CARMA LIMITED (CMA)
Share Price Analysis and Chart

12/12/2025

1

Buy

$3.50

90.74%

Canaccord Genuity spotted newly listed Carma releasing a positive trading update. The business remains on a pathway to meet the broker's $50m forecast for H1 but will require accelerating momentum to meet the prospectus forecast of $127m total revenue for FY26.

Commentary also highlights the company has expanded its largest and highest margin Sell-to-Carma sourcing channel to six sites in Sydney, up from three at IPO in October.

The broker is of the view this company will disrupt the second hand car market in Australia, which is still highly fragmented. 

Around 3.6m used cars are sold annually in Australia with circa 67% sold through used-car dealers. Of the 4,400 dealers domestically, Eagers Automotive ((APE)) remains the largest with an estimated market share of only 5%.

Buy rating re-iterated, with the broker stating its positive conviction has been reinforced.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -25.60 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -20.30 cents.