Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 8% to 70.5 cents. Investors have been selling this fertility treatment company's shares after it rejected a takeover offer from a consortium that includes Washington H. Soul Pattinson and Co Ltd (ASX: SOL). The company's chair, Richard Davis, said: "The Board, in consultation with its advisers, has formed the view that the revised Proposal in its current form undervalues the Company. The Board is supportive of Dr Victoria Atkinson and looks forward to the execution of her strategy to bring stability and growth to Monash IVF." However, Monash IVF revealed that it "remains open to discussions regarding a change of control transaction at a higher valuation."

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 3% to $41.30. This morning, the banking giant advised that it has reviewed its credit provisioning and capital settings to better reflect the risks in the market caused by the conflict in the Middle East. NAB expects first-half credit impairment charges to be $706 million. This includes "$201 million increase in Forward Looking Adjustments (FLAs) for potential stress which may emerge in sectors more likely to be impacted by fuel supply and cost issues related to the Middle East conflict."

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price is down almost 7% to $2.36 after returning from a trading halt. This morning, the fuel retailer released an update on last week's fire at its Geelong refinery. Viva Energy advised that in the near-term, the refinery is expected to run diesel and jet fuel production at around 80% capacity, while petrol output is closer to 60%. The good news is that management expects production to recover to 90% capacity over the coming weeks.

Worley Ltd (ASX: WOR)

The Worley share price is down 3.5% to $11.40. This follows the release of a trading update this morning. The global professional services company revealed that it expects the ongoing Middle East conflict to have a negative impact on its FY 2026 earnings, with underlying EBITA expected to be reduced by between $30 million and $40 million. In light of this, Worley has indicated that it is now unlikely to achieve growth in underlying EBITA in FY 2026.

The post Why Monash IVF, NAB, Viva Energy, and Worley shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is up 14% to 75.7 cents. This morning, the fertility treatment company revealed that it has received a new non-binding takeover proposal from a consortium that includes Washington H. Soul Pattinson and Co Ltd (ASX: SOL). The consortium had previously offered 80 cents per share. This has now been increased to 90 cents per share and "represents the highest amount the Consortium is prepared to offer as its Offer Price, absent a competing proposal emerging for all or a material part of Monash IVF." The company advised that its board is assessing the proposal, including obtaining advice from its financial and legal advisers.

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is up 5% to $133.14. This morning, the health imaging technology company announced that it has signed a five-year contract renewal with Northwestern Medicine. Importantly, the $37 million contract has increased minimums and an increased fee per transaction. Commenting on the deal, Pro Medicus' CEO, Dr Hupert, said: "We are extremely pleased that in addition to committing to a second five-year term at an increased fee per exam, NM have also committed to an increase in their minimums reflecting the growth in their exam volumes since standardising on our platform five years ago."

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix Pharmaceuticals share price is up 8% to $15.87. Investors have been buying the radiopharmaceuticals company's shares after it announced a major collaboration with US-based Regeneron Pharmaceuticals (NASDAQ: REGN). The company notes that there is potential to earn up to US$2.1 billion in development and commercial milestone payments plus low double-digit royalties if Telix opts out of co-funding any program. Telix's managing director and CEO, Christian Behrenbruch, said: "The collaboration with Regeneron reflects a highly complementary set of capabilities and a unique opportunity to explore what true 'next gen' biologics-based radiopharmaceuticals can potentially do for patients."

Woodside Energy Group Ltd (ASX: WDS)

The Woodside Energy share price is up almost 3% to $34.19. This energy giant's shares are rising today after oil prices jumped above US$100 a barrel. The catalyst for the jump was news that US President Donald Trump is threatening to blockade Iranian ports after initial peace talks between the two countries failed.

The post Why Monash IVF, Pro Medicus, Telix, and Woodside shares are storming higher today appeared first on The Motley Fool Australia.

This morning's decrease means the stock is now 14.4% lower for the year to date and down 45.13% over the year.

What did Monash IVF report?

Here's what the specialist assisted reproductive services provider posted for the six months ending 31st December 2025:

• Revenue down 1.8% to $137.9 million
• Underlying EBITDA down 15.3% to $30.2 million
• Underlying EBIT down 27.5% to $17.5 million
• Underlying NPAT down 34% to $10.4 million
• Fully-franked dividend of 1.2 cents per share

What happened in the first half of FY26?

Monash IVF Group has announced a group revenue of $137.9 million for the first half of FY26, down 1.8% from the prior corresponding period (pcp). The company said the decrease was largely driven by industry softness and domestic IVF market-share loss, and occurred despite consistent IVF pricing across key states. 

Revenue was also partly offset by price growth and an increase in international revenue.

The company's underlying EBITDA dropped 15.3% to $30.2 million, and its underlying EBIT declined 27.5% to $17.5 million. This was largely driven by a 2.5% decline in market share. Domestic and international EBITDA dragged on the results. 

Monash IVF's underlying net profit of $10.4 million was down 34% for the first half of the financial year, aligning with previous guidance. 

The board has declared a fully-franked interim dividend of 1.2 cents per share for investors. 

What else did Monash IVF report?

The company confirmed that its recruitment process for a new Chief Financial Officer is still underway and progressing well. The board expects to provide a further market update once an appointment has been finalised. Malik Jainudeen will continue in his role as Chief Financial Officer during this transition period to ensure continuity and stability.

What's ahead for the company this year?

Looking ahead, Monash IVF anticipates underlying net profit of approximately $20 million for FY26. 

Capital expenditure for the full year is anticipated to be $16 to $17 million, noting the completion of the new clinical infrastructure program during Q4 FY26.

Net debt at 30 June 2026 is expected to be approximately $95 million, and a net leverage ratio of 2.0x, which is well below banking covenant requirements of below 3.5x.

The post Monash IVF shares tumble 7% off the back of its half-year results appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Brightstar Resources Ltd (ASX: BTR)

The Brightstar Resources share price is down 8% to 52.2 cents. Investors have been selling this gold miner's shares following the release of a production revision. Brightstar revealed that it achieved production and sales of 4,652 ounces of gold in November. This is down from its unreconciled production update, which initially indicated total recovered gold production of 6,300 ounces. Brightstar's managing director, Alex Rovira, commented: "Whilst this is an unfortunate set-back to the November processing campaign, all stakeholders remain confident that optimal conditions in future processing will see a material lift in recoveries in line with historical processing data."

