S&P/ASX 200 Index (ASX: XJO) shares are having a ripper day, up 1.22% to 8,696.6 points at the time of writing.

Let’s check out some ASX shares to buy, according to the experts.

ASX shares to buy ahead of the new year

South32 Ltd (ASX: S32)

The South32 share price is $3.56, up 3.6% on Friday and up 2.8% in the year to date (YTD).

Among the diversified ASX mining shares, Macquarie prefers South32 over all others.

The broker raised its rating on South32 from neutral to outperform this week.

Macquarie said:

We upgrade S32 from Neutral to Outperform given prospects of an improved returns outlook and a favourable catalyst backdrop.

South32 is benefiting from an increase in commodity prices for many of the metals and industrial materials it produces.

The miner produces nine commodities, including silver, copper, and aluminium.

The silver price is up 119% in the year to date, while copper is up 36% and aluminium 14%.

Macquarie has a 12-month price target of $3.70 on South32 shares.

Elders Ltd (ASX: ELD)

Elders supplies farming products and provides advisory, financial, and real estate services.

The Elders share price is $7, up 0.5% today and down 3% for 2025.

Morgans retained its buy rating on Elders shares after the company released its FY25 results.

The broker said:

ELD’s FY25 result was in line with its guidance. As was well guided too, the 2H25 was weak due to drought.

Outlook comments were optimistic, the 1Q26 is off to a strong start and FY26 should benefit from a positive rainfall outlook, higher selling prices, acquisitions and the transformation projects.

The broker upgraded its price target on this ASX agricultural share from $8.50 to $8.65.

Light & Wonder Inc. CDI (ASX: LNW)

Light & Wonder is a US gaming machines manufacturer and software developer.

The Light & Wonder share price is $151.61, up 0.02% on Friday and up 8.7% this year.

Morgans has a buy rating on Light & Wonder shares with a price target of $175.

After the company’s 3Q FY25 results, Morgans commented:

LNW delivered record margin expansion across all three segments, with iGaming operating leverage the standout performer, while land-based margins surprised on favourable product mix as Grover scales and premium installed base momentum continues.

Mineral Resources Ltd (ASX: MIN)

Mineral Resources is a diversified ASX mining share that produces iron ore and lithium, and provides mining industry services worldwide.

The Mineral Resources share price is $51.84, up 0.35% today and 49% in the YTD.

Ord Minnett has a buy rating on Mineral Resources with a price target of $55.

In a recent note, the broker said:

Mineral Resources (MIN) has formed a joint venture with POSCO Holdings for its lithium assets that sees the giant Korean group pay US$765 million ($1.2 billion) cash for a 30% stake in the JV, with the Australian company holding the other 70%.

The purchase price values the Australian company’s remaining stakes in the Wodgina and Mt Marion operations at circa $4 billion, versus a consensus valuation of $2.8 billion previously, and implies a long-term spodumene price of circa US$1600 a tonne, comfortably above market expectations centred on US$1240 a tonne.

Find out whether Mineral Resources will resume paying dividends in FY26.

Woodside Energy Group Ltd (ASX: WDS)

Oil & gas giant Woodside is the largest ASX energy share.

The Woodside share price is $24.69, down 0.3% today and 1.1% for the year.

Morgans has a buy rating on Woodside with a share price target of $30.50.

The broker recently commented:

Growth to 2032 with net operating cash flow guided to ~US$9bn (+6% CAGR) with a pathway to ~50% higher dividends.

Execution remains best-in-class: Scarborough, Sangomar and Trion all tracking on time and budget. Louisiana progressing under de-risked funding structure.

The post 5 ASX shares to buy now: experts appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in South32. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Light & Wonder Inc and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Elders and Light & Wonder Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), like other tech stocks, traveled through difficult times and better times this year. The stock slipped this spring amid concern about the impact of U.S. import tariffs on corporate earnings. But as President Donald Trump negotiated with other countries, this pressure eased.

