MOTORCYCLE HOLDINGS LIMITED (MTO)
Share Price Analysis and Chart

27/11/2025

1

Buy

$4.50

22.28%

Morgans believes the outlook for Motorcycle Holdings is robust, with significant capacity for future growth. Despite the demand outlook being susceptible to the cycle, the company continues to take share and should be well-placed for when industry volumes turn more favourable.

The company, in its AGM update, indicated sales are tracking up 19% on better-than-expected gross margins. The Peter Stevens Motorcycles acquisition is also turning around, and the integration is occurring quickly, the broker adds.

Target is raised to $4.50 from $4.25 and a Buy rating retained.

FORECAST
Morgans forecasts a full year FY26 dividend of 18.00 cents and EPS of 33.00 cents.
Morgans forecasts a full year FY27 dividend of 20.00 cents and EPS of 37.00 cents.

27/11/2025

1

Buy

$4.17

13.32%

Motorcycle Holdings’ FY26 year-to-date revenue has risen 19.1% to $259.6m, with organic growth of 6.2% and stronger-than-expected gross margins, explains Moelis. Support was also provided by mix benefits from Mojo and recent acquisitions.

The broker highlights the integration of Peter Stevens and Harley-Heaven is progressing well, with performance recovering to normal run-rates and October trading particularly strong.

Market share gains are evident, with organic share rising to 17.8% and total share reaching 22% including acquisitions.

Moelis retains a Buy rating and raises its target to $4.17 from $4.13.

FORECAST
Moelis forecasts a full year FY26 dividend of 18.70 cents and EPS of 33.30 cents.
Moelis forecasts a full year FY27 dividend of 20.30 cents and EPS of 36.20 cents.