutory integration costs, which are expected to persist until FY27.

Operating NPAT forecasts are cut by -4.1%/-5.3%/-5.1% across FY26/FY27/FY28. Buy rating retained with a lower target of $3.80 from $4.

Target price is $3.80 Current Price is $2.41 Difference: $1.39
If IDX meets the Bell Potter target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $3.53, suggesting upside of 44.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Bell Potter rates IGL as Buy (1) -

Bell Potter observes IVE Group announced mixed 1H26 results with underlying earnings (EBITDA) -3% below its forecast due to softer revenue of $479.1m, while underlying NPAT of $28.4m was 3% ahead on lower D&A and interest expense.

A 9.5c fully franked interim dividend was in line with expectations.

Management's guidance for underlying EBITDA of around $50m is broadly consistent with prior commentary at the bottom end of the $50-54m range.

This excludes the expected favourable impact of recent acquisitions, with Lasoo losses of some -$4m, abnormal costs of around -$10m and capex unchanged at -$45m.

EPS forecasts are trimmed by around -1% for FY26/FY27, Buy rating retained. Target unchanged at $3.25.

Target price is $3.25 Current Price is $2.93 Difference: $0.32
If IGL meets the Bell Potter 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: 1.0

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

Morgans rates IMR as Buy (1) -

Imricor Medical Systems posted 2025 results in line with Morgans' recently adjusted forecasts. The company finished the year with cash of US$40.8m which, at the current burn rate, is equivalent to eight quarters of cash.

2026 is setting up to be a big year for Imricor, Morgans suggests. There are multiple value accretive milestones which are expected to be achieved from a clinical, regulatory and commercial perspective.

The broker maintains a Speculative Buy recommendation and unchanged $2.71 target, noting Imricor remains Morgans' key pick in the emerging healthcare space.

Target price is $2.71 Current Price is $2.02 Difference: $0.69
If IMR meets the Morgans target it will return approximately 34% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

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

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

Iress delivered a solid 2025 result with underlying earnings 4.7% ahead of Morgans' estimate and the group’s 2025 guidance range. Divisionally each segment delivered solid earnings growth half on half, the broker notes.

Management flagged that capex for 2026 will remain in line with 2025, which implies further operating leverage is expected.

Iress has executed on the stabilisation stage of its business turnaround strategy over recent years, Morgans notes.

Further efficiency plans are now underway, however, commentary suggests improving the customer proposition and new product initiatives are required to drive organic revenue growth.

Target rises to $10.95 from $10.50, upgrade to Buy from Accumulate.

Target price is $10.95 Current Price is $7.42 Difference: $3.53
If IRE meets the Morgans target it will return approximately 48% (excluding dividends, fees and charges).

Current consensus price target is $10.68, suggesting upside of 39.7% (ex-dividends)

The company's fiscal year ends in December.

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 JIN as Outperform (1) -

Jumbo Interactive's 1H26 NPATA of $23m rose 23% y/y and was in line with the pre-release, with underlying EBITDA of $31m from the core business and $6.5m from recently acquired Prize Draw operations.

Macquarie notes Australian lottery volumes are down -3% 2026 year-to-date on softer jackpot activity. Base games are tracking at 7% y/y growth, boosted by the Saturday Lotto changes in May last year. Jackpot games are down -10%.

Lotteries for FY26 are forecast to grow 3% in volume terms, up from 2% and the analyst expects earnings exposure to Lottery Corp ((TLC)) reseller agreements to fall to around 55% by the August 2030 renewal versus 75% pre-Prize Draw M&A.

EPSA forecasts are lifted by 3%/1%/1% for FY26/FY27/FY28. No change to Outperform rating and target price cut to $14.10 from $14.60

Target price is $14.10 Current Price is $9.90 Difference: $4.2
If JIN meets the Macquarie target it will return approximately 42% (excluding dividends, fees and charges).

Current consensus price target is $13.05, suggesting upside of 34.5% (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

Morgan Stanley rates JIN as Overweight (1) -

Jumbo Interactive pre-released strong 1H26 earnings in early February, with cash conversion of 129% and free cash flow (FCF) of $19.9m, highlights Morgan Stanley.

The broker points to steady market share despite soft jackpots and modest online growth, attributing this to increased marketing spend and improved customer engagement via Daily Winners.

FY26 guidance was reiterated with upgraded guidance for Dream Giveaways UK earnings (EBITDA) and Canada managed services growth raised to 20-25% from 5-10%. Slightly higher M&A costs provided a partial offset.

