SUPPLY NETWORK LIMITED (SNL)
Share Price Analysis and Chart

28/07/2025

2

Accumulate

$38.80

6.19%

Supply Network's FY25 preliminary result showed a 15.3% increase in sales revenue to $348.8m but this fell -1.4% short of Ord Minnett's forecast. Net profit also missed the broker's forecast by -4.3%.

The broker cut FY25-27 earnings forecasts by -3% to -4% following the result.

Target price rises to $38.80 from $36.30 on valuation roll-forward. Accumulate maintained.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 70.00 cents and EPS of 92.00 cents.
Ord Minnett forecasts a full year FY26 dividend of 77.50 cents and EPS of 107.00 cents.

29/07/2025

3

Downgrade to Hold from Buy

$40.10

9.74%

Supply Network reported preliminary FY25 results, which came in slightly below Moelis' and consensus forecasts.

Revenue grew around 15% on the previous year, which is below the compound average rate of circa 23% between FY22–FY24, but marginally above the long-term average of around 14% per annum.

Net profit after tax rose 20% to $39.7m, with a 2H25 dividend of 38c per share, for a total 70c dividend.

Management guided to FY26 revenue of $50m, representing 14.4% growth on FY25. Moelis doesn't believe there were any changes to the company's competitive position.

Rating downgraded to Hold from Buy on valuation grounds. Target price set at $40.10.

FORECAST
Moelis forecasts a full year FY25 dividend of 70.00 cents and EPS of 91.70 cents.
Moelis forecasts a full year FY26 dividend of 78.50 cents and EPS of 104.60 cents.