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: 6.48
Index: 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

$4.85

15 Apr
2025

0.160

OPEN

$4.72

3.41%

HIGH

$4.86

4,336,230

LOW

$4.72

TARGET
$4.43 -8.7% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
AIM . ANN . CUP . DGL . KPG . QHL . RDX . SRV .
FNARENA'S MARKET CONSENSUS FORECASTS
ASB: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 4.1 14.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 34.6 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A 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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx4.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,468.9 M
Book Value Per Share xxxxxxxxxxxxxxx278.1
Net Operating Cash Flow xxxxxxxxxxxxxxx-13.0 M
Net Profit Margin xxxxxxxxxxxxxxx1.01 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx1.52 %
Return on Invested Capital xxxxxxxxxxxxxxx1.23 %
Return on Assets xxxxxxxxxxxxxxx0.74 %
Return on Equity xxxxxxxxxxxxxxx1.52 %
Return on Total Capital xxxxxxxxxxxxxxx-1.93 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-90.3 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx45 M
Long Term Debt xxxxxxxxxxxxxxx236 M
Total Debt xxxxxxxxxxxxxxx281 M
Goodwill - Gross xxxxxxxxxxxxxxx32 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx174 M
Price To Book Value xxxxxxxxxxxxxxx0.90

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx69.9 M
Capex % of Sales xxxxxxxxxxxxxxx4.76 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,296 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx196 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx13 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

0.7

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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Bell Potter

13/03/2025

1

Buy

$4.45

-8.25%

Austal's completed $200m institutional placement at $3.80/share and will undertake up to $20m share purchase plan, both non-underwritten. The funds will be used for the expansion of the shipyard in Alabama where the capex is estimated to be -US$300m.

Bell Potter notes the company also announced a sell-down by former chairman John Rothwell of $50m, with share allocations beyond $200m used to complete the process.

The broker made upward revisions to capex forecasts which together with the dilutive effect of equity raise (including the yet-to-be-completed share purchase plan) drove -a 7% decline in the FY25 EPS forecast and -15% in FY26.

Target price reduces to $4.45 from $4.70. Buy retained.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of 14.30 cents.
Bell Potter forecasts a full year FY26 dividend of 4.00 cents and EPS of 16.80 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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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

17/03/2025

3

Hold

$3.77

-22.27%

Petra Capital lifted the FY25 EPS forecast for Austal by 3% but lowered FY26 by -12% after factoring in a $200m equity raise ($3.80/share) to fund around 50% of the US$300m capex for expansion of the US shipyard (FA2).

The broker cut the interest expense estimates due to the equity in the funding mix and is now forecasting a slower depreciation profile for FA2.

Target price cut to $3.77 from $4.07 but this was mainly due to a change to a blend of NTA, DCF and EV/Sales vs 1xFY25 NTA previously. Rating maintained at Hold.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 4.00 cents and EPS of 13.80 cents.
Petra Capital forecasts a full year FY26 dividend of 7.00 cents and EPS of 13.50 cents.
Access Extra Coverage Research History >

ASB STOCK CHART

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