It's felt there is potential upside from RSL SaaS revenue not embedded into today's forecasts. Overweight. Target unchanged at $15.60.  Industry view: In Line.

Target price is $15.60 Current Price is $9.90 Difference: $5.7
If JIN meets the Morgan Stanley target it will return approximately 58% (excluding dividends, fees and charges).

Current consensus price target is $13.05, suggesting upside of 34.5% (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

UBS rates L1G as Neutral (3) -

Further to the first half result from L1 Group, UBS highlights upside risk for the anticipated launch of two new strategies over 2026 and the leveraging of the robust balance sheet.

Moderating PTM outflows remain critical to unlocking funds growth and indications are positive this stage, although the broker is cautious about valuation as the stock trades at a 12-month forward PE of around 29x, which appears full.

Neutral retained and the target is lifted to $1.28 from $1.12.

Target price is $1.28 Current Price is $1.21 Difference: $0.075
If L1G meets the UBS 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: 0.0

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

Citi rates LNW as Buy (1) -

Following FY25 results for Light & Wonder, Citi retains a Buy rating and lowers its target price to $160.00 from $175.00.

The analyst sees scope for continued strong execution by management to be rewarded.

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

Light & Wonder delivered earnings that were ahead of Citi's estimates, according to a first review of 2025 results, with the 'beat' coming through in the margin.

The company expects another strong year of net profit and earnings growth and the broker notes its departure from providing a guidance range for 2026. This is considered appropriate and in line with the company's closest peer, Aristocrat Leisure ((ALL)).

Citi expects the stock to trade "broadly flat" suspecting a lack of quantitative guidance may disappoint some investors.

Target price is $160.00 Current Price is $133.32 Difference: $26.68
If LNW meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $209.86, suggesting upside of 55.0% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 0.9

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

Macquarie rates LNW as Outperform (1) -

Light & Wonder announced 4Q2025 NPATA of US$161m, up 27% y/y and 1%/6% ahead of Macquarie's estimate and consensus, respectively.

The adj EBITDA margin of 45.5%, up 5.9ppt y/y, was driven by costs rather than revenue, while cash conversion improved to 109% and leverage closed at 3.4x.

The analyst believes the company has a wide AI moat given regulation, customer relationships, proprietary data, scale and IP, and sees attractive EPS growth of 16% CAGR over 2025-28 which is not reflected in valuation at 11x 12-month forward P/E.

EPSA forecasts are revised by up 2% and down by -2% for 2026/2027. Outperform rating retained. Target price cut to $220 from $230.

Target price is $220.00 Current Price is $133.32 Difference: $86.68
If LNW meets the Macquarie target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $209.86, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

Morgan Stanley rates LNW as Overweight (1) -

Morgan Stanley keeps an Overweight rating and $220.00 price target on Light & Wonder after the release of the 4Q25 result.

FY25 AEBITDA of US$1.44bn is in line with consensus and management guidance, with the broker highlighting a recovery in outright sales and margin improvement in Gaming Ops.

The broker also points to SciPlay’s disciplined user-acquisition spend and iGaming momentum from higher proprietary content mix, while expecting FY26’s earnings profile to resemble FY25 despite a softer 1Q due to strategic investment, legal costs and tariffs.

Forecasts are flagged as a modest revision higher. Industry view In-Line.

Target price is $220.00 Current Price is $133.32 Difference: $86.68
If LNW meets the Morgan Stanley target it will return approximately 65% (excluding dividends, fees and charges).

Current consensus price target is $209.86, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

UBS rates LNW as Buy (1) -

Fourth quarter earnings from Light & Wonder were up 29% and slightly ahead of UBS estimates, while overall the FY25 result was in line. Gaming was slightly below expectations while SciPlay and iGaming were better.

The broker has not materially shifted its outlook and expects strong earnings growth over coming years. Fundamental drivers remain intact including share gains and strong game performances, as well as structural tailwinds in SciPlay DTC and as the Grover roll-out.

Buy rating maintained and the target is lifted to $215 from $210.

Target price is $215.00 Current Price is $133.32 Difference: $81.68
If LNW meets the UBS target it will return approximately 61% (excluding dividends, fees and charges).

Current consensus price target is $209.86, suggesting upside of 55.0% (ex-dividends)

The company's fiscal year ends in December.