EVT Ltd (ASX: EVT)

The EVT share price is down 2% to $12.82. This morning, this hotel, cinema, restaurant, and resorts operator announced the acquisition of QT Auckland. It is a premium lifestyle hotel located in Auckland's Viaduct precinct. EVT has agreed to pay NZ$87.5 million (~A$76 million) to secure the asset. Management believes the acquisition secures long-term brand presence in a key strategic location and further strengthens its owned hotel portfolio. EVT also announced the sale of Rydges Geelong for $24.5 million. It was previously designated as a non-core asset.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 15% to 69.5 cents. This has been driven by news that the consortium comprising Genesis Capital Investment Management and Washington H. Soul Pattinson and Co Ltd (ASX: SOL) has withdrawn its non-binding indicative proposal. It was looking at a deal to acquire 100% of Monash IVF at $0.80 per share by way of a scheme of arrangement. No reasons were given for the withdrawal of the proposal. It only stated: "If there are material developments in the future, Monash IVF will inform shareholders as required under its continuous disclosure obligations."

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is down almost 3% to $225.64. This is despite there being no news out the health imaging technology company. However, it is worth noting that the tech sector is under pressure today ahead of the Christmas break. This has seen the S&P ASX All Technology index drop 1.2% on Wednesday.

The post Why Brightstar, EVT, Monash IVF, and Pro Medicus shares are dropping today appeared first on The Motley Fool Australia.

The ASX All Ords stock's share price stormed 44% higher two weeks ago on the 24th November after the company received and rejected "an opportunistic, unsolicited, conditional and non-binding indicative proposal" from a consortium comprising Genesis Capital and Washington H. Soul Pattinson and Co Ltd (ASX: SOL). 

For context, the All Ordinaries Index (ASX: XAO) is 0.12% higher today. Over the past two weeks, the index has climbed 1.3%.

For the year-to-date, the specialist assisted reproductive services provider's shares are still 32.28% lower, thanks to several sharp sell-offs earlier in the year.

And now Macquarie Group Ltd (ASX: MQG) analysts have weighed in on the shares.

Here's what the broker had to say.

Limited upside ahead for this ASX All Ords stock

In a note to investors, the team at Macquarie downgraded Monash IVF's shares to neutral from a previous outperform rating. The target price remains unchanged at 94 cents. 

At the time of writing, this implies a potential 10.6% upside for investors over the next 12 months.

"We move our recommendation to Neutral, from Outperform. While we continue to expect medium-term upside on an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes, we think the share price is approaching fair value," the broker said in its note.

Macquarie said that increased competition, recent operational incidents, and regulatory costs weigh on Monash IVF's outlook. The broker sees the current share price as close to fair value. 

Despite the lower offer relative to historical benchmarks, the outlook for IVF has changed since CY22. Incidents have potentially weighed on customer acquisition and triggered greater regulatory scrutiny, likely increasing compliance costs as additional safeguards are implemented. Aggressive competition from unlisted peers, especially in VIC, is adding pressure. As such, we believe MVF's share price appears close to fair value.

What did Macquarie say about the bid rejection?

Two weeks ago, Monash IVF rejected an 80 cent per share cash offer from a private equity consortium comprising Genesis Capital and Soul Patts. The two companies currently hold 19.6% of ASX All Ords company's shares.

Macquarie explained that the offer implied a company valuation of 7.7 times its FY25 EBITDA. This is substantially less than comparable transactions in the sector.

"Despite a 31% premium to the pre-bid share price, the board's decision reflects their view that the bid materially undervalues MVF's strategic position and longer-term prospects," Macquarie said in its note to investors.

For context, Monash IVF's rival Virtus Health was acquired by BGH Capital in 2022 after a takeover battle. The sale represented 11.9 times the company's EBIDTA, Macquarie explained in its note.

"However, it's important to note that market conditions have since shifted, with FY21 benefiting from COVID-driven demand. Further, on a FY26E basis, MVF's offer multiple increases to 8.6x (MRE EBITDA forecasts), as earnings are expected to reduce," Macquarie said.

The post After soaring 40% in 2 weeks, this ASX All Ords healthcare stock has been downgraded appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down over 3% to $10.22. This has been driven by the quick service restaurant operator's shares going ex-dividend this morning. Earlier this week, the company released its half year results and declared a fully franked interim dividend of 13 cents per share. This dividend will be paid to eligible shareholders early next month on 5 January

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 2.5% to 84.2 cents. This may have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the fertility treatment company's shares to a neutral rating with a 94 cents price target. It said: "We move our recommendation to Neutral, from Outperform. While we continue to expect medium-term upside on an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes, we think the share price is approaching fair value. Prior research."

Premier Investments Ltd (ASX: PMV)

The Premier Investments share price is down 13% to $15.72. Investors have been selling this retailer's shares following the release of a trading update at its annual general meeting. The Peter Alexander and Smiggle owner revealed that Premier Retail first half underlying earnings before interest and tax (EBIT) is expected to be around $120 million. This is down 7.3% on the prior corresponding period.

Step One Clothing Ltd (ASX: STP)

The Step One share price is down almost 12% to 26.5 cents. This online underwear seller's shares have been sold off this week after it announced dismal sales results for the first half of FY 2026. Step One advised that it expects half year revenue to be in the range of $30 million and $33 million. This represents a decline of between 31% to 37% on the prior corresponding period. Things will be even worse for its EBITDA, which is expected to be a loss of between $9 million and $11 million. This is down from a profit of $11.3 million a year ago and includes a $10 million obsolescence provision against legacy stock that it has been unable to shift.

The post Why Collins Foods, Monash IVF, Premier Investments, and Step One shares are tumbling today appeared first on The Motley Fool Australia.

With that in mind, it could be worth hearing what analysts are saying about the popular ASX shares listed below before you buy them.

