AUSTRALIAN CLINICAL LABS LIMITED (ACL)
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18/08/2026

3

Hold

$2.60

-7.80%

Australian Clinical Labs delivered a solid FY26 result in tough operating conditions, Ord Minnett suggests, with underlying profit up 4% year on year and 9% ahead of the broker.

Management continues to focus on operational efficiency, delivering 20bps of earnings margin expansion despite sluggish volumes, fee cuts and labour cost pressures. 

While the pathology sector isn’t out of the woods yet, the company offers investors a best-in-class operating model and consistent execution, Ord Minnett suggests.

FY27 guidance is underpinned by billing and opex initiatives aimed at offsetting headwinds and inflationary pressures. Target rises to $2.60 from $2.20, Hold retained.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 13.20 cents and EPS of 18.10 cents.
Ord Minnett forecasts a full year FY28 dividend of 14.40 cents and EPS of 19.80 cents.

20/02/2026

3

Downgrade to Hold from Buy

$2.40

-14.89%

 Australian Clinical Labs posted first half results that missed Canaccord Genuity's forecasts. The broker suspects the miss, and the downgrade to FY26 guidance, primarily relate to marginal share losses.

Underlying EBIT guidance has been downgraded by -3.5%, further exacerbated by additional operating expenditure stemming from the FWC review of gender undervaluation.

The pathology demand environment is not strong enough to allow the company's operating model and strategy to be differentiated from listed competitors and drive a re-rating, in the broker's opinion.

Rating is downgraded to Hold from Buy. Target is reduced to $2.40 from $3.85.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 11.00 cents and EPS of 18.00 cents.