EMECO HOLDINGS LIMITED (EHL)
Share Price Analysis and Chart

21/11/2025

1

Outperform

$1.40

10.24%

At the AGM, Emeco Holdings guided to moderate earnings growth, strong free cash flow and substantial deleveraging into FY26, Macquarie highlights.

FY26 EBITDA guidance was broadly unchanged, though depreciation was nudged to $165-170m (from $160-165m). Net capex is estimated at $155-160m, with no growth capex planned.

The broker notes strategic focus remains on lifting ROC to 20%  from the current run-rate of around 18%, driving cost efficiencies, improving utilisation, and expanding market share via Force.

Overall, the broker views the industry backdrop as positive, with strong Australian mining volumes, robust bulk commodities, and supportive gold sector demand.

FY26 EPS forecast trimmed by -4.5% and FY27 by -1.4% mainly reflecting updated depreciation assumptions. Outperform with unchanged target of $1.40.

FORECAST
Macquarie forecasts a full year FY26 dividend of 5.00 cents and EPS of 16.80 cents.
Macquarie forecasts a full year FY27 dividend of 5.60 cents and EPS of 18.70 cents.

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25/08/2025

2

Overweight

$1.05

-17.32%

Jarden views FY25 as a defining year for Emeco Holdings in terms of earnings stability, boosted by cost reduction, lower capital intensity and improving cash flow.

The broker expects these trends to support earnings ahead, though FY26 EBITDA growth is seen moderating to 3% from 7% in FY25. Rental performance was strong over FY25, especially in the 2H, making the broker confident about FY26 outlook.

FY25 underlying EBITDA of $301m was in line with guidance,

The broker lifted core EPS forecast for FY26 by 4% and by 5% for FY27.

Overweight. Target lifted to $1.05 from $1.00.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 16.60 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 17.20 cents.