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

$6.27

17 Jun
2025

-0.130

OPEN

$6.41

-2.03%

HIGH

$6.47

1,023,667

LOW

$6.26

TARGET
$4.813 -23.2% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
AIM . ANN . CUP . DGL . KPG . 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 43.6 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

0.3

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Citi

19/03/2025

3

Neutral

$4.09

-34.77%

Citi notes South Korea's Hanwha Group has resumed its pursuit of Austal, acquiring a 9.9% stake after a prior attempt in April 2024 was hindered by regulatory concerns.

The broker points to potential challenges in securing FIRB and CFIUS approvals, particularly given Hanwha’s previous exclusion from Australia’s frigate program and its status as a competitor to shortlisted shipbuilders from Germany and Japan.

Austal’s record order book of $14.2bn as of 1H25 underpins long-term revenue visibility, highlight the analysts, with future US Navy contract wins seen as a key opportunity.

The timing of the strategic shipbuilding agreement remains a near-term catalyst, though the broker sees a risk of delays due to the upcoming Federal election.

Citi retains a Neutral rating on Austal, citing execution risks on new programs, including OPC, LCU, and T-AGOS later in 2025. The $4.09 target is unchanged.

This summary is based upon research released yesterday (Tuesday) by Citi.

FORECAST
Citi forecasts a full year FY25 dividend of 0.00 cents.
Citi forecasts a full year FY26 dividend of 0.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

12/06/2025

3

Hold

$6.19

-1.28%

Note: The analyst at Petra Capital penned the latest research on Austal (summarised below) prior to news the US is reviewing its role in AUKUS. Austal is well-placed to be a major beneficiary from AUKUS via both direct submarine work and broader naval shipbuilding and sustainment contracts.

Petra Capital views South Korea's Hanwha’s claim of receiving clearance from the US Committee on Foreign Investment in the United States (CFIUS) to acquire 100% of Austal as a significant development. Hanwha's current stake is 9.9% in Austal.

The broker would maintain this view even if Australia’s Foreign Investment Review Board (FIRB) ultimately blocks the transaction.

The move opens the door for Austal to potentially divest its US operations (Austal USA), which the broker considers the company’s most valuable asset and a potential value realisation opportunity.

Austal is seeking formal clarification from CFIUS, as it believes the approval scope may differ from Hanwha’s interpretation.

If Hanwha fails to secure FIRB approval or a sale of Austal USA does not materialise, Petra expects the share price could retreat to fundamental levels.

Petra Capital lifts its target price to $6.19 from $3.77 and maintains a Hold rating.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 4.00 cents and EPS of 13.70 cents.
Petra Capital forecasts a full year FY26 dividend of 6.50 cents and EPS of 13.40 cents.
Access Extra Coverage Research History >

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