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

29/10/2025

1

Buy, High Risk

$6.10

5.17%

Shape Australia has released its 1Q26 trading update, with Shaw and Partners highlighting strong wins, backlog, and pipeline implying around $1.2bn revenue over the next 12 months, 15% above consensus.

Modular revenue doubled year-on-year as commencement delays eased, explains the analyst, while Victoria stood out with record project wins.

The broker notes a $577m backlog, $1.6bn near-term pipeline, and continued momentum from FY25 on a larger base. Modular growth and improving visibility are expected to support margin expansion.

The Buy, High Risk rating and $6.10 target are maintained.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 26.10 cents and EPS of 29.50 cents.
Shaw and Partners forecasts a full year FY27 dividend of 28.30 cents and EPS of 32.00 cents.

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03/11/2025

1

Upgrade to Buy from Hold

$6.70

15.52%

Petra Capital raises its target for Shape Australia by 55.8% to $6.70 and upgrades to Buy from Hold following an AGM trading update.

The broker highlights a stronger-than-expected pipeline, orderbook, and project win trajectory, prompting material earnings and valuation upgrades.

The update implies to the analyst annual revenue of about $1.1bn, well ahead of prior assumptions, with margin volatility expected as modular and major fit-out contracts roll off before new projects commence in 2H26.

Petra Capital's confidence in the Victorian pipeline has also improved following a major $70m consultancy refit win and larger tenders underway.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 27.30 cents and EPS of 30.30 cents.
Petra Capital forecasts a full year FY27 dividend of 33.20 cents and EPS of 36.80 cents.