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: 0.9

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

Morgan Stanley rates MMS as Overweight (1) -

Morgan Stanley cuts its price target for McMillan Shakespeare to $19.00 from $21.50 (-12%) but keeps an Overweight rating, citing a more complex 1H26 that slightly missed consensus.

The broker thinks the key variances are mostly one-offs: warehouse funding remains a -$1–2m EBITDA drag in 1H but should flip to a $1–2m tailwind in 2H, while higher D&A (-$2–3m) and softer Plan & Support Services margins drive the rebasing.

The broker trims its EPS trajectory by -4% as those items flow through, but argues the stock’s 10–11x FY26–27e P/E leaves limited value for improving momentum.

The key risk, as the broker sees it, is a more adverse regulatory outcome (including EV FBT changes and commission scrutiny) alongside weaker macro conditions for new vehicle sales. Industry view In-Line.

Target price is $19.00 Current Price is $16.13 Difference: $2.87
If MMS meets the Morgan Stanley target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $18.45, suggesting upside of 15.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.6

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

Morgan Stanley rates NEC as Overweight (1) -

Morgan Stanley cuts its price target for Nine Entertainment to $1.40 from $1.90 (-26%) but keeps an Overweight rating alongside an Attractive industry view, noting the move largely removes the 49c/share capital return paid in late 2025.

1H FY26 is broadly in line as revenue falls -4.7% to $1,053m while EPS rises to 6.0c (+30%), helped by tighter costs, though the broker says the ad market remains challenging into 2H.

The broker sees the planned $850m QMS Outdoor deal (expected to settle by end-2H FY26) as strategically sound given QMS is said to be 95% digital and has a $20m cost-out target, with FY27 EPS accretion estimated at 6%–12% in a base case.

Forecasts are lowered, which also explains the drop in target price.

Target price is $1.40 Current Price is $1.07 Difference: $0.335
If NEC meets the Morgan Stanley target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.44, suggesting upside of 36.2% (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

Ord Minnett rates NXD as Speculative Buy (1) -

NextEd Group's 1H26 earnings (EBITDA) of $6.7m came in -4% below Ord Minnett’s forecast, reflecting slightly higher operating expenses.

Revenue of $45.7m was broadly in line with the prior year amid a shift to higher-margin vocational and higher education programs, the analysts explain.

Operating costs fell -9% on the prior year and operating cash flow (OCF) improved to $3.0m from $1.0m, highlights the broker, with management lifting its FY26 opex savings target to $1-$1.5m.

After adopting lower student number assumptions, Ord Minnett cuts its FY26-28 earnings forecasts by between -15-16%.

Ord Minnett retains a Speculative Buy rating and lowers its target price to 36c from 40c.

Target price is $0.36 Current Price is $0.18 Difference: $0.185
If NXD meets the Ord Minnett target it will return approximately 106% (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 NXT as Buy (1) -

NextDC reported underlying 1H26 earnings (EBITDA) of $115m, up 9% on the prior year and 7% above the consensus estimate, highlights Citi. The 'beat' was driven by lower costs, explains the analyst, given revenue was in line with forecast.

Reported profit was a -$39m loss, narrower than Citi’s -$66m forecast due to lower depreciation, amortisation and funding costs.

The broker has updated its forecasts following stronger-than-expected 2Q contract announcements of 167MW and now sees around a 10% consensus estimate upgrade for FY28 earnings.

Buy rating kept. Target raised to $19.00 from $18.35.

Target price is $19.00 Current Price is $14.00 Difference: $5
If NXT meets the Citi target it will return approximately 36% (excluding dividends, fees and charges).

Current consensus price target is $20.61, suggesting upside of 43.7% (ex-dividends)

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 PGC as Buy (1) -

Bell Potter retains a Buy recommendation on Paragon Care and lowers the target price to $0.29 from $0.49 following an earnings downgrade and increased provisioning.

The broker notes 1H26 revenue and underlying EBITDA were in line with expectations, but a full -$47m provision against Infinity Group debt weighed on sentiment despite being viewed as conservative.

Net debt ended the period at $304m, implying EBITDA leverage of around 3.0 times.

Management is targeting debt reduction in 2H26 without resorting to equity. The company achieved strong normalised revenue growth of 10.5% in Asia, with Medical Technology up 33% at a 45% gross margin.

FY26 underlying EBITDA is reduced by -5.8% to $101m, with guidance of $97-107m implying 2H26 EBITDA of around $54m.

