AMOTIV LIMITED (AOV)
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AOV - AMOTIV LIMITED

FNArena Sector : Automobiles & Components
Year End: June
GICS Industry Group : Automobiles & Components
Debt/EBITDA: 2.06
Index: ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$10.00

03 Oct
2024

-0.170

OPEN

$10.20

-1.67%

HIGH

$10.21

293,947

LOW

$9.96

TARGET
$13.148 31.5% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMA . APE . ARB . ASG . BAP . CAR . IFM . MTO . MXI . PWH . PWR . RPM . SFC . SNL . SUL . VMT .
FNARENA'S MARKET CONSENSUS FORECASTS
AOV: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 70.7 86.1 xxx
DPS (cps) xxx 40.5 45.0 xxx
EPS Growth xxx 1.2% 21.7% xxx
DPS Growth xxx 3.8% 11.1% xxx
PE Ratio xxx N/A 11.5 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx 57.3% 52.3% xxx

Dividend yield today if purchased 3 years ago: 4.04%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.08

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: 23/08 - ex-div 22c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx70.7
DPS All xxxxxxxxxxxxxxx40.5
Sales/Revenue xxxxxxxxxxxxxxx987.2 M
Book Value Per Share xxxxxxxxxxxxxxx662.7
Net Operating Cash Flow xxxxxxxxxxxxxxx150.3 M
Net Profit Margin xxxxxxxxxxxxxxx10.11 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx10.95 %
Return on Invested Capital xxxxxxxxxxxxxxx7.00 %
Return on Assets xxxxxxxxxxxxxxx5.43 %
Return on Equity xxxxxxxxxxxxxxx10.95 %
Return on Total Capital xxxxxxxxxxxxxxx13.31 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx73.2 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 xxxxxxxxxxxxxxx23 M
Long Term Debt xxxxxxxxxxxxxxx483 M
Total Debt xxxxxxxxxxxxxxx506 M
Goodwill - Gross xxxxxxxxxxxxxxx639 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx58 M
Price To Book Value xxxxxxxxxxxxxxx1.58

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx20.1 M
Capex % of Sales xxxxxxxxxxxxxxx2.03 %
Cost of Goods Sold xxxxxxxxxxxxxxx553 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx241 M
Research & Development xxxxxxxxxxxxxxx35 M
Investments - Total xxxxxxxxxxxxxxx8 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

1.0

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

15/08/2024

1

Buy

$12.65

26.50%

Following an early assessment yesterday of FY24 results by Amotiv, Citi now decides to lower its target to $12.65 from $12.80 and retain the Buy rating.

The broker highlights the company is transforming itself from a relatively mature business to one with several growth opportunities.

FNArena's summary of yesterday's research update by the analysts follows.

In a first glance at today's FY24 result by Amotiv, Citi observes earnings (EBITA) of $194.6m are consistent with management's guidance for “at least” $193.5m and the consensus estimate for $193.2m.

The analyst suggests the result is a reasonable outcome and should be well received by the market in light of recent share price weakness, an undemanding valuation and recent fears about New Zealand.

Management attributed the -60bps earnings margin fall (compared to the previous corresponding period) to offshore growth initiatives.

Strength in towing and functional accessories appear to have helped earnings for the APG business to meet guidance set in May, points out the analyst.

FORECAST
Citi forecasts a full year FY25 dividend of 42.50 cents and EPS of 76.80 cents.
Citi forecasts a full year FY26 dividend of 44.70 cents and EPS of 83.00 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Wilsons

19/08/2024

1

Overweight

$12.69

26.90%

Amotiv delivered FY24 earnings in line with guidance and Wilsons, but with stronger cash flow driving a material reduction in the leverage ratio.

The broker observes a favourable outlook for the business, driven by a growing car "parc" (vehicles on the road) and structural shift towards 4WDs and SUVs.

The investment thesis is further complemented by Amotiv’s effective margin management, Wilsons suggests, and investment in growth initiatives that will deliver incremental earnings through FY25 and more so into FY26.

Adjustments to earnings forecasts take the target down to $12.69 from $13.10, Overweight retained.

FORECAST
Wilsons forecasts a full year FY25 dividend of 43.00 cents and EPS of 89.60 cents.
Wilsons forecasts a full year FY26 dividend of 47.00 cents and EPS of 99.30 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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AOV STOCK CHART

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