EMECO HOLDINGS LIMITED (EHL)
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EHL

EHL - EMECO HOLDINGS LIMITED

FNArena Sector : Mining Sector Contracting
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: N/A
Index: ALL-ORDS

Emeco Holdings is an Australian mining and earth moving equipment rental company. Founded in 1972 as the EarthMoving Equipment Company, it listed on the ASX in 2006.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.05

22 Aug
2025

0.090

OPEN

$0.97

9.38%

HIGH

$1.05

3,523,223

LOW

$0.97

TARGET
$1.40 33.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DNL . DOW . GNG . IMD . IPG . LBL . LYL . MAD . MAH . MIN . MLG . MND . MSV . MYE . NWH . ORI . PRN . RAN . RCR . RDG . RUL . SGH . SRG . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
EHL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 14.5 15.7 xxx
DPS (cps) xxx 0.0 4.7 xxx
EPS Growth xxx 42.1% 8.4% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 6.7 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx N/A 29.9% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 07/09 - ex-div 1.25c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx10.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx822.7 M
Book Value Per Share xxxxxxxxxxxxxxx123.9
Net Operating Cash Flow xxxxxxxxxxxxxxx237.2 M
Net Profit Margin xxxxxxxxxxxxxxx6.40 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx8.59 %
Return on Invested Capital xxxxxxxxxxxxxxx5.75 %
Return on Assets xxxxxxxxxxxxxxx4.65 %
Return on Equity xxxxxxxxxxxxxxx8.59 %
Return on Total Capital xxxxxxxxxxxxxxx12.13 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx15.7 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx54 M
Long Term Debt xxxxxxxxxxxxxxx305 M
Total Debt xxxxxxxxxxxxxxx359 M
Goodwill - Gross xxxxxxxxxxxxxxx8 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx78 M
Price To Book Value xxxxxxxxxxxxxxx0.57

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx214.9 M
Capex % of Sales xxxxxxxxxxxxxxx26.13 %
Cost of Goods Sold xxxxxxxxxxxxxxx619 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx88 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

21/08/2025

1

Outperform

$1.40

33.33%

Emeco Holdings' FY25 result came in ahead of Macquarie’s expectations, with profit of $84m up by 22% year-on-year and earnings (EBITDA) beating forecasts by 2%.

Strong operating cash flow supported a reduction in net debt to $195m and leverage to 0.65 times from 1.0 times, explains the analyst.

Return on capital (ROC) lifted by 170bps to 17%, with the second half run-rate at 18%.

Rental activity remains robust, highlights the broker, with fleet utilisation expected to improve towards the 90% target in FY26, underpinned by mining production growth and recent underground contract wins.

Force (the maintenance and component rebuild services division) earnings fell by -2.5% year-on-year. This was due to weaker rebuild activity, though Macquarie highlights new opportunities including a maintenance agreement for Fortescue’s ((FMG)) battery-powered fleet.

Management targets return on capital of 20% with no growth capex and further de-gearing in FY26.

Macquarie upgrades its FY26-FY28 EPS forecasts by 12% across all years, driven by stronger rental margins and lower depreciation. The target price rises to $1.40 from $1.18. Outperform rating retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 4.70 cents and EPS of 15.70 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

25/02/2025

1

Buy

$1.13

7.62%

Emeco Holdings' 1H25 EBIT beat Canaccord's forecast by 12%, and operating cash flow was also 12% higher than the broker's forecast. 

The analyst highlights the company trades at a material discount to its NTA despite strong cash flow and EBIT margins of 17%.

The broker notes capital management is on hold ahead of $250m of notes maturity in July 2026. But after refinancing, the broker sees scope for dividends and share buyback.

Target price rises to $1.13 from $1.07, with the broker noting FY26 estimated PE is 5.6x. Buy rating retained.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 3.20 cents and EPS of 16.00 cents.
Access Extra Coverage Research History >

EHL STOCK CHART

FNArena News on EHL

1
FNArena Corporate Results Monitor – 21-08-2025

Aug 21 2025 - Australia
2
Rudi’s View: Taking Stock Ahead Of August

Jul 30 2025 - Rudi's View
3
Australian Broker Call *Extra* Edition – Jul 21, 2025

Jul 21 2025 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Feb 25, 2025

Feb 25 2025 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Feb 24, 2025

Feb 24 2025 - Daily Market Reports

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