The year 2025 saw some significant downturns in the ASX All Ords Index, with five shares experiencing losses of more than 50% of their value. However, what's intriguing is that brokers are predicting a potential turnaround for four of these stocks in the new year. Let's dive into the details and uncover the reasons behind these dramatic shifts.
The Five Worst ASX All Ords Shares of 2025
Nuix Ltd (ASX: NXL): This tech-focused All Ord share witnessed a staggering 72% drop, closing at $1.80 in 2025. Nuix, an investigative analytics provider, reported an 8% increase in annualized contract value (ACV) for FY25, but a loss after tax of $9.2 million. The decline is attributed to increased R&D spending and elevated legal and restructuring costs. Despite this, Moelis Australia maintains a 'buy' rating with a 12-month price target of $3.37, arguing that the current price undervalues the company.
Myer Holdings Ltd (ASX: MYR): Myer's shares took a 61% hit, ending the year at 48 cents. FY25 was a challenging period, with an underlying net profit of $37 million, a 30% decrease from FY24. The retailer also faced a statutory net loss due to the write-down of goodwill for Myer Apparel Brands. However, Morgan Stanley's Julia de Sterke sees potential for a turnaround, with a 'buy' rating and a target of 69 cents.
HMC Capital Ltd (ASX: HMC): Despite strong profit growth in FY25, HMC Capital shares plummeted 60% to $3.96. Pre-tax operating earnings rose 74% to $224.6 million, and EPS increased 51% to 56 cents. HMC's CEO, David Di Pilla, described FY25 as a landmark year, highlighting the scalability and strength of their diversified platform. Morgans shares this optimism, with a 'buy' rating and a $4.85 price target, believing that the current price undervalues the company's growth potential.
Accent Group Ltd (ASX: AX1): Similar to Myer, Accent, an ASX All Ords shoe retailer, saw its shares drop 60% to 95 cents. Accent owns several popular brands. For FY25, Accent reported a net profit after tax (NPAT) of $57.7 million, a 3% decrease from FY24. The final dividend was significantly lower at 1.5 cents per share. However, a positive trading update in November has sparked interest, with Goldman Sachs reiterating its 'buy' rating but lowering its 12-month target to $1.20.
Coronado Global Resources Inc (ASX: CRN): Coronado's ASX All Ords coal share fell 58% over the year, finishing at 32 cents. The miner faced challenges due to a persistently low metallurgical coal price. Despite this, Coronado reported a 21% increase in saleable production in the third quarter, the best result since 2021. Managing director Douglas Thompson expects an even stronger fourth quarter. Brokers remain cautious, with many giving a 'hold' or 'sell' rating. UBS, for instance, reiterated its 'sell' rating but increased its 12-month target to 25 cents.
While these shares had a rough year, brokers see potential for recovery. But here's where it gets controversial: should investors buy into these stocks, or is it too risky? What do you think? Share your thoughts in the comments below!
