NRW HOLDINGS LIMITED (NWH)
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NWH

NWH - NRW HOLDINGS LIMITED

FNArena Sector : Mining Sector Contracting
Year End: June
GICS Industry Group : Capital Goods
Debt/EBITDA: 1.65
Index: ASX200 | ASX300 | ALL-ORDS

NRW Holdings is an Australian mining and infrastructure services company with operations in several states. The company was founded in 1994 and listed on the ASX in 2007.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.83

25 Aug
2025

0.020

OPEN

$3.84

0.52%

HIGH

$3.93

1,395,053

LOW

$3.80

TARGET
$3.813

+0.11 change from previous day

 -0.5% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DNL . DOW . EHL . GNG . IMD . IPG . LBL . LYL . MAD . MAH . MIN . MLG . MND . MSV . MYE . ORI . PRN . RAN . RCR . RDG . RUL . SGH . SRG . SXE . XRF .
FNARENA'S MARKET CONSENSUS FORECASTS
NWH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 6.1 30.5 xxx
DPS (cps) xxx 16.5 17.5 xxx
EPS Growth xxx - 73.8% 100.0% xxx
DPS Growth xxx 6.5% 6.1% xxx
PE Ratio xxx N/A 12.5 xxx
Dividend Yield xxx N/A 4.6% xxx
Div Pay Ratio(%) xxx 272.3% 57.3% xxx

Dividend yield today if purchased 3 years ago: 7.14%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.33

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: 19/09 - ex-div 9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx6.1
DPS All xxxxxxxxxxxxxxx16.5
Sales/Revenue xxxxxxxxxxxxxxx3,267.7 M
Book Value Per Share xxxxxxxxxxxxxxx133.4
Net Operating Cash Flow xxxxxxxxxxxxxxx251.5 M
Net Profit Margin xxxxxxxxxxxxxxx0.85 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx4.38 %
Return on Invested Capital xxxxxxxxxxxxxxx3.09 %
Return on Assets xxxxxxxxxxxxxxx1.60 %
Return on Equity xxxxxxxxxxxxxxx4.38 %
Return on Total Capital xxxxxxxxxxxxxxx5.86 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx34.1 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx115 M
Long Term Debt xxxxxxxxxxxxxxx296 M
Total Debt xxxxxxxxxxxxxxx411 M
Goodwill - Gross xxxxxxxxxxxxxxx170 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx266 M
Price To Book Value xxxxxxxxxxxxxxx2.24

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx154.4 M
Capex % of Sales xxxxxxxxxxxxxxx4.73 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,789 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx421 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx7 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

0.8

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

22/08/2025

1

Buy

$4.20

9.66%

Adverse weather impacted NRW Holdings’ mining division in FY25, with Civil and Minerals, Energy & Technology (MET) each achieving over 50% growth in earnings (EBITDA) for FY25, which Morgans views as a “solid” overall result.

Some question marks are flagged over the 2H margin for MET, but the company remains well set up going into FY26. Mining should benefit from a return to improved weather conditions and a ramp-up at Mungari, along with expanded works at South Walker Creek.

Civil is expected to be deployed to Rio Tinto’s ((RIO)) capex program in 2026/2027.

Morgans highlights the main risk to earnings as the cessation of a coal mining contract, Baralaba, worth $150m pa, though guidance is viewed as conservative enough.

The analyst lifts net profit after tax forecasts by 8% and 10% for FY26 and FY27. No change to Buy rating. Target set at $4.20 from $3.40.

FORECAST
Morgans forecasts a full year FY26 dividend of 18.00 cents and EPS of 31.00 cents.
Morgans forecasts a full year FY27 dividend of 18.00 cents and EPS of 33.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

10/03/2025

1

Buy

$3.55

-7.31%

NRW Holdings produced first half results that were slightly below estimates.

The company clarified its exposure to Onesteel in Whyalla and Canaccord Genuity believes the balance sheet is strong enough to withstand any issues, assessing the business will return to earnings growth in the second half and FY26.

Guidance has been upgraded to $3.2-3.3bn in revenue, although the broker notes this is somewhat reliant on better weather.

Active tenders now total $6.2bn, with the company indicating the news flow in the current half-year could be substantial. The broker retains a Buy rating and reduces its target to $3.55 from $3.82.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 16.70 cents and EPS of 29.60 cents.

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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NWH STOCK CHART

FNArena News on NWH

1
FNArena Corporate Results Monitor – 22-08-2025

Aug 22 2025 - Australia
2
Rudi’s View: Taking Stock Ahead Of August

Jul 30 2025 - Rudi's View
3
Rudi’s View: Extreme Bifurcation Ahead Of August

Jul 23 2025 - Rudi's View
4
Australian Broker Call *Extra* Edition – Jul 21, 2025

Jul 21 2025 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jun 05, 2025

Jun 05 2025 - Daily Market Reports

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