The company also faced the challenge of an antitrust suit in the U.S., but a ruling in September averted the worst-case scenario — and this decision offered Alphabet a significant boost. Since, the stock has gained nearly 50%, and just recently, Alphabet did something it hasn’t done in seven years. Is it time to buy this top tech stock? Let’s find out.

90% market share

First, though, let’s catch up on the Alphabet story so far. This is the company behind something you may use and rely on every day: I’m talking about Google Search, the world’s most popular search engine. It’s steadily held onto about 90% share of the market. Google, through advertising across its platform, fuels Alphabet’s revenue growth, but this isn’t the only revenue driver.

Alphabet also is the owner of Google Cloud, one of the world’s major cloud service providers, and that business is growing in the double digits.

On top of this, Alphabet’s investment in artificial intelligence (AI) is helping the company improve its business — for example, streamlining the advertising experience. Alphabet has developed its own large language model, Gemini, to apply to its own needs and offer to clients through Google Cloud. The cloud provider also offers many AI products and services, from chips to a fully managed service for the development of generative AI, and this has fueled growth in recent quarters.

In the latest quarter, for example, Alphabet said demand for AI infrastructure and generative AI powered a 34% gain in cloud revenue.

The elimination of a big risk

The major weight on all of this was the U.S. antitrust suit — the risk was a potential breakup of revenue-driver Google. That risk was eliminated when a federal judge decided that Alphabet could maintain its ownership of its Google Chrome browser, and the company now faces lesser penalties.

All of this, along with a reasonable valuation, has helped boost Alphabet shares in recent months — and help the company do something it hasn’t done in seven years. On Nov. 21, Alphabet’s market value soared past that of software giant Microsoft for the first time since 2018. Back then, both companies’ market capitalizations were about $800 billion — now, they’ve surpassed $3 trillion.

GOOG Market Cap data by YCharts

Alphabet has maintained its market cap gain, and now at $3.8 trillion, it’s the biggest company after Nvidia and Apple.

Now, let’s return to our question: Does this make Alphabet a stock to buy? It’s key to keep in mind that a high market cap doesn’t automatically translate into a buying opportunity. A company may have reached such a level but could now be overvalued or face new headwinds — or it may not be the right fit for your portfolio.

Why a high market cap may be positive

Of course, recent gains in market cap might be positive — they could be the result of good news that prompted investors to pile into the stock. And maintaining a high market cap over time shows sustained demand for the shares.

But, before investing, it’s most important to consider a company’s earnings track record, financial health, and future prospects — and also take a look at valuation. In the case of Alphabet, there’s reason to be optimistic about all of these points. The company has delivered growth in revenue and profit over time, the AI opportunity is in its early days so could spark significant growth in the quarters to come, and today, Alphabet still is reasonably priced — it trades for 30x forward earnings estimates, which is lower than many of its AI peers.

All of this makes this stock that’s roared past Microsoft a fantastic buy right now.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Alphabet just did something it hasn’t done in 7 years. Time to buy? appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Adria Cimino 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 Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has recommended Alphabet, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shareholders in junior listed investment company ECP Emerging Growth Ltd (ASX: ECP) could soon be in line for a healthy special dividend, but there’s a significant catch attached.

The company on Friday said it wanted to pay a 10-cent fully-franked special dividend to its shareholders, but only if participation in the company’s dividend reinvestment plan (DRP) reached 80%.

The 10-cent special dividend would constitute an extra 8.7% fully-franked yield for shareholders, on top of the company’s current yield of 4.84%, according to the ASX website.

How to pay out dividends without depleting cash

Speaking at the company’s annual general meeting in November, Chair Murray d’Almeida explained the conundrum facing the company.

He said that one of the issues shareholders regularly brought up was the significant amount of franking credits accrued by the company, and how these could be passed back to shareholders.

As Mr d’Almeida said:

The franking account is accumulated through tax paid by the company and represents value that could be distributed to shareholders by way of dividends. ECP has accumulated a very robust franking balance after multiple years of strong returns, particularly utilising the leveraged portfolio from the convertible note raising. The franking account balance allows the board to maintain our fully franked dividend payments even during periods of lacklustre portfolio performance, however given the market movements over the last few years there has been substantial credits accumulated in excess of normal prudent management.

