MAXIPARTS LIMITED (MXI)
Share Price Analysis and Chart

25/05/2026

1

Buy

$2.80

90.48%

Ord Minnett observes trading slowed for MaxiPARTS in the March period due to higher fuel costs in the transport sector and delays in services. The broker notes the market conditions have since stabilised.

Revenue growth for 2H26 is now expected to be lower than previously anticipated but it is expected to be offset from growth in the Forch Australia business.

Scope for slower conditions has prompted the broker to lower earnings forecasts for FY27-FY28 by -2% to -5%. Nevertheless, the trading update was relatively strong and the business is viewed as well positioned for growth.

Buy rating maintained with a lower target of $2.80 from $2.85.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 8.40 cents and EPS of 16.90 cents.
Ord Minnett forecasts a full year FY27 dividend of 9.00 cents and EPS of 18.80 cents.

26/05/2026

1

Buy

$2.50

70.07%

Canaccord Genuity retains a Buy rating for MaxiPARTS with its target price decreased to $2.50 from $2.65 following a "resilient" trading update.

Management provided FY26 net profit before tax guidance between $13.4m and $14.1m on revenues of $273m to $278m, reflecting a slowdown in commercial road transport activity from March due to impacts stemming from the Middle East conflict.

The Forch Australia division mitigated some of the core operational impact by maintaining low double-digit growth rates compared to the prior year.

Proactive cost reduction and working capital management initiatives are expected to deliver an improved balance sheet position, with net debt forecast to fall to $2m by the end of FY26.

The broker modestly downgrades near-term earnings forecasts, but views the underlying business operations as sound and capable of sustaining profitability through cyclical softening.