SYMAL GROUP LIMITED (SYL)
Share Price Analysis and Chart

15/01/2025

1

Initiation of coverage with Buy

$2.44

23.86%

Ord Minnett initiates coverage of Symal Group with a Buy rating and a $2.44 target price. The company is a founder-led civil construction business that has operated since 2001, the broker states.

The company is vertically integrated across contracting, plant and equipment hire, material sales, and recycling/re-purposing, which the broker believes supports above-average margins compared to peers.

With a total addressable market of $80bn, Ord Minnett estimates the group holds less than a 1% market share.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 6.20 cents and EPS of 25.70 cents.
Ord Minnett forecasts a full year FY26 dividend of 8.90 cents and EPS of 24.50 cents.

06/02/2025

1

Initiation of coverage with Buy

$2.15

9.14%

Jarden initiates coverage of Symal Group with a Buy recommendation and target price of $2.15.

The broker notes construction works still form the majority of the company's EBITDA base, which it expects to strengthen over time with new contract wins. 

The broker sees the company as having three distinct advantages that allow it to generate EBITDA and EBIT margins 150-200bps over comparable ASX-listed peers.

Advantages include vertical integration and materials ownership, modest capital investment requirement and scope to drive margin from variations and scope shifts on performance works.

The company will report its maiden ASX-listed 1H25 result on February 24 where the broker expects earnings skew to be largely consistent with historical levels at 40% in 1H, and forecasts underlying 1H EBITDA of $41m.

FORECAST
Jarden forecasts a full year FY25 dividend of 15.30 cents and EPS of 19.00 cents.
Jarden forecasts a full year FY26 dividend of 10.60 cents and EPS of 21.30 cents.