Here are three popular ASX shares that have been named as sells, courtesy of The Bull:

Commonwealth Bank of Australia (ASX: CBA)

The team at Medallion Financial Group thinks that Australia's largest bank is still overvalued despite recent weakness. It highlights its lofty price to earnings ratio, modest dividend yield, and premium valuation as reasons to be cautious. It said:

While the CBA remains a solid business over the long term, the share price looks expensive at current levels. Recently trading on a price/earnings ratio of about 25 times and a modest dividend yield of about 3.15 per cent, its valuation sits well above global peers. Also, the company recently suffered its worst sell-off in four years following the release of first quarter results in fiscal year 2026, which flagged higher operating costs, a weaker net interest margin (NIM) and a lower-than-expected common equity tier 1 capital ratio of 11.8 per cent, which is still above the Australia Prudential Regulation Authority minimum of 10.25 per cent.

DroneShield Ltd (ASX: DRO)

Over at Red Leaf Securities, its analysts aren't buying this counter drone technology company's shares despite their crash last month. Red Lead has concerns that its shares could remain under pressure in the near term. It explains:

The company provides artificial intelligence based platforms for protection against advanced threats, such as drones and autonomous systems. The stock plunged after disclosures to the ASX revealed DRO directors had been selling their holdings. The company announced that November contracts were inadvertently marked as new ones rather than revised contracts due to an administrative error. In our view, such an error raises governance and confidence concerns among investors. The shares have fallen from $6.60 on October 9 to trade at $1.997 on November 27. We believe the shares will remain under pressure.

Monash IVF Group Ltd (ASX: MVF)

Finally, Red Leaf Securities also rates this fertility treatment company as sell.

It thinks that investors should be taking profit following a strong gain which was driven by a takeover proposal, which has since been rejected. It said:

MVF is a fertility services company. The company recently rejected a takeover offer of $312 million from a consortium comprising Genesis Capital at 80 cents a share. The Monash board unanimously determined that the takeover proposal materially undervalued Monash and was not in the best interests of company shareholders as a whole. Monash shares soared on news of the takeover proposal and closed at 88 cents on November 24. Prior to the proposal, Monash shares had been struggling this year after two embryo mix ups at its clinics in Melbourne and Brisbane negatively impacted its reputation. We suggest investors take advantage of the premium built into the takeover proposal and sell some stock. The shares were trading at 85.7 cents on November 27.

The post Analysts rate CBA and these popular ASX shares as sells appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing today:

Gentrack Group Ltd (ASX: GTK)

The Gentrack share price is up 22% to $8.10. This follows the release of the airport and utilities software provider's FY 2025 results this morning. Gentrack delivered an 8% increase in revenue to NZ$230.2 million and an 18% jump in EBITDA to NZ$27.8 million for the 12 months. And while no firm guidance was given, management reiterated its mid-term target of more than 15% compound annual revenue growth and an EBITDA margin of 15%–20%.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is up 40% to 85.5 cents. Investors have been buying this fertility treatment company's shares after it received and rejected "an opportunistic, unsolicited, conditional and non- binding indicative proposal" from a consortium comprising Genesis Capital and Washington H. Soul Pattinson and Co Ltd (ASX: SOL). The indicative cash price offered to shareholders under the proposal was $0.80 per share. However, "the Board has considered the Proposal including with the assistance of its financial and legal advisers and unanimously determined that the Proposal materially undervalues Monash IVF and is not in the best interest of the Company's shareholders as a whole."

Pro Medicus Ltd (ASX: PME)

The Pro Medicus share price is up 3.5% to $260.59. This morning, the health imaging technology company revealed that it has signed three new contracts with a combined minimum contract value of $29 million. These contracts will be fully cloud-deployed and are planned to be completed within the next six months. Pro Medicus' founder and CEO, Dr Sam Hupert, said: "They comprise a children's hospital, a cancer center, and a physician-owned and run regional healthcare provider. This diversity reinforces our belief that our product is ideally suited to virtually all segments of the market, from smaller groups all the way through to some of the largest IDN's and academic medical centers in the US."

Qube Holdings Ltd (ASX: QUB)

The Qube share price is up almost 18% to $4.79. This has been driven by news that the logistics solutions company has received a takeover offer from Macquarie Group Ltd (ASX: MQG). The Macquarie Asset Management (MAM) business is offering $5.20 per share for Qube. The company's chair, John Bevan, said: "The proposal from Macquarie Asset Management is a reflection of the strength of Qube's business model and our assets, and the quality of our people and culture. We look forward to continuing to engage constructively in the best interests of our shareholders."

The post Why Gentrack, Monash IVF, Pro Medicus, and Qube shares are racing higher today appeared first on The Motley Fool Australia.

Monash shares were last week trading close to their 12-month low of 53 cents, with the company's share price still yet to recover after a difficult year in which it was revealed it had botched two embryo implants.

The stock closed at 61 cents on Friday, valuing Monash at $237.7 million.

Bid at a significant premium

The company said in a statement issued to the ASX on Monday morning that it had received and rejected a takeover bid priced at 80 cents per share.

The company said on Monday:

Monash IVF Group Ltd has received an opportunistic, unsolicited, conditional and non-binding proposal from a consortium comprising Genesis Capital Investment Management Pty Ltd … and WHSP Holdings to acquire 100% of the shares in Monash IVF by way of a scheme of arrangement.

The offer would be a cash offer priced at 80 cents per share, but there was the possibility that shareholders could continue to own a stake in the company under the proposal, Monash said.

As the company explained:

The proposal also includes a reference to the consortium considering options that would allow Monash IVF shareholders to roll their equity into unlisted equity in a privatised Monash IVF.

Monash said the consortium had indicated that it had already bought up a stake in the company of about 19.6% of its issued capital.

The bid was conditional upon the consortium being able to conduct exclusive due diligence and a unanimous recommendation from the Monash board.

Bid rejected as opportunistic

The Monash board said in its statement on Monday that it believed the bid was a low-ball offer.

The board has considered the proposal including with the assistance of its financial and legal advisers and unanimously determined that the proposal materially undervalues Monash IVF and is not in the best interest of the company's shareholders as a whole. The board has therefore determined to reject the proposal in its current form.

