Research notes

IPH’s 1H26 result was broadly in line with consensus, reporting like-for-like (LFL) revenue and EBITDA growth at the group level. Whilst Canada and Asia showed growth, ANZ remains impacted by lower US PCT filings. IPH’s valuation is undemanding (<8x FY27F PE), however we note investor patience is required given the delivery of organic growth (and return of key US PCT’s) looks to be the catalyst for a sustained re-rating. Maintain Buy recommendation.

GMG is leaning hard into data centre (DC) development across scarce, power-enabled metro locations, backed by long-dated capital partners and a conservative balance sheet. FY26 guidance is unchanged, with near-term results reflecting longer development timeframes and a larger share of balance-sheet originated developments. Execution now hinges on converting customer negotiations into commitments across key DC campuses while holding returns. Whilst the company has flagged the longer development timeframe for DCs, recent share price weakness points to impatience as the market discounts the uncertainty around hyperscale demand, investor appetite and potentially the lower likelihood of an FY26 EPS upgrade. Combining improving margins against a higher cost of capital and increased balance sheet investment, our valuation remains broadly unchanged at $36.05/sh and sees us reiterate our Accumulate recommendation.

MAF’s FY25 underlying NPAT ($58m) was +35% on the pcp, and +2% above Bloomberg consensus ($57m). Overall, we saw this result as generally sound, being a slightly beat versus NPAT consensus, and with an upgrade to MA Money FY26 profit expectations. We make relatively nominal changes to our FY26F/FY27F NPAT forecasts -2%/+2% on a review of our earnings assumptions. Near-term EPS forecasts are downgraded (~5%) on a share count adjustment. Our target price is set at $11.69 (previously $12.16). We see MAF as having strong operating momentum, and with >10% TSR upside existing on a 12-month view, we maintain our Accumulate recommendation.

1H26 was a knockout result, with all operating metrics well ahead of expectations. The company is undoubtedly well positioned to deliver on its upgraded EBITA guidance ($275-285m). While the company has signaled strong growth in FY27, this may be difficult to achieve organically given the tail risk associated with Fimiston. That said, inorganically, the full year contribution from Fredon will help to supplement what should be a strong year for organic earnings growth in Mining as both Meandu and the South Walker Creek expansion ramp up. Although our growth expectations fade materially in FY27, free cash flow yield is still solid at ~6% and the company has optionality to pursue further growth options with leverage at just 0.4x. Target price rises to $6.60 (from $6.00). ACCUMULATE maintained.

FY25 revenue of A$13.05bn (+16.5% pcp) was in line with expectations, as record cost discipline (12.1% opex/sales) helped drive a strong ROS outcome of 3.3%. APE is poised for a fourth consecutive year of material ANZ revenue growth (MorgansF A$0.9bn) and CanadaOne is tracking positively (PBT +12.2% LTM Dec-25 vs Jun-25) with completion expected imminently. EA123 remains a key medium-term driver, with profitability improving (ROS 4.4% vs 3.6% pcp) and clear intent to scale the network and the broader ecosystem. Industry margins appear to have passed the trough, and APE continues to drive outperformance through operational excellence. We view ~20x PE as an attractive entry point for strong near-term earnings growth (~20% EPS FY26-27F); growing earnings visibility; expected upside through M&A; and various strategic initiatives to support the medium term. Move to BUY (from ACCUMULATE). A$31.80ps PT.

UNI reported a strong 1H26 result which was ahead of expectations. Sales were up 14.2% to $209.6m and EBIT grew by 23.2% to $43.6m, EBIT margin up 150bps. The strong sales momentum has continued into the first 7 weeks of the 2H, despite the challenging comps (+20%). UNI has consistently delivered through a challenging retail environment, +7.9% LFL sales CAGR over the last 6 years. We have a $10.60 target price (was $10.50). BUY maintained.

TLS’s 1H26 result was slightly better than expected albeit with full year guidance broadly reiterated. Highlights of the result were strong performance for the all-important mobile business, strong cashflow and a slightly higher than expected interim dividend. The interim dividend is partially franked (90.5%) and above consensus expectations. Our TP lifts to $5.20 and we retain our Hold recommendation

Coal prices in 1H26 were a significant headwind for WHC, with revenue ($2.5bn), average achieved price (A$189/t), EBITDA ($446m), and operating cash flow ($387m) all materially lower than in 1H25. WHC has revised its FY24-28F FOB cost estimates for its QLD assets to be ~10% (or $10–15/t) higher than originally assumed at acquisition. Long-term cost assumptions have been adjusted upward to reflect this change. We expect a stronger 2H supported by increased coal sales and higher realised prices, reflecting recent gains across both metallurgical and thermal coal benchmarks. We rate WHC an ACCUMULATE (previously HOLD) with a target of A$9.05ps following recent share price weakness.

1HFY26 result was better than expected, with underlying NPAT c4% ahead and organic revenue growth of 5%, demonstrating resilience across most regions. Underlying EBITDA was broadly in line, margins expanded and cost discipline remained evident. Importantly, FY26 guidance was maintained, an operational review of the US business is underway, and sale-and-leaseback activity introduces capital management optionality. While structural growth remains moderate, we view the result as evidence that the market’s “broken core” narrative has been overstated. Execution now becomes the key driver, but at subdued trading levels, the risk/reward skews favourably. We adjust FY26-28 estimates (mainly FX related), with our target price decreasing to A$28.64. BUY.

A largely in-line result with a bottom-line beat and a move to net cash. With Kalkaroo added to the portfolio and drilling stepping up across MATSA and Motheo, reserve growth and exploration are now central to SFR’s medium-to-long-term value story. Maintain HOLD with a A$20.40ps target price (previously A$18.90ps).