But, Mr d’Almeida said, the challenge was how to distribute the franking credits without depleting the company’s cash balance for investment, “and therefore shrink the size of ECP”.

As such, the company has come up with what it says is a “truly unique” approach.

The company on Friday said it would pay out the special dividend, but only if 80% of its shares were enrolled in the company’s dividend reinvestment plan (DRP).

As the company said:

The rationale behind the DRP criteria is to ensure the company can continue growing its overall size yet still provide shareholders with access to the franking credits.

Level well short at the moment

The company stated that the DRP participation rate was currently at 36.7%, and it encouraged its shareholders to contact its share registry and sign up in an effort to reach the 80% mark.

ECP added that it would keep its shareholders apprised of progress towards the 80% hurdle when it released its net tangible asset report each month.

ECP shares were steady at $1.14 on Friday, with no trades going through by about noon. The company was valued at $21 million at the close of trade on Thursday.  

The post An 8.7% special dividend sounds great, but there’s a catch! appeared first on The Motley Fool Australia.

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• Austal shares fall after Treasurer greenlights higher Hanwha stake

Motley Fool contributor Cameron England 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.

The S&P/ASX 200 Index (ASX: XJO) is heading into the weekend in style on Friday. In afternoon trade, the benchmark index is up 1.15% to 8,690.9 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Austal Ltd (ASX: ASB)

The Austal share price is down 1.5% to $6.33. This morning, the shipbuilder revealed that the Foreign Investment Review Board and Federal Treasurer Jim Chalmers have approved an application South Korean giant Hanwha Corporation to increase its direct equity shareholding in Austal from 9.9% to 19.9%. Not everyone is happy with the decision, with the ABC reporting that Japanese officials twice contacted the Department of Defence to raise concerns about the Hanwha bid.

Fenix Resources Ltd (ASX: FEX)

The Fenix Resources share price is down 3.5% to 48.2 cents. This may have been driven by profit taking from some investors after the iron miner’s shares jumped on Thursday. That was driven by the release of its three-year production plan. After delivering production of 2.4Mt in FY 2025, it is now aiming to increase this to between 4.2 million and 4.8 million tonnes in FY 2026, 4.7 million and 5.3 million tonnes in FY 2027, and then 5.4 million and 6 million tonnes in FY 2028.

Metcash Ltd (ASX: MTS)

The Metcash share price is down 3% to $3.25. This has been caused by the wholesale distributor’s shares going ex-dividend this morning for its latest payout. At the start of the month, Metcash released its half year results and reported a 5.9% decrease in underlying profit after tax to $126.7 million. Nevertheless, the Metcash board elected to maintain its fully franked interim dividend at 8.5 cents per share. Eligible shareholders can look forward to receiving this dividend late next month on 28 January.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is down 1.5% to $1.22. This is despite the medical device company being the subject of a bullish broker note out of Morgans today. According to the note, the broker has upgraded Polynovo’s shares to a buy rating with a $2.03 price target. This implies potential upside of approximately 65% for investors over the next 12 months. Its analysts said: “Following changes to its Board and with the appointment of a new CEO, we see more stability and focus returning to the PNV business.”

The post Why Austal, Fenix Resources, Metcash, and Polynovo shares are falling today 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 positions in and has recommended PolyNovo. The Motley Fool Australia has recommended PolyNovo. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Austal Ltd (ASX: ASB) shares have fallen on news that a foreign shipbuilder has been granted permission to raise its stake.

Treasurer Jim Chalmers and the Foreign Investment Review Board (FIRB) have approved an application lodged in June by HAA Pty
Ltd, an entity controlled by South Korean shipbuilder Hanwha Corp, to buy up to a 19.9% stake in Austal.

That’s just below the 20% threshold at which a shareholder must make a formal takeover offer under the Corporations Act.