The board said the offer price was a "substantial discount'' to comparable transactions in the Australian market, and there was also uncertainty around the consortium's financing arrangements.

Monash IVF chair Richard Davis said:

The Monash board in consultation with its advisers has formed the view the proposal in its current form is opportunistic in its timing and materially undervalues the company.

The company said it would keep shareholders informed should matters develop further.

Fresh start in the wings

Monash earlier this month said it had selected a new Managing Director who would start in May next year.

The company ran into trouble earlier this year when it emerged that it had botched two embryo transplants, with one of those incidents resulting in a woman giving birth to a genetically unrelated baby.

The company's shares tumbled from levels above $1 per share in April, when news of one of the incidents, which occurred in Brisbane, was reported in the media.

The company stated at the time that it had been aware of the incident since February, when it initiated an investigation that found human error to be the cause.

Monash IVF's then-Managing Director, Michael Knaap, who had led the company since 2019, resigned in June, and the company also dropped out of the S&P/ASX 300 Index (ASX: XKO) at its September rebalancing.

The post This Aussie fertility company has rejected a takeover bid from private equity appeared first on The Motley Fool Australia.

Much of the trouble started in April when the company confirmed that an embryo of one patient was incorrectly transferred to another patient at its Brisbane clinic.

This unfortunate mix-up resulted in an Australian woman unknowingly giving birth to a stranger's baby.

As a result, Monash IVF shares fell by 36% on that day, sinking from $1.08 to $0.69 per share. 

Things got even worse in early June with the ASX All Ords healthcare stock reporting another regrettable incident at one of its clinics.

Here, a patient's own embryo had been incorrectly transferred back to them.

Shares in the healthcare stock tanked again, falling by 27% from $0.745 to $0.545 per share.

The company's CEO resigned a few days later, sparking a modest rally in the company's shares.

Nevertheless, Monash IVF shares have now dropped by 52% since the start of the year, closing out last week at $0.61 apiece.

Not surprisingly, this represents an underperformance when compared to the broader market, with the All Ordinaries Index (ASX: XAO) rising by 2.6% over the same period.

But what comes next for this ASX All Ords healthcare stock after recently appointing a new CEO?

Renowned Australian investment house Macquarie Group Ltd (ASX: MQG) has weighed in with its views.

Macquarie's viewpoint

In essence, Macquarie believes that the sell-off stemming from the two incidents is now reflected in the company's share price.

In turn, it sees the current valuation for the ASX All Ords healthcare stock as "undemanding".

That said, the broker also noted some challenges for the business.

It pointed to difficulties in growing revenue in the domestic market, as well as operating margins being pressured by cost indexation and risk mitigation following the two incidents.

Macquarie now expects underlying net profit after tax (NPAT) for FY26 to clock in at the bottom end of the group's $20 million to $23 million guidance.

However, the broker believes that an improving macroeconomic climate from about FY27 could support better growth for the ASX All Ords healthcare stock.

It stated:

We see medium-term upside on an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes.

As such, Macquarie has placed an outperform rating on Macquarie IVF shares with a 12-month price target of $0.94 per share.

This forecast equates to 54% upside potential from Friday's closing price of $0.61 per share.

The post Macquarie tips 54% upside for this beaten down ASX All Ords healthcare stock appeared first on The Motley Fool Australia.

The new boss, Dr Victoria Atkinson, will not start in the role until 18 May next year, however.

Monash IVF shares are currently changing hands for 66.5 cents, down 0.7% on the day and not far off their 12-month lows of 53.7 cents.

Poor operational execution

The company ran into trouble earlier this year when it emerged that it had botched two embryo transplants, with one of those incidents resulting in a woman giving birth to a genetically unrelated baby.

The company's shares tumbled from levels above $1 per share in April, when news of one of the incidents, which occurred in Brisbane, was reported in the media.

The company said in a statement at the time it had been aware of the incident since February, when it instigated an investigation which found human error was to blame.

Monash IVF's then-managing director, Michaal Knaap, who had led the company since 2019, resigned in June, and the company also dropped out of the S&P/ASX 300 Index (ASX: XKO) at its September rebalance.

Chair Richard Davis, in the company's annual report released earlier this month, apologised for the incidents, and reassured shareholders that, while the company had halted dividend payments for FY25, it did aim to reinstate dividends "provided performance aligns with the FY26 underlying NPAT guidance we provided … on 22 August".

A new start

Monash said on Tuesday that Dr Atkinson was "a distinguished healthcare executive" with more than 30 years of experience spanning clinical, operational, and governance roles in the public, private, and not-for-profit sectors.

The company went on to say:

Victoria's current role is the chief medical officer at Healthscope, where she oversees clinical strategy, governance, risk, medical affairs and medico-legal portfolios across a network of 36 hospitals, 15 intensive care units and 11 mental health facilities nationwide.  

The company said Dr Atkinson was a cardiothoracic surgeon by training, and also had a Master's in Health Management.

Mr Davis welcomed the appointment.

The board has undertaken a thorough search process and the Board is impressed that Victoria brings a unique combination of clinical and financial experience to the role. We are looking forward to Victoria bringing that focus to our people, our doctors and our patients.

Monash IVF was valued at $261.1 million at the close of trade on Monday.

Macquarie recently published a price target for Monash IVF shares of $1.

The post Monash IVF has named a new Managing Director to help right the ship appeared first on The Motley Fool Australia.

The company, which helps people conceive via in vitro fertilisation, botched two embryo transplants, with one of those incidents resulting in a woman giving birth to a genetically unrelated baby.

Not surprisingly, the company's share price took a knock on that news, dropping from levels above $1, where it was trading until April, when the company admitted that a news report about one of the incidents at its Brisbane clinic was correct.

The company said in a statement at the time it had been aware of the incident since February, when it instigated an investigation which found human error was to blame.

Executive clean out

Monash IVF's then-managing director, Michaal Knaap, who had led the company since 2019, resigned in June, and the company also dropped out of the S&P/ASX 300 Index (ASX: XKO) at its September rebalance.

