SYMAL GROUP LIMITED (SYL)
Share Price Analysis and Chart

27/08/2025

1

Buy

$2.50

47.06%

Ord Minnett describes Symal Group's FY25 result as strong as it beat the upgraded guidance and its forecasts at the revenue and EBITDA levels. Importantly, EBITDA margin of 11.8% was at the top end of 10-12% range.

Work in hand was strong at $1.76bn excluding $230m minimum guaranteed revenue from the Locale acquisition spread over six years. Early Contract Involvement are with two big wind farms in NSW and Victoria, suggesting material upside risk.

The broker notes the Locale acquisition was the company's first move into recurring revenue, and provides cross-selling opportunities and potential synergies.

Buy. Target lifted to $2.50 from $2.40.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 8.10 cents and EPS of 20.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 9.70 cents and EPS of 24.20 cents.

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02/09/2025

1

Buy

$2.50

47.06%

Symal Group's maiden FY25 result showed a 10% beat at the core net profit level versus its proforma prospectus forecast. 

Jarden highlights the growth and diversification strategy with the company shifting work into utilities and power from infrastructure.

Limited exposure to residential developments/new projects has insulated margins in the broker's view. 

The company's EBITDA guidance for FY26 is $115-125m vs $106m in FY25, and the broker is forecasting slightly above the range at $121.5m.

This is despite estimating a slightly lower EBITDA margin of 10% vs the company's 10-12% target. Net profit is forecast to rise 27% y/y despite higher D&A and interest costs.

Buy. Target unchanged at $2.50.

FORECAST
Jarden forecasts a full year FY26 dividend of 12.20 cents and EPS of 24.40 cents.
Jarden forecasts a full year FY27 dividend of 14.80 cents and EPS of 29.70 cents.