The Austal share price is currently $6.27, down 2.34% on Friday, while the S&P/ASX 200 Index (ASX: XJO) is up 1.1%.

Austal is Australia’s largest defence exporter. It owns shipyards in the US, Australia, Vietnam, and the Philippines.

Its clients include the Australian Navy and the US Navy.

Hanwha is a diversified Fortune 500 company with interests in defence, aerospace, clean energy, finance, and retail.

Hanwha already owns 9.9% of Austal plus a further 9.9% economic interest through a cash-settled total return swap.

This makes Hanwha one of Austal’s largest shareholders, and it’s been a long-time suitor for the Australian defence shipbuilder.

In fact, Hanwha tried to buy Austal outright last year when it offered $2.825 per share in cash to take over the company.

Why did the Treasurer approve Hanwha’s request?

A statement from Chalmers said the approval is subject to strict conditions.

These include Hanwha’s access to and storage of sensitive information.

There are also conditions regarding who Hanwha may nominate to the Austal board, if Austal were to accept any nomination.

In a statement, Chalmers said:

My decision was not taken lightly and comes after extensive consultation and long and careful deliberation.

It follows a thorough and robust process that took account of all the relevant economic, national security and other national interest issues.

Hanwha would remain a minority shareholder under this proposal and cannot increase its shareholding above 19.9 per cent.

This decision ensures there are greater protections for our Strategic Shipbuilder and the Government’s sovereign interests in Austal.

In August, the Government signed the Strategic Shipbuilding Agreement with Austal after naming it our sovereign shipbuilder for Tier 2 surface combatant vessels.

Chalmers said the agreement remained an essential part of the Future Made in Australia agenda.

This decision and associated conditions will protect our sovereign interests in this capability and ensure the company can continue to grow, invest, and deliver continuous shipbuilding in Western Australia.

What did Austal management say?

In a statement today, Austal CEO Paddy Gregg said:

Treasurer Chalmers has made his decision and we respect that decision.

With the clarity provided by this decision, the Board and management are firmly focused on delivering value for all Austal shareholders as Australia’s sovereign shipbuilder under the Strategic Shipbuilding Agreement (SSA), a major contributor to the US defence industrial base, and with significant growth opportunities at our US and Australasia operations.

Will Hanwha get a seat on the board?

Hanwha has previously indicated that it would seek to partner with Austal on various opportunities and also seek a board position if granted approval to raise its stake to 19.9%.

Today, Austal said:

The Austal board will closely review the opportunities and risks associated with those partnership and board position requests, should they be made officially, before it determines whether this would deliver demonstrable benefits for all Austal shareholders.

Austal shares double in 2025

Austal shares have ripped in 2025 amid the global megatrend in rising defence spending.

The Austal share price is up 102% in the year to date.

The industrials stock entered the benchmark ASX 200 at the June quarter rebalance.

For FY25, Austal reported a record $1.8 billion of revenue and EBIT of $113 million.

Its EBIT guidance for FY26 is $135 million, which would be a record for the company.

Austal’s order book is currently worth more than $13 billion.

In October, Austal executed a US$100 million loan agreement from Export Finance Australia (EFA).

EFA is the Australian Government’s export credit agency.

Austal will use the funding for the construction of vessels for the US Navy and US Coast Guard at its Alabama shipyard.

In March, Austal conducted a $200 million institutional placement to fund the expansion of its Alabama shipyard.

The post Austal shares fall after Treasurer greenlights higher Hanwha stake appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today

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 Austal and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Looking at the ASX landscape right now, dividend investors would be hard-pressed to find an income stock that is trading on a dividend yield of over 5%. At least, one that isn’t showing clear signs of being a dividend trap. That’s why those investors might wish to check out an ASX income ETF that has a yield of the magnitude on the table today.

Even a 5% yield wasn’t that hard to find until quite recently. The ASX’s ascent to a series of new record highs earlier this year was good news for most ASX investors. But rising stock prices mean lower dividend yields if the payouts don’t rise in tandem. That they haven’t been for most prominent ASX dividend shares.

