Australian Broker Call

Citi rates AMC as Buy (1) -

On further inspection post the initial take below, Citi upgrades the target price to $74 from $65 and reiterates the Buy rating for Amcor, highlighting the attractive valuation.

The company is changing its fiscal year end to calendar with the 2H2026 noted as a transition period. 2027 will be the first full calendar financial year.

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Citi reiterates its Buy rating for Amcor as the valuation is seen as "compelling" and synergies expected to somewhat derisk over the year ahead.

Management has provided a lighter EPS guide for the 2H'26 transition period but Citi points out 4Q volumes were much better-than-expected driven by foodservice, petcare & protein, while liquids & beauty/wellness were flat, and healthcare was down.

Commentary acknowledges management's 2H'26 outlook is below consensus, despite further progress on synergies and with a modest headwind from incentive compensation.

The broker's base case scenario generates a price target of US$52, some 12% above the current share price.

Target price is $74.00 Current Price is $66.18 Difference: $7.82
If AMC meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $69.10, suggesting upside of 5.9% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Macquarie rates AMC as Outperform (1) -

Amcor's first half and June Q earnings came in near the top end of the guidance range and ahead of Macquarie. Volumes moved into positive territory for the first time in two years with 200bps sequential improvement to 0.5%. 

There has been a clear customer pivot to a volume over price focus which has benefited the company, Macquarie notes. Amcor doesn't believe there were material one-off factors driving the improvement (eg World Cup) as July volumes were also up.

Leverage remains elevated but with clear de-gearing pathway to 3.0x. The stock continues to inversely correlate with oil price, Macquarie notes, while valuation is undemanding on 11x FY27 PE and 5.6% dividend yield. Target falls to $71.30 from $72.00, Outperform retained.

Target price is $71.30 Current Price is $66.18 Difference: $5.12
If AMC meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $69.10, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

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

Morgans downgrades its rating for Amcor to Hold with its target price decreased to $65.30 from $65.40 following an inline FY26 financial result featuring weaker guidance.

Underlying EBIT surged 63% to US$2,813m while underlying EPS grew 13% to US$4.02, landing at the top end of management's guidance range.

The analyst highlights a sequential return to volume growth in the fourth quarter, driven by pet food and protein strength across the Global Flexible Packaging segment, alongside total annualised synergy realisations of US$285m beating initial targets.

Full-year free cash flow of US$1.3bn fell short of expectations due to higher working capital requirements linked to the Middle East conflict.

The broker adjusts underlying EPS forecasts downwards by 3%-4% primarily to account for higher net interest expenses, reflecting a softer outlook into the period ending December 2026 before the financial reporting shifts to a calendar year-end.

The suggestion is that the stock is currently fully valued despite an attractive long-term profile.

Target price is $65.30 Current Price is $66.18 Difference: minus $0.88 (current price is over target).
If AMC meets the Morgans target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.10, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Ord Minnett rates AMC as Downgrade to Hold from Buy (3) -

Amcor has been downgraded to Hold from Buy at Ord Minnett. Commentary notes June-quarter EPS beat consensus as volumes returned to modest growth, but free cash flow and near-term guidance disappointed.

Ord Minnett lifts forecasts modestly and its target to $64 from $63. The downgrade is triggered by the share price moving higher.

Target price is $64.00 Current Price is $66.18 Difference: minus $2.18 (current price is over target).
If AMC meets the Ord Minnett target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $69.10, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

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

Market Sentiment: 0.5

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

Morgan Stanley rates ANZ as Overweight (1) -

Morgan Stanley found the trading update from ANZ Bank should ease concerns around the impact of current headwinds on revenue and increase confidence in cost controls.

Excluding the NZ class action provision, cash profit was above the broker's estimates in the third quarter. Underlying expense trends were also better than forecast and the bank has confirmed it is on track to meet its key targets.

The slowdown in mortgages also appears less than the other major banks. Overweight retained. Target is $34.50. Industry view is Cautious.

Target price is $34.50 Current Price is $38.04 Difference: minus $3.54 (current price is over target).
If ANZ meets the Morgan Stanley target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in September.

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 ANZ as Hold (3) -

Hold rating and $33 price target for ANZ Bank have remained intact with Ord Minnett observing third-quarter cash profit rose 1% versus the first-half quarterly average, with stronger margins, cost control, asset quality and capital.

EPS forecasts rise 3.0%, 2.2% and 1.0% through FY28. Revenue headwinds are seen as limiting rerating potential.

Target price is $33.00 Current Price is $38.04 Difference: minus $5.04 (current price is over target).
If ANZ meets the Ord Minnett target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $35.02, suggesting downside of -9.6% (ex-dividends)

The company's fiscal year ends in September.

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 ASX as Neutral (3) -

Post the initial take below, EPS forecasts are raised by 3% for FY27 and FY28 largely due to higher futures pricing and trading volumes, Citi points out.

The ongoing uncertainty around a possible "step up" in costs beyond FY27 remains, until the new CEO conducts the first presentation on 1 Sept.

Target price is raised to $60.10 from $56.50 with no change in Neutral rating.

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On first glance, Citi notes ASX's FY26 core profit, up 5% year on year, is a 1% beat versus expectations. Revenue growth of 13% was slightly better than expected, while the material step-up in costs (21%) was as expected.

Delving in, versus Citi's forecasts each division reported marginally higher than expected revenue, with the resilient futures contract yield a positive highlight, but this was partly offset by lower net interest income.

ASX reaffirmed its total cost guidance for FY27 (up 18%-21% year on year) while suggesting its Listings pipeline is the strongest in years. Neutral and $56.50 target retained.

Target price is $60.10 Current Price is $60.52 Difference: minus $0.42 (current price is over target).
If ASX 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 $56.55

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.5

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

Macquarie rates ASX as Downgrade to Underperform from Neutral (5) -

ASX's FY26 result was in line with expectations, Macquarie notes. Positive revenue growth in Markets (18.6%) and Securities & Payments (19.4%) were offset by a lower spread on collateral balances in 2H26 (-14bps).

ASX's FY27 cost guidance was pre-released, while management also re-confirmed FY28 capex of $170m-190m. ASX's dividend payout ratio range remains at 75%-85%, with management guiding to this being at the bottom end of the range until at least 1H27.

Macquarie models the payout ratio to be 75% in perpetuity, and now expects the guidance range to be reset lower by the new management team at an investor day set to be held in June '27.

On analysis of the effect of a change in CEO and CFO, which will happen in 1H27, Macquarie downgrades to Underperform from Neutral, noting forward-looking PE metrics in excess of 20x appear high for a company with low single-digit EPS growth.

Target rises to $52 from $51.

Target price is $52.00 Current Price is $60.52 Difference: minus $8.52 (current price is over target).
If ASX meets the Macquarie target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.55

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.5

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

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

FY26 underlying profit rose 5.2% and beat consensus by 1%, but 21.2% expense growth absorbed much of the strong revenue increase, Ord Minnett comments.

With costs remaining elevated and FY27 EPS forecast to fall -8%, ASX's rating drops to Lighten from Hold and the target moves to $54.85 from $51.30.

Target price is $54.85 Current Price is $60.52 Difference: minus $5.67 (current price is over target).
If ASX meets the Ord Minnett target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $56.55

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.5

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

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

On further analysis, UBS notes the strong share price reaction to the ASX FY26 result appears related to avoiding MSCI "downweighting" and reduced cost and capital expenditure risks for the short term.

