It has been a busy month for the big four banks, with all the majors releasing updates.

The good news for their shareholders is that these updates have gone down well with the market, driving their shares higher.

But is it too late to invest? Let’s see what Morgans is saying about the big banks:

ANZ Group Holdings Ltd (ASX: ANZ)

Morgans highlights that ANZ’s quarterly update suggests that it is performing ahead of expectations. However, this outperformance was driven by cost-outs. While this would ordinarily be good news, Morgans notes that management has retained its cost guidance for the full year.

In light of this and recent share price strength, the broker has downgraded ANZ shares to a sell rating with a $32.65 price target. It said:

On face of it, the 1Q26 trading update suggested ANZ was tracking ahead of 1H26 growth expectations. However, the beat was driven mostly by the speed of cost-out and will unlikely affect consensus expectations as ANZ retained its FY26 cost guidance of c.$11.5bn. We make minor adjustments to FY26-28F EPS, reflecting 1Q26 Markets revenue strength, impairment charges lower than expected (but off an already low base), and higher shares on issue (DRP uptake was higher than assumed). 12-month target price $32.65 (+8 cps).

We estimate ANZ is trading on 1.8x P:TBV, 16x PER, and 4.1% cash yield (partly franked), all stretched against historical trading ranges. Given the recent share price strength, we downgrade our rating from TRIM to SELL with a potential TSR of -15%.

Commonwealth Bank of Australia (ASX: CBA)

Morgans was impressed with the performance of Australia’s largest bank during the first half. It highlights that CBA’s earnings were comfortably ahead of expectations, which has led to an upgrade to its forecasts.

However, due to CBA shares trading on lofty multiples, the broker has retained its sell rating with an improved price target of $124.26. It said:

CBA delivered a meaningful beat of 1H26 earnings expectations. We have materially upgraded our EPS forecasts after factoring in continuation of higher loan growth and benign credit loss environments. We expect DPS growth won’t match EPS growth as we see approaching CET1 capital tightness. Target price lifted to $124.26. SELL retained, with potential TSR of -24% (including 3% cash yield) at current elevated prices and trading multiples.

National Australia Bank Ltd (ASX: NAB)

Morgans has lifted its forecasts for NAB following its strong quarterly update. It notes that the bank is also benefitting from a supportive interest rate, credit growth, and asset quality environment.

However, once again, the broker thinks NAB shares are overvalued and has retained its sell rating with a $37.27 price target. It said:

Like its peers that reported in February, NAB’s 1Q26 trading update showed it is benefitting from a supportive interest rate, credit growth, and asset quality environment. We make upgrades to our forecasts to reflect performance and outlook. 12 month target price set at $37.27/sh. With more aggressive assumptions than previously we estimate a higher fundamental value for NAB. However, the share price is still trading far ahead of this revised estimate. SELL retained, with potential TSR of -17% (including 3.6% cash yield).

Westpac Banking Corp (ASX: WBC)

Finally, Morgans is a little more positive on the investment opportunity here. In response to Westpac’s quarterly update, it has upgraded its shares to a trim rating (from sell) with a $35.12 price target. It said:

A largely stable 1Q26 result compared to the 2H25 quarterly average (normalised for 2H25’s restructuring charge), which is better than 1H26 expectations. We are assuming a more bullish loan growth and impairments outlook than previously (and slightly more conservative costs). There is no change to FY26F EPS but there are 5-8% upgrades to FY27-28F. Target price lifts to $35.12/sh. We upgrade to TRIM given the improved, but still negative, potential TSR.

Is anyone bullish?

While most brokers believe that ANZ, CBA, NAB, and Westpac shares are overvalued, not everyone agrees.

For example, Morgan Stanley upgraded ANZ shares to an overweight rating with a $41.30 price target.

In addition, Jefferies retained its buy rating on NAB shares with a $50.64 price target.

The post Buy, hold, sell: ANZ, CBA, NAB, and Westpac shares appeared first on The Motley Fool Australia.

More reading

• Is it too late to buy BHP and CBA shares?
• 3 ASX 200 shares powering higher in 2026
• How do the experts rate ANZ and Bendigo Bank shares after their earnings reports?
• With trend unemployment falling, here’s the latest RBA interest rate forecast from CBA
• Buy, hold, sell: NAB, Santos, and Suncorp shares

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

I believe that one of the best ways to build wealth is through buy and hold investing.

And one of the simplest ways to do this is with exchange traded funds (ETFs).