Chair Richard Davis, in the company's annual report released earlier this month, apologised for the incidents, and reassured shareholders that, while the company had halted dividend payments for FY25, it did aim to reinstate dividends "provided performance aligns with the FY26 underlying NPAT guidance we provided … on 22 August".

The result of all of this negative news flow has been a share price in the doldrums, with the shares changing hands for 71 cents on Monday, valuing the company at about $280 million.

Time to buy back in?

So where will the shares go from here?

The team at Macquarie believes that all the bad news is priced into the shares at current levels and currently has an outperform rating on Monash IVF.

As they said:

We believe recent incidents are already captured in the share price, with current valuation undemanding. We see medium-term upside on an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes.

The Macquarie analysts are factoring in a return to dividend payments, forecasting a dividend yield of 5.1% fully franked in the current financial year, rising to 5.4% next year.

Their price target for the shares is $1, and factoring in the dividends, the Macquarie team is expecting a total shareholder return over 12 months of 46.1%.

The analysts were also heartened by Medicare's September quarter update, which showed that total IVF cycles had increased by 1.2% compared with the same period last year.

Monash IVF will hold its annual general meeting on 20 November.

The post Macquarie tips 46% upside for this ASX All Ords healthcare stock appeared first on The Motley Fool Australia.

On Friday, the S&P/ASX All Ords Index (ASX: XAO) closed at 9,079.20 points, which is not far off its all-time high of 9,322.10 points. 

With many ASX share prices so high, investors may be struggling to find value in an expensive market. 

Recently, Macquarie Group Ltd (ASX: MQG) provided a research note on one opportunity it believes has more than 50% upside. 

Read on to find out more about the opportunity.

An ASX small-cap stock with significant potential upside

In a 25 September research note, Macquarie provided its view on Monash IVF Group Ltd (ASX: MVF).

Monash IVF operates 13 clinics and is Australia's second-largest IVF provider.

Two unfortunate incidents have weighed negatively on the share price. For the year to date, Monash IVF shares have fallen 48%. 

Most recently, Monash IVF shares took a dive when the company released its FY25 results. Investors were disappointed that there would be no final dividend in FY25, among other things.

In its most recent research note, Macquarie noted that total Medicare IVF cycles increased 3.2% in August on an adjusted days basis, and declined 1.5% on an absolute basis. Fresh cycles increased 2.2%, while frozen cycles increased 4.7%. 

Macquarie also provided a geographical breakdown of its FY25 results. Specifically, it noted that a decline in new patient registrations had been driven by weakness in the Victorian market, which accounts for around 30% of its domestic revenue.

However, Macquarie remains optimistic on the company's long-term potential, retaining its overweight rating and price target of $1. 

The broker said: 

Despite incidents and FY26 downgrade we believe these are captured in the share price, with valuation undemanding. We see upside over the medium-term from an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes.

Grand View Research expects the Australian in vitro fertilisation market to grow at a compound annual growth rate (CAGR) of 7% from 2024 to 2030.

What are other experts saying?

On 26 August, The Motley Fool's James Mickleboro revealed that Morgans also sees significant upside for Monash IVF shares. 

The broker has classed the ASX All Ords stock as a speculative buy, with a price target of 96 cents. While not quite as optimistic as Macquarie, this price target suggests that upside of nearly 50% is possible from current levels.

The post Expert tips more than 50% upside for this ASX All Ords healthcare stock appeared first on The Motley Fool Australia.

That's because the team at Morgans has just given these small cap ASX shares buy ratings. Here's what it is saying about them:

Accent Group Ltd (ASX: AX1)

While this footwear focused retailer has been doing it tough recently, Morgans was pleased to see that FY 2026 has started positively.

In light of this, the broker believes that there is value in its shares at current levels and has upgraded them to a buy rating with a $1.65 price target. This implies potential upside of approximately 11%. It said:

AX1's FY25 result was at the upper end of guidance with EBIT largely flat on the pcp. Sales turned negative in the 2H, and gross margins were weak driven by the highly promotional environment. Sales in the first 7 weeks of FY26 have turned positive and AX1 has provided guidance for FY26, expecting high single digit EBIT growth. AX1 plans to open 30 stores and 4 Sports Direct Stores, the first one opening in November in Melbourne. We have lowered our EBIT FY26 by 2%, with FY27 EBIT largely unchanged. This has been driven by lower store openings, higher gross margins, offset by lower costs. Our valuation reduces to $1.65 (from $1.85). We have upgraded to a BUY.

Monash IVF Group Ltd (ASX: MVF)

Another small cap ASX share that could be worth considering is embattled fertility treatment company Monash IVF.

The broker thinks that it is a long-term thematic play and a medium-term turnaround opportunity. However, it classes it as a speculative buy with a 96 cents price target, so it may only be suitable for investors with a high risk tolerance. This price target suggests that upside of 40% is possible from current levels. It said:

MVF delivered a FY25 result with revenue and EBITDA slightly ahead of expectations, offset by higher depreciation and interest, while underlying NPAT of A$27.4m landed in line with guidance. However, FY26 guidance was well below expectations with a weak 2H25 exit rate expected to continue into 1H26 combined with cost pressures and one-offs following independent review recommendation implementations. As it stands, MVF remains a long-term thematic play with a medium-term turnaround opportunity with strong structural growth drivers still firmly intact. We have revised down our short-term forecasts and set our target price at $A0.96 (was A$1.00). We maintain a SPECULATIVE BUY recommendation.

VEEM Ltd (ASX: VEE)

Finally, this marine, defence and mining industries products company could also be a small cap ASX share to buy according to the broker.

Morgans likes Veem due largely to the potential of its defence business. It has put a buy rating and $1.30 price target on its shares. This implies potential upside of 16% for investors. Morgans said:

VEE has made two significant announcements related to its Defence business over the past week: 1) Renewed contract with Australian Submarine Corp (ASC) for a further 6 years, valued at $65m; and 2) Received approved supplier status for the Huntington Ingalls Industries Newport News Shipbuilding (HII-NNS) Australian Submarine Supplier Qualification (AUSSQ) program that will allow VEE to enter the US submarine shipbuilding supply chain. We see these developments as positive for VEE's future growth potential in the Defence sector. […]

We continue to believe in VEE's long-term growth potential, supported by sizeable addressable markets in propellers (US$2.7bn) and gyros (US$14.6bn), as well as an increasingly positive outlook in Defence – a sector VEE has served since 1988.