Shares that investors may have been used to seeing with yields of 4 to 5% in years gone by are now offering noticeably lower yields.

That’s true from Telstra Group Ltd (ASX: TLS) to Wesfarmers Ltd (ASX: WES), from Coles Group Ltd (ASX: COL) to Westpac Banking Corp (ASX: WBC). And particularly so for Commonwealth Bank of Australia (ASX: CBA), which spent much of 2025 with a very unbank-like yield of below 3%.

But let’s check out an ASX income ETF that has far more than that on the table today.

An ASX income ETF with a 7% yield?

That ASX ETF is the SPDR S&P Global Dividend ETF (ASX: WDIV). This fund is a dividend-focused ETF that holds around 100 high-yielding companies sourced from all around the world. These companies are assessed for their dividend stability over the past ten years. Any stocks that have cut their payouts in this period are excluded.

It holds companies from the United States, Canada and Japan, as well as from China, Hong Kong and Europe. Australia is represented as well, although it contributes about 2% to WDIV’s overall portfolio.

Some of this income ETF’s top positions include CVS Healthcare Corporation, Altria Group, Pfizer and Mitsui Chemicals. The ASX’s APA Group (ASX: APA) flies the local flag.

But let’s talk dividends. WDIV ETF pays out two dividend distributions annually. Over 2025, investors enjoyed a January dividend distribution worth 30.94 cents per share, as well as the July payment worth $1.26 per share. At the current WDIV unit price of $21.95 (at the time of writing), that annual total of $1.57 per unit gives this ASX income ETF a trailing yield of 7.15%.

Before you rush out to buy this ETF to secure a 7% yield, though, investors should be aware that WDIV’s payouts, like most ETFs, do bounce around from year to year.

Yes, investors got a bumper year in 2025. But if this ETF had instead paid out 91.7 cents per share in payouts over 2025, as it did in 2024, its yield would be about 4.18% today.

Even so, this ASX income ETF has a strong history of paying large upfront dividends from a portfolio of stocks that have demonstrated defensiveness when it comes to payouts. That’s arguably not something to ignore for income investors in the current environment.

The post This ASX income ETF is trading on a 7% yield right now appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Altria Group and Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pfizer and Wesfarmers. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended CVS Health. The Motley Fool Australia has positions in and has recommended Apa Group and 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.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 1.1% to 8,688.6 points.

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

4DMedical Ltd (ASX: 4DX)

The 4DMedical share price is up 10% to $2.25. Investors have been buying this medical technology company’s shares after it secured a cash injection of $30.2 million through the underwriting of options. 4DMedical’s founder-CEO, Andreas Fouras, said: “2025 has been an outstanding year for 4DMedical and our shareholders. We are moving at remarkable speed, and our momentum continues to build. This agreement ensures that we have more than sufficient capital to execute our plans to commercialise CT:VQ and to lead the Company through to profitability.”

Dateline Resources Ltd (ASX: DTR)

The Dateline Resources share price is up 2% to 24 cents. This morning, the rare earths producer released an update on legal proceedings against Dateline’s CEO, Stephen Baghdadi. The proceedings are an attempt to procure the transfer of certain rare earth elements (REE) tenements in the USA. In a preliminary hearing, no findings were made by the Court. However, it notes that “a timetable was agreed under which USC/Gladiator is required to provide further information regarding its claim, pending a further hearing on 23 December 2025. Until then, Stephen Baghdadi, on behalf of Dateline, agreed to maintain the status quo in relation to the tenements that are subject to USC/Gladiator’s claims.”

Deep Yellow Ltd (ASX: DYL)

The Deep Yellow share price is up 5% to $1.94. This may have been driven by a broker note out of Ord Minnett this morning. According to the note, its analysts have upgraded this uranium producer’s shares to an accumulate rating from hold with a price target of $2.00. The broker made the move after increasing its earnings estimates to reflect improving commodity prices in 2026.

