Weekly Earnings Wrap: CBA, CSL, MQG and more

Morning Star AU

Feb 13

This is our second edition of the weekly wrap for the February 2026 earnings season. This week of earnings was packed with many ASX heavyweights reporting interim or quarterly results. Among those ...

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This week of earnings was packed with many ASX heavyweights reporting interim or quarterly results. 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This week of earnings was packed with many ASX heavyweights reporting interim or quarterly results. Among those ...</p>\n\n<a href=\"https://www.morningstar.com.au/stocks/weekly-earnings-wrap-cba-csl-mqg-more\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CSL.AU","symbol_name":"CSL LIMITED","start_time":0,"source_url":"https://www.morningstar.com.au/stocks/weekly-earnings-wrap-cba-csl-mqg-more","article_id":"2611907507","we_media_id":null,"thumbnails":[],"rights":{"source":"morningstar_stock","url":"https://www.morningstar.com.au/stocks/weekly-earnings-wrap-cba-csl-mqg-more","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2611907507","pubTimestamp":1770912000,"columns":[],"sourceInfo":{"source_id":"morningstar_stock","name":"Morning Star"},"weMediaInfo":null,"summary":"This is our second edition of the weekly wrap for the February 2026 earnings season. This week of earnings was packed with many ASX heavyweights reporting interim or quarterly results. Among those inc","collect":0,"end_time":0,"defaultTopTitle":"morningstar.com.au","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CSL.AU":"CSL LIMITED","CSL":"卡莱尔伙伴","CBA.AU":"COMMONWEALTH BANK OF AUSTRALIA"},"translate_title":"每周收益总结：CBA、CSL、MQG等","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CSL":1.5,"CSL.AU":1.5,"CBA.AU":1.5},"content_text":"This is our second edition of the weekly wrap for the February 2026 earnings season. This week of earnings was packed with many ASX heavyweights reporting interim or quarterly results. Among those include the banks, CSL and JHX. I have split weekly earnings contenders into three categories: winners, losers and indifferent. Where a company lands on the list will be based on the market reaction. The idea is to compare what the market perceives as winners or losers and how this stacks up against our analysts’ views including changes to fair value. Winners Car Group (ASX.CAR) Fair Value Estimate: $33 (23% discount at 13 February) Rating: ★★★★ Moat: Narrow CAR Group’s shares surged 10% after first-half results were reported on Monday. Pro forma EBITDA grew by 12%, with revenue increasing 13% in constant currency terms. Our analyst Roy Van Keulen noted revenue growth in international markets was strong and trending towards meeting management’s guidance. Roy increased his fair value estimate for narrow-moat CAR Group by 5% to $33 per share. This increase reflects upgrades to forecasts for the Brazilian market which is outperforming expectations. Roy believes CAR group currently screens as undervalued, as fears around AI have weighed on shares. CAR Group owns dominant vehicle marketplaces that are well-protected by network effects, where supply and demand for vehicles compliment each other and drive traffic. Dominance in the private seller market - for whom listing on multiple websites is too cumbersome—provides a unique supply that competitors cannot replicate. You can read more on Car Groups earnings here. Commonwealth Bank of Australia (ASX.CBA) Fair Value Estimate: $100 (78% premium at 13 February) Rating: ★Moat: Wide Investors were enthusiastic about Commonwealth Bank’s first-half result and shares rose 6% on Wednesday. The bullish reaction was on the back of CBA’s reported loan book which grew 7% and stable underlying net interest margins which comfortably offset 6% expense growth. With a positive market reaction, this lands CBA in the winners list. However, our analyst Nathan Zaia focused on valuation. Nathan noted the result was largely in line with forecasts and the fair value remains unchanged at $100. CBA is writing fewer loans with third-party brokers which is more profitable for the bank. In my recent article on earnings expectations I asked Nathan if a strong result could justify the meaningful premium CBA is trading at to his fair value. Nathan believes the share price is too far detached from underlying fundamentals. While CBA shares are down from June 2025 highs, they remain materially overvalued on a forward P/E of about 25 times, dividend yield of 3.1% and price/book of almost 4 times. You can read more about Nathan’s report on CBA’s earnings here. ANZ (ASX.ANZ) Fair Value Estimate: $33 (20% premium at 13 February) Rating: ★★ Moat: Wide ANZ shares rose 8% on the day of reporting. ANZ’s first-quarter underlying profit rose 17% to $2 billion. The bank cut operating expenses by 8% which was the key driver for higher profits. Profits were also aided by loan growth and a slight improvement in underlying net interest margins (NIM). Our analyst Nathan Zaia maintained his $33 fair value for ANZ Group highlighting that the shares are overvalued. Nathan noted that the market appears overly confident