Earnings estimates provisions are minimal and UBS continues to envisage upside risk to consensus forecasts that reflect stronger equity turnover, rising revenue headroom for equity post-trade and potential areas of repricing.

With the stock now having re-rated to a 23x PE the rating is downgraded to Neutral from Buy and the target is raised to $66.90 from $62.00.

First look:

At first look, ASX's FY26 underlying NPAT of $536m was in line with UBS and around 1% ahead of consensus, with slightly stronger revenue offset by weaker net interest income.

Revenue increased 13% and expenses rose 21%, resulting in EBIT growth of 7.8%, around 2% ahead of consensus.

The analyst highlights a strong start to FY27 across listings, cash equity turnover and interest rate futures volumes, which it sees as potential sources of earnings upside.

FY27 expense growth guidance of 18%-21% and capex guidance of $180m-$200m were reaffirmed, while UBS's FY27 EPS forecast is currently 4.6% above consensus.

Buy rated. Target $62.

Target price is $66.90 Current Price is $60.52 Difference: $6.38
If ASX meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $56.55

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.5

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

Citi rates BBN as Buy (1) -

In a further update, the analyst found the earnings conference call as "relatively upbeat".

FY27 refurbishment cohort is expected to deliver similar benefits to the FY25 and FY26 cohorts, easing concerns the strongest sales uplifts may have already been captured. Medium-term gross margin guidance supports the long-term 10%-plus EBITDA margin target.

The broker also expects dividends could resume in FY28 from a higher earnings base.

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Baby Bunting's FY26 pro forma NPAT of $16.1m was marginally below consensus and at the bottom of guidance, reflecting softer 4Q26 trading, particularly in prams and car safety, Citi observes on a first take.

Gross margin expanded to 41.2%, due to lower cost of doing business, strong covenant headroom and 96% cash conversion were all viewed as positives by the analyst.

FY27 pro forma NPAT guidance of $19m-$21m brackets Citi's $19.9m forecast, while early FY27 like-for-like sales growth of 4.3% is running ahead of expectations, led by strength in NZ.

Citi sees potential for mid-single-digit consensus EPS downgrades but expects the FY27 guidance, positive early trading and lower capex outlook to provide some relief for shareholders.

Buy. Target $2.70.

Target price is $2.70 Current Price is $1.21 Difference: $1.495
If BBN meets the Citi target it will return approximately 124% (excluding dividends, fees and charges).

Current consensus price target is $2.72, suggesting upside of 115.9% (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

Ord Minnett rates BRE as Speculative Buy (1) -

Ord Minnett notes the scoping study supports a large, high-grade project, although its headline US$7.9bn valuation relies on aggressive rare-earth prices; a more moderate case produces US$3.7bn.

Ord Minnett maintains its Speculative Buy rating for Brazilian Rare Earths and raises its target to $6.50 from $5.50, with permitting, the prefeasibility study and exploration as catalysts.

Target price is $6.50 Current Price is $4.73 Difference: $1.77
If BRE meets the Ord Minnett target it will return approximately 37% (excluding dividends, fees and charges).

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 CCL as Buy (1) -

In a preview to the upcoming FY26 release, Ord Minnett expects underlying net profit of $44.9m, which would be above consensus and implied guidance, aided by Indue, Paymark and resilient transaction volumes.

FY27 guidance and acquisition progress are considered central to the forthcoming result.

Buy. Price target $5.51.

Target price is $5.51 Current Price is $5.30 Difference: $0.21
If CCL meets the Ord Minnett target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.70, suggesting upside of 4.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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

Citi rates CLW as Buy (1) -

On further inspection post the initial take, Citi retains its Buy rating on a slightly lower target price of $4 from $4.10.

The analyst reiterates the stock is trading at a circa -20% discount to its NTA and an attractive circa 7% yield.

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Charter Hall Long WALE REIT announced FY26 operating earnings of $181.9m, with EPS and DPS of 25.5c both in line with guidance and expectations, Citi notes at first glance.

FY27 EPS and DPS guidance is flat at 25.5c, broadly matching consensus but below the analyst's 26.2c forecast, pointing to limited near-term earnings growth.

Positively, NTA increased 2.6% to $4.71 per share, leaving the stock trading at an -18% discount, while pro forma gearing of 27.5% remains within the 25%-35% target range.

Additional portfolio activity was announced across acquisitions and divestments, although Citi flags the cessation of look-through gearing disclosure as an area of focus.

The stock is expected to trade up slightly. Buy. Target $4.10.

Target price is $4.00 Current Price is $3.67 Difference: $0.33
If CLW meets the Citi target it will return approximately 9% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

Macquarie rates CLW as Neutral (3) -

Charter Hall Long WALE REIT's FY26 operating earnings per share of 25.5cps, up 2.0% year on year, were in line with guidance. FY27 OEPS and dividend guidance of 25.5cps implies no growth year on year, but is in line with expectations, Macquarie notes.

Portfolio quality is improving, commentary suggests, but earnings growth remains elusive. The REIT is trading at -22% discount to net tangible asset value with a 7% dividend yield, providing some support.

Limited earnings growth over the near term, impacted by interest expense headwinds, keeps Macquarie on a Neutral. Target falls to $3.43 from $3.72.

Target price is $3.43 Current Price is $3.67 Difference: minus $0.24 (current price is over target).
If CLW meets the Macquarie target it will return approximately minus 7% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $3.84, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

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

Charter Hall Long WALE REIT has guided to FY27 FFO of 25.5c per security, level with FY26 and in line with Morgan Stanley's forecasts.

FY27 is expected to have a few concerns including headwinds from the cost of debt and downtime at Mort Street. Growth is expected to pick up in FY28.

While not currently of concern, the broker warns interest-rate hedging drops to just 49% in FY28 from 85% in FY27 and the hedge rate increases to 3.4%.

This will be offset if the Reserve Bank enters a rate-cut cycle but, if not, there is potential for further earnings headwinds in FY28.

Target is $4.10. Equal-weight retained. Industry view: In-Line.

Target price is $4.10 Current Price is $3.67 Difference: $0.43
If CLW meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $3.84, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

UBS rates CLW as Sell (5) -

Despite FY26 results that were "in line", equity in Charter Hall Long WALE REIT sold off. On further analysis, UBS assesses FY27 guidance was disappointing and attributable to two items that should have driven further EPS accretion.

These included FY27 debt hedging, which lifted to 85%, and the divestment of $245m in assets at less than a 5% passing yield.

The broker forecasts lacklustre growth across FY27-FY29. Sell rating and $3.50 target maintained.

First take:

Charter Hall Long WALE REIT's FY26 operating earnings of $181.9m and EPS of 25.5c were in line with UBS and consensus at first look, while NTA increased 2.6% to $4.71 per share.

The analyst believes the operational metrics remained solid, with occupancy at 99.9%, LFL rent growth of 3.0% and a WALE of 9.2 years, while balance sheet gearing declined to 27.5%.

FY27 interest rate hedging increased to 85% at an unchanged 3.0% hedge rate with refinancing benefits, although the cost of debt increased to 4.7% and look-through gearing is no longer disclosed.