But which ones could be top picks for buy and hold investors? Let’s look at three that could be worth considering:

VanEck Morningstar Wide Moat AUD ETF (ASX: MOAT)

The first ASX ETF to consider is the VanEck Morningstar Wide Moat AUD ETF.

This popular fund tracks a portfolio of US stocks that possess wide economic moats. This is a term to describe sustainable competitive advantages that could last 20 years or more.

This fund isn’t about chasing hype. It is about backing businesses with pricing power, brand strength, intellectual property, or network effects. Current holdings include firms such as Huntington Ingalls Industries (NYSE: HII), United Parcel Service (NYSE: UPS), and Bristol-Myers Squibb (NYSE: BMY). These companies operate in industries where scale and competitive positioning matter deeply.

Over long periods, businesses with genuine moats tend to defend margins and generate strong returns on capital. That quality bias could make the VanEck Morningstar Wide Moat AUD ETF well suited to patient investors.

Betashares India Quality ETF (ASX: IIND)

If you’re thinking 10 years ahead, it makes sense to look at where global growth could come from.

The Betashares India Quality ETF provides investors with exposure to high-quality Indian stocks that are screened for profitability and balance sheet strength. India’s economy is expanding rapidly, supported by favourable demographics, rising middle-class consumption, and structural reforms.

Rather than tracking the entire market indiscriminately, this fund focuses on stocks exhibiting quality characteristics. That helps tilt exposure toward more sustainable long-term operators.

A decade is long enough for demographic and economic trends to play out. For investors seeking geographic diversification beyond developed markets, the Betashares India Quality ETF offers a targeted way to participate. It was recently recommended by analysts at Betashares.

Betashares Global Robotics and Artificial Intelligence ETF (ASX: RBTZ)

The final ASX ETF to consider is the Betashares Global Robotics and Artificial Intelligence ETF.

It provides exposure to stocks involved in robotics, automation, and artificial intelligence. These are technologies reshaping manufacturing, healthcare, logistics, and software.

Its holdings include names such as Intuitive Surgical (NASDAQ: ISRG), a leader in robotic-assisted surgery, and Nvidia (NASDAQ: NVDA), which supplies the hardware backbone of AI systems.

Automation is not a short-term theme. Labour shortages, productivity pressures, and technological advances all support continued investment in robotics and AI. Over a 10-year horizon, these trends could compound meaningfully. This fund was also recommended by analysts at Betashares.

The post The best ASX ETFs to buy and hold for 10 years or more appeared first on The Motley Fool Australia.

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Retiring at 60 certainly sounds appealing.

For many Australians, it represents freedom, flexibility, and the chance to step away from full-time work earlier than the traditional retirement age. But there’s one big question that sits underneath the dream:

Is the average superannuation balance actually enough to make that possible?

What does the average 60-year-old have in superannuation?

Based on recent industry data, Australians aged 60–64 hold average super balances of approximately $278,000 for women and $358,000 for men.

That means a typical couple at 60 may have a combined super balance of roughly $636,000.

On paper, that sounds substantial. But retirement isn’t just about having a lump sum, it is about whether that lump sum can generate enough income to last potentially 25 to 30 years.

What kind of retirement are we talking about?

According to the ASFA Retirement Standard, a comfortable retirement requires around $54,240 per year for singles and $76,505 per year for couples.

To support that lifestyle from age 67, ASFA estimates retirees need about $595,000 in superannuation for singles and $690,000 combined for couples, assuming they own their home outright.

But here’s the key complication: those figures assume retirement at 67, not 60.

Retiring seven years earlier means your super needs to last longer, you won’t yet qualify for the Age Pension, your investments have fewer years to keep compounding.

That changes the equation significantly.

Could the average balance support retirement at 60?

For a single person with an average balance between $278,000 and $358,000, retiring at 60 and funding a comfortable lifestyle purely from super would be challenging. Drawing $50,000+ per year from a balance of that size could deplete savings relatively quickly, particularly during periods of market volatility.

For a couple with around $636,000 combined, the situation is more promising, but still tight. With disciplined spending and modest investment returns, it may be possible to bridge the gap until Age Pension eligibility. However, it likely requires careful budgeting rather than carefree spending.

If the goal is a modest retirement, which ASFA says requires around $35,199 per year for singles and $50,866 for couples, the average couple’s balance at 60 could be workable, especially once the Age Pension begins to supplement income.

The biggest variable: lifestyle expectations

Retirement success at 60 depends less on the average and more on the gap between your savings and your desired lifestyle.