that the bank will achieve long-term strategic growth targets, despite integration and governance risks. He added that earnings growth is more dependent on strong revenue rather than cost cutting, which he views as challenging for ANZ given the competitive landscape. James Hardie Industries (ASX.JHX) Fair Value Estimate: $42 (11% discount at 13 February) Rating: ★★★★Moat: Wide James Hardie reported their third quarter result on Wednesday which saw the share price rise 11% for the day. The company modestly lifted fiscal 2026 guidance and is now targeting adjusted EBITDA of USD 1.25 billion. James Hardie saw lower sales volumes in siding & trim due to weak US residential housing. However, retailer destocking has ended which is helped the company reaffirm a stronger sales outlook for the rest of the year. Our analyst Esther Holloway notes that while shares rallied on the announcement, the result is largely as expected. There are no changes to fiscal 2026 revenue or adjusted EBITDA forecasts which is why Holloway maintains her fair value at $42. Esther notes the market is more bearish on the sales uplift and cost savings from the Azek acquisition than she is which is why the shares are still trading at a discount. You can read more on the result here. Indifferent Macquarie Group Ltd (ASX.MQG) Fair Value Estimate: $205 (6% premium at 13 February) Rating: ★★★Moat: Narrow Macquarie’s third-quarter trading update saw a relatively subdued market response with the share price close to unchanged by close of business Tuesday. Macquarie reported growth across all segments for the nine months to Dec. 31, 2025. This was a result of higher performance fees in asset management, a growing home loan book, profit from asset sales and more demand for commodities risk management. Our analyst Nathan Zaia noted it was encouraging to see earnings from asset management and capital markets increase. Overall, the fair value for Macquarie Group remains unchanged. Narrow-moat Macquarie trades on a forward P/E of 19 times and a dividend yield of 3.5%. You can read more on our analysts report on Macquarie earnings here. Losers REA Group (ASX.REA) Fair Value Estimate: $137 (21% premium at 13 February) Rating: ★★ Moat: Wide REA shares opened down 18% after reporting results before slightly recovering to finish the day down 8%. REA saw costs in the Australian segment (largest segment) growing above revenues which may be signalling increased competition with Domain (now owned by CoStar). Our analyst Roy Van Keulen notes that he does not expect conditions to improve materially for REA Group for the rest of the year. He also noted that competition is intensifying with its rival CoStar who is competing on price. Roy maintains his $137 fair value estimate for wide-moat REA Group. Roy notes that he doesn’t believe AI is a threat. He believes browsing pictures of houses will remain the preferred method of discovery for listings and the more visually optimised real estate portals will remain dominant. Overall, REA continues to screen as materially overvalued despite falling nearly 40% from its peak. CSL Ltd (ASX.CSL) Fair Value Estimate: $270 (44% discount at 13 February) Rating: ★★★★★ Moat: Narrow CSL shares fell 11% after reporting interim results. The drop was primarily due to a softer than expected plasma result & the unexpected retirement of CEO Paul McKenzie. CSL’s EBIT earnings fell 3% on 5% lower plasma sales. The full year guidance of mid-single-digit earnings growth was reaffirmed and the Seqirus and Vifor divisions fared relatively well. While the negative market reaction on the day puts CSL in the loser column, our analyst Shane Ponraj highlights a few key points looking forward. Shane cut his fair value by 8% to $270 due to weaker US dollar and a slower plasma margin recovery. However, Ponraj reiterates that CSL shares are currently cheap with the market overly pessimistic on plasma gross margins. At current levels, the share price implies that plasma gross margins will shrink which Shane believes is unrealistic. Looking forward, Shane expects to see continued plasma gross margin expansion albeit a slower recovery due to recently policy changes which have created headwinds for CSL. AMP (ASX.AMP) Fair Value Estimate: $1.45 (10% discount at 13 February) Rating: ★★★Moat: None AMP shares fell a whopping 26% after releasing annual results. Despite a sizeable increase in net profit, investors focused on disappointing wealth management product margins. Additionally, higher guided costs for 2026 indicate the company will require more investment to offset prior cost reductions. Our analyst Shaun Ler reduced his fair value estimate for no-moat AMP by 10% to $1.45. The change reflected margin pressure and higher medium-term spending. One positive was net flows including pensions, were positive for the first time in eight years at around $1.6 billion. This indicates AMP’s product features are increasingly appealing to customers. Overall, despite near term challenges Ler is positive on the long-term earnings outlook for AMP. Get Morningstar’s insights in your inbox","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}