Newmont Corporation (ASX: NEM)

The Newmont share price is up 5% to $149.63. Investors have been buying Newmont’s shares following a strong rise in the gold price overnight after the US Federal Reserve cut interest rates this week. It isn’t just Newmont that is rising today. Almost all ASX gold miners are climbing in response, which has lifted the S&P/ASX All Ordinaries Gold index by a sizeable 3.5%.

The post Why 4DMedical, Dateline, Deep Yellow, and Newmont shares are pushing higher today 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.

Transurban Group (ASX: TCL) shares give investors the chance to invest in one of the world’s largest toll road businesses. Analysts at Macquarie have revealed whether they think the ASX dividend share is a buy, hold or sell.

Transurban owns and operates toll roads in Australia (including in Brisbane, Melbourne and Sydney) and North America. Some of the roads it owns include WestConnex and CityLink.

The business generates significant cash flow each year, allowing Transurban to provide investors with a sizeable distribution each year. Its tolls largely increase at the rate of inflation, or grow on ‘ratchet clauses’ at the greater of CPI of 4%.

Is the Transurban share price a buy?

Transurban’s average daily traffic (ADT) continues to grow on its roads.

In the three months to September 2025, group ADT rose 2.7% year-over-year. Within that, Sydney ADT rose 1.7%, Melbourne ADT rose 3.2%, Brisbane ADT grew 2.6% and North America ADT went up 6.8%.

Macquarie currently has a neutral rating on the business with a price target of $14.62. A price target is where the broker thinks the share price will be in 12 months from now. That implies little change from where it is today.

The biggest part of the return could come from the income distribution, which is predicted to be 69 cents per security in FY26. That translates into a forward distribution yield of 4.7%, at the time of writing.

Latest thoughts on the toll road business

Macquarie provided some commentary on Transurban after the NSW government updated the market for additional NSW toll reform.

The Premier had already pre-released the toll cap of $60 per week will continue, though Macquarie said the “wrinkle” was that it is now capped at $5,000 per account, with the broker seeing no impact on traffic as a result. Administration fees are being removed from FY27.

Macquarie then said the following on developments and potential outcomes for certain roads:

Shifts to bidirectional tolling on SHB/T/WHT in FY29 (opening of WHT) were anticipated. This adds ~$200m of revenue to fund reform around tolls, which government said it is still seeking. There could be a variety of possibilities – two we see having merit: simply a step-down in the flag fall for cars on WCX (i.e., $1.00 is ~12% toll reduction), or elimination of the CPI+ component in the M2, NCX and WCX for cars. ED concession needs to be adjusted for bidirectional tolling, and removing its CPI+ component could be included in this.

There remains ~$1.0-1.5bn of latent value in the ED, M7 and M2 concession, through removal of IRR caps and gearing limitations. This provides government currency to negotiate price reductions or enable the M2/M7 widening of the northern sections.

In terms of the potential financials, Macquarie is projecting that in FY26 Transurban could generate $4.1 billion of revenue, $3.2 billion of operating profit (EBITDA) and $2.15 billion of net profit.

The post Does Macquarie rate Transurban Group shares a buy, hold or sell? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison 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 Macquarie Group and Transurban Group. The Motley Fool Australia has positions in and has recommended Macquarie 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.

Shares in BMC Minerals Ltd (ASX: BMC) got off to a strong start on their first day on the ASX on Friday, changing hands at more than a 20% premium to their offer price.

The shares in the silver and zinc mining aspirant traded as high as $2.44 before settling back slightly to be changing hands for $2.40, 20% up on the company’s initial public offer (IPO) price.

BMC raised $100 million before listing on the ASX in what it described as a “heavily oversubscribed” initial public offer.

Pushing forward with development

BMC chair Steven Michael said it was an important milestone for the company which would now press on with developing its Kudz Ze Kayah (KZK) mine project in the Yukon region of Canada, which the company said would be the nation’s largest silver and zinc operation once brought into production.