Target price is $0.29 Current Price is $0.18 Difference: $0.11
If PGC meets the Bell Potter target it will return approximately 61% (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 PGC as Buy (1) -

Paragon Care's 1H26 underlying EBITDA rose 3%, with strong gross profit growth in A&NZ Contract Logistics of 65% and Asia Med Tech of 30%, partly offset by a -3% decline in A&NZ Wholesale revenue due to the -$78m Infinity exit, Ord Minnett notes.

Margins were flat at 2.6% and net working capital increased 17% to $148m, lifting net debt to 2.8x EBITDA, though management is targeting around 2x by FY26, and a 5-year ADF contract worth circa $40m p.a. enhances visibility.

Ord Minnett notes integration is nearing completion with $12m of synergies on track and sees improving risk-reward at 10.2x FY27 P/E, with Infinity resolution a key 4Q26 catalyst.

Buy rated. Target slips to 35c from 50c.

Target price is $0.35 Current Price is $0.18 Difference: $0.17
If PGC meets the Ord Minnett target it will return approximately 94% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates PPT as Neutral (3) -

Today's release of Perpetual’s interim results revealed core earnings of $113m, around 14% above Citi’s forecast, driven by stronger revenue in Asset Management and higher seed income.

In an initial review, the analysts note slightly lower costs and a lower tax rate.

Asset Management profit of $107m rose 4% on the prior year and beat forecasts by both Citi and consensus, while Corporate Trust grew solidly and Wealth Management profit fell -19% on negative jaws. 

There was no material update on the Wealth Management sale process.

FY26 cost growth guidance was improved to 1-2% from 2-3%, supporting potential earnings upgrades, the broker suggests.

The unfranked interim dividend of 59c was ahead of the 56.5c consensus estimate with a 60% payout ratio.

Target $19.70. Neutral rating.

Target price is $19.70 Current Price is $17.15 Difference: $2.55
If PPT meets the Citi target it will return approximately 15% (excluding dividends, fees and charges).

Current consensus price target is $21.01, suggesting upside of 13.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.4

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

Citi rates QAN as Buy (1) -

Qantas Airways' interim profit before tax (PBT) of $1,456m came in around 2% ahead of the consensus estimate, notes Citi, in an early assessment of today's ASX release.

Domestic unit revenue rose by 3% in line with guidance and International came in at the top end of 2-3% revenue guidance, highlights the broker.

The analyst notes Jetstar earnings (EBIT) were around 8% ahead of consensus at $492m. International earnings of $300m missed the consensus estimate, with operating margin down -90bps on higher wage and investment costs, the broker explains.

Capital management was increased to around $450m, including a base dividend lifted to $300m and a $150m buyback.

For H2 FY26, Citi notes Domestic available seat kilometres have been lowered by -100bps, while International capacity remains broadly unchanged.

Revenue per available seat kilometre (RASK) guidance appears broadly in line with the broker's expectation. Target $12.45. Buy.

Target price is $12.45 Current Price is $10.65 Difference: $1.8
If QAN meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $12.44, suggesting upside of 27.6% (ex-dividends)

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 RIO as Neutral (3) -

Citi suggests there is little new to shift sentiment after Rio Tinto’s FY25 result largely reiterated prior disclosures following its December Capital Markets Day and the aborted Glencore discussions.

The broker says investor feedback has centred on Rio lagging peers in its pivot to copper, with organic growth unlikely to close the gap and M&A viewed as the most plausible path.

Citi notes the widening iron ore cost gap versus BHP Group ((BHP)) and estimates closing this gap could add 8-10% to the share price.

Potential for US$5-10bn in asset sales is no longer seen as a key differentiator given BHP’s own progress.  Neutral. Target price $140.

Target price is $140.00 Current Price is $162.67 Difference: minus $22.67 (current price is over target).
If RIO meets the Citi target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $152.17, suggesting downside of -9.5% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: -0.1

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

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

Resimac Group's 1H26 profit of $28.5m came in above expectations and a 9c special dividend was a positive surprise, highlights Citi.

The broker estimates H2 earnings will fall around -$6m half-on-half due to the run-off of the Westpac ((WBC)) auto loan book. It's also noted rising rates and elevated run-off continue to weigh on new mortgage flows for non-bank lenders.

Citi believes the group is demonstrating sound margin discipline but sees further large capital returns as less likely.

