SYMAL GROUP LIMITED (SYL)
Share Price Analysis and Chart

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18/06/2026

1

Buy

$3.45

27.78%

Ord Minnett raises its target for Symal Group to $3.45 from $3.30 and maintains a Buy rating.

The group has agreed to acquire Queensland-based Shamrock Civil for upfront consideration of -$51m, plus earnouts of up to -$28.4m over FY26-FY27.

The broker views the transaction positively, noting the implied acquisition multiple of around 3.2 times FY26 EBITDA and Shamrock's strong exposure to defence infrastructure. The latter accounts for around half of Shamrock's historical revenue, the analyst observes.

The acquisition also expands Symal's presence in Queensland and provides entry into the Northern Territory.

Exposure to gas infrastructure is also raised through longstanding relationships with Santos ((STO)) and Origin Energy ((ORG)), Ord Minnett highlights.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 7.80 cents and EPS of 19.20 cents.
Ord Minnett forecasts a full year FY27 dividend of 9.60 cents and EPS of 23.70 cents.

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25/06/2026

1

Buy

$3.70

37.04%

Canaccord Genuity maintains a Buy rating for Symal Group with its target price increased to $3.70 following the strategic acquisition of Queensland-based contractor Shamrock Civil.

Maximum transaction consideration of $79m adds a highly credentialed defense civil operator and a proven 20-year gas services platform in the Surat Basin to expand regional footprint outside Victoria.

The analyst notes access to the group balance sheet and bonding capacity provides a clear operational pathway to secure larger, complex project opportunities across an expanding infrastructure pipeline.

Forward models integrate three quarters of contribution in FY27, lifting FY27 and FY28 revenue estimates by 13% and 17% respectively.

The report highlights the stock continues to trade at a -30% valuation discount to its listed industry peers despite delivering a superior three-year forward compound EBITDA growth rate of 20%.

FORECAST
Canaccord Genuity forecasts a full year FY26 EPS of 20.30 cents.
Canaccord Genuity forecasts a full year FY27 EPS of 23.70 cents.