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Australasian Equities

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Core

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Capitol Merger Delivers Integral Diagnostics (ASX: IDX) reported that revenue rose 55.6% to $393.5 million for the half year after merging with Capitol, with earnings before interest and tax surging 75.6% to $81.1 million as margins expanded to 20.6%. Merger cost savings hit $14 million annually, exceeding the $10 million target, while organic Australian revenue grew 7.4% on higher average fees and imaging volumes. Net profit rose 154.6% to $22.3 million, with the board lifting the interim dividend 32% to 3.3 cents.

The Lottery Corporation

Speculative

high

Base Game Growth Offsets Jackpot Turnover Shortfall The Lottery Corporation (ASX: TLC) reported 1H26 results in mid-Feb, with revenue rising 2% to $1.82 billion despite unfavourable jackpots reducing turnover by $400 million, and net profit slipping just 1.4% to $173.3 million. Digital sales reached 41.2% of lottery turnover, up 80 basis points, while Keno revenue jumped 7% and profit rose 11.8%. Saturday Lotto price increases retained 103% of customers. Net debt sat at 3x earnings at the low end of target ranges.

Westpac

Core

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Volume Growth Drives Earnings Westpac’s (ASX: WBC) 1Q26 update from mid-February showed net profit of $1.9 billion, up 5% against the 2H25 average, as lending grew $22 billion with housing, business and institutional loans all expanding. Return on equity rose to 11.6% while the capital ratio held at 12.3%, well above the target. Net interest margin fell 1 basis point to 1.94% as competitive pressure offset Treasury gains. Operating expenses stayed flat as productivity savings progressed. Impairment charges remained low at 6

St Barbara

Speculative

high

‘Cheap’, Cashed-Up, and Coiled Gold at US$5,00/oz and above, along with some astute deal-making and the district-scale exploration pipeline in Nova Scotia, Canada, has transformed St Barbara into a compelling development play, sitting on two NPV-positive gold development projects potentially worth A$2 billion combined at conservative gold price assumptions. Simberi’s depleting oxide operation is now generating real cash at current margins. The PNG tax dispute in large part explains the discount, but with binding deal agreements in place, PNG Government skin

Capstone Copper

Speculative

high

Record Quarter Fails to Impress as Shares Sell Off Capstone Copper (ASX: CSC, TO: CS) fell in Toronto trading, tracking the move in the Australian-listed shares, despite posting record quarterly revenue of $685 million for 4Q25 as copper production rose 8% to 58,273 tonnes and realised prices hit $5.36 per pound. Full-year revenue jumped 48% to $2.36 billion, with production up 22% to 224,764 tonnes and adjusted earnings before interest and tax nearly doubling to $952.7 million. Net debt edged higher

New Hope Corp

Speculative

high

Production Up; Earnings Stay Flat New Hope Corporation (ASX: NHC) reported mid-Feb quarterly earnings that were broadly in line with expectations and flat at $106.9 million as coal production rose 4.8% to 4.1 million tonnes and sales jumped 8.2% to 2.9 million tonnes at an average realised price of $139 per tonne. First-half earnings totalled $214.8 million, with operating cash flow of $185 million lifting available cash to $616.8 million. Encouragingly, management cut CAPEX guidance 21% to $100-130 million. Investors responded positively

Telstra

Core

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Strong Signal: A re-rating with further to run Telstra’s first-half result was not a flashy beat, but the dialling up of dividends was music to the ears of income investors. Costs were well contained, and the share buyback increased. The market reaction was positive when the results were released in mid-February, and the shares have climbed about +7% YTD, extending gains over the past year to circa +25%. We like both the fundamental and technical picture at this juncture. Underlying Cash EPS

Special report: Feb ’26 Reporting Season

The February reporting season has left the Station Down Under. Australia’s February 2026 earnings season delivered results that were, on balance, better than feared. The ASX200 gained roughly +3.7% in February, the best month since last April and that rebound from Trump’s so-called “Liberation Day.” That isn’t to say the reporting season wasn’t without its drama, though. The market response has become particularly violent to companies that miss expectations or provide underwhelming guidance. Downside volatility is often proving sharper than rallies,

About these archived stock reports

These are archived Fat Prophets equity research stock reports and share analysis. They do not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. They are provided for historical reference only, and reflect the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance.

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