The broker trims its FY26-28 EPS forecasts and downgrades to Sell from Neutral. The target price eases to 98c from $1.00.

Target price is $0.98 Current Price is $1.20 Difference: minus $0.215 (current price is over target).
If RMC meets the Citi target it will return approximately minus 18% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.18, suggesting downside of -1.1% (ex-dividends)

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.0

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

Macquarie rates RMC as Neutral (3) -

Resimac Group achieved a 1H26 headline earnings beat driven by better cost performance following the acquisition of Westpac’s auto portfolio, with group NIM rising circa 3bps h/h to 1.63% and steady volume growth across mortgages and asset finance.

Macquarie notes the Westpac auto portfolio has run off faster than expected, nearly halving to around $0.6bn, which is seen as a potential earnings drag.

A fully franked 9c special dividend was announced in addition to the 4c interim dividend, with the capital return considered as prudent in the current lending environment.

EPS forecasts are increased by 8%/4%/1% for FY26/FY27/FY28 and a 5c special dividend is incorporated into FY26 forecasts.

Neutral with unchanged $1.05 target price, due to limited change to outer-year earnings forecasts.

Target price is $1.05 Current Price is $1.20 Difference: minus $0.145 (current price is over target).
If RMC meets the Macquarie target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.18, suggesting downside of -1.1% (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

Morgans rates RPL as Buy (1) -

Regal Partners' underlying fund performance, along with offshore and product expansion, has seen funds under management (FUM) grow 16% in 2025, driving management fee growth of 25%, Morgans notes.

Performance fees, up 108% year on year, are a clear leading indicator for future FUM growth, the broker points out, and sets the business up for continued growth in the higher multiple recurring income streams.

While difficult to forecast, Morgans is confident Regal Partners can continue to grow FUM as performance persists and the alternative strategies reach scale. Target rises to $5.00 from $4.25, Buy retained.

Target price is $5.00 Current Price is $3.18 Difference: $1.82
If RPL meets the Morgans target it will return approximately 57% (excluding dividends, fees and charges).

Current consensus price target is $4.83, suggesting upside of 53.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Forecast for FY26:

Market Sentiment: 1.0

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

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

Macquarie upgrades Steadfast Group to Outperform from Neutral and lowers its target price to $4.80 from $5.50 following the 1H26 result.

Commentary posits organic growth over 1H26 organic growth was slow and earnings quality was weaker due to a new pro-forma interpretation of EBITDA, although FY26 guidance was unchanged, reflecting what Macquarie describes as the quality of the high cash flow model and management team.

FY26 M&A guidance has increased to around $434m from circa $202m, which the broker believes is appropriate at this stage of the cycle and supportive of FY27 earnings, with management preferring accretive acquisitions over buy-backs.

Cost reduction actions in head office and subsidiary expenses by around $7m and circa $4m respectively are expected 2H26, with -$17m post-tax restructuring costs treated below the line, with plans to recycle non-core assets into higher ROE opportunities.

Target price is $4.80 Current Price is $4.29 Difference: $0.51
If SDF meets the Macquarie target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 25.7% (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

Morgan Stanley rates SDF as Overweight (1) -

Morgan Stanley cuts its price target for Steadfast Group to $5.59 from $6.74 (-17%) but keeps an Overweight rating and an In-Line industry view as management is seen taking steps to lift earnings growth.

There's an underlying suggesting the shares are, simply put, too cheaply valued.

The broker says offshore optionality is underappreciated after Novum, expanding exposure to the US$200bn US broker market (vs US$24bn in Australia), with Novum flagged as ending 2025 with more than US$140m GWP and 60% organic y/y growth.

Forecasts are updated (slightly lower), with underlying NPAT trimmed by -1% across FY26/27 on a softer Broking EBITA margin, though the broker expects Broking EBITA margin to lift 550bp h/h to 41.0% in 2H26 and sees FY26E underlying NPAT around the midpoint of the $315–325m guide.

Commentary suggests the key risk is AI-driven disintermediation of brokers, alongside a weaker pricing cycle, tougher domestic competition/regulatory scrutiny and execution risk in overseas expansion.

In its initial assessment, Morgan Stanley had concluded that:

Steadfast Group's softer 1H26 underlying NPAT came in -2.5%/-4% below consensus/Morgan Stanley's forecasts, with underlying earnings (EBITA) some -1 to –2% short of expectations, while the 8.2c dividend missed expectations by -5% to -7%.

