ARB CORPORATION LIMITED (ARB)
Share Price Analysis and Chart

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ARB - ARB CORPORATION LIMITED

FNArena Sector : Automobiles & Components
Year End: June
GICS Industry Group : Automobiles & Components
Debt/EBITDA: 0.25
Index: ASX200 | ASX300 | ALL-ORDS

ARB Corp is an Australian designer, manufacturer and retailer of aftermarket 4WD accessories. It exports to over one hundred countries. The company listed on the ASX in 1987.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$40.33

19 Jul
2024

0.020

OPEN

$40.09

0.05%

HIGH

$40.33

101,528

LOW

$39.46

TARGET
$39.483 -2.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMA . AOV . APE . ASG . BAP . CAR . IFM . MTO . MXI . PWH . PWR . RPM . SFC . SNL . SUL . VMT .
FNARENA'S MARKET CONSENSUS FORECASTS
ARB: 1
Title FY22
Actual
FY23
Actual
FY24
Forecast
FY25
Forecast
EPS (cps) xxx 107.9 127.6 xxx
DPS (cps) xxx 62.0 68.4 xxx
EPS Growth xxx - 27.8% 18.3% xxx
DPS Growth xxx - 12.7% 10.2% xxx
PE Ratio xxx N/A 31.4 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx 57.4% 53.6% xxx

Dividend yield today if purchased 3 years ago: 1.37%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

1.54

Estimated Dividend Growth
(Average Of Past Three Years)

 %

Amount Invested

Tell Me The Dividend After This Many Years

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 04/04 - ex-div 34c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx107.9
DPS All xxxxxxxxxxxxxxx62.0
Sales/Revenue xxxxxxxxxxxxxxx671.2 M
Book Value Per Share xxxxxxxxxxxxxxx739.5
Net Operating Cash Flow xxxxxxxxxxxxxxx90.4 M
Net Profit Margin xxxxxxxxxxxxxxx13.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx15.22 %
Return on Invested Capital xxxxxxxxxxxxxxx14.46 %
Return on Assets xxxxxxxxxxxxxxx12.38 %
Return on Equity xxxxxxxxxxxxxxx15.22 %
Return on Total Capital xxxxxxxxxxxxxxx19.36 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx4.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx29 M
Total Debt xxxxxxxxxxxxxxx36 M
Goodwill - Gross xxxxxxxxxxxxxxx35 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx45 M
Price To Book Value xxxxxxxxxxxxxxx3.87

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx45.9 M
Capex % of Sales xxxxxxxxxxxxxxx6.83 %
Cost of Goods Sold xxxxxxxxxxxxxxx491 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx61 M
Research & Development xxxxxxxxxxxxxxx14 M
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

15/05/2024

3

Upgrade to Neutral from Underperform

$40.10

-0.57%

ARB Corp offered a 3Q24 update at the Macquarie Australia Conference, and reported sales rose 6.4%, aligned with expectations.

Macquarie notes export sales increased by 13% on the previous quarter, boosted by improved US distribution and eCommerce efforts.

Australian aftermarket sales expanded 4.6% for the 9-months to March 2024, supported by positive vehicle supply trends and new store rollouts.

The broker notes that management is focused on expanding its original equipment (OE) programs with automakers like Toyota and Ford, enhancing manufacturing in Thailand, and growing US distribution, including a new Seattle retail site planned for 2Q25.

The company's strategy to innovate and expand globally underpins its steady growth outlook, suggests the broker. Macquarie makes no changes to earnings forecasts.

The rating is upgraded to Neutral from Underperform. Due to an adjustment in the valuation method, the target lifted 24% to $40.10.

FORECAST
Macquarie forecasts a full year FY24 dividend of 65.30 cents and EPS of 126.50 cents.
Macquarie forecasts a full year FY25 dividend of 70.70 cents and EPS of 141.50 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

xx/xx/xxxx

3

xxxxxxxxxx xx xxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Wilsons

16/05/2024

1

Overweight

$44.39

10.07%

The trading update from ARB Corp showed 2.1% growth in year-to-date (YTD) sales for FY24, and 3Q24 sales rose 6.4%, broadly in line with analyst expectations at Wilsons.

Domestic aftermarket sales grew 5%, OEM sales surged by 42%, though exports saw a -9% decline, year-to-date.

Management remains positive on the outlook into the 1H25 with the company set to spend -$46m on capital expenditures in FY24.

The analyst highlights the expansion of its distribution network in the USA and enhancing fitment capacity in Australia, contributing to improved productivity in recent months.

Additionally, ARB is preparing for new store openings in Australia and the USA, and launching new products like the MT-64 Shock Absorber, which has seen strong initial demand.

Earnings forecasts are revised by -3% for FY24 EPS. Overweight rating and the target moves to $44.39 from $45.69.

FORECAST
Wilsons forecasts a full year FY24 dividend of 71.00 cents and EPS of 125.50 cents.
Wilsons forecasts a full year FY25 dividend of 79.00 cents and EPS of 136.60 cents.

ARB STOCK CHART