FY27 EPS and DPS guidance of 25.5c implies no growth, with EPS slightly below consensus but ahead of UBS's 25.3c forecast.

Sell rated. Target $3.50.

Target price is $3.50 Current Price is $3.67 Difference: minus $0.17 (current price is over target).
If CLW 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 $3.84, suggesting upside of 7.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

Morgan Stanley rates CWY as Overweight (1) -

Cleanaway Waste Management has entered into an agreement with EQT Infrastructure to acquire 100% of the stock for $3.13/share in cash. A scheme implementation agreement is subject to due diligence, board and regulator approvals.

Morgan Stanley notes the proposal equates to a 34% premium to the 6-month VWAP of $2.34/share.

Cleanaway has provided first-time FY27 EBIT guidance of $500-$530m. In the near term the broker expects the share price will trade on potential completion of the transaction and less on fundamentals.

Overweight rating and a target of $2.91. Industry View: In-Line.

Target price is $2.91 Current Price is $2.73 Difference: $0.18
If CWY meets the Morgan Stanley target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.87, suggesting upside of 4.9% (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 EQR as Upgrade to Buy from Trim (1) -

Morgans upgrades its rating for EQ Resources to Buy with its target price increased to $0.52 from $0.23 following rising tungsten price premiums outside of China.

The ammonium paratungstate price has surged from sub-US$40,000/t to current levels above US$312,000/t for non-Chinese users, driven by supply restrictions, military consumption, and sovereignty concerns.

The analyst notes June quarter production was relatively weak across both the Mt Carbine and Barruecopardo operations, constrained by lower-grade ore processing and weather impacts.

The broker's estimates suggest production should recover towards mid-term targets, supported by a planned $39m capacity expansion at Mt Carbine and a return to regular processing at Barruecopardo.

The valuation upgrade incorporates this expansion and higher long-term commodity price assumptions, with management also flagging a potential North American listing to better align with the trading multiples of peers like Almonty Industries.

Target price is $0.52 Current Price is $0.30 Difference: $0.22
If EQR meets the Morgans target it will return approximately 73% (excluding dividends, fees and charges).

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) -

Post the initial take below, Citi lifts the target price to $3.05 from $2.95. The stock remains Buy rated.

The analyst upgrades FY26 revenue forecast on strong subscription momentum and earnings forecasts by 7% as operating leverage starts to kick in.

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On a first glance, Citi notes Fineos Corp reported first half profit slightly ahead of consensus, with both revenue and earnings in line with the broker's forecast.

Acceleration in annual recurring revenue growth and strong subscription revenue growth are positives, while a lower gross margin, weaker Services revenue and lower operating cash flow due to timing of receipts were negatives.

An in-line result and the strong ARR growth suggests that Fineos should be on-track to hit the mid-point of its revenue guidance. Citi sees potential for the share price to react positively to the ARR growth. Buy and $2.95 target retained.

Target price is $3.05 Current Price is $2.15 Difference: $0.9
If FCL meets the Citi target it will return approximately 42% (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

Macquarie rates FCL as Outperform (1) -

Fineos Corp's first half result was in line with Macquarie's forecast. The key positive was annual recurring revenue, up EUR9.5m since December, the largest absolute six-month increase since listing.

Management's outlook and guidance beyond FY26 was reiterated and implies an acceleration in subscription revenue growth to more than 20% versus 15% in the first half, Macquarie notes.

The key negative from the result was the rate of free cash flow growth, but Fineos' medium-term revenue mix targets imply an acceleration in revenue versus Macquarie's forecasts. Outperform and $3.50 target retained.

Target price is $3.50 Current Price is $2.15 Difference: $1.35
If FCL meets the Macquarie target it will return approximately 63% (excluding dividends, fees and charges).

The company's fiscal year ends in December.

Forecast for FY26:

Forecast for FY27:

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 HDN as Upgrade to Hold from Sell (3) -

Bell Potter upgrades its rating for HomeCo Daily Needs REIT to Hold with a $1.25 target price following the release of an in-line FY26 financial result.

Funds from operations of 9.0c per share met consensus, highlighting robust retail fundamentals including a 35% lift in foot traffic and 6% growth in customer spending.

Solid operating momentum continues to be offset by rising debt costs.

The broker's estimates adjust FY27-FY29 funds from operations downwards by -1%-3% to reflect higher anticipated interest rate hedging, forecasting a -2% near-term earnings decline to 8.8c per share as cheaper swaps roll off.

The analyst believes the trust's 5.53% capitalisation rate sits below its marginal cost of debt, creating opportunities for earnings-accretive divestments as management targets a 30% gearing ratio.

Target price is $1.25 Current Price is $1.21 Difference: $0.045
If HDN meets the Bell Potter target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Macquarie rates HDN as Neutral (3) -

HomeCo Daily Needs REIT's FY26 funds from operations of 9.0cps, up 2.3% year on year, were in line with guidance. FY27 FFO guidance of 8.8cps, -2.2% down year on year, is below consensus of 9.1cps.

Management believes the current earnings pressure should moderate beyond FY27 if interest rates stabilise or decline, Macquarie notes, and highlighted $400-500m of unsolicited offers for assets around or above book value, suggesting substantial embedded liquidity within the portfolio.

The expiry of interest rate hedges, all things equal, will weigh on FFO and dividend growth, Macquarie warns, countering the attractive 7% dividend yield and -23% discount to net tangible asset value.

Operational performance continues to be solid, Macquarie suggests. The key debate now shifts to capital allocation. Target falls to $1.17 from $1.24, Neutral retained.

Target price is $1.17 Current Price is $1.21 Difference: minus $0.035 (current price is over target).
If HDN meets the Macquarie target it will return approximately minus 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $1.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

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

HomeCo Daily Needs REIT has guided to FY27 FFO of 8.8c per security, below Morgan Stanley's forecasts. The broker suspects interest expenses will be higher than consensus anticipates. The FY26 result was in line with guidance.

The broker finds the balance sheet "interesting", with an $800m bridge facility in place, and suspects the REIT may seek to source debt from the capital markets rather than just using bank debt.

The company confirmed capital allocation initiatives were being considered to close the NTA discount but stopped short of specifying a buyback, Morgan Stanley observes. Target is $1.35. Equal-weight. Industry view: In-line.

Target price is $1.35 Current Price is $1.21 Difference: $0.145
If HDN meets the Morgan Stanley target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Morgans rates HDN as Accumulate (2) -

Morgans retains an Accumulate rating for HomeCo Daily Needs REIT with its target price decreased to $1.33 from $1.36 following an FY26 result aligning with expectations and softer FY27 guidance.

The analyst highlights FY27 funds from operations guidance of 8.8c sits -2% below the previous corresponding period, driven entirely by higher debt costs offsetting 4.0% expected comparable net property income growth.

The distribution payout ratio increases to 98% of earnings, leaving limited retained cash to fund the development pipeline while interest headwinds persist.

The broker suggests selective asset recycling remains the clearest path to reduce gearing back below the 35% midpoint.

Despite a short hedge tenor, the investment thesis centres on the stock offering value, trading at a -23% discount to a $1.56 net tangible asset backing alongside an attractive 7.1% yield.

Target price is $1.33 Current Price is $1.21 Difference: $0.125
If HDN meets the Morgans target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

UBS rates HDN as Neutral (3) -

UBS notes, on further analysis, HomeCo Daily Needs REIT equity sold off sharply in the wake of the FY26 result with the market lacking enthusiasm for the FY27 guidance.