A debt-free homeowner with moderate spending needs is in a very different position from someone renting or planning frequent international travel.

Health, part-time work, other investments, and inheritance expectations also matter.

So, what’s the verdict?

For most Australians, the average superannuation balance at 60 makes a comfortable, fully self-funded retirement difficult, especially for singles.

But it doesn’t make early retirement impossible.

Many retirees combine super drawdowns, part-time income, and eventually the Age Pension to make it work. Others delay retirement by a few years to strengthen their financial buffer.

The post Could you retire at 60 with the average superannuation balance? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

It’s earnings season on the ASX, and that means it’s also dividend season. When an ASX share reports its latest financials, it also usually tends to tell investors how much its next dividend will be worth (if it is a dividend-paying stock, of course). This dynamic makes earnings season one of the most interesting periods that investors can enjoy in a given year. This week, we heard from a number of ASX 200 blue-chip shares, and boy, did they have some good news for income investors.

So today, let’s go through two ASX 200 blue-chip shares that just gave investors a pay rise.

Two ASX 200 blue-chip shares that just increased dividends

Telstra Group Ltd (ASX: TLS)

First up, we have ASX 200 dividend stalwart Telstra. This telco has long been a favourite for ASX income investors, given its long history of providing fat, fully-franked dividends.

Well, Telstra’s earnings on Thursday did not disappoint on most metrics. The telco revealed that its first dividend of 2026 would be worth 10.5 cents per share, underpinned by strong earnings growth. That’s a (coincidental)10.5% rise from the 9.5 cents per share interim dividend that Telstra doled out in 2025. Together with the final dividend of 9.5 cents per share from September, it takes the company’s 12-month payouts to a total of 20 cents per share.

However, this dividend comes with a major caveat. It is the first dividend Telstra has paid in decades that will not come fully franked. It will come partially franked at 90.5%, arguably making this a change with more symbolism than impact.

Wesfarmers Ltd (ASX: WES)

Next up, we have another ASX 200 blue-chip share in Wesfarmers. Wesfarmers reported its own half-year earnings on Thursday, too. Although the market received these earnings less enthusiastically than it did Telstra’s, Wesfarmers still reported strong growth across revenue, earnings, and profits.

This helped the company declare an interim dividend of $1.02 per share. That represents a 7.37% rise over last year’s interim dividend of 95 cents per share. Unlike Telstra’s payout, it will come with full franking credits attached. This is a significant dividend from Wesfarmers, as it is the largest ordinary dividend the company has funded since the 2018 spin-off of Coles Group Ltd (ASX: COL).

Together with the final dividend of $1.11 per share from October, this ASX 200 blue-chip share’s 12-month ordinary dividend total is $2.13 per share ($2.53 if we include December’s special dividend).

The post These 2 ASX 200 blue-chip shares just raised their dividends appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Wesfarmers. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

If you are looking for some new portfolio additions, then read on.

That’s because analysts at Morgans have been busy updating their recommendations for the ASX 200 shares in this article.

Is it bullish, bearish, or something in between? Let’s find out.

Netwealth Group Ltd (ASX: NWL)

Morgans was pleased with this investment platform provider’s half-year results, noting that its profit was ahead of expectations. It was also pleased to see that its guidance for FY 2026 has been reiterated.

In response, the broker has retained its accumulate rating with a $29.00 price target. It said:

NWL reported 1H26 Revenue +24.7%; EBITDA +24.0%; and Underlying NPAT +19.8% on pcp, delivering strong momentum across the group, which was ahead of expectations. FY26 EBITDA margin guidance was reiterated for, implying 2H26 is expected to see a step-up in investment vs 1H26 ahead of the formal launch of its Broker/iHIN offering in 3Q26. Netflow guidance was also reaffirmed, with the group confident of momentum into FY27 as it looks to further scale its offering. We make minor changes to our NPAT forecasts of +3%/-1%/-3%, overall, this sees our price target move to A$29.00/sh, and we retain our ACCUMULATE rating.

PLS Group Ltd (ASX: PLS)

Another ASX 200 share that delivered a solid result was PLS, which was formerly known as Pilbara Minerals. Morgans was pleased with its stronger than expected earnings and plans to restart the Ngungaju operation.

However, due to its current valuation, the broker has retained its hold rating and $4.60 price target. It explains:

1H26 result: solid result. Key positives: underlying EBITDA beat, Ngungaju plant restart confirmation and growth project studies brought forward. Key negatives: no dividend despite strong liquidity but ultimately this was not expected by most of the market. We maintain our HOLD rating with an unchanged A$4.60ps target price.