Mr Michael went on to say:

BMC is focused on accelerating the existing workstreams at our 100%-owned KZK polymetallic project by planning a major drilling program to commence early in the new year and anticipate receiving several licences and permits from Yukon and Federal regulatory bodies. We look forward to executing on our growth strategy, at a time when silver, gold and copper prices are extremely strong and establishing the ABM Mine as Canada’s largest silver and zinc producer and a top 15 copper producer.

The company said it had owned the KZK project since 2015, and since then had delineated 27.9 million tonnes of ore across two deposits, ABM and Kona.

The company said it had completed a feasibility study which showed the ABM deposit could be mined for nine years, with a payback period of about two years.

The company added on Friday:

BMC has completed a range of technical studies at ABM based on the development of a 2 million tonne per annum mine, which contemplates that about 89% of ore reserves will be mined via open pits and 11% from an underground mine, which will be developed to access the deeper portions of the Krakatoa zone. The company’s feasibility study has outlined a pre-tax net present value of US$835 million for the ABM Mine at conservative commodity prices compared to the current long-term consensus, with a capital payback period of about 2 years.

The mine would produce three concentrates conating silver and gold, copper, and zinc, with binding offtake agreements already signed across all commodities for the first five years of production.

The $100 million raised in the IPO will now be used for more exploration to extend the potential mine life and to complete optimisation studies.

The post New silver and zinc mining aspirant debuts at a 20% premium in a quick win for shareholders appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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.

National Australia Bank Ltd (ASX: NAB) shares are marching higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $41.38. During the Friday lunch hour, shares are changing hands for $41.85 apiece, up 1.1%.

For some context, the ASX 200 is also up 1.1% at this same time.

Over the past year, however, NAB shares have significantly outperformed the benchmark index, gaining 11.4% compared to the 4.3% 12-month gains posted by the ASX 200.

Atop those capital gains, NAB stock also trades on a fully franked 4.1% trailing dividend yield. And if you owned shares at market close on 10 November, you’ll be seeing the final NAB dividend payout of 85 cents a share hitting your bank account today.

But that’s not why the ASX 200 bank is in focus today.

Instead, the bank is grabbing headlines following its annual general meeting (AGM).

Here’s what’s happening.

NAB shares in focus amid AGM

Opening the meeting, NAB chair Philip Chronican said, “Building a simpler, more modern bank is a key focus. We want our bank to be fit for the long-term and capable of delivering for customers in a rapidly changing world.”

Addressing the resurgence of historic employee underpayment issues, which date back to 2012 and have thrown up past headwinds for NAB shares, Chronican said:

Unfortunately, more payroll issues were uncovered this year. In response, NAB launched a broader review into payroll-related benefits under current and historical agreements. Management is working hard to resolve and remediate these payroll issues as quickly as possible for our colleagues.

Turning to the returns delivered by NAB shares, Chronican added:

The board declared dividends for the year of 170 cents per share, in line with our target payout ratio, and returned $5.2 billion to shareholders. We retain a bias towards reducing the share count over time, which helps drive sustainable returns for shareholders.

Since August 2021, we have completed $8 billion in on-market buybacks and continue to neutralise NAB’s dividend reinvestment plan.

Over the past five years to 30 September 2025, our total shareholder return reached 190%, higher than the average of 168% for NAB’s major bank peers.

A word from the CEO

NAB CEO Andrew Irvine took the podium next.

He noted that across the year, “Australian business lending balances rose by 9%, and total customer deposits grew by 7%.”

Commenting on NAB’s market-leading business banking segment, Irvine said:

NAB improved market share in both total business lending and business deposits. Competition in business banking continues to increase and NAB competes from a position of strength. We know this market well, have a leading position and we intend to extend our position, not just defend it.

NAB shares could also enjoy longer-term support from the bank’s ongoing investments into artificial intelligence.

According to Irvine:

AI is supporting fraud detection, improving cybersecurity, streamlining home loan application processes and reducing low-value work for our NAB colleagues.

We are pursuing a range of use cases for generative and agentic AI, as well as assisting our colleagues to develop the AI skills of the future.

The post Why is everyone talking about NAB shares on Friday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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.