Hedging activity undertaken in the second half contributed to softer growth and management has continued to be cautious around near-term development activity.

While acknowledging its prudence, the broker notes this has dented investment appeal in the stock. Neutral rating. Target is reduced to $1.30 from $1.35.

First take:

HomeCo Daily Needs REIT delivered FY26 FFO of $187.1m, broadly in line with expectations, with comparable NOI growth of 4.0%, re-leasing spreads of 5.9% and occupancy remaining high at 99%, at UBS' first look.

The analyst highlights the REIT's strong operating performance, with rent collection above 99%, NOI growth exceeding weighted average cost of capital of 3.6% and more than $650m of future development opportunities.

The key negative is rising funding costs, with the average cost of debt increasing to 5.0% and new hedges secured at materially higher rates, while gearing increased to 35.7%.

As a result, FY27 FFO per security guidance of 8.8c implies a -2% decline and is around -3% below UBS and consensus forecasts, despite another 4.0% of comparable NOI growth, while DPS is guided flat at 8.6c.

Neutral rated. Target $1.35.

Target price is $1.30 Current Price is $1.21 Difference: $0.095
If HDN meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.29, suggesting upside of 11.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Macquarie rates IAG as Underperform (5) -

Insurance Australia Group's stronger than expected gross written premium growth guidance has offset some of the disappointment on reported margin guidance for FY27, Macquarie suggests.

Management once again reinforced conservatism, the broker notes, given guidance assumes catastrophes in line with allowance. Intermediated channels continue to be challenged across A&NZ, as lower premium rates earn through to margins.

Before becoming more constructive on the stock, Macquarie is watching how conservative consensus becomes on normalised catastrophes post this update. Target falls to $7.10 from $7.30, Underperform retained.

Target price is $7.10 Current Price is $7.81 Difference: minus $0.71 (current price is over target).
If IAG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $7.99, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.3

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

UBS rates IAG as Buy (1) -

While the FY26 result from Insurance Australia Group missed estimates slightly, on further review UBS notes the share price reaction and moves over the past week are overdone. This provides a more appealing entry point to the stock.

Several drivers combine to imply 11%  underlying ITR profit growth in FY27, with potential for further upside should the acquisition of RAC be completed. Buy rating. Target is reduced to $9.25 from $9.45.

****

UBS observes on first take, Insurance Australia Group's FY26 cash NPAT of $1.025bn was -2.8% below expectations, and -4.1% below consensus, reflecting higher minority interests, while underlying insurance profit also missed forecast by -4.8%.

The weaker underlying resulted from higher reinsurance costs and a 15.0% underlying insurance margin, with NZ Intermediated the main area of weakness, while RACQ remained below potential despite improving materially in 2H.

Positively, FY27 GWP growth guidance of 5%-8% is well ahead of consensus at 3.6%, supported by growth across Retail and Intermediated and a full-year contribution from RACQI, the analyst highlights.

Reported insurance margin guidance of 14.5%-16.5% also points to improvement, with UBS noting potential upside of around 1ppt if natural peril costs track below the company's allowance.

Buy. Target $9.45.

Target price is $9.25 Current Price is $7.81 Difference: $1.44
If IAG meets the UBS target it will return approximately 18% (excluding dividends, fees and charges).

Current consensus price target is $7.99, suggesting downside of -1.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.3

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

Ord Minnett rates INR as Speculative Buy (1) -

ioneer's first-half result met expectations and a US$50m raising increased cash to approximately US$59m, Ord Minnett comments, extending the funding runway for Rhyolite Ridge.

The report concludes the result is supportive of the broker's valuation, with no change to Net Asset Value (NAV).

Speculative Buy and the 54c target are unchanged; binding partner agreements, funding and a final investment decision are lined up as the key catalysts.

Target price is $0.54 Current Price is $0.11 Difference: $0.43
If INR meets the Ord Minnett target it will return approximately 391% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

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

Market Sentiment: 1.0

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

UBS rates NWH as Buy (1) -

UBS points out NRW Holdings' civil work-in-hand could now exceed $1bn following new contracts for the Yarrabilba and Shoreline developments in Queensland, supporting continued revenue growth.

The broker forecasts FY27 civil revenue of $930m and a 5.6% EBITDA margin, with elevated tender activity and bid win rates providing further upside.

The contractor is expected to deliver another solid FY26 result, with strong momentum across Civil, EMIT (Energy, Mining and Industrial Technologies) and MET (Minerals, Energy and Technologies) supporting the near-term outlook, although management may initially provide conservative guidance.

With a forecast 18% CAGR over the next three years, NRW Holdings remains Buy rated. The stock is seen trading on an undemanding valuation of around 11.4x FY27 EBITDA. Target $7.95.

Target price is $7.95 Current Price is $7.36 Difference: $0.59
If NWH meets the UBS target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $7.90, suggesting upside of 5.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 0.8

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

Citi rates ORA as Neutral (3) -

Post the initial observations below, Citi has come away from Orora highlighting ongoing challenges for Saverglass around the price/mix as well as the Middle East conflict lowering earnings transparency.

Commentary concludes there seems to be no clarity around when RAK can return to profitability either.

The stock continues to carry an uncertain "risk/reward", says Citi. Neutral/High risk. Target $1.60.

First take:

At first glance, Citi notes Orora's FY26 EBIT of $248m was broadly in line with consensus, with a steady Cans performance offset by ongoing mix pressure in Global Glass.

Cans volume growth of 6% was highlighted as well as market share gains at Saverglass as positives, while the planned resumption of the buyback, October restart of RAK production and glass improvement initiatives provide potential upside.

Saverglass continues to be impacted by price and mix headwinds, Gawler volumes declined -2%, and group and Saverglass EBIT are expected to fall in FY27, the analyst points out.

Citi sees the absence of further negative developments as a relief, although the near-term operating environment for Saverglass remains challenging.

Neutral, High risk rated. Target $1.60.

Target price is $1.60 Current Price is $1.49 Difference: $0.115
If ORA meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

Macquarie rates ORA as Neutral (3) -

Macquarie found Orora's FY26 earnings broadly in line. Guidance is for lower earnings in FY27 driven by Saverglass and higher D&A. The broker sees downside risk to FY27 consensus.

For Saverglass, the Middle East conflict has exacerbated cost of living pressures, Macquarie notes; however, there are other structural factors at play including a focus on health & wellbeing driving lower alcohol consumption, increased GLP1 usage and the rise of ready-to-drinks.

The adverse price/mix is likely to persist for Saverglass in the near term, Macquarie warns, combined with a lack of visibility. The buyback re-start is positive and likely to provide near-term share price support, but the broker needs to see improved spirits demand and end to de-premiumisation.

Neutral and $1.55 target retained.

Target price is $1.55 Current Price is $1.49 Difference: $0.065
If ORA meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

UBS rates ORA as Neutral (3) -

On further reflection after the FY26 results from Orora, UBS retains a Neutral rating, with the stock trading at a one-year forward PE of around 15x.

Resumption of the share buyback following a pause to allow the company to monitor the situation in the Middle East should provide support to the share price, commentary suggests.

UBS also envisages capacity for further capital management. Target is reduced to $1.65 from $1.70.

