FDC CONSOLIDATED HOLDINGS LIMITED (FDC)
Share Price Analysis and Chart

05/08/2026

1

Initiation of coverage with Buy

$4.15

12.16%

UBS initiates coverage of FDC Consolidated with a Buy rating and a $4.15 target price. The recently listed company provides non-residential construction, fit-out and refurbishment services.

Over the past 35 years, the contractor has generated organic growth at a CAGR of around 18%. The addressable market is estimated at more than $55bn and is forecast to grow at a 3% CAGR between FY26 and FY30.

Given FDC's expertise and capabilities, the analyst believes management should be able to scale the business at above-market growth rates.

Expansion beyond NSW is expected to secure more complex projects with higher contract values, the broker states. Data centres and build-to-rent projects are identified as key segments that could boost the pipeline outlook

FORECAST
UBS forecasts a full year FY26 dividend of 22.00 cents and EPS of 70.00 cents.
UBS forecasts a full year FY27 dividend of 24.00 cents and EPS of 79.00 cents.

29/07/2026

1

Initiation of coverage with Buy

$4.56

23.24%

Moelis initiates coverage on FDC Consolidated with a Buy rating and a $4.56 target price.

The report states robust work in hand reaching $2.4bn as at April 2026 underpins revenue visibility across non-residential construction, fitout, and refurbishment operations.

An ultra capital-light business model combined with a favourable working capital cycle supports projected operating cash flow conversion above 100% across FY27 and FY28.

Strong customer relationships and disciplined project selection are expected to drive annual earnings growth of 14% through FY28.

The analyst considers valuation metrics undemanding, citing a 23% discount relative to domestic peer earnings multiples despite an estimated closing cash position of $344m at end-FY26.

FORECAST
Moelis forecasts a full year FY26 dividend of 7.40 cents and EPS of 21.50 cents.
Moelis forecasts a full year FY27 dividend of 20.70 cents and EPS of 24.40 cents.