The post These small cap ASX shares could rise 10% to 40% appeared first on The Motley Fool Australia.

The S&P/ASX 300 Index (ASX: XKO) is currently up 0.28% and reached another new record of 8,992 points in early trading.

Last Friday, Monash IVF shares were smashed after the in-vitro fertilisation provider revealed its full-year FY25 results.

The ASX 300 healthcare share tumbled 13.1% on the day, and closed the week down 16.7%.

Top broker Macquarie has released a new note on Monash IVF shares today.

Let's see what the analysts have to say.

Monash IVF shares languish despite positive broker note

Macquarie has maintained its outperform rating on Monash IVF shares for the next 12-month period.

However, the broker has downgraded its 12-month price target significantly from $1.30 to $1.

That still suggests a large potential upside of 45% for investors who buy Monash IVF shares today.

Before we get into why Macquarie is backing this ASX 300 healthcare share for growth, let's review the company's FY25 report.

Recap on FY25 results from Monash IVF

Here are the key points from the full-year FY25 report:

• Revenue increased 6.7% to $271.9 million

• Underlying Group earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 5.6% to $66.3 million
• Australian segment underlying EBITDA increased by 3.9% to $61.5 million
• International segment underlying EBITDA increased by 32.7% to $4.9 million
• Underlying EBITDA margin of 24.4%, largely in line with FY24
• Underlying Group net profit after tax (NPAT) of $27.4 million, down 8.1%, in line with updated guidance issued in May 2025
• Reported NPAT of $25.7 million, up from a FY24 loss of $5.9 million following NiPGT class action settlement

• Net debt increased by $40.9 million to $89.6 million as at 30 June, with a net debt to equity ratio of 35.7% and a net leverage ratio of 1.7x

• No final dividend for FY25

Monash IVF was in the news in FY25 after two incidents, which occurred years apart, came to light.

The company was forced to confirm a media report of a patient receiving the incorrect embryo, then told the market of a second case.

Monash IVF shares crumbled to a 52-week low of 54 cents the day the company announced the second incident.

CEO and managing director Michael Knaap resigned, and CIO and company secretary, Malik Jainudeen, became Acting CEO.

The company commissioned an independent review into the two incidents and announced its completion last Wednesday.

Aside from the obvious brand damage these incidents caused, Jainudeen said there were other challenges in FY25, including weaker demand for Assisted Reproductive Technology (ART) overall.

Monash IVF provided guidance for FY26, estimating its underlying NPAT would be between $20 million and $23 million.

This would be well below the FY25 NPAT of $27.4 million, which was 8.1% lower than FY24.

The company said the lower guided NPAT reflected the continuation of lower domestic demand, the deferral of indexation-related patient price increases in Australia, higher depreciation and amortisation; and higher interest costs on infrastructure investment and larger debt.

What does Macquarie think?

In its note today, Macquarie said it expected a rebasing of earnings in FY26, with recovery from FY27.

Macquarie thinks the incidents and other challenges have been captured in the reduced price of Monash IVF shares today.

Looking ahead, the broker expects the improving economy to support better earnings growth from FY27.

The broker said:

Despite incidents and FY26 downgrade we believe these are captured in the share price, with valuation undemanding.

We see upside over the medium-term from an improving macro environment, increased genetic testing, underlying structural demands, demographic and social changes.

The post Does Macquarie rate Monash IVF shares a buy, hold, or sell post-results? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Guzman Y Gomez Ltd (ASX: GYG)

The Guzman Y Gomez share price is down 23% to $22.19. This follows the release of the quick service restaurant operator's full year results. Guzman Y Gomez posted a 23% increase in network sales to $1,180.7 million and a 151.8% jump in net profit after tax to $14.5 million. However, only modest US revenue growth and a widening US loss appears to have spooked investors. And given how much of its extremely lofty valuation was based on the company cracking the US market in the future, it isn't a surprise to see its shares come crashing down to earth today. Though, they still trade at over 150x earnings even after today's decline.

Inghams Group Ltd (ASX: ING)

The Inghams share price is down 20% to $2.85. Investors have been selling this poultry producer's shares following the release of its full year results. Inghams posted a 1.5% decline in revenue to $3,152.4 million and an 11.6% drop in underlying net profit after tax to $95.2 million. This led to the company cutting its dividend by 5% to 19 cents per share.

Monash IVF Group Ltd (ASX: MVF)

The Monash IVF share price is down 13% to 70.2 cents. This morning, this embattled fertility treatment company released its FY 2025 results and posted a 6.7% increase in revenue to $271.9 million but an 8.1% decline in underlying net profit after tax to $27.4 million. No final dividend was declared. Looking ahead, management expects its underlying net profit to fall again in FY 2026. It is guiding to a profit of $20 million to $23 million. Acting CEO, Malik Jainudeen, commented: "Monash IVF recorded Revenue and Underlying EBITDA growth in FY25, in what was a challenging second half given the two adverse clinical incidents that were reported and in the context of a weaker ART Sector in Australia and Southeast Asia."

Skycity Entertainment Group Ltd (ASX: SKC)

The Skycity share price is down 30% to 64 cents. This follows the completion of the institutional component of a placement and entitlement offer which raised NZ$195 million at a 30% discount of 70 NZ cents per new share. SkyCity's CEO, Jason Walbridge, commented: "We are pleased with the success of the Institutional Offer, and the strong take up from eligible institutional investors. The equity raise will strengthen SkyCity's balance sheet, allowing us to better navigate the current environment and execute on our near-term."

The post Why Guzman Y Gomez, Inghams, Monash IVF, and Skycity shares are sinking today appeared first on The Motley Fool Australia.

The share price plunge came after the in-vitro fertilisation provider revealed its full-year FY25 results.

The S&P/ASX 300 Index (ASX: XKO) healthcare share opened at 74 cents, down 8.1%, and cratered in the first hour of trade.