The broker notes FY26 guidance was reaffirmed, implying a stronger 2H skew of 43%/57% versus 46%/54% for consensus, supported by circa $11m in 2H cost reductions, profit commission timing, improved Agencies volumes and a step up in International earnings.

Morgan Stanley highlights rebounding Australasian pricing to 2.7% in Jan-26, a proposed -$195m 2H acquisition pipeline after -$239m in 1H, and clearer head office disclosures.

Target price is $5.59 Current Price is $4.29 Difference: $1.3
If SDF meets the Morgan Stanley target it will return approximately 30% (excluding dividends, fees and charges).

Current consensus price target is $5.62, suggesting upside of 25.7% (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

Morgan Stanley rates SDR as Overweight (1) -

It is Morgan Stanley's assessment SiteMinder's 1H26 ARR beat consensus alongside a modest earnings shortfall.

ARR is $280.3m versus $272m expected, while revenue of $131.1m is slightly below, EBITDA is $12.3m versus $13.8m and NPAT is -$3.9m, with free cash flow of $2.7m also below expectations.

The broker highlights improving unit economics (gross margin 67.8% and LTV/CAC 6.7x) and stronger demand signals late in the half, including 53k properties and monthly ARPU up 11% to $435, while opex ran higher than expected.

Overweight rating and $7.70 target price. Industry view: In-Line.

Target price is $7.70 Current Price is $3.25 Difference: $4.45
If SDR meets the Morgan Stanley target it will return approximately 137% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 112.4% (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 SDR as Upgrade to Buy from Accumulate (1) -

SiteMinder’s 1H26 result was largely per expectations at the revenue line but marginally below on earnings, Morgans notes. Growth in transaction revenue and the mix-shift towards the higher margin Smart Platform offering saw the gross margin expand 98bps to 67.8%

Morgans has undertaken a broad review of assumptions for SiteMinder, remaining attracted to the company's opportunity to monetise its $85bn of gross booking value, which it plans to leverage through its Smart Platform strategy.

Given the significant discount of the current share price versus the broker's valuation, Morgans upgrades to Buy from Accumulate. Target falls to $7.00 from $8.10.

Target price is $7.00 Current Price is $3.25 Difference: $3.75
If SDR meets the Morgans target it will return approximately 115% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 112.4% (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 SDR as Buy (1) -

SiteMinder announced a 1H26 normalised net loss of -$4.0m which was better than its -$7.1m forecast, reflecting execution against plan despite sector-wide compression in SaaS revenue multiples, Ord Minnett notes.

Transaction revenue rose 39% to $53m, supported by Demand Plus and the Smart Distribution Platform, with the analyst expecting further upside from DRP while C-plus may lag.

The broker argues the company is a net beneficiary of AI, citing platform neutrality and proprietary data as competitive moats.

Revenue forecasts are reduced to reflect circa -$10m in currency headwinds across FY27/FY28 and a higher weighted average cost of capital of 11.8% from 10.2%, driving a -21% reduction in the discounted cash flow valuation.

Buy retained and target falls to $6.27 from $7.97.

Target price is $6.27 Current Price is $3.25 Difference: $3.02
If SDR meets the Ord Minnett target it will return approximately 93% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 112.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

UBS rates SDR as Buy (1) -

SiteMinder has delivered a "convincing argument" for its viability in an AI-driven operating environment, emphasising the importance of neutrality and proprietary cross-system data, UBS observes in further analysis of the first half results.

The broker is confident the company can maintain momentum into the second half despite more challenging comparables. Buy rating. Target is reduced to $7.95 from $8.30.

Target price is $7.95 Current Price is $3.25 Difference: $4.7
If SDR meets the UBS target it will return approximately 145% (excluding dividends, fees and charges).

Current consensus price target is $7.37, suggesting upside of 112.4% (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 SEA as Buy (1) -

Sea Forest delivered 1H26 results which met Ord Minnett's and consensus expectations.

Revenue of $0.8m and an operating EBITDA loss of -$3.4m were broadly consistent with forecasts, while contracted cattle numbers increased to 118,000 head, representing potential annualised revenue of circa $13.7m once migrated to SeaFeedTM.

Commentary concludes the company has retained momentum since listing, including a 12,000 head agreement with Providore Global, commencement of a Newcastle distribution centre and a large-scale commercial trial with Woolworths Group ((WOW)), Teys and DIT AgTech.

