There's been plenty of market-moving news out this week, which has given the analyst team at Macquarie plenty to look at.
They've issued a bunch of new research notes, and I've selected three focused on ASX 200 companies that Macquarie has given an outperform rating to.
Let's see what they're saying.
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Santos Ltd (ASX: STO)
Santos held its annual investor briefing this week, which focused on the company's growing free cash flow.
The company's Barossa and Pikka projects are also now producing, with Macquarie saying Santos was now past "peak capex".
Santos' break-even oil price is now US$45 to US$50 per barrel, compared to current prices of about US$88 per barrel.
Macquarie said Santos outlined US$4.9 billion in shareholder returns over CY26-30 and a US$2.5 billion reduction in debt by 2030.
Macquarie said in its research note:
Santos now has a suite of higher-quality opportunities to pursue in Alaska, PNG, Beetaloo (potentially Bedout). This focus should see it create currently unrecognised value from its existing footprint.
Macquarie has a price target of $9.15 on Santos shares compared to the current price of $7.73.
Web Travel Group Ltd (ASX: WEB)
Web Travel Group earlier this week delivered a strong set of full-year numbers, reporting that total transaction volume (TTV) was up 20% year over year to $5.8 billion, driven by "significant organic growth in the Americas and Europe", while TTV margins improved by 0.1% to 6.8%.
Revenue increased 20% to $394.1 million while net profit was up from $11.1 million in FY25 to $35.5 million.
Macquarie said while TTV was in line with consensus estimates, TTV margins were better than expected.
They said margins could come under pressure as the Middle East conflict drags on, but that the company's ongoing investment should position them well for any recovery in travel activity.
As Macquarie said:
Outlook continues to be impacted by ongoing conflict disruption and uncertainty, continued investment supports WEB's ability to improve margins as it scales over the medium term.
Macquarie has a price target of $4.05 on Web Travel Group shares compared with $2.70 currently.
Infratil Ltd (ASX: IFT)
Infratil, which invests in data centre and renewable energy businesses, this week reported that full-year EBITDAF rose 11% to NZ$989 million, while total asset value increased 13% to NZ$20.6 billion.
The company said its earnings were mainly driven by investments in its Australasian data centre business CDC and its US renewable energy business Longroad Energy, and it expected earnings to increase by 21% in FY27.
Macquarie said there were several potential catalysts to boost the share price, including the possible sell-down of an additional $1 billion in assets, which would simplify the company.
Further announcements around contracting for signings to CDC could also be a positive, they said.
Macquarie has a price target of $17.23 on Infratil shares compared to $13.17 currently.