First take:

At first glance, UBS points out Orora's FY26 EBIT of $248m fell -5% but was in line with consensus, with stronger Cans earnings offset by continued weakness at Saverglass.

The analyst highlights 6.3% Cans volume growth, strong operating cash flow and the resumption of the share buyback as positives, while net debt of $481m left leverage at a manageable 1.2x.

Saverglass remains the key negative, the broker emphasises, with EBIT falling -18% despite higher volumes as weaker product mix weighed on earnings, while a -$743m non-cash impairment reflects a delayed recovery in premium spirits demand.

FY27 group EBIT is expected to decline, broadly in line with expectations, as growth in Cans and stable Gawler earnings are offset by further Saverglass weakness amid tariffs, Middle East disruption and adverse price and mix effects.

Neutral rated. Target $1.70.

Target price is $1.65 Current Price is $1.49 Difference: $0.165
If ORA meets the UBS target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $1.58, suggesting upside of 4.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.1

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

Citi rates ORG as Buy (1) -

Origin Energy's stronger-than-expected Energy Markets result and FY27 guidance reinforce Citi's positive view, with earnings proving more resilient to softer forward curves than anticipated.

The broker sees scope for electricity gross margins to remain above the company's $25-$40/MWh target range, supported by lower procurement costs, battery capacity expansion, VPP growth and flexible generation.

Aggregate Octopus and Kraken EBITDA is expected to turn profitable in FY27, although uncertainty remains around reinvestment across non-UK customer growth, Energy Services and Kraken, as well as IPO timing.

FY27 core NPAT forecast is raised by 2% on lower net pool costs but FY28 forecast is cut by -10% on higher Octopus reinvestment.

Buy retained, with the target raised to $13.00 from $12.10.

Target price is $13.00 Current Price is $11.86 Difference: $1.14
If ORG meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Macquarie rates ORG as Neutral (3) -

Origin Energy's FY26 profit was in line, Macquarie notes, with better Energy Markets, offset by higher interest, tax and D&A. Cashflow was strong with benefits from tax refunds, future deposit releases, and APLNG benefiting from lower debt amortisation and five dividends instead of four.

Returns on $2bn of growth capex look delayed, the broker suggests, as FY27 guidance remains flat, with further earnings pressure likely in FY28. Energy Markets price weakness is a key headwind, while tighter supply from lower coal reliability is the main upside risk.

Risk remains that the oversupply dynamic lasts past FY30, Macquarie warns. Neutral retained, target rises to $10.80 from $10.00.

Target price is $10.80 Current Price is $11.86 Difference: minus $1.06 (current price is over target).
If ORG meets the Macquarie target it will return approximately minus 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $11.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Ord Minnett rates ORG as Hold (3) -

Ord Minnett notes Origin Energy's FY26 underlying profit of $1.16bn slightly beat consensus, driven by Energy Markets and improved Octopus/Kraken performance.

FY27 Energy Markets guidance exceeded expectations, lifting EPS forecasts by 5.0%-7.7% and the broker's price target to $11.10 from $10.70.

The Hold rating is retained due to FY28 electricity-market risk.

Target price is $11.10 Current Price is $11.86 Difference: minus $0.76 (current price is over target).
If ORG 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 $11.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

UBS rates ORG as Buy (1) -

Further to the FY26 results, UBS assesses new battery earnings for Origin Energy will offset much of the impact in FY27 of lower near-term wholesale electricity prices.

The company's retail business claims the lowest cost-to-serve across the industry, having now achieved $126m in cost savings and providing a platform for accretive growth.

Buy rating retained, with price risk skewed to the upside and underpinned by growing electricity demand from data centres, continued smelter operations in NSW and thermal asset retirements from 2028 onwards.

Higher APLNG cash distributions are also on the way. Target is reduced to $13.25 from $13.45.

First take:

Origin Energy delivered a strong FY26 result, UBS notes at first glance, with underlying EBITDA of $3.22bn and underlying NPAT of $1.16bn beating consensus by 3% and 2%, respectively.

Energy Markets EBITDA of $1.70bn was a positive, supported by lower servicing and energy procurement costs, while FY27 guidance of $1.55bn–$1.85bn is around 5.5% above consensus at the midpoint and demonstrates resilience to softer near-term electricity prices.

The broker expects Origin's flexible generation and growing battery portfolio to help offset lower electricity prices, creating potential upside to FY28 Energy Markets earnings expectations.

The final dividend was viewed as conservative given the strong balance sheet, although FY27 capex guidance of $450–650m is materially below consensus and provides scope for dividend growth.

Buy rated. Target $13.45.

Target price is $13.25 Current Price is $11.86 Difference: $1.39
If ORG meets the UBS target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $11.70, suggesting downside of -2.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Citi rates QBE as Neutral (3) -

On first observations, QBE Insurance Group's 1H26 result was broadly in line with Citi's expectations, with a 92.8% combined operating ratio and insurance margin of 12.6%, although underwriting profit fell short of consensus.

Gross written premium growth of 9.5% was stronger than expected, led by 11% ex-rate growth in International, while capital remains strong.

The ex-cat claims and expense ratios were higher than expected, but the analyst accepts management's view these should improve in 2H26, supporting a stronger second-half skew.

The broker considers QBE on track to deliver FY26 guidance, supported by solid premium growth, margins and investment earnings. The interim DPS of 32c was in line and most likely represents the 1H:2H dividend skew. The capital position remains robust.

The stock could trade flat to down, Citi suggests, depending on how the market interprets the result.

Neutral. Target $27.20.

Target price is $27.20 Current Price is $23.47 Difference: $3.73
If QBE meets the Citi target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.11, suggesting upside of 14.5% (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: 0.4

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

UBS rates QBE as Neutral (3) -

QBE Insurance Group's 1H26 cash NPAT was broadly in line with consensus, although insurance profit fell short despite stronger gross written premium growth, UBS observed at first glance.

The underlying combined operating ratio of 94.6% remains well above QBE's circa 92.5% FY26 target, even after adjusting for several one-off impacts.

The broker sees achieving the required improvement in 2H26 as challenging given slowing pricing and reduced scope for reserve release support following the -$1.6bn loss portfolio transfer.

Management has nevertheless retained FY26 guidance for mid-single-digit gross written premium growth and a circa 92.5% combined operating ratio.

Neutral rated. Target $27.30.

Target price is $27.30 Current Price is $23.47 Difference: $3.83
If QBE meets the UBS target it will return approximately 16% (excluding dividends, fees and charges).

Current consensus price target is $26.11, suggesting upside of 14.5% (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: 0.4

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

Morgan Stanley rates RIO as Underweight (5) -

Rio Tinto's majority-owned Tomago smelter in NSW has reached agreement with the Commonwealth and NSW governments supporting a 10-year plan to continue producing aluminium through to 2038, commencing after its contract expires at the end of 2028.

Power will transition to 100% renewable from 2033 and Tomago will invest $1.1bn through to 2038. Morgan Stanley had presumed Tomago would continue to operate and finds limited impact on earnings estimates.

The deal includes an aluminium-price linked return to the governments at higher prices, with the threshold undisclosed.

Underweight rating maintained. Industry view is Attractive. Target is $150.

