AMA GROUP LIMITED (AMA)
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25/08/2025

2

Accumulate

$0.11

15.79%

AMA Group's FY25 normalised EBITDA of $62.6m was ahead of the $58-62m guidance and Morgans reckons the highlight was strong operating cash flow of $75.8m vs $42.5 the year prior.

Excluding ACM Parts, EBITDA of $67.4m was well ahead of the broker's forecast of $60.3m. For FY26, the company guided to EBITDA of $70-75m, prompting the broker to downgrade its forecast by -3.6% to $73.2m.

The broker's FY28 EBITDA margin target, excluding ACM Parts, is 8.7%, which it now believes may be conservative relative to the company's medium-term goal of 10% margin.

Accumulate. Target trimmed to 11c from 12c.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.40 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.60 cents.

27/08/2025

1

Buy

$0.15

57.89%

AMA Group's FY25 revenue of $1.01bn beat Canaccord Genuity's forecast of $943m on strong volumes in 2H25. EBITDA pre-AASB16 of $62.6m also beat the broker's forecast, while core EBITDA was up 35% y/y.

Capex was higher at -$30.5m vs the broker's -$25m forecast but this was due to higher spend in 2H on investments into equipment and site expansion. The company expects -$40m capex in FY26 before normalisation in FY27.

FY26 pre-AASB16 EBITDA guidance of $70-75m is 16% higher y/y at the midpoint, and the broker reckons it is achievable. After factoring in the result and guidance, pre-AASB16 EBITDA forecast rose 3% for FY26 and 8% and FY27.

Buy. Target rises to 15c from 13c.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.50 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.70 cents.