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: 1.01
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

$2.88

21 Mar
2025

0.000

OPEN

$2.87

0.000

HIGH

$2.88

3,176,777

LOW

$2.83

TARGET
$3.45 19.8% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ALQ . ANG . ARI . C79 . CDA . DOW . EHL . GNG . IMD . IPG . IPL . 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 23.2 27.5 xxx
DPS (cps) xxx 15.5 15.5 xxx
EPS Growth xxx 21.8% 18.8% xxx
DPS Growth xxx - 6.1% 0.0% xxx
PE Ratio xxx N/A 10.5 xxx
Dividend Yield xxx N/A 5.4% xxx
Div Pay Ratio(%) xxx 67.0% 56.4% xxx

Dividend yield today if purchased 3 years ago: 7.01%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.38

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx23.2
DPS All xxxxxxxxxxxxxxx15.5
Sales/Revenue xxxxxxxxxxxxxxx2,913.0 M
Book Value Per Share xxxxxxxxxxxxxxx143.4
Net Operating Cash Flow xxxxxxxxxxxxxxx233.5 M
Net Profit Margin xxxxxxxxxxxxxxx3.61 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx16.65 %
Return on Invested Capital xxxxxxxxxxxxxxx12.27 %
Return on Assets xxxxxxxxxxxxxxx6.45 %
Return on Equity xxxxxxxxxxxxxxx16.65 %
Return on Total Capital xxxxxxxxxxxxxxx18.53 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-25.0 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 xxxxxxxxxxxxxxx94 M
Long Term Debt xxxxxxxxxxxxxxx232 M
Total Debt xxxxxxxxxxxxxxx325 M
Goodwill - Gross xxxxxxxxxxxxxxx170 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx247 M
Price To Book Value xxxxxxxxxxxxxxx2.16

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx194.8 M
Capex % of Sales xxxxxxxxxxxxxxx6.69 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,456 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx281 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4 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

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

04/03/2025

1

Add

$3.40

18.06%

NRW Holdings posted a first half result that was below expectations, as the mining division was affected by the weather, a scope reduction at Curragh and the cancellation of Mount Cattlin. FY25 guidance is re-iterated for EBITA of $205-215m.

The company has put OneSteel (Whyalla) in administration but there is no material earnings impact during the first half and Morgans notes there may be none in the second either, as Golding continues to provide mining services to the site.

Until there is more clarity on Whyalla, the broker assumes the mining contract continues as normal and does not forecast any recovery in receivables. Estimates for EBITA are trimmed by -2-4% for FY25-27.

Add rating retained with the target lowered to $3.40 from $3.85.

FORECAST
Morgans forecasts a full year FY25 dividend of 17.00 cents and EPS of 28.00 cents.
Morgans forecasts a full year FY26 dividend of 18.00 cents and EPS of 29.00 cents.

UBS

xx/xx/xxxx

1

xxx

$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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

10/03/2025

2

Downgrade from Buy to Overweight

$3.10

7.64%

Jarden comments NRW Holdings' 1H25 underlying net profit after tax of $58m missed consensus by -10%, impacted by an outstanding $113m creditor claim against OneSteel.

The broker notes management maintained FY25 earnings (EBIT) guidance of $205m-$215m, implying 2H25 margin improvement in mining and strength in mining, energy & tecnolology and civil.

Mining earnings margins will likely decline post-OneSteel, with an estimated -150bps impact requiring contract wins to offset.

Jarden's EPS forecasts are lowered by -3% for FY25 and -9% for FY26 due to revised assumptions on OneSteel recovery.

Target price cut to $3.10 from $3.85. Rating downgraded to Overweight from Buy.

FORECAST
Jarden forecasts a full year FY25 dividend of 16.50 cents and EPS of 29.60 cents.
Jarden forecasts a full year FY26 dividend of 17.60 cents and EPS of 31.70 cents.

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

NWH STOCK CHART

FNArena News on NWH

1
Next Week At A Glance 24-28 Mar 2025

Mar 21 2025 - Weekly Reports
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 14-03-25

Mar 14 2025 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Mar 10, 2025

Mar 10 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 07-03-25

Mar 10 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Mar 06, 2025

Mar 06 2025 - Daily Market Reports

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