Target price is $150.00 Current Price is $173.03 Difference: minus $23.03 (current price is over target).
If RIO meets the Morgan Stanley target it will return approximately minus 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $170.67, suggesting upside of 1.6% (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: 0.0

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

UBS rates RIO as Neutral (3) -

UBS notes that, over the last two years, Rio Tinto has restructured its aluminium smelters in Australasia and a new 10-year power purchase agreement for the Tomago smelter in NSW has been announced.

The company has assured investors the new agreements will make the smelters more internationally competitive.

The broker considers the developments a small positive, improving competitiveness, deferring closure costs, improving government relations and materially lowering the company's Scope 1–2 carbon emissions. Neutral rating. Target is $177.

Target price is $177.00 Current Price is $173.03 Difference: $3.97
If RIO meets the UBS target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $170.67, suggesting upside of 1.6% (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: 0.0

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

Morgans rates SEK as Buy (1) -

Morgans maintains a Buy rating for Seek with its target price decreased to $19.90 from $23.60 following a macro-driven downgrade to FY27 volume expectations.

FY26 financial results met guidance, driven by an 18% improvement in average paid ad yield offsetting volume declines, culminating in underlying EBITDA of $530m and free cash flow surging 21% to $246m.

The analyst notes the softer macroeconomic environment impacting the APAC job market led to a -16% reduction in FY27 earnings per share forecasts, reflecting higher depreciation and interest expenses alongside single-digit volume falls.

To mitigate the weaker volume outlook, management seeks to enforce strict cost controls to limit expenditure growth to a 5% maximum while extracting minimum 10% yield growth across the unified platform.

The broker's estimates suggest the current normalisation in job ad listings will eventually stabilise, providing an opportunity for the business to utilise pricing models and platform benefits to drive profitable long-term growth.

Target price is $19.90 Current Price is $13.91 Difference: $5.99
If SEK meets the Morgans target it will return approximately 43% (excluding dividends, fees and charges).

Current consensus price target is $18.51, suggesting upside of 22.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.7

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

Citi rates SKG as Neutral (3) -

Storage King Group's FY26 operating metrics are viewed as resilient, on first observation, with stable margins, 2.7% Australian RevPAM growth and NTA increasing 1.7% to $1.77 per security.

Citi highlights materially weaker FY27 distribution guidance of 4.50cps and implied FFO guidance of 4.50cps-5.00cps, reflecting the reset of historically low hedged interest rates to normalised market levels.

The broker views FY27 as a reset year rather than a structural deterioration, with internalisation expected to deliver $7m in annualised cost savings and provide a cleaner operating structure.

Citi sees medium-term upside from the development pipeline and the stock's circa -29% discount to NTA, although higher finance costs remain a near-term risk.

Neutral rated. Target $1.60.

Target price is $1.60 Current Price is $1.26 Difference: $0.335
If SKG meets the Citi target it will return approximately 26% (excluding dividends, fees and charges).

Current consensus price target is $1.50, suggesting upside of 28.2% (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 SUN as Hold (3) -

Morgans maintains a Hold rating for Suncorp Group with its target price increased to $20.00 from $18.89 following a largely in-line FY26 result featuring strong capital returns.

Cash net profit after tax reached $1.04bn to marginally beat consensus, alongside the announcement of a 52c final dividend, a 10c special dividend, and a $250m on-market share buyback.

The analyst highlights flat consumer home and motor unit growth during the second half as a negative, offset by potential margin upside if natural hazard claims normalise towards historical averages.

The broker's estimates incorporate a -3% reduction across FY27 and FY28 earnings per share forecasts primarily due to softer underlying insurance trading ratio assumptions.

Despite management successfully executing a pure-play general insurance strategy, the valuation roll-forward leaves limited remaining upside, the report concludes.

Target price is $20.00 Current Price is $19.81 Difference: $0.19
If SUN meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $20.33, suggesting upside of 3.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.5

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

Citi rates TCL as Neutral (3) -

Further observations post the initial take, FY27 is shaping up as a transition year, with Citi expecting flat free cash flow of around 68c, -5% below prior consensus, due to rising finance costs, weaker West Gate Tunnel traffic and the M5 West concession transition.

The broker also sees some risk to free cash flow growth in FY28, which will increasingly depend on a recovery in West Gate Tunnel traffic.

Commentary concludes medium-term growth prospects are improving, supported by an opportunity pipeline of more than $10bn and a strong balance sheet with $3.8bn in corporate liquidity.

The valuation is viewed as unappealing, with the dividend yield only 10bps above the Australian 10-year bond yield versus a historical average of 90bps. Neutral retained, with the target lowered to $14.70 from $15.60.

First take:

At first look, Transurban Group's FY26 EBITDA rose 7.5%, but missed consensus by -1.5% and Citi's own forecast. Free cash flow and opex were in line with the DPS pre-announced at 69c.

FY27 distribution guidance of 72c came in as expected, but above the broker's forecast.

In terms of new updates, the Brisbane Logan West upgrade project has moved to procurement request for tender in April 2026, and a bid for the I-24 project in Tennessee in partnership with Ferrovial has been submitted.

Management has decided not to take part in the I-285 bid submission.

The stock has been softer into the result and may perform a little better today, Citi points out. Neutral. Target $15.60.

Target price is $14.70 Current Price is $14.56 Difference: $0.14
If TCL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.11, suggesting upside of 0.6% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.2

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

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

Morgan Stanley expects a "modest" negative reaction to the FY27 guidance provided by Transurban Group. The distribution of 72c per security is in line but the free cash cover of less than 95% surprised the broker.

Proportional EBITDA in FY26 was slightly lower than expected. Equal-weight and $14.68 target retained. Industry view: In Line.

Target price is $14.68 Current Price is $14.56 Difference: $0.12
If TCL meets the Morgan Stanley target it will return approximately 1% (excluding dividends, fees and charges).

Current consensus price target is $14.11, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.2

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

Morgans rates TCL as Trim (4) -

Morgans retains a Trim rating for Transurban Group with its target price decreased to $12.53 from $12.63 following a FY26 result featuring slightly softer operating earnings offset by resilient free cash generation.

Underlying 2H26 EBITDA lifted 9% to marginally miss expectations, while free cash flow grew 8% due to higher ongoing interest capitalisation on the West Gate Tunnel project.

Initial FY27 guidance sets a 72.0c dividend per share target, alongside commentary implying virtually zero free cash growth during the period due to rising net interest payments outpacing operating earnings.

The broker's estimates incorporate a –1% reduction to FY27 and FY28 EBITDA forecasts, capturing slower traffic ramp-up assumptions across Melbourne assets.

The analyst views Transurban Group as a slower growth stock relative to implied trading yields, suggesting the share price fails to fully reflect rising capital costs and impending corporate tax obligations.

Target price is $12.53 Current Price is $14.56 Difference: minus $2.03 (current price is over target).
If TCL meets the Morgans target it will return approximately minus 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.11, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.2

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

Ord Minnett rates TCL as Hold (3) -

Transurban delivered a solid FY26 result, with proportional EBITDA up 7.5% and free cash flow slightly ahead of consensus, Ord Minnett points out.

Management's FY27 distribution guidance of 72cps is in line with expectations, although free cash flow coverage is expected to temporarily fall below the company's 95%-105% target range before recovering in FY28.

Improving traffic trends, below-inflation cost growth and record margins support the distribution outlook, while the company has a more than $10bn project pipeline.