Monash IVF shares have since recovered some ground.

At the time of writing, the Monash IVF share price is 70 cents, down 12.8%.

Meanwhile, the broader market is experiencing a topsy-turvy day.

The ASX 300 rose to a new record of 8,959.9 points shortly after the market open, before reversing course to be down 0.29% currently.

Let's take a look at Monash IVF's report.

Monash IVF share price sinks on weak outlook

Here are the key points from the full-year FY25 report:

• Revenue increased 6.7% to $271.9 million

• Underlying Group earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 5.6% to $66.3 million
• Australian segment underlying EBITDA increased by 3.9% to $61.5 million
• International segment underlying EBITDA increased by 32.7% to $4.9 million
• Underlying EBITDA margin of 24.4%, largely in line with FY24
• Underlying Group net profit after tax (NPAT) of $27.4 million, down 8.1%, in line with updated guidance issued in May 2025
• Reported NPAT of $25.7 million, up from a FY24 loss of $5.9 million following NiPGT class action settlement

• Net debt increased by $40.9 million to $89.6 million as at 30 June, with a net debt to equity ratio of 35.7% and a net leverage ratio of 1.7x

• No final dividend for FY25

What else happened in FY25?

Monash IVF attracted headlines in FY25 due to two devastating incidents involving patients receiving the incorrect embryos.

In April, Monash IVF confirmed that a Brisbane patient was mistakenly implanted with another patient's embryo, which led to a birth.

Monash IVF said it had known about the incident since February and was still investigating when the Herald Sun broke the story.

In June, the company revealed another patient had been given the wrong embryo at its Clayton laboratory in Melbourne.

This patient had their own embryo incorrectly transferred to them when they were supposed to receive an embryo from their partner. 

The company later clarified that the Brisbane incident occurred some years earlier.

The Monash IVF share price fell to a 52-week low of 54 cents on the day that the company announced the second incident.

CEO and managing director Michael Knaap resigned from both his job and his position as a board director two days later.

Monash IVF Group CIO and company secretary, Malik Jainudeen, remains acting CEO for now.

The company commissioned an independent review into the incidents and announced its completion on Wednesday.

Today, Monash said its search for a new CEO had identified several candidates, including Jainudeen.

The company expects to appoint the new CEO by the end of 2025.

What did Monash IVF management say?

Jainudeen described "a challenging second half" due to the incidents, but referred to revenue and underlying EBITDA growth over the year.

He also noted general weakness in the Assisted Reproductive Technology (ART) sector in Australia and southeast Asia in FY25.

Jainudeen commented:

Whilst we expect FY26 to be impacted by continued industry weakness and potential impact from the Incidents, we are confident about Monash IVF's growth prospects beyond FY26.

We expect the industry to return to growth in Australia and SE Asia, and Monash IVF is well positioned to capitalize on this growth through its leading doctors, science and patient experience, combined with increasing returns from our recent investment in clinic infrastructure.

What's next for Monash IVF?

Monash IVF has guided FY26 underlying NPAT of between $20 million and $23 million.

This would be well below the FY25 NPAT of $27.4 million, which was 8.1% lower than FY24.

The company said the lower guided NPAT reflected the continuation of lower 2H 25 domestic IVF NPRs (down 10.1% vs. FY24), coupled with the deferral of indexation-related patient price increases in Australia, though partially offset by targeted cost efficiencies.

The lower guidance also reflected higher depreciation, amortisation, and interest charges on infrastructure investment and higher debt.

If Monash IVF achieves its FY26 NPAT guidance, the company said it would resume paying dividends.

Monash IVF added:

Over the medium to long term, Monash IVF expects revenue and earnings growth to return to midhigh single digit CAGRs reflecting underlying structural demand drivers (particularly from genetics, donor and egg freezing), demographic and social changes.

Monash IVF share price snapshot

The Monash IVF share price has fallen 44% over the past 12 months.

The post Monash IVF share price plunges 18% on lower FY26 profit guidance and no dividend appeared first on The Motley Fool Australia.

Monash IVF operates 13 clinics and is Australia's second-largest IVF provider.

Its share price hit a 52-week low of $0.54 in June, following two controversial incidents that caused investors to hit the sell button. 

Earlier in the year, Monash IVF disclosed that a Brisbane patient was mistakenly implanted with another patient's embryo. This sent the share price 36% lower that day. 

Then in June, the company revealed a second mistake. Specifically, contrary to their treatment plan, a patient's own embryo had been transferred back to them (instead of their partner's). This causes Monash IVF shares to fall 25% that day.

The revelation of two mistakes just a few months apart did not go down well with shareholders. It rocked shareholder confidence and weighed on sentiment. 

However, following the second incident, Macquarie Group Ltd (ASX: MQG) maintained that shares were oversold and that the company was worth more than double its 52-week low. 

Since then, Monash IVF shares have partially rebounded. While still down 36% for the year to date, they are up 46% from their 52-week low. 

Has Macquarie's view changed?

Investors may be wondering whether its too late to buy the stock.

Yesterday, Macquarie released a new research note, largely affirming its view on Monash IVF shares. 

The broker has maintained an outperform rating.

Its price target is also unchanged at $1.30. 

Given that Monash IVF shares closed at $0.80 yesterday, this suggests 70% upside from here over the next 12 months, including capital growth and dividends.

Monash IVF currently offers an attractive dividend yield of 6.38%.

Affirming this recommendation and addressing past controversies, the broker said:

Despite incidents, we believe the share price has overreacted and valuation is attractive at current levels. We continue to see medium-longer term tailwinds for the IVF industry, with MVF well placed to capitalise on genetic testing growth.

According to Macquarie, total Medicare IVF cycles declined 7.8% in June (days adjusted), or 3.1% on an absolute basis. Fresh cycles declined 11.2% and frozen declined 3% compared to the prior corresponding period. 

However, Macquarie believes the industry is poised for growth over the medium-long term

Grand View Research expects the Australian in vitro fertilisation market to grow at a CAGR of 7% from 2024 to 2030. Frozen Nondonor is expected to be the fastest-growing procedure type. 

