SUPPLY NETWORK LIMITED (SNL)
Share Price Analysis and Chart

27/08/2025

2

Accumulate

$41.50

17.80%

Supply Network's FY25 total revenue and net profit were in line with pre-released numbers. EBITDA was up 18.5% y/y to $68.8m, helped by margin improvement to 19.7% from 19.2%.

No specific quantitative guidance was provided but the company is targeting $50m or 14% revenue growth. Ord Minnett lifted earnings forecast by 2% following the result.

The broker highlights the company is well-positioned to sustain double-digit earnings growth and reward shareholders

Accumulate. Target rises to $41.50 from $38.80

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 82.00 cents and EPS of 108.60 cents.
Ord Minnett forecasts a full year FY27 dividend of 93.50 cents and EPS of 124.70 cents.

29/07/2025

3

Downgrade to Hold from Buy

$40.10

13.82%

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 FY26 dividend of 78.50 cents and EPS of 104.60 cents.