AUSTAL LIMITED (ASB)
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ASB

ASB - AUSTAL LIMITED

FNArena Sector : Commercial Services & Supplies
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 1.74
Index: ASX200 | ASX300 | ALL-ORDS

Austal is an Australian ship building company and defence contractor. It specialises in the design, construction and support of defence and commercial vessels. It has been a listed company since 1998.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.39

07 Nov
2025

-0.300

OPEN

$6.60

-4.48%

HIGH

$6.60

1,031,764

LOW

$6.33

TARGET
$7.987 25.0% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
AIM . ANN . CUP . DGL . IMB . KPG . RDX . SRV .
FNARENA'S MARKET CONSENSUS FORECASTS
ASB: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 23.7 21.1 xxx
DPS (cps) xxx 0.0 1.3 xxx
EPS Growth xxx 100.0% - 10.9% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 30.3 xxx
Dividend Yield xxx N/A 0.2% xxx
Div Pay Ratio(%) xxx N/A 6.3% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 14/09 - ex-div 3c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx23.7
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,823.3 M
Book Value Per Share xxxxxxxxxxxxxxx311.9
Net Operating Cash Flow xxxxxxxxxxxxxxx406.3 M
Net Profit Margin xxxxxxxxxxxxxxx4.92 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx7.76 %
Return on Invested Capital xxxxxxxxxxxxxxx6.39 %
Return on Assets xxxxxxxxxxxxxxx3.56 %
Return on Equity xxxxxxxxxxxxxxx7.76 %
Return on Total Capital xxxxxxxxxxxxxxx5.60 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx211.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx260 M
Total Debt xxxxxxxxxxxxxxx267 M
Goodwill - Gross xxxxxxxxxxxxxxx32 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx584 M
Price To Book Value xxxxxxxxxxxxxxx2.01

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx195.6 M
Capex % of Sales xxxxxxxxxxxxxxx10.73 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,593 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx150 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx20 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

30/10/2025

1

Upgrade to Outperform from Neutral

$8.10

26.76%

Austal's FY26 EBIT guidance of $135m provided at the AGM was 4% above consensus and Macquarie's forecasts, implying 19% y/y growth. Adjusting for the MMF3 submarine contract, the underlying EBIT growth forecast is around 4%.

The broker points to the company's guidance upgrade sequence for FY25, which went from $80m at AGM, to not less than $80m at 1H25 result and to not less than $100m just before the FY25 result.

TATS program settlement was completed, with US$92m cash received and no further earnings impact expected.

For context, the TATS issue was about cost and schedule pressures from design delays in the shipbuilding contract with the US Navy, which, following resolution, frees the company to focus on more profitable work.

The broker lifted FY26 EBIT forecast to around $134m from $130m following the guidance. FY26 EPS forecast upgraded by 4% and FY27 by 2%.

Target rises to $8.10 from $7.95. Rating upgraded to Outperform from Neutral.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 19.10 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 25.40 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Petra Capital

04/11/2025

3

Hold

$7.07

10.64%

Austal’s AGM update included FY26 earnings (EBIT) guidance of $135m, a record result if achieved, notes Petra Capital, supported by a record order book and sustained US shipbuilding momentum.

The outlook reflects solid operational traction, though the analyst points out around one-fifth of the uplift stems from accounting recognition of the US Navy’s MMF3 incentive contract, amortised over nine years.

The broker explains underlying FY26 earnings guidance implies a -3% year-on-year decline. The analyst's forecast margins are trimmed to 5.2% from 5.4%.

Petra Capital retains a Hold rating and $7.07 target.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 11.00 cents and EPS of 16.30 cents.
Petra Capital forecasts a full year FY27 dividend of 21.00 cents and EPS of 29.30 cents.
Access Extra Coverage Research History >

ASB STOCK CHART

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