This is the third of our ASX reporting season wraps being sent out on Monday mornings in August and early September.

This edition includes a selection of results covered by our analysts from Thursday August 21 to Wednesday August 27.

Let’s start with some results the market liked.

Sigma Healthcare (SIG)

  • Moat Rating: Narrow Moat
  • Fair Value estimate: $2.45 per share
  • Star Rating: ★★

The Chemists Warehouse owner’s shares fetch a lofty valuation at the moment. But its latest set of results proved more than enough to satisfy markets.

Sigma flagged $40 million in extra cost savings per year from the merger with Chemists, and investors seem confident that it can deliver strong sales growth and profit margin expansion in the years ahead.

For reasons I expanded on in a recent Stock Showdown, our healthcare analyst Shane Ponraj thinks that investors may be expecting too much.

Redox (RDX)

  • Moat Rating: No Moat
  • Fair value estimate: $4.20 per share
  • Star rating: ★★★★★

After a tough start to the year, shares in chemicals distributor Redox rallied by around 25% after the company announced its fiscal 2025 results.

The results featured annual sales growth of around 9% and were broadly in line with what our analyst Esther Holloway was expecting. So why such a big rally?

Relief could be one explanation. Worries over tariffs had weighed heavily on the shares, meaning that a solid result was cheered with more gusto than it may have been normally.

Despite the rally, Esther thinks the market remains overly concerned about the potential for a cyclical downturn in earnings. She thinks Redox can continue to post solid revenue growth as it broadens its product range to capture more wallet share from its clients.

Ansell (ANN)

  • Moat Rating: Narrow Moat
  • Fair Value estimate: $36.50 per share
  • Star rating: ★★★

Clinical glove manufacturer Ansell reported impressive full year results, with revenues up by 8% and EBIT up by 10%.

Ansell makes most of its goods in South East Asia and gets almost half of its revenue from selling into the US. Tariffs have been a bit of a question mark, then, but the company seems to be managing it well.

Our analyst Shane Ponraj says that price increases should offset any increase in cost of goods sold, made easier by the reality that Ansell’s main competitors will be facing similar tariff pressures.

The story at Ansell recently has been one of cost saving and margin improvement after a period of rising input costs. Shane expects that further progress on this front over the next five years can boost Ansell’s pre-tax profit margins above pre-pandemic levels.

At a recent share price of around $34.50, Ansell’s post results rally has put them within touching distance of Shane’s $36.50 Fair Value estimate.

Siteminder (SDR)

  • Moat Rating: Narrow Moat
  • Fair value estimate: $10.75 per share
  • Star rating: ★★★★

Siteminder is the leading provider of channel management software and related services to hotel businesses. The shares by more than 20% on results day after a strong second half led to a 19% increase in revenue versus fiscal 2024.

Our analyst Roy van Keulen certainly liked what he saw, raising his Fair Value estimate to $10.75 per share on further evidence that new products like Channels Plus can drive significant growth.

Despite the big move on results day, Roy still doesn’t think that markets are fully pricing in the potential for Siteminder to win its market niche.

Kelsian (KLS)

  • Moat Rating: No Moat
  • Fair value estimate: $4.10 per share
  • Star rating: ★★

Kelsian’s efforts to increase its capital discipline and focus on less cyclical lines of business already seem to have paid off.

The shares have doubled since April, thanks in no small part by an impressive result announced this August.

EBITDA in fiscal 2025 was 13% higher than last year, helped by a turnaround in its US operations and strong earnings from the Australian bus operations.

The outlook also looks less uncertain than it has for a while, but Brian Han sees little margin of safety in the shares any more.

At recent prices of above $5, Kelsian traded at a material premium to Brian’s Fair Value estimate of $4.10 per share. At that price, Brian thinks the shares offer little protection in the case of any contract losses or snags in the plan to sell the tourism assets.

This week’s reporting season losers

WiseTech Global (WTC)

  • Moat rating: Wide Moat
  • Fair Value estimate: $138 per share
  • Star rating: ★★★★

WiseTech shares slumped after it guided to similar levels of growth in 2026 instead of the acceleration that management had previously guided to.

Despite falling short of the market’s expectations, our analyst Roy Van Keulen saw enough to raise his Fair Value estimate for the shares.

You can see why by reading his reaction to Wisetech’s result here.

NIB (NHF)

  • Moat rating: Narrow Moat
  • Fair Value estimate: $7.70 per share
  • Star rating: ★★★

NIB shares fell slightly despite what our analyst Nathan Zaia saw as a good result. Earnings were up 11%, though Nathan did point out that investment income and lower taxes were responsible for a lot of this.

Profits in the core Aussie health insurance business fell slightly, however, profit margins look like they are settling after a big fall following the pandemic. Nathan also liked NIB’s 3%-plus growth in policy holders and average premium increase of 4.3%.

Guzman y Gomez (GYG)

  • Moat rating: No Moat
  • Fair Value estimate: $16 per share
  • Star rating: ★

Guzman showed what can happen when an eye-watering valuation makes it very hard for earnings to satisfy markets.

The shares fell 18% on earnings day, despite solid results that featured 23% higher system sales, higher operating margins and a first dividend.

At prices north of $25, the shares still trade materially above Johannes Faul’s unchanged $16 per share Fair Value estimate.

You can see our analyst Johannes Faul’s reaction to the earnings here.

Woolworths (WOW)

  • Moat rating: Wide Moat
  • Fair Value estimate: $30.50 per share
  • Star rating: ★★★★

Woolies shares slumped 15% after a 17% slump in underlying profit.

Industrial action, supply chain issues and wage increases in the Aussie grocery business all played a role, as did weakness in the smaller Big W and New Zealand segments.

You can read Johannes Faul’s report on Woolies’ earnings here.

Reece (REH)

  • Moat rating: No Moat
  • Fair Value estimate: $10 per share
  • Star rating: ★★★

Our analyst Esther Holloway spent a lot of 2024 making the case that Reece’s sky-high stock market valuation didn’t make much sense.

She has proven to be spot-on with that call, and August saw the company’s shares fall further to Earth.

Reece reported a 20% fall in EBIT for the fiscal year, with Esther pointing to higher interest rates and the end of pandemic related tailwinds as factors.

Esther cut her Fair Value estimate to $10 per share and suggested that competition could intensify. You can read Esther’s reaction to Reece’s result here.

Reporting season isn’t quite done yet

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