DURATEC LIMITED (DUR)
Share Price Analysis and Chart

27/08/2026

2

Accumulate

$2.85

31.94%

Duratec's FY26 revenue and underlying EBITDA came in -7% and -3% below Ord Minnett's forecasts, respectively, but broadly in line with market expectations. Despite flat revenue, underlying EBITDA rose 20% y/y, highlighting improved profitability.

The analyst remains positive on the FY27 outlook, with a $651m order book, $1.3bn of tenders and a $4.8bn opportunity pipeline.

Around 70%-80% of the existing order book is expected to convert into FY27 revenue, supplemented by circa $185m of annuity-style revenue from master service agreements, with further contract wins providing upside.

FY27/FY28 revenue forecasts are cut by -7% and -9%, respectively, to reflect the timing of the ramp-up.

Ord Minnett remains positive on Duratec's exposure to rising medium-term Defence expenditure. Accumulate with a lower target price to $2.85 from $2.95.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 6.00 cents and EPS of 15.30 cents.
Ord Minnett forecasts a full year FY28 dividend of 7.00 cents and EPS of 16.90 cents.

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30/07/2026

1

Buy

$3.10

43.52%

Shaw and Partners maintains a Buy rating for Duratec with a $3.10 target price following $70m in new contract awards across the energy, marine, and mining sectors.

Major project wins include construction management for the Orica Hunter Valley Hydrogen Hub, Perth Airport jet fuel expansion design services, wharf remediation at Fremantle Ports, and a three-year Rio Tinto ((RIO)) structural integrity agreement.

Commentary suggests potential future upside stems from proposed investigations into constructing a new Western Australian oil refinery, offering further long-term asset protection and maintenance opportunities.

Earnings forecasts remain unchanged, supported by strong execution across traditional infrastructure and decarbonisation project pipelines.

The analyst considers the company well-positioned to capture downstream work across critical energy corridors whilst expanding local workforce capabilities.

FORECAST
Shaw and Partners forecasts a full year FY27 dividend of 5.20 cents and EPS of 11.60 cents.