SELECT HARVESTS LIMITED (SHV)
Share Price Analysis and Chart

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27/11/2025

1

Buy

$5.05

35.39%

Select Harvests revealed a "solid" FY25 result that Ord Minnett found was largely in line with the October update. FY25 EBITDA of $82.4m was softer than expected, yet 81% ahead of the FY24 outcome amid a 19% larger crop.

Going forward, the broker observes the options are good in terms of the crop, no frost, stable costs and increasing global almond price. A return to average historical volumes is looking likely in FY26.

Target rises to $5.05 from $4.95 and a Buy rating is maintained.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 5.00 cents and EPS of 33.50 cents.
Ord Minnett forecasts a full year FY27 dividend of 10.00 cents and EPS of 36.00 cents.

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23/02/2026

3

Hold

$4.30

15.28%

Canaccord Genuity retains a Hold rating and $4.30 target price on Select Harvests following what the broker describes as a truncated AGM update.

The broker notes no quantitative crop volume or almond price guidance was provided, with management deferring crop guidance to mid year, while confirming 10kt of the FY26 crop has been forward sold at what it describes as strong prices and revenue is around 60% hedged at 65.3c.

Some potential downside risks to FY26 crop yield and achieved almond prices are flagged by the analyst, citing a 7% forecast increase in the Australian crop and a -5-7% decline in USD spot almond prices since late November, alongside a stronger AUD.

The broker makes no changes to forecasts.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 45.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 9.20 cents and EPS of 31.00 cents.