Regis Resources Ltd (ASX: RRL)

This gold miner delivered a half-year result slightly ahead of expectations. But the highlight was a significantly larger than expected dividend.

However, due to recent share price strength, Morgans has downgraded the ASX 200 share to an accumulate rating (from buy). It said:

RRL reported its 1H26 result which demonstrated a series of modest beats across both EBITDA and NPAT, complimented by dividend payment of A$0.15ps. Key positive: Introduction of a structured capital management framework, with semi-annual distributions targeted at 25–50% of cash build, provides improved visibility on shareholder returns and better aligns with RRL’s leveraged exposure to the gold price.

The 15cps fully franked dividend materially exceeded both MorgansF and consensus expectations and reinforces the strength of current cash generation. Key negative: No material negatives from the result. Operational and financial metrics were largely pre-reported, and delivery was consistent with guidance.

The post What is Morgans saying about these popular ASX 200 shares? appeared first on The Motley Fool Australia.

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• Should you buy PLS shares after its results?
• Here are the top 10 ASX 200 shares today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals and Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are 0.1% down as the market takes a breather following yesterday’s new record.

As reporting season continues on Friday, Morgans has run the ruler over the earnings results of three ASX 200 companies.

Let’s take a look.

Transurban Group (ASX: TCL)

The Transurban share price is 3.3% higher at $14.34 on Friday.

Yesterday, Transurban reported a 6.4% lift in proportional operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $1,545 million for 1H FY26.

The market’s largest industrial sector stock will pay a dividend of 34 cents per share.

Morgans said:

1H26 Operating EBITDA (+6% on pcp) missed Visible Alpha consensus by 3% while Free Cash (+2% on pcp) was in-line (both were below our forecasts).

Changes to FY26-28F EBITDA are immaterial. Free Cash downgraded 1-3% mainly due to higher debt service outlook.

DPS forecast remains in line with DPS guidance for FY26 and for 5% pa growth across FY27-29F (within the 4-6% pa Free Cash growth range of the 2025 management long-term incentive plan).

The broker retained a hold rating on this ASX 200 industrial share with a 1% reduction in its 12-month price target to $13.19.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is up 5.7% to $6.57 at the time of writing.

In earlier trading, the ASX 200 consumer staples share hit a new 52-week high of $6.72.

Yesterday, Bega Cheese reported a 55.3% increase in net profit after tax (NPAT) to $46.9 million for 1H FY26.

Bega Cheese will pay an interim dividend of 7 cents per share.

Morgans said:

Pleasingly, BGA’s 1H26 result materially beat expectations given a stronger than expected performance from its Bulk business.

However, the result from its much larger Branded business was solid and would have been even stronger if BGA had more yoghurt capacity to take advantage of the strong demand for protein given health and wellness trends.

Importantly, expansion plans in this area are underway.

FY26 earnings guidance was upgraded. Given its restructuring activity, expansion plans and new product pipeline, we continue to believe that BGA will beat its FY28 EBITDA target of +A$250m. We think A$265m is more likely.

This underpins a strong growth profile across the forecast period.

Morgans has an accumulate rating on the ASX 200 consumer staples share. Its 12-month share price target is $7.10.

APA Group (ASX: APA)

The APA share price is 1.7% higher at $9.16 on Friday.

Yesterday, APA reported a 7.6% lift in underlying EBITDA to $1,092 million, with margins up to 77.3%, for 1H FY26.

Statutory NPAT lifted to $95 million, up from $34 million last year.

The ASX 200 utilities share will pay an interim dividend of 27.5 cents.

Morgans said:

Inflation-linked revenues, a cost-out program and contributions from new assets underpin short-term earnings growth.

Potential return on and of the enlarged growth capex pipeline in a rising interest rate environment will be a key investor focus, as will the headwind of approaching expiry of the WGP earnings in FY35.

Underlying EBITDA upgraded 1-2% across FY26-28F (Vic+NSW), Free Cash Flow +/-4-5% (tax and interest paid), and DPS growth unchanged at +1 cps/yr.

The mid-6% cash yield doesn’t compensate for ongoing decline in purchasing power of the DPS and flat equity value outlook.

Morgans has a trim rating on this ASX 200 utilities share with a 12-month price target of $7.96.

The post What is Morgans saying about APA, Bega Cheese, and Transurban shares? appeared first on The Motley Fool Australia.

More reading

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• Bega Cheese shares hit a 12-month high on strong profit numbers
• APA Group lifts earnings and growth outlook for 1H26

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group. The Motley Fool Australia has positions in and has recommended Apa Group and Transurban Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

BHP Group Ltd (ASX: BHP) shares and Commonwealth Bank of Australia (ASX: CBA) shares have both rallied strongly in February after releasing solid half-year results. That naturally raises the question: Have investors missed the opportunity?

My view is no. While some of the easy gains may already have been made, I still believe both shares deserve a place in a balanced long-term portfolio.

BHP shares

BHP’s half-year update reinforced why it remains such a core holding for many investors. The company continues to generate strong cash flow from its diversified portfolio, particularly from copper and iron ore.

What also stood out to me was the announcement of a US$4.3 billion silver streaming agreement with Wheaton Precious Metals. Under the deal, BHP receives a significant upfront payment in exchange for a portion of future silver production from Antamina. As outlined in the company’s release, the agreement “maximises shareholder value by unlocking capital from a non-core commodity” and allows BHP to reallocate funds toward “high-return growth projects and shareholder returns.”

I like this move. It shows disciplined capital management. BHP is effectively monetising a by-product while retaining full exposure to its key commodities, including copper. For me, that reinforces the long-term investment case rather than detracting from it.

Yes, the share price is near recent highs. But BHP’s exposure to copper, which is central to electrification and energy transition themes, still gives it structural growth potential. In my opinion, that makes it more than just a cyclical trade.

CBA shares

CBA also delivered a strong half-year result. Cash NPAT rose 6% on the prior corresponding period, and the bank declared a fully-franked interim dividend of $2.35 per share.

Return on equity remained peer-leading at 13.8%, and the CET1 capital ratio sits at a robust 12.3%, well above regulatory minimums. Those numbers matter. They underline the bank’s strength and resilience.

I know many brokers argue that CBA looks expensive relative to its peers. And on traditional valuation metrics, it does trade at a premium. But I believe that premium reflects quality. Its deposit franchise, technology investment, and scale advantages are difficult to replicate.

If someone is building exposure to the banking sector and wants the highest-quality operator, I still think CBA is the logical choice.

Some gains are gone

It is true that buying after a rally can feel uncomfortable. The sharp bounce this month likely means some of the short-term upside has already played out.

But I do not invest in either BHP or CBA for a few weeks of price action. I see them as long-term holdings that can generate income, reinvest capital effectively, and deliver steady compounding over time.

As part of a diversified portfolio, I still view both shares as buys today.

Foolish takeaway

No, I do not think it is too late to buy BHP or CBA shares. While the recent rally may have captured some quick gains, both businesses continue to execute well and generate strong cash flows. For long-term investors, I believe they remain quality core holdings.

The post Is it too late to buy BHP and CBA shares? appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares powering higher in 2026
• Brokers review 12-month price targets for 3 ASX 200 mining shares post-results
• With trend unemployment falling, here’s the latest RBA interest rate forecast from CBA
• Recap: Winners and losers from earnings season week 3
• Buying BHP shares? Here’s why this was a HUGE week for the ASX mining giant

Motley Fool contributor Grace Alvino has positions in Commonwealth Bank Of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) has been mixed in recent weeks, with gains in some sectors offset by weakness in others. Despite that, a handful of large caps continue to climb and push towards fresh highs.

Recent results, dividend updates, and stronger commodity prices have helped push some blue-chip stocks higher.

Here are 3 ASX 200 shares that continue to power ahead.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price has jumped 17% over the past month and is up another 0.99% today to $179.96.

The rally followed the banking giant’s half-year results earlier this month. CBA reported statutory net profit after tax (NPAT) of $5.41 billion and cash net profit of $5.45 billion, up 6% on the prior corresponding period.

Investors also welcomed a fully-franked interim dividend of $2.35 per share, up 4% year on year. Credit quality remained solid, with home loan arrears declining and most borrowers ahead on repayments.

While net interest margin edged down to 2.04%, the result reinforced CBA’s position as the country’s strongest major bank. Management also highlighted ongoing investments in technology to improve productivity and the customer experience.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price has risen 15% over the past month and is up 0.66% today to $27.28. It recently touched an 18-month high of $27.34.

Part of the momentum has come from higher oil prices. Brent crude has climbed to a 6-month high amid geopolitical tensions and concerns about supply disruptions in the Middle East.

Earlier this year, Woodside reported record production for 2025 and continued progress across its major growth projects. The company’s strong operating performance and project pipeline have helped underpin confidence in its longer-term outlook.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is up 11% over the past month and has gained another 0.6% today to $15.03.

The gold miner impressed investors with its recent half-year results, reporting record profit and a higher dividend. Evolution also surprised the market with a stronger-than-expected dividend payout, which helped drive a sharp share price reaction earlier this month.

Support has also come from a rising gold price. UBS recently lifted its short-term gold price target to US$6,200 per ounce, citing strong demand. Spot gold prices have surged in 2026 as investors move toward safe-haven assets.

Brokers have noted Evolution’s improving balance sheet and production outlook, particularly across its key assets. With gold near record levels and earnings momentum building, the stock has found plenty of buyers.

The post 3 ASX 200 shares powering higher in 2026 appeared first on The Motley Fool Australia.

More reading

• Is it too late to buy BHP and CBA shares?
• With trend unemployment falling, here’s the latest RBA interest rate forecast from CBA
• Why did the Woodside share price just hit an 18-month high?
• Recap: Winners and losers from earnings season week 3
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This week was a big one on the ASX, thanks to earnings season ramping up. We heard from a number of blue-chip ASX 200 stocks this week, including Wesfarmers Ltd (ASX: WES), Medibank Private Ltd (ASX: MPL), and Transurban Group (ASX: TCL). But it was perhaps Telstra Group Ltd (ASX: TLS)’s latest earnings and dividend that were the most fascinating to go through.

As we went through yesterday, it was an exceptionally well-received report that Telstra released for its half-year ending 31 December. The telco posted earnings before interest, tax, depreciation and amortisation after leases (EBITDAaL) of $4.2 billion, up 4.9% over the same period in 2024. Cash earnings rose 14% to $2.5 billion. While earnings per share (EPS) were up 11% to 9.9 cents.

Overall, Telstra reported a net profit after tax (NPAT) of $1.2 billion. That was an increase of 8.1% on the prior period.

Investors were also delighted to hear that Telstra would be expanding its share buyback program. Telstra revealed that it had successfully purchased $637 million worth of stock over the six months to 31 December. However, the telco revealed yesterday that it would increase its overall buyback cap over the rest of FY 2026 from $1 billion to $1.25 billion.

But let’s talk about the latest Telstra dividend.

Telstra reveals its first partially-franked dividend in 27 years

At first glance, it looked as though income investors had hit the jackpot with the dividend Telstra announced yesterday. Shareholders will enjoy an interim dividend worth 10.5 cents per share from the telco. That’s up 10.5% from last year’s interim dividend of 9.5 cents per share. It will be the largest single dividend that Telstra has funded in almost a decade.

That all sounded peachy. But something startling became evident when we dove a little deeper. This dividend, rather shockingly, will not come with full franking credits attached. This marks the first time Telstra hasn’t paid a fully-franked dividend since 1999.

To be fair, Telstra’s latest dividend is almost fully franked. It will come partially franked to 90.5%. But even so, this is a dramatic change for Telstra investors, who are used to seeing large, fully-franked dividends from this telco.

So what’s going on here? Well, the company itself didn’t really explain why this latest dividend has departed from the fully franked trend, only saying this:

On the back of cash earnings growth, the Board resolved to pay an interim dividend of 10.5 cents per share. The interim dividend is 90.5% franked, with a franked amount of 9.5 cents per share and an unfranked amount of 1 cent per share. The interim dividend uplift, and the level of franking applied, is consistent with our Capital Management Framework, and our aim to deliver a sustainable and growing dividend. Our dividend is supported by strong cash earnings this half, and our Connected Future 30 ambition remains to deliver mid – single digit growth in cash earnings.

A company can attach franking credits to its dividends only if it has accumulated those credits by paying corporate tax in Australia. Telstra obviously does this. However, perhaps part of this dividend was funded from cash that did not come from profits fully taxed in Australia. Perhaps Tesltra has deemed it prudent to keep franking credits on its books for a later date. We don’t know for sure.

Even so, this is a momentous dividend for Telstra investors. It will be very interesting indeed to see Telstra’s final dividend later this year and whether this partially franked interim dividend is a one-off or the start of a new era for Telstra’s income investors.

The post Why isn’t the new Telstra dividend fully franked? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group and Wesfarmers. The Motley Fool Australia has positions in and has recommended Telstra Group and Transurban Group. The Motley Fool Australia has recommended Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.