The broker trims FY27-FY29 EBITDA forecasts by -1% to -2%, with distribution forecasts broadly unchanged.

Hold rating retained, with the target raised to $14.50 from $14.40.

Target price is $14.50 Current Price is $14.56 Difference: minus $0.06 (current price is over target).
If TCL meets the Ord Minnett target it will return approximately minus 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.11, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.2

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

UBS rates TCL as Neutral (3) -

Transurban Group grew traffic 1.4% in FY26 with proportional toll revenue up 6.7% and proportional operating EBITDA up 7.5%. The outcome was mixed compared with UBS estimates with EBITDA slightly below and free cash flow, up 5.1%, slightly above.

By market, North America was the highlight, growing EBITDA 19%, with Melbourne lagging as the West Gate Tunnel did not show any improvement since February.

The company's willingness to pay a FY27 distribution, with guidance set at $0.72, implies for the broker an expectation that dislocations to free cash flow generation are temporary.

Group free cash flow coverage is now forecast at 95% in FY27 and 99% in FY28. Neutral retained. Target is reduced to $14.40 from $14.50.

Target price is $14.40 Current Price is $14.56 Difference: minus $0.16 (current price is over target).
If TCL meets the UBS target it will return approximately minus 1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $14.11, suggesting upside of 0.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: -0.2

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

Bell Potter rates TLS as Hold (3) -

Bell Potter maintains a Hold rating for Telstra Group with its target price decreased to $4.80 from $5.10 following an in-line FY26 financial result.

The company reported underlying EBITDAaL of $8,341m and cash EBIT of $4,659m, though a -1% miss on total income expectations to $23,405m largely reflected weakness in the International division.

An announced $1.0bn share buyback matched the prior year's starting position, with the 10.5c final dividend meeting expectations.

The broker's estimates factor in a -1% downgrade to underlying EBITDAaL alongside slight increases in business-as-usual capital expenditure, driving -2%-3% cuts to cash EBIT forecasts over FY27 and FY28.

The analyst notes the lowered target price reflects reduced valuation multiples applied to both the mobile business and group earnings given the potential risk of increased competition stemming from the ongoing ACCC wholesale mobile services enquiry.

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

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Citi rates TLS as Neutral (3) -

On further inspection, post the initial take, Citi lowers the target price to $5.25 from $5.50 and retains a Neutral rating. With the stock trading on 22x FY27 PER and a 4.5% dividend yield, the current risk/reward is not considered as attractive.

The miss on Mobile Services growth in 2H26 was due to a few one-off factors, which are not anticipated to happen again.

The analyst believes Telstra remains on track to achieve FY27 guidance and FY30 targets, with potential EBITDA upside from stronger cost control. FY27 earnings forecasts are trimmed slightly lower.

First take:

At first look, Citi notes Telstra Group's FY26 underlying NPAT of $2.5bn was 2% ahead of consensus, helped by a lower effective tax rate, while underlying EBITDA was broadly in line and operating costs fell -3%.

The new $1bn buyback, solid cost control and progress at the Aura network are viewed as positive factors, while network services EBITDA also benefited from lower costs.

Offsetting this, mobile postpaid subscriber numbers missed the broker's forecast by -12,000 amid higher churn, ARPU unexpectedly declined to $45.33, Amplitel EBITDA weakened and expected strategic investment increased to -$1.8bn from -$1.6bn.

FY27 EBITDA guidance of $8.5bn–$8.8bn is broadly in line with consensus, but cash EBIT guidance is around -2% below Citi and consensus at the midpoint as business as usual capex is higher than expected.

Commentary highlights Telstra remains on track for its FY30 targets. Neutral rated. Target $5.25.

Target price is $5.25 Current Price is $4.84 Difference: $0.41
If TLS meets the Citi target it will return approximately 8% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Macquarie rates TLS as Neutral (3) -

Telstra Group's result showed excellent execution, Macquarie suggests, but excellence was expected.

Postpaid remains challenging, the broker notes, and it's hard to see an upgrade catalyst in a subdued postpaid market, but mobile services revenue growth remains solid.

Commentary assures Telstra retains levers if its coverage advantage is weakened by Starlink or the ACCC enquiry. Mobile Services operating leverage is being offset by redundancies and satellite-to-mobile costs.

The result made Telstra's multiple hard to justify, Macquarie believes, with the telco's defensive premium eroded by a higher rate/accelerating growth landscape and increasing competition. Neutral retained, target falls to $5.02 from $5.19.

Target price is $5.02 Current Price is $4.84 Difference: $0.18
If TLS meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Morgans rates TLS as Hold (3) -

Morgans retains a Hold rating for Telstra Group with its target price decreased to $5.00 from $5.20 following full-year results aligning with guidance expectations.

FY26 revenue fell 1% to $23.4bn, but disciplined cost control enabled underlying EBITDAaL to increase 3.5%, delivering a 19.9c diluted earnings per share result alongside a 21.0c dividend.

Mobile operations continue providing the majority of group earnings, supported by higher average revenue per user and price adjustments offsetting softer postpaid subscriber momentum.

The analyst lifts FY27 and FY28 earnings per share estimates by 4% to reflect a reduced share count following the announcement of a new $1bn buyback.

The broker's estimates suggest valuation premium removal justifies the lower target price, while defensive earnings and solid cash generation support overall stability.

Target price is $5.00 Current Price is $4.84 Difference: $0.16
If TLS meets the Morgans target it will return approximately 3% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Ord Minnett rates TLS as Accumulate (2) -

Telstra Group's FY26 result was broadly in line with Ord Minnett's expectations, with underlying NPAT meeting consensus and mobile service revenue rising 4.8%, supported by higher ARPU and subscriber growth.

FY27 guidance was softer than expected, with cash EBIT below consensus at the midpoint and capex guidance 4.4% above consensus, although mobile service revenue growth and lower redundancy and remediation costs should support the required circa $300m uplift in earnings.

The broker estimates Telstra can generate around $17bn-$18bn of free cash flow over FY27-FY30, sufficient to fund higher capex, a 1cps dividend increase and buybacks, following the newly announced $1bn buyback.

EPS forecasts are lowered by less than -0.5% in FY27 and FY28. Accumulate retained with a $5.50 target.

Target price is $5.50 Current Price is $4.84 Difference: $0.66
If TLS meets the Ord Minnett target it will return approximately 14% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

UBS rates TLS as Neutral (3) -

On further review, UBS notes the main concerns from the FY26 results from Telstra Group centre on the slowdown in postpaid metrics.

Cost control was better and the broker continues to envisage costs as a key source of upside surprise going forward, amid a continued structural shift towards the value end of mobile.

FY27-FY29 revenue estimates are lowered by an average of -4%. Neutral rating reiterated. The 4.5% dividend yield is considered to be full. Target is reduced to $5.05 from $5.30.

****

On first assessment, Telstra's FY26 underlying EBITDA after leases rose 4% to $8.34bn, matching UBS and consensus, while underlying NPAT increased 5% to $2.46bn.

Mobile revenue and subscriber additions were slightly "soft", fixed consumer and international operations missed expectations, and capex was 5% above UBS due to increased investment in Aura; the dividend rose 11% to 21c.

