AMA GROUP LIMITED (AMA)
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24/08/2026

1

Buy

$0.90

83.67%

Bell Potter maintains its Buy recommendation for AMA Group with its target price decreased to $0.90 from $1.00 following FY26 earnings that reflected a slower-than-anticipated uplift in repair volumes during the fourth quarter due to elevated fuel prices and public transport concessions.

Normalised EBITDA pre-AASB 16 grew 9% year-on-year to $68.0m, while positive free cash flow of $2.5m supported a lower-than-expected net debt position of $18.4m and a positive surprise final dividend of 0.5c fully franked.

Management established FY27 normalised EBITDA guidance pre-AASB 16 of between $75m and $80m, consistent with the broker's expectations and underpinned by anticipated margin expansion.

The broker's estimates incorporate modest downgrades to earnings forecasts, though the target price continues to offer substantial upside relative to the market price.

The analyst highlights that margin improvement through the vertically integrated structure and strengthening cash flows support an attractive investment case.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 1.00 cents and EPS of 3.20 cents.
Bell Potter forecasts a full year FY28 dividend of 1.50 cents and EPS of 4.70 cents.

25/08/2026

1

Buy

$1.15

134.69%

Canaccord Genuity maintains its Buy recommendation for AMA Group with its target price decreased to $1.15 from $1.20 following FY26 pre-AASB16 EBITDAu of $68m and guidance for FY27 pre-AASB16 EBITDAu of $75m to $80m.

The analyst highlights that AMA reported positive statutory NPAT of $7.7m which supported the recommencement of dividends with a final dividend of 0.5cps.

Vehicle collision repair operations experienced margin pressures from elevated petrol prices and public transport concessions, while ACM Parts delivered a significant improvement in earnings.

The broker's estimates indicate that earnings momentum remains positive with a target pre-AASB16 EBITDA margin of 10% expected within three years.