Research notes

EDV provided a strategic update at its Investor Day with the new management team, led by CEO Jayne Hrdlicka, outlining their plans for growth. As expected, no trading update was provided given the company provided one only a few weeks ago. Management outlined three core growth pillars: 1) grow Retail revenue through repositioning the Dan Murphy’s and BWS offers; 2) improve Hotels performance by stepping up investments in renewals; and 3) reduce costs with $300m in targeted savings by FY29. We make negligible changes to FY26-28F EBIT forecasts; however, underlying NPAT declines by 0-3% due to higher interest expense. Our target price decreases to $2.80 (from $3.30) reflecting changes to earnings forecasts and a reduction in our FY27F PE multiple to 13x (from 15x). While the Investor Day highlighted a range of revenue and cost opportunities, these require accelerated investment and are expected to keep balance sheet leverage elevated through FY27. Execution remains key, and with the liquor market still challenging, we prefer to wait for delivery before reassessing our view. HOLD retained.

There are multiple near-term catalysts approaching which when achieved will see a share price re-rating. IMR is now well funded to deliver on clinical, regulatory, and commercial objectives. We have updated our model and valuation for the capital raise. Our target price is A$2.61 (was $2.63). We maintain our SPECULATIVE BUY recommendation.

NUF’s 1H26 result was at the higher end of guidance with the company reporting strong earnings growth. Seed Technologies reported a particularly strong result. NUF is on track to deliver strong underlying EBITDA growth in FY26. Pleasingly, the company upgraded its Seed Technology guidance. NUF is our key pick of the ag and chemical sector. The company is materially undervalued and we reiterate our BUY rating with a new price target of A$4.15.

Given the Middle East conflict affected trading in March, WEB’s FY26 result came in at the lower end of guidance, albeit better than consensus, proving its resilience. Unsurprisingly, WEB’s FY27 update showed that trading has slowed materially given the conflict. Adverse FX has been another headwind. Given the uncertainty, WEB did not provide any formal FY27 earnings guidance. We have made significant downgrades to our forecasts. We assume that the conflict and a subdued consumer environment impacts WEB’s 1H27 (seasonally stronger half), followed by a recovery in the 2H27. After material share price weakness, we upgrade WEB to a BUY rating. The company is worth materially more than the current share price. We know from past economic and geopolitical events, that after a downturn, travel demand rebounds and so will its earnings and share price.

APE delivered a mixed AGM update. Key OEM supply constraints tempered 1H26 expectations, with ANZ 1H26 PBT guided flat/slightly ahead yoy (7-11% below cons), while record order intake (>29% ahead of deliveries YTD) and ANZ/CAD acquisition contributions support a robust 2H outlook. We expect guidance may prove conservative, with the group yet to work through the peak May/June trading period (~50% of 1H profit) and supply conditions remaining constrained across key OEMs. Despite some near-term earnings uncertainty, we continue to view a meaningful structural opportunity across consolidation (AUS/CAD), strategic alliances (Mitsubishi Corporation), used vehicles (EA123) and ongoing NEV leadership. We see recent share price pressure (~18x FY27F PE) as an attractive entry point given the earnings trajectory ahead (CY27F EPS growth ~19%).

Industry consolidation may spark additional interest in TLX. However, recent news flow around convertible note refinancing, a solid 1Q26 sales (up 11%) and the Regeneron collaboration shows there is plenty happening inside TLX. TLX points to several milestones expected in 2026 including a FDA clearance for the brain cancer diagnostic and resubmission of the kidney cancer diagnostic. Consensus has a target price of A$24.33 which provides significant upside to the current share price.

Regimen I of the HEALEY ALS Platform Trial expanded from 160 to 240 participants (180 active / 60 placebo), driven by the absence of a concurrent regimen and enrolment running materially ahead of schedule. Topline results now expected in early 3Q CY27, with its trial partner covering the bulk of incremental costs. No change to NUZ's funding requirements. Net positive update with potential timeline compression, and a more statistically robust and straight forward dataset. Higher risk free rates and FX assumptions drags our valuation down to A$0.20 (from A$0.28). Spec Buy.

IFT’s FY26 result was strong with net proportionate EBITDA from continuing operations lifting ~11% YoY and coming in 4% ahead of our forecast. Proportionate capex was above our forecast. It lifted 17% YoY and is set to lift ~57% in FY27 as management recycles capital to reinvest in IFT’s key growth assets. Portfolio Asset Value lifted 13% YoY to NZ$20.6bn, in line with our expectations. IFT declared a 13.65c final dividend, in line with earlier guidance. We retain our ACCUMULATE recommendation and lift our Target Price ~22% to $13.80, following CDC’s largest ever contract win.

GMG's 3Q26 update reinforced a deliberate strategy: deploy balance-sheet capital ahead of customer commitments to win the race for power-enabled metro data centre (DC) capacity. WIP is set to step from $14.5bn at Mar-26 to a record c.$18bn by Jun-26 (Consensus $17.7bn), with the power bank lifted to 6.4GW. Operationally the update was mixed, with pre-committed share, production rate and Yield On Cost (YOC) all relatively flat hoh. The structurally important note was management's view that industry DC capex requirements likely exceed global capital market funding capacity, a backdrop that favours those with secured power, sites and locked-in capital partners. FY26 OEPSg guided to ‘at least 9%’ (prior 9%; MorgansF 9.2%; Consensus 9.8%), marginally up. We partially reverse the discretionary discount applied in our March sector update (-10% to -5%) reflecting growing conviction in the capital-scarcity moat and peer pre-commit validation, noting that GMG's own leading indicators have not yet inflected. BUY reiterated; TP to A$36.00/sh.

ARX posted its FY26 result which was in line with the recently released trading update and our forecast. Higher sales and marketing spend in FY27 results in a flat EBITDA, however the benefits of this investment will be seen in FY28/29 where a significant step up is expected. As a result of changes to forecasts and the roll forward of our model, our target price increases to A$0.79 (from $0.77). We maintain a BUY recommendation.