Morgans rates BBT as Buy
Morgans observes betr Entertainment's 3Q26 update saw an improvement in margins post the Spring Carnival and should be well positioned to achieve 2H26 targets. Turnover for the period rose 2% y/y despite there being one less Saturday.
Management reiterated earnings (EBITDA) targets of $5m-$8m for 2H26 and $13m-$19m for FY27. The cost reduction program is also in place to generate an expected $6m in annual savings.
The cash position at $28.7m including client balances of $13.7m was lower than the broker's expectations.
Target lowered to 35c from 41c due to ascribing a higher risk free rate to the valuation and higher cost of capital assumptions. Buy rating maintained.
Citi rates CSC as Buy
Citi observes Capstone Copper's March quarter production and costs beat consensus forecasts by 2% and 5%, respectively.
Performance was supported by a recovery at Mantoverde in Chile, the analyst explains, where throughput and recoveries improved materially through the quarter.
Earnings also exceeded the consensus forecast by 12%, while net debt declined, strengthening the balance sheet, the broker highlights.
2026 guidance remains unchanged.
Key upcoming catalysts are seen as progress at the Mantoverde Optimised (upgrade and expansion project) and permitting and study milestones at Mantos Blancos (also in Chile).
Target $16.60. Buy.
Citi rates LTR as Neutral
Citi highlights a mixed March quarter from Liontown, with stronger cash generation at Kathleen Valley offset by a weaker operational performance.
Cash flow improved on higher realised lithium prices, but production missed expectations and costs increased, partly reflecting higher royalties, the analyst explains.
Recoveries from open pit ore were a key weakness, according to the broker, though early April data shows improvement.
Commentary notes underground mining continues to ramp up ahead of schedule, with further production growth expected through FY27.
Citi maintains a cautious stance following the operational variability. Neutral. Target $1.65.
0.470
$25.26
$170.33