FY27 guidance calls for underlying EBITDA after leases of $8.5-$8.8bn and cash EBIT of $4.75-$4.95bn. The EBITDA midpoint is broadly in line with expectations, but cash EBIT is -2% below consensus because of higher business-as-usual capex; Telstra also announced an expected but supportive on-market buyback of up to $1bn.

UBS keeps a Neutral rating and $5.30 price target.

Target price is $5.05 Current Price is $4.84 Difference: $0.21
If TLS meets the UBS target it will return approximately 4% (excluding dividends, fees and charges).

Current consensus price target is $5.13, suggesting upside of 7.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.2

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

Citi rates TWE as Buy (1) -

Citi upgrades the target price to $6.95 from $6.57 with a Buy rating retained. The analyst points out Penfolds continues to be "underestimated" and its performance is in contrast to industry trends.

Balance sheet leverage has peaked and it will take time for the strategic pathway for the US plan to emerge; either an exit or partial exit is what the broker suggests.

***

Against the backdrop of two updates, one on Monday and one today, Citi sees few new highlights from the FY26 results.

The analyst has, however, been left with a more positive impression post the management conference call in regards to the company's turnaround prospects.

Notably, the success being evidenced at Penfolds with the inventory depletions, as well as improved management of the grey market.

The broker anticipates the stock will continue to move higher but the valuation currently ascribed is no longer considered a "bargain".

Further upside will need to be generated from material earnings upgrades, rather than improved depletion metrics. The cost out could also surprise to the upside in FY27. Buy rated. Target $6.57.

Target price is $6.95 Current Price is $5.77 Difference: $1.18
If TWE meets the Citi target it will return approximately 20% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Macquarie rates TWE as Neutral (3) -

Treasury Wine Estates' FY26 group earnings were pre-reported. Compositionally, Treasury Collective was ahead of consensus, Macquarie notes, with Penfolds marginally below.

Depletions were solid at a headline although the broker suggests strength needs to be maintained after de-stocking. De-leverage is also progressing but risks persist.

The line-of-sight on recovery is improving, but with major initiatives still subject to execution over the next two years, Macquarie believes the market can be patient ahead of a meaningful, fundamental recovery.

Target rises to $5.50 from $4.90, Neutral retained.

Target price is $5.50 Current Price is $5.77 Difference: minus $0.27 (current price is over target).
If TWE meets the Macquarie target it will return approximately minus 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

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

Treasury Wine Estates provided FY26 EBIT that was in line with recent guidance. Morgan Stanley found depletions encouraging but the read-through is limited, given ongoing inventory re-balancing.

FY27 EBIT guidance is "at least equivalent to FY26". The broker notes both China and the Americas FY27 EBIT estimates are weighted to the second half, and for the Americas guidance implies a -54% decline which is likely to dampen sentiment, commentary suggests.

Equal-weight rating. Industry View: Cautious. Target is $5.30.

Target price is $5.30 Current Price is $5.77 Difference: minus $0.47 (current price is over target).
If TWE meets the Morgan Stanley target it will return approximately minus 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.01, suggesting upside of 1.0% (ex-dividends)

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

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

Morgans upgrades to Buy rating for Treasury Wine Estates with its target price increased to $7.30 from $5.95 following a FY26 result featuring underlying earnings exceeding original guidance ranges.

Despite volumes experiencing a 9.9% decline and sales dropping -12.8%, underlying net profit after tax beat consensus expectations by 4.9% alongside strong Penfolds depletion growth of 34.7% in China.

The business considers FY27 a transition year focused on rebalancing customer inventory, forecasting underlying earnings to remain at least equivalent to FY26 levels.

The broker's estimates incorporate upgraded earnings forecasts across FY27 and FY28, reflecting anticipated cost savings from the Ascent transformation and continued momentum across key luxury brands.

The analyst suggests the multi-year transformation program and the strength of the Penfolds brand position the company to deliver acceptable earnings growth and balance sheet improvement.

Target price is $7.30 Current Price is $5.77 Difference: $1.53
If TWE meets the Morgans target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

UBS rates TWE as Neutral (3) -

On further analysis of the FY26 results, UBS notes Treasury Wine Estates has reiterated its long-term targets which include a 25% EBITS margin and leverage that is less than 2.0x by FY28.

The broker retains a Neutral rating, despite a "sound" transformation plan and recent strength in Penfolds and the Americas. This view stems from industry challenges as well as the recent share price performance. Target is raised to $6.50 from $6.25.

****

On initial assessment, Treasury Wine Estates' FY26 EBIT of $492.3m, down -36% year-on-year, matched UBS and company guidance and was 1% above consensus.

Underlying NPAT of $275.3m beat UBS by 3%, with Treasury Collective outperforming expectations, Penfolds slightly missing and Treasury Americas broadly in line; net debt remained elevated at $1.78bn, or 2.8 times EBITDA.

Management maintained guidance for FY27 EBIT to be at least level with FY26, supported by $40m of cost savings, although earnings are expected to be weighted 55% to the second half.

Penfolds growth should be offset by US distributor inventory reductions, including inventory clearance at nil margin, while the longer-term targets of an EBIT margin above 25% and leverage below two times by FY28 were retained.

UBS keeps a Neutral rating and unchanged $6.25 price target, with no forecast dividend.

Target price is $6.50 Current Price is $5.77 Difference: $0.73
If TWE meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

Current consensus price target is $6.01, suggesting upside of 1.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 0.3

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

Ord Minnett rates VFY as Speculative Buy (1) -

After observing the latest results, Ord Minnett notes Vitrafy Life Sciences has seen a step-change in operational momentum through calendar 2026, supported by its growing US blood market opportunity and accelerating commercialisation strategy.

The broker expects additional US blood collection partnerships in FY27, with potential agreements capable of lifting market coverage to more than 50% from 13% currently.

Further catalysts include expected FDA 510(k) clearance for Guardion in FY27 and the US blood supply crisis, which strengthens the case for the company's cryopreservation technology.

Forecasts have been updated following the FY26 result to reflect a faster US installed-base rollout, US$10 per unit consumables pricing from FY28 and higher investment in the US team.

Speculative Buy retained, with the target raised to $5.00 from $4.20.

Target price is $5.00 Current Price is $4.17 Difference: $0.83
If VFY meets the Ord Minnett target it will return approximately 20% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY27:

Forecast for FY28:

Market Sentiment: 1.0

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

Morgans rates VYS as Buy (1) -

Morgans retains a Buy rating for Vysarn with its target price increased to $1.40 from $1.10 following the strategic $60m acquisition of water management business Welltech.

Funded via a $65m placement, the transaction expands annuity-style earnings, diversifies operations away from legacy hydrogeological drilling, and delivers 37% earnings per share accretion on a pro forma FY26 basis.

The analyst notes positive water pricing indications across the Pilbara region justify increasing the assumed price of water for VAM to $5.50 per kilolitre from $4.00 per kilolitre.

The broker's estimates incorporate 13% and 16% upgrades to FY27 and FY28 earnings per share forecasts respectively to reflect the newly integrated earnings base.

Continued execution of a vertically integrated water strategy alongside strengthening prospects for owning and selling water underpin the expanded valuation.

Target price is $1.40 Current Price is $1.15 Difference: $0.25
If VYS meets the Morgans target it will return approximately 22% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY26:

Forecast for FY27:

Market Sentiment: 1.0

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