Additional catalysts include Global Roundtable for Sustainable Beef membership and partnerships to enter the Japanese and Brazilian markets, the analyst explains.

Target price is $3.15 Current Price is $2.93 Difference: $0.22
If SEA 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

Ord Minnett rates SFX as Hold (3) -

Ord Minnett describes Sheffield Resources as looking highly speculative and suitable only for risk-tolerant investors at this stage.

The interim result is labeled as "weak", with Sheffield's 50% share of Kimberley Mineral Sands delivering a -$14.7m loss and requiring a -$3.3m cash injection amid depressed mineral sands prices.

While the analyst expects Yansteel to continue supporting Kimberley Mineral Sands through pre-payments and debt forbearance, it remains uncertain when distributions to Sheffield may resume.

December cash of $1.4m was boosted by $4m from asset sales, which the broker estimates may fund the company for only a couple of years absent a recovery.

A sustained lift in mineral sands prices and debt rescheduling at KMS are viewed as essential catalysts to unlock value.

Hold rated. Target moves to 7c from 6c.

Target price is $0.07 Current Price is $0.06 Difference: $0.006
If SFX meets the Ord Minnett target it will return approximately 9% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 SIG as Neutral (3) -

Sigma Healthcare today reported 1H26 normalised earnings (EBIT) of $583m, in line with the consensus estimate but ahead of Citi’s $554m forecast. Both revenue and margins came in above the broker’s expectations.

In an early assessment, the analysts highlight stronger-than-expected Chemist Warehouse Australian like-for-like sales growth of 15%, accelerating on FY25.

Domestically there were 13 net store additions and 11 internationally. New Zealand sales rose by 22.4% and Ireland's jumped 49.6%.

Owned and exclusive label sales rose 15.7% and the $100m synergy target remains on track, according to Citi, with $13m realised in H1.

The broker notes early H2 trading remains strong, with Chemist Warehouse network sales up 16.6%.

An interim dividend of 2c was declared.

Neutral rating. Target $3.20.

Target price is $3.20 Current Price is $2.99 Difference: $0.21
If SIG meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $3.21, suggesting upside of 9.3% (ex-dividends)

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 SLC as Hold (3) -

Superloop reported a -$5m P&L tax expense in 1H26 and Morgans forecast -$3m in 2H26. In 1H26, Superloop changed from booking tax gains/rebates to paying tax expenses through its P&L.

The company has substantial tax losses, Morgans notes, so from a cashflow perspective is not paying meaningful tax and is unlikely to pay cash tax for the next few years.

The broker rates management, its strategy and execution towards that strategy highly. However, after a strong share price run, Morgans sees Superloop as now trading close to fair value. Hold and $3.00 target retained.

Target price is $3.00 Current Price is $2.82 Difference: $0.18
If SLC meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $3.51, suggesting upside of 21.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Shaw and Partners rates SLX as Buy (1) -

Silex Systems has released its 1H26 result (net loss -$17.9m) and has provided an operational update. The key news in 1H26, Shaw and Partners notes, was that the Global Laser Enrichment (GLE) JV with Cameco has achieved Technology Readiness Level 6.

This has paved the way for full commercialisation of the technology at the Paducah Laser Enrichment Facility.

Silex is focused on the commercialisation of its laser isotope separation technology. The primary commercial application of the technology is the production of different grades of fuel for the nuclear power industry, Shaw explains.

Silex is one of Shaw and Partners' top small cap ideas for 2026. Buy and $12.80 target retained.

Target price is $12.80 Current Price is $7.28 Difference: $5.52
If SLX meets the Shaw and Partners target it will return approximately 76% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for 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 SSM as Buy (1) -

Service Stream announced 1H26 net profit after tax which missed Ord Minnett's expectations by -3% due to a seasonal 2H skew in Telco earnings, while the 3.0c dividend rose 20%.

Utilities margins expanded to 5.5% from 4.2% in 1H25, which is believed to be sustainable against the favourable contract mix and improving tender activity.

The transition towards higher-quality O&M contracts is largely complete, with return on equity forecast to rise to 15%-16% in FY27 and free cash flow expected to exceed $80m, supporting balance sheet flexibility.

Buy. Target lowered to $2.50 from $2.57.

Target price is $2.50 Current Price is $2.06 Difference: $0.44
If SSM meets the Ord Minnett target it will return approximately 21% (excluding dividends, fees and charges).

Current consensus price target is $2.68, suggesting upside of 31.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27: