Australian Broker Call

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April 04, 2025

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COMPANIES DISCUSSED IN THIS ISSUE

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The number next to the symbol represents the number of brokers covering it for this report -(if more than 1).

Last Updated: 05:00 PM

Your daily news report on the latest recommendation, valuation, forecast and opinion changes.

This report includes concise but limited reviews of research recently published by Stockbrokers, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end.

For more info about the different terms used by stockbrokers, as well as the different methodologies behind similar sounding ratings, download our guide HERE

Today's Upgrades and Downgrades
MPL - Medibank Private Downgrade to Accumulate from Buy Ord Minnett
TEA - Tasmea Upgrade to Buy High Risk from Hold High Risk Shaw and Partners
AIA  AUCKLAND INTERNATIONAL AIRPORT LIMITED

Travel, Leisure & Tourism

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Overnight Price: $7.28

Citi rates AIA as Buy (1) -

Citi expects safe-haven demand for infrastructure stocks from increased volatility related to trade tensions.

The broker's top pick is Auckland International Airport due to the outlook for passenger volume recovery and medium-term earnings growth from the capex program. The broker also likes the stock for its strong 8% DPS yield.

Buy. Target NZ$9.80.

Current Price is $7.28. Target price not assessed.

Current consensus price target is N/A

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 12.11 cents and EPS of 17.66 cents.
At the last closing share price the estimated dividend yield is 1.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 41.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.5, implying annual growth of N/A.

Current consensus DPS estimate is 12.3, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 41.9.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 12.56 cents and EPS of 17.93 cents.
At the last closing share price the estimated dividend yield is 1.73%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 40.60.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 17.7, implying annual growth of 1.1%.

Current consensus DPS estimate is 12.6, implying a prospective dividend yield of 1.7%.

Current consensus EPS estimate suggests the PER is 41.4.

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

AL3  AML3D LIMITED

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Overnight Price: $0.16

Shaw and Partners rates AL3 as Buy, High Risk (1) -

Shaw and Partners highlights AML3D as a key beneficiary of new US tariffs and reshoring policy, which are expected to accelerate demand for additive manufacturing in defence, shipbuilding, and industrial sectors.

The broker notes AML3D’s collaboration with US defence contractors and alignment with the Navy’s manufacturing needs positions it to benefit directly from nearly US$1bn in additive manufacturing (AM)-related shipbuilding investment.

N.B. The US Department of Defense is a major adopter of AM, citing it as a national security imperative.

The analyst expects the company's Arcemy systems to be increasingly deployed in the US as the Navy integrates 3D-printed metal parts into submarine programs, citing AML3D’s unique capabilities to deliver fast, certifiable components.

Shaw maintains a Buy, High Risk rating and a 40c target price. 

Target price is $0.40 Current Price is $0.16 Difference: $0.24
If AL3 meets the Shaw and Partners target it will return approximately 150% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 0.70 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 22.86.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 32.00.

Market Sentiment: 1.0

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

ALQ  ALS LIMITED

Mining Sector Contracting

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Overnight Price: $15.52

Macquarie rates ALQ as Outperform (1) -

Commenting after the imposition of tariffs by the Trump administration, Macquarie notes ALS Ltd derived 35% of 1H revenue from the Americas with the company particularly strong in Canada.

The broker sees limited direct tariff impacts but slowing global growth is a headwind. 

Outperform rating. Target $16.25.

Target price is $16.25 Current Price is $15.52 Difference: $0.73
If ALQ meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $16.83, suggesting upside of 11.5% (ex-dividends)

The company's fiscal year ends in March.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 38.40 cents and EPS of 64.00 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 24.25.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 63.3, implying annual growth of 2270.8%.

Current consensus DPS estimate is 38.1, implying a prospective dividend yield of 2.5%.

Current consensus EPS estimate suggests the PER is 23.8.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 44.60 cents and EPS of 74.40 cents.
At the last closing share price the estimated dividend yield is 2.87%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.86.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 73.0, implying annual growth of 15.3%.

Current consensus DPS estimate is 44.2, implying a prospective dividend yield of 2.9%.

Current consensus EPS estimate suggests the PER is 20.7.

Market Sentiment: 0.9

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

ALX  ATLAS ARTERIA

Infrastructure & Utilities

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Overnight Price: $4.86

Citi rates ALX as Buy (1) -

Citi analysts expect the cyclical recovery in Australia to remain intact despite 10% reciprocal tariffs by the US but see a more dovish RBA in the near term. The analysts have maintained their -25bps rate cut forecasts for May and August.

The broker sees infrastructure names benefitting from lower finance costs and safe haven demand from increased volatility.

The broker will watch the exchange rate space, as currency depreciation could be a negative for offshore earners like Atlas Arteria.

Buy. Target $5.70.

Target price is $5.70 Current Price is $4.86 Difference: $0.84
If ALX meets the Citi target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $5.29, suggesting upside of 7.9% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 40.00 cents and EPS of 13.00 cents.
At the last closing share price the estimated dividend yield is 8.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 37.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 34.9, implying annual growth of 83.9%.

Current consensus DPS estimate is 40.0, implying a prospective dividend yield of 8.2%.

Current consensus EPS estimate suggests the PER is 14.0.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 40.00 cents and EPS of 17.00 cents.
At the last closing share price the estimated dividend yield is 8.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.59.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.4, implying annual growth of 7.2%.

Current consensus DPS estimate is 39.5, implying a prospective dividend yield of 8.1%.

Current consensus EPS estimate suggests the PER is 13.1.

Market Sentiment: 0.4

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

AMC  AMCOR PLC

Food, Beverages & Tobacco

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Overnight Price: $15.35

Macquarie rates AMC as Outperform (1) -

Commenting after the imposition of tariffs by the Trump administration, Macquarie notes Amcor operates a highly localised business model supported by a broad global manufacturing footprint.

In the US, around 90% of its resin raw materials are sourced domestically, and exports of finished goods to offshore markets are minimal.

Target $18.20. Outperform.

Target price is $18.20 Current Price is $15.35 Difference: $2.85
If AMC meets the Macquarie target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $16.88, suggesting upside of 11.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 78.20 cents and EPS of 111.62 cents.
At the last closing share price the estimated dividend yield is 5.09%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.75.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 117.8, implying annual growth of N/A.

Current consensus DPS estimate is 81.7, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 12.9.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 79.73 cents and EPS of 120.06 cents.
At the last closing share price the estimated dividend yield is 5.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.3, implying annual growth of 6.4%.

Current consensus DPS estimate is 85.3, implying a prospective dividend yield of 5.6%.

Current consensus EPS estimate suggests the PER is 12.1.

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

Market Sentiment: 0.3

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

AMP  AMP LIMITED

Wealth Management & Investments

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Overnight Price: $1.19

Ord Minnett rates AMP as Hold (3) -

Ord Minnett has trimmed its earnings forecasts for AMP by -4–6% through to FY27, following a soft equity market and underwhelming 2024 result.

While the broker acknowledges some value after the sharp share price retreat in 2025, it maintains a Hold rating, citing risks from ongoing class action proceedings and uncertainty around the group’s turnaround.

The price target has been cut to $1.55 from $1.70. Broader sector revisions included modest downgrades for IAG and Suncorp, while Computershare and QBE saw minor upgrades. EPS forecasts for AMP have been lowered across all forecast years.

Target price is $1.55 Current Price is $1.19 Difference: $0.365
If AMP meets the Ord Minnett target it will return approximately 31% (excluding dividends, fees and charges).

Current consensus price target is $1.57, suggesting upside of 41.4% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 10.8, implying annual growth of 52.3%.

Current consensus DPS estimate is 4.0, implying a prospective dividend yield of 3.6%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Current consensus EPS estimate is 11.4, implying annual growth of 5.6%.

Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 9.7.

Market Sentiment: 0.2

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

ANN  ANSELL LIMITED

Commercial Services & Supplies

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Overnight Price: $29.34

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

Morgan Stanley explains Sri Lanka and Malaysia represent the most sizeable manufacturing and sourcing locations for Ansell, with less contribution from Thailand, India, and Vietnam.

The broker highlights the reciprocal tariffs generate downside risks to gross profit and earnings for the company, with a potential pre-tax headwind of around -US$180m in FY26.

The analyst believes the company's response to tariff impacts, such as price increases and pass-through of costs, will be the major factor impacting consensus earnings forecasts.

Target $37.20 and Equal-weighted rating. Industry View: In-Line.

Target price is $37.20 Current Price is $29.34 Difference: $7.86
If ANN meets the Morgan Stanley target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $37.21, suggesting upside of 22.9% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Morgan Stanley forecasts a full year FY25 dividend of 81.26 cents and EPS of 183.99 cents.
At the last closing share price the estimated dividend yield is 2.77%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 194.0, implying annual growth of N/A.

Current consensus DPS estimate is 83.3, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Morgan Stanley forecasts a full year FY26 dividend of 93.53 cents and EPS of 210.06 cents.
At the last closing share price the estimated dividend yield is 3.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 218.4, implying annual growth of 12.6%.

Current consensus DPS estimate is 93.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.9.

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

Market Sentiment: 0.2

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


Ord Minnett rates ANN as Hold (3) -

Ord Minnett is holding fire on any changes to Ansell’s forecasts while it assesses the potential impact of a fresh round of US tariffs, which hit the group’s Malaysian, Thai and Sri Lankan imports with rates as high as 44%.

The broker sees a wide range of outcomes depending on how much of the added cost can be passed through to customers — with a worst-case hit to FY26 profit of up to -28%.

Ansell is exploring shifting production to lower-tariff countries but hasn’t made any formal disclosure. The Hold rating and $36.20 price target are unchanged, and earnings forecasts have not been updated (at this stage).

Target price is $36.20 Current Price is $29.34 Difference: $6.86
If ANN meets the Ord Minnett target it will return approximately 23% (excluding dividends, fees and charges).

Current consensus price target is $37.21, suggesting upside of 22.9% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 194.0, implying annual growth of N/A.

Current consensus DPS estimate is 83.3, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 15.6.

Forecast for FY26:

Current consensus EPS estimate is 218.4, implying annual growth of 12.6%.

Current consensus DPS estimate is 93.8, implying a prospective dividend yield of 3.1%.

Current consensus EPS estimate suggests the PER is 13.9.

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

Market Sentiment: 0.2

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

ANZ  ANZ GROUP HOLDINGS LIMITED

Banks

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Overnight Price: $29.25

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

Morgan Stanley notes APRA has entered into an enforceable undertaking for ANZ Bank relating to non-financial risk management practices and risk culture, whereby the bank's risk capital overlay has increased by around 5bps or $2,350m.

The broker believes the non-financial risk issues have been "well flagged" in the market, and as part of the work with the EU, ANZ has appointed an independent reviewer to complete a Group-wide assessment of the causes and drivers of behavioural issues.

Unchanged Equal-weight rating and $29.30 target price. Industry View: In-Line.

Target price is $29.30 Current Price is $29.25 Difference: $0.05
If ANZ meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges).

Current consensus price target is $27.95, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Morgan Stanley forecasts a full year FY25 dividend of 166.00 cents and EPS of 225.00 cents.
At the last closing share price the estimated dividend yield is 5.68%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.00.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.3, implying annual growth of 6.1%.

Current consensus DPS estimate is 166.3, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY26:

Morgan Stanley forecasts a full year FY26 dividend of 167.00 cents and EPS of 224.90 cents.
At the last closing share price the estimated dividend yield is 5.71%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.5, implying annual growth of 0.1%.

Current consensus DPS estimate is 168.3, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: -0.2

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


UBS rates ANZ as Neutral (3) -

UBS reconsiders the outlook for ANZ Bank in the run-up to the bank's 1H25 earnings report on May 8.

The analyst adjusts estimates for the full impact of Suncorp Bank, which increases expected operating expenses by around 4% for FY25–FY27. This results in a downgrade to EPS forecasts by -5% for FY25–FY27, with the broker below consensus estimates.

UBS also lowers the expected dividend payments by -7.5% for FY25–FY27, with an accompanying downgrade in the target price to $31 from $34. Neutral rating retained.

The forecasts include the APRA enforceable undertaking of additional capital of $1bn.

Target price is $31.00 Current Price is $29.25 Difference: $1.75
If ANZ meets the UBS target it will return approximately 6% (excluding dividends, fees and charges).

Current consensus price target is $27.95, suggesting downside of -1.2% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

UBS forecasts a full year FY25 EPS of 232.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.61.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.3, implying annual growth of 6.1%.

Current consensus DPS estimate is 166.3, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Forecast for FY26:

UBS forecasts a full year FY26 EPS of 234.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 231.5, implying annual growth of 0.1%.

Current consensus DPS estimate is 168.3, implying a prospective dividend yield of 5.9%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: -0.2

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

ARB  ARB CORPORATION LIMITED

Automobiles & Components

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Overnight Price: $30.66

Citi rates ARB as Neutral (3) -

A rebound in new car sales in March, following two months of decline, bodes well for ARB Corp, Citi notes.

The broker maintains its cautious view due to BYD Shark 6 ute taking over rising share of the PU/CC 4x4 market.

ARB doesn't have accessories for such car models.

The broker believes the other risk is underperformance of ARB's key model Hilux as consumers wait for the new model in 2026.

Neutral. Target price $39.54.

Target price is $39.54 Current Price is $30.66 Difference: $8.88
If ARB meets the Citi target it will return approximately 29% (excluding dividends, fees and charges).

Current consensus price target is $40.95, suggesting upside of 43.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 66.90 cents and EPS of 120.40 cents.
At the last closing share price the estimated dividend yield is 2.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.47.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 75.70 cents and EPS of 136.10 cents.
At the last closing share price the estimated dividend yield is 2.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.7, implying annual growth of 12.5%.

Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.3

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


Ord Minnett rates ARB as Buy (1) -

Ord Minnett maintains a Buy rating on ARB Corp with a $45 price target, highlighting resilience in key vehicle sales despite a broader slowdown.

March figures showed a 5.5% rise in ARB’s target vehicle segments, supported by strong growth in SUVs and light commercial vehicles.

While headline new vehicle sales have softened, this is partly due to tough comps from record FY24 volumes.

The broker sees offsetting tailwinds from ARB’s order book, store rollouts and offshore growth. Forecasts are unchanged, with modest earnings growth expected through to FY27.

Target price is $45.00 Current Price is $30.66 Difference: $14.34
If ARB meets the Ord Minnett target it will return approximately 47% (excluding dividends, fees and charges).

Current consensus price target is $40.95, suggesting upside of 43.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Ord Minnett forecasts a full year FY25 dividend of 69.00 cents and EPS of 129.20 cents.
At the last closing share price the estimated dividend yield is 2.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.73.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.9, implying annual growth of 0.8%.

Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 22.7.

Forecast for FY26:

Ord Minnett forecasts a full year FY26 dividend of 81.50 cents and EPS of 148.30 cents.
At the last closing share price the estimated dividend yield is 2.66%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.67.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 141.7, implying annual growth of 12.5%.

Current consensus DPS estimate is 77.6, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 20.2.

Market Sentiment: 0.3

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

AZJ  AURIZON HOLDINGS LIMITED

Transportation & Logistics

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Overnight Price: $3.09

Macquarie rates AZJ as Neutral (3) -

Macquarie finds Aurizon Holdings' planned $500m holdco hybrid issuance a bit curious, given its higher funding costs.

The broker anticipates a spread of 250-300bps over 90-day due to the coal mix, but reckons this is lower than companies like APA Group ((APA)) which issued at 9.2%.

The broker expects 50% of the funds to be loaned to the network and the balance as equity, thus helping lower the net debt to regulatory asset base ratio to 55-60% from 65%.

Revisions made to EPS forecasts based on recent draft network pricing, with FY25 estimate increased by 0.2% and FY26 raised by 2.2%.

Neutral. Target unchanged at $3.41.

Target price is $3.41 Current Price is $3.09 Difference: $0.32
If AZJ meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $3.38, suggesting upside of 9.3% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 18.50 cents and EPS of 23.30 cents.
At the last closing share price the estimated dividend yield is 5.99%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.26.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 23.8, implying annual growth of 7.9%.

Current consensus DPS estimate is 19.1, implying a prospective dividend yield of 6.2%.

Current consensus EPS estimate suggests the PER is 13.0.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 22.50 cents and EPS of 28.30 cents.
At the last closing share price the estimated dividend yield is 7.28%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.92.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 26.9, implying annual growth of 13.0%.

Current consensus DPS estimate is 21.8, implying a prospective dividend yield of 7.1%.

Current consensus EPS estimate suggests the PER is 11.5.

Market Sentiment: 0.0

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

BOQ  BANK OF QUEENSLAND LIMITED

Banks

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Overnight Price: $6.77

Macquarie rates BOQ as Underperform (5) -

Macquarie revised forecasts for Bank of Queensland ahead of 1H25 result on April 16, incorporating a wider margin estimate due to more lending shifting towards business loans.

However, this was partly offset by higher cost inflation, leading to the FY25 estimate declining by -1% but FY26 lifted by 2%. The broker has factored in the OMB acquisition that was completed in March.

Underperform. Target unchanged at $5.75.

Target price is $5.75 Current Price is $6.77 Difference: minus $1.02 (current price is over target).
If BOQ meets the Macquarie target it will return approximately minus 15% (excluding dividends, fees and charges - negative figures indicate an expected loss).

Current consensus price target is $6.08, suggesting downside of -9.2% (ex-dividends)

The company's fiscal year ends in August.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 34.00 cents and EPS of 50.40 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.43.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 50.8, implying annual growth of 17.1%.

Current consensus DPS estimate is 35.0, implying a prospective dividend yield of 5.2%.

Current consensus EPS estimate suggests the PER is 13.2.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 34.00 cents and EPS of 51.70 cents.
At the last closing share price the estimated dividend yield is 5.02%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.09.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.1, implying annual growth of 14.4%.

Current consensus DPS estimate is 38.0, implying a prospective dividend yield of 5.7%.

Current consensus EPS estimate suggests the PER is 11.5.

Market Sentiment: -0.8

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

BRG  BREVILLE GROUP LIMITED

Household & Personal Products

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Overnight Price: $30.05

Citi rates BRG as Neutral (3) -

Citi believes earnings risk for Breville Group is rising for FY26 due to tariffs on countries it was increasingly sourcing from, apart from likely reducing spending capacity from US consumers.

The impact will be felt by Breville Group's competitors too, the broker notes, but its focus on mid-to-higher end makes it more vulnerable as consumers will likely move to cheaper brands in an inflationary environment.

Neutral. Target $38.2.

Target price is $38.20 Current Price is $30.05 Difference: $8.15
If BRG meets the Citi target it will return approximately 27% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 37.70 cents and EPS of 91.90 cents.
At the last closing share price the estimated dividend yield is 1.25%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.

Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 41.30 cents and EPS of 103.80 cents.
At the last closing share price the estimated dividend yield is 1.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 28.95.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 12.7%.

Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.2.

Market Sentiment: 0.4

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


UBS rates BRG as Neutral (3) -

UBS stresses the full net impact of tariffs on Breville Group remains highly uncertain, but the analyst assumes a base case whereby gross profit forecast declines by -7% in FY26 and EPS estimates decline by -11%.

The company currently generates 45% of sales in the US, of which 90% of its product is sourced from China, with the aim to transfer 80% of that production out of China by the end of 2025 to SE Asia, which is impacted by tariffs, and Mexico, which is tariff exempt at this stage.

The broker does not know what the percentage allocation between manufacturing across the two geographies is at this stage.

UBS highlights the impact of Trump's first tariff cycle was not so severe, and at this stage the longer-term story for Breville remains. However, the stock is not offering "compelling value" given the tariff and industry uncertainty.

Target price is lowered by -11.5% to $33.10, with no change to Neutral rating.

Target price is $33.10 Current Price is $30.05 Difference: $3.05
If BRG meets the UBS target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $37.64, suggesting upside of 42.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

UBS forecasts a full year FY25 EPS of 92.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 32.66.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 92.8, implying annual growth of 12.2%.

Current consensus DPS estimate is 37.2, implying a prospective dividend yield of 1.4%.

Current consensus EPS estimate suggests the PER is 28.4.

Forecast for FY26:

UBS forecasts a full year FY26 EPS of 94.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 31.97.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 104.6, implying annual growth of 12.7%.

Current consensus DPS estimate is 42.6, implying a prospective dividend yield of 1.6%.

Current consensus EPS estimate suggests the PER is 25.2.

Market Sentiment: 0.4

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

CGF  CHALLENGER LIMITED

Wealth Management & Investments

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Overnight Price: $5.86

Ord Minnett rates CGF as Buy (1) -

Ord Minnett has left its earnings forecasts and $7.00 price target for Challenger unchanged, following a sector-wide review after a soft March quarter in equity markets.

While the group was less affected than others, minor EPS downgrades of -0.1% to -0.3% have been applied.

The broker retains a Buy rating, highlighting steady performance in the face of market volatility and stable forward expectations.

Target price is $7.00 Current Price is $5.86 Difference: $1.14
If CGF meets the Ord Minnett target it will return approximately 19% (excluding dividends, fees and charges).

Current consensus price target is $6.95, suggesting upside of 25.4% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 60.5, implying annual growth of 218.8%.

Current consensus DPS estimate is 28.5, implying a prospective dividend yield of 5.1%.

Current consensus EPS estimate suggests the PER is 9.2.

Forecast for FY26:

Current consensus EPS estimate is 63.8, implying annual growth of 5.5%.

Current consensus DPS estimate is 29.6, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 8.7.

Market Sentiment: 0.9

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

CIA  CHAMPION IRON LIMITED

Iron Ore

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Overnight Price: $4.55

Bell Potter rates CIA as Buy (1) -

Bell Potter updated realised prices for Champion Iron for the March quarter and made some adjustments to price estimates. No change to the iron ore price outlook of US$98/t, but the broker sees downside risk from the tariffs impact.

The March quarter iron ore prices averaged US$103/t versus the broker's US$100/t forecast. The analyst raised near-term costs and sustaining capital forecasts, and allowed for higher risks to growth projects due to medium-term commodity price uncertainty.

EBITDA forecasts for FY25 and FY26 cut by -10%. EPS forecast trimmed for FY25 by -19% and by -14% for FY26.

Buy maintained. Target drops to $6.20 from $7.10.

Target price is $6.20 Current Price is $4.55 Difference: $1.65
If CIA meets the Bell Potter target it will return approximately 36% (excluding dividends, fees and charges).

The company's fiscal year ends in March.

Forecast for FY25:

Bell Potter forecasts a full year FY25 dividend of 15.70 cents and EPS of 30.90 cents.
At the last closing share price the estimated dividend yield is 3.45%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.72.

Forecast for FY26:

Bell Potter forecasts a full year FY26 dividend of 20.70 cents and EPS of 61.50 cents.
At the last closing share price the estimated dividend yield is 4.55%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 7.40.

This company reports in CAD. 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

CPU  COMPUTERSHARE LIMITED

Diversified Financials

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Overnight Price: $37.95

Ord Minnett rates CPU as Hold (3) -

Ord Minnett has made minor upward revisions to its forecasts for Computershare, citing favourable movements in forward rate curves.

EPS forecasts have risen by up to 2.9% across the forecast period, with no change to the $42 price target or Hold rating.

While Computershare remains a leveraged play on interest rates, the broker sees the current valuation as fair. No change was made to dividend or cash flow forecasts.

Target price is $42.00 Current Price is $37.95 Difference: $4.05
If CPU meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $38.99, suggesting upside of 7.7% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 217.1, implying annual growth of N/A.

Current consensus DPS estimate is 96.0, implying a prospective dividend yield of 2.7%.

Current consensus EPS estimate suggests the PER is 16.7.

Forecast for FY26:

Current consensus EPS estimate is 223.4, implying annual growth of 2.9%.

Current consensus DPS estimate is 102.5, implying a prospective dividend yield of 2.8%.

Current consensus EPS estimate suggests the PER is 16.2.

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

EQT  EQT HOLDINGS LIMITED

Diversified Financials

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Overnight Price: $32.22

Ord Minnett rates EQT as Buy (1) -

Ord Minnett has lowered earnings forecasts for EQT Holdings by -3–6% across FY25–FY27, citing market volatility, and has reduced the price target to $35 from $36.

The broker reports the investor briefing confirmed the firm’s niche positioning and long-term growth potential, with FUMAS up 3.2% over Jan–Feb.

Growth was strongest in corporate trustee services, while the philanthropic and Native Title segments also remain key focus areas.

Despite short-term headwinds, the broker retains a Buy rating, pointing to cost savings, new mandates and low client churn as structural strengths. Forecasts for revenue, earnings and dividends have all been revised lower.

Target price is $35.00 Current Price is $32.22 Difference: $2.78
If EQT 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 FY25:

Ord Minnett forecasts a full year FY25 dividend of 107.00 cents and EPS of 142.60 cents.
At the last closing share price the estimated dividend yield is 3.32%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 22.59.

Forecast for FY26:

Ord Minnett forecasts a full year FY26 dividend of 122.50 cents and EPS of 163.50 cents.
At the last closing share price the estimated dividend yield is 3.80%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.71.

Market Sentiment: 1.0

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

GNP  GENUSPLUS GROUP LIMITED

Infrastructure & Utilities

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Overnight Price: $2.72

Bell Potter rates GNP as Buy (1) -

Bell Potter believes GenusPlus Group's acquisition agreement for 100% of MGC Group Holdings (WA) Pty Ltd was struck at an attractive price, estimating it at 2.3x 2027 EBITDA.

The upfront payment is -$10.25m, with up to -$10.5m in contingent payments based on the achievement of 2025-2027 EBITDA milestones.

The broker notes the deal multiple compares with the company's multiple of 5.7-7.5x FY25-27 EBITDA estimates before the acquisition announcement.

Buy. Target lifted to $3.30 from $3.20.

Target price is $3.30 Current Price is $2.72 Difference: $0.58
If GNP meets the Bell Potter target it will return approximately 21% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Bell Potter forecasts a full year FY25 dividend of 3.00 cents and EPS of 16.50 cents.
At the last closing share price the estimated dividend yield is 1.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.48.

Forecast for FY26:

Bell Potter forecasts a full year FY26 dividend of 3.50 cents and EPS of 19.40 cents.
At the last closing share price the estimated dividend yield is 1.29%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.02.

Market Sentiment: 1.0

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

IAG  INSURANCE AUSTRALIA GROUP LIMITED

Insurance

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Overnight Price: $7.79

Ord Minnett rates IAG as Accumulate (2) -

Ord Minnett has cut its FY25 earnings forecast for Insurance Australia Group by -6%, reflecting equity market weakness, but maintains an accumulate rating and $9.15 price target.

The broker continues to favour IAG as its top general insurance pick, citing a defensive earnings profile, capital management potential and M&A optionality.

While near-term macro risks remain, the insurer's valuation is seen as reasonable, with the group trading on 17x forward earnings. Forecasts for FY26 and beyond remain unchanged.

Target price is $9.15 Current Price is $7.79 Difference: $1.36
If IAG meets the Ord Minnett target it will return approximately 17% (excluding dividends, fees and charges).

Current consensus price target is $8.55, suggesting upside of 10.3% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 45.0, implying annual growth of 20.6%.

Current consensus DPS estimate is 30.3, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 17.2.

Forecast for FY26:

Current consensus EPS estimate is 43.3, implying annual growth of -3.8%.

Current consensus DPS estimate is 31.5, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 17.9.

Market Sentiment: 0.4

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

KLS  KELSIAN GROUP LIMITED

Travel, Leisure & Tourism

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Overnight Price: $2.65

Macquarie rates KLS as No Rating (-1) -

Kelsian Group is considering the sale of its Australian portfolio of tourism assets to "streamline the business, reduce debt, and improve shareholder value", Macquarie highlights.

The assets generated revenue in excess of $160m in FY24 and include Fraser Island, K'gari resorts, tours and ferry, SeaLink Sydney Harbour, Murray Princess, Adelaide Sightseeing, SeaLink WA, SeaLink Whitsundays, SeaLink TAS and NT.

Funds raised would be employed to lower debt, the broker explains, and invest in growth opportunities.

Macquarie is on research restrictions. No change to the broker's EPS forecasts.

Current Price is $2.65. Target price not assessed.

Current consensus price target is $4.30, suggesting upside of 70.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 17.00 cents and EPS of 33.10 cents.
At the last closing share price the estimated dividend yield is 6.42%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 8.01.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.1, implying annual growth of 54.2%.

Current consensus DPS estimate is 17.0, implying a prospective dividend yield of 6.7%.

Current consensus EPS estimate suggests the PER is 7.6.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 24.00 cents and EPS of 39.30 cents.
At the last closing share price the estimated dividend yield is 9.06%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 37.2, implying annual growth of 12.4%.

Current consensus DPS estimate is 21.0, implying a prospective dividend yield of 8.3%.

Current consensus EPS estimate suggests the PER is 6.8.

Market Sentiment: 1.0

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

LNW  LIGHT & WONDER INC

Gaming

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Overnight Price: $141.85

Citi rates LNW as Buy (1) -

Citi notes Light & Wonder published its internal findings that some designers had access to some of Aristocrat Leisure's ((ALL)) customer information sheets dated 2015.

The company has expanded the internal audit to include hold and spin games released before mid-2021, though the broker believes it is unlikely the litigation will expand to other material titles.

The next earnings call is in May when the company is expected to provide the review findings. Buy. Target intact at $200.

Target price is $200.00 Current Price is $141.85 Difference: $58.15
If LNW meets the Citi target it will return approximately 41% (excluding dividends, fees and charges).

Current consensus price target is $202.60, suggesting upside of 52.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of 549.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 25.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 603.9, implying annual growth of 5.5%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 22.0.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of 683.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 743.5, implying annual growth of 23.1%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 17.9.

Market Sentiment: 1.0

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

LOV  LOVISA HOLDINGS LIMITED

Retailing

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Overnight Price: $23.04

Citi rates LOV as Sell (5) -

Citi believes the tariffs announcement by the Trump administration will hurt Lovisa Holdings via two main channels:

The company's sales in the US will be impacted by consumers likely pulling back on spending in the tariff-driven inflationary environment. The broker notes 22% of the company's stores were located in the US in 1H25.

The other headwind is likely at the gross margin level as the company sources the majority of its products from China, India and Thailand, which have been slapped with 34%, 26% and 36% reciprocal tariffs, respectively.

Sell. Target $25.86.

Target price is $25.86 Current Price is $23.04 Difference: $2.82
If LOV meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $30.25, suggesting upside of 32.7% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 87.10 cents and EPS of 82.50 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 27.93.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 83.0, implying annual growth of 10.1%.

Current consensus DPS estimate is 79.0, implying a prospective dividend yield of 3.5%.

Current consensus EPS estimate suggests the PER is 27.5.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 104.00 cents and EPS of 122.30 cents.
At the last closing share price the estimated dividend yield is 4.51%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.84.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 105.6, implying annual growth of 27.2%.

Current consensus DPS estimate is 90.7, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 21.6.

Market Sentiment: 0.3

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

LYC  LYNAS RARE EARTHS LIMITED

Rare Earth Minerals

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Overnight Price: $7.07

Ord Minnett rates LYC as Buy (1) -

Ord Minnett highlights Lynas Rare Earths as a potential beneficiary of renewed US focus on critical minerals, following an executive order by President Trump aimed at reshoring defence supply chains.

The broker maintains a Buy rating and $7.80 price target, pointing at Lynas’ positioning with its Texas separation plant and potential to supply rare earths from Malaysia in the interim.

Construction delays in the US are expected to ease now that key officials are in place. No changes have been made to forecasts, though the broker sees upside if US policy support accelerates.

Target price is $7.80 Current Price is $7.07 Difference: $0.73
If LYC meets the Ord Minnett target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $6.88, suggesting downside of -5.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of 8.00 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 88.38.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 7.4, implying annual growth of -18.1%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 98.4.

Forecast for FY26:

Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.65.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 62.3, implying annual growth of 741.9%.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is 11.7.

Market Sentiment: 0.0

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

MPL  MEDIBANK PRIVATE LIMITED

Healthcare services

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Overnight Price: $4.58

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

Ord Minnett has downgraded Medibank Private to accumulate from buy, citing valuation after an 8% share price rally since mid-March.

The broker continues to see Medibank as a solid option for investors seeking defensive earnings exposure.

Health insurers were relatively insulated from recent equity market weakness, and forecasts for Medibank remain unchanged. The price target holds steady at $4.80.

Target price is $4.80 Current Price is $4.58 Difference: $0.22
If MPL meets the Ord Minnett target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $4.67, suggesting upside of 0.9% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 22.5, implying annual growth of 25.8%.

Current consensus DPS estimate is 17.5, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 20.6.

Forecast for FY26:

Current consensus EPS estimate is 23.5, implying annual growth of 4.4%.

Current consensus DPS estimate is 18.4, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 19.7.

Market Sentiment: 0.3

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

NHF  NIB HOLDINGS LIMITED

Healthcare services

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Overnight Price: $6.90

Ord Minnett rates NHF as Buy (1) -

Ord Minnett has reiterated its buy rating on nib Holdings, keeping the $7.65 price target in place.

The stock remains the broker's top pick among health insurers, with the sector proving resilient during the recent equity market sell-off.

Forecasts have been raised slightly, with EPS upgrades of 0.5-1% across the forecast period. Valuation remains appealing given consistent earnings delivery and strong capital position.

Target price is $7.65 Current Price is $6.90 Difference: $0.75
If NHF meets the Ord Minnett target it will return approximately 11% (excluding dividends, fees and charges).

Current consensus price target is $6.86, suggesting downside of -0.1% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 42.2, implying annual growth of 10.1%.

Current consensus DPS estimate is 27.6, implying a prospective dividend yield of 4.0%.

Current consensus EPS estimate suggests the PER is 16.3.

Forecast for FY26:

Current consensus EPS estimate is 46.1, implying annual growth of 9.2%.

Current consensus DPS estimate is 30.1, implying a prospective dividend yield of 4.4%.

Current consensus EPS estimate suggests the PER is 14.9.

Market Sentiment: 0.0

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

NXT  NEXTDC LIMITED

Cloud services

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Overnight Price: $11.38

Citi rates NXT as Buy (1) -

Post discussions with industry participants at a data centre conference in Melbourne, Citi highlights Microsoft could have recently cancelled two 40MW contracts in Sydney, but the discussions revealed these were likely options or letters of intent rather than contracts and relate to the change in relationship with OpenAI.

Additionally, the broker explains Microsoft is taking more time to award new contracts, and from the perspective of NextDC, this news is potentially a negative factor.

The analyst is forecasting Microsoft takes additional capacity in Melbourne, so this may not be earnings positive, although Oracle's partnership with OpenAI may see Oracle lift its limited data centre footprint in Australia.

Citi remains Buy rated on NextDC with a $18.70 target price, awaiting more details around the longer-term demand outlook.

Buy rated with an $18.70 target.

Target price is $18.70 Current Price is $11.38 Difference: $7.32
If NXT meets the Citi target it will return approximately 64% (excluding dividends, fees and charges).

Current consensus price target is $19.68, suggesting upside of 86.5% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 4.90 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 232.24.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -7.7, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 9.60 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 118.54.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is -16.3, implying annual growth of N/A.

Current consensus DPS estimate is N/A, implying a prospective dividend yield of N/A.

Current consensus EPS estimate suggests the PER is N/A.

Market Sentiment: 1.0

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

ORA  ORORA LIMITED

Paper & Packaging

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Overnight Price: $1.83

Macquarie rates ORA as Outperform (1) -

Commenting after the imposition of tariffs by the Trump administration, Macquarie notes Saverglass comprises 50% of Orora's FY25 earnings (EBIT). 

The broker observes direct glass sales from the EU and Mexico into the US account for 4% and 7% of Saverglass revenue, respectively, and highlights some flexibility to shift production to the lower-cost RAK facility in the UAE to help offset the impact of tariffs.

The analyst considers a 20% EU tariff manageable for Saverglass, citing relatively low demand elasticity at that level based on Brown-Forman’s 2019 experience in the US spirits market.

Nonetheless, Citi point to the risk of EU retaliation and tariff escalation, with any reintroduction of previously threatened 200% US duties on EU spirits and wine representing a significantly larger downside scenario.

Outperform rating. Target $2.42.

Target price is $2.42 Current Price is $1.83 Difference: $0.595
If ORA meets the Macquarie target it will return approximately 33% (excluding dividends, fees and charges).

Current consensus price target is $2.44, suggesting upside of 37.6% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 10.00 cents and EPS of 11.30 cents.
At the last closing share price the estimated dividend yield is 5.48%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.15.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 11.9, implying annual growth of -19.8%.

Current consensus DPS estimate is 9.3, implying a prospective dividend yield of 5.3%.

Current consensus EPS estimate suggests the PER is 14.9.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 11.00 cents and EPS of 15.60 cents.
At the last closing share price the estimated dividend yield is 6.03%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.70.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.5, implying annual growth of 21.8%.

Current consensus DPS estimate is 10.2, implying a prospective dividend yield of 5.8%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.3

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

ORI  ORICA LIMITED

Mining Sector Contracting

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Overnight Price: $16.85

Macquarie rates ORI as Outperform (1) -

Following the announcement of new tariffs by the Trump administration, Macquarie notes there is some cross-border movement of Orica product, such as AN and IS, from Canada and Mexico/Peru into the US.

The broker, however, points out this flow of goods is not material to the group’s overall earnings, noting here are also price mechanisms in contracts for tariff recovery.

Outperform. Target $20.91.

Target price is $20.91 Current Price is $16.85 Difference: $4.06
If ORI meets the Macquarie target it will return approximately 24% (excluding dividends, fees and charges).

Current consensus price target is $21.09, suggesting upside of 29.6% (ex-dividends)

The company's fiscal year ends in September.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 57.40 cents and EPS of 106.00 cents.
At the last closing share price the estimated dividend yield is 3.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.90.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 102.1, implying annual growth of -7.8%.

Current consensus DPS estimate is 54.4, implying a prospective dividend yield of 3.3%.

Current consensus EPS estimate suggests the PER is 15.9.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 63.20 cents and EPS of 116.00 cents.
At the last closing share price the estimated dividend yield is 3.75%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.53.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 116.3, implying annual growth of 13.9%.

Current consensus DPS estimate is 62.0, implying a prospective dividend yield of 3.8%.

Current consensus EPS estimate suggests the PER is 14.0.

Market Sentiment: 0.8

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

QBE  QBE INSURANCE GROUP LIMITED

Insurance

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Overnight Price: $21.96

Macquarie rates QBE as Outperform (1) -

Macquarie marks-to-market 1Q25 for QBE Insurance and estimates gross written premium in constant currency will rise by 5.5% in FY25 compared to mid-single-digit guidance, including an expected forex headwind of around 120bps.

The analyst forecasts the insurer's core operating ratio at 92.6% compared to guidance of 92.5%, which includes an additional circa $40m in reserve strengthening, or 20bps, with catastrophes expected to be in line with guidance at $1,160m.

Macquarie lowers FY25 EPS forecast by -4.9% and lifts FY26 by 1.7%, and 3%, 8% for FY27, FY28 respectively, for mark-to-markets on investment income and forex assumptions.

Target price slips to $23 from $23.20, and Outperform rating retained.

Target price is $23.00 Current Price is $21.96 Difference: $1.04
If QBE meets the Macquarie target it will return approximately 5% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting upside of 12.6% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 68.00 cents and EPS of 151.64 cents.
At the last closing share price the estimated dividend yield is 3.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.48.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 186.8, implying annual growth of N/A.

Current consensus DPS estimate is 89.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 83.00 cents and EPS of 187.06 cents.
At the last closing share price the estimated dividend yield is 3.78%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.74.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 202.6, implying annual growth of 8.5%.

Current consensus DPS estimate is 97.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 10.2.

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

Market Sentiment: 0.7

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


Ord Minnett rates QBE as Hold (3) -

Ord Minnett has slightly downgraded its earnings forecasts for QBE Insurance, trimming FY25–FY27 EPS by up to -1.5% on the back of forward rate curve movements.

While the broker sees upside, it flags macroeconomic uncertainty and international pricing risk as constraints.

The hold rating is retained, along with the revised price target of $24.50, up from $23.00. No changes have been made to dividend forecasts.

Target price is $24.50 Current Price is $21.96 Difference: $2.54
If QBE meets the Ord Minnett target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $23.35, suggesting upside of 12.6% (ex-dividends)

Forecast for FY25:

Current consensus EPS estimate is 186.8, implying annual growth of N/A.

Current consensus DPS estimate is 89.2, implying a prospective dividend yield of 4.3%.

Current consensus EPS estimate suggests the PER is 11.1.

Forecast for FY26:

Current consensus EPS estimate is 202.6, implying annual growth of 8.5%.

Current consensus DPS estimate is 97.2, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 10.2.

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

Market Sentiment: 0.7

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

RGN  REGION GROUP

REITs

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Overnight Price: $2.15

Citi rates RGN as Buy (1) -

Citi believes Region Group's on-market buyback of up to $100m securities on issue would be NTA accretive given the security currently trades at a -13% discount to the latest reported NTA.

The buyback will start no later than April 22, and is being funded from $76m proceeds of retail shopping centre sale and existing cash and undrawn debt facilities.

Buy. Target unchanged at $2.40.

Target price is $2.40 Current Price is $2.15 Difference: $0.25
If RGN meets the Citi target it will return approximately 12% (excluding dividends, fees and charges).

Current consensus price target is $2.25, suggesting upside of 3.0% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 13.70 cents and EPS of 15.50 cents.
At the last closing share price the estimated dividend yield is 6.37%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.87.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 14.9, implying annual growth of 900.0%.

Current consensus DPS estimate is 13.7, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 14.6.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 13.90 cents and EPS of 15.90 cents.
At the last closing share price the estimated dividend yield is 6.47%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.52.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 15.1, implying annual growth of 1.3%.

Current consensus DPS estimate is 13.8, implying a prospective dividend yield of 6.3%.

Current consensus EPS estimate suggests the PER is 14.4.

Market Sentiment: 0.1

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

RIC  RIDLEY CORPORATION LIMITED

Agriculture

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Overnight Price: $2.56

UBS rates RIC as Buy (1) -

UBS notes Ridley Corp has some exposure to US tariffs on Australian imports, through two businesses that might be exposed to the 10% tariffs.

Ocean Meat Processors is expected to generate FY25 earnings (EBITDA) of $13m; all the sales are exports to the US, and tallow at around $10m in FY25 earnings estimates in export sales to the US.

The broker highlights Ridley has between $20m–$23m in exposed earnings (EBITDA) to the US tariffs, but the potential impact is challenging to assess at this stage.

Buy rating with $2.90 target price unchanged.

Target price is $2.90 Current Price is $2.56 Difference: $0.34
If RIC meets the UBS target it will return approximately 13% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

UBS forecasts a full year FY25 dividend of 10.00 cents and EPS of 14.00 cents.
At the last closing share price the estimated dividend yield is 3.91%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.29.

Forecast for FY26:

UBS forecasts a full year FY26 dividend of 11.00 cents and EPS of 16.00 cents.
At the last closing share price the estimated dividend yield is 4.30%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.00.

Market Sentiment: 1.0

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

RMS  RAMELIUS RESOURCES LIMITED

Gold & Silver

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Overnight Price: $2.42

Macquarie rates RMS as Outperform (1) -

Ramelius Resources announced preliminary 3Q25 results, including production of 80.5koz, which was above Macquarie's estimate by 9% and above consensus by 4%, with robust output from Mt Magnet and Edna May, the analyst details.

Pre-tax free cash flow came in at $223m, which was higher than the broker's estimate by 21% and 7% above consensus forecast.

Cash and gold balance finished the period up at $657m from $501.7m in the previous quarter.

Macquarie lifts FY25 EPS forecast by 7% and FY26 by 10%, with an accompanying rise in the target price of 4% to $2.60.

No change to Outperform rating.

Target price is $2.60 Current Price is $2.42 Difference: $0.18
If RMS meets the Macquarie target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $2.61, suggesting upside of 6.2% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Macquarie forecasts a full year FY25 dividend of 9.00 cents and EPS of 35.50 cents.
At the last closing share price the estimated dividend yield is 3.72%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 6.82.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 33.9, implying annual growth of 73.6%.

Current consensus DPS estimate is 9.6, implying a prospective dividend yield of 3.9%.

Current consensus EPS estimate suggests the PER is 7.3.

Forecast for FY26:

Macquarie forecasts a full year FY26 dividend of 1.00 cents and EPS of 12.50 cents.
At the last closing share price the estimated dividend yield is 0.41%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.36.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 19.3, implying annual growth of -43.1%.

Current consensus DPS estimate is 3.7, implying a prospective dividend yield of 1.5%.

Current consensus EPS estimate suggests the PER is 12.7.

Market Sentiment: 0.8

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

SFR  SANDFIRE RESOURCES LIMITED

Copper

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Overnight Price: $9.55

Citi rates SFR as Neutral (3) -

Citi analyst is keeping Sandfire Resources on a negative watch, given the broker's view LME copper prices might pull back following an end to the US tariff-arbitrage trades.

Rating retained at Neutral due to the company's -7-10% underperformance vs global peers and the broker's medium-term bullish view on copper.

Target unchanged at $10.50.

Target price is $10.50 Current Price is $9.55 Difference: $0.95
If SFR meets the Citi target it will return approximately 10% (excluding dividends, fees and charges).

Current consensus price target is $10.62, suggesting upside of 20.4% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of 35.88 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.62.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 43.0, implying annual growth of N/A.

Current consensus DPS estimate is 2.9, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 20.5.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 13.80 cents and EPS of 36.03 cents.
At the last closing share price the estimated dividend yield is 1.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 26.50.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 69.6, implying annual growth of 61.9%.

Current consensus DPS estimate is 21.5, implying a prospective dividend yield of 2.4%.

Current consensus EPS estimate suggests the PER is 12.7.

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

SFX  SHEFFIELD RESOURCES LIMITED

Mineral Sands

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Overnight Price: $0.22

Ord Minnett rates SFX as Hold (3) -

Sheffield Resources delivered a record quarter for zircon sales, with 82kt sold in March --more than all prior quarters combined-- driving an estimated $9m in positive free cash flow.

The broker comments the result was supported by a broader customer base, though ilmenite sales fell short due to a delayed shipment.

Ord Minnett has raised its target price to 19c from 16c and maintains a Hold rating, seeing potential in further stockpile sales and an upcoming business improvement plan.

The broker still expects a debt restructure will be needed. Earnings forecasts have been updated.

Target price is $0.19 Current Price is $0.22 Difference: minus $0.025 (current price is over target).
If SFX meets the Ord Minnett target it will return approximately minus 12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June.

Forecast for FY25:

Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus 8.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 2.53.

Forecast for FY26:

Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.50 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.33.

Market Sentiment: 0.0

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

TCL  TRANSURBAN GROUP LIMITED

Infrastructure & Utilities

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Overnight Price: $13.53

Citi rates TCL as Neutral (3) -

Citi analysts expect the cyclical recovery in Australia to remain intact despite 10% reciprocal tariffs by the US but see a more dovish RBA in the near term. The analysts have maintained their -25bps rate cut forecasts for May and August.

The broker sees infrastructure names benefitting from lower finance costs and safe haven demand from increased volatility.

The broker will watch the exchange rate space as currency depreciation could be a negative for Transurban Group.

Neutral. Target $13.80.

Target price is $13.80 Current Price is $13.53 Difference: $0.27
If TCL meets the Citi target it will return approximately 2% (excluding dividends, fees and charges).

Current consensus price target is $13.49, suggesting downside of -1.8% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 65.50 cents and EPS of 7.10 cents.
At the last closing share price the estimated dividend yield is 4.84%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 190.56.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.3, implying annual growth of 206.2%.

Current consensus DPS estimate is 65.1, implying a prospective dividend yield of 4.7%.

Current consensus EPS estimate suggests the PER is 42.5.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 69.00 cents and EPS of 11.10 cents.
At the last closing share price the estimated dividend yield is 5.10%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 121.89.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 32.4, implying annual growth of 0.3%.

Current consensus DPS estimate is 69.0, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 42.4.

Market Sentiment: 0.2

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

TEA  TASMEA LIMITED

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Overnight Price: $2.60

Morgans rates TEA as Add (1) -

Morgans estimates Tasmea's total acquisition price for Flance Group is -$43m or 4.2x EBIT based on -$27m upfront payment and additional earn-out payments, and its expectation of no uncapped performance payments.

The company will fund the acquisition via $24m debt facility but expects to remain within the 1x leverage ratio target, given strong cash flow forecasts.

The broker revised forecasts to include the purchase, which lifted FY25 EBIT and EPS forecasts by 2% (deal completion targeted for May). For FY26, EPS forecasts increased by 8% and EBIT by 11%.

ADD maintained. Target lifted to $3.80 from $3.65.

Target price is $3.80 Current Price is $2.60 Difference: $1.2
If TEA meets the Morgans target it will return approximately 46% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Morgans forecasts a full year FY25 dividend of 10.00 cents and EPS of 22.00 cents.
At the last closing share price the estimated dividend yield is 3.85%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.82.

Forecast for FY26:

Morgans forecasts a full year FY26 dividend of 11.00 cents and EPS of 27.00 cents.
At the last closing share price the estimated dividend yield is 4.23%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.63.

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 TEA as Upgrade to Buy High Risk from Hold High Risk (1) -

Shaw and Partners raises its target for Tasmea to $3.00 from $2.85 and upgrades to Buy, High Risk from Hold, High Risk following a material share price pullback since November 2024 and the announcement of the highly accretive Flanco Group acquisition.

The Flanco deal is both attractive and strategically sensible, in the broker's opinion, priced at an implied earnings (EBIT) multiple of 3.1-4.1x times depending on earnout outcomes.

The broker now assumes $10.2m in FY26 earnings from the acquisition, lifting EPS forecasts by 11.8% for FY26 and 11.7% for FY27. 

Tasmea operates in the asset maintenance sector, which the broker considers structurally attractive due to the preventive nature of maintenance demand, providing earnings resilience across cycles.

Target price is $3.00 Current Price is $2.60 Difference: $0.4
If TEA meets the Shaw and Partners target it will return approximately 15% (excluding dividends, fees and charges).

The company's fiscal year ends in June.

Forecast for FY25:

Shaw and Partners forecasts a full year FY25 dividend of 9.20 cents and EPS of 22.80 cents.
At the last closing share price the estimated dividend yield is 3.54%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.40.

Forecast for FY26:

Shaw and Partners forecasts a full year FY26 dividend of 10.90 cents and EPS of 27.20 cents.
At the last closing share price the estimated dividend yield is 4.19%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 9.56.

Market Sentiment: 1.0

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

TWE  TREASURY WINE ESTATES LIMITED

Luxury

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Overnight Price: $8.95

Morgan Stanley rates TWE as Overweight (1) -

Morgan Stanley envisages "limited" risks from tariffs for Treasury Wine Estates but highlights the potential for a softer US consumer to impact.

