SHAPE AUSTRALIA CORPORATION LIMITED (SHA)
Share Price Analysis and Chart

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29/05/2026

1

Buy

$8.85

39.81%

Shape Australia will acquire Australian Professional Shopfitters for $20.4m, with a potential earn-out of $9m over the next two years. Settlement is expected on July 1, 2027 and the acquisition is estimated to be 5%-7% accretive to EPS in FY27.

Ord Minnett points out this increases the company's exposure to repeatable and programmed work, characterised by high volume and short duration turnarounds.

The acquisition is also a vertically integrated business and, through its 5000sqm manufacturing facility, provides Shape Australia with joinery capabilities that can be, in time, leveraged to other parts of the operations.

Buy rating retained. Target rises to $8.85 from $8.50.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 30.50 cents and EPS of 35.90 cents.
Ord Minnett forecasts a full year FY27 dividend of 37.50 cents and EPS of 44.20 cents.

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01/06/2026

1

Buy

$8.70

37.44%

Shaw and Partners maintains a Buy rating for Shape Australia with its target price increased to $8.70 from $8.25 following the acquisition of Australian Professional Shopfitters.

The $20.4m upfront transaction is expected to be 5% to 7% accretive to earnings per share in the first full year of integration.

The vertically integrated retail shopfitting business enhances the position of the national fit-out and construction services specialist across the retail lifecycle.

Synergies include increasing manufacturing capacity utilisation within the target entity's joinery operations from the current 50%, internalising work previously outsourced by the parent company.

The purchase is funded via a mix of $17.4m cash and $3.0m in newly issued shares, subject to an extended earnout structure based on underlying operational performance, the broker notes.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 30.00 cents and EPS of 36.50 cents.
Shaw and Partners forecasts a full year FY27 dividend of 36.00 cents and EPS of 44.40 cents.