ADRAD HOLDINGS LIMITED (AHL)
Share Price Analysis and Chart

19/08/2026

1

Upgrade to Buy from Hold

$1.40

11.55%

Bell Potter upgrades its rating for Adrad to Buy with its target price increased to $1.40 from $1.35 following the release of a "sound" FY26 financial result.

Underlying EBITDA grew 10% to $19.5m, matching the broker's estimates, while statutory EBITDA outperformed expectations due to a lower incentive accrual.

The analyst highlights a stronger-than-expected cash position of $24.5m alongside a higher final dividend payout of 2.56c.

Management indicates business positioning supports a stronger half-year result compared to the previous corresponding period, underpinned by a substantial order book.

The analyst raises the valuation multiple following the solid performance, signalling confidence in ongoing operational execution.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 4.70 cents and EPS of 10.00 cents.
Bell Potter forecasts a full year FY28 dividend of 5.30 cents and EPS of 10.90 cents.

11/05/2026

1

Buy

$1.60

27.49%

Taylor Collison maintains a Buy rating for Adrad with an unchanged $1.60 target price following evidence of strong business momentum and impending margin expansion driven by recent cost reduction measures.

The broker notes rising fuel prices present a minor near-term headwind for the distribution segment, offset by a surging data centre pipeline and the recent announcement of 300 new Bushmaster vehicles supplying a material tailwind from FY27.

Commentary states market leadership in Australian backup generator cooling solutions positions the business exceptionally well to capture increasing capital expenditure across mining, water, and defence channels while presenting a lucrative expansion opportunity into Asian markets.

Shares remain attractively priced relative to electrical peers, trading at a steep discount despite boasting long-term original equipment manufacturer relationships and dominant industrial market share.

Reflecting elevated copper and fuel costs against an improved forward volume outlook, FY26 earnings per share forecast is lowered by -4% to 10.1c and FY27 estimate is raised by 2% to 12.8c.

FORECAST
Taylor Collison forecasts a full year FY27 dividend of 5.10 cents and EPS of 12.80 cents.