The analyst details around 85% of the company's earnings before interest and tax for the US division is produced in the US, and the total represents around 36% of group earnings before interest and tax.

The US government's decision around additional EU wine tariffs of up to 200% is expected to be announced on April 14.

The target price remains at $12.90. Overweight rating. Industry View: In-Line.

Target price is $12.90 Current Price is $8.95 Difference: $3.95
If TWE meets the Morgan Stanley target it will return approximately 44% (excluding dividends, fees and charges).

Current consensus price target is $12.42, suggesting upside of 44.1% (ex-dividends)

The company's fiscal year ends in June.

Forecast for FY25:

Morgan Stanley forecasts a full year FY25 dividend of 40.50 cents and EPS of 59.00 cents.
At the last closing share price the estimated dividend yield is 4.53%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.17.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 58.6, implying annual growth of 361.4%.

Current consensus DPS estimate is 39.8, implying a prospective dividend yield of 4.6%.

Current consensus EPS estimate suggests the PER is 14.7.

Forecast for FY26:

Morgan Stanley forecasts a full year FY26 dividend of 48.70 cents and EPS of 70.00 cents.
At the last closing share price the estimated dividend yield is 5.44%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 12.79.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 70.5, implying annual growth of 20.3%.

Current consensus DPS estimate is 46.9, implying a prospective dividend yield of 5.4%.

Current consensus EPS estimate suggests the PER is 12.2.

Market Sentiment: 0.8

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

WDS  WOODSIDE ENERGY GROUP LIMITED

NatGas

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Overnight Price: $22.48

Citi rates WDS as Neutral (3) -

Citi revised forecasts for Woodside Energy to reflect Greater Angustura sell-down. The broker cut FY25 net profit forecast by -1.5% and FY26 by -4.8%.

Neutral. Target unchanged at $24.

Target price is $24.00 Current Price is $22.48 Difference: $1.52
If WDS meets the Citi target it will return approximately 7% (excluding dividends, fees and charges).

Current consensus price target is $26.60, suggesting upside of 29.8% (ex-dividends)

The company's fiscal year ends in December.

Forecast for FY25:

Citi forecasts a full year FY25 dividend of 116.53 cents and EPS of 144.59 cents.
At the last closing share price the estimated dividend yield is 5.18%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.55.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 198.9, implying annual growth of N/A.

Current consensus DPS estimate is 142.7, implying a prospective dividend yield of 7.0%.

Current consensus EPS estimate suggests the PER is 10.3.

Forecast for FY26:

Citi forecasts a full year FY26 dividend of 36.80 cents and EPS of 46.15 cents.
At the last closing share price the estimated dividend yield is 1.64%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 48.71.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 113.3, implying annual growth of -43.0%.

Current consensus DPS estimate is 86.8, implying a prospective dividend yield of 4.2%.

Current consensus EPS estimate suggests the PER is 18.1.

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

Market Sentiment: 0.2

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

Today's Price Target Changes
Company Last Price Broker New Target Prev Target Change
AMP AMP $1.11 Ord Minnett 1.55 1.70 -8.82%
ANZ ANZ Bank $28.30 UBS 31.00 34.00 -8.82%
BRG Breville Group $26.40 UBS 33.10 37.40 -11.50%
CIA Champion Iron $4.33 Bell Potter 6.20 7.10 -12.68%
EQT EQT Holdings $31.11 Ord Minnett 35.00 36.00 -2.78%
GNP GenusPlus Group $2.64 Bell Potter 3.30 3.20 3.12%
KLS Kelsian Group $2.52 Macquarie N/A 3.20 -100.00%
QBE QBE Insurance $20.73 Macquarie 23.00 23.20 -0.86%
Ord Minnett 24.50 23.00 6.52%
RMS Ramelius Resources $2.46 Macquarie 2.60 2.50 4.00%
SFX Sheffield Resources $0.21 Ord Minnett 0.19 0.16 18.75%
TEA Tasmea $2.46 Morgans 3.80 3.65 4.11%
Shaw and Partners 3.00 2.85 5.26%
Summaries
AIA Auckland International Airport Buy - Citi Overnight Price $7.28
AL3 AML3D Buy, High Risk - Shaw and Partners Overnight Price $0.16
ALQ ALS Ltd Outperform - Macquarie Overnight Price $15.52
ALX Atlas Arteria Buy - Citi Overnight Price $4.86
AMC Amcor Outperform - Macquarie Overnight Price $15.35
AMP AMP Hold - Ord Minnett Overnight Price $1.19
ANN Ansell Equal-weight - Morgan Stanley Overnight Price $29.34
Hold - Ord Minnett Overnight Price $29.34
ANZ ANZ Bank Equal-weight - Morgan Stanley Overnight Price $29.25
Neutral - UBS Overnight Price $29.25
ARB ARB Corp Neutral - Citi Overnight Price $30.66
Buy - Ord Minnett Overnight Price $30.66
AZJ Aurizon Holdings Neutral - Macquarie Overnight Price $3.09
BOQ Bank of Queensland Underperform - Macquarie Overnight Price $6.77
BRG Breville Group Neutral - Citi Overnight Price $30.05
Neutral - UBS Overnight Price $30.05
CGF Challenger Buy - Ord Minnett Overnight Price $5.86
CIA Champion Iron Buy - Bell Potter Overnight Price $4.55
CPU Computershare Hold - Ord Minnett Overnight Price $37.95
EQT EQT Holdings Buy - Ord Minnett Overnight Price $32.22
GNP GenusPlus Group Buy - Bell Potter Overnight Price $2.72
IAG Insurance Australia Group Accumulate - Ord Minnett Overnight Price $7.79
KLS Kelsian Group No Rating - Macquarie Overnight Price $2.65
LNW Light & Wonder Buy - Citi Overnight Price $141.85
LOV Lovisa Holdings Sell - Citi Overnight Price $23.04
LYC Lynas Rare Earths Buy - Ord Minnett Overnight Price $7.07
MPL Medibank Private Downgrade to Accumulate from Buy - Ord Minnett Overnight Price $4.58
NHF nib Holdings Buy - Ord Minnett Overnight Price $6.90
NXT NextDC Buy - Citi Overnight Price $11.38
ORA Orora Outperform - Macquarie Overnight Price $1.83
ORI Orica Outperform - Macquarie Overnight Price $16.85
QBE QBE Insurance Outperform - Macquarie Overnight Price $21.96
Hold - Ord Minnett Overnight Price $21.96
RGN Region Group Buy - Citi Overnight Price $2.15
RIC Ridley Corp Buy - UBS Overnight Price $2.56
RMS Ramelius Resources Outperform - Macquarie Overnight Price $2.42
SFR Sandfire Resources Neutral - Citi Overnight Price $9.55
SFX Sheffield Resources Hold - Ord Minnett Overnight Price $0.22
TCL Transurban Group Neutral - Citi Overnight Price $13.53
TEA Tasmea Add - Morgans Overnight Price $2.60
Upgrade to Buy High Risk from Hold High Risk - Shaw and Partners Overnight Price $2.60
TWE Treasury Wine Estates Overweight - Morgan Stanley Overnight Price $8.95
WDS Woodside Energy Neutral - Citi Overnight Price $22.48
RATING SUMMARY
Rating No. Of Recommendations
1. Buy

23

2. Accumulate

2

3. Hold

15

5. Sell

2

Friday 04 April 2025

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Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface. This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.