Genetic testing was added to the Medical Benefits Schedule (MBS) in November 2023. According to Macquarie, around 191,000 tests have been performed to date. Monash IVF expects a portion to be converted to IVF cycles. 

Macquarie does not currently include any upside from genetic testing in its valuation. However, should carrier screening boost IVF cycles in the future, this could result in a higher valuation for the company above Macquarie's current target price of $1.30.

Foolish Takeaway

Monash IVF shares have had a controversial start to the year. However, Macquarie recently maintained that they are materially undervalued. Those looking for value in the current market should set their calendar to 22 August, when Monash IVF is due to report its FY25 results. 

The post Does Macquarie still rate Monash IVF shares a buy? appeared first on The Motley Fool Australia.

Compared to large-cap stocks, small-cap stocks have higher growth potential. Due to their size, they can grow much more rapidly. On the ASX, a small-cap stock is typically defined as a company with a market capitalisation of less than $2 billion.

It's much easier for an ASX small-cap company with a low market share to double in size than a larger company that's already a market leader. 

In a 17 July research note, Macquarie Group Ltd (ASX: MQG) named 3 ASX small-cap companies in the healthcare sector with between 56% and 130% upside. 

What are they?

Healius Ltd (ASX: HLS)

Healius provides specialty diagnostic services to Australian consumers and practitioners. It has 3 operating segments: Pathology, Imaging, and Others. 

Over the past 5 years, Healius shares have taken a hit, declining 74%.

However, Macquarie is forecasting that the stock can turn around. 

In its upcoming results, the broker will look for commentary on base business trends, cost growth/margins, and progress on the T27 strategy.

Macquarie currently has a price target of $1.20 on Healius shares. 

At the time of writing, Healius shares are changing hands for $0.77. This suggests 56% upside from here over the next 12 months.

Monash IVF (ASX: MVF)

Monash IVF operates 13 clinics and is Australia's second-largest IVF provider

Two unfortunate incidents have weighed heavily on Monash IVF's share price this year. For the year to date, Monash IVF shares are down 40%.

Macquarie believes it has been oversold. Monash IVF shares have already risen 41% since their 52-week low of $0.54 in April. However, the broker believes they remain undervalued and can rebound significantly.

Macquarie currently has a price target of $1.30 on Monash IVF shares.

At the time of writing, Monash IVF shares are changing hands for $0.76. This suggests 79% upside from here over the next 12 months, including capital growth and dividends.

Monash IVF currently offers an attractive dividend yield of 6.75%.

Polynovo Ltd (ASX: PNV)

PolyNovo develops and commercialises innovative medical devices using its patented NovoSorb technology. NovoSorb is used in the treatment of burns and surgical wounds. 

Polynovo shares are down 45% over the past 5 years.

However, Macquarie believes there is material upside from here.

The broker is forecasting 2H25 revenue of $71.7m, and will be looking for management commentary regarding its BARDA trial and performance of its new MTX product when it releases its upcoming results.

Macquarie currently has a price target of $2.80 on Polynovo shares. At the time of writing, Polonovo shares are changing hands for $1.22, suggesting a 130% upside over the next 12 months.

The post Broker tips these 3 ASX small-cap healthcare stocks to rise 56%, 79% and 130% appeared first on The Motley Fool Australia.

Here are three ASX shares that the experts think are undervalued at their current share prices.

3 ASX shares with plenty of upside: experts

CSL Ltd (ASX: CSL)

CSL is an Australian biotech and the biggest ASX 200 healthcare stock on the market.

The company has three divisions.

Seqirus is a world leader in influenza vaccines, Behring focuses on rare and serious diseases, and Vifor specialises in renal disease.

Morgans has a buy rating on CSL shares with a 12-month price target of $303.70.

CSL shares closed at $242.41, down 0.53%, on Thursday.

Therefore, the target implies a potential upside of 14% for investors who buy CSL shares at today's price level.

Morgans said:

We view CSL as materially undervalued, trading on an EV/EBIT of 18.2x, more than 25% below its 10-year average (24.7x).

Based on a conservative SOTP valuation, we estimate fair value of A$196bn, implying c35% upside from current trading levels.

Notably, the market appears to be valuing CSL on less than a single division, with a c10% discount to the core Behring business alone, while effectively assessing zero or negative value to Seqirus and Vifor.

We adjust our underlying earnings estimates lower by c4%, mainly on lower sales assumptions in Seqirus and Vifor, with our target price declining to A$303.70.

Ramelius Resources Ltd (ASX: RMS)

Macquarie has an outperform rating on this ASX 200 gold mining share with a 12-month price target of $3.10.

The Ramelius Resources share price closed at $2.40, up 2.56%, on Thursday.

Hence, the target price implies a potential upside of 29%.

Ramelius revealed strong preliminary full-year FY25 results this week.

Full-year gold production was 301,664 ounces, ahead of its guidance range of 290,000 ounces to 300,000 ounces.

Ramelius also expects its all-in sustaining costs (AISC) to be at the lower end of its guidance range of $1,550 to $1,650 per ounce.

Macquarie commented:

The 4QFY25 production result beat RMS' own expectations (which we were anchored to) and continued to demonstrate strong cash generation.

In the near term our valuation relies on completion of the SPR deal and key study results.

Ramelius is working through regulatory processes to merge with Spartan Resources Ltd (ASX: SPR).

Ramelius announced the 'transformational combination' in March.

Monash IVF Ltd (ASX: MVF)

Monash IVF shares closed at 74.5 cents on Thursday, down 0.68%.

Morgans has a speculative buy rating on Monash IVF with a 12-month share price target of $1.

The broker's price prediction indicates a potential 34% upside for investors.

The broker recently updated its earnings assumptions for the company following a second incident involving an incorrect embryo transfer.

The broker commented:

Despite earnings uncertainty, we think MVF's current valuation makes it a compelling takeover candidate for acquirers seeking scale in a structurally growing sector, with it trading at roughly half the multiple of recent industry transactions.

We have lowered our FY26/27 forecasts driven by greater market share loss assumptions.

The post 'Materially undervalued': Brokers name 3 ASX shares ripe for investment appeared first on The Motley Fool Australia.